DEUTSCHE BANK SECURITIES INC.
Exhibit 14
DEUTSCHE
BANK SECURITIES INC.
To: | Kojaian Holdings, LLC (“Holder”) |
From: | Deutsche Bank Securities Inc. |
Re: | Release of Lock-up Agreement/Acknowledgement to Lock-Up Agreement |
Date: | April 3, 2007 |
In connection with the recent public offering of the common stock of Xxxxx & Xxxxx Realty
Advisors (the “Company”), Holder is subject to that certain lock-up agreement dated as of
February 27, 2006 (“Lock-Up Agreement”) pursuant to which Holder has agreed not to offer,
sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any
(“Units”), shares of “Common Stock” or “Warrants” for the “Lock-Up Period” (as each of those
terms is defined in the Lock-Up Agreement) without the consent of Deutsche Bank Securities
Inc. (“Deutsche Bank”).
Deutsche Bank hereby agrees to release Holder from the terms of your Lock-Up Agreement with
respect to the Units, Common Stock and Warrants beneficially owned by Holder on the date of
the Lock-Up Agreement solely in order to transfer such securities to Kojaian Ventures, L.L.C.
(“New Holder”). Accordingly, subject to compliance with the Federal Securities Laws,
including Rule 144 under the Securities Act of 1933, as amended, and with any other statutory
or contractual provisions by which you may be bound, you may sell or transfer such securities
to New Holder any time after this date.
In accordance with the Lock-Up Agreement, New Holder hereby agrees to be a party to such
Lock-Up Agreement as though it were an original party thereto.
DEUTSCHE BANK SECURITIES INC. |
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/s/ Xxxxxxx X. Xxxxxxx | ||||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | Director |
Kojaian Holdings, LLC | ||||
A Michigan limited liability company | ||||
BY:
|
KOJAIAN MANAGEMENT CORPORATION a Michigan corporation its Sole Member |
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/s/ C. Xxxxxxx Xxxxxxx | ||||
Name: C. Xxxxxxx Xxxxxxx | ||||
Title: Executive Vice President | ||||
Kojaian Ventures, L.L.C. | ||||
A Michigan limited liability company | ||||
BY:
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KOJAIAN VENTURES-MM, INC. a Michigan corporation its Managing Member |
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/s/ C. Xxxxxxx Xxxxxxx | ||||
Name: C. Xxxxxxx Xxxxxxx | ||||
Title: President |