<SEC-DOCUMENT>0001193125-13-431309.txt : 20131107
<SEC-HEADER>0001193125-13-431309.hdr.sgml : 20131107
<ACCEPTANCE-DATETIME>20131107060735
ACCESSION NUMBER:		0001193125-13-431309
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20131106
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131107
DATE AS OF CHANGE:		20131107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOLL BROTHERS INC
		CENTRAL INDEX KEY:			0000794170
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				232416878
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09186
		FILM NUMBER:		131198302

	BUSINESS ADDRESS:	
		STREET 1:		250 GIBRALTAR ROAD
		CITY:			HORSHAM
		STATE:			PA
		ZIP:			19044
		BUSINESS PHONE:		2159388000

	MAIL ADDRESS:	
		STREET 1:		250 GIBRALTAR ROAD
		CITY:			HORSHAM
		STATE:			PA
		ZIP:			19044
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d624351d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(D) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): November&nbsp;6, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Toll Brothers, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-09186</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>23-2416878</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>250 Gibraltar Road, Horsham, PA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>19044</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (215)&nbsp;938-8000 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;6, 2013, Toll Brothers,
Inc. (the &#147;Company&#148;) entered into a Purchase and Sale Agreement (the &#147;Purchase Agreement&#148;) with Shapell Investment Properties, Inc. Pursuant to the Purchase Agreement, the Company has agreed to acquire, for cash, all of the
equity interests in Shapell Industries, Inc. (&#147;Shapell&#148;) for an aggregate purchase price of $1.60 billion (the &#147;Acquisition&#148;), subject to post-closing adjustment in accordance with the terms of the Purchase Agreement. The Company
has agreed to acquire the single-family residential real property development business of Shapell and has not agreed to acquire Shapell&#146;s commercial and multi-family units, which Shapell Investment Properties, Inc. will retain as a separate
business. The Purchase Agreement contains customary representations, warranties and covenants of the parties. Pursuant to the Purchase Agreement, the Company deposited $160.4 million into escrow, which will be applied towards the purchase price on
the closing of the Acquisition. The closing of the Acquisition is subject to regulatory approval, the completion of the separation of Shapell&#146;s commercial and multi-family units, subject to limited exceptions, the completion of pending buy-outs
by Shapell of minority interests in certain joint ventures and other customary closing conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the
Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, which is filed as Exhibit 2.1 hereto and incorporated herein by reference. The representations, warranties
and covenants in the Purchase Agreement were made solely for the benefit of the parties to the Purchase Agreement for the purpose of allocating contractual risk between those parties and do not establish these matters as facts. Investors should not
rely on the representations, warranties and covenants as characterizations of the actual state of facts or condition of the Company, Shapell or any of their respective subsidiaries or affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company intends to finance the transaction with a combination of draws from its existing $1.035 billion credit facility as well as debt
and equity financings. On November&nbsp;1, 2013, in connection with the Purchase Agreement, the Company and its wholly-owned subsidiary, First Huntingdon Finance Corp., entered into a commitment letter pursuant to which, and subject to the terms and
conditions set forth therein, the lenders have committed to provide the Company with a $500 million 364-day senior unsecured revolving credit facility for the Acquisition. The closing of the Acquisition is not subject to any financing condition.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>OTHER EVENTS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;6, 2013, the Company issued a press release regarding the
Acquisition, a copy of which is furnished as Exhibit&nbsp;99.1 hereto. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FINANCIAL STATEMENTS AND EXHIBITS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d). Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit<BR>No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:14.60pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Item</P></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Purchase and Sale Agreement, dated as of November&nbsp;6, 2013, among Toll Brothers, Inc and Shapell Investment Properties, Inc.*</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Toll Brothers, Inc. Press Release dated November&nbsp;6, 2013</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to Item&nbsp;601(b)(2) of Regulation S-K, certain exhibits and schedules have been omitted. The registrant hereby agrees to furnish supplementally a copy of any omitted attachment to the SEC upon request.
</TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">TOLL BROTHERS, INC.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Dated: November&nbsp;7, 2013</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Joseph R. Sicree</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joseph R. Sicree</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Chief Accounting Officer</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibit Index </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:14.60pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Item</P></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Purchase and Sale Agreement, dated as of November&nbsp;6, 2013, among Toll Brothers, Inc and Shapell Investment Properties, Inc.*</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Toll Brothers, Inc. Press Release dated November&nbsp;6, 2013</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to Item&nbsp;601(b)(2) of Regulation S-K, certain exhibits and schedules have been omitted. The registrant hereby agrees to furnish supplementally a copy of any omitted attachment to the SEC upon request.
</TD></TR></TABLE>
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>d624351dex21.htm
<DESCRIPTION>PURCHASE AND SALE AGREEMENT
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE AGREEMENT
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TOLL
BROTHERS, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Buyer </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SHAPELL INVESTMENT
PROPERTIES, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as the Seller </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of November&nbsp;6, 2013 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>ARTICLE I DEFINITIONS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;1.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Certain Defined Terms</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;1.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Table of Definitions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE II PURCHASE AND SALE</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;2.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Purchase and Sale of the Shares</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;2.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Earnest Money Deposit</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;2.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;2.4</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Post-Closing Adjustment of Purchase Price</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;2.5</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Purchase Price Allocation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;2.6</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Confirmatory Due Diligence</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;2.7</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Designation of Acquired Entities as Transferees of Minority Interests</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
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<TD VALIGN="top" COLSPAN="5"><U>ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Organization and Authority of Seller</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Organization and Qualification of the Acquired Entities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Capitalization</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.4</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Acquired Subsidiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.5</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Conflict; Required Filings and Consents</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.6</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Financial Statements; No Undisclosed Liabilities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.7</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Absence of Certain Changes or Events</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.8</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Compliance with Law; Permits</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.9</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Employee Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.10</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Real Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.11</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Personal Property</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.12</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Intellectual Property; Data Security</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.13</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Taxes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.14</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Environmental Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.15</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Investigations; Litigation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.16</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Material Contracts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.17</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Contingent Liabilities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.18</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Insurance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.19</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Brokers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.20</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Residential Mortgages</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.21</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Sufficiency of Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;3.22</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Other Representations and Warranties</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
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<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;4.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Organization, Standing and Corporate Power</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;4.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Authority</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;4.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Conflict; Required Filings and Consents</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;4.4</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Brokers</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;4.5</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Investment Intent; Ability to Bear Risk</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;4.6</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Acknowledgement by Buyer</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;4.7</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Sufficient Funds</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE V COVENANTS</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conduct of Business by the Company and its Subsidiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conduct Pending Closing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Access to Information; Notice of Certain Events</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.4</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Commercially Reasonable Efforts; Consents</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.5</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Expenses</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.6</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Public Disclosures</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.7</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Employee Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.8</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Maintenance of Company Records; Personnel</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.9</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Resignations of Directors</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.10</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Payments Relating to Excluded Assets</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.11</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Directors&#146; and Officers&#146; Indemnification</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.12</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Non-Competition; Non-Solicitation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.13</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Financial Statements</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.14</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Financing</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.15</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>LLC Conversions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;5.16</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Further Documentation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE VI TAX MATTERS</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;6.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Tax Treatment</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;6.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Cooperation on Tax Matters</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;6.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Control Over Tax-related Actions</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;6.4</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Returns of Acquired Entities</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;6.5</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Transfer Taxes</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;6.6</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Straddle Period</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;6.7</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Refunds</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE VII CONDITIONS TO CLOSING</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;7.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conditions to each Party&#146;s Obligations</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;7.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conditions to Obligation of Buyer</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;7.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Conditions to Obligation of Seller</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE VIII INDEMNIFICATION</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;8.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Survival of Representations and Warranties</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;8.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification by Seller</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;8.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Indemnification by Buyer</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;8.4</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Limits on Indemnification</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 8.5</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Losses Net of Insurance; Adjustment to Purchase Price; Environmental Policy</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 8.6</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Procedures</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 8.7</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Exclusive Remedy and Environmental Release</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 8.8</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Seller&#146;s Minimum Post-Closing Net Worth; Replacement Indemnitor</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE IX TERMINATION</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 9.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Termination</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 9.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Effect of Termination</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><U>ARTICLE X GENERAL PROVISIONS</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;10.1</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Amendment; Extension; Modification</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.2</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Notices</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.3</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Interpretation</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.4</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Entire Agreement</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.5</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Third-Party Beneficiaries</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.6</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Governing Law</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.7</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Jurisdiction and Venue; Specific Performance</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.8</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Assignment; Successors</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.9</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Severability</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section&nbsp;10.10</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Counterparts</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.11</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Facsimile Signature</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.12</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Time of Essence</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.13</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>No Presumption Against Drafting Party</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Section 10.14</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Non-Recourse</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit&nbsp;A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Divestitures</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Acquired Subsidiaries</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Cost-Sharing Agreements</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Excluded Assets</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Excluded Liabilities</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Office Leases</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transition Services Agreement</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreed Principles</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Allocation Exhibit</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit J</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Retained Business Employees</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit K</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Core Development Entitlements</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit L</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Environmental Policy Requirements</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit&nbsp;M</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">License Agreement</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PURCHASE AND SALE AGREEMENT (this &#147;<B><I>Agreement</I></B>&#148;), dated as of November&nbsp;6, 2013, among Toll Brothers, Inc., a
Delaware corporation (&#147;<B><I>Buyer</I></B>&#148;), on the one hand, and Shapell Investment Properties, Inc., a Delaware corporation (&#147;<B><I>Seller</I></B>&#148;), on the other hand. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Seller owns
100% of the outstanding capital stock (the &#147;<B><I>Shares</I></B>&#148;) of Shapell Industries, Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Prior to or concurrently with the Closing, the Company will transfer or distribute to Seller certain Excluded Assets, in the manner set
forth on <U>Exhibit A</U> (the &#147;<B><I>Divestitures</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Company and the Subsidiaries of the Company are engaged in
the business of real property development (to the extent not primarily related to the assets, divisions and other lines of business that are the subject of the Divestitures, the &#147;<B><I>Business</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, all of the Shares, upon and subject to the terms and conditions
contained in this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the
parties agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1 <U>Certain Defined Terms</U>. For purposes of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Acquired Entities</I></B>&#148; means the Company and the Acquired Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Acquired Properties</I></B>&#148; means the Owned Real Property and the Leased Real Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Acquired Subsidiaries</I></B>&#148; means Shapell Homes, Inc., Shapell Land Company, LLC, Placentia Development Company LLC,
Porter Ranch Development Company, Upper K-Shapell, LLC, Plum Bouquet Investment Company, their respective Subsidiaries listed on <U>Exhibit B</U> and the four newly formed entities to be designated under <U>Section&nbsp;2.7</U> to take title to the
Minority Interests. For clarity, Shapell Mortgage, Inc. is not an Acquired Subsidiary; rather, the equity interests in Shapell Mortgage, Inc. are Excluded Assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Action</I></B>&#148; means any claim, action, suit, inquiry, proceeding, audit,
examination, charge, demand, notice of violation, or investigation by or before any Governmental Authority, or any other arbitration, mediation or similar proceeding, whether civil, criminal, or administrative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affiliate</I></B>&#148; means with respect to any Person, any other Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such first Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Ancillary
Agreements</I></B>&#148; means the Transition Services Agreement, the Cost-Sharing Agreements, the Office Leases, the License Agreement and all other agreements, documents and instruments required to be delivered by any party pursuant to this
Agreement, and any other agreements, documents or instruments entered into at or prior to Closing in connection with this Agreement or the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Balance Sheet Date Net Cash</I></B>&#148; means, as of the Balance Sheet Date, the difference (which may be negative) of
(i)&nbsp;the aggregate cash and cash equivalents (including short-term investments and marketable securities) of the Acquired Entities, minus (ii)&nbsp;total Debt of the Acquired Entities, in each case as set forth on the Balance Sheet. For the
avoidance of doubt, the calculation of Balance Sheet Date Net Cash shall not include Tax payables, Tax receivables, deferred Tax assets or deferred Tax liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Business Day</I></B>&#148; means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized
by Law to be closed in the City of Los Angeles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Business Employees</I></B>&#148; means the employees of the Acquired
Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Capital Lease</I></B>&#148; means any capital lease or sublease that has been (or under GAAP as in effect from time
to time should be) capitalized on a balance sheet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Contract</I></B>&#148; means any contract, agreement, arrangement or
understanding, whether written or oral and whether express or implied, including all transferable rights such as warranties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Contributions</I></B>&#148; means any and all contributions to the capital of any Acquired Entity by Seller, its stockholders or
any of their respective Affiliates other than another Acquired Entity during the period following the Balance Sheet Date and ending on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>control</I></B>,&#148; including the terms &#147;<B><I>controlled by</I></B>&#148; and &#147;<B><I>under common control
with</I></B>,&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, as general
partner or managing member, by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such
Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Controlled Group Liability</I></B>&#148; means any and all liabilities (i)&nbsp;under Title IV of ERISA,
(ii)&nbsp;under Section&nbsp;302 or 4068(a) of ERISA, (iii)&nbsp;under Section&nbsp;430(k) or 4971 of the Code and (iv)&nbsp;for violation of the continuation coverage requirements of Sections 601 et seq. of ERISA and Sections 9801 et seq. of the
Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Core Development Entitlements</I></B>&#148; means the development agreements, vesting maps and other development
entitlements listed on <U>Exhibit K</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cost-Sharing Agreement</I></B>&#148; means each of the Cost-Sharing and Site Work
Agreements, the forms of which are attached hereto as <U>Exhibits C-1</U> through <U>C-4</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Debt</I></B>&#148; of any
Acquired Entity means at any date, without duplication (and calculated in accordance with GAAP as in effect from time to time), (a)&nbsp;all obligations of such Acquired Entity for borrowed money (whether as a direct obligation on a promissory note,
bond, zero coupon bond, debenture or other similar instrument, or as an unfulfilled reimbursement obligation on a drawn letter of credit or similar instrument, or otherwise), including, without duplication, all liabilities of any Acquired Entity to
Seller or any of its Affiliates that are not Acquired Entities, but excluding all Capital Lease obligations of such Acquired Entity, (b)&nbsp;all obligations of such Acquired Entity to pay the deferred purchase price of property or services, other
than (i)&nbsp;obligations under employment Contracts or deferred employee compensation plans and (ii)&nbsp;trade accounts payable and other expenses or payables arising in the ordinary course of business and that do not involve an obligation for
borrowed money, (c)&nbsp;all debt of any third party that is not an Acquired Entity secured by a Lien on any asset of such Acquired Entity (or for which the holder of the debt has an existing right, contingent or otherwise, to be so secured),
whether or not such debt is assumed by such Person, and (d)&nbsp;all guarantees (as a general partner or otherwise) of such Acquired Entity with respect to debt of any third party that is not an Acquired Entity. For clarity, Debt shall not include
any obligation that is an Excluded Liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Distributions</I></B>&#148; means, collectively, (i)&nbsp;any and all dividends
on, or other distributions made by an Acquired Entity in respect of, the capital stock or other equity interest of such Acquired Entity to Seller, its stockholders, any of their respective Affiliates or any other Person, other than another Acquired
Entity, and (ii)&nbsp;any and all amounts paid by an Acquired Entity to any Person that is not an Acquired Entity to purchase, redeem or otherwise acquire the capital stock or other equity interest of any Acquired Entity owned by any Person other
than another Acquired Entity, in each case during the period following the Balance Sheet Date and ending on the Closing Date and without taking into account the Divestitures as contemplated by <U>Exhibit A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Divestiture Consent</I></B>&#148; means any license, permit, consent, approval, authorization, qualification or order obtained or
required to be obtained in connection with the Divestitures. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Divestiture Release</I></B>&#148; means any release related to an Excluded Asset.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Employee Parachute Payments</I></B>&#148; means any liability or obligation of any Acquired Entity to any Business Employee
that arises solely as a result of this Agreement or the consummation of the Transaction, other than as explicitly assumed by Buyer or otherwise required to be retained by any Acquired Entity pursuant to <U>Section 5.7</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Environmental Losses</I></B>&#148; means all Losses relating to any liability or obligation of any Acquired Entity under any
Environmental Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Environmental Policy</I></B>&#148; means, collectively, one or more policies of environmental liability
insurance with a duration of ten (10)&nbsp;years from the date of the Closing providing coverage to the Acquired Entities and Buyer for an aggregate of $50,000,000 for any Insured Environmental Excluded Losses, issued by one or more of the insurers
and otherwise satisfying the requirements set forth on <U>Exhibit L</U> attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>ERISA Affiliate</I></B>&#148; means,
with respect to any Acquired Entity, any trade or business that together with such Acquired Entity would be deemed a &#147;single employer&#148; within the meaning of Section&nbsp;414(b), (c), (m)&nbsp;and (o)&nbsp;of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Escrow Agent</I></B>&#148; means First American Title Insurance Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Excluded Assets</I></B>&#148; means those assets, including any interest in any Subsidiaries of the Acquired Entities other than
the Acquired Subsidiaries, listed on <U>Exhibit&nbsp;D</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Excluded Liabilities</I></B>&#148; means those liabilities listed
on <U>Exhibit&nbsp;E</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Excluded Taxes</I></B>&#148; means (i)&nbsp;any Non-Income Taxes of, or required to be paid by, the
Acquired Entities for any Pre-Balance Sheet Date Tax Period (determined pursuant to <U>Section&nbsp;6.6</U>) to the extent not reflected as a liability on the Balance Sheet, and (ii)&nbsp;any Income Taxes of, or required to be paid by, the Acquired
Entities for any Pre-Closing Tax Period (determined pursuant to <U>Section&nbsp;6.6</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Financing</I></B>&#148; means the
issuance of debt and/or equity securities of Buyer following the date of this Agreement for aggregate proceeds in excess of $500,000,000 (it being understood that borrowings under any credit agreement are not a Financing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>GAAP</I></B>&#148; means United States generally accepted accounting principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Governmental Authority</I></B>&#148; means any United States or non-United States federal, national, supranational, state,
provincial, local or similar government, governmental, regulatory, political, or administrative authority, branch, agency, department, or commission or any court, tribunal, or arbitral or judicial body (including any grand jury). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Hazardous Materials</I></B>&#148; means any petroleum or petroleum products, radioactive materials or wastes, asbestos in any
form, polychlorinated biphenyls, hazardous </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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or toxic substances (including dry wall or any other building products containing such substances) and any other chemical, material, substance or waste that is prohibited or regulated, or as to
which liability is imposed, under any Environmental Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Immediate Family</I></B>,&#148; with respect to any specified
Person, means such Person&#146;s spouse, parents, children and siblings, including adoptive relationships and relationships through marriage, or any other relative of such Person that shares such Person&#146;s home. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Income Taxes</I></B>&#148; means (a)&nbsp;all federal income Taxes imposed under the Code and any state Taxes imposed on net
income (including franchise Taxes imposed on net income), and (b)&nbsp;to the extent not otherwise described in (a), any penalties, interest and additions imposed by a Governmental Authority with respect to the Taxes described in clause (a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indemnifiable Environmental Losses</I></B>&#148; means solely (i)&nbsp;those Losses relating to or arising out of the
environmental conditions or Release of Hazardous Materials existing or occurring on or prior to the Closing Date associated with the matters described on <U>Schedule 3.14</U> of the Disclosure Schedules and (ii)&nbsp;the Uninsured Environmental
Excluded Losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Insured Environmental Excluded Losses</I></B>&#148; mean any Environmental Loss resulting from the presence
or Release of Hazardous Materials existing or occurring on or prior to the Closing Date (or, with respect to any Excluded Asset that is divested to Seller or its Affiliates after the Closing Date, existing or occurring prior to or during the time
period such Excluded Asset is owned by Buyer) in soil or groundwater at or under any (i)&nbsp;real property that is an Excluded Asset or is currently owned by an entity that constitutes an Excluded Asset or (ii)&nbsp;third-party real property at
which Seller (in connection with the operation of the Excluded Assets) or any entity constituting an Excluded Asset disposed of or arranged for the disposal of Hazardous Materials. Insured Environmental Excluded Losses include any Loss for which the
carrier or carriers issuing the Environmental Policy initially have denied coverage but that is ultimately determined by such carrier or carriers, judicial action or arbitration to be covered by, and such carrier or carriers actually pay or
reimburse Buyer, an Acquired Entity or their respective Affiliates for such Losses under, the Environmental Policy after a party has undertaken commercially reasonable efforts to secure such determination as provided in <U>Section&nbsp;8.5</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>knowledge</I></B>,&#148; including the term &#147;<B><I>known</I></B>,&#148; with respect to a representation of, or other
provision relating to, Seller means, and shall be limited to, the actual knowledge of the following individuals as of the date the applicable representation is made (or, with respect to a certificate delivered pursuant to this Agreement, as of the
date of delivery of such certificate) without any implication of verification or investigation concerning such knowledge: William West, Jon Sasaki, Tom Ingram, Bob Moore, Vince Rossi, Tim Saunders and Sam Worden. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Law</I></B>&#148; means any statute, law (including common law), ordinance,
regulation, rule, code, executive order, injunction, judgment, decree, award, agency requirement, decision, finding, or order of any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Liability Exposure</I></B>&#148; means in respect of any Nonassignable Excluded Asset (i)&nbsp;the fair market value of such asset
if consolidated on the post-Closing financial statements of an Acquired Entity, or (ii)&nbsp;the fair value of the equity interest for the investment in the unconsolidated entity if such asset is unconsolidated on the post-Closing financial
statements of an Acquired Entity, in each case determined in accordance with the Agreed Principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>License
Agreement</I></B>&#148; means the Trademark License Agreement, the form of which is attached hereto as <U>Exhibit M</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lien</I></B>&#148; means pledges, claims, liens, charges, encumbrances, and security interests of any kind or nature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Marketing Period</I></B>&#148; means the first period of 25 consecutive Business Days beginning on the later of
(a)&nbsp;December&nbsp;20, 2013, or such earlier date upon which Buyer files with the SEC its annual report on Form 10-K for its fiscal year ending October&nbsp;31, 2013 and (b)&nbsp;the date of delivery of the Required Information, and throughout
which time period Buyer shall have the Required Information. Notwithstanding the foregoing, the &#147;Marketing Period&#148; shall be deemed not to have commenced if prior to the completion of such 25 Business Day period, Ernst&nbsp;&amp; Young LLP
shall have withdrawn its audit opinion with respect to any of the financial statements contained in the Required Information. Notwithstanding the provisions of this paragraph, the Marketing Period shall end on any earlier date on which the Financing
is consummated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Adverse Effect</I></B>&#148; means any event, change, circumstance or effect that individually or in
the aggregate has had or is reasonably likely to have a material adverse effect on the business, assets, results of operations or condition (financial or otherwise) of the Acquired Entities or the Business, taken as a whole, except for any such
effects resulting from (a)&nbsp;the announcement or pendency of this Agreement, the transactions contemplated hereby and by the Ancillary Agreements or (except as used in <U>Section&nbsp;2.6</U>, <U>Section&nbsp;3.5(a)</U>, <U>Section&nbsp;3.7</U>,
<U>Section&nbsp;3.8</U>, <U>Section&nbsp;3.10</U>, <U>Section&nbsp;3.16(b)</U> or <U>Section&nbsp;3.17</U>) the performance of any obligation hereunder, the announcement thereof or the identity of Buyer as the prospective acquirer of the Acquired
Entities, (b)&nbsp;changes in general economic or political conditions or the securities markets in general, (c)&nbsp;changes in conditions generally applicable to businesses in the same industry as that of the Acquired Entities including
(i)&nbsp;changes in Laws generally applicable to such businesses or industry and (ii)&nbsp;changes in GAAP or its application, (d)&nbsp;changes in generally prevailing interest rates in the United States, (e)&nbsp;changes in the availability or cost
of borrowings or other costs of financing in the United States generally, (f)&nbsp;any weather related event or national or international hostilities, acts of terror, or acts of war, or (g)&nbsp;the LLC Conversions; <U>provided</U>, <U>that</U> in
the case of the foregoing clauses (b) - (f), except to the extent such event, change, circumstance or effect disproportionately impacts the Acquired Entities or the Business taken as a whole relative to other companies in the industry in which the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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Acquired Entities operate. Buyer acknowledges that there could be a disruption to the Acquired Entities&#146; businesses as a result of the announcement by Buyer of its agreement to purchase the
Acquired Entities or the announcement by Seller of its agreement to sell the Acquired Entities, and Buyer agrees that such disruptions do not and shall not constitute a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Minority Partner</I></B>&#148; means each of Liberty Building Company and FKC, LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Minority Partner Purchase Agreements</I></B>&#148; means, collectively, (i)&nbsp;that certain Purchase and Sale Agreement dated as
of November&nbsp;6, 2013, between Liberty Building Company, as seller, and Seller, as buyer, and (ii)&nbsp;that certain Purchase and Sale Agreement dated as of November&nbsp;6, 2013, between FKC, LLC, as seller, and Seller, as buyer; references to
&#147;Minority Partner Purchase Agreement&#148; means either of the Minority Partner Purchase Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Multiemployer
Plan</I></B>&#148; means any &#147;multiemployer plan&#148; as defined under Section&nbsp;4001(a)(3) of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Non-Acquired
Entity Expenditures</I></B>&#148; means any and all costs or expenditures incurred or made during the period following the Balance Sheet Date and ending on the Closing Date by any Acquired Entity in respect of the Excluded Assets or to satisfy or
reduce any Excluded Liabilities (or funds deposited into accounts that constitute Excluded Assets); exclusive, however of any such costs or deposits funded from Excluded Assets including, without limitation, any revenues, accounts receivable,
judgments or other recoveries arising out of the Excluded Assets. For clarity, whether costs or expenditures are incurred or funds deposited with respect to Excluded Assets or applied to the satisfaction or reduction of Excluded Liabilities shall be
determined in a manner consistent with the Agreed Principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Non-Income Taxes</I></B>&#148; means all Taxes other than
Income Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Office Leases</I></B>&#148; means leases or subleases of the locations listed on, and on the terms described
in, <U>Exhibit F</U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Participant</I></B>&#148; means any current or former director, officer or employee of the
Acquired Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Pension Plan</I></B>&#148; means an &#147;employee pension benefit plan&#148; as defined in
Section&nbsp;3(2) of ERISA, whether or not subject to ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Person</I></B>&#148; means an individual, corporation,
partnership, limited liability company, limited liability partnership, joint venture, syndicate, person, trust, association, organization or other entity, including any Governmental Authority, and including any successor, by merger or otherwise, of
any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Post-Balance Sheet Date Tax Period</I></B>&#148; shall mean any Tax period (or portion thereof) of an
Acquired Entity ending after the Balance Sheet Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Pre-Balance Sheet Date Tax Period</I></B>&#148; shall mean any Tax period (or portion
thereof) of an Acquired Entity ending on or before the Balance Sheet Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Pre-Closing Tax Period</I></B>&#148; means any Tax
period (or portion thereof) of an Acquired Entity ending on or before the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Purchase Price
Adjustment</I></B>&#148; means the difference (whether a positive or negative number) of (i)&nbsp;the aggregate amount of all Contributions <I><U>minus</U></I> (ii)&nbsp;the sum of the Distributions and Non-Acquired Entity Expenditures. The Purchase
Price shall be increased by the amount of the Purchase Price Adjustment if the Purchase Price Adjustment is a positive amount, and shall be decreased by the amount of the Purchase Price Adjustment if the Purchase Price Adjustment is a negative
amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Related Party</I></B>,&#148; with respect to any specified Person, means: (i)&nbsp;any Person who serves or within
the past two (2)&nbsp;years has served as a director, executive officer, partner, member or in a similar capacity of such specified Person; (ii)&nbsp;any Immediate Family member of a Person described in clause&nbsp;(i); and (iii)&nbsp;any other
Person who holds, individually or together with any Affiliate of such other Person and any member(s) of such Person&#146;s Immediate Family, more than 5% of the outstanding equity or ownership interests of such specified Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Release</I></B>&#148; means any actual or threatened release, spill, emission, leaking, dumping, injection, pouring, deposit,
disposal, discharge, dispersal, leaching or migration into or through the environment or within any building or facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Representative</I></B>,&#148; with respect to any specified Person, means: any director, officer, employee, agent, advisor,
representative, investment banker, debt financing source, commercial banker (including, without limitation, attorneys, accountants, consultants and any representatives of such advisors) or Affiliate of such specified Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Returns</I></B>&#148; means any return, declaration, report or information statement required to be filed with a Governmental
Authority with respect to Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SEC</I></B>&#148; means the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Straddle Period</I></B>&#148; means (i)&nbsp;with respect to Non-Income Taxes any taxable period that includes but does not end on
the Balance Sheet Date and (ii)&nbsp;with respect to Income Taxes any taxable period that includes (but does not end on) the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Subsidiary</I></B>&#148; means, with respect to any Person, any other Person controlled by such first Person, directly or
indirectly, through one or more intermediaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Tax</I></B>&#148; or &#147;<B><I>Taxes</I></B>&#148; means (i)&nbsp;any and
all taxes of any kind (together with any and all interest, penalties and additions to tax with respect thereto) imposed by any Governmental Authority, (ii)&nbsp;liability for the payment of any amounts of the type described in clause (i)&nbsp;as a
result of being a member of an affiliated, consolidated, combined, unitary or aggregate group, (iii)&nbsp;all amounts payable pursuant to any agreement or arrangement with respect to clause (i)&nbsp;or (ii), and (iv)&nbsp;liability for the payment
of any amounts of the type described in clause (i), (ii)&nbsp;or (iii)&nbsp;as a result of transferee or successor liability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Transfer Taxes</I></B>&#148; means all federal, state, local or foreign sales
(including bulk sales), use, transfer, documentary transfer, recording, ad valorem, privilege, documentary, registration, conveyance, excise, license, stamp duties or similar Taxes and fees (together with any and all interest, penalties and
additions to tax with respect thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Transition Services Agreement</I></B>&#148; means the Transition Services Agreement,
substantially in the form attached as <U>Exhibit&nbsp;G</U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Uninsured Environmental Excluded Losses</I></B>&#148;
means any (i)&nbsp;Environmental Losses relating to conditions, claims or other matters that are excluded (whether or not expressly excluded) from coverage, or outside the scope of the types of conditions, claims or other matters covered, under the
Environmental Policy (for clarity, Uninsured Environmental Excluded Losses does not include conditions, claims or other matters that are covered by the Environmental Policy but exceed the coverage limits under such Environmental Policy) and
(ii)&nbsp;Environmental Losses associated with deductibles or self-insured retention amounts under the Environmental Policy. Environmental Losses relating to conditions, claims or other matters that are denied coverage by the carrier or carriers
issuing the Environmental Policy shall only be Uninsured Environmental Excluded Losses after the party seeking indemnification under <U>Article VIII</U> has used commercially reasonable efforts to secure coverage as provided in
<U>Section&nbsp;8.5</U> for a period of ninety (90)&nbsp;days from and after the initial denial of coverage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2 <U>Table of
Definitions</U>. The following terms have the meanings set forth in the Sections referenced below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><U>Definition</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Location</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Agreed Principles</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Allocation Exhibit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Approval</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3.5(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Audited Consolidated Annual Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Balance Sheet</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3.6(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Balance Sheet Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3.6(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">breaching party</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">5.3(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Business Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">5.8(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Buyer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Buyer Core Representations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">8.1(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Buyer&#146;s Proposed Closing Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2.4(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Buyer&#146;s Proposed Purchase Price Adjustment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2.4(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Cap</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">8.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2.3(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Closing Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2.3(a)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Closing Date Purchase Price</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.3(b)(i)(A)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Closing Payment</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.3(b)(i)(A)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">COBRA</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.7(e)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Code</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.9(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Company</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Company Benefit Plans</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.9(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Confidentiality Agreement</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.3(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Continuing Employees</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.7(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Corporate Subsidiary</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.7</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">D&amp;O Indemnified Liabilities</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.11(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">D&amp;O Indemnified Parties</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.11(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dataroom</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">10.3</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Debt Financing Commitment Letter</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">4.7</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Debt Financing Sources</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">10.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Deductible</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">8.4(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Delivery Notice</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Deposit</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Disclosure Schedules</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">Article III</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Disqualified Individual</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.9(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Divestitures</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Environmental Laws</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ERISA</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.9(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Estimated Closing Financial Statements</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Existing D&amp;O Policy</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.11(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Expiration Date</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">8.1(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Final Purchase Price</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.4(b)(iv)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Financial Statements</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FKC Minority Corporate Subsidiary</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.7</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">HSR Act</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">4.3(a)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Indemnified Party</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">8.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Indemnifying Party</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">8.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Independent Accountant</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.4(b)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Insurance Policies</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.18</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Intellectual Property</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.12(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interim Consolidated Financial Statements</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Leased Real Property</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.10(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Liberty Minority Corporate Subsidiary</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.7, 2.7</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">LLC Conversions</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.15)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Losses</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">8.2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Material Contracts</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.16(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Minority Interest</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.7</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nonassignable Excluded Assets</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.4(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Notice of Disagreement</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.4(b)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Offering Memorandum</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">4.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Organizational Documents</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.5(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Outside Date</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">9.1(c)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Owned Real Property</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.10(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Permits</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.8(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Permitted Lien</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.10(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Purchase Price</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Real Property Leases</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.10(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Required Information</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Residential Mortgages</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">3.20</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Restricted Business</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.12(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">S Corporation Returns</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">6.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;280G Payments</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.7(h)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Seller</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Seller Core Representations</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">8.1(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Seller&#146;s Estimated Purchase Price Adjustment</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tax Purchase Price</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tax-related Actions</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">6.2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Termination Time</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.6</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Third Party Claim</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">8.6(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Transaction</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">2.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">waiving party</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">5.3(c)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1 <U>Purchase and Sale of the Shares</U>. Upon the terms and subject to the conditions of this Agreement, at the Closing,
Seller shall sell, assign, transfer, convey, and deliver the Shares to Buyer, and Buyer shall purchase the Shares from Seller (the &#147;<B><I>Transaction</I></B>&#148;), for an aggregate purchase price equal to One Billion, Five Hundred and
Sixty-Six Million, Seven Hundred and Four Thousand, Two Hundred and Eighty-Seven Dollars ($1,566,704,287), <I><U>plus</U></I> an amount equal to the Balance Sheet Date Net Cash (the &#147;<B><I>Purchase Price</I></B>&#148;). The Purchase Price shall
be subject to further adjustment as provided in <U>Section&nbsp;2.4</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2 <U>Earnest Money Deposit</U>. To induce Seller
to enter into this Agreement and to terminate discussions with other parties with respect to the sale of the Shares, Buyer is delivering to Escrow Agent for the benefit of Seller, contemporaneously with the execution of this Agreement, a deposit in
an amount equal to ten percent (10%)&nbsp;of the Purchase Price (the &#147;<B><I>Deposit</I></B>&#148;), which Deposit shall be deposited in an interest-bearing account in Escrow Agent&#146;s name at a nationally-recognized banking institution
designated by Seller. Any interest earned on the Deposit from the date the same is so deposited by Buyer shall be deemed part of the Deposit for all purposes hereunder and shall be treated as income of Buyer for applicable income tax purposes. The
Deposit shall become non-refundable to Buyer upon execution of this Agreement, unless (i)&nbsp;Buyer and Seller terminate this Agreement in accordance with <U>Section&nbsp;9.1(a)</U>, (ii)&nbsp;Buyer terminates this Agreement in accordance with
<U>Section&nbsp;9.1(d)</U> or <U>Section&nbsp;9.1(f)</U>, (iii)&nbsp;Seller or Buyer terminates this Agreement in accordance with <U>Section&nbsp;9.1(b)</U> (except if Buyer is the terminating party and Buyer&#146;s termination right under
</P>
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<U>Section&nbsp;9.1(b)</U> arises out of facts that would constitute a breach of Buyer&#146;s representations, warranties or covenants herein) or (iv)&nbsp;Seller or Buyer terminates this
Agreement in accordance with <U>Section&nbsp;9.1(c)</U> because no Closing occurs on or prior to the Outside Date due to a condition in <U>Section&nbsp;7.1</U> or <U>Section&nbsp;7.2</U> not having been met or waived (except (A)&nbsp;if the
condition in <U>Section&nbsp;7.1(a)</U> is not met because of an order or injunction described therein being in effect in any Action commenced by Buyer or any of its Representatives or (B)&nbsp;if any condition in <U>Section&nbsp;7.1</U> or
<U>Section&nbsp;7.2</U> is not met as of a result of Buyer&#146;s breach of its representations and warranties in <U>Article IV</U> or any of its obligations under this Agreement sufficient to permit termination of this Agreement by Seller pursuant
to <U>Section&nbsp;9.1(e)).</U> If Buyer or Seller (as applicable) terminates this Agreement in accordance with the foregoing sentence, then the Deposit (together with any interest) shall be promptly returned by Escrow Agent to Buyer. If this
Agreement is terminated for any other reason, the Deposit shall be promptly paid over by Escrow Agent to Seller. Except as otherwise expressly set forth herein, if the Closing occurs, the Deposit shall be applied against the Purchase Price on the
Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3 <U>Closing</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The consummation of the Transaction (the &#147;<B><I>Closing</I></B>&#148;) will take place at 10:00 a.m., Pacific Time, at the offices of
Gibson, Dunn&nbsp;&amp; Crutcher LLP, 333 S. Grand Ave., Los Angeles, California, on the second Business Day following the satisfaction, or to the extent permitted by applicable Law, waiver of all conditions to the obligations of the parties set
forth in <U>Article VII</U> (other than such conditions as may, by their terms, only be satisfied at the Closing or on the Closing Date, but subject to the satisfaction on, or to the extent permitted by applicable Law, waiver of such conditions on
the Closing Date), or at such other place or at such other time or on such other date as Seller and Buyer mutually may agree in writing. Notwithstanding the immediately preceding sentence, if the Marketing Period has not ended at the time of the
satisfaction or waiver of the conditions set forth in Article VII (other than such conditions as may, by their terms, only be satisfied at the Closing or on the Closing Date), then the Closing shall occur instead on the date following the
satisfaction or waiver of such conditions that is the earlier to occur of (a)&nbsp;any Business Day before or during the Marketing Period as may be specified by Buyer on no less than two (2)&nbsp;Business Days&#146; prior notice to Seller and
(b)&nbsp;the final day of the Marketing Period, subject in each case to the satisfaction or waiver of the conditions set forth in <U>Article VII</U> as of the date determined in accordance with the foregoing clause (a)&nbsp;or (b), or such other
time or on such other date as Seller and Buyer mutually may agree in writing. The date on which the Closing takes place is referred to as the &#147;<B><I>Closing Date</I></B>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject to the satisfaction or waiver of the conditions set forth in <U>Article VII</U>, Seller and Buyer shall make, and Seller shall
cause the Company and the other Acquired Entities to make, the following deliveries at the Closing: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Buyer shall deliver to Seller:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A) the difference of the Purchase Price, as adjusted pursuant to <U>Section&nbsp;2.4(a)</U> (the &#147;<B><I>Closing Date Purchase
Price</I></B>&#148;), <U>minus</U> the Deposit (the &#147;<B><I>Closing Payment</I></B>&#148;), by wire transfer to the bank accounts identified by Seller; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(B) a receipt for the Shares; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(C) a counterpart of the Transition Services Agreement executed on behalf of Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(D) a counterpart of each Cost-Sharing Agreement, executed on behalf of Buyer (or applicable Affiliate of Buyer); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(E) a counterpart of each Office Lease, as applicable, executed on behalf of Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(F) a counterpart of the License Agreement, executed on behalf of Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(G) copies, certified by the Secretary (or person performing substantially the functions of Secretary) of Buyer, of the resolutions duly
adopted by Buyer&#146;s board of directors (or persons performing substantially the functions of a board of directors) authorizing the execution, delivery, and performance of this Agreement and the Ancillary Agreements; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(H) a Certificate of the Secretary (or person performing substantially the functions of Secretary) of Buyer as to the incumbency of the
officer(s) of Buyer (other than such Secretary) executing this Agreement and the Ancillary Agreements; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(I) a short-form certificate
of good standing of Buyer from the Secretary of State of the State of Delaware, dated not more than five (5)&nbsp;Business Days prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Seller shall deliver to Buyer: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A) the certificate or certificates evidencing the Shares, duly endorsed (or accompanied by duly executed irrevocable stock powers) for
transfer to Buyer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(B) a receipt for the Closing Payment; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(C) a counterpart of the Transition Services Agreement executed on behalf of Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(D) a counterpart of each Cost-Sharing Agreement, executed on behalf of Seller (or applicable Affiliate of Seller); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(E) a counterpart of each Office Lease, as applicable, executed on behalf of Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(F) a counterpart of the License Agreement, executed on behalf of Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(G) to the extent obtained, evidence of the substitution of Seller and/or a third party surety and the release of Buyer and the Acquired
Entity with respect to any guaranty or bond relating primarily to an Excluded Asset; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(H) copies, certified by the Secretary of Seller,
of the resolutions duly adopted by Seller&#146;s board of directors authorizing the execution, delivery, and performance of this Agreement and the Ancillary Agreements; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(I) a Certificate of the Secretary of Seller as to the incumbency of the officer(s) of Seller (other than such Secretary) executing this
Agreement and the Ancillary Agreements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(J) a certification of non-foreign status indicating that Seller is not a foreign person for
purposes of Section&nbsp;1445 of the Code and duly executed California Form 593-C; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(K) a short-form certificate of good standing of
Seller and each Acquired Entity from the Secretary of State of the state of such entity&#146;s organization, dated not more than five (5)&nbsp;Business Days prior to the Closing Date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(L) certificates of conversion or similar documentation evidencing that the LLC Conversions have occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4 <U>Post-Closing Adjustment of Purchase Price</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At least two (2)&nbsp;Business Days prior to the Closing Date, Seller shall provide Buyer with a preliminary estimated pro forma
consolidated balance sheet and income statement of the Acquired Entities as of the close of business on the Closing Date and for the period from the Balance Sheet Date through the Closing Date (the &#147;<B><I>Estimated Closing Financial
Statements</I></B>&#148;), prepared in accordance with the methodology and accounting principles set forth on <U>Exhibit H</U> (the &#147;<B><I>Agreed Principles</I></B>&#148;), which shall set forth Seller&#146;s good faith estimate of the
Distributions, Contributions and Non-Acquired Entity Expenditures. The Purchase Price shall be increased or decreased, as the case may be, by the estimated Purchase Price Adjustment as reflected by the Estimated Closing Financial Statements (such
estimated Purchase Price Adjustment being referred to as &#147;<B><I>Seller&#146;s Estimated Purchase Price Adjustment</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As promptly as reasonably practicable, but no later than sixty (60)&nbsp;days after the Closing Date, Buyer shall cause to be prepared and
delivered to Seller its proposed consolidated balance sheet and income statement of the Acquired Entities as of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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the close of business on the Closing Date and for the period from the Balance Sheet Date through the Closing Date in accordance with the Agreed Principles (&#147;<B><I>Buyer&#146;s Proposed
Closing Financial Statements</I></B>&#148;) and setting forth Buyer&#146;s proposed amounts of the Distributions, Contributions, Non-Acquired Entity Expenditures and the resulting proposed Purchase Price Adjustment (&#147;<B><I>Buyer&#146;s Proposed
Purchase Price Adjustment</I></B>&#148;). If Buyer fails to make delivery of Buyer&#146;s Proposed Closing Financial Statements on a timely basis, the Estimated Closing Financial Statements shall become final and binding, and Seller&#146;s Estimated
Purchase Price Adjustment shall become the Purchase Price Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) During the thirty (30)&nbsp;day period following Seller&#146;s
receipt of Buyer&#146;s Proposed Closing Financial Statements, Buyer shall use commercially reasonable efforts to provide Seller with access to the working papers of Buyer relating to Buyer&#146;s Proposed Closing Financial Statements, and Buyer
shall cooperate with Seller to provide Seller with any other information used in preparing Buyer&#146;s Proposed Closing Financial Statements reasonably requested by Seller. Buyer&#146;s Proposed Closing Financial Statements shall become final and
binding, and Buyer&#146;s Proposed Purchase Price Adjustment shall become the Purchase Price Adjustment, on the 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> day following delivery thereof, unless prior to the end of such period Seller
delivers to Buyer written notice of its disagreement (a &#147;<B><I>Notice of Disagreement</I></B>&#148;) specifying in reasonable detail those items or amounts as to which Seller disagrees and the basis therefor. If any such Notice of Disagreement
shall have been duly delivered by Seller, both Seller and Buyer shall, during the fifteen (15)&nbsp;days following such delivery, use their commercially reasonable efforts to reach agreement on the disputed items or amounts in order to determine, as
may be required, the amount of Distributions, Contributions, Non-Acquired Entity Expenditures and resulting Purchase Price Adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) If during such period, Seller and Buyer are unable to reach such agreement, they shall promptly thereafter engage Deloitte LLP or such
other independent accounting firm as they may mutually agree upon (as the case may be, the &#147;<B><I>Independent Accountant</I></B>&#148;) to review this Agreement and the disputed items or amounts for the sole purpose of determining the amount of
Distributions, Contributions, Non-Acquired Business Expenditures and the resulting Purchase Price Adjustment. Each of Buyer and Seller agrees that it shall not engage, or agree or commit to engage, until the Purchase Price Adjustment has been
finally determined pursuant to this <U>Section&nbsp;2.4(b)</U>, the Independent Accountant to perform any services other than as the Independent Accountant pursuant hereto. Each party agrees to execute, if requested by the Independent Accountant, a
reasonable engagement letter. Buyer and Seller shall cooperate with the Independent Accountant and promptly provide all documents and information reasonably requested by the Independent Accountant. In making its determination, the Independent
Accountant shall consider only those items or amounts in Buyer&#146;s proposed Distributions, Contributions and Non-Acquired Entity Expenditures as to which Seller has disagreed in its Notice of Disagreement. The Independent Accountant shall deliver
to Buyer and Seller, as promptly as practicable (but in any case no later than thirty (30)&nbsp;days from the date of engagement of the Independent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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Accountant), a report setting forth such determination. Such report and Independent Accountant&#146;s determination of the Purchase Price Adjustment shall be final and binding upon Buyer and
Seller, and neither Buyer nor Seller shall seek further recourse to courts or other tribunals, other than to enforce such report. Judgment may be entered to enforce such report in any court of competent jurisdiction. If the Independent
Accountant&#146;s determination results in a Purchase Price Adjustment that exceeds Buyer&#146;s Proposed Purchase Price Adjustment (which for purposes of clarity, includes the case of a negative Purchase Price Adjustment that, expressed as an
absolute value, is less than the absolute value of a negative Buyer&#146;s Proposed Purchase Price Adjustment), the fees and expenses of the Independent Accountant shall be paid by Buyer. If the Independent Accountant&#146;s determination results in
a Purchase Price Adjustment that equals or is less than Buyer&#146;s Proposed Purchase Price Adjustment, the fees and expenses of the Independent Accountant shall be paid by Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Buyer, Seller and the Company shall, and shall cause their respective representatives to, cooperate in the calculation of the Purchase
Price Adjustment and in the conduct of the review referred to in this <U>Section&nbsp;2.4(b)</U>, including the making available to the extent necessary of books, records, work papers and personnel (without, however, requiring the waiver of any
legal privilege). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) The final purchase price (the &#147;<B><I>Final Purchase Price</I></B>&#148;) shall equal the Purchase Price as
adjusted by the Purchase Price Adjustment, <I><U>less</U></I> an amount equal to the aggregate sum of the so-called &#147;success bonuses&#148; (including, for the avoidance of doubt, the employer paid portion of any applicable payroll Taxes with
respect to such bonuses) paid by Buyer, an Acquired Entity or any Affiliate of Buyer to Continuing Employees within thirty (30)&nbsp;days following the Closing Date under the retention letters listed on <U>Schedule 3.16(a)(iii)</U> of the Disclosure
Schedules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Purchase Price shall be adjusted as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) If the Closing Date Purchase Price is in excess of the Final Purchase Price, Seller shall promptly (but in any event within five
(5)&nbsp;Business Days after the Purchase Price Adjustment has been determined as hereinabove provided) pay to Buyer the amount of such excess by wire transfer of United States dollars in immediately available funds to such account or accounts as
may be designated in writing by Buyer; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) If the Closing Date Purchase Price is less than the Final Purchase Price, Buyer shall
promptly (but in any event within five (5)&nbsp;Business Days after the Purchase Price Adjustment has been agreed upon or determined as hereinabove provided) pay to Seller the amount of such deficiency by wire transfer of United States dollars in
immediately available funds to such account or accounts as may be designated in writing by Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Amounts due by Buyer or Seller
under this <U>Section&nbsp;2.4</U> shall not be subject to the limitations on indemnification in <U>Article VIII</U> or used in any calculation of any such limitations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5 <U>Purchase Price Allocation</U>. The Final Purchase Price (plus any liabilities
of the Acquired Entities to the extent treated as purchase price for federal income tax purposes) (the &#147;<B><I>Tax Purchase Price</I></B>&#148;) shall be allocated among the assets of the Acquired Entities in accordance with the principles set
forth on <U>Exhibit I</U> (the &#147;<B><I>Allocation Exhibit</I></B>&#148;) for federal and applicable state income tax purposes. Each party agrees to (i)&nbsp;be bound by the Allocation Exhibit for Tax purposes, (ii)&nbsp;act in strict accordance
with the Allocation Exhibit in the preparation and filing of all Returns, (iii)&nbsp;timely file an Internal Revenue Service Form 8594 reflecting the Allocation Exhibit for the taxable year that includes the Closing Date and to make any timely
comparable filings required by applicable state or local Law and (iv)&nbsp;not take any position inconsistent with the Allocation Exhibit for any Tax purpose, except in each case as required by a final determination (as defined in
Section&nbsp;1313(a) of the Code). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.6 <U>Confirmatory Due Diligence</U>. During the period commencing as of the date of
this Agreement and ending at 5:00 p.m. Pacific Time on the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;day thereafter (the &#147;<B><I>Termination Time</I></B>&#148;), Seller and Buyer shall use their best efforts to
schedule and attend meetings with the head or assistant head of planning of each of the agencies listed on <U>Schedule 2.6</U> for the sole purpose of allowing Buyer the opportunity to discuss with each such head or assistant head of planning the
status of the Core Development Entitlements for the Owned Real Property located in said jurisdictions. Seller&#146;s representatives shall have the right to attend any and all such meetings. If, and only if, during the course of such meetings Buyer
first learns of any previously undisclosed judgment, order, decree, ordinance, regulation, moratorium or other Action, either pending or threatened in writing, by or before a Governmental Authority that would restrict the development of the Owned
Real Property in accordance with the Core Development Entitlements in a manner that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, Buyer shall have the right to terminate this Agreement and receive
the return of the Deposit if it provides written notice to Seller of such election on or prior to the Termination Time. Buyer acknowledges that it has reviewed the Core Development Entitlements, the Offering Memorandum, the Disclosure Schedules,
and, subject to the cut-off date referred to in <U>Section&nbsp;10.3</U>, all information, documents and other materials included in or provided through the Dataroom, and that the contents thereof and all matters set forth therein shall be deemed to
have been disclosed to Buyer for purposes of the preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.7 <U>Designation of Acquired Entities as Transferees
of Minority Interests</U>. Each Minority Partner Purchase Agreement grants Seller the right to designate Persons to which the applicable Minority Partner has agreed it will convey the minority partnership or limited liability company interest
described therein (each a &#147;<B><I>Minority Interest</I></B>&#148;). Seller shall (a)&nbsp;(i)&nbsp;prior to the Closing, cause the Company to form a corporation (the &#147;<B><I>Liberty Minority Corporate Subsidiary</I></B>&#148;), which shall
be an Acquired Entity, to take title to a 0.1% interest in the Company&#146;s interest in Porter Ranch Development Co., and (ii)&nbsp;at the Closing, designate a newly formed limited liability company, which shall be an Acquired Entity, to take
title to such portion of the Minority Interest currently owned by Liberty Building Company and thus have such designee acquire such Minority Interest </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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directly from Liberty Building Company, and (b)&nbsp;at the Closing, designate a newly formed limited liability company, and a newly formed corporation (the &#147;<B><I>FKC Minority Corporate
Subsidiary</I></B><B>,</B>&#148; and together with the Liberty Minority Corporate Subsidiary, the &#147;<B><I>Corporate Subsidiaries</I></B>&#148;), each of which shall be an Acquired Entity, to take title to such portion of the Minority Interests
currently owned by FKC, LLC as Buyer may specify in writing at least two (2)&nbsp;Business Days prior to Closing and thus have such designees acquire such Minority Interest directly from FKC, LLC. Seller shall directly pay the purchase price for the
Minority Interests and fulfill its other obligations under the Minority Partner Purchase Agreements. Except as otherwise provided in Section&nbsp;9.1 of each Minority Partner Purchase Agreement and Section&nbsp;11.2 of such agreement with Liberty
Building Company (which sections Seller hereby agrees not to amend or modify or give its consent to amend or modify without the prior written consent of Buyer), Buyer acknowledges that notwithstanding such direct conveyance (i)&nbsp;Buyer has no
contractual or legal rights under and shall not be deemed an intended or incidental beneficiary of any Minority Partner Purchase Agreement, (ii)&nbsp;such conveyance or assignment creates no privity between Buyer and any Minority Partner, and
(iii)&nbsp;Buyer has and will have no legal recourse against any Minority Partner in respect of any claim or other matter whatsoever arising from or in connection with the transactions by which it acquires any Minority Interest, it being understood
and agreed that the right to enforce all representations, warranties, and indemnification and post-closing obligations of the Minority Partners under the Minority Partner Purchase Agreements shall be retained by Seller. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF SELLER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as set
forth in the corresponding sections or subsections of the Disclosure Schedules attached hereto (collectively, the &#147;<B><I>Disclosure Schedules</I></B>&#148;), Seller represents and warrants to Buyer, as of the date hereof and as of the Closing
Date, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1 <U>Organization and Authority of Seller</U>. Seller is a corporation duly organized, validly existing
and in good standing under the Laws of the State of Delaware. Seller has the requisite corporate power and authority to enter into this Agreement and the Ancillary Agreements, and to consummate the transactions contemplated hereby and thereby. The
execution and delivery of this Agreement and the Ancillary Agreements by Seller and the consummation by Seller of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of Seller.
This Agreement has been, and as of the Closing the Ancillary Agreements will have been, duly executed and delivered by Seller. Assuming due authorization, execution, and delivery by Buyer, this Agreement constitutes, and each of the Ancillary
Agreements when executed and delivered will constitute, a valid and binding obligation of Seller, enforceable against Seller in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2 <U>Organization and Qualification of the Acquired Entities</U>. Each of the Acquired Entities is a legal entity duly
organized, validly existing and in good standing </P>
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under the Laws of its respective jurisdiction of organization and has all requisite corporate or similar power and authority to carry on its business as now being conducted. Each of the Acquired
Entities is duly qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification or licensing necessary, except where the
failure to be so qualified or in good standing is not having and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.3 <U>Capitalization</U>. The Company&#146;s authorized and outstanding capital stock is as set forth on
<U>Schedule&nbsp;3.3</U> of the Disclosure Schedules. All of the Company&#146;s issued and outstanding capital stock is validly issued, fully paid, nonassessable, owned beneficially and of record by Seller, free and clear of any Liens, and free and
clear of, and were not issued in violation of, any conversion rights, preemptive rights, rights of first refusal, redemption rights, repurchase rights or other similar rights or restrictions on transfer. The Shares constitute all of the issued and
outstanding capital stock of the Company and, other than the Shares, there are no equity interests in the Company issued or reserved for issuance. Except as set forth on <U>Schedule 3.3</U> of the Disclosure Schedules and as contemplated by this
Agreement, (i)&nbsp;there are no outstanding obligations, options, warrants, convertible securities or other rights, agreements, arrangements or commitments of any kind relating to the capital stock of the Company or obligating the Company to issue
or sell, or cause to be issued or sold, any shares of capital stock of, or any other interest in, the Company, any security convertible into any such equity interest or giving any person the right to receive any economic benefit or right similar to
or derived from the economic benefits and rights accruing to holders of the capital stock of the Company, (ii)&nbsp;there are no outstanding contractual obligations of the Company to repurchase, redeem or otherwise acquire any shares of capital
stock of the Company or to provide funds to, or make any investment in, any other Person, (iii)&nbsp;there is no indebtedness of the Company having the right to vote (or that is convertible into securities having the right to vote) on any matters on
which holders of the capital stock of the Company may vote and (iv)&nbsp;there are no voting trusts, stockholder agreements, proxies or similar agreements or understandings in effect with respect to the voting or transfer of any of the capital stock
of the Company. Upon delivery of the certificate evidencing the Shares to Buyer and Buyer&#146;s payment of the Purchase Price in accordance with this Agreement, Buyer will acquire the Shares free and clear of all Liens and other adverse claims.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.4 <U>Acquired Subsidiaries</U>. After giving effect to the Divestitures, the Acquired Subsidiaries will be the only direct
or indirect Subsidiaries of the Company. Except as set forth on <U>Schedule 3.4</U> of the Disclosure Schedules, all of the outstanding shares of capital stock or other equity interests of each Acquired Subsidiary are owned beneficially and of
record by the Company or the Acquired Subsidiaries, free and clear of any Liens, and free and clear of any conversion rights, preemptive rights, rights of first refusal, redemption rights, repurchase rights or other similar rights or restrictions on
transfer. Except as set forth on <U>Schedule 3.4</U> of the Disclosure Schedules, (a)&nbsp;there are no options, warrants, convertible securities or other rights or agreements to which Seller, the Company, or any of their respective Subsidiaries is
bound relating to the issuance or sale of the capital stock or any other equity interest in any of the Acquired Subsidiaries or obligating Seller or any Acquired Subsidiary to issue or sell, or cause to be issued or sold,
</P>
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any shares of capital stock or other equity interest in any of the Acquired Subsidiaries, any security convertible into any such equity interest, any indebtedness of any Acquired Subsidiary
having the right to vote (or that is convertible into securities having the right to vote) on any matters on which holders of the capital stock of such Acquired Entity may vote, or giving any person the right to receive any economic benefit or right
similar to or derived from the economic benefits and rights accruing to holders of the capital stock of any Acquired Subsidiary and (b)&nbsp;there are no voting trusts, stockholder agreements, proxies, or other similar agreements or understandings
in effect with respect to the voting or transfer of any of the capital stock or other equity interest of any of the Acquired Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.5 <U>No Conflict; Required Filings and Consents</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as set forth on <U>Schedule 3.5(a)</U> of the Disclosure Schedules, the execution, delivery, and performance by Seller of this
Agreement and each of the Ancillary Agreements to which Seller will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) conflict with or violate the certificate of incorporation and bylaws, certificate of formation and operating agreement, or equivalent
organizational documents, each as amended to date (&#147;<B><I>Organizational Documents</I></B>&#148;), of Seller, the Company, or any of their respective Subsidiaries; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) conflict with or violate any Law applicable to Seller or any Acquired Entity, or by which any property or asset of Seller or any
Acquired Entity is bound or affected; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) result in any breach of, constitute a default under, result in a termination,
cancellation or acceleration under, or result in the creation or the imposition of a Lien under (or an event that, with notice or lapse of time or both, would constitute or result in the foregoing), or require any consent of any Person pursuant to,
any Contract to which Seller, the Company or any of their respective Subsidiaries is a party or by which any of their assets or properties are bound; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">except, with respect to clauses (ii)&nbsp;and (iii), for any such conflicts, violations, breaches, defaults or other occurrences that (A)&nbsp;would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or prevent, materially delay or materially impede the performance by Seller of its obligations under this Agreement and the Ancillary Agreements or the
consummation of the transactions contemplated hereby or thereby, or (B)&nbsp;arise as a result of any facts or circumstances specifically relating to Buyer or any of its Affiliates, as opposed to any other third-party buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as set forth on <U>Schedule 3.5(b)</U> of the Disclosure Schedules, and except for any ordinary course approvals contained in a
Permit or required by applicable Law relating to such Permits that by their terms are not required to be obtained until after the consummation of the transactions contemplated by this Agreement and the
</P>
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Ancillary Agreements, none of Seller or any Acquired Entity is required to file, seek, or obtain any notice, authorization, approval, order, permit, or consent of or with any Governmental
Authority (an &#147;<B><I>Approval</I></B>&#148;) in connection with the execution, delivery, and performance by Seller of this Agreement and each of the Ancillary Agreements to which Seller will be a party or the consummation of the transactions
contemplated hereby or thereby or in order to prevent the termination of any right, privilege, license, or qualification of any Acquired Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) To the knowledge of Seller, <U>Schedule 3.5(c)</U> of the Disclosure Schedules sets forth all Excluded Assets and the third parties
involved with such assets from whom material Divestiture Consents and Divestiture Releases have not yet been obtained as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.6 <U>Financial Statements; No Undisclosed Liabilities</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule 3.6(a)</U> of the Disclosure Schedules sets forth true and complete copies of the following financial statements, which,
except as set forth on <U>Schedule 3.6(a)</U> of the Disclosure Schedules, and subject, in the case of unaudited interim financial statements, to normal year-end audit adjustments, present fairly, in all material respects, the financial position and
results of operations presented therein as of the dates of, and for the periods referred to in, such financial statements in conformity with GAAP applied on a consistent basis throughout the periods covered thereby (collectively, the
&#147;<B><I>Financial Statements</I></B>&#148;): (i)&nbsp;the audited consolidated balance sheet of the Company and its Subsidiaries as of December&nbsp;31, 2012,&nbsp;December&nbsp;31, 2011 and December&nbsp;31, 2010, and the related audited
consolidated statements of operations, members&#146; equity (deficit), and cash flows of the Company and its Subsidiaries, together with all related notes thereto (including consolidating statements), accompanied by the reports thereon of the
Company&#146;s independent auditors (collectively referred to as the &#147;<B><I>Audited Consolidated Annual Financial Statements</I></B>&#148;); (ii)&nbsp;the unaudited consolidated stand-alone balance sheet of the Acquired Entities as of
August&nbsp;31, 2013, and the related consolidated stand-alone statements of operations and cash flows for the eight-month period ending on such date of the Acquired Entities (the &#147;<B><I>Interim Consolidated Financial Statements</I></B>&#148;);
and (iii)&nbsp;the audited consolidated stand-alone balance sheet of the Acquired Entities as of December&nbsp;31, 2012, and the related audited consolidated stand-alone statements of operations and cash flows for the twelve-month period ending on
such date of the Acquired Entities, in each case with respect to this clause (iii), as supplemented by the unaudited adjustments to reflect the carve-out of Coyote Valley and the Residential Mortgages set forth on <U>Schedule 3.20</U> of the
Disclosure Schedules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as reserved against in the consolidated balance sheet of the Company as of August&nbsp;31, 2013 included
in the Interim Consolidated Financial Statements (such balance sheet, the &#147;<B><I>Balance Sheet</I></B>&#148;, and such date, the &#147;<B><I>Balance Sheet Date</I></B>&#148;), or as set forth on <U>Schedule 3.6(b)</U> of the Disclosure
Schedules, none of the Acquired Entities has any </P>
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material liability or obligation of any nature, whether accrued, absolute, contingent, or otherwise, whether known or unknown of the type required by GAAP (as in effect on the Balance Sheet Date)
to be reflected in a balance sheet of the Acquired Entities or disclosed in the notes thereto, except for any liabilities and obligations incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.7 <U>Absence of Certain Changes or Events</U>. Since December&nbsp;31, 2012, the Acquired Entities have conducted their
businesses in the ordinary course consistent with past practices, except in connection with the transactions contemplated by this Agreement and the Ancillary Agreements, and no Material Adverse Effect has occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.8 <U>Compliance with Law; Permits</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each of the Acquired Entities is in compliance with and is not in default under or in violation of any applicable Law and none of Seller,
its Subsidiaries or, to Seller&#146;s knowledge, any of its other Affiliates has received any written notice of the violation of any applicable Law by any Acquired Entity, except where such non-compliance, default or violation would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Acquired Entities are in possession of all
material permits, licenses, franchises, approvals, easements, variances, certificates, consents, waivers, concessions, exemptions, orders, registrations, notices, mitigation or monitoring requirements, or other authorizations of any Governmental
Authority required by Law for each of the Acquired Entities to own, lease, and operate its properties and to carry on its business as currently conducted (the &#147;<B><I>Permits</I></B>&#148;), except for (i)&nbsp;any Permits that the Acquired
Entity has applied for or is endeavoring to obtain in the ordinary course of business (other than those Permits the Acquired Entity has applied for or is endeavoring to obtain from (A)&nbsp;the United States federal government, (B)&nbsp;the
California state government under the California Fish and Game Code or (C)&nbsp;the county or regional government relating to water quality certification (i.e., 401 certification)) or (ii)&nbsp;any Permits set forth on <U>Schedule 3.8(b)</U> of the
Disclosure Schedules, which schedule shall include those Permits described in (A), (B)&nbsp;and (C)&nbsp;above. All the Permits are in full force and effect, except where the failure to be in full force and effect would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. The Acquired Entities are in compliance with each Permit and none of Seller, its Subsidiaries, or, to Seller&#146;s knowledge, any of its other Affiliates has received any written
notice of the violation of any Permit, except where such violation would not reasonably be expected to have a Material Adverse Effect. No Permit will be terminated or materially impaired as a result of the Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything contained in this <U>Section&nbsp;3.8</U>, no representation or warranty shall be deemed to be made in this
<U>Section&nbsp;3.8</U> in respect of environmental, Tax, employee benefits or labor Law matters. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.9 <U>Employee Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule 3.9</U> of the Disclosure Schedules sets forth a list of (i)&nbsp;each employment, severance, bonus, profit sharing,
compensation, termination, retention, deferred compensation, incentive, equity or equity-based compensation, or change in control, agreement, plan, program or policy (including individual contracts), (ii)&nbsp;each Pension Plan, including any plan
that is a Multiemployer Plan and (iii)&nbsp;each other material benefit plan, program, policy or arrangement, including each material &#147;employee welfare benefit plan&#148; (as defined in Section&nbsp;3(1) of ERISA) and each post-employment
health, medical, life insurance or other welfare benefit plan, program, policy or arrangement, whether or not subject to ERISA, in each case, entered into, sponsored, maintained or contributed to by the Acquired Entities or any of their ERISA
Affiliates for the benefit or welfare of any Participant and, solely in the case of clause (i), for the benefit of any contractor or consultant, or with respect to which any Acquired Entity has any actual or contingent liability (such plans,
agreements and arrangements, collectively the &#147;<B><I>Company Benefit Plans</I></B>&#148;). Each of the Company Benefit Plans is in compliance in all material respects with all applicable laws, including the Employee Retirement Income Security
Act of 1974, as amended (&#147;<B><I>ERISA</I></B>&#148;) and the Internal Revenue Code of 1986, as amended (the &#147;<B><I>Code</I></B>&#148;). The Internal Revenue Service has determined that each Company Benefit Plan that is intended to be a
qualified plan under Section&nbsp;401(a) of the Code is so qualified and, to the knowledge of Seller, no event has occurred after the date of such determination that would materially and adversely affect such determination. No condition exists that
is reasonably likely to subject the Acquired Entities to any direct or indirect liability under Title IV of ERISA or to a civil penalty under Section&nbsp;502(j) of ERISA or liability under Section&nbsp;4069 of ERISA or Sections 4975, 4976, or 4980B
of the Code, or to Controlled Group Liability, or the loss of a federal tax deduction under Section&nbsp;280G of the Code. To the knowledge of Seller, there are no pending or threatened claims (other than routine claims for benefits) by, on behalf
of or against any of the Company Benefit Plans or any trusts related thereto that would reasonably be expected to result in any material liability to the Acquired Entities. No Company Benefit Plan is a Multiemployer Plan, nor has the Company or any
of its Subsidiaries contributed to a Multiemployer Plan for the past six years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) With respect to each Company Benefit Plan, Seller has
delivered or made available to Buyer in the Dataroom complete and accurate copies of (i)&nbsp;such Company Benefit Plan, including any amendment thereto (or, in the case of any unwritten Company Benefit Plan, a written description thereof),
(ii)&nbsp;each trust, insurance, annuity or other funding Contract related thereto, and (iii)&nbsp;the most recent summary plan description and any summary of material modifications (if any) prepared for each Company Benefit Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) None of the execution and delivery of this Agreement, the obtaining of the stockholder approval or the consummation of the Transaction or
any other transaction contemplated by this Agreement (alone or in conjunction with any other event, including any termination of employment) will (i)&nbsp;entitle any Participant, contractor or consultant to any material compensation or benefit or
(ii)&nbsp;accelerate the time of payment or </P>
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vesting, or trigger any payment or funding, of any material compensation or benefits or trigger any other material obligation under any Company Benefit Plan other than the Employee Parachute
Payments. No amount or other entitlement that could be received as a result of the transactions contemplated hereby (alone or in conjunction with any other event, including any termination of employment) by any &#147;disqualified individual&#148;
(as defined under Section&nbsp;280G of the Code) (a &#147;<B><I>Disqualified Individual</I></B>&#148;) with respect to the Acquired Entities would reasonably be expected to constitute an &#147;excess parachute payment&#148; (as defined in
Section&nbsp;280G(b)(1) of the Code). No Participant is entitled to receive any gross-up or additional payment by reason of any tax being imposed on such person, including any tax required by Section&nbsp;409A or 4999 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) None of the Business Employees is a member of or represented by any (i)&nbsp;labor union, works council or similar organization or
(ii)&nbsp;collective bargaining agreement, in each case with respect to such Business Employee&#146;s employment by the Acquired Entities and the Acquired Entities do not have any obligation with respect to any such organization. Each of the
Acquired Entities is in compliance in all material respects with all applicable Laws and orders with respect to labor relations, employment and employment practices, occupational safety and health standards, payment of wages or other compensation,
classification of workers, immigration, visa or work status. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;<U>3.10 Real Property</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule 3.10(a)</U> of the Disclosure Schedules sets forth a true and complete list of all real property owned in fee as of the date
hereof by each of the Acquired Entities after giving effect to the Divestitures, which identifies such land by (x)&nbsp;owner and (y)&nbsp;tract number and/or parcel number (such property collectively, the &#147;<B><I>Owned Real
Property</I></B>&#148;). With respect to the Owned Real Property, except as set forth on <U>Schedule 3.10(a)</U>, (i)&nbsp;one or more of the Acquired Entities has good and valid title to such Owned Real Property, free and clear of all Liens other
than any such Lien (A)&nbsp;for Taxes or governmental assessments, governmental charges or claims of payment not yet due, being contested in good faith or for which adequate accruals or reserves have been established in accordance with GAAP,
(B)&nbsp;which is a carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s, or other similar Lien arising in the ordinary course of business, (C)&nbsp;for any obligation which is disclosed on the Balance Sheet,
(D)&nbsp;for any obligation which was incurred in the ordinary course of business since the Balance Sheet Date, (E)&nbsp;disclosed by the preliminary title reports made available to Buyer in the Dataroom, or (F)&nbsp;which would not reasonably be
expected to materially impair the continued use of any Owned Real Property by the Acquired Entities for the Business as currently operated (each of the foregoing, a &#147;<B><I>Permitted Lien</I></B>&#148;) (and conditions, covenants, encroachments,
easements, restrictions and other encumbrances that do not materially adversely affect the use of the Owned Real Property by the Acquired Entities for the Business), (ii)&nbsp;there are no outstanding reversion rights, Contracts, outstanding options
or rights of first refusal or offer in favor of any third party to purchase, lease, occupy or otherwise utilize any Owned Real Property or any portion thereof or interest therein that would reasonably be expected to materially adversely affect the
use in the Business by the Acquired Entities of the Owned Real </P>
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Property affected thereby, (iii)&nbsp;neither Seller nor any Acquired Entity has received written notice of any condemnation or eminent domain proceeding commenced or threatened with respect to
any Owned Real Property, any portion thereof or Seller&#146;s interest therein that would reasonably be expected to materially adversely affect the use in the Business by the Acquired Entities of the Owned Real Property affected thereby,
(iv)&nbsp;none of the Owned Real Property has been leased, and (v)&nbsp;none of the Owned Real Property has been licensed nor has any third party been granted any right to use or occupy all of any portion of any Owned Real Property, such that such
license or occupancy would reasonably be expected to materially adversely affect the use in the Business by the Acquired Entities of the Owned Real Property affected thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Schedule 3.10(b)</U> of the Disclosure Schedules sets forth a true and complete list of each material lease, sublease or license (the
&#147;<B><I>Real Property Leases</I></B>&#148;) under which any of the Acquired Entities use or occupy, or have the right to use or occupy, any material real property at which the material operations of the Acquired Entities are conducted (the
&#147;<B><I>Leased Real Property</I></B>&#148;), specifying in the case of each of the Real Property Leases, the date thereof, the current parties thereto, the dates of any amendments as well as the address or location and use thereof. Except as
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i)&nbsp;each Real Property Lease is valid, binding and in full force and effect, (ii)&nbsp;no uncured default of a material nature on the part of
any Acquired Entity or, to the knowledge of Seller, the landlord or other parties to such Real Property Lease exists thereunder, (iii)&nbsp;the Acquired Entities have a good and valid leasehold interest, subject to the terms of the Real Property
Lease applicable thereto, in each parcel of Leased Real Property, free and clear of all Liens, except for Permitted Liens (and conditions, covenants, encroachments, easements, restrictions and other encumbrances that do not adversely affect the use
of the Leased Real Property by the Acquired Entities for the Business), (iv)&nbsp;none of the Acquired Entities has (x)&nbsp;received written notice of, and, to the knowledge of Seller there is no, condemnation proceeding threatened in writing with
respect to all or any portion of the Leased Real Property, or (y)&nbsp;received any written notice of any default under any Real Property Lease and, to the knowledge of Seller, no event has occurred and no condition exists that, with notice or lapse
of time, or both, would constitute a default by any Acquired Entity, as applicable, under any such leases and agreements, and (v)&nbsp;no portion of the Leased Real Property is subleased to any third party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11 <U>Personal Property</U>. Other than as set forth on <U>Schedule 3.11</U> of the Disclosure Schedules, all of the tangible
or intangible personal property primarily used in or related to the Business as currently conducted is owned or leased by the Acquired Entities free of Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12 <U>Intellectual Property; Data Security.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule 3.12(a)</U> of the Disclosure Schedules lists (i)&nbsp;all material trade names, trademarks, trade mark registrations, and
service marks, (ii)&nbsp;registered copyrights and applications therefor, (iii)&nbsp;issued patents and pending patent applications, and (iv)&nbsp;domain name registrations, in each case used in the Business as currently
</P>
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conducted and owned by an Acquired Entity (collectively, the &#147;<B><I>Intellectual Property</I></B>&#148;). The Acquired Entities own the Intellectual Property free and clear of all Liens
other than Permitted Liens. The Intellectual Property that consists of trade mark registrations, registered copyrights and patents is subsisting and, to the knowledge of Seller, valid and enforceable. There are no Actions pending or, to the
knowledge of Seller, threatened, or judgments adversely entered, contesting the validity, use or ownership of any of the Intellectual Property, or alleging that any Acquired Entity is infringing the intellectual property rights of any other Person
in any material respect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Since January&nbsp;1, 2011, there have been no material security breaches in any of the Acquired
Entities&#146; information technology systems of which Seller has knowledge. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13 <U>Taxes</U>. Except as set forth on
<U>Schedule 3.13</U> of the Disclosure Schedules: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) All material Returns required to be filed by any Acquired Entity have been filed
when due (taking into account any applicable extensions of time to file) and are complete and accurate in all material respects; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) All
material Taxes of the Acquired Entities that have become due and payable have been paid prior to delinquency thereof, except for those Taxes that are being contested in good faith (and for which adequate provision has been made in accordance with
GAAP); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) All material Taxes required to be withheld by the Acquired Entities have been timely withheld and remitted to the applicable
Governmental Authority; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) No material deficiencies for Taxes have been asserted or assessed by any Governmental Authority in writing
against any of the Acquired Entities that has not been satisfied by payment, settled or withdrawn, and there is no pending Action with respect to material Taxes of any of the Acquired Entities. No Acquired Entity has been notified in writing by any
Governmental Authority in a jurisdiction where it does not file Returns that it is subject to Tax by that jurisdiction; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) There are no
outstanding agreements extending or waiving the statutory period of limitations applicable to any claim for, or the period for the collection or assessment or reassessment of, Taxes of the Acquired Entities for any taxable period, and no request for
any such waiver or extension is currently pending; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) There are no Liens for Taxes (other than for current Taxes that are not yet due
and payable or are being contested in good faith) upon the assets of any Acquired Entity; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) No Acquired Entity is party to or bound by
any indemnification, allocation or sharing agreement with respect to Taxes the primary purpose of which is the sharing of Taxes or any advance pricing agreement, closing agreement or other material agreement relating to Taxes with any Taxing
Authority; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) No Acquired Entity has ever participated in any &#147;listed&#148; transaction, as defined in
Treasury Regulation Section&nbsp;1.6011-4(b)(2); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) As of the date of this Agreement, each of the Acquired Entities in existence on the
date of this Agreement will be either a &#147;qualified subchapter S subsidiary&#148; within the meaning of Section&nbsp;1361(b)(3)(B) of the Code, or an entity treated as disregarded from its owner pursuant to Treasury Regulation
Section&nbsp;301.7701-3(b)(1)(ii), or, in the case of Porter Ranch Development Co. and Upper K Shapell LLC (the &#147;<B><I>Tax Partnerships</I></B>&#148;), a partnership for federal income tax purposes. At the Closing, each of the Acquired Entities
(other than the Corporate Subsidiaries) will be an entity that is disregarded from its owner pursuant to Treasury Regulation Section&nbsp;301.7701-3(b)(1)(ii) or, in the case of the Tax Partnerships, a partnership for federal income tax purposes;
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) Notwithstanding anything in this Agreement to the contrary, the representations and warranties contained in this
Section&nbsp;3.13 are the only representations and warranties being made by Seller with respect to Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14
<U>Environmental Matters</U>. Except as set forth on <U>Schedule 3.14</U> of the Disclosure Schedules, (a)&nbsp;there is no material Action pending with respect to which Seller or any Acquired Entity has received service of process or other written
notice, or to the knowledge of Seller threatened, seeking to impose on any Acquired Entity any liability or obligation under any Law relating to the protection or restoration of the environment, the exposure to or the handling, Release, presence or
transportation of, Hazardous Materials, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, or similar state laws (collectively &#147;<B><I>Environmental Laws</I></B>&#148;), (b)&nbsp;no Acquired
Entity is conducting or required to conduct any material cleanup, monitoring or other remedial activities, or is subject to any material continuing obligations under any order, decree or judgment, pursuant to Environmental Law and (c)&nbsp;to the
knowledge of Seller, there has been no Release of or exposure to any Hazardous Material that would reasonably be expected to form the basis of any material liability or obligation of any Acquired Entity under or pursuant to any Environmental Law.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.15 <U>Investigations; Litigation</U>. There is no material investigation or review pending, nor, to the knowledge of
Seller, threatened, by any Governmental Authority with respect to any Acquired Entity, and there are no material Actions pending, nor, to the knowledge of Seller, threatened, against or affecting any Acquired Entity, or any of their respective
properties at law or in equity before, and there are no material orders, judgments or decrees of, or before, any Governmental Authority affecting any Acquired Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.16 <U>Material Contracts</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The list of written Contracts set forth on <U>Schedule 3.16(a)</U> of the Disclosure Schedules includes all of the following written
Contracts to which, after giving effect to the Divestitures, any of the Acquired Entities is a party, or by which any of its or their property is bound (each &#147;<B><I>Material Contract</I></B>&#148;):
</P>
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(i) any Contract with Seller or its Affiliates (other than any Acquired Entity) or any of their respective Related Parties; (ii)&nbsp;any employment or compensation Contract with any Business
Employee (or former employee, officer, or director of any Acquired Entity if there remains at the date hereof obligations of any party) other than employment or compensation agreements for which Seller shall remain solely responsible after the
Closing; (iii)&nbsp;any retention letter or other Contract relating to retention with a Business Employee; (iv)&nbsp;any Contract with any current or former consultant to any Acquired Entity that involves payments by any Acquired Entity of an amount
exceeding $500,000 for any 12-month period commencing on or after the date hereof and that is not terminable at the option of any Acquired Entity on 90 or fewer days&#146; notice without penalty or premium; (v)&nbsp;any collective bargaining
agreement or other Contract with any labor union or similar organization; (vi)&nbsp;any joint venture, partnership or similar Contract; (vii)&nbsp;any Contract relating to the acquisition or disposition of any business (whether by merger, sale of
stock, sale of assets or otherwise); (viii)&nbsp;any Contract or Contracts for contribution(s) exceeding $100,000 in value individually, or $500,000 in value in the aggregate, by any Acquired Entity for public use or to charitable organizations
other than in satisfaction of conditions to approval of tentative tract maps, area plans, site plans or as otherwise contemplated by the Core Development Entitlements; (ix)&nbsp;any Contract by which any Acquired Entity has borrowed money or issued
any note, bond, indenture, or other evidence of indebtedness or guaranteed the indebtedness of others (other than ordinary course advances and reimbursement for travel and other business purposes) or has granted a Lien (other than a Permitted Lien)
on any material asset or property of an Acquired Entity; (x)&nbsp;any Contract by which any Acquired Entity has agreed to indemnify or hold harmless a third party in an amount that, if required to be paid by the Acquired Entity, would be reasonably
likely to exceed $500,000; (xi)&nbsp;any Contract for the sale of real property by any Acquired Entity which, as of the date of this Agreement, (A)&nbsp;have not yet been consummated or (B)&nbsp;have been consummated but under which either the
Acquired Entity, as applicable, or the purchaser has post-consummation obligations not yet fulfilled; (xii)&nbsp;promissory notes held by any Acquired Entity; (xiii)&nbsp;brokerage commission, finder&#146;s fee, or similar Contracts that involve
payments by any Acquired Entity exceeding $500,000; (xiv)&nbsp;any Contract that includes a covenant not to compete in any line of business or with any Person or in any geographic area, or pursuant to which any benefit is required to be given or
lost as a result of so competing; (xv)&nbsp;any Contract containing any &#147;non-solicitation&#148;, &#147;no-hire&#148; or similar provision that restricts any Acquired Entity; (xvi)&nbsp;any Contract containing any provision triggered by a
&#147;change of control&#148; of any Acquired Entity or otherwise requiring the consent of or notice to any Person as a result of the Transaction; and (xvii)&nbsp;any other agreement to which any Acquired Entity is a party which involves
consideration or another obligation in an amount exceeding $500,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Material Contract is valid, binding and enforceable in
accordance with its terms, and the Acquired Entity that is a party thereto has substantially performed all material obligations required to be performed by it under the Material Contracts and is not (and would not be with notice or the lapse of time
or both) in material breach or default thereunder, and, to the knowledge of Seller, no other party to a Material Contract is in material breach of, or material default under, any Material Contract. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.17 <U>No Contingent Liabilities</U>. Except as set forth in the Financial
Statements, this Agreement, the Disclosure Schedules, or documents listed in the Disclosure Schedules, to the knowledge of Seller, no Acquired Entity has any liabilities or Debt, nor are any of them subject to claims, fixed or contingent, liquidated
or unliquidated, that would reasonably be expected to have a Material Adverse Effect; <U>provided</U>, that no representation or warranty is made pursuant to this <U>Section&nbsp;3.17</U> as to any liabilities, Debt, obligations, or claims for
future compliance with obligations not yet mature or for future satisfaction of conditions to approval or consummation under any agreements entered into with, or Permits issued by, any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.18 <U>Insurance</U>. The Acquired Entities are covered (subject to applicable deductibles, self-insurance provisions, and other
limitations on coverage) by those current insurance policies issued in favor of the Company and its Subsidiaries, alone or along with Seller and/or other Affiliates of Seller, listed on <U>Schedule 3.18</U> of the Disclosure Schedules (the
&#147;<B><I>Insurance Policies</I></B>&#148;). Neither Seller nor any Subsidiary of Seller has received any notices of cancellation or non-renewal with respect to any of the Insurance Policies, and all premiums due thereon have been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.19 <U>Brokers</U>. No broker, finder, or investment banker, other than Lazard Fr&egrave;res&nbsp;&amp; Co. LLC (who will be
paid by Seller), is entitled to any brokerage, finder&#146;s, or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Seller or any Acquired Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.20 <U>Residential Mortgages</U>. <U>Schedule 3.20</U> of the Disclosure Schedules contains a true, correct and complete list of
all residential mortgages (the &#147;<B><I>Residential Mortgages</I></B>&#148;) and the current outstanding principal balances thereof as of the Balance Sheet Date owned by the Acquired Entities on the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.21 <U>Sufficiency of Assets</U>. After giving effect to the Divestitures, except for (i)&nbsp;the corporate-level overhead
services currently provided to the Business by Seller and its Affiliates (other than the Acquired Entities) and (ii)&nbsp;outside financing support provided by Seller and its Affiliates (other than the Acquired Entities), together with the assets
and services to be provided to Buyer and the Acquired Entities pursuant to the Ancillary Agreements, the assets owned by the Acquired Entities constitute all the assets that are necessary for the conduct of the Business as currently conducted by
Seller in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.22 <U>No Other Representations and Warranties</U>. Except as expressly set forth in this
Agreement or any Ancillary Agreement or in any certificate delivered by Seller in accordance with the terms hereof or thereof, Seller makes no representations or warranties as to any matter whatsoever, oral or written, express or implied, including,
but not limiting the generality of the foregoing, representations or warranties with respect to (a)&nbsp;any projections, estimates or budgets delivered or made available to Buyer or any of its Affiliates or Representatives of future revenues,
results of operations (or any component thereof), cash flows or financial condition (or any component thereof) of the Acquired Entities or (b)&nbsp;the future business and operations of the Acquired Entities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF BUYER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Buyer hereby represents and warrants to Seller, as of the date hereof and as of the Closing Date, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1 <U>Organization, Standing and Corporate Power</U>. Buyer is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has the requisite corporate power and authority to carry on its business as now being conducted. Buyer is duly qualified or licensed to do business and is in good standing in each jurisdiction in
which the nature of its business or the ownership or leasing of its properties makes such qualification or licensing necessary, except where the failure to be so qualified or in good standing would not reasonably be expected, individually or in the
aggregate, to prevent or materially impair the ability of Buyer to consummate the Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.2 <U>Authority</U>. Buyer
has all requisite corporate power and authority to enter into this Agreement and the Ancillary Agreements and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements
to be delivered at Closing by Buyer and the consummation by Buyer of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement has been, and as of the Closing
the Ancillary Agreements will have been, duly executed and delivered by Buyer. Assuming due authorization, execution, and delivery by Seller, this Agreement constitutes, and each of the Ancillary Agreements when executed and delivered will
constitute, a valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.3 <U>No
Conflict; Required Filings and Consents</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The execution, delivery, and performance by Buyer of this Agreement and each of the
Ancillary Agreements to which Buyer will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) conflict with or violate the Organizational Documents of Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) conflict with or violate any Law applicable to Buyer or by which any property or asset of Buyer is bound or affected; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) result in any breach of, constitute a default under, result in a termination, cancellation or acceleration under, or result in the
creation or the imposition of a Lien under (or an event that, with notice or lapse of time or both, would constitute or result in the foregoing), or require any consent of any Person pursuant to any Contract to which Buyer or any of its Subsidiaries
is a party or by which any of their assets or properties are bound; </P>
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subject, in the case of clause (ii), to compliance with and filings under the Hart-Scott Rodino Antitrust Improvements Act of 1976 (the &#147;<B><I>HSR Act</I></B>&#148;), and except, with
respect to clauses (ii)&nbsp;and (iii), for any such conflicts, violations, breaches, defaults or other occurrences that (A)&nbsp;would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on Buyer or
prevent, materially delay or materially impede the performance by Buyer of its obligations under this Agreement and the Ancillary Agreements or the consummation of the transactions contemplated hereby and thereby, or (B)&nbsp;arise as a result of
any facts or circumstances specifically relating to Seller or any of its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4 <U>Brokers</U>. No broker, finder,
or investment banker is entitled to any brokerage, finder&#146;s, or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.5 <U>Investment Intent; Ability to Bear Risk</U>. Buyer is acquiring the Shares solely for investment for its own account and
not with a view to, or for offer or sale in connection with, any distribution thereof. Buyer understands that the Shares may not be resold except in compliance with the registration requirements of the Securities Act of 1933, as amended, unless an
exemption therefrom is available. Buyer is familiar with the real estate development business generally and the businesses in which the Acquired Entities conduct their operations specifically, and has the requisite business and financial knowledge
and experience to evaluate the merits and risks of its acquisition of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.6 <U>Acknowledgement by Buyer</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Buyer acknowledges that neither Seller, the Company nor any of its Subsidiaries, nor any other person acting on behalf of any of them, has
made any representation or warranty, express or implied, as to the condition, merchantability, suitability or fitness for any particular purpose of any of the assets owned or used by the Acquired Entities, or made any representation or warranty
regarding the Acquired Entities or any other matter relating to the Acquired Entities (including the Financial Statements and the Acquired Properties), except as expressly stated in this Agreement (including the Disclosure Schedules) or the
Ancillary Agreements or any certificate delivered hereunder. Without limiting the foregoing, except as set forth in this Agreement or any Ancillary Agreement or any certificate delivered hereunder, Buyer agrees that (i)&nbsp;neither Seller, the
Company, nor their respective Subsidiaries, nor any other person acting on behalf of any of them, will have any liability to Buyer resulting from the distribution or availability to Buyer, its Affiliates, Representatives, financing sources, or
others, or any such person&#146;s use, of information provided in anticipation of entering into this Agreement and the Ancillary Agreements, including that certain Offering Memorandum dated June&nbsp;27, 2013 (the &#147;<B><I>Offering
Memorandum</I></B>&#148;), and information, documents and other materials included in the Dataroom or presentations by officers and employees of Seller, the Company, or any of their respective Subsidiaries or in any other form and (ii)&nbsp;no
individual named in the Offering Memorandum or documents posted to the Dataroom shall have any liability to Buyer resulting from or related to such individual being a source of the knowledge of Seller and the Company for the purposes of
Seller&#146;s representations and warranties set forth in this Agreement or any Ancillary Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Buyer acknowledges that all forward-looking information received from or made available by or
on behalf of Seller, including projected statements of revenues, income, cash flow, and other business and financial condition and results in the Offering Memorandum, the Dataroom, or elsewhere, contain numerous uncertainties inherent in attempting
to make estimates, projections and other forecasts, are not warranties of future performance or financial results, and involve numerous assumptions about risks and events that are difficult to predict and many of which are beyond the control of
Seller, the Company, their respective Subsidiaries, their financial advisers, and other agents. Buyer further acknowledges that it is familiar with such uncertainties and assumptions, that it takes full responsibility for making its own independent
evaluation of possible future revenues, income, cash flow, and other business and financial condition and results, that it understands and has taken into account the likelihood that actual future results will differ, perhaps materially, from those
reflected in any such forward-looking statements, and that, except as set forth in this Agreement or any Ancillary Agreement or any certificate delivered hereunder, Buyer shall have no claim against Seller, its Affiliates or its Representatives with
respect to any such forward-looking information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.7 <U>Sufficient Funds</U>. Buyer possesses liquid capital, or written
commitments therefor from viable financing sources, subject only to the conditions set forth on <U>Schedule 4.7(a)</U> of the Disclosure Schedules, sufficient to enable Buyer to consummate the transactions contemplated by this Agreement and the
Ancillary Agreements and timely perform all of its obligations hereunder or thereunder. A copy of the commitment or commitments is included in <U>Schedule 4.7(b)</U> (the &#147;<B><I>Debt Financing Commitment Letter</I></B>&#148;). Notwithstanding
anything to the contrary contained herein, the parties acknowledge and agree that it shall not be a condition to the obligations of Buyer to consummate the transactions contemplated hereby that Buyer have sufficient funds for payment of the Purchase
Price. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1 <U>Conduct of Business by the Company and its Subsidiaries</U>. From the date of this Agreement until the Closing (except as
otherwise contemplated by the terms of this Agreement or the Ancillary Agreements or disclosed in <U>Schedule 5.1</U> of the Disclosure Schedules), Seller shall cause the Acquired Entities to carry on their respective businesses in the ordinary
course consistent with past practices in all material respects, and, to the extent consistent with its ordinary course past practices, to use commercially reasonable efforts to preserve intact their business organizations and preserve their
relationships with others having material business dealings with them. Without limiting the generality of the foregoing, from the date of this Agreement to the Closing Date, Seller shall cause the Acquired Entities not to take any of the following
actions without the prior written consent of Buyer (which consent shall not be unreasonably withheld, conditioned or delayed), except such actions taken to effect the Divestitures as described on <U>Exhibit A</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) (i) in the case of the Company, declare any dividend or other distribution in respect of any of its capital stock with a payment date
following the Closing Date; or (ii)&nbsp;issue or sell, or commit to issue or sell, any shares of its or any Acquired Entity&#146;s capital stock, or any options, warrants or rights of any kind to acquire any such equity interest, or grant any
preemptive rights, rights of first refusal, redemption rights, repurchase rights, or &#147;tag along&#148; or &#147;drag along&#148; rights in respect of any such equity interest; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) amend its Organizational Documents; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of its capital stock or
make any other change with respect to its capital structure; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) except as contemplated by <U>Section&nbsp;2.7</U>, acquire any business
or any corporation, limited liability company, partnership, joint venture, association, or other business organization or division thereof, or acquire any other material assets other than in the ordinary course of business consistent with past
practice; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) acquire or agree to acquire any assets the consideration for which would exceed $100,000 individually or $1,000,000 in the
aggregate, or make or agree to make any capital expenditures, except in the ordinary course of business consistent with past practice; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) sell, lease, license, mortgage or otherwise encumber or subject to any Lien or otherwise dispose of any material property, except for
sales of parcels of the Owned Real Property in the ordinary course of business consistent with past practice; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) incur or secure
indebtedness for borrowed money or guarantee or secure any such indebtedness of another person, issue, sell or secure any debt securities or guarantee or secure any debt securities of another person, other than short-term borrowings incurred in the
ordinary course of business consistent with past practice that may be prepaid without penalty at or prior to the Closing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) make any
loans, advances or capital contributions to, or investments in, any other person, other than (i)&nbsp;promissory notes to purchasers of Owned Real Property from the Acquired Entities in the ordinary course of business consistent with past practice
or (ii)&nbsp;loans, advances, or capital contributions to or in an Acquired Entity; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) (i) adopt, establish, enter into, terminate or
amend, take any action to accelerate the vesting or payment of (except as may be required by Law or by this Agreement and except for amendments to retention letters listed on <U>Schedule 3.16(a)(iii)</U> of the Disclosure Schedules solely for the
purpose of clarifying or imposing obligations thereunder that Seller or its Affiliates other than the Acquired Entities shall bear) any compensation, or benefits under any Company Benefit Plan or any bonus, profit sharing, compensation, pension,
retirement, deferred compensation, employment or employee benefit plan, agreement, trust, fund or other arrangement for the benefit or welfare of any Participant or materially increase the compensation or fringe benefits of any Participant,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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contractor or consultant, or (ii)&nbsp;grant any new or modified severance or termination arrangement or increase or accelerate any benefits payable under severance or termination pay policies in
effect on the date hereof (except as may be required by Law or by this Agreement or retention letters listed on <U>Schedule 3.16(a)(iii)</U> of the Disclosure Schedules solely for the purpose of clarifying or imposing obligations thereunder that
Seller or its Affiliates other than the Acquired Entities shall bear); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) except as otherwise provided in <U>Section&nbsp;5.7</U> or as
otherwise mutually agreed upon by Buyer and Seller, hire any employee with an expected annual compensation in excess of $100,000 or terminate any of the Business Employees other than for cause; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, recapitalization or other material reorganization of
any Acquired Entity (other than the LLC Conversions and Divestitures); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) other than as may be required by the LLC Conversions or as
required by Law, make (other than in the ordinary course of business consistent with past practice) or change any material Tax election, make any material change in any material method of Tax accounting or any Tax accounting period, file any amended
Tax Return, waive or extend the statute of limitations or settle or compromise any material Tax liability or refund, in any case in a manner that reasonably could be expected to adversely affect Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) enter into, extend, materially amend, terminate or grant any relinquishment or release of any material right under any Material Contract
or any Contract that would be a Material Contract if entered into prior to the date hereof, other than entrance into any such Contracts in the ordinary course of business (including Contracts with customers, vendors or clients in the ordinary course
of business); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) fail to exercise any rights of renewal with respect to any material Leased Real Property that by its terms would
otherwise expire; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) change its fiscal year or make any change in any method of accounting or accounting practice or policy, except as
required by applicable Law or GAAP; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) amend, extend, renew or permit to lapse existing insurance policies or enter into new insurance
policies, except in either case on such terms and for such amounts as are in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) (i) pay, discharge,
settle or satisfy any material Action to which any Acquired Entity is party or (ii)&nbsp;cancel, forgive or waive any material claims or rights; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) agree to do any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2 <U>Conduct Pending Closing</U>. From the date of this Agreement to the Closing Date, unless the other party shall otherwise
consent in writing, neither Buyer nor </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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Seller shall take any action that would likely result in any of its representations and warranties in this Agreement or in an Ancillary Agreement becoming untrue, or in any of the other
party&#146;s conditions to Closing not being satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3 <U>Access to Information; Notice of Certain Events; Effect of
Certain Waivers</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions of that certain letter agreement dated June&nbsp;18, 2013 between Seller and
Buyer (the &#147;<B><I>Confidentiality Agreement</I></B>&#148;), from the date hereof to the Closing Date, upon Buyer&#146;s reasonable request, Seller shall cause the Company and its Subsidiaries, and their respective Representatives to afford to
Buyer and its Representatives access during normal business hours to the Acquired Properties, books, Contracts, commitments, personnel and records and furnish to Buyer such financial, operations and other data regarding the Acquired Entities as
Buyer may from time to time reasonably request, including conducting weekly meetings (which may be in-person or telephonic) between representatives of Buyer and Seller at which the representatives of Seller with responsibility for supervising the
development of the Owned Real Properties shall provide Buyer an update with respect thereto; <U>provided</U>, that under no circumstances shall Buyer be entitled to access to or information regarding any bid or proposal by any other potential Buyer
of the Acquired Entities or substantially all of the assets of the Business or regarding any evaluation, discussions, or negotiations related to any such bid or proposal, Buyer acknowledging that all such information is the property solely of Seller
and that Seller is not authorized to disclose such information to any other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Until the Closing, each party hereto shall
promptly notify the other party in writing of any fact, change, condition, circumstance or occurrence or nonoccurrence of any event of which it is aware that will or is reasonably likely to result in any of the conditions set forth in
<U>Article&nbsp;VII</U> of this Agreement becoming incapable of being satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If (i)&nbsp;prior to the Closing, any party (the
&#147;<B><I>waiving party</I></B>&#148;) has knowledge of any breach by any other party (the &#147;<B><I>breaching party</I></B>&#148;) of any representation, warranty or covenant contained in this Agreement or any Ancillary Agreement, (ii)&nbsp;the
breaching party acknowledges in writing that the effect of such breach is a failure of any condition to the waiving party&#146;s obligations set forth in <U>Article VII</U> and (iii)&nbsp;the waiving party proceeds with the Closing, the waiving
party shall be deemed to have waived such breach and the waiving party and its successors, assigns and affiliates shall not be entitled to be indemnified pursuant to <U>Article VIII</U>, to sue for damages or to assert any other right or remedy for
any Losses arising from such breach, notwithstanding anything to the contrary contained herein or in any certificate delivered pursuant hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4 <U>Commercially Reasonable Efforts; Consents</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Seller and Buyer will each use, and before and after the Closing, respectively, will each cause the Acquired Entities to use, their
commercially reasonable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with each other in doing, all things necessary, proper or advisable to consummate
the transactions contemplated by this Agreement and the Ancillary Agreements, including (i)&nbsp;the obtaining in the most expeditious manner reasonably practicable of all necessary actions, waivers, consents, and approvals from Governmental
Authorities and the making of all necessary registrations and filings and the taking of all reasonable steps as may be necessary to obtain an Approval or waiver from, or to avoid an Action or proceeding by, any Governmental Authority, (ii)&nbsp;the
obtaining of all necessary consents, approvals or waivers from third parties except as otherwise contemplated by <U>Section&nbsp;5.4(c)</U> in the case of Divestiture Consents, (iii)&nbsp;the obtaining of the Environmental Policy and (iv)&nbsp;the
execution and delivery of such additional instruments and documents as either party may reasonably request to consummate and make effective the transactions contemplated hereby and thereby; <U>provided</U>, that in connection with obtaining the
consent of any Person other than a Governmental Authority, Buyer shall not be required to make or agree to make any payment or accept any material conditions or obligations, including amendments to existing conditions and obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each party shall promptly notify the other party of any communication it or any of its Affiliates receives from any Governmental Authority
relating to the matters that are the subject of the transactions contemplated by this Agreement and permit the other party to review in advance any proposed communication by such party to any Governmental Authority to the extent reasonably
practicable and permitted by Law. No party to this Agreement shall agree to participate in any meeting with any Governmental Authority in respect of any filings, investigation or other inquiry relating to the transactions contemplated by this
Agreement and the Ancillary Agreements unless it consults with the other party in advance and, to the extent permitted by such Governmental Authority, gives the other party the opportunity to attend and participate at such meeting. Subject to the
Confidentiality Agreement, the parties will coordinate and cooperate fully with each other in exchanging such information and providing such assistance as the other parties may reasonably request in connection with the foregoing and in seeking early
termination of any applicable waiting periods including under the HSR Act. Subject to the Confidentiality Agreement, the parties will provide each other with copies of all correspondence, filings or communications between them or any of their
Representatives, on the one hand, and any Governmental Authority or members of its staff, on the other hand, with respect to this Agreement and the Ancillary Agreements and the transactions contemplated hereby and thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Nothing in this Agreement nor the consummation of the Transaction shall be construed as requiring Seller or any Acquired Entity to assign
any Excluded Asset that by its terms or by Law is nonassignable without the consent of a third party or a Governmental Authority or is subject to cancellation or acceleration by a third party in the event of an assignment (&#147;<B><I>Nonassignable
Excluded Assets</I></B>&#148;) unless and until such consents shall have been obtained. Seller shall use its commercially reasonable efforts to obtain such consents prior to the Closing Date. In the event any Divestiture Release, Divestiture Consent
or any other license, Permit, consent, approval, authorization, qualification or order required to be obtained in connection with the Divestitures has not been obtained prior to the Closing </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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Date, Seller shall continue to use its commercially reasonable efforts to obtain such release, license, Permit, consent, approval, authorization, qualification or order until it is obtained and
consummate the applicable Divestiture at the earliest practicable date. In the event that any Nonassignable Excluded Asset has not been divested as of the date that is six (6)&nbsp;months after the Closing Date, beginning on the six (6)&nbsp;month
anniversary of the Closing Date and continuing until all such Nonassignable Excluded Assets have been divested, Seller shall pay Buyer a fee equal to 10.0%&nbsp;<I>per annum</I> of the aggregate Liability Exposure of such Nonassignable Excluded
Assets (calculated based on the Liability Exposure of such Nonassignable Excluded Assets that have not been divested on the last day of each quarter), which shall be paid quarterly in arrears for the preceding quarter. Within fifteen
(15)&nbsp;Business Days of the end of each applicable quarter, Buyer shall prepare and deliver to Seller a reasonably detailed invoice setting forth such fee. Seller shall pay to Buyer the aggregate amount owed within fifteen (15)&nbsp;Business Days
of the receipt of such invoice. Buyer and the Acquired Entities, on the one hand, and Seller, on the other, will cooperate in any lawful and economically feasible arrangement to provide that Seller shall receive the interest in the benefits, and
assume the costs and other liabilities, of any Nonassignable Excluded Assets that have not been divested as of the Closing Date until the applicable Divestiture is completed. Buyer shall, and shall cause its Affiliates to, also take or cause to be
taken at Seller&#146;s expense such actions in Buyer or its Affiliate&#146;s name or otherwise as Seller may reasonably request so as to provide Seller with the benefits of the Nonassignable Excluded Assets and to effect collection of money or other
consideration that becomes due and payable under the Nonassignable Excluded Assets, and Buyer or the applicable Subsidiary shall promptly pay over to Seller all money or other consideration received by it in respect to all Nonassignable Excluded
Assets. With respect to any Nonassignable Excluded Asset that has not been divested as of the Closing Date, Seller shall provide Buyer with all information and reasonable assistance as may be reasonably requested by Buyer with respect to
Buyer&#146;s compliance with its financial and other reporting obligations as they apply to such Nonassignable Excluded Asset. For clarity, nothing in this <U>Section&nbsp;5.4(c)</U> shall limit the Seller&#146;s obligation with respect to any
Excluded Liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Without limiting the foregoing, Buyer and Seller shall cooperate and shall cause their Affiliates to cooperate
using their respective commercially reasonable efforts to transfer, obtain, or to cause to be transferred or obtained, prior to the Closing or as soon as practicable thereafter, any Permits issued or required under Environmental Law and necessary
for any Acquired Entity to own or operate the Business or the assets and properties of the Acquired Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.5
<U>Expenses</U>. Whether or not the Closing occurs, all costs and expenses incurred in connection with this Agreement and the Ancillary Agreements and the transactions contemplated hereby and thereby shall be paid by the party incurring such
expenses, except as otherwise stated herein or therein; <U>provided</U>, that (a)&nbsp;Transfer Taxes (if any) shall be borne as provided in <U>Section&nbsp;6.5</U>, (b)&nbsp;all premiums required for issuance of the Environmental Policy at Closing
shall be borne by Seller (regardless of whether the Environmental Policy was applied for by Seller or Buyer), and (c)&nbsp;if and when Buyer, the Acquired Entities (following the Closing or, at the request of Buyer, prior to the Closing), or its or
their lender obtains a binder, commitment, owner&#146;s title insurance policy, and/or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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lender&#146;s title insurance policy based upon a preliminary report listed in the Disclosure Schedules, Buyer shall promptly reimburse Seller for the cost to Seller of such preliminary report.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.6 <U>Public Disclosures</U>. Seller and Buyer agree that the initial press release or releases to be issued with respect
to this Agreement and the Ancillary Agreements and the transactions contemplated hereby and thereby shall be mutually agreed upon prior to the issuance thereof. Thereafter, prior to the Closing, Seller and Buyer each shall keep confidential, and
shall cause its Representatives to keep confidential all information regarding this Agreement and the Ancillary Agreements and the transactions contemplated hereby and thereby not included in such initial press release or releases, except for such
additional disclosure as is (a)&nbsp;required to obtain necessary actions, waivers, consents, and approvals from Governmental Authorities and third parties, (b)&nbsp;required by applicable Law, court process, rule or regulation of the SEC or by
obligations pursuant to a listing agreement with a national securities exchange or (c)&nbsp;customary in an offering memorandum, prospectus, prospectus supplement or similar offering document with respect to a bank financing or capital markets
transaction of Buyer. From the date hereof to the date that is sixty (60)&nbsp;days following the Closing Date, Seller, the Company and their respective Subsidiaries, on one hand, and Buyer, on the other, will consult with each other to the extent
practicable before issuing or submitting, and, to the extent practicable, will provide each other the opportunity to review and comment upon, any press release, other public statement, or filing, notice, or request with a Governmental Authority with
respect to this Agreement and the Ancillary Agreements and the transactions contemplated hereby and thereby, and shall not issue any such press release or make any such public statement, filing, notice, or request prior to such consultation, except
as may be required by applicable Law, court process, rule or regulation of the SEC or by obligations pursuant to a listing agreement with a national securities exchange. The parties&#146; obligations under this <U>Section&nbsp;5.6</U> shall survive
the termination of this Agreement if this Agreement is terminated prior to the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.7 <U>Employee Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At least fifteen (15)&nbsp;days prior to Closing, Buyer shall make an offer of employment to any Business Employee that Buyer wishes any
Acquired Entity to employ following the Closing, except for those Business Employees listed on <U>Exhibit J</U>. Such offer of employment shall include a memorandum setting forth the conditions of employment with the Acquired Entity following the
Closing (including base compensation and bonus opportunities and medical, dental, disability, life insurance and retirement benefits). At or before 11:59 p.m. Pacific Time on the day before the Closing Date, Seller shall cause the Acquired Entities
to terminate all Business Employees who Buyer has notified Seller (i)&nbsp;Buyer does not intend for any Acquired Entity to employ following the Closing or (ii)&nbsp;have declined Buyer&#146;s offer of employment. Seller shall assume and discharge
all liabilities to Business Employees who are terminated prior to the Closing Date, whether in response to Buyer&#146;s direction or otherwise, including severance obligations under the retention letters listed on <U>Schedule 3.16(a)(iii)</U> of the
Disclosure Schedules. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Buyer shall, or shall cause the Acquired Entities to, assume, maintain and honor, for those
Business Employees who remain employed by an Acquired Entity immediately after the Closing or are employed by an Acquired Entity or other Buyer Affiliate within thirty (30)&nbsp;days following the Closing Date (collectively, the
&#147;<B><I>Continuing Employees</I></B>&#148;), the obligations for payment of severance and so-called &#147;success bonuses&#148; under the retention letters listed on <U>Schedule 3.16(a)(iii)</U> of the Disclosure Schedules, as such letters are
in effect as of the date of this Agreement, and, for not less than twelve (12)&nbsp;months following the Closing Date, shall provide to all such persons, for so long during such 12-month period as they remain employees of an Acquired Entity or other
Buyer Affiliate, base compensation and employee benefits at levels at least consistent with those in effect prior to the Closing Date, and bonus opportunities at levels at least consistent with bonus opportunities offered to similarly situated
employees of Buyer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding any other provision of this Agreement, Seller shall assume and discharge all obligations and
liabilities of the Acquired Entities under the employment agreements of those Business Employees listed on <U>Exhibit J</U> and any Business Employees who are not Continuing Employees. Buyer acknowledges that, effective upon the Closing, the
Business Employees listed on <U>Exhibit J</U> will cease to be employed by any Acquired Entity and will become employees of Seller or an Affiliate of Seller, and that thereafter the services of such Business Employees will be available to the
Acquired Entities only pursuant to and subject to the terms and conditions of the Transition Services Agreement (until such time as their employment with Seller or an Affiliate of Seller shall terminate). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Prior to the Closing Date, Seller shall cause the substitution of Seller or a designated ERISA Affiliate of Seller (other than any
Acquired Entity) as a (i)&nbsp;fiduciary, (ii)&nbsp;contributing employer, (iii)&nbsp;sponsoring employer and (iv)&nbsp;trustee of each of the Company Benefit Plans. Effective as of the Closing Date, Seller shall cause the termination of the active
participation of each present or former Business Employee and his or her beneficiaries in each Company Benefit Plan, other than those Business Employees who remain or become employed by Seller or an ERISA Affiliate (other than any Acquired Entity)
following the Closing Date. For purposes of clarity, from and after the Closing Date, Seller shall assume the sponsorship of, and all liabilities in connection with, Company Benefits Plans, and neither Buyer nor any of its Affiliates (including the
Acquired Entities following the Closing) shall have any liability or responsibility of any kind with respect to or in connection with the Company Benefit Plans or to any Participants in connection with the Company Benefit Plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) On and after the Closing Date, Seller shall comply with the continuation coverage requirements of Section&nbsp;601, <I>et seq</I>. of the
Employee Retirement Income Security Act of 1974 (&#147;<B><I>COBRA</I></B>&#148;) with respect to each Company Benefit Plan that is subject to COBRA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Effective on the Closing Date, Buyer, an Acquired Entity or a designated ERISA Affiliate of such party shall cause each Continuing
Employee or covered beneficiary thereof to be eligible for participation in each employee benefit plan or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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arrangement maintained by Buyer for the benefit of the Continuing Employees, consistent with Buyer&#146;s obligations in <U>Section&nbsp;5.7(b)</U>. In determining eligibility for participation
and vesting in any employee benefit plan or arrangement of Buyer, to the fullest extent permitted by the Code, periods of service with the Acquired Entity prior to the Closing Date shall be counted, except to the extent such recognition would result
in any duplication of benefits. For purposes of clarity, other than as set forth in Section&nbsp;5.7, from and after the Closing Date, neither Seller nor any of its Affiliates after the Closing Date shall have any liability or responsibility of any
kind with respect to or in connection with any employee benefit plan or arrangement established by Buyer for the benefit of the Continuing Employees after the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Except as provided in <U>Section&nbsp;5.7(b)</U>, Seller shall indemnify and hold harmless Buyer and the Acquired Entities and each of
them from any and all liability, cost and expense, including without limitation reasonable attorneys&#146; fees, payment of benefits, taxes and penalties in respect to each of the Company Benefit Plans, whether or not that liability, cost or expense
was incurred before or after the Closing Date. Nothing contained herein shall be construed as requiring, and the Seller shall not (and shall cause the Acquired Entities not to) take any action that would have the effect of requiring, Buyer to
continue any specific employee benefit plans and arrangements or to continue the employment or services of any specific person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)
Promptly following the execution of this Agreement, if applicable, the Company will take all necessary actions (including obtaining any required waivers or consents from Disqualified Individuals) to submit for approval by the stockholders of the
Company, in a manner that satisfies Section&nbsp;280G(b)(5) of the Code and the final Treasury Regulations issued thereunder, the right of each Disqualified Individual to receive or retain, as applicable, that portion of any payments and benefits
that, together with any other payments and benefits the Disqualified Individual may become entitled to receive that may be considered &#147;parachute payments&#148; under Section&nbsp;280G(b)(2) of the Code (&#147;<B><I>Section 280G
Payments</I></B>&#148;), exceeds 299% of such Disqualified Individual&#146;s &#147;base amount&#148; (as defined in Section&nbsp;280G(b)(3) of the Code) such that the deduction of such Section&nbsp;280G Payments will not be limited by the
application of Section&nbsp;280G(a) of the Code and the final Treasury Regulations issued thereunder. If applicable, no later than four (4)&nbsp;Business Days prior to the Closing, the Company shall deliver to Buyer certification regarding the
requisite stockholder vote with respect to any Section&nbsp;280G Payments and if the Company stockholder approval of Section&nbsp;280G Payments was not obtained, as a consequence, such payments and/or benefits shall not be made or provided to the
extent that they would cause any amounts to constitute Section&nbsp;280G Payments. The Company shall forward to Buyer at least three (3)&nbsp;Business Days prior to submission to the stockholders of the Company copies of all documents prepared by
the Company in connection with this Section&nbsp;5.7(h) for Buyer&#146;s review and approval, which approval shall not be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) This <U>Section&nbsp;5.7</U> shall be binding upon and shall inure solely to the benefit of each of the parties to this Agreement, and
nothing in this <U>Section&nbsp;5.7</U>, express or implied, is intended to confer upon any other Person (including, for the avoidance of doubt, any Participant) rights or remedies of any nature whatsoever under or by reason of
</P>
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this Section or is intended to be, shall constitute or be construed as an amendment to or modification of any employee benefit plan, program, policy, agreement or arrangement of Buyer and Seller.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.8 <U>Maintenance of Company Records; Personnel</U>. For a period of seven (7)&nbsp;years following the Closing Date (or
such longer period as may be required by any Governmental Authority or as a result of any pending or threatened Action or tax audit): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
(a) Buyer shall not, and shall not permit the Company or any of its Subsidiaries to, dispose of or destroy any of the material books, records, or files of the Acquired Entities that exist on the Closing (the &#147;<B><I>Business
Documents</I></B>&#148;) without first giving Seller not less than thirty (30)&nbsp;days&#146; prior written notice, which notice shall specify in reasonable detail the Business Documents proposed to be disposed of or destroyed; <U>provided</U> that
Buyer and its Affiliates may dispose of the Business Documents without prior notice to Seller by virtue of a sale of stock or the assets of, or a merger or consolidation involving, Buyer or any of its Affiliates if either (i)&nbsp;the transferee
thereof agrees to comply with <U>Section&nbsp;5.8(a)</U> and <U>(b)</U>&nbsp;hereof with respect to the Business Documents that consist of Tax records for the remainder of such seven (7)&nbsp;year period (or such longer period as may be required by
any Governmental Authority or as a result of any pending or threatened Action) or (ii)&nbsp;Buyer or such transferee transfers the Business Documents that consist of Tax records to Seller upon consummation of such transaction. Seller shall have the
right, at its option and expense, upon written specification to Buyer within such thirty (30)&nbsp;day period of the Business Documents desired to be retained by Seller, to copy or take possession of all or a portion of such Business Documents
within such thirty (30)&nbsp;day period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Buyer shall, and shall cause the Acquired Entities to, allow Seller and its agents
reasonable access to the Business Documents for any reasonable business purpose during normal business hours and upon reasonable notice at the Acquired Entities&#146; principal place of business or the location where the Business Documents are
stored, and Seller shall have the right, at its own expense, to make copies of Business Documents; <U>provided</U>, that any such access and copying shall be undertaken in a manner so as not to interfere unreasonably with the normal conduct of the
Acquired Entities&#146; business or operations; <U>provided</U> <U>further</U>, that Buyer shall not be required to disclose to Seller any information if Seller or any of its Affiliates, on the one hand, and Buyer or any of its Affiliates (including
the Acquired Entities following the Closing), on the other, are adverse parties in a litigation and such information is reasonably pertinent thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Buyer shall, and shall cause the Acquired Entities to, make available to Seller and its agents, upon written request and at the locations
where such persons are employed by Buyer or an Acquired Entity, (i)&nbsp;personnel of Buyer or an Acquired Entity to assist Seller in locating and obtaining Business Documents and (ii)&nbsp;personnel of Buyer or an Acquired Entity who prior to the
Closing Date were employed by the Company or a Subsidiary of the Company and were involved in the preparation for, or undertaking of litigation, administrative proceedings, Returns, Tax audits, or other similar matters in which Seller is an
interested party after the Closing Date; <U>provided</U>, that any such access and availability shall be undertaken in a manner so as not to interfere unreasonably with such person&#146;s duties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Seller will hold, and will cause its Representatives and Related Parties to hold in
confidence, unless required to disclose by judicial or administrative process or by other requirements of applicable Law, all confidential documents and information concerning Buyer, the Business, and the Acquired Entities, including any
confidential documents and information provided pursuant to this <U>Section&nbsp;5.8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.9 <U>Resignations of
Directors</U>. Seller shall cause to be delivered to Buyer at the Closing, duly signed resignations, effective upon the Closing, of all directors of the Acquired Entities, or shall take such other action as may be necessary to cause such persons to
cease being directors of the Acquired Entities effective upon the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10 <U>Payments Relating to Excluded Assets</U>.
To the extent that, after the Closing, Buyer or any of its Affiliates (including the Acquired Entities), on the one hand, or Seller or any of its Affiliates, on the other, (i)&nbsp;receives any payments or other recoveries to which the other party
is entitled (including payments or other recoveries received by Buyer or any of its Affiliates (including the Acquired Entities) related to the Excluded Assets), or (ii)&nbsp;makes any payment to a third party on behalf of the other party (including
payments made by Buyer or any of its Affiliates (including the Acquired Entities) related to the Excluded Liabilities), the other party shall promptly deliver such amounts to, or reimburse, Seller or Buyer or their respective designees, as
applicable. Buyer and its Affiliates (including the Acquired Entities) shall cooperate with Seller, at Seller&#146;s sole cost, in obtaining any Excluded Asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11 <U>Directors&#146; and Officers&#146; Indemnification</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Following the Closing, Buyer shall cause the Acquired Entities to indemnify, defend and hold harmless each person who is now, or has been
at any time prior to the date hereof or who becomes prior to the Closing Date, an officer or director of the Acquired Entities (the &#147;<B><I>D&amp;O Indemnified Parties</I></B>&#148;) against any and all losses, damages, liabilities,
deficiencies, claims, interest, awards, judgments, penalties, costs and expenses (including reasonable attorneys&#146; fees, costs and other out-of-pocket expenses incurred in investigating, preparing or defending the foregoing) arising out of or
relating to any threatened or actual Action based in whole or in part on or arising out of or relating in whole or in part to the fact that such person is or was a director or officer of the Acquired Entities whether pertaining to any matter
existing or occurring at or prior to the Closing Date and whether asserted or claimed prior to, or at or after, the Closing Date (the &#147;<B><I>D&amp;O Indemnified Liabilities</I></B>&#148;), including all D&amp;O Indemnified Liabilities based in
whole or in part on, or arising in whole or in part out of, or relating to this Agreement and the Ancillary Agreements or the transactions contemplated hereby and thereby (and Buyer shall cause the Acquired Entities to pay expenses in advance of the
final disposition of any such Action to each D&amp;O Indemnified Party), in each case to the full extent provided in the Acquired Entities&#146; respective Organizational Documents and any other written agreements of the Acquired Entities set forth
on <U>Schedule 5.11(d)</U> of the Disclosure </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


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Schedules, in each case, in accordance with their terms as in effect on the date of this Agreement and subject to applicable Law. Without limiting the foregoing, in the event any such Action is
brought against any D&amp;O Indemnified Party (whether arising before or after the Closing Date), (i)&nbsp;the D&amp;O Indemnified Party may retain counsel satisfactory to it and reasonably satisfactory to Buyer, and Buyer shall cause the Acquired
Entities to pay all fees and expenses of such counsel for the D&amp;O Indemnified Party promptly as statements therefor are received and (ii)&nbsp;Buyer shall cause the Acquired Entities to use commercially reasonable efforts to assist in the
vigorous defense of any such matter; <U>provided</U>, that neither the Acquired Entities nor Buyer shall be liable for any settlement effected without its prior written consent, which consent shall not be unreasonably withheld. Any D&amp;O
Indemnified Party wishing to claim indemnification under this <U>Section&nbsp;5.11</U> shall notify Buyer upon learning of any such Action (but the failure so to notify shall not relieve a party from any liability which it may have under this
<U>Section&nbsp;5.11</U> except to the extent such failure prejudices such party). The parties hereto agree that all rights to indemnification hereunder, including provisions relating to advances of expenses incurred in defense of any such Action,
existing in favor of the D&amp;O Indemnified Parties with respect to matters occurring through the Closing Date shall continue in full force and effect for a period of six (6)&nbsp;years from the Closing Date; <U>provided</U>, that all rights to
indemnification in respect of any D&amp;O Indemnified Liabilities asserted or made within such period shall continue until the disposition of such D&amp;O Indemnified Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) For a period of seven (7)&nbsp;years from the Closing Date, Buyer shall cause the Acquired Entities to maintain, if available, a
&#147;tail&#148; policy providing officers&#146; and directors&#146; liability insurance covering the persons who are presently covered by their officers&#146; and directors&#146; liability insurance policies with respect to actions and omissions
occurring prior to the Closing Date, providing coverage not less favorable than provided by such insurance in effect on the date hereof (the &#147;<B><I>Existing D&amp;O Policy</I></B>&#148;); <U>provided</U>, that in no event shall the Acquired
Entities be obligated to pay, with respect to the entire seven year period following the Closing, premiums for insurance under this <U>Section&nbsp;5.11(b)</U> that in the aggregate are greater than 250% of such premiums paid or payable by the
Acquired Entities in 2013 with respect to the Existing D&amp;O Policy (which premiums for such period are hereby represented and warranted by Seller to be as set forth on <U>Schedule 5.11(b)(i)</U> of the Disclosure Schedules); <U>provided</U>
<U>further</U>, that if the annual premium for such coverage and amount of insurance would exceed 250% of such current annual rate, the Acquired Entities shall provide the maximum coverage which shall then be available at an annual premium equal to
250% of such rate. Buyer shall cause the Acquired Entities to pay such premiums. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Buyer covenants, for itself and its successors and
assigns, that it and they shall not institute any Action in any court or before any administrative agency or before any other tribunal against any of the current directors of the Acquired Entities, in their capacity as such, with respect to any
liabilities, Actions or causes of action, judgments, claims or demands of any nature or description (consequential, compensatory, punitive or otherwise), in each such case to the extent resulting from their approval of this Agreement and the
Ancillary Agreements or of the transactions contemplated hereby and thereby. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Acquired Entities shall not take any action directly or indirectly to disaffirm or
adversely affect the provisions of the Organizational Documents and any other written agreements of the Acquired Entities set forth on <U>Schedule 5.11(d)</U> of the Disclosure Schedules that provide indemnification of and expense reimbursement to
D&amp;O Indemnified Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.12 <U>Non-Competition; Non-Solicitation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) During the two (2)&nbsp;year period following the Closing Date, Seller shall not, and shall cause its Affiliates not to, engage, directly
or indirectly, in the construction or sale of more than ten (10)&nbsp;single-family homes (including attached single-family homes) or single-family building lots per year within one hundred (100)&nbsp;miles of any Owned Real Property (the
&#147;<B><I>Restricted Business</I></B>&#148;); <U>provided</U>, that, during the period starting on the six (6)&nbsp;month anniversary of the Closing Date and ending on the second anniversary of the Closing Date, the foregoing shall not be deemed
to preclude Seller or its Affiliates from seeking entitlements to develop within such geographic areas from any Governmental Authority or acting as a consultant or advisor in connection with a proposed or existing master-planned community within
such geographic areas. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) During the two (2)&nbsp;year period following the Closing Date, Seller shall, and shall cause its Affiliates
to, refrain from soliciting for employment, directly or indirectly, or hiring any employees of the Acquired Entities as of the day following the Closing Date; <U>provided</U>, that the foregoing prohibition shall not extend or apply to employing any
such person who contacts Seller, its Affiliates or their respective employees on his or her own initiative without any direct or indirect solicitation by Seller, its Affiliates or their respective employees (it being understood that placing an
advertisement does not constitute solicitation). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.13 <U>Financial Statements</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) As soon as reasonably practicable and prior to the Closing, Seller shall prepare and deliver to Buyer true and complete copies of the
audited consolidated stand-alone balance sheet of the Acquired Entities as of December&nbsp;31, 2012, and the related audited consolidated stand-alone statements of operations and cash flows for the twelve-month period ending on such date of the
Acquired Entities, in each case which present fairly, in all material respects, the financial position and results of operations presented therein as of the dates of, and for the periods referred to in, such financial statements in conformity with
GAAP applied on a consistent basis throughout the periods covered thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As soon as reasonably practicable and prior to the
Closing, Seller shall prepare and deliver to Buyer true and complete copies of the unaudited stand-alone balance sheet of the Acquired Entities as of September&nbsp;30, 2013, the related stand-alone statements of operations and cash flows for the
nine-month period ending on such date of the Acquired Entities and the stand-alone statements of operations and cash flows for the nine-month period ending on September&nbsp;30, 2012 of the Acquired Entities, in each case
</P>
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which, subject to normal year-end audit adjustments, present fairly, in all material respects, the financial position and results of operations presented therein as of the dates of, and for the
periods referred to in, such financial statements in conformity with GAAP applied on a consistent basis throughout the periods covered thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.14 <U>Financing</U>. Prior to the Closing, Seller shall, and shall cause its Affiliates to, use commercially reasonable efforts
to provide, in connection with the arrangement of the Financing, all commercially reasonable cooperation requested by Buyer that is customary in connection with the arrangement of debt or equity financing for transactions that are substantially
similar to the Transaction; provided that such requested cooperation does not unreasonably interfere with the ongoing operations of Seller or any of its Affiliates, including (a)&nbsp;using its commercially reasonable efforts to provide financial
and other pertinent information within Seller&#146;s knowledge or possession regarding the Business and the Acquired Entities as may be reasonably requested in writing by Buyer in order to consummate the Financing, including the financial statements
described in <U>Section&nbsp;5.13</U> (such financial statements described in <U>Section&nbsp;5.13</U>, the &#147;<B><I>Required Information</I></B>&#148;) and (b)&nbsp;using its commercially reasonable efforts to cause its independent accountants
to provide commercially reasonable assistance to Buyer in connection with the Financing (including providing consent to Buyer to use its audit reports in marketing material relating to the Financing and issuing a customary &#147;comfort letter&#148;
(in the case of unaudited financial statements, that have not been subject to a review under Statement on Auditing Standards No.&nbsp;100) in connection with the Financing); provided that Seller may deliver to Buyer one or more written notices
stating when it believes it has completed delivery of the Required Information (each, a &#147;<B><I>Delivery Notice</I></B>&#148;) and, unless Buyer in good faith reasonably believes Seller has not completed delivery of the Required Information and,
within three (3)&nbsp;Business Days after the delivery of the latest Delivery Notice, has delivered a written notice to Seller to that effect (stating which Required Information has not been delivered), the date identified in Seller&#146;s latest
Delivery Notice shall be the date of delivery of the Required Information and any supplements to the Required Information reasonably requested by Buyer during the Marketing Period, it being understood and agreed that, subject to customary
confidentiality arrangements reasonably acceptable to Seller (which confidentiality arrangements will permit the inclusion of any information received pursuant to this <U>Section&nbsp;5.14</U> in offering documents with respect to the Financing),
the information and documents provided by Seller pursuant to this <U>Section&nbsp;5.14</U> may be delivered to underwriters, initial purchasers or placement agents or included in offering documents with respect to the Financing; provided, further,
that none of Seller or any of its Affiliates shall be required to pay any commitment, underwriting or other fee or to incur (in the case of the Acquired Entities, prior to the Closing) any other liability or obligation (including without limitation
any potential liability under securities Laws and indemnification for violations of securities Laws) in connection with the Financing or to take any action that would be prohibited by any applicable Law or cause a default of, or breach under, or
otherwise violate any Material Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.15 <U>LLC Conversions</U>. Seller shall cause each Acquired Entity that is a
&#147;qualified subchapter S subsidiary&#148; within the meaning of Section&nbsp;1361(b)(3)(B) of the Code to convert to a Delaware limited liability company effective no later than two (2) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


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days prior to the Closing Date (the &#147;<B><I>LLC Conversions</I></B>&#148;). Seller shall provide to Buyer any legal documents it intends to file in order to effect the LLC Conversions a
reasonable time before filing and shall accept any reasonable comments made by Buyer. Following the LLC Conversions, any references in this Agreement to &#147;the Shares&#148; shall mean 100% of the membership interest in the Company, and any
reference to the stockholders of the Company or any Acquired Entity shall mean the members of the Company or the Acquired Entity, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.16 <U>Further Documentation</U>. Seller and Buyer will cooperate in good faith to negotiate the Transition Service Schedules
(as defined in the Transition Services Agreement) and, as reasonably required or desirable to transition the Business to Buyer, the Office Leases, in each case prior to the Closing. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TAX MATTERS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.1 <U>Tax Treatment</U>. Seller and Buyer agree (a)&nbsp;that the sale of the Shares shall be treated, for federal and
state income tax purposes, as a sale by Seller and a purchase by Buyer of all of the assets of the Acquired Entities (other than the equity interests in the Acquired Subsidiaries), except that the equity interests in (and not the assets of) the
Corporate Subsidiaries and the Tax Partnerships shall be treated as assets so sold and purchased and to report the sale for federal and state income tax purposes in all respects consistently with such treatment and with the provisions of
<U>Section&nbsp;2.5</U> and <U>Section&nbsp;3.13(i)</U>, (b)&nbsp;that (i)&nbsp;the Nonassignable Excluded Assets and (ii)&nbsp;any Excluded Liabilities that are indebtedness for federal and state income tax purposes and remain the legal obligation
of the Acquired Entities after the Closing shall, in each case be treated, for federal and state income tax purposes (and, to the extent permitted by Law, other Tax purposes), as assets and liabilities, respectively, of Seller at all times while
such assets are owned by, or such liabilities are the liability of, respectively, the Acquired Entities, and to report the ownership of such assets and the liability for such liabilities for federal and state income tax purposes in all respects
consistently with such treatment, and (c)&nbsp;not to take a position inconsistent with the treatment described in clauses (a)&nbsp;and (b)&nbsp;of this paragraph in any Return or any Tax-related Action, unless required by a final determination (as
defined in Section&nbsp;1313(a) of the Code). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.2 <U>Cooperation on Tax Matters</U>. The parties shall reasonably cooperate,
and shall cause their respective Affiliates and their respective directors, officers, employees, agents, auditors and representatives reasonably to cooperate, in preparing and filing all Returns and in resolving all Actions relating to Taxes
(&#147;<B><I>Tax-related Actions</I></B>&#148;), including maintaining and making available to each other all records necessary in connection with Taxes of the Acquired Entities and any Taxes relating to the assets or liabilities of the Acquired
Entities (including the Excluded Assets and Excluded Liabilities). Notwithstanding anything to the contrary in this Agreement, the Acquired Entities shall retain in their possession, and shall provide Seller access to (including the right to make
copies of), such supporting books and records and </P>
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any other materials that Seller may request with respect to matters relating to Taxes for which Seller or its stockholders are liable under this Agreement or otherwise, shall promptly furnish to
Seller copies of all correspondence received from any Governmental Authority in connection with any Tax-related Action, and shall execute or cause to be executed powers of attorney or other necessary documents in order for Seller to exercise its
control over any Tax-related Action controlled by Seller pursuant to <U>Section&nbsp;6.3</U>. Buyer shall, and shall cause the Acquired Entities to, respond promptly, and in any event no later than thirty (30)&nbsp;days after the receipt of a
request from Seller for Tax-related information (including requests for information relating to an information document request or similar request by any Governmental Authority) pertaining to Seller or the Acquired Entities for any matters relating
to Taxes for which Seller or its stockholders are liable under this Agreement or otherwise. To the extent Seller&#146;s information request pertains to a matter for which Seller is liable under this Agreement, failure or delay by Buyer in providing
such information to Seller shall eliminate Seller&#146;s indemnity obligations with respect to the item that is the subject of the information request to the extent that Seller is prejudiced thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.3 <U>Control Over Tax-related Actions</U>. Notwithstanding anything to the contrary in this Agreement, Seller shall control all
Tax-related Actions that are related solely to Taxes required to be shown on Returns described in <U>Section&nbsp;6.4(a)</U> (including, for the sake of clarity, all S Corporation Returns), but Buyer shall have the right to participate in (but not
control) any such Tax-related Actions controlled by Seller at its own expense if such Tax-related Action would reasonably be expected to adversely affect Buyer, and Seller shall not settle such Tax-related Actions without the consent of Buyer, which
consent shall not be unreasonably withheld or delayed, if such settlement would reasonably be expected to adversely affect Buyer. Buyer shall control all Tax-related Actions that are related solely to Taxes required to be shown on Returns described
in <U>Section&nbsp;6.4(b)</U>, but Seller shall have the right to participate in (but not control) any such Tax-related Actions controlled by Buyer at its own expense if such Tax-related Action would reasonably be expected to adversely affect
Seller, and Buyer shall not settle such Tax-related Actions without the consent of Seller, which consent shall not be unreasonably withheld or delayed, if such settlement would reasonably be expected to adversely affect Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.4 <U>Returns of Acquired Entities</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Seller shall prepare and file (or cause to be prepared and filed) (i)&nbsp;all Returns of the Acquired Entities for Non-Income Taxes that
are due on or prior to the Closing Date and (ii)&nbsp;all Returns of the Acquired Entities for Income Taxes with respect to taxable periods that end on or before the Closing Date, if any, and shall timely remit (or cause to be timely remitted) the
Taxes shown thereon as due (subject to any indemnity right under <U>Article VIII</U>) to the applicable Governmental Authority. Each such Return shall be prepared in a manner consistent with past custom and practice except where otherwise required
by Law. Seller shall also prepare and file (or cause to be prepared and filed) all Internal Revenue Service Forms 1120S and comparable state and local income Tax Returns of the Company (&#147;<B><I>S Corporation Returns</I></B>&#148;) for taxable
years ending on or prior to the Closing Date (including any such Returns for periods or portions of periods prior to the time the Company became a disregarded entity for federal income tax purposes). It is understood that, for Income Tax purposes,
tax items of the Acquired </P>
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Entities attributable to the period on or prior to the Closing Date shall be included in Seller&#146;s (or, for periods prior to the time the Company became a disregarded entity for federal
income tax purposes, the Company&#146;s) Income Tax Returns. With respect to any Return described in this Section&nbsp;6.4(a) filed after the date hereof that could result in a liability for a Tax that is not an Excluded Tax and is not reflected as
a liability on the Balance Sheet, Seller shall provide Buyer with a copy of such Return at least thirty (30)&nbsp;days prior to the date on which such Return is due (or if such Return is due within thirty-five (35)&nbsp;days after the Closing Date,
then as soon as reasonably practicable prior to the filing thereof). Seller shall consider all comments on any such Return described in the immediately preceding sentence made by Buyer in good faith within fifteen (15)&nbsp;days after receipt
thereof (or if such Return is due within thirty-five (35)&nbsp;days after the Closing Date, then within five (5)&nbsp;days after receipt thereof), and shall thereafter execute and timely file (or cause to be executed and filed) such Return and
timely remit the Taxes shown as due thereon (subject to any indemnity right under <U>Article VIII</U>) to the applicable Governmental Authority. Notwithstanding the foregoing but without limitation on other rights of Buyer, copies of Returns that
are due within fewer than seven (7)&nbsp;days of the determination of the date of the underlying Tax (e.g., payroll Tax deposit-related forms) shall not be required to be provided to Buyer in advance of filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Buyer shall prepare and file (or cause to be prepared and filed) (i)&nbsp;all Returns of the Acquired Entities for Non-Income Taxes that
are due after the Closing Date, and (ii)&nbsp;all Returns of the Acquired Entities for Income Taxes with respect to taxable periods that end after the Closing Date, and shall timely remit the Taxes shown thereon as due (subject to any indemnity
right under <U>Article VIII</U>) to the applicable Governmental Authority. With respect to any Return described in this Section&nbsp;6.4(b) that could result in a liability of Seller for a Tax, each such Return shall be prepared in a manner
consistent with past custom and practice except where otherwise required by Law and Buyer shall provide Seller with a copy of such Return at least thirty&nbsp;(30) days prior to the date on which such Return is due (or if such Return is due within
thirty-five (35)&nbsp;days after the Closing Date, then as soon as reasonably practicable prior to the filing thereof). Buyer shall consider all comments on any such Return described in the immediately preceding sentence made by Seller in good faith
within fifteen (15)&nbsp;days after receipt thereof (or if such Return is due within thirty-five (35)&nbsp;days after the Closing Date, then within five (5)&nbsp;days after receipt thereof), and shall thereafter execute and timely file (or cause to
be executed and filed) such Return and timely remit the Taxes shown as due thereon (subject to any indemnity right under <U>Article VIII</U>) to the applicable Governmental Authority. Notwithstanding the foregoing but without limitation on other
rights of Seller, copies of Returns that are due within fewer than seven (7)&nbsp;days of the determination of the date of the underlying Tax (e.g., payroll Tax deposit-related forms) shall not be required to be provided to Seller in advance of
filing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Other than in connection with a Tax-related Action resolved in accordance with this Agreement and other than with respect to
the Corporate Subsidiaries, Buyer shall not and shall not permit any of the Acquired Entities to amend any Return described in <U>Sections 6.4(a)</U> or, with respect to any Return an amendment of which reasonably could be expected to be adverse to
Seller, <U>Section&nbsp;6.4(b)</U>, except with the written consent of Seller, which written consent of Seller, in the case of a Return described </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


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in <U>Section&nbsp;6.4(b)</U> shall not be unreasonably withheld. Other than in connection with a Tax-related Action resolved in accordance with this Agreement, Seller shall not amend any Return
described in Section&nbsp;6.4(a) if such amendment reasonably could be expected to be adverse to Buyer, except with the written consent of Buyer, which consent shall not be unreasonably withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.5 <U>Transfer Taxes</U>. All Transfer Taxes resulting from the transactions contemplated by this Agreement shall be borne by
Buyer (other than Transfer Taxes in respect of the Divestitures, which shall be borne by Seller). Buyer shall file or cause to be filed all necessary Returns and other documentation with respect to all such Transfer Taxes and Seller shall cooperate
as reasonably requested by and at the cost of Buyer in order to minimize Transfer Taxes. Buyer shall file all required Transfer Tax forms and shall file appropriate California Form(s) 100-B with respect to the transactions described herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.6 <U>Straddle Period</U>. In any case under this Agreement involving a Straddle Period: (i)&nbsp;any&nbsp;real, personal and
intangible property Taxes and other Taxes for the Pre-Balance Sheet Date Tax Period not based on operating results such as payroll, sales or other items of income or expense (or a combination thereof) shall equal the amount of such Taxes for the
entire Straddle Period multiplied by a fraction, the numerator of which is the number of days during the Straddle Period that are in the Pre-Balance Sheet Date Tax Period and the denominator of which is the number of days in the Straddle Period, and
the remaining amount of such Taxes shall be for the Post-Balance Sheet Date Period; provided, that any increase in such Taxes that arises as a result of or in connection with the Transaction (including any increase in property Taxes resulting from a
change of ownership of properties owned by the Acquired Entities) shall be attributed solely to the Post-Balance Sheet Date Tax Period, and (ii)&nbsp;all other Taxes for the Pre-Closing Tax Period shall be determined as if the taxable period of the
taxpayer ended as of the close of business on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.7 <U>Refunds</U>. To the extent any Tax is refunded (in
cash or by way of a credit of Taxes) to Seller or its Affiliates or to Buyer or its Affiliates (including the Acquired Entities following the Closing) after the Closing Date, such refund shall be paid to Seller or Buyer, respectively, based on
whether Seller, on one hand, or Buyer and its Affiliates (including the Acquired Entities), on the other hand, would be liable for such Tax under this Agreement if instead of being refunded it actually became due (provided that any refunds of Taxes
reflected as a liability on the Balance Sheet shall be for the account of Seller). Such amounts shall be paid to the party entitled thereto within thirty (30)&nbsp;days following receipt (or, in the case of a credit, following the end of the year in
which such credit arises). Any refund of Taxes in respect of the Acquired Entities that is attributable to a Straddle Period shall be equitably apportioned between Buyer and Seller in a manner consistent with the principles of Section&nbsp;6.6 and
this Section&nbsp;6.7. By way of example and not limitation, if an Excluded Tax is refunded, Seller shall be entitled to such refund. If any portion of any refund is subsequently disallowed, then amounts previously paid hereunder in respect thereof
shall be promptly reimbursed to the paying party. Buyer shall cooperate, and shall cause each of the Acquired Entities to cooperate, with commercially reasonable requests by Seller to pursue refunds of Taxes to which Seller would be entitled under
this Section&nbsp;6.7 provided that, prior to pursuing any such refund, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


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Seller has agreed to reimburse Buyer and the Acquired Entities for any Taxes resulting from the receipt of such refunds (and any Taxes thereon, net of the Tax benefit of paying such refund to
Seller) and to reimburse Buyer for third-party out of pocket costs incurred to pursue such refund. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS TO CLOSING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.1 <U>Conditions to each Party&#146;s Obligations</U>. The respective obligations of Seller and Buyer to consummate the
Transaction are subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>No Injunctions
or Restraints</U>. No temporary restraining order, preliminary or permanent injunction or other order issued by any court of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the Transaction shall be in
effect; <U>provided</U>, that the parties hereto shall use all commercially reasonable efforts to have any such injunction, order, restraint or prohibition vacated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Consents</U>. All licenses, permits, consents, approvals, authorizations, qualifications and orders of any Governmental Authority and
third parties as are necessary in connection with the Transaction shall have been obtained, except such licenses, permits, consents, approvals, authorizations, qualifications and orders which, individually or in the aggregate, (i)&nbsp;are not
material to Seller, or (ii)&nbsp;as to Buyer, would not reasonably be expected to have a Material Adverse Effect if not obtained as of the Closing Date; <U>provided</U>, that in no event shall obtaining a Divestiture Consent or Divestiture Release
be a condition to the obligation to consummate the Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>HSR Act</U>. The waiting period (and any extension thereof)
applicable to the Transaction under the HSR Act shall have been terminated or shall have expired. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.2 <U>Conditions to
Obligation of Buyer</U>. The obligation of Buyer to consummate the Transaction is further subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties</U>. (i)&nbsp;The representations and warranties of Seller set forth in <U>Sections 3.1</U> through
<U>3.4</U> of this Agreement shall be true and correct, and (ii)&nbsp;all other representations and warranties of Seller in this Agreement (without giving effect to any materiality or Material Adverse Effect or similar qualifications contained in
such representations and warranties) shall be true and correct, except, in the case of this clause (ii), for breaches or inaccuracies that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, in each
case as of the date of this Agreement and as of the Closing Date. Buyer shall have received a certificate signed on behalf of Seller by an executive officer of Seller to such effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Performance of Obligations of Seller</U>. Seller shall have performed and shall have caused the Company and its Subsidiaries to have
performed the obligations required to be performed by it or them under this Agreement on or prior to the Closing Date in all material respects, and Buyer shall have received a certificate signed on behalf of Seller by an executive officer of Seller
to such effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Divestitures</U>. All Divestitures (other than Divestitures described on <U>Schedule
7.2(c)</U> of the Disclosure Schedule) shall have been completed prior to or simultaneously with the Closing hereunder. Buyer shall have received a certificate signed on behalf of Seller by an executive officer of Seller to such effect. For clarity,
a Divestiture shall not be deemed not to be complete for any purpose hereunder as a result of the fact that as of Closing or any other relevant date there may be outstanding Divesture Consents or Divestiture Releases relative thereto; provided that
Seller shall remain obligated to continue to pursue any such Divestiture Consents or Divestiture Releases pursuant to the second sentence of <U>Section&nbsp;5.4(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Minority Partner Purchase Agreements</U>. Closing under the Minority Partner Purchase Agreements with respect to the Minority Interests
being purchased from the Minority Partners shall have occurred simultaneously with the Closing hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Environmental
Policy</U>. One or more of the insurers listed on <U>Exhibit&nbsp;L</U> shall have committed in writing to issue to the Acquired Entities the Environmental Policy subject only to Seller&#146;s payment of all premiums therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.3 <U>Conditions to Obligation of Seller</U>. The obligation of Seller to consummate the Transaction is further subject to the
satisfaction or waiver on or prior to the Closing Date of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties</U>.
(i)&nbsp;The representations and warranties of Buyer set forth in <U>Sections 4.1</U>, <U>4.2</U>, and <U>4.5</U> of this Agreement shall be true and correct, and (ii)&nbsp;all other representations and warranties of Buyer in this Agreement (without
giving effect to any materiality or similar qualifications contained in such representations and warranties) shall be true and correct, except, in the case of this clause (ii), for breaches or inaccuracies that, individually or in the aggregate,
would not reasonably be expected to prevent or materially impair the ability of Buyer to consummate the Transaction, in each case as of the date of this Agreement and as of the Closing Date. Seller shall have received a certificate signed on behalf
of Buyer by an executive officer of Buyer to such effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Performance of Obligations of Buyer</U>. Buyer shall have performed the
obligations required to be performed by it under this Agreement on or prior to the Closing Date in all material respects, and Seller shall have received a certificate signed on behalf of Buyer by an executive officer of Buyer to such effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.1 <U>Survival of Representations and Warranties</U>. Solely for purposes of <U>Sections 8.2</U> and <U>8.3</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties contained in <U>Article III</U> and <U>Article IV</U>, other than the representations and warranties
made by (i)&nbsp;Seller in <U>Section&nbsp;3.1</U>, <U>Section&nbsp;3.2</U>, <U>Section&nbsp;3.3</U>, <U>Section&nbsp;3.4</U>, <U>Section&nbsp;3.13</U> and <U>Section&nbsp;3.19</U> (the &#147;<B><I>Seller Core Representations</I></B>&#148;) and
(ii)&nbsp;Buyer in <U>Section&nbsp;4.1</U>, <U>Section&nbsp;4.2</U>, <U>Section&nbsp;4.4</U> and <U>Section&nbsp;4.5</U> (the &#147;<B><I>Buyer Core Representations</I></B>&#148;), shall survive the Closing until the first anniversary of the Closing
Date; <U>provided</U>, that the representations and warranties contained in <U>Section&nbsp;3.10</U>, insofar as they refer to title to or Liens upon Owned Real Property, shall not survive the Closing (it being understood that this proviso shall not
limit the survival of any other representation or warranty herein or any claim with respect to a breach thereof arising out of or related to title to or Liens upon Owned Real Property, including with respect to <U>Section&nbsp;3.6)</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Buyer Core Representations, the Seller Core Representations and the covenants and other agreements contained in this Agreement (other
than those agreements specified in clause (c)&nbsp;below) will survive the Closing until the expiration of the applicable statute of limitations; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) indemnification rights with respect to Excluded Liabilities and Excluded Taxes will survive the Closing until sixty (60)&nbsp;days
following the expiration of the applicable statute of limitations (each such expiration date, respectively, an &#147;<B><I>Expiration Date</I></B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, that if written notice of a claim has been given in accordance with <U>Section&nbsp;8.6</U> prior to the applicable Expiration Date, then
such representation, warranty, covenant, agreement or obligation to indemnify with respect to an Excluded Tax or an Excluded Liability, as applicable, shall survive as to such claim until such claim has been finally resolved. Neither the period of
survival nor the liability of either party hereto with respect to its representations and warranties shall be reduced by any investigation made or knowledge acquired by the other party except as set forth on the Disclosure Schedules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.2 <U>Indemnification by Seller</U>. Seller shall indemnify and hold harmless Buyer and its Affiliates (including the Acquired
Entities after the Closing) and their respective officers, directors, direct and indirect shareholders, employees, agents, successors and assigns against any losses, liabilities, damages, claims, costs, expenses, interest, penalties, awards, and
judgments, including reasonable attorneys&#146; fees and expenses and costs of investigation, but excluding punitive damages, damages that are not the reasonably foreseeable consequence of the relevant breach and damage to reputation (other than
such damages payable to a third party as a result of a Third Party Claim indemnifiable hereunder or that arise or result from fraud, intentional misrepresentation or intentional breach by the Indemnifying Party) (collectively, other than such
excluded items, the &#147;<B><I>Losses</I></B>&#148;) actually suffered or incurred by any such indemnified party arising out of or resulting from (i)&nbsp;the breach of any representation and warranty made by Seller in this Agreement or any
certificate delivered hereunder (provided that all materiality, Material Adverse Effect or similar qualifications contained in such representations and warranties (other than with respect to <U>Section&nbsp;3.7</U>) shall be disregarded for the
purpose of calculating Losses (but not for the purpose of determining the </P>
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occurrence of a breach) with respect thereto), (ii)&nbsp;the breach of any covenant or agreement by Seller contained in this Agreement, (iii)&nbsp;any claims against any Acquired Entity by Seller
or any Affiliate of Seller (other than the Acquired Entities) or any lender or creditor of Seller or such Affiliate of Seller acting in its capacity as such lender or creditor, or (iv)&nbsp;any Excluded Liabilities or Excluded Taxes. For clarity,
(a)&nbsp;Seller is not providing any indemnification for Environmental Losses (including, without limitation, Environmental Losses relating to Excluded Assets) other than Indemnifiable Environmental Losses, and (b)&nbsp;the Environmental Policy is
intended to be Buyer&#146;s sole source of recovery for Environmental Losses (other than Uninsured Environmental Excluded Losses) relating to Excluded Assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.3 <U>Indemnification by Buyer</U>. Buyer and, after the Closing, the Acquired Entities shall indemnify and hold harmless Seller
and its Affiliates (excluding the Acquired Entities after the Closing) and their respective officers, directors, direct and indirect shareholders, employees, agents, successors and assigns against (A)&nbsp;any Losses actually suffered or incurred by
any such indemnified party arising out of or resulting from (i)&nbsp;the breach of any representation and warranty made by Buyer in this Agreement or any certificate delivered hereunder (provided that all materiality, material adverse effect or
similar qualifications contained in such representations and warranties shall be disregarded for the purpose of calculating Losses (but not for the purpose of determining the occurrence of a breach) with respect thereto), (ii)&nbsp;the breach of any
covenant or agreement by Buyer contained in this Agreement, (iii)&nbsp;any obligations or liabilities of any kind or nature, primary or secondary, direct or indirect, absolute or contingent, known or unknown, whether or not accrued and whether
arising before, on or after the Closing Date, of the Acquired Entities, except, solely with respect to clause (iii), to the extent that such obligations or liabilities are Excluded Liabilities, Excluded Taxes or are otherwise indemnifiable by Seller
pursuant to <U>Section&nbsp;8.2</U>, or (iv)&nbsp;any Taxes described in <U>Schedule 8.3</U> and (B)&nbsp;any and all Losses (except for Losses arising out of or resulting from the breach of representations or warranties set forth in
<U>Section&nbsp;3.13(i)</U>) actually suffered or incurred by reason of the LLC Conversions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.4 <U>Limits on
Indemnification</U>. Notwithstanding anything to the contrary herein (other than the proviso ending this <U>Section&nbsp;8.4</U>): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
the maximum amount payable by an Indemnifying Party for Losses solely pursuant to <U>Section&nbsp;8.2(i)</U> or <U>Section&nbsp;8.3(A)(i)</U> shall not exceed an aggregate amount equal to five percent (5%)&nbsp;of the Purchase Price (the
&#147;<B><I>Cap</I></B>&#148;); <U>provided</U>, that the foregoing Cap shall not apply to (i)&nbsp;Losses arising out of or relating to the inaccuracy or breach of any Seller Core Representation or Buyer Core Representation or (ii)&nbsp;any Losses
relating to the Balance Sheet Date Net Cash reflected in the calculation of the Purchase Price; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) no amount shall be payable pursuant
to <U>Section&nbsp;8.2(i)</U> unless and until the aggregate amount of Losses indemnifiable thereunder exceeds an amount equal to one-half percent (0.5%) of the Purchase Price (the &#147;<B><I>Deductible</I></B>&#148;), in which event Seller shall
be liable for the amount (if any) in excess of the Deductible, and no amount shall be payable pursuant to <U>Section&nbsp;8.3(A)(i)</U> unless and until </P>
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the aggregate amount of Losses indemnifiable thereunder exceeds the Deductible, in which event Buyer shall be liable for the amount (if any) in excess of the Deductible; <U>provided</U>, that the
limitations set forth in this <U>Section&nbsp;8.4(b)</U> shall not apply to (i)&nbsp;any Losses arising out of or relating to the inaccuracy or breach of any Seller Core Representation or Buyer Core Representation or (ii)&nbsp;any Losses relating to
the Balance Sheet Date Net Cash reflected in the calculation of the Purchase Price; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Seller shall not be liable for (i)&nbsp;Taxes
(and any related Losses) other than Excluded Taxes, except for Taxes (and any related Losses) arising out of or resulting from the breach of representations or warranties set forth in <U>Section&nbsp;3.13(g)</U> or, if by or at the request of Seller
or its Affiliates (excluding, following the Closing Date, the Acquired Entities) a Form 8832 (or comparable state Tax form) was filed to cause any of the Acquired Entities (other than the Corporate Subsidiaries) to be treated as a corporation for
Income Tax purposes, <U>Section&nbsp;3.13(i)</U>, and (ii)&nbsp;any Excluded Taxes arising on the Closing Date as a result of actions taken outside of the ordinary course of business, or inconsistent with past practices, of the Acquired Entities, by
or at the request of Buyer or its Affiliates; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Seller shall not be obligated to indemnify Buyer with respect to any Loss to the extent
that such Loss was reflected in the computation of Distributions, Non-Acquired Entity Expenditures or Balance Sheet Date Net Cash; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) no amount shall be payable pursuant to Section&nbsp;8.2(i) or (ii)&nbsp;or Section&nbsp;8.3(A)(i) or (ii)&nbsp;if indemnification therefor
is disallowed pursuant to <U>Section&nbsp;5.3(c)</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, that none of the limitations set forth in this <U>Section&nbsp;8.4</U> shall apply
in the event of fraud, intentional misrepresentation or intentional breach by any Indemnifying Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.5 <U>Losses Net of
Insurance; Adjustment to Purchase Price; Environmental Policy</U>. The amount of any Losses under this <U>Article&nbsp;VIII</U> shall be determined net of any related amounts recovered or recoverable using commercially reasonable efforts by the
Indemnified Party under insurance policies, indemnities or other reimbursement arrangements with respect to such Losses (net of expenses incurred in obtaining any such recovery and, with respect to recovery under insurance policies, net of the
deductible for such policies and&nbsp;any increase in the premium (and retro-premium adjustments) for such policies to the extent arising out of or in connection with such Losses). Any indemnity payment under this Agreement shall be treated for Tax
purposes as an adjustment to the Final Purchase Price, unless otherwise required by Law. Buyer shall use commercially reasonable efforts to secure coverage under the Environmental Policy for a period of at least ninety (90)&nbsp;days from and after
the initial denial of coverage. Notwithstanding the terms of the Environmental Policy, Seller shall have no right to, and shall not, seek coverage as an additional insured for any Loss under the Environmental Policy unless and until Buyer has made a
claim for coverage under the Environmental Policy and has exhausted its commercially reasonable efforts to recover under the Environmental Policy as provided herein, and Buyer is seeking indemnification for such Loss from Seller under this
Agreement; <U>provided</U>, that in the event Seller is entitled to seek such coverage pursuant to the foregoing, Buyer shall use its commercially reasonable </P>
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efforts to cooperate with Seller in Seller&#146;s effort to seek coverage, including without limitation providing a power of attorney reasonable in scope to the extent necessary to pursue such
coverage. Any indemnification payments made by an Indemnifying Party in respect of a claim shall, to the extent the Indemnified Party later receives an insurance recovery in respect thereof, be repaid by the Indemnified Party to the Indemnifying
Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.6 <U>Procedures</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Any party seeking indemnification under this <U>Article VIII</U> (an &#147;<B><I>Indemnified Party</I></B>&#148;) shall give each party
from whom indemnification is being sought (each, an &#147;<B><I>Indemnifying Party</I></B>&#148;) notice of any matter which such Indemnified Party has determined has given or could give rise to a right of indemnification under this Agreement,
within ninety (90)&nbsp;days of such determination, stating the amount of the Losses, if known, and method of computation thereof, and containing a reference to the provisions of this Agreement in respect of which such right of indemnification is
claimed; <U>provided</U>, that the failure timely to provide such notice shall not release the Indemnifying Party from any of its obligations under this <U>Article VIII</U> except to the extent that the Indemnifying Party is prejudiced by such
failure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The obligations of an Indemnifying Party under this <U>Article VIII</U> with respect to Losses arising from the claim of any
third party which are subject to the indemnification provided for in this <U>Article VIII</U> (a &#147;<B><I>Third Party Claim</I></B>&#148;) shall be governed by the following additional terms and conditions: If an Indemnified Party shall receive
notice of any Third Party Claim, the Indemnified Party shall give the Indemnifying Party notice of such Third Party Claim within fifteen (15)&nbsp;days of the receipt by the Indemnified Party of such notice; <U>provided</U>, that the failure timely
to provide such notice shall not release the Indemnifying Party from any of its obligations under this <U>Article VIII</U> except to the extent that the Indemnifying Party is prejudiced by such failure. If the Indemnifying Party acknowledges in
writing its obligation to indemnify the Indemnified Party in full against any Losses that may result from such Third Party Claim, then the Indemnifying Party shall be entitled to assume and control the defense of such Third Party Claim at its
expense and through counsel of its choice who is reasonably acceptable to the Indemnified Party if the Indemnifying Party gives notice of its intention to do so to the Indemnified Party within ten (10)&nbsp;Business Days of the receipt of such
notice from the Indemnified Party; <U>provided</U>, that (i)&nbsp;if there exists or is reasonably likely to exist a conflict of interest that would make it inappropriate for the same counsel to represent both the Indemnified Party and the
Indemnifying Party, or the Third Party Claim seeks an order, injunction or other equitable relief or relief for other than money damages against the Indemnified Party that the Indemnified Party reasonably determines, after conferring with its
outside counsel, cannot be separated from any related claim for money damages, or (ii)&nbsp;if the Third Party Claim is made by a governmental agency (other than any Tax authority), then the Indemnified Party shall be entitled to retain its own
counsel (which, in the case of clause (i), shall be reasonably satisfactory to the Indemnifying Party, but, in the case of clause (ii), shall be chosen in the Indemnified Party&#146;s sole discretion) at the expense of the Indemnifying Party. In the
event that the Indemnifying Party exercises the right to undertake such defense against a Third </P>
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Party Claim as provided above, the Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying Party&#146;s
expense, all witnesses and pertinent records, materials and information in the Indemnified Party&#146;s possession or under the Indemnified Party&#146;s reasonable control as the Indemnifying Party may reasonably require. Similarly, in the event
that the Indemnified Party is conducting the defense against a Third Party Claim, the Indemnifying Party shall cooperate with the Indemnified Party in such defense and make available to the Indemnified Party, at the Indemnifying Party&#146;s
expense, all such witnesses, records, materials and information in the Indemnifying Party&#146;s possession or under the Indemnifying Party&#146;s reasonable control as the Indemnified Party may reasonably require. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Without the written consent of the Indemnified Party, the Indemnifying Party shall not settle or compromise any Third Party Claim or
consent to the entry of any judgment where such settlement, compromise or entry of judgment could reasonably be expected to have an adverse effect on the Indemnified Party (taking into account the Indemnified Party&#146;s rights under this
<U>Article&nbsp;VIII</U>) or that does not include as an unconditional term thereof the delivery by the claimant or plaintiff to the Indemnified Party of a written release from all liability in respect of such Third Party Claim without the
acknowledgement of any culpability or fault. Without the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed, the Indemnified Party conducting the defense against a Third Party Claim
shall not settle or compromise any Third Party Claim or consent to the entry of any judgment; provided, that the Indemnified Party may enter into such a settlement, compromise or consent if (i)&nbsp;such settlement, compromise or judgment does not,
and would not reasonably be expected to, impose or increase any separate liability of or obligation on the Indemnifying Party, (ii)&nbsp;includes as an unconditional term thereof the delivery by the claimant or plaintiff to the Indemnifying Party of
a written release from all liability in respect of such Third Party Claim (other than with respect to the Indemnifying Party&#146;s indemnification obligations hereunder), and (iii)&nbsp;either (x)&nbsp;the Indemnified Party is reasonably expected
to be liable for Losses materially in excess of amounts reasonably expected to be received from the Indemnifying Party or (y)&nbsp;such settlement or compromise is in respect of a proceeding that seeks an injunction or equitable relief against the
Indemnified Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything to the contrary, to the extent there is a conflict between this <U>Section&nbsp;8.6</U>
and <U>Section&nbsp;6.3</U>, <U>Section&nbsp;6.3</U> shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.7 <U>Exclusive Remedy and Environmental Release</U>.
Except to the extent that indemnification is provided for elsewhere in this Agreement, indemnification provided in this <U>Article&nbsp;VIII</U>, subject to the limitations set forth herein, shall be the exclusive monetary remedy available to an
Indemnified Party after the Closing for any breach of a representation, warranty, covenant, or other agreement contained in this Agreement. Other than the right of the parties hereto to seek enforcement of any provision in this Agreement or any
Ancillary Agreement or damages for any breach of this Agreement or any Ancillary Agreement (including any indemnification provided hereunder or thereunder), the parties hereto hereby agree that they release one another from any and all claims,
demands, or causes of action with respect to any liability under any Environmental Law and </P>
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specifically, but without limitation, the Comprehensive Environmental Response Compensation and Liability Act, 42 USC Section&nbsp;9601 et. seq., with respect to the subject matter of this
Agreement (it being understood that this sentence shall not limit Buyer or its respective Affiliates&#146; rights or any rights of Seller with respect to the Environmental Policy). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.8 <U>Seller&#146;s Minimum Post-Closing Net Worth; Replacement Indemnitor</U>. Seller covenants and agrees that until every
Expiration Date has occurred, Seller shall maintain a minimum net worth based on the fair market value of its assets as of any relevant determination date of at least Two Hundred Million Dollars ($200,000,000); <U>provided</U>, that (i)&nbsp;such
amount shall be reduced in increments of Fifty Million Dollars ($50,000,000) for each twelve-month period that elapses following the fourth (4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;anniversary of the Closing Date, and
(ii)&nbsp;such amount shall be reduced to zero effective as of the eighth (8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;anniversary of the Closing Date. Notwithstanding anything to the contrary contained herein, Seller shall have
the right at any time following the fourth (4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)&nbsp;anniversary of the Closing Date to substitute a replacement indemnitor for Seller under<U> Section&nbsp;8.2</U> (and Seller shall be released
from any further liability thereunder); <U>provided</U>, that no such substitution and release shall be effective unless and until Buyer has been provided at least fifteen (15)&nbsp;days prior to the effective date of such substitution and release
with (i)&nbsp;the name and identity of such replacement indemnitor (including a description of its relationship with Seller), (ii)&nbsp;the instrument by which such replacement indemnitor either has assumed or will assume all obligations of Seller
under Section&nbsp;8.2 and this Section&nbsp;8.8 (which instrument shall be in form and substance reasonably acceptable to Buyer), and (iii)&nbsp;current financial statements (consistent with those provided in the case of Seller) reasonably
demonstrating that the replacement indemnitor meets the then applicable minimum net worth requirement set forth in this <U>Section&nbsp;8.8</U>. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMINATION
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.1 <U>Termination</U>. This Agreement may be terminated at any time prior to the Closing as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) by mutual written consent of Seller and Buyer; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) by either Seller or Buyer if any Governmental Authority shall have issued an order, decree or ruling or taken any other action permanently
enjoining, restraining or otherwise prohibiting the Transaction and such order, decree, ruling or other action shall have become final and non-appealable; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) by either Seller or Buyer if the Transaction shall not have been consummated on or before the later of March&nbsp;31, 2014 or, if the
Marketing Period has, as of March&nbsp;31, 2014, commenced, ten (10)&nbsp;Business Days after the termination of the Marketing Period (the &#147;<B><I>Outside Date</I></B>&#148;) (other than due to such party&#146;s failure to perform its material
obligations under this Agreement); or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) by Buyer, if Seller shall have breached any of its representations and warranties in
<U>Article III</U> sufficient to result in a Material Adverse Effect and such breach cannot be cured prior to the Closing, or if Seller fails to perform in any material respect any of its obligations under this Agreement and such non-performance has
not been or is incapable of being cured by Seller within thirty (30)&nbsp;days after its receipt of written notice thereof from Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) by Seller, if Buyer shall have breached any of its representations and warranties in <U>Article IV</U> sufficient to prevent or materially
impair the ability of Buyer to consummate the Transaction and such breach cannot be cured prior to the Closing, or if Buyer fails to perform in any material respect any of its obligations under this Agreement and such non-performance has not been or
is incapable of being cured by Buyer within thirty (30)&nbsp;days after its receipt of written notice thereof from Seller; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) by
Buyer, in accordance with <U>Section&nbsp;2.6</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.2 <U>Effect of Termination</U>. In the event of termination of this
Agreement by either Seller or Buyer as provided in <U>Section&nbsp;9.1</U>, then (a)&nbsp;all obligations of the parties pursuant to this Agreement shall terminate and have no effect, except for the provisions of <U>Section&nbsp;2.2</U> relating to
the post-termination disposition of the Deposit, <U>Section&nbsp;3.19</U> and <U>Section&nbsp;4.4</U> relating to broker&#146;s fees and finder&#146;s fees, <U>Section&nbsp;5.3(a)</U> relating to confidentiality, <U>Section&nbsp;5.5</U> relating to
fees and expenses, <U>Section&nbsp;5.6</U> relating to public announcements, this <U>Section&nbsp;9.2</U> and <U>Article X</U> of this Agreement, which provisions shall survive such termination, and (b)&nbsp;there shall be no liability on the part
of one party to the other party under or by reason of this Agreement or the transactions contemplated hereby or thereby, except for (i)&nbsp;fraudulent acts by a party, and (ii)&nbsp;prior willful breaches by a party of a representation, warranty,
covenant or obligation of this Agreement, the remedies for which shall not be limited by the provisions of this <U>Section&nbsp;9.2</U>. The foregoing provision shall not, however, limit or restrict the availability of specific performance or other
injunctive or equitable relief to the extent that specific performance or such other relief would otherwise be available to a party hereunder. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL
PROVISIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.1 <U>Amendment; Extension; Modification</U>. This Agreement may not be amended except by an instrument in
writing signed on behalf of both of the parties or waived except by an instrument in writing signed by the party against whom enforcement is sought. Either party may (a)&nbsp;extend the time for the performance of any of the obligations or other
acts of the other party, (b)&nbsp;waive any inaccuracies in the representations and warranties of the other party contained in this Agreement or in any document delivered pursuant to this Agreement or (c)&nbsp;waive compliance by the other party
with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party referring
expressly to the provisions hereof being extended or waived. The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.
</P>
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No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a
continuing waiver unless expressly provided. To the extent that any amendment or modification to <U>Sections 10.1</U>, <U>10.5</U> or <U>10.14</U> of this Agreement is sought that is adverse to the rights of the Debt Financing Sources, the prior
written consent of the Debt Financing Sources (or their respective successors or assigns) party to the Debt Financing Commitment Letter shall be required before such amendment or modification is rendered effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.2 <U>Notices</U>. All notices and other communications hereunder shall be in writing and shall be deemed duly given
(a)&nbsp;on the date of delivery if delivered personally, or if by facsimile, upon written confirmation of receipt by facsimile, (b)&nbsp;on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a
recognized next-day courier or (c)&nbsp;on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall
be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">if to Seller, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Shapell Investment Properties, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Wilshire-San Vicente Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">8383 Wilshire Boulevard Suite 700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Beverly Hills, CA 90211 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Bill West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile: (323)&nbsp;651-4349 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: bwest@shapell.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">with
a copy (which shall not constitute notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Gibson, Dunn&nbsp;&amp; Crutcher LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">333 S. Grand Ave. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Los Angeles,
CA 90071 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Michael Sfregola </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile: (213)&nbsp;229-7520 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: MSfregola@gibsondunn.com </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">if to Buyer, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Toll Brothers, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">250 Gibralter Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Horsham, PA
19044 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Douglas C. Yearley, Jr. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile: (215)&nbsp;938-8078 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: DYearley@tollbrothersinc.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Cravath, Swaine&nbsp;&amp; Moore LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Worldwide Plaza </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">825 Eighth
Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Eric L. Schiele </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile: (212)&nbsp;474-3700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: ESchiele@cravath.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.3 <U>Interpretation</U>. A reference made in this Agreement to a Section, Exhibit or Schedule, shall be to a Section of, or an
Exhibit or Schedule to, this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. Whenever the
words &#147;include,&#148; &#147;includes&#148; or &#147;including&#148; are used in this Agreement, they shall be deemed to be followed by the words &#147;without limitation.&#148; Whenever any reference is made to documents or other information
made available in the Dataroom, such words shall mean that such documents or information were available to Buyer prior to and through the date that is two (2)&nbsp;calendar days prior to execution of this Agreement in the electronic dataroom
maintained on behalf of Seller by Intralinks (as evidenced by a DVD or CD-ROMs imprinted with all such documents or information and delivered by Seller to Buyer promptly following the date hereof) (the &#147;<B><I>Dataroom</I></B>&#148;). Each party
was represented by legal counsel of its choosing in the negotiation and drafting of this Agreement. No provision of this Agreement or any instrument delivered pursuant to this Agreement shall be interpreted or construed against any party because
such party or its legal Representatives prepared the initial or any subsequent draft of such provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.4 <U>Entire
Agreement</U>. This Agreement, which includes all Exhibits and Schedules hereto, constitutes the entire agreement, and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter
of this Agreement. Nothing herein supersedes or impairs in any way the Confidentiality Agreement; <U>provided</U>, that the Confidentiality Agreement shall terminate upon the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.5 <U>No Third-Party Beneficiaries</U>. Except as expressly provided in <U>Sections 4.6(a)</U> (last sentence), <U>8.2</U> and
<U>8.3</U> of this Agreement, nothing in this Agreement, express or implied, is intended to or confers upon any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit, or remedy of
any nature under or by reason of this Agreement; provided, that the Debt Financing Sources shall be express third party beneficiaries of and shall be entitled to rely upon the last sentence of <U>Section&nbsp;10.1</U>, this <U>Section&nbsp;10.5</U>
and Section&nbsp;<U>10.14</U> hereof, and each such Debt Financing Source may enforce such provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.6 <U>Governing
Law</U>. This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby will be governed by, and construed in accordance with, the internal laws of the State of Delaware, without
regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.7 <U>Jurisdiction and Venue; Specific Performance</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Subject to <U>Section&nbsp;2.4</U>, each of the parties submits to the exclusive jurisdiction of the Chancery Court of the State of
Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware) in any Action arising under or relating to this Agreement, agrees that
all claims in respect of the Action may be heard and determined in any such court and agrees not to bring any Action arising out of or relating to this Agreement in any other court. Each of the parties waives any defense of inconvenient forum to the
maintenance of any Action so brought. Each party agrees that service of summons and complaint or any other process that might be served in any Action may be made on such party by sending or delivering a copy of the process to the party to be served
at the address of the party and in the manner provided for the giving of notices in <U>Section&nbsp;10.2</U>. Nothing in this <U>Section&nbsp;10.7</U>, however, shall affect the right of any party to serve legal process in any other manner permitted
by Law. Each party agrees that a final, non-appealable judgment in any Action so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement are not performed in
accordance with their specific terms or were otherwise breached. Accordingly, each of the parties shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereby further waives any defense in any action for specific
performance that a remedy at law would be adequate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.8 <U>Assignment; Successors</U>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement
shall be assigned, in whole or in part, by operation of law or otherwise, by either of the parties without the prior written consent of the other party; <U>provided</U>, that Buyer may assign its rights under this Agreement to a partnership,
corporation, or limited liability company (or other entity reasonably acceptable to Seller) of which Buyer is a partner, shareholder, member or other equity participant, provided that no such assignment shall release Buyer from any of its
obligations or liabilities under this Agreement except to the extent expressly agreed in writing by Seller. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their
respective successors and assigns. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.9 <U>Severability</U>. Whenever possible, each provision or portion of any
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein, so long as the economic and legal substance of the transactions contemplated hereby are not affected in a manner
materially adverse to either party hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.10 <U>Counterparts</U>. This Agreement may be executed in counterparts, each
of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.11 <U>Facsimile
Signature</U>. This Agreement may be executed by facsimile or other electronic image scan signature and a facsimile or other electronic image scan signature will constitute an original for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.12 <U>Time of Essence</U>. Time is of the essence with regard to all dates and time periods set forth or referred to in this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.13 <U>No Presumption Against Drafting Party</U>. Each of Buyer and Seller acknowledges that each party to this
Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this
Agreement against the drafting party has no application and is expressly waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.14 <U>Non-Recourse</U>. Subject to the
rights of Buyer and First Huntingdon Finance Corp. under the Debt Financing Commitment Letter, none of the financing sources party to the Debt Financing Commitment Letter or any of their respective former, current or future stockholders, partners,
members, controlling parties, Affiliates, directors, officers, employees, agents and representatives, and no past, present or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, agent, attorney or
representative of any of such financing sources nor any of their respective successors and assigns (collectively, the &#147;<B><I>Debt Financing Sources</I></B>&#148;) shall have any liability for any obligations or liabilities of any party hereto
under this Agreement or for any claim (whether in contract, tort or otherwise) based on, in respect of, or by reason of (or in any way relating to), the transactions contemplated hereby, including, but not limited to, any dispute arising out of or
relating in any way to the Debt Financing Commitment Letter, the transactions contemplated thereby or the performance thereof and the parties hereto agree not to assert any such claim or bring any action, suit or proceeding in connection with any
such claim against any Debt Financing Source. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[The remainder of this page is intentionally left blank.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, Buyer and Seller have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>SELLER:</B></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SHAPELL INVESTMENT PROPERTIES, INC.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bill West</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Bill West</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature page to PSA </I></P>

<p Style='page-break-before:always'>
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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BUYER:</B></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TOLL BROTHERS, INC.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Douglas C. Yearley, Jr</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Douglas C. Yearley, Jr</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature page to PSA
</I></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d624351dex991.htm
<DESCRIPTION>TOLL BROTHERS, INC. PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Toll Brothers, Inc. Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g624351ex99_1pg01.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FOR IMMEDIATE RELEASE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">CONTACT: Frederick N. Cooper (215) 938-8312</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">November&nbsp;6, 2013</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">fcooper@tollbrothersinc.com</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TOLL BROTHERS ANNOUNCES AGREEMENT TO PURCHASE SHAPELL HOMES; </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>ACQUISITION WILL SIGNIFICANTLY EXPAND TOLL&#146;S CALIFORNIA PRESENCE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Purchase Includes 5,200 Entitled Home Sites Representing </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Coastal California&#146;s Premier Diversified Upscale Land Portfolio </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Toll Brothers Will Host a Conference Call Tomorrow Morning, November&nbsp;7, 2013, </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>at 8:30 a.m. EST to Discuss the Transaction (Details Below) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HORSHAM, Pa. and BEVERLY HILLS, Ca., November&nbsp;6, 2013 &#151; Toll Brothers, Inc., (NYSE:TOL) (www.tollbrothers.com), the nation&#146;s leading builder of
luxury homes, and Shapell Industries, Inc. (&#147;Shapell&#148;), a premier private California builder, today announced that they have entered into a definitive purchase agreement under which Toll Brothers will acquire the home building business of
Shapell in a stock acquisition for approximately $1.60 billion in cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shapell has a long and illustrious history as one of California&#146;s largest
and most successful land development and home building companies in the affluent coastal markets of Northern and Southern California. Since its founding in 1955 by brothers Nathan and David Shapell, and brother-in-law Max Webb, Shapell has delivered
more than 70,000 homes. Shapell&#146;s land portfolio, which Toll Brothers is acquiring, consists of approximately 5,200 home sites, 97.5% of which are entitled, in established communities. This land was assembled over many decades in many of the
state&#146;s most affluent and high-growth markets: the San Francisco Bay area, metro Los Angeles, Orange County and the Carlsbad market. Through August&nbsp;31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> of calendar year 2013, Shapell
has delivered 347 homes at an average price of $791,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Having entered the California market in 1994, Toll Brothers has delivered over 7,700 homes,
generating approximately $6.5 billion in revenue from more than 90 communities in the state. Toll Brothers is currently offering homes in 9 communities in affluent Coastal California markets at an average price of approximately $1,000,000. The
approximately 5,200 lots Toll Brothers expects to acquire from Shapell would bring Toll Brothers&#146; total lots owned and controlled in California to approximately 9,200. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Douglas C. Yearley, Jr., Toll Brothers&#146; chief executive officer, stated: &#147;We are honored and thrilled to have been selected by the Shapell family to
continue the legacy of such an amazing company. The tremendous land </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*more* </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
portfolio the Shapell family has amassed over decades in California presents an incredible opportunity for Toll Brothers. This acquisition will provide significant growth over the coming years
and, we believe, will be accretive to earnings in the first year, excluding transaction costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Shapell&#146;s current portfolio dovetails perfectly
with our own California footprint and luxury brand, and adds meaningfully to our presence in premier coastal locations in California. Based on our two decades in the California market, we believe the experienced Toll Brothers and Shapell teams will
continue to bring outstanding lifestyle communities and homes to buyers in Northern and Southern Coastal California for many years to come. We look forward to welcoming a very talented group of Shapell employees to the Toll Brothers team.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bill West, Shapell&#146;s chief executive officer, stated: &#147;The Board of Directors of Shapell made the difficult decision to sell their homebuilding
business after careful deliberation. Toll Brothers&#146; outstanding reputation as a high quality home builder, its focus on superior customer satisfaction and its employees made the decision easier.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert I. Toll, executive chairman, stated: &#147;We have long respected the Shapell family and what their company has accomplished. We believe this is the
right acquisition at the right time in the right location for Toll Brothers. We believe this positive side of the housing cycle has significant distance to run, and that this acquisition should mesh well with the strength in the market.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll Brothers intends to finance the transaction with a combination of draws from its existing $1.035 billion credit facility as well as debt and equity
financing. In addition, Toll Brothers has received a supplemental commitment for a $500 million, 364-day senior unsecured revolving credit facility. The Company currently expects new equity financing to represent 10-15% of the purchase price. After
the transaction is completed, the Company still anticipates having more than $1 billion of available liquidity. Post-closing, Toll Brothers intends to selectively sell land of approximately $500 million. As a result of these lot sales and delivery
of existing backlog, the Company believes it will receive a significant return of its investment within eighteen months of closing the transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
transaction is subject to the satisfaction of customary closing conditions and regulatory approvals, including expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The
transaction is expected to close in the first calendar quarter of FY 2014. Separately, the Shapell family will retain ownership of its retail, commercial and multi-family businesses through other entities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conference Call and Investor Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll Brothers
will host a conference call tomorrow, November&nbsp;7, 2013, at 8:30 a.m. EST. Participants can access the call by dialing 1-877-559-1962, Passcode 96889504. The call and an accompanying Management Presentation document can
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*more* </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
be accessed through the Investor Relations portion of Toll Brothers&#146; website, www.tollbrothers.com. To hear the call, enter the Toll Brothers website, then click on the Investor Relations
page, and select &#147;Conference Calls&#148;. The call can be heard live with an online replay which will follow. Podcast (iTunes required) and MP3 format replays will be available after the conference call via the &#147;Conference Calls&#148;
section of the Investor Relations portion of the Toll Brothers website. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc. acted as financial advisor for Toll Brothers, and
Cravath, Swaine&nbsp;&amp; Moore LLP acted as legal advisor. Lazard acted as exclusive financial advisor to Shapell, and Gibson, Dunn&nbsp;&amp; Crutcher LLP acted as legal advisor, with Kristin Gannon also serving as a consultant to Shapell&#146;s
Board of Directors on the transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll Brothers, Inc., A FORTUNE 1000 Company is the nation&#146;s leading builder of luxury homes. The Company
began business in 1967 and became a public company in 1986.&nbsp;Its common stock is listed on the New York Stock Exchange under the symbol &#147;TOL&#148;.&nbsp;The Company serves move-up, empty-nester, active-adult, and second-home buyers and
operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid- and
high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape
subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.&nbsp;The Company purchases distressed loan and real estate asset portfolios through its wholly owned subsidiary, Gibraltar
Capital and Asset Management. The Company acquires and develops commercial and apartment properties through Toll Commercial and Toll Apartment Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid- and high-rise
for-sale condominiums through Toll Brothers City Living. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll Brothers is honored to have won the three most coveted awards in the homebuilding
industry:<B> America&#146;s Best Builder</B> from the National Association of Home Builders, the <B>National Housing Quality Award, and Builder of the Year</B><B>.</B><B>&nbsp;Toll Brothers was awarded Builder of the Year in 2012 as well as in 1988,
and is the only two-time recipient.&nbsp;</B>Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera
to neighborhoods throughout the world. For more information, visit www.tollbrothers.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shapell Industries, Inc. designs, constructs and markets
single-family detached and attached homes and develops land in master-planned communities located in California&#146;s premiere, upscale home building markets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*more* </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Certain information included in this release is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, information related to:
anticipated operating results; anticipated financial performance, resources and condition; selling communities; home deliveries; average home prices; consumer demand and confidence; contract pricing; business and investment opportunities; market and
industry trends; consummation of the proposed transaction with Shapell and the anticipated benefits to be realized therefrom; consummation of debt and equity financing transactions; and post-closing asset sales.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially
from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include, among others: local, regional, national and international economic conditions; fluctuating consumer
demand and confidence; interest and unemployment rates; changes in sales conditions, including home prices, in the markets where we build homes; conditions in our newly entered markets and newly acquired operations; the competitive environment in
which we operate; the availability and cost of land for future growth; conditions that could result in inventory write-downs or write-downs associated with investments in unconsolidated entities; the ability to recover our deferred tax assets; the
availability of capital; uncertainties in the capital and securities markets; liquidity in the credit markets; changes in tax laws and their interpretation; effects of governmental legislation and regulation; the outcome of various legal
proceedings; the availability of adequate insurance at reasonable cost; the impact of construction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicability and sufficiency of our
insurance coverage; the ability of customers to obtain financing for the purchase of homes; the ability of home buyers to sell their existing homes; the ability of the participants in various joint ventures to honor their commitments; the
availability and cost of labor and building and construction materials; the cost of raw materials; construction delays; domestic and international political events; weather conditions; consummation of the proposed transaction with Shapell and the
anticipated benefits to be realized therefrom; consummation of debt and equity financing transactions; and post-closing asset sales. For a more detailed discussion of these factors, see the information under the captions &#147;Risk Factors&#148; and
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; in our most recent annual report on Form&nbsp;10-K and our subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange
Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be
inaccurate. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">### </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
