# EDGAR Filing Document

**Accession Number:** 0000877860
**File Stem:** 0001193125-26-108666
**Filing Date:** 2026-3
**Character Count:** 312192
**Document Hash:** 8d6a1886371473771638e6d15b54a7d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-108666.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001193125-26-108666

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260316

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONAL HEALTH INVESTORS INC
- **CENTRAL INDEX KEY:** 0000877860
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621470956
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10822
- **FILM NUMBER:** 26758063

**BUSINESS ADDRESS:**
- **STREET 1:** 222 ROBERT ROSE DRIVE
- **CITY:** MURFREESBORO
- **STATE:** TN
- **ZIP:** 37129
- **BUSINESS PHONE:** 6158909100

**MAIL ADDRESS:**
- **STREET 1:** 222 ROBERT ROSE DRIVE
- **CITY:** MURFREESBORO
- **STATE:** TN
- **ZIP:** 37129

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of Earliest Event Reported): March 16, 2026

## NATIONAL HEALTH INVESTORS INC

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-10822** | **62-1470956** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

#### 222 Robert Rose Drive, Murfreesboro, TN 37129

#### (Address of principal executive offices) (Zip code)
(615) 890-9100

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name, former address and former fiscal year, if changed since last report)
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):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each Class** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.01 par value NHI | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events**  |

---

On March 16, 2026, National Health Investors, Inc. (the "Company") entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with each of BMO Capital Markets Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Huntington Securities, Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., PNFP Capital Markets, Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities, LLC, as sales agents, principals and/or (except in the case of PNFP Capital Markets, Inc.) Forward Sellers (as defined below) (in such capacity, each a "Sales Agent," and together, the "Sales Agents"), and each of the Forward Purchasers (as defined below). Pursuant to the Equity Distribution Agreement, an initial aggregate gross sales price not to exceed $500,000,000 of the Company's common stock (the "Common Stock") may be offered and sold from time to time through the Sales Agents, as the Company's sales agents, or, if applicable, as Forward Sellers, or directly to the Sales Agents, as principals.

The Common Stock sold in the offering will be issued pursuant to a prospectus supplement filed with the Securities and Exchange Commission (the "SEC") on March 16, 2026, and the accompanying base prospectus dated March 16, 2026 forming part of the Company's shelf registration statement on Form S-3 (Registration No. 333-294344) filed with the SEC on March 16, 2026.

Subject to the terms and conditions of the Equity Distribution Agreement, the Sales Agents, whether acting as the Company's sales agents or as Forward Sellers, will use commercially reasonable efforts, consistent with normal trading and sales practices and applicable law and regulations, to sell the Common Stock that may be designated by the Company (if acting as the Company's sales agents) and the Common Stock borrowed from third parties (if acting as Forward Sellers), in each case on the terms and subject to the conditions of the Equity Distribution Agreement. Sales, if any, of the Common Stock made through the Sales Agents, as the Company's sales agents or as Forward Sellers pursuant to the Equity Distribution Agreement, may be made in negotiated transactions, including transactions that are deemed to be "at the market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended (the "Securities Act"), by means of ordinary brokers' transactions at market prices prevailing at the time of sale, including sales made directly on the New York Stock Exchange, or sales made to or through a market maker and sales made through other securities exchanges or electronic communications networks. The Company also may sell Common Stock to any Sales Agent, as principal for its own account, at a price per share to be agreed upon at the time of sale. If the Company sells Common Stock to any Sales Agents, as principal, it will enter into a separate agreement with such Sales Agent, as applicable, setting forth the terms of such transaction.

The Company or any Sales Agent may at any time suspend an offering of Common Stock pursuant to the terms of the Equity Distribution Agreement. The offering of Common Stock pursuant to the Equity Distribution Agreement will terminate upon the earlier of (i) the sale of the Common Stock subject to the Equity Distribution Agreement and any terms agreement having an aggregate sale price equal to $500,000,000 and (ii) the termination of the Equity Distribution Agreement by the Company, the Sales Agents or the Forward Purchasers as permitted therein.

The Company made certain customary representations, warranties and covenants concerning the Company and the Common Stock in the Equity Distribution Agreement and also agreed to indemnify the Sales Agents and the Forward Purchasers against certain liabilities, including liabilities under the Securities Act.

The Equity Distribution Agreement provides that, in addition to the sale of Common Stock to or through the Sales Agents, the Company may enter into forward sale agreements with each of Bank of Montreal, Bank of America, N.A., CF Secured, LLC, Huntington Securities, Inc., JPMorgan Chase Bank, National Association, KeyBanc Capital Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Bank, National Association (or their respective affiliates), as forward purchasers (in such capacity, the "Forward Purchasers"), in a form attached as Exhibit G to the Equity Distribution Agreement (the "Forward Sale Agreements"). In connection with any Forward Sale Agreement, the relevant Forward Seller (or its affiliate) will, at the Company's request, use commercially reasonable efforts, consistent with normal trading and sales practices and applicable law and regulations, to sell a number of shares of Common Stock equal to the number of shares of Common Stock underlying the particular Forward Sale Agreement.

In this Current Report on Form 8-K, a Sales Agent, when acting as sales agent for the relevant Forward Purchaser, is referred to, individually, as a "Forward Seller" and, collectively, as the "Forward Sellers." Unless otherwise expressly stated or the context otherwise requires, references herein to the "related" or "relevant" Forward Purchaser mean, with respect to any Sales Agent, the affiliate of such Sales Agent that is acting as Forward Purchaser or, if applicable, such Sales Agent acting in its capacity as Forward Purchaser.

The Company will not receive any proceeds from any sales of Common Stock by a Forward Seller in connection with a Forward Sale Agreement. The Company expects to fully physically settle each Forward Sale Agreement, if any, with the relevant Forward Purchaser on one or more dates specified by the Company on or prior to the maturity date of such Forward Sale Agreement, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares of the Common Stock underlying such Forward Sale Agreement multiplied by the then-applicable forward sale price per share.

------

Although the Company expects to settle the Forward Sale Agreements by the physical delivery of shares of Common Stock in exchange for cash proceeds, the Forward Sale Agreements will allow the Company to elect cash settlement or net share settlement. If the Company elects to cash settle any Forward Sale Agreement, then the Company may not receive any proceeds, and the Company may owe cash to the relevant Forward Purchaser. If the Company elects to net share settle any Forward Sale Agreement, then the Company will not receive any cash proceeds, and the Company may owe shares of Common Stock to the relevant Forward Purchaser.

The Company intends to use the net proceeds from this offering and the settlement of any Forward Sale Agreement for general corporate purposes, which may include future acquisitions and repayment of indebtedness, including borrowings under the Company's credit facilities.

The compensation to each Sales Agent will be a mutually agreed commission that will not exceed, but may be lower than, 1.50% of the gross sales price of the Common Stock sold through it as the Company's sales agent pursuant to the Equity Distribution Agreement. The compensation to each Forward Seller will be a mutually agreed commission in the form of a reduction to the initial forward price under a related Forward Sale Agreement that will not exceed, but may be lower than, 1.50% of the gross sales price of the borrowed shares of the Common Stock sold through such Forward Seller during the applicable forward hedge selling period for such Common Stock.

A copy of the Equity Distribution Agreement is attached to this Current Report on Form 8-K as Exhibit 1.1 and is incorporated herein by reference, and a copy of the Form of Forward Sale Agreement is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The summary set forth above is qualified in its entirety by reference to Exhibit 1.1 and Exhibit 99.1, as applicable.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits**  |

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*(d) Exhibits* 

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 1.1 | [Equity Distribution Agreement, dated March 16, 2026, by and among National Health Investors, Inc. and each of BMO Capital Markets Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Huntington Securities, Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., PNFP Capital Markets, Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities, LLC, and certain of their affiliates.](d114456dex11.htm) |
| 5.1 | [Opinion of Hogan Lovells US LLP regarding the legality of the Common Stock.](d114456dex51.htm) |
| 23.1 | [Consent of Hogan Lovells US LLP (included in Exhibit 5.1).](d114456dex51.htm) |
| 99.1 | [Form of Forward Sales Agreement.](d114456dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURE
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 thereunto duly authorized.

---

| | |
|:---|:---|
| **NATIONAL HEALTH INVESTORS, INC.** | **NATIONAL HEALTH INVESTORS, INC.** |
| By: | /s/ John L. Spaid |
| Name: | John L. Spaid |
| Title: | Chief Financial Officer |

---

Date: March 16, 2026

## Exhibit 1.1

**Exhibit 1.1** 

***Execution Version*** 

NATIONAL HEALTH INVESTORS, INC.

(a Maryland corporation)

$500,000,000 of Common Stock

<u>EQUITY DISTRIBUTION AGREEMENT</u> 

Dated: March 16, 2026

------

**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  SECTION 1. | DESCRIPTION OF SECURITIES. | 2 |
|  SECTION 2. | PLACEMENTS. | 4 |
|  SECTION 3. | SALE OF SECURITIES TO OR THROUGH THE AGENTS. | 4 |
|  SECTION 4. | SUSPENSION OF SALES. | 5 |
|  SECTION 5. | REPRESENTATIONS AND WARRANTIES. | 5 |
|  SECTION 6. | SALE AND DELIVERY; SETTLEMENT. | 17 |
|  SECTION 7. | COVENANTS OF THE COMPANY. | 19 |
|  SECTION 8. | PAYMENT OF EXPENSES. | 25 |
|  SECTION 9. | CONDITIONS OF THE AGENTS' OBLIGATIONS. | 26 |
|  SECTION 10. | INDEMNIFICATION. | 27 |
|  SECTION 11. | CONTRIBUTION. | 28 |
|  SECTION 12. | REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY. | 30 |
|  SECTION 13. | TERMINATION OF AGREEMENT. | 30 |
|  SECTION 14. | NOTICES. | 31 |
|  SECTION 15. | PARTIES. | 33 |
|  SECTION 16. | ADJUSTMENTS FOR STOCK SPLITS. | 33 |
|  SECTION 17. | TRIAL BY JURY. | 33 |
|  SECTION 18. | GOVERNING LAW AND TIME. | 33 |
|  SECTION 19. | EFFECT OF HEADINGS. | 33 |
|  SECTION 20. | ABSENCE OF FIDUCIARY RELATIONSHIP. | 33 |
|  SECTION 21. | CONSENT TO JURISDICTION. | 34 |
|  SECTION 22. | COUNTERPARTS. | 34 |
|  SECTION 23. | RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES. | 35 |
|  SECTION 24. | PARTIAL UNENFORCEABILITY. | 35 |

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**<u>EXHIBITS</u>**

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| | |
|:---|:---|
| Exhibit A | Form of Placement Notice |
| Exhibit B | Authorized Individuals for Placement Notices and Acceptances |
| Exhibit C | Compensation |
| Exhibit D | Subsidiaries |
| Exhibit E | Form of Opinion of Company Counsel |
| Exhibit F | Form of Officer's Certificate |
| Exhibit G | Form of ATM Forward Confirmation |

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-i-

------

**National Health Investors, Inc.** 

$500,000,000 of Common Stock

<u>EQUITY DISTRIBUTION AGREEMENT</u> 

March 16, 2026

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| | |
|:---|:---|
| BMO Capital Markets Corp.<br> 151 W42nd Street<br> New York, New York 10036 | KeyBanc Capital Markets Inc.<br> 127 Public Square, 7th Floor<br> Cleveland, Ohio 44114 |
| BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036 | PNFP Capital Markets, Inc.<br> 21 Platform Way South, Suite 2300<br> Nashville, Tennessee 37203 |
| Cantor Fitzgerald & Co.<br> 110 East 59th Street<br> New York, New York 10022 | Regions Securities LLC<br> 615 South College Street, Suite 600<br> Charlotte, North Carolina 28202 |
| Huntington Securities, Inc.<br> 41 South High Street<br> Columbus, Ohio 43215 | Stifel, Nicolaus & Company, Incorporated<br> 501 North Broadway, 10th Floor<br> Saint Louis, Missouri 63102 |
| J.P. Morgan Securities LLC<br> 270 Park Avenue<br> New York, New York 10017 | Wells Fargo Securities, LLC<br> 500 West 33rd Street<br> New York, New York 10001 |

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As Agents

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| | |
|:---|:---|
| Bank of Montreal<br> 250 Yonge Street, 10th Floor<br> Toronto, Ontario M5B2L7 | KeyBanc Capital Markets Inc.<br> 127 Public Square, 7th Floor<br> Cleveland, Ohio 44114 |
| Bank of America, N.A.<br> c/o BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036 | Regions Securities LLC<br> 615 South College Street, Suite 600<br> Charlotte, North Carolina 28202 |
| CF Secured, LLC<br> 110 East 59th Street<br> New York, New York 10022 | Stifel, Nicolaus & Company, Incorporated<br> 501 North Broadway, 10th Floor<br> Saint Louis, Missouri 63102 |

---

------

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| | |
|:---|:---|
| Huntington Securities, Inc.<br> 41 South High Street<br> Columbus, Ohio 43215 | Wells Fargo Bank, National Association<br> c/o Wells Fargo Securities, LLC<br> 500 West 33rd Street<br> New York, New York 10001 |
| JPMorgan Chase Bank, National Association<br> 270 Park Avenue<br> New York, New York 10017 |  |

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As Forward Purchasers

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Ladies and Gentlemen:

National Health Investors, Inc., a Maryland corporation (the "<u>Company</u>"), confirms its agreement (this "<u>Agreement</u>") with each of BMO Capital Markets Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Huntington Securities, Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., PNFP Capital Markets, Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities, LLC, as sales agents, principals and/or (except in the case of PNFP Capital Markets, Inc.) forward sellers (the "<u>Agents</u>"), and each of Bank of Montreal, Bank of America, N.A., CF Secured, LLC, Huntington Securities, Inc., JPMorgan Chase Bank, National Association, KeyBanc Capital Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Bank, National Association (the "<u>Forward Purchasers</u>"). For purposes of clarity, it is understood and agreed by the parties hereto that, if Forward Hedge Securities (as defined below) are offered or sold through any Agent, as forward seller for the applicable Forward Purchaser, then such Agent, as forward seller, shall be acting as sales agent for such Forward Purchaser with respect to the offering and sale of such Forward Hedge Securities and not as sales agent for the Company, and, except in cases where this Agreement expressly refers to an Agent acting as sales agent for the Company, or unless otherwise expressly stated or the context otherwise requires, references in this Agreement to any Agent acting as sales agent shall also be deemed to apply to such Agent when acting as forward seller, except that PNFP Capital Markets, Inc. is not acting as a forward seller. Only an Agent that is, or is affiliated with, a Forward Purchaser may act as forward seller for such Forward Purchaser.

SECTION 1. <u>Description of Securities.</u>

The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may (a) issue and sell to or through the Agents, severally and not jointly, acting as principal and/or as sales agent for the Company, shares (the "<u>Primary Securities</u>") of the Company's common stock, par value $0.01 per share (the "<u>Common Stock</u>"), and (b) instruct the applicable Agents, severally and not jointly, to offer and sell borrowed shares of Common Stock (the "<u>Forward Hedge Securities</u>," and together with the Primary Securities, the "<u>Securities</u>") as forward sellers for the applicable Forward Purchasers, all on the terms and subject to the conditions set forth in this Agreement; *provided* that the aggregate gross sales price of Securities sold pursuant to clauses (a) and (b) above shall not exceed $500,000,000 (the "<u>Maximum Amount</u>").

Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the Maximum Amount and any other limitations set forth in this Agreement regarding the aggregate sale price of the Securities offered and sold under this Agreement shall be the sole responsibility of the Company, and none of the Agents and the Forward Purchasers shall have any obligation in connection with such compliance. The offering and sale of the Securities through the Agent(s) will be effected pursuant to the Registration Statement (as defined below) that was filed by the Company and became effective upon filing under Rule 462(e) ("<u>Rule 462(e)</u>") under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the "<u>Securities Act</u>") with the Securities and Exchange Commission (the "<u>Commission</u>"), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue the Securities.

The Company has prepared and filed, in accordance with the provisions of the Securities Act, with the Commission an "automatic shelf registration statement" (as defined in Rule 405 under the Securities Act), on Form S-3ASR (File No. 333-294344), covering the public offering and sale of certain securities, including the Securities that may be issued from time to time by the Company pursuant to this Agreement, which automatic shelf registration statement became automatically effective upon filing under Rule 462(e). The "<u>Registration Statement</u>", as of any time, means such registration statement as amended by any post-effective amendments thereto at such time, including the exhibits and any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein at such time pursuant to Item 12 of Form S-3 under the Securities Act and the documents otherwise deemed to be a part thereof as of such time pursuant to Rule 430B under the Securities Act ("<u>Rule 430B</u>"); *provided, however*, that the "Registration Statement" without reference to a time means such registration statement as amended by any post-effective amendments thereto as of the time of the first contract of sale for the Securities, which time shall be considered the "new effective date" of the Registration Statement with respect to the Securities within the meaning of paragraph (f)(2) of Rule 430B ("<u>Rule 430B(f)(2)</u>"), including the exhibits and any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein at such time pursuant to Item 12 of Form S-3 under the Securities Act and the documents otherwise deemed to be a part thereof as of such time pursuant

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to Rule 430B. The base prospectus filed as part of such automatic shelf registration statement, as amended in the form in which it has been filed most recently with the Commission in accordance with this Agreement, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, is referred to herein as the "<u>Base Prospectus</u>". Promptly after execution and delivery of this Agreement, the Company will prepare and file a prospectus supplement relating to the Securities in accordance with the provisions of Rule 424(b) under the Securities Act ("<u>Rule 424(b)</u>"). Such final prospectus supplement, as amended by the prospectus supplement filed most recently with the Commission in accordance with this Agreement, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, is referred to herein as the "<u>Prospectus Supplement</u>". The Base Prospectus, as amended by the Prospectus Supplement and any applicable pricing supplement thereto, in the form the Base Prospectus, the Prospectus Supplement and any such pricing supplement are first furnished to the Agents, or such Agent(s), as the case may be, for use in connection with the offering and sale of Securities, are collectively referred to herein as the "<u>Prospectus</u>". For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus or the Prospectus or any amendment or supplement thereto shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (or any successor system) ("<u>EDGAR</u>").

As used in this Agreement:

"<u>Applicable Time</u>" means, with respect to any offer and sale of Securities, the time immediately prior to the first contract of sale for such Securities, or such other time as agreed by the Company and the applicable Agent(s).

"<u>Business Day</u>" means each Monday, Tuesday, Wednesday, Thursday or Friday which is not a day on which banking institutions in New York are generally authorized or obligated by law or executive order to close.

"<u>General Disclosure Package</u>" means each Issuer General Use Free Writing Prospectus (as defined below), if any, issued prior to the Applicable Time, the Prospectus (or any amendment or supplement thereto) and, with respect to any specific offering and sale of Securities, the number of Securities and the offering price per share of Common Stock, all considered together.

"<u>Issuer Free Writing Prospectus</u>" means any "issuer free writing prospectus," as defined in Rule 433 under the Securities Act ("<u>Rule 433</u>"), including, without limitation, any "free writing prospectus" (as defined in Rule 405) relating to the Securities that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering thereof that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

"<u>Issuer General Use Free Writing Prospectus</u>" means any Issuer Free Writing Prospectus approved by the Agents and the Forward Purchasers or, in the case of a specific offer and sale of Securities, the applicable Agent(s) hereof, that is furnished to the Agents and the Forward Purchasers or such Agent(s), as the case may be, for general distribution to investors, as evidenced by communications between the Company and the Agents and the Forward Purchasers or such Agent(s), as the case may be.

"<u>Issuer Limited Use Free Writing Prospectus</u>" means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

"<u>Rule</u> <u>164</u>," "<u>Rule</u> <u>405</u>" and "<u>Rule</u> <u>415</u>" refer to such rules under the Securities Act.

All references in this Agreement to the Registration Statement, any Rule 462(b) Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to "supplements" to the Prospectus shall include, without limitation, any supplements, "wrappers" or similar materials prepared in connection with any offering, sale or private placement of any Securities by the Agents outside of the United States.

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All references in this Agreement to financial statements and schedules and other information which is "contained," "included," "made," "stated" or "referred to" (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include all such financial statements and schedules and other information incorporated or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the Applicable Time relating to the particular Securities; and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "<u>Exchange Act</u>") incorporated or deemed to be incorporated by reference in the Registration Statement, such preliminary prospectus or the Prospectus, as the case may be, at or after the Applicable Time relating to the particular Securities.

SECTION 2. <u>Placements.</u>

Each time that the Company wishes that Securities be offered and sold to or through an Agent, the Company will deliver to the applicable Agent and, if applicable, the related Forward Purchaser an email notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with which it desires the Securities to be offered and sold, which shall at a minimum include the number of Securities to be sold, the manner of sale, the time period during which sales are requested to be made, any limitation on the number of Securities that may be sold in any one day and any minimum price below which sales may not be made and substantially in the form attached as <u>Exhibit A</u> hereto (a "<u>Placement Notice</u>"). The Placement Notice shall originate from any of the individuals from the Company set forth on <u>Exhibit</u> <u>B</u> hereto (with a copy to each of the other individuals from the Company listed on such exhibit), and shall be addressed to each of the individuals from the applicable Agent and, if applicable, the related Forward Purchaser set forth on <u>Exhibit B</u> hereto, as such exhibit may be amended from time to time. If an Agent wishes to accept such proposed terms included in the Placement Notice (which it may decline to do for any reason in its sole discretion) or, following discussion with the Company, wishes to accept amended terms, such Agent will, prior to 4:30 p.m. New York City time on the Business Day following the Business Day on which such Placement Notice is delivered to such Agent and, if applicable, the related Forward Purchaser, deliver to the Company an email notice (or other method mutually agreed to in writing by the parties) addressed to all of the individuals from the Company set forth on <u>Exhibit B</u> hereto, setting forth the terms that such Agent is willing to accept. Where the terms provided in the Placement Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding on the Company or such Agent until the Company delivers to such Agent and, if applicable, the related Forward Purchaser an acceptance by email (or other method mutually agreed to in writing by the parties) of all of the terms of such Placement Notice, as amended (the "<u>Acceptance</u>"), addressed to all of the individuals from the Company and to such Agent and, if applicable, the related Forward Purchaser set forth on <u>Exhibit</u> <u>B</u> hereto. The Placement Notice (as amended by the corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of such Agent's acceptance of the terms of the Placement Notice or upon receipt by such Agent and, if applicable, the related Forward Purchaser of the Acceptance, as the case may be, unless and until (i) the entire amount of the Securities has been sold, (ii) the Company terminates such Placement Notice by written notice addressed to each of the individuals from such Agent and, if applicable, the related Forward Purchaser set forth on <u>Exhibit B</u> hereto, (iii) the Company issues a subsequent Placement Notice with parameters superseding those of the earlier dated Placement Notice, (iv) this Agreement has been terminated under the provisions of Section 13 or (v) any such party shall have suspended the sale of such Securities in accordance with Section 4. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable) will control.

SECTION 3. <u>Sale of Securities to or through the Agents.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities are to be offered and sold in a commercially reasonable manner on a daily basis or otherwise as shall be mutually agreed to by the Company, the applicable Agent and, if applicable, the related Forward Purchaser on any day on which (1) shares of Common Stock are purchased and sold on the New York Stock Exchange (the "<u>NYSE</u>," and each such day, a "<u>Trading Day</u>"); (2) the Company has instructed the applicable Agent by telephone (confirmed promptly by facsimile transmission or email) to make such sales; (3) the Company has satisfied its

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obligations under this Agreement and (4), in the case of Forward Hedge Securities, the Company has entered into a forward stock purchase agreement with the related Forward Purchaser (each, a "<u>Confirmation</u>"), in substantially the form of <u>Exhibit G</u> hereto, with such changes therein as the parties thereto may agree and consistent with such Placement Notice. Any shares of Common Stock to be issued, sold and/or delivered by the Company to any Forward Purchaser in settlement of all or any portion of the Company's obligations under any Confirmation are hereinafter sometimes called "<u>Confirmation Shares</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions herein, the applicable Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Securities up to the amount specified, and otherwise in accordance with, the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such Agent will provide written confirmation to the Company no later than the opening of the Trading Day immediately following the Trading Day on which it has made sales of Securities hereunder as sales agent for the Company setting forth the number of Securities sold on such day, the compensation payable by the Company to such Agent with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by such Agent (as set forth herein) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable), such Agent may sell Securities by any method permitted by law deemed to be an "at the market" offering as defined in Rule 415 under the Securities Act, including without limitation sales made directly on the NYSE, on any other existing trading market for the Common Stock or to or through a market maker. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable), the applicable Agent may also sell Securities by any other method permitted by law, including but not limited to in privately negotiated transactions, including block trades.

SECTION 4. <u>Suspension of Sales.</u>

The Company, the applicable Agent or the related Forward Purchaser may, upon notice to the applicable parties in writing (including by email correspondence to each of the individuals of the other parties set forth on <u>Exhibit</u> <u>B</u> hereto, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <u>Exhibit B</u> hereto), suspend any sale of Securities; *provided*, *however*, that such suspension shall not affect or impair a party's obligations with respect to (i) any Confirmation executed and delivered by the Company and the relevant Forward Purchaser prior to the receipt of such notice and (ii) any Securities sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to one of the individuals named on <u>Exhibit</u> <u>B</u> hereto, as such exhibit may be amended from time to time.

SECTION 5. <u>Representations and Warranties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties by the Company*. The Company represents and warrants to the Agents and the Forward Purchasers as of the date hereof and as of each Representation Date (as defined below) on which a certificate is required to be delivered pursuant to Section 7(p) of this Agreement, as of each Applicable Time and as of each Settlement Date (as defined below), and agrees with the Agents and the Forward Purchasers, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Registration Statement and Prospectus</u>. The Company meets the requirements for use of Form S-3 under the Securities Act. The Registration Statement is an automatic shelf registration statement under Rule 405 and the Securities have been and remain eligible for registration by the Company on such automatic shelf registration statement. Each of the Registration Statement and any post-effective amendment thereto has become effective under the Securities Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the Securities Act, no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act ("<u>Rule 401(g)(2)</u>") has been received by the Company, no order preventing or suspending the use of any preliminary prospectus or the Prospectus or any amendment or supplement thereto has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company's knowledge, contemplated. The Company has complied with each request (if any) from the Commission for additional information.

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Each of the Registration Statement and any post-effective amendment thereto, at the time of its effectiveness and as of each deemed effective date with respect to an Agent pursuant to Rule 430B(f)(2), complied and will comply in all material respects with the requirements of the Securities Act. Each of any preliminary prospectus and the Prospectus and any amendment or supplement thereto, at the time it was filed with the Commission, complied in all material respects with the requirements of the Securities Act and is identical to the electronically transmitted copy thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

The documents incorporated or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Accurate Disclosure</u>. Neither the Registration Statement nor any amendment thereto, at its effective time or at any Settlement Date, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. At each Applicable Time, neither (A) the General Disclosure Package nor (B) any individual Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b) or at any Settlement Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, at the time the Registration Statement became effective or when such documents incorporated by reference were or hereafter are filed with the Commission, as the case may be, when read together with the other information in the Registration Statement, the General Disclosure Package or the Prospectus, as the case may be, did not, do not and will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

The representations and warranties set forth in the immediately preceding paragraph shall not apply to statements in or omissions from the Registration Statement, the General Disclosure Package or the Prospectus, as amended or supplemented, made in reliance upon and in conformity with information furnished to the Company in writing by the Agents expressly for use therein. For purposes of this Agreement, the only information so furnished shall be (i) the applicable Agent's name and (ii) the last sentence of the first paragraph under the caption "Plan of Distribution" in the Prospectus Supplement (the "<u>Agent Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Issuer Free Writing Prospectuses</u>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the Registration Statement, any preliminary prospectus or the Prospectus or any amendment or supplement thereto, including any document incorporated by reference therein, that has not been superseded or modified. Any offer that is a written communication relating to the Securities made prior to the initial filing of the Registration Statement by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of Rule 163(c) under the Securities Act) has been filed with the Commission in accordance with the exemption provided by Rule 163 under the Securities Act ("<u>Rule 163</u>") and otherwise complied in all material respects with the requirements of Rule 163, including, without limitation, the legending requirement, to qualify such offer for the exemption from Section 5(c) of the Securities Act provided by Rule 163.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Well-Known Seasoned Issuer</u>. (A) At the original effectiveness of the Registration Statement, (B) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (C) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the Securities in reliance on the exemption of Rule 163, (D) at the date of this Agreement, any Confirmation and any Placement Notice, and (E) at each Applicable Time, the Company was and is a "well-known seasoned issuer," as defined in Rule 405.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Company Not Ineligible Issuer</u>. (A) At the time of filing the Registration Statement and any post-effective amendment thereto, (B) at the earliest time thereafter that the Company or another offering participant made a *bona fide* offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities, (C) at the date of this Agreement, any Confirmation and any Placement Notice and (D) at each Applicable Time, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Independent Accountants</u>. The accountants who certified the financial statements and supporting schedules included in the Registration Statement, the General Disclosure Package and the Prospectus are independent public accountants as required by the Securities Act, the Exchange Act and the Public Company Accounting Oversight Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Financial Statements; Non-GAAP Financial Measures</u>. The financial statements included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of operations, stockholders' equity and cash flows of the Company and its consolidated subsidiaries for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("<u>GAAP</u>") applied on a consistent basis throughout the periods presented. The supporting schedules, if any, included or incorporated or deemed to be incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects in accordance with GAAP the information required to be stated therein. The selected financial data and the summary financial information included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the information shown therein and have been compiled on a basis consistent with that of the audited or unaudited, as applicable, financial statements included therein. The financial statements of the businesses or properties acquired or proposed to be acquired, if any, or related tenants, as the case may be, included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the information set forth therein, have been prepared in conformity with GAAP applied on a consistent basis and otherwise have been prepared in all material respects in accordance with the applicable financial statement requirements of the Securities Act and the Exchange Act. The pro forma financial statements and the related notes thereto, if any, included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the information shown therein, have been prepared in accordance with the Commission's rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. Except as included or incorporated by reference therein, no historical or pro forma financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus under the Securities Act or the Exchange Act. All disclosures contained in the Registration Statement, the General Disclosure Package or the Prospectus, or incorporated by reference therein, regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10(e) of Regulation S-K of the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission's rules and guidelines applicable thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>No Material Adverse Change in Business</u>. Except as otherwise stated in the Registration Statement, the General Disclosure Package and the Prospectus, since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package or the Prospectus, (A) there has been no material adverse change in or affecting the properties of the Company and its subsidiaries (the "<u>Properties</u>") considered as a whole or in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a "<u>Material Adverse Effect</u>"), (B) there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course of business, which are material with respect to the Company and its subsidiaries considered as one enterprise, (C) there has been no liability or obligation, direct or contingent (including off-balance sheet obligations), which is material to the Company and its subsidiaries considered as one enterprise, incurred by the Company or any of its subsidiaries, except obligations incurred in the ordinary course of business, and (D) except for regular quarterly dividends on the Common Stock in amounts per share that are consistent with past practice, there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>Good Standing of the Company</u>. The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Maryland and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement; and the Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good standing would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>Good Standing of Subsidiaries.</u> Each "significant subsidiary" of the Company (as such term is defined in Rule 1-02 of Regulation S-X) (each, a "<u>Subsidiary</u>" and, collectively, the "<u>Subsidiaries</u>") has been duly organized and is validly existing in good standing under the laws of the jurisdiction of its incorporation or organization, has corporate or similar power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good standing would not, singly or in the aggregate, result in a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, all of the issued and outstanding capital stock or other equity interests of each Subsidiary has been duly authorized and validly issued, is fully paid and non-assessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. None of the outstanding shares of capital stock of any Subsidiary were issued in violation of the preemptive or similar rights of any securityholder of such Subsidiary. As of the date hereof, the only subsidiaries of the Company are (A) the subsidiaries listed on <u>Exhibit D</u> hereto and (B) certain other subsidiaries which, considered in the aggregate as a single subsidiary, do not constitute a "significant subsidiary" as defined in Rule 1-02 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>Capitalization</u>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, (i) no shares of capital stock of the Company are reserved for any purpose; (ii) there are no outstanding securities convertible into or exchangeable for any shares of capital stock of the Company; and (iii) there are no outstanding options, rights (preemptive or otherwise) or warrants to purchase or subscribe for shares of capital stock or any other securities of the Company. The outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable. None of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights of any securityholder of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>No Undisclosed Equity Compensation Plans</u>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company does not have any equity-based compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Authorization and Description of this Agreement</u>. This Agreement (including the form of Confirmation attached hereto as <u>Exhibit G</u>) has been duly authorized, executed and delivered by the Company and conforms in all material respects to the description thereof contained in each of the Registration Statement, the General Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Authorization and Description of the Primary Securities</u>. The Primary Securities have been duly authorized for the offering and sale pursuant to this Agreement. When issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, the Primary Securities will be validly issued, fully paid and non-assessable; and the issuance of the Primary Securities is not subject to the preemptive or other similar rights of any securityholder of the Company. The Common Stock conforms to all statements relating thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the instruments defining the same. No holder of Primary Securities will be subject to personal liability by reason of being such a holder. The certificates to be used to evidence the Primary Securities will, at any Settlement Date, be in due and proper form and will comply in all material respects with all applicable legal requirements, the requirements of the charter and by-laws of the Company and the requirements of the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>Registration Rights</u>. There are no persons with registration rights or other similar rights to have any securities registered for sale pursuant to the Registration Statement or otherwise registered for sale or sold by the Company under the Securities Act pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <u>Absence of Violations, Defaults and Conflicts</u>. Neither the Company nor any of its subsidiaries is (A) in violation of its charter, by-laws or similar organizational document, (B) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which it or any of them may be bound or to which any of the Properties or any other properties, assets or operations of the Company or any subsidiary is subject (collectively, "<u>Agreements and Instruments</u>"), except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect, or (C) in violation of any law, statute, rule, regulation, judgment, order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency having jurisdiction over the Company or any of its subsidiaries or any of the Properties or any of their respective other properties, assets or operations (each, a "<u>Governmental Entity</u>"), except, in the case of clause (C), for such violations that would not, singly or in the aggregate, result in a Material Adverse Effect. The execution, delivery and performance of this Agreement, each Confirmation and the consummation of the transactions contemplated herein and therein and in the Registration Statement, the General Disclosure Package and the Prospectus (including the offering, sale and delivery of the Securities and any Confirmation Securities (as defined below) and the use of the proceeds from the offering, sale and delivery of the Securities or any Confirmation Securities as described therein under the caption "Use of Proceeds") and compliance by the Company with its obligations hereunder have been duly authorized by all necessary corporate action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon the Properties or any other properties, assets or operations of the Company or any subsidiary pursuant to, the Agreements and Instruments (except for such conflicts, breaches, defaults or Repayment Events or liens, charges or encumbrances that would not, singly or in the aggregate, result in a Material Adverse Effect), nor will such action result in any violation of the provisions of the charter, by-laws or similar organizational document of the Company or any of its subsidiaries or any law, statute, rule, regulation, judgment, order, writ or decree of any Governmental Entity. As used herein, a "<u>Repayment Event</u>" means any event or condition which gives the holder of any note, debenture or other financing instrument (or any person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a portion of the related financing by the Company or any of its subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <u>Absence of Proceedings</u>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there is no action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity now pending or, to the knowledge of the Company, threatened, against or affecting the Company or any of its subsidiaries, which is required to be disclosed in the Registration Statement (other than as disclosed therein), or which could reasonably be expected to result in a Material Adverse Effect, or would reasonably be expected to materially and adversely affect the Company's and its subsidiaries' respective properties (including, without limitation, the Properties), assets or operations taken as a whole or the consummation of the transactions contemplated in this Agreement or the performance by the Company of its obligations hereunder; and the aggregate of all pending legal or governmental proceedings to which the Company or any such subsidiary is a party or of which any of their respective properties, assets or operations is the subject which are not described in the Registration Statement, the General Disclosure Package and the Prospectus, including ordinary routine litigation incidental to the business, could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <u>Accuracy of Exhibits</u>. There are no contracts or documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement that have not been so described or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <u>Absence of Labor Dispute</u>. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or any subsidiary's principal suppliers, tenants, operators or borrowers, which, in either case, would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <u>Absence of Further Requirements</u>. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Governmental Entity is necessary or required for the performance by the Company of this Agreement or any Confirmation, the issuance, offering or sale of the Securities or any Confirmation Securities or the consummation of the transactions contemplated by this Agreement or any Confirmation, except such as have been already obtained or as may be required under the Securities Act, the Exchange Act, the rules of the NYSE, state securities laws or the rules of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <u>Possession of Licenses and Permits</u>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, the Company and its subsidiaries possess such permits, licenses, approvals, consents and other authorizations (collectively, "<u>Governmental Licenses</u>") issued by the appropriate Governmental Entities necessary under applicable law to conduct the business now operated by them, except where the failure to so possess would not, singly or in the aggregate, result in a Material Adverse Effect. The Company and its subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure to so comply would not, singly or in the aggregate, result in a Material Adverse Effect. All of such Governmental Licenses of the Company and its subsidiaries are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in the aggregate, result in a Material Adverse Effect. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) <u>Title to Property</u>. (A) The Company, each of its subsidiaries or any joint venture in which the Company or any of its subsidiaries owns an interest (each such joint venture being referred to as a "<u>Related Entity</u>"), as the case may be, has good and marketable fee or leasehold title to the Properties, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any kind, other than those that (1) are described in the Registration Statement, the General Disclosure Package and the Prospectus or (2) do not, singly or in the aggregate, materially affect the value of such Property and do not materially interfere with the use made and proposed to be made of such Property by the Company, any of its subsidiaries or any Related Entity; (B) except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, none of the Company, any of its subsidiaries

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or any Related Entity owns any material real property other than the Properties; (C) each of the ground leases, subleases and sub-subleases relating to a Property, if any, material to the business of the Company and its subsidiaries, considered as one enterprise, are in full force and effect, with such exceptions as do not materially interfere with the use made or proposed to be made of such Property by the Company, any of its subsidiaries or any Related Entity, and (1) no material default or event of default has occurred under any ground lease, sublease or sub-sublease with respect to such Property and none of the Company, any of its subsidiaries or any Related Entity has received any notice of any event which, whether with or without the passage of time or the giving of notice, or both, would constitute a default under such ground lease, sublease or sub-sublease and (2) none of the Company, any of its subsidiaries or any Related Entity has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company, any of its subsidiaries or any Related Entity under any of the ground leases, subleases or sub-subleases mentioned above, or affecting or questioning the rights of the Company, any of its subsidiaries or any Related Entity to the continued possession of the leased, subleased or sub-subleased premises under any such ground lease, sublease or sub-sublease; (D) all liens, charges, encumbrances, claims or restrictions on any of the properties (including the Properties), assets or operations of the Company, any of its subsidiaries or any Related Entity that are required to be disclosed in the Registration Statement or the Prospectus are disclosed therein; (E) no tenant under any of the leases at the Properties has a right of first refusal or an option to purchase the premises demised under such lease, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus; (F) each of the Properties complies with all applicable codes, laws and regulations (including, without limitation, building and zoning codes, laws and regulations and laws relating to access to the Properties), except if and to the extent disclosed in the Registration Statement, the General Disclosure Package and the Prospectus and except for such failures to comply that would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect; (G) the mortgages and deeds of trust that encumber certain of the Properties are not convertible into equity securities of the entity owning such Property and said mortgages and deeds of trust are not cross-defaulted or cross-collateralized with any property other than certain other Properties; and (H) none of the Company, any of its subsidiaries or any Related Entity or, to the knowledge of the Company, any lessee of any of the Properties is currently in default under any of the leases governing the Properties and none of the Company, any of its subsidiaries or any Related Entity knows of any event which, whether with or without the passage of time or the giving of notice, or both, would constitute a default under any of such leases, except such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) <u>Joint Venture Agreements</u>. Each of the partnership agreements, limited liability company agreements or other joint venture agreements to which the Company or any of its subsidiaries is a party, and which relates to one or more of the Properties, has been duly authorized, executed and delivered by the Company or its subsidiaries, as applicable, and constitutes the legal, valid and binding agreement thereof, enforceable in accordance with its terms, except, in each case, to the extent that enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting creditors' rights or remedies generally or by general equitable principles, and, with respect to equitable relief, the discretion of the court before which any proceeding therefor may be brought (regardless of whether enforcement is sought in a proceeding at law or in equity), and with respect to any indemnification provisions contained therein, except as rights under those provisions may be limited by applicable law or policies underlying such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) <u>Possession of Intellectual Property</u>. The Company and its subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, "<u>Intellectual Property</u>") necessary to carry on the business now operated by them, and neither the Company nor any of its subsidiaries has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of the Company or any of its subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) <u>Environmental Laws</u>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus and except as would not, singly or in the aggregate, result in a Material Adverse Effect, (A) none of the Company, any of its subsidiaries, any of the Properties, or to the knowledge of the Company, any Related Entity, is in material violation of any Environmental Laws (as defined below), (B) the Company, its subsidiaries and the Properties, and, to the knowledge of the Company, the Related Entities, have all material permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance in all material respects with their requirements, (C) there are no pending or, to the Company's knowledge, threatened, administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law or Hazardous Material (as defined below) against the Company, any of its subsidiaries or, to the Company's knowledge, any Related Entity or otherwise with regard to the Properties, (D) to the Company's knowledge, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the Properties, the Company, any of its subsidiaries or any Related Entity, relating to Hazardous Materials or any Environmental Laws, and (E) none of the Properties is included or, to the Company's knowledge, proposed for inclusion on the National Priorities List issued pursuant to CERCLA (as defined below) by the United States Environmental Protection Agency or on any similar list or inventory issued by any other federal, state or local governmental body or agency having or claiming jurisdiction over such Properties pursuant to any other Environmental Laws. As used herein, "<u>Hazardous Material</u>" shall mean any flammable explosives, radioactive materials, chemicals, pollutants, contaminants, wastes, hazardous wastes, toxic substances, mold and any hazardous material as defined by or regulated under any Environmental Law, including, without limitation, petroleum or petroleum products, and asbestos-containing materials. As used herein, "<u>Environmental Law</u>" shall mean any applicable foreign, federal, state or local law (including statute or common law), ordinance, rule, regulation or judicial or administrative order, consent decree or judgment relating to the protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Secs. 9601-9675 ("<u>CERCLA</u>"), the Hazardous Materials Transportation Act, as amended, 49 U.S.C. Secs. 5101-5127, the Solid Waste Disposal Act, as amended, 42 U.S.C. Secs. 6901-6992k, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Secs. 11001-11050, the Toxic Substances Control Act, 15 U.S.C. Secs. 2601-2692, the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. Secs. 136-136y, the Clean Air Act, 42 U.S.C. Secs. 7401-7671q, the Clean Water Act (Federal Water Pollution Control Act), 33 U.S.C. Secs. 1251-1387, and the Safe Drinking Water Act, 42 U.S.C. Secs. 300f-300j-26, as any of the above statutes may be amended from time to time, and the regulations promulgated pursuant to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) <u>NYSE</u>. The Securities and any Confirmation Securities have been approved for listing on the NYSE, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) <u>Accounting Controls and Disclosure Controls</u>. The Company and each of its subsidiaries maintain effective internal control over financial reporting (as defined in Rule 13a-15 and Rule 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management's general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management's general or specific authorization; (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (E) the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with the Commission's rules and guidelines applicable thereto. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, since the end of the Company's most recent audited fiscal year, there has been (1) no significant deficiency or material weakness in the Company's internal control over financial reporting (whether or not remediated) and (2) no change in the Company's internal control over financial reporting that has adversely affected, or is reasonably likely to adversely affect, the Company's internal control over

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financial reporting. The auditors of the Company and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that have adversely affected, or are reasonably likely to adversely affect, the ability of the Company and its subsidiaries to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting of the Company and its subsidiaries. The Company and each of its subsidiaries maintain an effective system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms, and is accumulated and communicated to the Company's management, including its principal executive officer or officers and principal financial officer or officers, as appropriate, to allow timely decisions regarding disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) <u>Compliance with the Sarbanes-Oxley Act</u>. There is and has been no failure on the part of the Company or any of the Company's directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions thereof (the "<u>Sarbanes-Oxley Act</u>"), Section 402 related to loans and Sections 302 and 906 related to certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) <u>Payment of Taxes</u>. All United States federal income tax returns of the Company and its subsidiaries required by law to be filed have been filed (except to the extent extensions have been timely filed related thereto) and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been promptly taken in good faith and as to which adequate reserves have been provided. The United States federal income tax returns of the Company through the fiscal year ended December 31, 2024 have been filed (except to the extent extensions have been timely filed related thereto) and no assessment in connection therewith has been made against the Company. The Company and its subsidiaries have filed all other tax returns that are required to have been filed (except to the extent extensions have been timely filed related thereto) by them pursuant to applicable foreign, state, local or other law except insofar as the failure to file such returns would not, singly or in the aggregate, result in a Material Adverse Effect, and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its subsidiaries, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been established by the Company. The charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any years not finally determined, except to the extent of any inadequacy that would not, singly or in the aggregate, result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) <u>ERISA</u>. The Company is in compliance in all material respects with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder ("<u>ERISA</u>"). No "reportable event" (as defined in ERISA) has occurred with respect to any "pension plan" (as defined in ERISA) for which the Company would have any liability. The Company has not incurred and does not expect to incur liability under Title IV of ERISA with respect to termination of, or withdrawal from, any "pension plan". Each "pension plan" for which the Company would have any liability that is intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") is so qualified in all material respects and nothing has occurred thereunder, whether by action or by failure to act, which would cause the loss of such qualification, except where the failure to be so qualified would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) <u>Business Insurance</u>. The Company and its subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance is in full force and effect. The Company has no reason to believe that it or any of its subsidiaries will not be able (A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not, singly or in the aggregate, result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been denied any insurance coverage which it has sought or for which it has applied, except where any such denial would not result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) <u>Title Insurance</u>*.* The Company and its subsidiaries and each Related Entity carries or is entitled to the benefits of title insurance on the fee interests and/or leasehold interests (in the case of a ground lease interest) with respect to each Property with financially sound and reputable insurers, in an amount not less than such entity's cost for the real property comprising such Property, insuring that such party is vested with good and insurable fee or leasehold title, as the case may be, to each such Property, except where the absence of such insurance would not singly or in the aggregate result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) <u>Investment Company Act</u>. The Company is not required, and upon the issuance, sale and/or delivery of the Securities and any Confirmation Securities and the application of the net proceeds therefrom as described in the Registration Statement, the General Disclosure Package and the Prospectus will not be required, to register as an "investment company" under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) <u>Absence of Manipulation</u>. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any such affiliate take, directly or indirectly, any action which is designed, or would be expected, to cause or result in, or which constitutes, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation of Regulation M under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) <u>Foreign Corrupt Practices Act</u>. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, employee or affiliate of the Company or any of its subsidiaries has taken any action, directly or indirectly, that would result in a violation by such persons of either (i) the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "<u>FCPA</u>"), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA or (ii) the U.K. Bribery Act 2010 (the "<u>Bribery Act</u>") and the Company and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with the FCPA and the Bribery Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) <u>Money Laundering Laws</u>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the "<u>Money Laundering Laws</u>"); and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) <u>OFAC</u>. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, employee, affiliate of the Company or any of its subsidiaries is (A) an individual or entity ("<u>Person</u>") currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"), the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), or (B) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Crimea, Cuba, the so-called Donetsk People's Republic, Iran, the so-called Luhansk People's Republic, North Korea and Syria); and the Company will not directly or indirectly use the proceeds of the sale of the Securities or any Confirmation Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries,

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joint venture partners or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as agent, underwriter, advisor, investor or otherwise) of Sanctions. For the past ten years, the Company and its subsidiaries have not knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any country or territory that is the subject or the target of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) <u>Lending Relationship</u>*.* Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company (i) does not have any material lending or other relationship with any Agent, any Forward Purchaser or any bank, lending or other affiliate of an Agent or Forward Purchaser and (ii) does not intend to use any of the proceeds from the sale of the Securities or any Confirmation Shares to repay any outstanding debt owed to an Agent, a Forward Purchaser or any affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) <u>Statistical and Market-Related Data</u>. Any statistical and market-related data included or incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) <u>Real Estate Investment Trust</u>. Commencing with its taxable year ended December 31, 1991, the Company has been organized in conformity with the requirements for qualification and taxation as a real estate investment trust (a "<u>REIT</u>") under Sections 856 through 860 of the Code. The proposed method of operation of the Company as described in the Registration Statement, the General Disclosure Package and the Prospectus will enable the Company to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2026 and thereafter. All statements regarding the Company's qualification and taxation as a REIT and descriptions of the Company's organization and proposed method of operation (inasmuch as they relate to the Company's qualification and taxation as a REIT) set forth in the Registration Statement, the General Disclosure Package and the Prospectus are accurate and fair summaries of the legal or tax matters described therein in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) <u>Distributions</u>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, (A) the Company is not currently prohibited, directly or indirectly, from making any distributions to its stockholders and (B) no subsidiary of the Company is prohibited, directly or indirectly, from making any distributions to the Company or any other subsidiary of the Company, from making any other distribution on any of its equity interests or from repaying any loans or advances made by the Company or any other subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) <u>Certain Relationships</u>. No relationship, direct or indirect, exists between the Company, on the one hand, and the directors, officers, stockholders, partners, tenants, customers or suppliers of the Company, on the other hand, which is required to be described in the Registration Statement, the General Disclosure Package or the Prospectus which is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) <u>Proprietary Trading by the Agents and the Forward Purchasers</u>. The Company acknowledges and agrees that each Agent and Forward Purchaser has informed the Company that such Agent or Forward Purchaser may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is in effect, and shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise agreed by such Agent or Forward Purchaser in a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) <u>Actively Traded Security</u>. The Common Stock are "actively traded securities" excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) <u>C</u><u>ybersecurity</u>. (A) To the knowledge of the Company, there has been no security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Company's or its subsidiaries' information technology and computer systems, networks, hardware, software, data and databases (including the data and information of their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Company and its subsidiaries, and any such data processed or stored by third parties on behalf of the Company and its subsidiaries), equipment or technology (collectively, "<u>IT Systems and Data</u>"); (B) neither the Company nor its subsidiaries have been notified of, and have no knowledge of any event or condition that would result in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data; and (C) the Company and its subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices, or as required by applicable regulatory standards, except with respect to clauses (A) and (B), for any such security breach or incident, unauthorized access or disclosure, or other compromises, as would not, individually or in the aggregate, have a Material Adverse Effect, or with respect to clause (C), where the failure to do so would not, individually or in the aggregate, have a Material Adverse Effect. The Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) <u>Confirmations</u>. The Company has and, on the date of each Confirmation, will have the full right, power and authority to execute and deliver such Confirmation and to perform its obligations thereunder; all action required to be taken for the due and proper authorization, execution and delivery of such Confirmation shall have been taken by the Company. On the date of each Confirmation, the consummation of the transactions contemplated thereby will have been duly and validly taken such that such Confirmation will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency or other similar laws now or hereafter in effect relating to or affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability and except that rights to indemnity thereunder may be limited by applicable law and public policy. Each Confirmation conforms and, on the date of each Confirmation, will conform in all material respects to the description thereof contained in the Registration Statement, the General Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) <u>Confirmation Securities</u>. Shares of Common Stock to be issued, sold and/or delivered by the Company pursuant to any Confirmation ("<u>Confirmation Securities</u>") have been duly authorized by the Company for issuance, sale and/or delivery to the applicable Forward Purchaser or an affiliate thereof pursuant to such Confirmation and, when issued and/or delivered by the Company in accordance with such Confirmation upon payment of any consideration required by such Confirmation, will be validly issued, fully paid and non-assessable and will conform to the description thereof in the Registration Statement, the General Disclosure Package and the Prospectus; the issuance, sale and/or delivery of such Confirmation Securities are not and will not be subject to preemptive or other similar rights of any securityholder of the Company. No holder of Confirmation Securities will be subject to personal liability by reason of being such a holder. The certificates to be used to evidence the Confirmation Securities will, at any Settlement Date (as defined in the applicable Confirmation), be in due and proper form and will comply in all material respects with all applicable legal requirements, the requirements of the charter and by-laws of the Company and the requirements of the NYSE. The issuance, sale and/or delivery by the Company of Confirmation Securities to a Forward Purchaser or an affiliate thereof pursuant to any Confirmation in accordance with the terms thereof and the delivery by such Forward Purchaser or an affiliate thereof of such Confirmation Securities, during the term of and at any settlement of such Confirmation, to close out open borrowings of Common Stock created in the course of the hedging activities by such Forward Purchaser or an affiliate thereof relating to such Forward Purchaser's exposure under such Confirmation, do not and will not require registration under the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certificates*. Any certificate signed by any officer of the Company or any of its subsidiaries and delivered to the Agents, the Forward Purchasers or their counsel shall be deemed a representation and warranty by the Company to the Agents and the Forward Purchasers as to the matters covered thereby.

SECTION 6. <u>Sale and Delivery; Settlement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Sale of Securities*. The Company acknowledges and agrees that (i) there can be no assurance that the Agents will be successful in selling Securities; (ii) no Agent will incur liability or obligation to the Company or any other person or entity if it does not sell Securities for any reason other than a failure by an Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Securities as required under this Agreement; and (iii) no Agent shall be under any obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise agreed by an Agent in a separate agreement (as amended by the corresponding Acceptance, if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Settlement of Securities*. Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable), settlement for sales of Securities will occur on the first Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a "<u>Settlement Date</u>"). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Primary Securities sold (the "<u>Net Proceeds</u>") will be equal to the aggregate sales price received by the applicable Agent at which such Primary Securities were sold, after deduction for (i) such Agent's commission, discount or other compensation for such sales payable by the Company, (ii) any other amounts due and payable by the Company to such Agent hereunder and (iii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delivery of Primary Securities*. On or before each applicable Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Primary Securities being sold by crediting the applicable Agent's or its designee's account (*provided* that such Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, such Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company at least one Business Day prior to the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Primary Securities on a Settlement Date, then the Company agrees that, in addition to and in no way limiting the rights and obligations set forth in Section 10(a) hereto, it will (i) hold such Agent harmless against any loss, liability, claim, damage, or expense whatsoever (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent and (ii) pay to such Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Denominations; Registration.* Certificates for the Securities shall be in such denominations and registered in such names as the Agents may request in writing at least one full Business Day before the Settlement Date. The certificates for the Securities will be made available for examination and packaging by the applicable Agent in The City of New York not later than noon New York City time on the Business Day prior to the Settlement Date. The Company or the Forward Purchaser (or an affiliate thereof), as applicable, shall deliver the Securities, if any, through the facilities of The Depository Trust Company unless such Agent shall otherwise instruct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Limitations on Offering Size.* Under no circumstances shall the Company cause or request the offer or sale of any Securities, if after giving effect to the sale of such Securities, the aggregate offering price of the Securities sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Securities under this Agreement, the Maximum Amount, (B) the amount of authorized Common Stock under the Company's charter, and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company and notified to the Agents and the Forward Purchasers in writing. Under no circumstances shall the Company cause or request the offer and sale of any Securities pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company and notified to the Agents and the Forward Purchasers in writing. Further, under no circumstances shall the aggregate offering price of Securities sold pursuant to this Agreement, including any separate underwriting or similar agreement covering principal transactions described in this Agreement, exceed the Maximum Amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Limitations on Number of Agents.* The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales of Securities shall be effected by or through, on any single given day, only one Agent, and the Company shall in no event request that more than one Agent sell Securities on the same day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Limitations on Offers and Sales.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If a Forward Purchaser or an affiliate thereof determines that (i) it or its affiliate is unable to borrow and deliver a number of Forward Hedge Securities or (ii) a Stock Borrow Event (as defined in the applicable Confirmation) would occur, then the related Agent, as forward seller, shall be obligated to use commercially reasonable efforts, consistent with its normal trading and sales practices, to sell only the aggregate number of Forward Hedge Securities that such Forward Purchaser or an affiliate thereof is able to so borrow below such cost. For the avoidance of doubt, the obligations of any Agent hereunder with respect to the offer or sale of any of Forward Hedge Securities shall be subject to the related Confirmation being effective and not having been terminated. In the event of a conflict between the terms of this Agreement and Confirmation, then the terms of such Confirmation shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale of, any Securities and, by notice to the Agents and the Forward Purchasers given by telephone (confirmed promptly by facsimile transmission or email), shall promptly cancel any instructions for the offer or sale of any Securities, and such Agent shall not be obligated to offer or sell any Securities, and the Company shall not enter into any Confirmation, (i) during any period in which the Company is, or could be deemed to be, in possession of material non-public information, or (ii) during the period beginning on the 14<sup>th</sup> day prior to the date (each, an "<u>Announcement Date</u>") on which the Company shall issue or make a press release containing, or public announcement of, its earnings, revenues or other results of operations for such fiscal year or fiscal quarter (each, an "<u>Earnings Announcement</u>"), and ending on the time that is 24 hours after the Company's Annual Report on Form 10-K or Quarterly Report on Form 10-Q for such fiscal year or quarter, as applicable, is filed with the Commission (each, a "<u>Filing Time</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Recommencement of Offers and Sales.* If the Company wishes to offer, sell or deliver Securities at any time during the period from and including an Announcement Date through and including the time that is 24 hours after the corresponding Filing Time, the Company shall (i) prepare and deliver to such Agent and, if applicable, such Forward Purchaser (with a copy to their counsel) a Current Report on Form 8-K which shall include substantially the same financial and related information as was set forth in the relevant Earnings Announcement (other than any earnings projections, similar forward-looking information and officers' quotations) (each, an "<u>Earnings 8-K</u>"), in form and substance reasonably satisfactory to such Agent and, if applicable, such Forward Purchaser, and obtain the consent of such Agent and, if applicable, such Forward Purchaser, to such filing thereof (such consent not to be unreasonably withheld), (ii) provide such Agent and, if applicable, such Forward Purchaser, with the officers' certificate, opinions/letters of counsel and accountants' letter called for by Sections 7(p), (q), (r) and (s) respectively, (iii) afford such Agent and, if applicable, such Forward Purchaser, the opportunity to conduct a due diligence review in accordance with Section 7(n) and (iv) file such Earnings 8-K with the Commission, then the provisions of clause (ii) of Section 6(g) shall not be applicable for the period from and after the time at which the foregoing conditions shall have been satisfied (or, if later, the time that is 24 hours after the time that the relevant Earnings Announcement was first publicly released) through and including the time that is 24 hours after the Filing Time of the relevant Quarterly Report on Form 10-Q or Annual Report on Form 10-K under the Exchange Act, as the case may be. For purposes of clarity, the parties hereto agree that (A) the delivery of any officers' certificate, opinions/letters of counsel and accountants' letter pursuant to this Section 6(h) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be, including, without limitation, the obligation to deliver officers' certificates, opinions/letters of counsel and accountants' letters as provided in Section 7 and (B) this Section 6(h) shall in no way affect or limit the operation of the provisions of clause (1) of Section 6(g), which shall have independent application.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Deemed Representations.* At each Applicable Time, Settlement Date, Registration Statement Amendment Date (as defined below), the date on which the Company files with the Commission an Annual Report on Form 10-K or a Quarterly Report on Form 10-Q, or on any date an Agent may so request (*provided* that such Agent shall not make such a request during any period that the Company is not and will not be selling any Securities), the Company shall be deemed to have affirmed each representation and warranty contained in this Agreement. "<u>Registration Statement Amendment Date</u>" shall mean each date the Registration Statement or the Prospectus shall be amended or supplemented (other than (1) by an amendment or supplement providing solely for the determination of the terms of the Securities, (2) in connection with the filing of a prospectus supplement that contains solely the information with regard to the number of Securities sold to or through an Agent under this Agreement, the net proceeds received by the Company pursuant to this Agreement and each Confirmation and the compensation paid by the Company to an Agent with respect to sales of Securities in an Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed by the Company in respect of any quarter in which sales of Securities were made through an Agent under this Agreement, (3) in connection with the filing of any Current Reports on Form 8-K (other than an Earnings 8-K and any other current reports on Form 8-K which contain capsule financial information, financial statements, supporting schedules or other financial data, including any Current Report on Form 8-K under Item 2.02 of such form that is considered "filed" under the Exchange Act) or (4) by a prospectus supplement relating to the offering of other securities (including, without limitation, other shares of Common Stock)). Any obligation of an Agent to use its commercially reasonable efforts to sell the Securities shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section 9 of this Agreement.

SECTION 7. <u>Covenants of the Company</u><u>.</u><u> </u>

The Company covenants with the Agents and the Forward Purchasers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compliance with Securities Regulations and Commission Requests*. The Company, subject to Section 7(b) and 7(c) hereof, will comply with the requirements of Rule 430B, and will notify the Agents and the Forward Purchasers as soon as practicable, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement or any new registration statement relating to the Securities shall become effective or any amendment or supplement to the Prospectus shall have been filed (other than an amendment or supplement providing solely for the determination of the terms of an offering of securities unless related to an offering of Securities, as to which the Company will only be obligated to notify the applicable Agent(s)), (ii) of the receipt of any comments from the Commission, (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus, including any document incorporated by reference therein, or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any *notice* of objection to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) or of the issuance of any order preventing or suspending the use of any preliminary prospectus or the Prospectus or any amendment or supplement thereto, or of the suspension of the qualification of any Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with any offering of Securities. The Company will effect all filings required under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company will use its commercially reasonable efforts to prevent the issuance of any stop, prevention or suspension order and, if any such order is issued, to obtain the lifting thereof as soon as practicable. In the event of any issuance of a notice of objection by the Commission, the Company will take all action reasonably necessary to permit offers and sales of Securities by or through the Agents, including, without limitation, amending the Registration Statement or filing a new shelf registration statement relating thereto. The Company shall pay the required Commission filing fees relating to the Securities prior to the time the initial Prospectus Supplement is filed with the Commission or the time any subsequent Prospectus Supplement that increases the gross offering price or number of Securities that may be offered and sold under this Agreement from that referenced in the immediately preceding Prospectus Supplement filed with the Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Continued Compliance with Securities Laws*. The Company will comply with the Securities Act and the Exchange Act so as to permit the completion of sales and/or delivery of Securities and Confirmation Securities as contemplated in this Agreement, any Confirmation, the Registration Statement, the General Disclosure Package and the Prospectus. If any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Agents and the Forward Purchasers or counsel for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) amend or supplement the General Disclosure Package or the Prospectus in order that the General Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus, as the case may be, including, without limitation, by the filing of any document incorporated by reference therein, in order to comply with the requirements of the Securities Act or the Exchange Act, the Company will promptly and at its expense (A) give the Agents and the Forward Purchasers or, in the case of an offer and sale of Securities to the applicable Agent(s) as principal, such Agent(s), written notice of such event or condition, (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Agents and the Forward Purchasers or such Agent(s), as the case may be, with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement and use its commercially reasonable efforts to have any amendment to the Registration Statement declared effective by the Commission as soon as possible if the Company is no longer eligible to file an automatic shelf registration statement; provided, however, that the Company shall not file or use any such amendment or supplement to which the Agents and the Forward Purchasers or such Agent(s), as the case may be, or their counsel shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Filing or Use of Amendments and Supplements*. The Company will give the Agents and the Forward Purchasers or, in the case of an offer and sale of Securities to the applicable Agent(s) as principal, such Agent(s) written notice of its intention to file or use any amendment to the Registration Statement or any amendment or supplement to the General Disclosure Package or the Prospectus (other than an amendment or supplement thereto relating solely to the offering of securities, unless related to an offering of Securities), whether pursuant to the Securities Act, the Exchange Act or otherwise, will furnish the Agents and the Forward Purchasers or such Agent(s), as the case may be, with copies of any such document a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document to which the Agents, the Forward Purchasers or such Agent(s), as the case may be, or their counsel shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delivery of Registration Statements*. The Company has furnished or will deliver to the Agents, the Forward Purchasers and their counsel, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein) and signed copies of all consents and certificates of experts. The signed copies of the Registration Statement and each amendment thereto furnished to the Agents, the Forward Purchasers and their counsel will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Delivery of Prospectuses*. The Company will furnish to the Agents and the Forward Purchasers or, in the case of an offer and sale of Primary Securities to the applicable Agent(s) as principal, such Agent(s), without charge, upon execution of this Agreement and thereafter during the period in which a prospectus is (or, but for the exception afforded by Rule 172 under the Securities Act ("<u>Rule 172</u>"), would be) required by the Securities Act to be delivered in connection with any offer or sale of Securities, such number of copies of the Prospectus (as amended or supplemented) as any Agent, any Forward Purchaser or such Agent(s), as the case may be, may reasonably request. The Company will also furnish, upon request of any Agent, any Forward Purchaser or such Agent(s), as the case may be, copies of the Prospectus (as amended or supplemented) to each exchange or market on which sales of Securities were made as may be required by the rules and regulations of such exchange or market. The Prospectus and any amendments or supplements thereto furnished in accordance with this Section 7(e) will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Reporting Requirements*. The Company, during the period in which a prospectus is (or, but for the exception afforded by Rule 172, would be) required by the Securities Act to be delivered in connection with any offer or sale of *Securities*, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods prescribed by, and meeting the requirements of, the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Issuer Free Writing Prospectuses*. The Company agrees that, unless it obtains the prior written consent of the applicable Agent(s) and the applicable Forward Purchaser(s), it will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433. The Company represents that it has treated and agrees that it will treat each such free writing prospectus consented to by the applicable Agent(s) and the applicable Forward Purchaser(s) as an "issuer free writing prospectus," as defined in Rule 433, and that it will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus any event shall occur or condition shall exist as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or the Prospectus or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the applicable Agent(s) and the applicable Forward Purchaser(s) and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Blue Sky and Other Qualifications*. The Company will use its commercially reasonable efforts, in cooperation with the Agents and the Forward Purchasers or, in the case of an offer and sale of Securities to the applicable Agent(s) as principal, such Agent(s), to qualify the Securities and any Confirmation Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as any Agent, any Forward Purchaser or any such Agent(s), as the case may be, may designate and to maintain such qualifications in effect so long as required to complete the distribution of the Securities contemplated by this Agreement or the issuance, sale and/or delivery of any Confirmation Securities pursuant to any Confirmation; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Rule 158*. The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Agents the benefits contemplated by, the last paragraph of Section 11(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Use of Proceeds*. The Company will use the Net Proceeds and the net proceeds received in connection with the settlement of each Confirmation in the manner specified in the Prospectus under the caption "Use of Proceeds."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Listing*. During any period in which the Prospectus relating to the Securities is required to be delivered by the Agents under the Securities Act with respect to a pending sale of the Securities (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its reasonable efforts to effect and maintain the listing of the Securities and any Confirmation Securities on the NYSE, subject only to notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Notice of Other Sales*. From the time the Company issues a Placement Notice until the settlement for sales of all Securities remaining under such Placement Notice (as amended by the corresponding Acceptance, if applicable), the Company will not, without (i) giving the Agents and the Forward Purchasers at least two Business Days' prior written notice specifying the nature of the proposed sale and the date of such proposed sale and (ii) any Agent or any Forward Purchaser suspending activity under this program for such period of time as requested by the Company or as deemed appropriate by such Agent or such Forward Purchaser in light of the proposed sale, (A) offer,

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sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, except as provided hereunder, any securities of the Company that are substantially similar to the Securities, including but not limited to any options or warrants to purchase shares of Common Stock or any securities that are convertible into or exchangeable for, or that represent the right to receive, Common Stock or any such substantially similar securities or publicly disclose the intention to make any offer, sale, pledge, disposition or filing, or (B) enter into any swap or other agreement or any transaction that transfers in whole or in part, directly or indirectly, any of the economic consequences of ownership of the Common Stock, or any securities convertible into or exchangeable or exercisable for or repayable with Common Stock, whether any such swap or transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise (other than (x) the Common Stock to be offered and sold through any Agent pursuant to this Agreement or to any Agent pursuant to any terms agreement relating to this Agreement or any Confirmation Shares to be issued, sold and/or delivered pursuant to any Confirmation, (y) with respect to and/or pursuant to employee stock incentive plans or long-term incentive plans, or upon the exercise, conversion or exchange of options or convertible or exchangeable securities, in each case described in the Company's reports filed with the Commission under the Exchange Act, or (z) with respect to shares issued pursuant to any dividend reinvestment or employee share purchase plan described in the Company's reports filed with the Commission under the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Change of Circumstances*. The Company will, at any time during a fiscal quarter in which the Company intends to submit a Placement Notice or otherwise have Securities be sold, advise the Agents and the Forward Purchasers promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided to the Agents and the Forward Purchasers pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Due Diligence Cooperation*. The Company will cooperate with any reasonable due diligence review conducted by any Agent, any Forward Purchaser or their counsel in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior officers, during regular business hours and at the Company's principal offices, as they may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Disclosure of Sales*. The Company will disclose in its Quarterly Reports on Form 10-Q and in its Annual Report on Form 10-K the number of Securities sold to or through the Agents, the number of Confirmation Securities issued, sold and/or delivered pursuant to each Confirmation, the net proceeds to the Company and the compensation payable by the Company with respect to such sales and deliveries, in each case during such fiscal quarterly period, and the total number of remaining Confirmation Securities issuable by the Company under each outstanding Confirmation as of the last day of such fiscal quarterly period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Representation Dates; Certificate*. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each time the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) files the Prospectus relating to the Securities or amends or supplements the Registration Statement or the Prospectus relating to the Securities by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) files an Annual Report on Form 10-K under the Exchange Act, or an amendment thereto containing financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) files a Quarterly Report on Form 10-Q under the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) files a Current Report on Form 8-K containing amended financial information (other than an earnings release, to "furnish" information pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at any other time reasonably requested by an Agent or a Forward Purchaser (each such date of filing of one or more of the documents referred to in clauses (1)(A) through (D) and any time of request pursuant to this Section 7(p) shall be a "<u>Representation Date</u>"),

the Company shall furnish the Agents and the Forward Purchasers with a certificate, in the form attached hereto as <u>Exhibit</u> <u>F</u> within three Trading Days of any Representation Date. The requirement to provide a certificate under this Section 7(p) shall be waived for any Representation Date occurring at a time at which no Placement Notice (as amended by the corresponding Acceptance, if applicable) is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently wishes that Securities be sold following a Representation Date when the Company relied on such waiver and did not provide the Agents and the Forward Purchasers with a certificate under this Section 7(p), then before the Company delivers the Placement Notice or an Agent sells Securities, the Company shall provide the Agents and the Forward Purchasers with a certificate, in the form attached hereto as <u>Exhibit</u> <u>F</u>, dated the date of such Placement Notice, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Company Counsel Legal Opinion*. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, and within three Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <u>Exhibit</u> <u>F</u> for which no waiver is applicable, the Company shall cause to be furnished to the Agents and the Forward Purchasers the written opinion of Hogan Lovells US LLP ("<u>Company Counsel</u>"), or other counsel reasonably satisfactory to the Agents and the Forward Purchasers, in form and substance reasonably satisfactory to the Agents, the Forward Purchasers and their counsel, dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <u>Exhibit</u> <u>E</u>, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; *provided*, *however*, that in lieu of such opinions for subsequent Representation Dates, counsel may furnish the Agents and the Forward Purchasers with a letter (a "<u>Reliance Letter</u>") to the effect that the Agents and Forward Purchasers may rely on a prior opinion delivered under this Section 7(q) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Agents' and Forward Purchasers' Counsel Legal Opinion*. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, and within three Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <u>Exhibit</u> <u>F</u> for which no waiver is applicable, the Agents and the Forward Purchasers shall have received such written opinion or opinions of Sidley Austin LLP, counsel for the Agents and the Forward Purchasers, dated as of such date, in form and substance satisfactory to the Agents and the Forward Purchasers, with respect to such matters as the Agents and the Forward Purchasers may reasonably request, and the Company shall have furnished to such counsel such documents as it reasonably requests for the purpose of enabling it to pass upon such matters; *provided*, *however*, that in lieu of such opinions for subsequent Representation Dates, counsel may furnish the Agents and the Forward Purchasers with a Reliance Letter to the effect that the Agents and the Forward Purchasers may rely on a prior opinion delivered under this Section 7(r) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Comfort Letter*. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, and within three Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <u>Exhibit</u> <u>F</u> for which no waiver is applicable, the Company shall cause its independent accountants (and any other independent accountants whose report is included in the Registration Statement or the Prospectus) to furnish the Agents a letter (a "<u>Comfort Letter</u>"), dated the date the Comfort Letter is delivered, in form and substance satisfactory to the Agents, containing statements and information of the type ordinarily included in an accountant's "comfort letter" to underwriters with respect to the financial statements and other financial information included in the Registration Statement, the General Disclosure Package and the Prospectus or any amendment or supplement thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Market Activities*. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or (ii) sell, bid for, or purchase the Securities to be offered and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Securities to be offered and sold pursuant to this Agreement other than the Agents; *provided*, *however*, that the Company may bid for and purchase its Common Stock in accordance with Rule 10b-18 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Securities Act and Exchange Act*. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Securities as contemplated by the provisions hereof and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Regulation M*. In the event the Securities cease to be an "actively traded security" exempt from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule, the Company will notify the Agents and the Forward Purchasers of such change as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *REIT Qualification.* The Company will use its best efforts to meet the requirements to continue to qualify for taxation as a REIT, for its taxable year ending December 31, 2026 and the Company will use its best efforts to continue to meet the requirements to qualify for taxation as a REIT under the Code thereafter until the Board of Directors of the Company determines that it is no longer in the best interests of the Company and its stockholders to qualify as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Refusal to Purchase.* If, to the knowledge of the Company, all filings required by Rule 424 in connection with this offering shall not have been made or the representations in Sections 5(a)(1)-(4) shall not be true and correct on the applicable Settlement Date, the Company will offer to any person who has agreed to purchase Securities from the Company as the result of an offer to purchase solicited by an Agent the right to refuse to purchase and pay for such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *Proprietary Trading by the Agents*. The Company consents, to the extent permitted under the Securities Act and the Exchange Act, to the Agents, the Forward Purchasers and their respective affiliates trading in the Common Stock for their own account and for the account of their clients at the same time as sales and/or deliveries of Securities occur pursuant to this Agreement and of any Confirmation Securities occur pursuant to any Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *Reservation of Securities.* The Company agrees to reserve and keep available sufficient shares of Common Stock to provide for the issuance, free of any preemptive rights, out of its authorized but unissued Common Stock, of the maximum aggregate (i) value of Securities duly authorized for issuance pursuant to the terms of this Agreement and (ii) number of shares of Common Stock issuable upon settlement of each Confirmation. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Compliance with the Sarbanes-Oxley Act.* The Company will comply in all material respects with all applicable provisions of the Sarbanes-Oxley Act that are in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Absence of Manipulation.* Except as contemplated in the Registration Statement, the General Disclosure Package and the Prospectus, the Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Securities or a violation of Regulation M under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *Renewal Deadline.* If any Securities remain unsold prior to the third anniversary of the initial effective date of the Registration Statement (the "<u>Renewal Deadline</u>"), this Agreement has not terminated and a prospectus is required to be delivered or made available by an Agent under the Securities Act or the Exchange Act in connection with the sale of any Securities, then the Company will, prior to the Renewal Deadline, file, if it is eligible

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to do so, a new automatic shelf registration statement relating to the Securities, in form and substance reasonably satisfactory to the Agents and the Forward Purchasers. If the Company is not eligible to file an automatic shelf registration statement at such time, then the Company will, prior to the Renewal Deadline, file a new shelf registration statement on the proper form relating to the Securities, in form and substance reasonably satisfactory to the Agents and the Forward Purchasers, and use its commercially reasonable efforts to cause such new shelf registration statement to be declared effective as promptly as practicable after the Renewal Deadline. The Company will take all other action necessary or appropriate to permit the offering and sale of the Securities to continue as contemplated in the expired Registration Statement. References herein to the "Registration Statement" shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *Ceasing Eligibility For Use of Automatic Shelf Registration Statement Form*. If, at any time, during the term of this Agreement or otherwise when Securities purchased by an Agent as principal remain unsold, the Company receives a notice from the Commission pursuant to Rule 401(g)(2) or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (i) promptly notify the Agents and the Forward Purchasers, (ii) promptly file a new shelf registration statement or post-effective amendment on the proper form relating to such Securities, in form and substance reasonably satisfactory to the Agents and the Forward Purchasers, (iii) use its reasonable efforts to cause such new shelf registration statement or post-effective amendment to be declared effective as soon as practicable and (iv) promptly notify the Agents and the Forward Purchasers of such effectiveness. The Company will take all other action necessary or appropriate to permit the offering and sale of the Securities to continue as contemplated in the Registration Statement that was the subject of the Rule 401(g)(2) notice or for which the Company has otherwise become ineligible. References herein to the "Registration Statement" shall include such new shelf registration statement or post-effective amendment, as the case may be.

SECTION 8. <u>Payment of Expenses</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Expenses*. The Company covenants and agrees with the Agents and the Forward Purchasers that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of Company Counsel and the Company's accountants in connection with the registration of the Securities under the Securities Act and all other expenses in connection with the preparation, printing, reproduction and filings of the Registration Statement, the Prospectus and any Issuer Free Writing Prospectus and the mailing and delivering of copies thereof to the Agents and the Forward Purchasers, (ii) the cost of printing or producing this Agreement, any Blue Sky memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Securities, (iii) all expenses in connection with the qualification of the Securities and any Confirmation Securities for offering and sale under state securities laws as provided in Section 7(h) hereof, including the reasonable fees and disbursements of counsel for the Agents and the Forward Purchasers in connection with such qualification and in connection with any Blue Sky survey, (iv) all fees and expenses in connection with listing the Securities and any Confirmation Securities on the NYSE, and any stock or transfer taxes and stamp or similar duties on the issuance and listing of the Securities and any Confirmation Securities, (v) the filing fees incident to, and the reasonable fees and disbursements of counsel for the Agents in connection with, any required review by FINRA of the terms of the sale of the Securities (not to exceed an aggregate $5,000 combined for the Agents (excluding filing fees)), (vi) the cost of preparing stock certificates, (vii) the cost and charges of any transfer agent or registrar, (viii) all other costs and expenses incident to the performance of the Company's obligations hereunder or under any Confirmation which are not otherwise specifically provided for in this Section 8 and (ix) if Securities having an aggregate offering price of $75,000,000 or more have not been offered and sold under this Agreement by the thirty-six-month anniversary of this Agreement (or such earlier date on which the Company terminates this Agreement) (the "<u>Determination Date</u>"), the Company shall reimburse the Agents and the Forward Purchasers for all of their reasonable out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Agents and the Forward Purchasers incurred by the Agents and the Forward Purchasers in connection with the transactions contemplated by this Agreement (the "<u>Expenses</u>"); *provided* that the Company shall not be obligated to reimburse any Expenses pursuant to this Agreement in excess of $150,000 in the aggregate. If such Expenses pursuant to this Agreement are in excess of the $150,000 limit of reimbursement, each Agent and each Forward Purchaser under this Agreement shall be reimbursed for its pro rata share (based on the aggregate offering price of Securities sold by each Agent pursuant to this Agreement as of the Determination Date) of up to $150,000 of such Expenses. The Expenses shall be due and payable by the Company to the Agents within five Business Days of the Determination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Termination of Agreement*. If this Agreement is terminated by an Agent or the Company in accordance with the provisions of this Agreement, then the Company shall reimburse such Agent and, if applicable, such Forward Purchaser for all of its Expenses in connection with the transactions contemplated by this Agreement, unless Securities having an aggregate offering price of $75,000,000 or more have previously been offered and sold under this Agreement; *provided* that the Company shall not be obligated to reimburse any Expenses pursuant to this Agreement in excess of $150,000 in the aggregate.

SECTION 9. <u>Conditions of the Agents</u><u>'</u> <u>Obligations</u><u>.</u>

The obligations of the Agents hereunder will be subject, in their discretion, to the continuing accuracy and completeness of the representations and warranties of the Company contained in this Agreement or in certificates of any officer of the Company or any subsidiary of the Company delivered pursuant to the provisions hereof, at each Representation Date and at each Trade Date (as defined in each applicable Confirmation), to the performance by the Company of its covenants and other obligations hereunder and thereunder, as applicable, and to the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Effectiveness of Registration Statement*. The Registration Statement shall have become effective and shall be available for (i) all sales of Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding Acceptance, if applicable), and (ii) the sale of all Securities contemplated to be issued by any Placement Notice (each as amended by a corresponding Acceptance, if applicable). The Company shall have paid the required filing fees related to the Securities and any Confirmation Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Material Notices*. None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of its subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Securities or Confirmation Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any statement made in the Registration Statement or the Prospectus, or any Issuer Free Writing Prospectus, or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus, or any Issuer Free Writing Prospectus, or such documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus and any Issuer Free Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Opinion of Counsel for the Company*. The Agents and the Forward Purchasers shall have received the favorable opinion of Hogan Lovells US LLP, or other counsel for the Company reasonably satisfactory to the Agents and the Forward Purchasers, required to be delivered pursuant to Section 7(q) on or before the date on which such delivery of such opinion is required pursuant to Section 7(q).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Opinion of Counsel for the Agents and the Forward Purchasers*. The Agents and the Forward Purchasers shall have received the favorable opinion of Sidley Austin LLP, counsel for the Agents and the Forward Purchasers, required to be delivered pursuant to Section 7(r) on or before the date on which delivery of such opinion is required pursuant to Section 7(r).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Representation Certificate*. The Agents and the Forward Purchasers shall have received the certificate required to be delivered pursuant to Section 7(p) on or before the date on which delivery of such certificate is required pursuant to Section 7(p).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Accountants' Comfort Letter*. The Agents shall have received the Comfort Letter required to be delivered pursuant Section 7(s) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Approval for Listing*. The Securities and any Confirmation Securities shall have been, or will be prior to the sale thereof, approved for listing on the NYSE, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *No Suspension*. Trading in the Common Stock shall not have been suspended on the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Additional Documents*. On each date on which the Company is required to deliver a certificate pursuant to Section 7(p), counsel for the Agents and the Forward Purchasers shall have been furnished with such documents and opinions as they may require for the purpose of enabling it to deliver the opinion contemplated by Section 7(r) of this Agreement, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Securities Act Filings Made*. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of any Placement Notice shall have been made within the applicable time period prescribed for such filing by Rule 424.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Termination of Agreement*. If any condition specified in this Section 9 shall not have been fulfilled when and as required to be fulfilled, then this Agreement may be terminated by the applicable Agent(s) or the applicable Forward Purchaser(s) by notice to the Company, and such termination shall be without liability of any party to any other party except as provided in Section 8 hereof and except that, in the case of any termination of this Agreement, Sections 5, 10, 11, 12 and 21 hereof shall survive such termination and remain in full force and effect.

SECTION 10. <u>Indemnification</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company of the Agents and the Forward Purchasers*. The Company agrees to indemnify and hold harmless the Agents, the Forward Purchasers, their respective affiliates (as such term is defined in Rule 501(b) under the Securities Act (each, an "<u>Affiliate</u>")), their selling agents and each person, if any, who controls such Agent or such Forward Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rule 430B, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact included (A) in any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) or (B) in any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("<u>Marketing Materials</u>"), including any roadshow or investor presentations made to investors by the Company (whether in person or electronically), or the omission or alleged omission in any preliminary prospectus, Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus or any Marketing Materials of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any Governmental Entity, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 10(d) below) any such settlement is effected with the written consent of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Agents and the Forward Purchasers), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Entity, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (1) or (2) above;

provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rule 430B or the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Agent Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification of the Agents.* Each Agent, severally and not jointly, agrees to indemnify and hold harmless the Company, its directors, each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section 10, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rule 430B, or the General Disclosure Package or the Prospectus (or any amendment or supplement thereto), in reliance upon and in conformity with the Agent Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Actions against Parties; Notification*. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. In the case of parties indemnified pursuant to Section 10(a), counsel for the indemnified parties shall be selected by the Agents and the Forward Purchasers, and, in the case of parties indemnified pursuant to Section 10(b), counsel for the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel for the indemnifying party shall not (except with the written consent of the indemnified party) also be counsel for the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any Governmental Entity, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 10 or Section 11 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Settlement without Consent if Failure to Reimburse*. If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 10(a)(2) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

SECTION 11. <u>Contribution</u><u>.</u>

If the indemnification provided for in Section 10 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative

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benefits received by the Company, on the one hand, and the applicable Agent(s) and the applicable Forward Purchaser(s), on the other hand, from the applicable offering of the Securities pursuant to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the applicable Agent(s) and the applicable Forward Purchaser(s), on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

The relative benefits received by the Company, on the one hand, and the applicable Agent(s) and the applicable Forward Purchaser(s), on the other hand, in connection with the applicable offering of the Securities shall be deemed to be in the same respective proportions as the total net proceeds from such offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company (and, for purposes of the foregoing, the Company shall be deemed to have received net proceeds from the sale of Securities sold through any of the applicable Agents, as forward sellers in connection with the related Confirmation(s), in an amount equal to the proceeds that would have been received by the Company upon full physical settlement of the Confirmation Securities under such Confirmation(s), assuming that the aggregate amount payable by the related Forward Purchaser to the Company for such Confirmation Securities is equal to the aggregate amount of net proceeds received by such Forward Purchaser from the sale of such Securities through such Agent), on the one hand, and the commission received by the applicable Agent(s) and the aggregate net Spread (as defined in the applicable Confirmation(s) (net of any commercially reasonable related hedging and other costs) received by the applicable Forward Purchaser(s)), on the other hand, bear to the aggregate price of the Securities sold pursuant to this Agreement.

The relative fault of the Company, on the one hand, and the applicable Agent(s) and the applicable Forward Purchaser(s), on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or by the applicable Agent(s) and the applicable Forward Purchaser(s), on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 11 were determined by pro rata allocation (even if the applicable Agent(s) and the applicable Forward Purchaser(s) were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 11. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 11 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Entity, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

Notwithstanding the provisions of this Section 11, no Agent shall be required to contribute any amount in excess of the commission received by such Agent in connection with the Securities sold through it pursuant to this Agreement.

No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

For purposes of this Section 11, each person, if any, who controls an Agent or Forward Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and an Agent's or a Forward Purchaser's Affiliates and selling agents shall have the same rights to contribution as such Agent or Forward Purchaser, as applicable, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company.

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SECTION 12. <u>Representations, Warranties and Agreements to Survive Delivery</u><u>.</u>

All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company or any of its subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of an Agent, a Forward Purchaser or their respective affiliates, selling agents, officers or directors or any person controlling such party, the Company or its officers or its directors, or any person controlling the Company, and (ii) delivery of and payment for Securities or any Confirmation Securities.

SECTION 13. <u>Termination of Agreement</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination; General*. An Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (i) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Effect, or (ii) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of such Agent, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, or (iii) if trading in the Securities has been suspended or limited by the Commission or the NYSE, or if trading generally on the NYSE MKT, the NYSE or the Nasdaq Global Market has been suspended or limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA or any other Governmental Entity, or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or, with respect to Clearstream Banking S.A., or Euroclear Bank SA/NV, systems in Europe, or (iv) if a banking moratorium has been declared by either Federal or New York authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Termination by the Company*. The Company shall have the right, by giving one Business Day's notice to terminate this Agreement in its sole discretion at any time after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Termination by the Agents*. Each Agent shall have the right, by giving one Business Day's notice as hereinafter specified to terminate this Agreement, solely as to itself, in its sole discretion at any time after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Automatic Termination*. Unless earlier terminated pursuant to this Section 13, this Agreement shall automatically terminate upon the offering and sale of all of the Securities to or through the Agents on the terms and subject to the conditions set forth herein with an aggregate sale price equal to the Maximum Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Continued Force and Effect*. This Agreement shall remain in full force and effect unless terminated pursuant to Section 13(a), (b), (c), or (d) or otherwise by mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Effectiveness of Termination*. Any termination of this Agreement shall be effective on the date specified in such notice of termination; *provided*, *however*, that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agents and the Forward Purchasers or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Securities, then such Securities shall settle in accordance with the provisions of this Agreement. And, if a Pricing Supplement (as defined in the relevant Confirmation) has not been executed and delivered on or prior to such date, then the provisions of this Agreement as they relate to the applicable Confirmation shall survive such termination until such time as such Pricing Supplement has been executed and delivered pursuant to such Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Liabilities*. If this Agreement is terminated pursuant to this Section 13, such termination shall be without liability of any party to any other party except as provided in Section 8 hereof, and except that, in the case of any termination of this Agreement, Sections 5, 10, 11, 12 and 21 hereof shall survive such termination and remain in full force and effect.

------

SECTION 14. <u>Notices</u><u>.</u>

Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication.

Notices to the Agents shall be directed to:

BMO Capital Markets Corp.

Equity-Linked Capital Markets

151 W 42nd Street 32nd Floor New York, NY 10036

Attention: Brian Riley

Telephone: (212) 605-1414

Facsimile: (212) 885-4165

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

Attention: ATM Execution Team

Email: dg.atm_execution@bofa.com

Facsimile: (646) 855-3073

Cantor Fitzgerald & Co.

110 East 59th Street

New York, New York 10022

Attention: ATM Group

Email: CFCEO@cantor.com

Huntington Securities, Inc.

41 South High Street

Columbus, Ohio 43215

Attention: Peter Dippolito / Equity Capital Markets

Email: peter.dippolito@huntington.com with copy to

ecm_corpservicesexecution@huntington.com

J.P. Morgan Securities LLC

270 Park Avenue

New York, New York 10017

Attention: Sanjeet Dewal

Facsimile: (212) 622-8783

Email: sanjeet.s.dewal@jpmorgan.com

KeyBanc Capital Markets Inc.

127 Public Square, 7th Floor

Cleveland, Ohio 44114

Attention: Jaryd Banach, Michael Jones, John Salisbury, Nathan Flowers

Telephone: (216) 689-3910

Email: Jaryd.Banach@key.com; michael.c.jones@key.com;

john.salisbury@key.com; nathan.flowers@key.com

PNFP Capital Markets, Inc.

21 Platform Way South, Suite 2300

Nashville, Tennessee 37203

Attention: Gary Wunderlich

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Regions Securities LLC

615 South College Street, Suite 600,

Charlotte, North Carolina 28202

Attention: Equity Capital Markets Desk

Email: ECMDesk@regions.com

Stifel, Nicolaus & Company, Incorporated

1201 Wills Street, Suite 600

Baltimore, Maryland 21231

Attn: Syndicate Department

Email: SyndProspectus@stifel.com

Wells Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

Attention: Equity Syndicate Department and the Special Equities Desk

Facsimile: (212) 214-5918

Notices to the Forward Purchasers shall be directed to:

Bank of Montreal

55 Bloor Street West, 18th Floor

Toronto, Ontario M4W 1A5 Canada

Attention: Manager, Derivatives Operations

Facsimile: (416) 552-7904

Telephone: (416) 552-4177

With a Copy to:

Bank of Montreal

100 King Street West, 20th Floor

Toronto, Ontario M5X 1A1 Canada

Attention: Associate General Counsel & Managing Director, Derivatives Legal Group

Facsimile: (416) 956-2318

Bank of America, N.A.

One Bryant Park

New York, New York 10036

Attention: Rohan Handa

Email: rohan.handa@bofa.com

CF Secured, LLC

110 East 59th Street

New York, New York 10022

Attention: CF Swaps

Email: CFSwaps@cantor.com

Huntington Securities, Inc.

41 South High Street

Columbus, Ohio 43215

Attention: Peter Dippolito / Equity Capital Markets

Email: peter.dippolito@huntington.com with copy to ecm_corpservicesexecution@huntington.com

JPMorgan Chase Bank, National Association

270 Park Avenue

New York, New York 10017

------

EDG Marketing Support

E-mail: edg_notices@jpmorgan.com, edg_ny_corporate_sales_support@jpmorgan.com

With a copy to:

Attention: Sanjeet Dewal

Email: sanjeet.s.dewal@jpmorgan.com

KeyBanc Capital Markets Inc.

127 Public Square, 7th Floor

Cleveland, Ohio 44114

Attention: Jaryd Banach, Michael Jones, John Salisbury, Nathan Flowers

Telephone: (216) 689-3910

Email: Jaryd.Banach@key.com; michael.c.jones@key.com;

john.salisbury@key.com; nathan.flowers@key.com

Regions Securities LLC

615 South College Street, Suite 600,

Charlotte, North Carolina 28202

Attention: Equity Capital Markets Desk

Email: ECMDesk@regions.com

Stifel, Nicolaus & Company, Incorporated

1201 Wills Street, Suite 600

Baltimore, Maryland 21231

Attn: Syndicate Department

Email: SyndProspectus@stifel.com

Wells Fargo Bank, National Association

500 West 33rd Street

New York, New York 10001

Attention: Equity Syndicate Department and the Special Equities Desk

Email: CorporateDerivativeNotifications@wellsfargo.com

Notices to the Company shall be directed to:

National Health Investors, Inc.

222 Robert Rose Drive

Murfreesboro, Tennessee 37129

Attention: Chief Financial Officer

Email: jlspaid@nhireit.com

Fax: 1-615-225-3030

SECTION 15. <u>Parties</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Agents, the Forward Purchasers, their respective Affiliates, the Company and their respective successors and the controlling persons and officers and directors referred to in Sections 10 and 11 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Agents, the Forward Purchasers, their respective Affiliates, the Company and their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Agents shall be deemed to be a successor by reason merely of such purchase.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An entity acting as a Forward Purchaser (the "<u>Previous Forward Purchaser</u>") may, without the consent of the other parties hereto, designate an Affiliate to replace it as Forward Purchaser (the "<u>New Forward Purchaser</u>"), in which case, from the date of such designation, the New Forward Purchaser shall for all the purposes of this Agreement be substituted for the Previous Forward Purchaser as a Forward Purchaser party hereto (as assignee of the Previous Forward Purchaser); provided, that the Previous Forward Purchaser and such Affiliate shall have entered into a written agreement evidencing such assignment by the Previous Forward Purchaser and the acceptance of such assignment and the assumption of such obligations by such Affiliate.

SECTION 16. <u>Adjustments for Stock Splits</u><u>.</u>

The parties acknowledge and agree that all stock related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Securities.

SECTION 17. <u>Trial by Jury</u><u>.</u>

The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Agents hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 18. <u>Governing Law and Time</u><u>.</u>

THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.

SECTION 19. <u>Effect of Headings</u><u>.</u>

The section and exhibit headings herein are for convenience only and shall not affect the construction hereof.

SECTION 20. <u>Absence of Fiduciary Relationship</u><u>.</u>

The Company acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) each purchase and sale of Securities pursuant to this Agreement and the issuance, sale and/or delivery of Confirmation Securities pursuant to any Confirmation, including the determination of the respective public offering prices of Securities, if any, and any related fees and commissions, is an arm's-length commercial transaction between the Company, on the one hand, and the Agents and/or the Forward Purchasers, on the other hand; (ii) no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agents and the Forward Purchasers, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agents or the Forward Purchasers have advised or are advising the Company on other matters; and (iii) the Agents and the Forward Purchasers have no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agents and the Forward Purchasers have not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement, and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent the Company has deemed appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is aware that the Agents, the Forward Purchasers and their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company, and the Agents and the Forward Purchasers have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it waives, to the fullest extent permitted by law, any claims it may have against the Agents or the Forward Purchasers for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Agents and the Forward Purchasers shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company.

SECTION 21. <u>Consent to Jurisdiction</u><u>.</u>

Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted in (i) the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the "Specified Courts"), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party's address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.

SECTION 22. <u>Counterparts</u><u>.</u>

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

SECTION 23. <u>Recognition of the U.S. Special Resolution Regimes</u>.

In the event that any Agent or any Forward Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Agent or such Forward Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

In the event that any Agent or any Forward Purchaser that is a Covered Entity or a BHC Act Affiliate of such Agent or such Forward Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Agent or such Forward Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of foregoing two paragraphs, "BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b) or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and "U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

------

SECTION 24. <u>Partial Unenforceability</u><u>.</u>

The invalidity or unenforceability of any section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

[Signature Page Follows]

------

If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement between the parties hereto in accordance with its terms.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **NATIONAL HEALTH INVESTORS, INC.** | **NATIONAL HEALTH INVESTORS, INC.** |
| By: | /s/ John L. Spaid |
|  | Name: John L. Spaid |
|  | Title: Chief Financial Officer |

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[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

[*Signature Page to Equity Distribution Agreement*]

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| | | | |
|:---|:---|:---|:---|
| CONFIRMED AND ACCEPTED, as of the date first above written: | CONFIRMED AND ACCEPTED, as of the date first above written: |  |  |
| BMO Capital Markets Corp. | BMO Capital Markets Corp. | KeyBanc Capital Markets Inc. | KeyBanc Capital Markets Inc. |
| By: | /s/ Eric Benedict | By: | /s/ Michael Jones |
|  | Name: Eric Benedict |  | Name: Michael Jones |
|  | Title: Co-Head, Global ECM |  | Title: Managing Director |
| BofA Securities, Inc. | BofA Securities, Inc. | PNFP Capital Markets, Inc. | PNFP Capital Markets, Inc. |
| By: | /s/ Gray Hampton | By: | /s/ David James |
|  | Name: Gray Hampton |  | Name: David James |
|  | Title: Vice Chairman |  | Title: Chief Compliance Officer |
| Cantor Fitzgerald & Co. | Cantor Fitzgerald & Co. | Regions Securities LLC | Regions Securities LLC |
| By: | /s/ Matthew Crawford | By: | /s/ Edward L. Armstrong |
|  | Name: Matthew Crawford |  | Name: Edward L. Armstrong |
|  | Title: Managing Director |  | Title: Managing Director - ECM |
| Huntington Securities, Inc. | Huntington Securities, Inc. | Stifel, Nicolaus & Company, Incorporated | Stifel, Nicolaus & Company, Incorporated |
| By: | /s/ Peter Dippolito | By: | /s/ Chad M. Gorsuch |
|  | Name: Peter Dippolito |  | Name: Chad M. Gorsuch |
|  | Title: Head of Equity Capital Markets |  | Title: Managing Director |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
| By: | /s/ Preston Ryman | By: | /s/ Rohit Mehta |
|  | Name: Preston Ryman |  | Name: Rohit Mehta |
|  | Title: Vice President |  | Title: Managing Director |
| As Agents | As Agents |  |  |

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[*Signature Page to Equity Distribution Agreement*]

------

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| | | | |
|:---|:---|:---|:---|
| CONFIRMED AND ACCEPTED, as of the date first above written: | CONFIRMED AND ACCEPTED, as of the date first above written: |  |  |
| Bank of Montreal | Bank of Montreal | KeyBanc Capital Markets Inc. | KeyBanc Capital Markets Inc. |
| By: | /s/ Brian Riley | By: | /s/ Michael Jones |
|  | Name: Brian Riley |  | Name: Michael Jones |
|  | Title: Managing Director, Global ECM |  | Title: Managing Director |
| Bank of America, N.A. | Bank of America, N.A. | Regions Securities LLC | Regions Securities LLC |
| By: | /s/ Jake Mendelsohn | By: | /s/ Edward L. Armstrong |
|  | Name: Jake Mendelsohn |  | Name: Edward L. Armstrong |
|  | Title: Managing Director |  | Title: Managing Director - ECM |
| CF Secured, LLC | CF Secured, LLC | Stifel, Nicolaus & Company, Incorporated | Stifel, Nicolaus & Company, Incorporated |
| By: | /s/ Pascal Bandelier | By: | /s/ Chad M. Gorsuch |
|  | Name: Pascal Bandelier |  | Name: Chad M. Gorsuch |
|  | Title: Executive Managing Director |  | Title: Managing Director |
| JPMorgan Chase Bank, National Association | JPMorgan Chase Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association |
| By: | /s/ Sanjeet Dewal | By: | /s/ Kevin Brillhart |
|  | Name: Sanjeet Dewal |  | Name: Kevin Brillhart |
|  | Title: Managing Director |  | Title: Managing Director |
| Huntington Securities, Inc. | Huntington Securities, Inc. |  |  |
| By: | /s/ Peter Dippolito |  |  |
|  | Name: Peter Dippolito |  |  |
|  | Title: Head of Equity Capital Markets |  |  |

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As Forward Purchasers, solely as the recipients and/or beneficiaries of certain representations, warranties, covenants and indemnities set forth in this Agreement

[*Signature Page to Equity Distribution Agreement*]

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EXHIBIT A

<u>FORM OF PLACEMENT NOTICE</u> 

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| | |
|:---|:---|
| From: | [ ] |
| Cc: | [ ] |
| To: | [ ] |

---

Subject: Equity Distribution—Placement Notice

Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement among National Health Investors, Inc. (the "<u>Company</u>"), the Agents and the Forward Purchasers, dated March 16, 2026 (the "<u>Agreement</u>"), I hereby request on behalf of the Company that [ ] sell Securities on consistent with the following terms:

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| | |
|:---|:---|
| Manner of Sale: | Agent to act as [principal][sales agent for the Company][forward seller for the related Forward Purchaser] |
| Minimum number of Securities to be sold: | [•] |
| First day of sales: | [•] |
| Last day of sales: | [•] |
| Hedge completion date deadline: | [•] |
| Aggregate maximum [number of shares][gross sales price of shares] to be sold: | [$][•] |
| Minimum price per share<sup>1</sup>: | $[•] |
| Commission: | [•]% |
| Spread: | [•]% |
| Stock Loan Fee: | [•]% |
| Stock Borrow Event threshold: | [•]% |
| Maturity Date: | [•], 20[•] |
| Threshold amount: | $[•] |
| Forward Price Reduction Dates / Amounts ($): | [•], 20[•] / $[•]<br> [•], 20[•] / $[•]<br> [•], 20[•] / $[•]<br> [•], 20[•] / $[•] |
| Any other limitation on number of Securities to be sold: | [•] |
| Other deviations from form of Confirmation: | [•] |

---

Capitalized terms used but not otherwise defined herein have the meanings set forth in the Agreement or the Form of Registered Forward Confirmation set forth in Exhibit G to the Agreement.

<sup>1</sup> Adjustable by the Company until the forward hedge completion date deadline.

Exh. A-1

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EXHIBIT B

<u>AUTHORIZED INDIVIDUALS FOR PLACEMENT NOTICES AND ACCEPTANCES</u> 

**COMPANY** 

**<u>National Health Investors, Inc.</u>:** 

D. Eric Mendelsohn: emendelsohn@nhireit.com

John Spaid: jlspaid@nhireit.com

**AGENTS** 

**<u>BMO Capital Markets Corp.</u>:** 

Eric Benedict: eric.benedict@bmo.com

Brian Riley: brian1.riley@bmo.com

Jake Doherty: jake.doherty@bmo.com

Steven DeVilbiss: steven.devilbiss@bmo.com

**<u>BofA Securities, Inc.</u>:** 

Gray Hampton: gray.w.hampton@bofa.com

Andreas Apostolatos: andreas.apostolatos@bofa.com

Matt Warren: matthew.g.warren@bofa.com

Crista Khong: crista.khong@bofa.com

Lillian Guo: lillian.guo@bofa.com

Catherine Livingston: catherine.livingston@bofa.com

So Young Lee: soyoung.lee@bofa.com

**<u>Cantor Fitzgerald</u> <u>& Co.</u>:** 

ATM Group: CFCEO@cantor.com

Sameer Vasudev: svasudev@cantor.com

Kenneth Sheldon: kenneth.sheldon@cantor.com

William Cavanaugh: wcavanaugh@cantor.com

Matthew Crawford: matthew.crawford@cantor.com

John Nelson: jnelson@cantor.com

**<u>Huntington Securities, Inc.</u>:** 

Peter Dippolito: peter.dippolito@huntington.com

Brian Stauffer: brian.stauffer@huntington.com

Equity Capital Markets: ECM_CorpServicesExecution@huntington.com

**<u>J.P. Morgan Securities LLC</u>:** 

Sanjeet Dewal: sanjeet.s.dewal@jpmorgan.com

Brett Chalmers: brett.chalmers@jpmorgan.com

Ara Movsesian: ara.movsesian@jpmorgan.com

Jemil Salih: jemil.d.salih@jpmorgan.com

**<u>KeyBanc Capital Markets Inc.</u>:** 

Jaryd Banach: jaryd.banach@key.com

Exh. B-1

------

Michael Jones: michael.c.jones@key.com

John Salisbury: john.salisbury@key.com

Nathan Flowers: nathan.flowers@key.com

**<u>PNFP Capital Markets, Inc.</u>**

Gary Wunderlich: Gary.Wunderlich@pnfp.com

**<u>Regions Securities LLC</u>:** 

Brit Stephens: brit.stephens@regions.com

Ed Armstrong: ed.armstrong@regions.com

Matthew Stewart: matthew.stewart@regions.com

Scott Williams: scott.williams2@regions.com

**<u>Stifel, Nicolaus</u> <u>& Company, Incorporated</u>:** 

Chad Gorsuch: cmgorsuch@stifel.com

Steve Zimmerman: zimmermans@stifel.com

Dan Covatta: dcovatta@stifel.com

Mark White: whitem@stifel.com

**<u>Wells Fargo Securities, LLC</u>:** 

Rohit Mehta: rohit.mehta2@wellsfargo.com

Nick Gorman: nicholas.j.gorman@wellsfargo.com

Jennifer Lynch: jennifer.r.lynch@wellsfargo.com

Billy O'Connell: william.oconnell@wellsfargo.com

Josie Callanan: josie.callanan@wellsfargo.com

**FORWARD PURCHASERS** 

**<u>Bank of Montreal</u>**

Eric Benedict: eric.benedict@bmo.com

Brian Riley: brian1.riley@bmo.com

Maurice Joshua: maurice.joshua@bmo.com

Jake Doherty: jake.doherty@bmo.com

Steven DeVilbiss: steven.devilbiss@bmo.com

**<u>Bank of America, N.A.</u>**

Gray Hampton: gray.w.hampton@bofa.com

Andreas Apostolatos: andreas.apostolatos@bofa.com

Matt Warren: matthew.g.warren@bofa.com

Crista Khong: crista.khong@bofa.com

Lillian Guo: lillian.guo@bofa.com

Catherine Livingston: catherine.livingston@bofa.com

So Young Lee: soyoung.lee@bofa.com

Exh. B-2

------

**<u>CF Secured, LLC</u>**

CF Swaps: CFSwaps@cantor.com

Thomas Regazzi: Thomas.Regazzi@cantor.com

**<u>Huntington Securities, Inc.</u>:** 

Peter Dippolito: peter.dippolito@huntington.com

Brian Stauffer: brian.stauffer@huntington.com

Equity Capital Markets: ECM_CorpServicesExecution@huntington.com

**<u>JPMorgan Chase Bank, National Association</u>**

Sanjeet Dewal: sanjeet.s.dewal@jpmorgan.com

Brett Chalmers: brett.chalmers@jpmorgan.com

Ara Movsesian: ara.movsesian@jpmorgan.com

Jemil Salih: jemil.d.salih@jpmorgan.com

**<u>KeyBanc Capital Markets Inc.</u>**

Jaryd Banach: jaryd.banach@key.com

Michael Jones: michael.c.jones@key.com

John Salisbury: john.salisbury@key.com

Nathan Flowers: nathan.flowers@key.com

**<u>Regions Securities LLC</u>**

Brit Stephens: brit.stephens@regions.com

Ed Armstrong: ed.armstrong@regions.com

Matthew Stewart: matthew.stewart@regions.com

Scott Williams: scott.williams2@regions.com

**<u>Stifel, Nicolaus</u> <u>& Company, Incorporated</u>:** 

Chad Gorsuch: cmgorsuch@stifel.com

Steve Zimmerman: zimmermans@stifel.com

Dan Covatta: dcovatta@stifel.com

Mark White: whitem@stifel.com

**<u>Wells Fargo Bank, National Association</u>**

Rohit Mehta: rohit.mehta2@wellsfargo.com

Nick Gorman: nicholas.j.gorman@wellsfargo.com

Jennifer Lynch: jennifer.r.lynch@wellsfargo.com

Billy O'Connell: william.oconnell@wellsfargo.com

Josie Callanan: josie.callanan@wellsfargo.com

Corporate Equity Derivatives: CorporateDerivativeNotifications@wellsfargo.com

Exh. D-1

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EXHIBIT C

<u>COMPENSATION</u> 

The compensation payable to an Agent, as agent for the Company, for sales of Securities shall be at a rate agreed upon by the Company and such Agent not to exceed 1.50% of the gross sales price for such Securities, and the exact amount shall be agreed at each time the Company provides instructions for the offer and sale of such Securities. The compensation payable to an Agent, as forward seller, for sales of Securities shall be at a rate agreed upon by the Company, such Agent and the related Forward Purchaser not to exceed 1.50% of the gross sales price for such Securities, and the exact amount shall be agreed at each time the Company provides instructions for the offer and sale of such Securities. For the avoidance of doubt, the compensation payable to such Agent, as forward seller, for sales of Securities shall be reflected in a reduction of the Initial Forward Price (as defined in the applicable Confirmation) equal to the agreed upon percentage.

Exh. D-2

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EXHIBIT D

<u>SUBSIDIARIES</u> 

1. NHI/REIT, Inc.

2. Florida Holdings IV, LLC

3. Inchin Along, LLC

4. NHI REIT of Alabama, L.P.

5. NHI-REIT of California, LP

6. NHI/REIT of Florida, L.P.

7. NHI-REIT of Georgia, L.P.

8. NHI-REIT of Idaho, L.P.

9. NHI-REIT of Missouri, LP

10. NHI-REIT of South Carolina, L.P.

11. NHI-REIT of Virginia, L.P.

12. NHI/Anderson, LLC

13. NHI/Laurens, LLC

14. Texas NHI Investors, LLC

15. NHI-REIT of Oregon, LLC

16. NHI-REIT of Florida, LLC

17. NHI-REIT of Maryland, LLC

18. NHI-REIT of Minnesota, LLC

19. NHI-REIT of Tennessee, LLC

20. NHI Selah Properties, LLC

21. NHI-REIT of Northeast, LLC

22. NHI-REIT of Wisconsin, LLC

23. NHI-REIT of NC Springs, LLC

24. NHI-REIT of Washington, LLC

25. NHI-REIT of Next House, LLC

26. NHI-SS TRS, LLC

27. NHI-Bickford RE, LLC

28. Care YBE Subsidiary LLC

29. Myrtle Beach Retirement Residence LLC

30. Voorhees Retirement Residence LLC

31. NHI-REIT of Axel, LLC

32. NHI-REIT of Michigan, LLC

33. NHI-REIT of Seaside, LLC

34. NHI-REIT of Bickford, LLC

35. NHI-REIT of Evergreen, LLC

36. NHI-REIT of North Carolina, LLC

37. NHI-REIT of TX-IL, LLC

38. NHI-REIT of CCWH, LLC

39. NHI-REIT of Colorado, LLC

40. NHI-LCS JV I LLC

41. NHI-LCS TRS LLC

42. NHI-REIT of Indiana, LLC

43. Timber Ridge OpCo, LLC

44. NHI-REIT of Oklahoma, LLC

45. NHI PropCo Member LLC

46. NHI-REIT of DSL PropCo II, LLC

47. NHI-Discovery I TRS, LLC

48. NHI-Merrill I TRS, LLC

49. NHI-Sub REIT of Colorado, LLC

50. NHI-REIT of PropCo I, LLC

51. NHI-REIT of PropCo II, LLC

Exh. D-3

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52. NHI-REIT of PropCo III, LLC

53. NHI-REIT of PropCo IV, LLC

54. NHI-REIT of PropCo V, LLC

55. NHI SH PropCo 1, LLC

56. NHI SH OpCo 1, LLC

57. NHI OpCo Columbus IN, LLC

58. NHI OpCo Michigan City IN, LLC

59. NHI OpCo Portage IN, LLC

60. NHI OpCo Vero Beach FL, LLC

61. NHI OpCo Salisbury MD, LLC

62. NHI OpCo Reading PA, LLC

63. NHI SH PropCo 2, LLC

64. NHI PropCo Redmond OR, LLC

65. NHI PropCo Central Point OR, LLC

66. NHI PropCo Tulsa OK, LLC

67. NHI PropCo Broken Arrow OK, LLC

68. NHI SH OpCo 2, LLC

69. NHI OpCo Redmond OR, LLC

70. NHI OpCo Central Point OR, LLC

71. NHI OpCo Tulsa OK, LLC

72. NHI OpCo Broken Arrow OK, LLC

73. NHI SH PropCo 3, LLC

74. NHI PropCo Jamison PA, LLC

75. NHI OpCo Jamison PA, LLC

76. NHI SH PropCo 4, LLC

77. NHI PropCo Athens TN, LLC

78. NHI PropCo Bristol TN, LLC

79. NHI PropCo Crossville TN, LLC

80. NHI PropCo Sevierville TN, LLC

81. NHI PropCo Maryville TN, LLC

82. NHI PropCo Anderson SC, LLC

83. NHI PropCo Frankfurt KY, LLC

84. NHI PropCo Florence KY, LLC

85. NHI PropCo Richmond KY, LLC

86. NHI SH OpCo 4, LLC

87. NHI OpCo Athens TN, LLC

88. NHI OpCo Bristol TN, LLC

89. NHI OpCo Crossville TN, LLC

90. NHI OpCo Sevierville TN, LLC

91. NHI OpCo Maryville TN, LLC

92. NHI OpCo Anderson SC, LLC

93. NHI OpCo Frankfurt KY, LLC

94. NHI OpCo Florence KY, LLC

95. NHI OpCo Richmond KY, LLC

96. NHI SH PropCo 5, LLC

97. NHI PropCo Torino Fort Collins CO, LLC

98. NHI PropCo 900 Centre Fort Collins CO, LLC

99. NHI PropCo 909 Centre Fort Collins CO, LLC

100. NHI PropCo 900 Worthington

101. Fort Collins CO, LLC

102. NHI PropCo 1422 West 29 Loveland CO, LLC

103. NHI PropCo 1385 Main Windsor CO, LLC

104. NHI PropCo 14th Main Windsor CO, LLC

105. NHI SH OpCo 5, LLC

106. NHI ManCo CO, LLC

Exh. D-4

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107. NHI OpCo 900 Centre Fort Collins CO, LLC

108. NHI OpCo 1422 West 29 Loveland CO, LLC

Exh. D-5

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EXHIBIT F

<u>FORM OF OFFICER'S CERTIFICATE</u> 

The undersigned, D. Eric Mendelsohn, the duly qualified and elected President and Chief Executive Officer of National Health Investors, Inc., a Maryland corporation (the "Company"), does hereby certify on behalf of the Company, pursuant to Section 7(p) of the Equity Distribution Agreement, dated March 16, 2026 (the "Agreement"), among the Company, each of BMO Capital Markets Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Huntington Securities, Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., PNFP Capital Markets, Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities, LLC (collectively, the "Agents") and each of Bank of Montreal, Bank of America, N.A., Huntington Securities, Inc., CF Secured, LLC, JPMorgan Chase Bank, National Association, KeyBanc Capital Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Bank, National Association (collectively, the "Forward Purchasers"), that to the knowledge of the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in Section 5 of the Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or material adverse effect, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true and correct as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has complied in all material respects with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Agreement and each Confirmation at or prior to the date hereof (other than those conditions waived by the Agents and the Forward Purchasers).

Capitalized terms used herein but not otherwise defined shall have the meanings assigned to such terms in the Agreement.

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| |
|:---|
| NATIONAL HEALTH INVESTORS, INC. |
| By: ________________________________ |
|  Name: D. Eric Mendelsohn |
|  Title: President and Chief Executive Officer |

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Exh. F-1

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EXHIBIT G

<u>FORM OF ATM FORWARD CONFIRMATION</u> 

Exh. G-1

## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g114456g0314091137231.jpg) | Hogan Lovells US LLP<br> Columbia Square<br> 555 Thirteenth Street, NW<br> Washington, DC 20004<br> T +1 202 637 5600<br> F +1 202 637 5910<br> www.hoganlovells.com |

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March 16, 2026

Board of Directors

National Health Investors, Inc.

222 Robert Rose Drive

Murfreesboro, TN 37129

To the addressee referred to above:

We are acting as counsel to National Health Investors, Inc., a Maryland corporation (the "**Company**"), in connection with the offering and sale from time to time and at various prices in an "at the market offering" of up to $500,000,000 aggregate gross sales price of shares (the "**Offered Shares**") of the Company's common stock, par value $0.01 per share (the "**Common Stock**"), pursuant to the terms of the Equity Distribution Agreement dated March 16, 2026, by and among the Company and each of the persons named on <u>Schedule 1</u> and <u>Schedule 2</u> attached hereto (the "**Equity Distribution Agreement**"), which, among other things, contemplates that the Company may from time to time enter into one or more letter agreements with each of the persons named on <u>Schedule 2</u> attached hereto, the form of which is attached as Exhibit G of the Equity Distribution Agreement (the "**Forward Sale Agreements**" and, together with the Equity Distribution Agreement, the "**Agreements**"). Pursuant to the Forward Sale Agreements, the Company may issue, sell or deliver additional shares of Common Stock (the "**Forward Settlement Shares**" and, together with the Offered Shares, the "**Shares**") in settlement of the transactions contemplated by the Forward Sale Agreements. The offering of the Offered Shares is being made pursuant to a prospectus supplement dated March 16, 2026 and the accompanying base prospectus dated March 16, 2026 (such documents, collectively, the "**Prospectus**") that form part of the Company's effective registration statement on Form S-3 (File No. 333-294344) (the "**Registration Statement**"). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinion hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). We also have assumed that the Shares will not be issued in violation of the ownership limit contained in the Company's charter, as amended. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

Hogan Lovells US LLP is a limited liability partnership registered in the state of Delaware. "Hogan Lovells" is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Berlin Birmingham Boston Brussels Colorado Springs Denver Dubai Dublin Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia Paris Philadelphia Riyadh Rome San Francisco São Paulo Shanghai Silicon Valley Singapore Tokyo Washington, D.C. For more information see www.hoganlovells.com.

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Board of Directors National Health Investors, Inc. - 2 - March 16, 2026

This opinion letter is based as to matters of law solely on the applicable provisions of the Maryland General Corporation Law, as amended. We express no opinion herein as to any other statutes, rules or regulations (and in particular, we express no opinion as to any effect that such other statutes, rules or regulations may have on the opinions expressed herein).

Based upon, subject to and limited by the foregoing, we are of the opinion that following (i) execution and delivery by the Company of the Equity Distribution Agreement, (ii) execution and delivery by the Company of each Forward Sale Agreement relating to any forward purchase pursuant to the Equity Distribution Agreements in the form attached as Exhibit G to the Equity Distribution Agreement, (iii) authorization by the Company's Board of Directors, or authorization by a duly authorized pricing committee thereof, within the limitations established by resolutions duly adopted by the Company's Board of Directors and duly authorized pricing committee thereof, and in each case made available to us, of the terms pursuant to which the Shares may be sold pursuant to the Agreements, (iv) authorization by a duly authorized executive officer, designated by the Company's Board of Directors or the pricing committee to approve placement notices under the Agreements, of the terms of each placement notice issued in a manner consistent with the foregoing and pursuant to which the Shares may be sold pursuant to the Agreements, (v) issuance of the Shares pursuant to the terms established by the Board of Directors and the pricing committee thereof and the terms of the applicable Agreements and the applicable placement notice, and (vi) receipt by the Company of the proceeds for the Shares sold pursuant to the terms of the Agreements and applicable placement notice, the Shares will be validly issued, fully paid and nonassessable.

This opinion letter has been prepared for use in connection with the filing by the Company of a Current Report on Form 8-K on the date hereof relating to the offer and sale of the Offered Shares, which Form 8-K will be incorporated by reference into the Registration Statement and Prospectus, and speaks as of the date hereof. We assume no obligation to advise of any changes in the foregoing subsequent to the delivery of this letter.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the above-described Form 8-K and to the reference to this firm under the caption "Legal Matters" in the Prospectus. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Securities Act of 1933, as amended.

Very truly yours,

/s/ HOGAN LOVELLS US LLP

HOGAN LOVELLS US LLP

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**<u>Schedule 1</u>**

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| | |
|:---|:---|
| BMO Capital Markets Corp.<br> 151 W42nd Street<br> New York, New York 10036 | KeyBanc Capital Markets Inc.<br> 127 Public Square, 7th Floor<br> Cleveland, Ohio 44114 |
| BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036 | PNFP Capital Markets, Inc.<br> 21 Platform Way South, Suite 2300<br> Nashville, Tennessee 37203 |
| Cantor Fitzgerald & Co.<br> 110 East 59th Street<br> New York, New York 10022 | Regions Securities LLC<br> 615 South College Street, Suite 600<br> Charlotte, North Carolina 28202 |
| Huntington Securities, Inc.<br> 41 South High Street<br> Columbus, Ohio 43215 | Stifel, Nicolaus & Company, Incorporated<br> 501 North Broadway, 10th Floor<br> Saint Louis, Missouri 63102 |
| J.P. Morgan Securities LLC<br> 270 Park Avenue<br> New York, New York 10017 | Wells Fargo Securities, LLC<br> 500 West 33rd Street<br> New York, New York 10001 |

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**<u>Schedule 2</u>**

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| | |
|:---|:---|
| Bank of Montreal<br> 250 Yonge Street, 10th Floor<br> Toronto, Ontario M5B2L7 | KeyBanc Capital Markets Inc.<br> 127 Public Square, 7th Floor<br> Cleveland, Ohio 44114 |
| Bank of America, N.A.<br> c/o BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036 | Regions Securities LLC<br> 615 South College Street, Suite 600<br> Charlotte, North Carolina 28202 |
| CF Secured, LLC<br> 110 East 59th Street<br> New York, New York 10022 | Stifel, Nicolaus & Company, Incorporated<br> 501 North Broadway, 10th Floor<br> Saint Louis, Missouri 63102 |
| Huntington Securities, Inc.<br> 41 South High Street<br> Columbus, Ohio 43215 | Wells Fargo Bank, National Association<br> c/o Wells Fargo Securities, LLC<br> 500 West 33rd Street<br> New York, New York 10001 |
| JPMorgan Chase Bank, National Association<br> 270 Park Avenue<br> New York, New York 10017 |  |

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## Exhibit 99.1

**Exhibit 99.1** 

**FORM OF REGISTERED FORWARD CONFIRMATION** 

**Date:** [•], 20[•]

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| | |
|:---|:---|
| **To:** | **National Health Investors, Inc.**  |

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222 Robert Rose Drive

Murfreesboro, Tennessee 37129

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| | |
|:---|:---|
| **From:** | **[DEALER NAME AND NOTICE INFORMATION]**  |

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| | |
|:---|:---|
| **Re:** | **Registered Forward Transaction**  |

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Ladies and Gentlemen:

The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the transaction (the "Transaction") entered into between us on [•], 20[•] (the "Trade Date"). Such terms and conditions are as set forth in <u>Exhibit A</u> hereto and are incorporated into this Confirmation by reference as if fully set forth herein. If no Shares are sold by the Agent on the Trade Date, this Confirmation shall automatically terminate and the parties shall have no further obligations in connection with the Transaction, other than in respect of breaches of representations, warranties, covenants or agreements on or prior to such date. Capitalized terms used but not defined herein shall have the meanings set forth in <u>Exhibit A</u> hereto.

[Remainder of page intentionally left blank]

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Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation.

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| |
|:---|
| Yours faithfully, |
| **[DEALER NAME]** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| Confirmed and Acknowledged as of the date first written above: |
| **NATIONAL HEALTH INVESTORS, INC.** |
| By: |
| Name: |
| Title: |

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**EXHIBIT A** 

**TERMS AND CONDITIONS OF FORWARD CONFIRMATION** 

This Confirmation constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified below.

1. The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the "2002
Definitions") and the 2006 ISDA Definitions (the "2006 Definitions" and, together with the 2002 Definitions, the "Definitions"), each as published by the International Swaps and Derivatives Association, Inc.
("ISDA"), are incorporated into this Confirmation (as defined on the cover letter hereto).

Each party further agrees that this Confirmation, the pricing supplement substantially in the form of Annex B hereto (the "Pricing Supplement") delivered hereunder and the Agreement (as defined below) together evidence a complete binding agreement between Party A and Party B as to the subject matter and terms of the Transaction (as defined on the cover letter hereto) to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto. This Confirmation, together with any other Confirmations for registered forward transactions entered into between Party A and Party B in connection with the Equity Distribution Agreement (as defined below) (each, an "Additional Confirmation"), shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the "Agreement") as if Party A and Party B had executed an agreement in such form on the Trade Date.

In the event of any inconsistency with the Agreement, this Confirmation, the Pricing Supplement, the 2002 Definitions and the 2006 Definitions, the following will prevail for purposes of the Transaction in the order of precedence indicated: (i) the Pricing Supplement, (ii) this Confirmation, (iii) the 2002 Definitions, (iv) the 2006 Definitions and (v) the Agreement. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation and the Transactions to which the Additional Confirmations, if any, relate (each, an "Additional Transaction") shall be governed by the Agreement. For purposes of the 2002 Definitions, the Transaction is a Share Forward Transaction. For the avoidance of doubt, if there exists any ISDA Master Agreement between Party A and Party B or any confirmation or other agreement between Party A and Party B pursuant to which an ISDA Master Agreement is deemed to exist between Party A and Party B (except with respect to any Additional Confirmations and any Additional Transactions), then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Party A and Party B are parties, the Transaction and any Additional Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement, and the occurrence of any Event of Default or Termination Event under the Agreement with respect to either party or the Transaction shall not, by itself, give rise to any right or obligation under any such other agreement or deemed agreement.

Each of Party A and Party B represents to the other that it has entered into the Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

<u>General Terms</u>:

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| | |
|:---|:---|
| Party A: | [DEALER NAME] |
| Party B: | National Health Investors, Inc. |
| Trade Date: | The date set forth on the cover letter hereto. |

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| | |
|:---|:---|
| Effective Date: | The first day occurring on or after the Trade Date on which Shares that are sold through [AGENT NAME], acting as forward seller for Party A (in such capacity, the "Agent") pursuant to the Equity Distribution Agreement, dated March 16, 2026 between Party A, Party B, the Agent and the other parties thereto, and as may be amended and supplemented from time to time (the "Equity Distribution Agreement"), settle. |
| Base Amount: | The specified aggregate number of Shares to be sold through the Agent during the period from and including the Trade Date through and including the Hedge Completion Date, as set forth in the Placement Notice (as defined in the Equity Distribution Agreement); <u>provided</u>, <u>however</u>, that the Base Amount shall be reduced to reflect any reduction in the aggregate number of Shares actually borrowed by Party A (or an affiliate thereof) and sold by the Agent, using commercially reasonable efforts, consistent with its normal trading and sales practices and applicable law and regulations, pursuant to the Equity Distribution Agreement; <u>provided</u> <u>further</u> that on each Settlement Date, the Base Amount shall be reduced by the number of Settlement Shares for such Settlement Date. |
| Maturity Date: | The earlier of: (i) [DATE]<sup>1</sup> (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day) and (ii) the date on which the Base Amount is reduced to zero. |
| Hedge Completion Date: | The earliest of: (i) the date specified in writing as the Hedge Completion Date by Party B, (ii) any Settlement Date and (iii) [DATE]. Promptly after the Hedge Completion Date, Party A will furnish Party B with the Pricing Supplement specifying the Hedge Completion Date, the Base Amount as of the Hedge Completion Date (the "Initial Base Amount") and the Initial Forward Price, all determined in accordance with the terms hereof. |
| Forward Price: | On the Hedge Completion Date, the Initial Forward Price, and on any other day, the Forward Price as of the immediately preceding calendar day *multiplied* by the sum of (i) 1 *and* (ii) the Daily Rate for such day; <u>provided</u> that on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on such date, *minus* the Forward Price Reduction Amount for such Forward Price Reduction Date. |
| Initial Forward Price: | [•]%<sup>2</sup> of the volume weighted average price at which the Shares are sold through the Agent acting as forward seller for Party A in a commercially reasonable manner that reflects the then-prevailing market prices during the period from and including the Trade Date through and including the Hedge Completion Date, adjusted by the Calculation Agent in a commercially reasonable manner to (x) reflect on each day |

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<sup>1</sup> Insert Maturity Date agreed upon in the Placement Notice (as defined in the Equity Distribution Agreement).

<sup>2</sup> Insert percentage equal to 100 minus the agreed upon forward seller commission (which shall not exceed 2%, unless otherwise agreed in the case of a "distribution" within the meaning of Rule 100 of Regulation M under the Exchange Act) agreed upon in the Placement Notice. 

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| | |
|:---|:---|
|  | during such period the sum of 1 and the Daily Rate for such day multiplied by the then-Initial Forward Price as of such day (and, for the purposes of this clause (x), the Initial Forward Price shall be calculated based on the Shares that have been sold and settled on or prior to such day) and (y) reduce the then-Initial Forward Price by the relevant Forward Price Reduction Amount on each Forward Price Reduction Date occurring on or before the Hedge Completion Date. |
| Daily Rate: | For any day, (i)(A) the Overnight Bank Rate for such day, *minus* (B) the Spread, *divided by* (ii) 365. |
| Overnight Bank Rate: | For any day, the rate set forth for such day opposite the caption "Overnight Bank Funding Rate", as such rate is displayed on Bloomberg Screen "OBFR01 ", or any successor page; *provided* that, if no rate appears for a particular day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day. |
| Spread: | [•] basis points. |
| Prepayment: | Not Applicable. |
| Variable Obligation: | Not Applicable. |
| Forward Price Reduction Date: | Each date (other than the Trade Date) set forth on Schedule I under the heading "Forward Price Reduction Date." |
| Forward Price Reduction Amount: | For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I. |
| Shares: | Common stock, USD 0.01 par value per share, of Party B (also referred to herein as the "Issuer") (Exchange identifier: "NHI"). |
| Exchange: | New York Stock Exchange. |
| Related Exchange(s): | All Exchanges. |
| Clearance System: | DTC. |
| Calculation Agent: | Party A. |

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<u>Settlement Terms</u>:

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| | |
|:---|:---|
| Settlement Date: | Any Scheduled Trading Day following the Effective Date and up to and including the Maturity Date, as designated by (a) Party A pursuant to "Termination Settlement" below or (b) Party B in a written notice (a "Settlement Notice") that satisfies the Settlement Notice Requirements and is delivered to Party A at least (i) two Scheduled Trading Days prior to such Settlement Date, which may be the Maturity Date, if Physical Settlement applies, and (ii) 15 Scheduled Trading Days prior to such Settlement Date, which may be the Maturity Date, if Cash Settlement or Net Share Settlement |

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| | |
|:---|:---|
|  | applies; *provided* that (i) the Maturity Date shall be a Settlement Date if on such date the Base Amount is greater than zero, (ii) if Cash Settlement or Net Share Settlement applies and Party A shall have fully unwound its hedge during an Unwind Period by a date that is more than one Scheduled Trading Day prior to a Settlement Date specified above, Party A may, by written notice to Party B, specify any Scheduled Trading Day prior to such originally specified Settlement Date as the Settlement Date and (iii) if, in respect of a Cash Settlement or a Net Share Settlement, a Disrupted Day Deadline is reached or there is a Share Price Trigger (as defined below), then the corresponding Settlement Date shall be changed to the date that is one Settlement Cycle following such Disrupted Day Deadline or such Share Price Trigger, as the case may be (unless the originally scheduled Settlement Date would have been on or before such date). |
|  | "Disrupted Day Deadline" means the eighth day in the occurrence of eight consecutive Disrupted Days during an Unwind Period. |
|  | "Share Price Trigger" shall mean the occurrence at any time during an Unwind Period of a date on which the traded price per Share on the Exchange is less than or equal to USD [•].<sup>3</sup> |
| Settlement Shares: | With respect to any Settlement Date, a number of Shares, not to exceed the Base Amount, designated as such by Party B in the related Settlement Notice or by Party A pursuant to "Termination Settlement" below; *provided* that the Settlement Shares so designated shall, in the case of a designation by Party B, be at least equal to the lesser of 100,000 and the Base Amount at that time; *provided further* that on the Maturity Date the number of Settlement Shares shall be equal to the Base Amount on such date. |
| Settlement: | Physical Settlement, Cash Settlement or Net Share Settlement, at the election of Party B as set forth in a Settlement Notice delivered after the Effective Date that satisfies the Settlement Notice Requirements; *provided* that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares in respect of which Party A has not unwound its commercially reasonable hedge by the end of the Unwind Period in a manner that, in the reasonable judgment of Party A based on advice of counsel, is consistent with the requirements for qualifying for the safe harbor provided by Rule 10b-18 under the Exchange Act ("Rule 10b-18") (taking into account any additional Share Forward or other equity derivative transaction (each, an "Additional Equity Derivative Transaction")) or in Party A's commercially reasonable judgment is due to the occurrence of Disrupted Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period or due to a Disrupted Day Deadline or Share Price Trigger reducing the duration of the Unwind Period, (iii) to any Termination Settlement Date (as defined below under "Termination Settlement"), or (iv) if the Maturity Date is a Settlement Date other than as the result of a valid Settlement Notice in respect of such Settlement Date. |

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<sup>3</sup> Insert threshold amount agreed upon in the Placement Notice. 

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| | |
|:---|:---|
| Settlement Notice Requirements: | Notwithstanding any other provision hereof, a Settlement Notice delivered by Party B that specifies Cash Settlement or Net Share Settlement will not be effective to establish a Settlement Date or require Cash Settlement or Net Share Settlement unless Party B delivers to Party A with such Settlement Notice a representation signed by Party B containing (x) the provisions in clause (a) under the heading "Representations, Warranties and Agreements of Party B" and (y) the provision that neither Party B nor any of its subsidiaries has applied, and shall not until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act")) or other investment, or receive any financial assistance or relief under any program or facility (collectively "Financial Assistance") that (I) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (II) (X) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that Party B comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Issuer, and that it has not, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (Y) where the terms of the Transaction would cause Party B under any circumstance to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively "Restricted Financial Assistance"), other than any such applications for Restricted Financial Assistance that were (or would be) made (x) determined based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Party B to fail to satisfy any condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or facility as of the date of such advice or (y) after delivery to Party A evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). |

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| | |
|:---|:---|
| Unwind Period: | Each Exchange Business Day that is not a Suspension Day during the period from and including the first Exchange Business Day following the date Party B validly elects Cash Settlement or Net Share Settlement in respect of a Settlement Date through the second Scheduled Trading Day preceding such Settlement Date (or the immediately preceding Exchange Business Day if such Scheduled Trading Day is not an Exchange Business Day); subject to "Termination Settlement" below. |
| Suspension Day: | Any Exchange Business Day on which Party A determines in a reasonable manner based on advice of counsel that Cash Settlement or Net Share Settlement would violate applicable securities laws. |
| Market Disruption Event: | Section 6.3(a) of the 2002 Definitions is hereby amended by replacing the first sentence in its entirety with the following: "'Market Disruption Event' means in respect of a Share or an Index, the occurrence or existence of (i) a Trading Disruption, (ii) an Exchange Disruption, (iii) an Early Closure or (iv) a Regulatory Disruption, in each case, that the Calculation Agent determines is material." |
| Early Closure: | Section 6.3(d) of the 2002 Definitions is hereby amended by deleting the remainder of the provision following the term "Scheduled Closing Time" in the fourth line thereof. |
| Regulatory Disruption: | Any event that Party A determines, in its good faith and reasonable judgment based on advice of counsel, makes it appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures generally applicable in similar situations and applied in a non-discriminatory manner for Party A to refrain from or decrease any market activity in connection with the Transaction. Subject to applicable legal requirements and Party A's internal policies and guidelines, Party A shall promptly notify Party B upon the occurrence of a Regulatory Disruption and shall subsequently promptly notify Party B on the day Party A believes that the circumstances giving rise to such Regulatory Disruption have changed. |
| Exchange Act: | The Securities Exchange Act of 1934, as amended from time to time. |
| Securities Act: | The Securities Act of 1933, as amended from time to time. |
| Physical Settlement: | On any Settlement Date in respect of which Physical Settlement applies, Party B shall deliver to Party A through the Clearance System the Settlement Shares for such Settlement Date, and Party A shall pay to Party B, by wire transfer of immediately available funds to an account designated by Party B, an amount in cash equal to the Physical Settlement Amount for such Settlement Date, on a delivery versus payment basis. If, on any Settlement Date, the Shares to be delivered by Party B to Party A hereunder are not so delivered (the "Deferred Shares"), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Party A, then the portion of the |

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| | |
|:---|:---|
|  | Physical Settlement Amount payable by Party A to Party B in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, *multiplied by* the number of Deferred Shares. |
| Physical Settlement Amount: | For any Settlement Date in respect of which Physical Settlement applies, an amount in cash equal to the product of (i) the Forward Price on such Settlement Date and (ii) the number of Settlement Shares for such Settlement Date. |
| Cash Settlement: | On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount for such Settlement Date is a positive number, Party A will pay such Cash Settlement Amount to Party B. If the Cash Settlement Amount is a negative number, Party B will pay the absolute value of such Cash Settlement Amount to Party A. Such amounts shall be paid on the Settlement Date by wire transfer of immediately available funds. |
| Cash Settlement Amount: | An amount determined by the Calculation Agent equal to: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) (i)(A) the weighted average (weighted on the same basis as clause (B)) of the Forward Prices on each day during the applicable Unwind Period (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during such Unwind Period, which is accounted for in clause (b) below), *minus* a commercially reasonable commission, *minus* (B) the weighted average price (the "Unwind Purchase Price") at which Party A purchases Shares during the Unwind Period to unwind its commercially reasonable hedge with respect to the portion of the Base Amount to be settled during the Unwind Period (including, for the avoidance of doubt, purchases on any Disrupted Day in part), taking into account Shares anticipated to be delivered or received if Net Share Settlement applies, and the restrictions of Rule 10b-18 agreed to hereunder, *multiplied by* (ii) the Settlement Shares for the relevant Settlement Date; *minus* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period *and* (ii) the number of Settlement Shares for such Settlement Date with respect to which Party A has not unwound its hedge, including the settlement of such unwinds, as of such Forward Price Reduction Date. |
|  | The times and prices at which Party A (or its agent or affiliate) purchases any Shares during any Unwind Period in connection with unwinding its commercially reasonable hedge position shall be determined by Party A in a commercially reasonable manner. |

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| | |
|:---|:---|
| Net Share Settlement: | On any Settlement Date in respect of which Net Share Settlement applies, if the number of Net Share Settlement Shares is a (i) negative number, Party B shall deliver a number of Shares to Party A equal to the absolute value of the Net Share Settlement Shares, or (ii) positive number, Party A shall deliver to Party B the Net Share Settlement Shares; *provided* that if Party A determines in its good faith and commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date. |
| Net Share Settlement Shares: | For any Settlement Date in respect of which Net Share Settlement applies, a number of Shares equal to the Cash Settlement Amount *divided by* the Unwind Purchase Price, with the number of Shares rounded to the nearest Share in the event such calculation results in a fractional number. |
| Settlement Currency: | USD. |
| Failure to Deliver: | Applicable if Party A is required to deliver Shares hereunder; otherwise, Inapplicable. |

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<u>Adjustments</u>:

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| | |
|:---|:---|
| Method of Adjustment: | Calculation Agent Adjustment; notwithstanding anything in the 2002 Definitions to the contrary, the Calculation Agent may make an adjustment pursuant to Calculation Agent Adjustment to any one or more of the Base Amount, the Forward Price and any other variable relevant to the settlement or payment terms of the Transaction. |
| Additional Adjustment: | If, in the commercially reasonable judgment of Party A, the stock loan fee to Party A (or an affiliate thereof), excluding the federal funds or other interest rate component payable by the relevant stock lender to Party A or such affiliate (the "Stock Loan Fee"), over any two-week period, of borrowing a number of Shares equal to the Base Amount to hedge in a commercially reasonable manner its exposure to the Transaction exceeds a weighted average rate equal to [25] basis points per annum, the Calculation Agent shall reduce the Forward Price to the extent necessary to reasonably compensate Party A for the amount by which the Stock Loan Fee exceeded a weighted average rate equal to [25] basis points per annum during such period and shall promptly provide notice to Party B of the same. |

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<u>Account Details</u>:

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| | |
|:---|:---|
| Payments to Party A: | To be advised under separate cover or telephone confirmed prior to each Settlement Date. |
| Payments to Party B: | To be advised under separate cover or telephone confirmed prior to each Settlement Date. |

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| | |
|:---|:---|
| Delivery of Shares to Party A: | To be advised. |
| Delivery of Shares to Party B: | To be advised. |

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3. Other Provisions:

<u>Conditions to Effectiveness</u>:

The Transaction shall be effective only if Shares are sold by the Agent on or after the Trade Date and on or before the Hedge Completion Date pursuant to the Equity Distribution Agreement. If the Equity Distribution Agreement is terminated prior to any such sale of Shares thereunder, then the parties shall have no further obligations in connection with the Transaction, other than in respect of breaches of representations, warranties, covenants or agreements on or prior to such date. For the avoidance of doubt, if the Equity Distribution Agreement is terminated prior to the Hedge Completion Date, then this Confirmation shall remain in effect with respect to any Shares that had been sold by the Agent on or after the Trade Date and prior to such termination.

Notwithstanding the foregoing or any other provision of this Confirmation or the Pricing Supplement, if, in the event that Party A (or its affiliate) determines in its good faith and commercially reasonable judgment that (i) it or its affiliate is unable to borrow and deliver a number of Forward Hedge Securities (as defined in the Equity Distribution Agreement) in accordance with the Equity Distribution Agreement and the relevant Placement Notice (as defined in the Equity Distribution Agreement) or (ii) a Stock Borrow Event would occur, then the effectiveness of the relevant Pricing Supplement and the Transaction shall be limited to the number of Shares Party A or its affiliate is so able to borrow in connection with establishing its commercially reasonable hedge position for the Transaction

<u>Interpretive Letter</u>:

The parties agree and acknowledge that the Transaction is being entered into in accordance with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs & Co. Party B represents that it is eligible to conduct a primary offering of Shares on Form S-3 and that the offering contemplated by the Equity Distribution Agreement complies with Rule 415 under the Securities Act.

<u>Representations, Warranties and Agreements of Party B</u>: Party B hereby represents and warrants to, and agrees with, Party A as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Party B represents to Party A on the Trade Date and on any date that Party B notifies Party A that Cash
Settlement or Net Share Settlement applies to the Transaction, that (A) Party B is not aware of any material nonpublic information regarding Party B or the Shares, (B) each of its filings under the Securities Act, the Exchange Act or other
applicable securities laws that were required to be filed have been filed and that, as of the date of this representation, when considered as a whole (with the more recent such filings deemed to amend inconsistent statements contained in any earlier
such filings), there is no misstatement of material fact contained therein or omission of a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made,
not misleading and (C) Party B is neither entering into this Confirmation nor making any election hereunder to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or
depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Shares, when issued and delivered in accordance with the terms of the Transaction, will be duly authorized
and validly issued, fully paid and nonassessable, and the issuance thereof will not be subject to any preemptive or similar rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Party B has reserved and will keep available at all times, free from preemptive rights, out of its authorized
but unissued Shares, solely for the purpose of issuance upon settlement of the Transaction as herein provided, the maximum number of Shares as shall be issuable at such time upon settlement of the Transaction as set forth below under the heading
"Maximum Share Delivery." All Shares so issuable shall, upon such issuance, be accepted for listing or quotation on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Party B agrees to provide Party A at least five Scheduled Trading Days' written notice (an "Issuer
Repurchase Notice") prior to executing any repurchase of Shares by Party B or any of its subsidiaries (or entering into any contract that would require, or give the option to, Party B or any of its subsidiaries, to purchase or repurchase
Shares), whether out of profits or capital or whether the consideration for such repurchase is cash, securities or otherwise (an "Issuer Repurchase"), that alone or in the aggregate would result in the Base Amount Percentage (as defined
below) being (i) equal to or greater than [7.5]%<sup>4</sup> of the outstanding Shares or (ii) greater by 0.5% or more than the Base Amount Percentage at the time of the immediately preceding
Issuer Repurchase Notice (or in the case of the first such Issuer Repurchase Notice, greater by 0.5% or more than the Base Amount Percentage as of the later of the date hereof or the immediately preceding Settlement Date, if any). The "Base
Amount Percentage" as of any day is the fraction (1) the numerator of which is the aggregate of the Base Amount and each "Base Amount" (as defined in the applicable Additional Equity Derivative Transaction, if any) under any
outstanding Additional Equity Derivative Transactions with Party A or any of its affiliates and (2) the denominator of which is the number of Shares outstanding on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No filing with, or approval, authorization, consent, license registration, qualification, order or decree of,
any court or governmental authority or agency, domestic or foreign, is necessary or required for the execution, delivery and performance by Party B of this Confirmation and the consummation of the Transaction (including, without limitation, the
issuance and delivery of Shares on any Settlement Date) except (i) such as have been obtained under the Securities Act, and (ii) as may be required to be obtained under state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Party B agrees not to make any Issuer Repurchase if, immediately following such Issuer Repurchase, the Base
Amount Percentage would be equal to or greater than [5.5]%<sup>5</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Party B is not insolvent (as defined under any applicable bankruptcy, insolvency, resolution or similar law),
nor will Party B be rendered insolvent as a result of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither Party B nor any of its affiliated purchasers (within the meaning of Rule 10b-18) shall take or refrain from taking any action (including, without limitation, any direct purchases by Party B or any of its affiliated purchasers or any purchases by a party to a derivative transaction
with Party B or any of its affiliated purchasers), either under this Confirmation, under an agreement with another party or otherwise, that would cause any purchases of Shares by Party A or any of its affiliates in connection with any Cash
Settlement or Net Share Settlement of the Transaction not to meet the requirements of the safe harbor provided by Rule 10b-18 if such purchases were made by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party B will not engage in any "distribution" (as defined in Regulation M under the Exchange Act
("Regulation M")) that would cause a "restricted period" (as defined in Regulation M) to occur with respect to the Shares during any Unwind Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Party B (i) is capable of evaluating investment risks independently, both in general and with regard to
the Transaction, (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing and (iii) has total assets of at least
USD 50 million as of the date hereof.

<sup>4</sup> To be confirmed/provided by Issuer prior to execution of a trade.

<sup>5</sup> To be confirmed/provided by Issuer prior to execution of a trade.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Party B acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the term of the Transaction, Party A and its Affiliates may buy or sell Shares or other securities or
buy or sell options or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Party A and its Affiliates may also be active in the market for the Shares and Share-linked transactions other
than in connection with hedging activities in relation to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party A shall make its own determination as to whether, when or in what manner any hedging or market activities
in Party B's securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Forward Price and any other economic exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any market activities of Party A and its Affiliates with respect to the Shares may affect the market price and
volatility of the Shares, as well as the Forward Price and the Unwind Purchase Price, each in a manner that may be adverse to Party B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Transaction is a derivatives transaction in which it has granted Party A the right, under certain
circumstances, to receive cash or Shares, as the case may be; Party A may purchase Shares for its own account at an average price that may be greater than, or less than, the effective price paid by Party B under the terms of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The assets of Party B do not constitute "plan assets" under the Employee Retirement Income Security
Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Party B shall, at least one day prior to the first day of any Unwind Period, notify Party A of the total number
of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4) by or for Party B or any of its affiliated purchasers during each of the four calendar weeks preceding the first day of the Unwind Period and during the calendar week in which the first day of the
Unwind Period occurs ("Rule 10b-18 purchase", "blocks" and "affiliated purchaser" each being used as defined in Rule 10b-18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) During any Unwind Period, Party B shall (i) notify Party A prior to the opening of trading in the Shares
on any day on which Party B makes, or expects to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition, or similar transaction involving a recapitalization relating to Party B (other than
any such transaction in which the consideration consists solely of cash and there is no valuation period), (ii) promptly notify Party A following any such announcement that such announcement has been made, and (iii) promptly deliver to Party A
following the making of any such announcement information indicating (A) Party B's average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during the
three full calendar months preceding the date of the announcement of such transaction and (B) Party B's block purchases (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar months preceding the date of the announcement of such transaction. In addition, Party B shall promptly notify Party A of the earlier to occur of the completion of such
transaction and the completion of the vote by target shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Party B is not, and after giving effect to the transactions contemplated hereby will not be, required to
register as an "investment company" as such term is defined in the Investment Company Act of 1940, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Without limiting the generality of Section 13.1 of the 2002 Definitions, Party B acknowledges that Party A
is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and
Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity's Own Equity (or any successor issue statements) or under
FASB's Liabilities & Equity Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Party B understands that no obligations of Party A to it hereunder will be entitled to the benefit of deposit
insurance and that such obligations will not be guaranteed by any affiliate of Party A or any governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) No federal, state or local (including non-U.S. jurisdictions) law,
rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of
Party A or its affiliates owning or holding (however defined) Shares as part of its commercially reasonable hedging activities in connection with the Transaction, other than Sections 13 and 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Upon obtaining knowledge of the occurrence of any event that would constitute an Event of Default, a Potential
Event of Default or a Potential Adjustment Event, Party B will so notify Party A in writing within one Scheduled Trading Day; *provided* that should Party B be in possession of material non-public information regarding Party B, Party B shall so notify Party A without communicating such information to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Party B (i) has such knowledge and experience in financial and business affairs as to be capable of
evaluating the merits and risks of entering into the Transaction, (ii) has consulted with its own legal, financial, accounting and tax advisors in connection with the Transaction and (iii) is entering into the Transaction for a bona fide
business purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Party B is not and has not been the subject of any civil proceeding of a judicial or administrative body of
competent jurisdiction that could reasonably be expected to impair materially Party B's ability to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Ownership positions of Party B's common stock held by Party A or any of its affiliates solely in its
capacity as a nominee or fiduciary do not constitute "beneficial ownership" by Party A for the purposes of the Ninth Article of the Articles of Incorporation of Party B, as amended and supplemented (the "Articles"), including
without limitation Section 9.3 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Other than as set forth in the Ninth Article of the Articles, none of Party B's constitutive, governing
or organizational documents (or contract or agreement to which Party B or any of its assets is subject) would give rise to reporting or registration obligations or other requirements (including without limitation a requirement to obtain prior
approval from any person or entity) of Party A or that would give rise to any consequences potentially adverse to Party A as a result of Party A (or any affiliate thereof) entering into the Transaction and/or performing its obligations hereunder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Party B hereby represents to Party A that, pursuant to the Ninth Article of the Articles, the individual
ownership limit applicable to holders of Shares that are not Excepted Holders (as defined in the Articles) is [7.5]%<sup>6</sup> (such limit the "Articles Ownership Limit"). Party B shall
promptly, but in any event no later than one Scheduled Trading Day, notify Party A following any adjustment to the Articles Ownership Limit.

<sup>6</sup> To be confirmed/provided by Issuer prior to execution of a trade.

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<u>Covenant of Party B</u>:

Subject to the provisions of "Private Placement Procedures" below, the parties acknowledge and agree that any Shares delivered by Party B to Party A on any Settlement Date will be newly issued Shares and when delivered by Party A (or an affiliate of Party A) to securities lenders from whom Party A (or an affiliate of Party A) borrowed Shares in connection with hedging its exposure to the Transaction will be freely saleable without further registration or other restrictions under the Securities Act, in the hands of those securities lenders, irrespective of whether such stock loan is effected by Party A or an affiliate of Party A. Accordingly, subject to the provisions of "Private Placement Procedures" below, Party B agrees that the Shares that it delivers to Party A on each Settlement Date will not bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.

<u>Covenants of Party A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the provisions set forth below under "Private Placement Procedures" shall be applicable,

affiliate's hedging activities related to Party A's exposure under this Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with bids and purchases of Shares in connection with any Cash Settlement or Net Share Settlement
of the Transaction, Party A shall use good faith and commercially reasonable efforts to conduct its activities, or cause its affiliates to conduct their activities, in a manner consistent with the requirements of the safe harbor provided by Rule 10b-18, as if such provisions were applicable to such purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Party A hereby represents and covenants to Party B that it has implemented policies and procedures, taking into
consideration the nature of its business, reasonably designed to ensure that individuals conducting hedging activity related to any Transaction do not have access to material non-public information regarding
Issuer or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within one Exchange Business Day of purchasing any Shares in connection with any Cash Settlement or Net Share
Settlement of the Transaction pursuant to the once-a-week block exception set forth in paragraph (b)(4) of Rule 10b-18, Party A
shall notify Party B of the total number of Shares so purchased.

<u>Insolvency Filing</u>:

Notwithstanding anything to the contrary herein, in the Agreement or in the Definitions, upon any Insolvency Filing in respect of the Issuer, the Transaction shall automatically terminate on the date thereof without further liability of either party to this Confirmation to the other party (except for any liability in respect of any breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing).

<u>Extraordinary Dividends</u>:

If an ex-dividend date for an Extraordinary Dividend occurs on or after the Trade Date and on or prior to the Maturity Date (or, if later, the last date on which Shares are delivered by Party B to Party A in settlement of the Transaction), Party A shall have the right either to designate the declaration of such event to be an Acceleration Event (as defined below) or to require Party B to pay an amount, as determined by the Calculation Agent, in cash equal to the product of such Extraordinary Dividend and the Base Amount to Party A on the earlier of (i) the date on which such Extraordinary Dividend is paid by the Issuer to holders of record of the Shares or (ii) the Maturity Date. "Extraordinary Dividend" means the per Share amount of any cash dividend or distribution declared by Party B with respect to the Shares that is specified by the board of directors of the Issuer as an "extraordinary" dividend.

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<u>Acceleration Events</u>:

The following events shall each constitute an "Acceleration Event":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stock Borrow Events</u>. Party A determines in its good faith and commercially reasonable judgment that it
(or its affiliate) (i) is unable to hedge Party A's exposure to the Transaction because of the lack of sufficient Shares being made available for Share borrowing by lenders, or (ii) would incur a Stock Loan Fee to borrow a number of
Shares equal to the Base Amount of more than a weighted average rate of [200] basis points per annum (each, a "Stock Borrow Event");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends and Other Distributions</u>. On any day occurring after the Trade Date Party B declares a
distribution, issue or dividend to existing holders of the Shares of (i) any cash dividend (other than an Extraordinary Dividend, unless designated as an Acceleration Event by Party A) to the extent all cash dividends having an ex-dividend date during the period from and including any Forward Price Reduction Date (with the Trade Date being a Forward Price Reduction Date for purposes of this clause (b) only) to, but excluding, the next
subsequent Forward Price Reduction Date exceeds, on a per Share basis, the Forward Price Reduction Amount set forth opposite the first date of any such period on Schedule I, (ii) share capital or securities of another issuer acquired or owned
(directly or indirectly) by Party B as a result of a spin-off or other similar transaction or (iii) any other type of securities (other than Shares), rights or warrants or other assets, for payment (cash
or other consideration) at less than the prevailing market price as determined by Party A in a commercially reasonable manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>ISDA Early Termination Date</u>. Party A has the right to designate an Early Termination Date pursuant to
Section 6 of the Agreement, in which case, except as otherwise specified herein and except as a result of an Event of Default under Section 5(a)(i) of the Agreement, the provisions of "Termination Settlement" below shall apply
in lieu of the consequences specified in Section 6 of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other ISDA Events</u>. The announcement of any event that if consummated, would result in an Extraordinary
Event or the occurrence of any Change in Law or a Delisting; *provided* that in case of a Delisting, in addition to the provisions of Section 12.6(a)(iii) of the 2002 Definitions, it will also constitute a Delisting if the Exchange is
located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock
Exchange, the Nasdaq Global Select Market or the NASDAQ Global Market (or their respective successors); and *provided further* that the definition of "Change in Law" provided in Section 12.9(a)(ii) of the 2002 Definitions is
hereby amended by (i) replacing the phrase "the interpretation" in the third line thereof with the phrase ", or public announcement of, the formal or informal interpretation", (ii) replacing the parenthetical beginning
after the word "regulation" in the second line thereof the words "(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized
or mandated by existing statute)" and (iii) immediately following the word "Transaction" in clause (X) thereof, adding the phrase "in the manner contemplated by Party A on the Trade Date so long as such manner was
commercially reasonable on the Trade Date"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Ownership Event</u>. In the reasonable judgment of Party A, on any day, the Share Amount for such day
exceeds the Applicable Share Limit for such day (if any applies).

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For purposes of clause (e) above, the "Share Amount" as of any day is the number of Shares that Party A and any person whose ownership position would be aggregated with that of Party A (Party A or any such person, a "Party A Person") under any law, rule, regulation, regulatory order or organizational documents or contracts of Party B (including without limitation the Ninth Article of the Articles) that are, in each case, applicable to ownership of Shares ("Applicable Restrictions"), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Party A in its commercially reasonable discretion. The "Applicable Share Limit" means a number of Shares equal to (A) the minimum number of Shares that could reasonably be expected to give rise to reporting or registration obligations (other than any filing under Section 13 of the Exchange Act and the rules and regulations thereunder, in each case, as in effect on the Trade Date) or other requirements (including obtaining prior approval from any person or entity) of a Party A Person, or could reasonably be expected to result in a material adverse effect on a Party A Person, under any Applicable Restriction, as determined by Party A (it being understood that reporting obligations under Section 13 or Section 16 of the Exchange Act and the rules and regulations thereunder, in each case, as in effect on the Trade Date, will not be deemed to have such an adverse effect), minus (B) 1% of the number of Shares outstanding.

As of the Trade Date, Party A represents and warrants to and agrees with Party B that, assuming the accuracy of Party B's representations and warranties made hereunder and under the Equity Distribution Agreement and compliance by Party B with its obligations hereunder and under the Equity Distribution Agreement, (i) based on advice of counsel and reasonable internal inquiry in the ordinary course of Party A's business, Party A (A) does not have actual knowledge of the existence on the Trade Date of an Ownership Event and (B) does not have actual knowledge on the Trade Date of any event or circumstance that is expected to cause the occurrence of an Ownership Event during the term of the Transaction; and (ii) assuming that no event or circumstance by or within the control of Party B or its affiliates occurs in connection with which Party A's "beneficial ownership" (within the meaning of Section 13 of the Exchange Act and the rules promulgated thereunder) of Shares would increase, Party A will not knowingly cause the occurrence of an Ownership Event on any day during the term of the Transaction with the specific intent of causing the occurrence of a Termination Settlement Date.

<u>Termination Settlement</u>:

Upon the occurrence of any Acceleration Event, Party A shall have the right to designate, upon at least one Scheduled Trading Day's notice, any Scheduled Trading Day following such occurrence to be a Settlement Date hereunder (a "Termination Settlement Date") to which Physical Settlement shall apply, and to select the number of Settlement Shares relating to such Termination Settlement Date; *provided* that (i) in the case of an Acceleration Event arising out of an Ownership Event, the number of Settlement Shares so designated by Party A shall not exceed the number of Shares necessary to reduce the Share Amount to the Applicable Share Limit and (ii) in the case of an Acceleration Event arising out of a Stock Borrow Event the number of Settlement Shares so designated by Party A shall not exceed the number of Shares as to which such Stock Borrow Event exists. If, upon designation of a Termination Settlement Date by Party A pursuant to the preceding sentence, Party B fails to deliver the Settlement Shares relating to such Termination Settlement Date when due or otherwise fails to perform obligations within its control in respect of the Transaction, it shall be an Event of Default with respect to Party B and Section 6 of the Agreement shall apply. If an Acceleration Event occurs during an Unwind Period relating to a number of Settlement Shares to which Cash Settlement or Net Share Settlement applies, then on the Termination Settlement Date relating to such Acceleration Event, notwithstanding any election to the contrary by Party B, Cash Settlement or Net Share Settlement shall apply to the portion of the Settlement Shares relating to such Unwind Period as to which Party A has unwound its hedge and Physical Settlement shall apply in respect of (x) the remainder (if any) of such Settlement Shares and (y) the Settlement Shares designated by Party A in respect of such Termination Settlement Date. If an Acceleration Event occurs after Party B has designated a Settlement Date to which Physical Settlement applies but before the relevant Settlement Shares have been delivered to Party A, then Party A shall have the right to cancel such Settlement Date and designate a Termination Settlement Date in respect of such Shares pursuant to the first sentence hereof. If Party A designates a Termination Settlement Date as a result of an Acceleration Event caused by an excess dividend of the type described in paragraph "(b) Dividends and Other Distributions" under the heading "Acceleration Events," no adjustment(s) shall be made to account for the amount of such excess dividend.

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<u>Private Placement Procedures:</u>

If Party B is unable to comply with the provisions of "Covenant of Party B" above because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff, or Party A otherwise reasonably determines, based on advice of counsel, that any Settlement Shares to be delivered to Party A by Party B may not be freely returned by Party A or its affiliates to securities lenders as described under "Covenant of Party B" above, then delivery of any such Settlement Shares (the "Restricted Shares") shall be effected pursuant to Annex A hereto, unless waived by Party A.

<u>Rule 10b5-1</u>:

It is the intent of Party A and Party B that following any election of Cash Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during any Unwind Period comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c).

Party B acknowledges that (i) during any Unwind Period Party B does not have, and shall not attempt to exercise, any influence over how, when or whether to effect purchases of Shares by Party A (or its agent or affiliate) in connection with this Confirmation and (ii) Party B is entering into the Agreement and this Confirmation in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule 10b-5 under the Exchange Act. Party B further agrees to act in good faith with respect to the Agreement and this Confirmation.

Party B hereby agrees with Party A that during any Unwind Period Party B shall not communicate, directly or indirectly, any Material Non-Public Information (as defined herein) to any Derivatives Trading Personnel (as defined below). For purposes of the Transaction, "Material Non-Public Information" means information relating to Party B or the Shares that (a) has not been widely disseminated by wire service, in one or more newspapers of general circulation, by communication from Party B to its shareholders or in a press release, or contained in a public filing made by Party B with the Securities and Exchange Commission or otherwise disseminated in a manner constituting "public disclosure" within the meaning of Regulation FD under the Exchange Act and (b) a reasonable investor might consider to be of importance in making an investment decision to buy, sell or hold Shares. For the avoidance of doubt and solely by way of illustration, information should be presumed "material" if it relates to such matters as dividend increases or decreases, earnings estimates, changes in previously released earnings estimates, significant expansion or curtailment of operations, a significant increase or decline of orders, significant merger or acquisition proposals or agreements, significant new products or discoveries, extraordinary borrowing, major litigation, liquidity problems, extraordinary management developments, purchase or sale of substantial assets, or other similar significant information. For purposes of the Transaction, "Derivatives Trading Personnel" means any employee on the trading side of the equity derivatives group of Party A that Party B is aware of is an employee on the trading side of such group and does not include any other person or persons designated from time to time by Party A's compliance group.

<u>Maximum Share Delivery</u>:

Notwithstanding any other provision of this Confirmation, in no event will Party B be required to deliver on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement, Termination Settlement or any Private Placement Settlement, more than a number of Shares equal to twice the Initial Base Amount to Party A, subject to reduction by the amount of any Shares delivered by Party B on any prior Settlement Date and subject to adjustment from time to time in accordance with the provisions of this Confirmation and the Definitions but solely with respect to adjustments arising from events caused by Party B or under the control of Party B.

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<u>Staggered Settlement</u>:

Notwithstanding anything to the contrary herein, with respect to any contemplated Net Share Settlement or Cash Settlement, Party A may, by at least two Scheduled Trading Days' notice to Party B prior to the first relevant Staggered Settlement Date (as defined below), designate one or more early settlement dates (each, a "Staggered Settlement Date") prior to the relevant earlier designated Settlement Date (the "Original Settlement Date"). Party A shall specify in such notice the portion of the relevant Settlement Shares attributable to each Staggered Settlement Date and such other details as may be required in order for the relevant party to deliver the required number of Shares or pay cash, as the case may be, on each such Staggered Settlement Date. For the avoidance of doubt, the total number of Settlement Shares attributable to all such Staggered Settlement Dates shall equal the total number of Settlement Shares for such Net Share Settlement or Cash Settlement, as the case may be.

<u>Transfer and Assignment</u>:

Notwithstanding anything to the contrary herein or in the Agreement, Party A may assign or transfer any of its rights or delegate any of its duties hereunder to (i) any affiliate of Party A, whose obligations hereunder and under the Agreement are fully and unconditionally guaranteed by Party A or its ultimate or direct parent entity or (ii) any affiliate of Party A with a long-term issuer rating equal to or better than the credit rating of Party A, or its ultimate or direct parent entity, at the time of such assignment or transfer; *provided* that (A) Party B will neither (x) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the Agreement under the law as of the date of the transfer or assignment, except to the extent that such additional amount was payable to the assignor or transferor immediately before the assignment or transfer, nor (y) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount, except to the extent that such additional amount was not payable by the assignor or transferor immediately before the assignment or transfer, in either case, as a result of such transfer or assignment and (B) no Event of Default or Potential Event of Default shall (x) have occurred with respect to Party A or (y) occur with respect to either party solely as a result of such transfer and assignment. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Party A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Party A's obligations in respect of the Transaction and any such designee may assume such obligations; *provided* that Party B will neither (x) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the Agreement under the law as of the date of the transfer or assignment, except to the extent that such additional amount was payable by Party B immediately before the designation of the designee, nor (y) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which Party A or such designee is not required to pay an additional amount, in either case, as a result of such designation, except to the extent that such additional amount was not payable by Party A immediately before the designation of the designee. Party A shall be discharged of its obligations to Party B to the extent of any such performance.

<u>Indemnity</u>:

Party B agrees to indemnify Party A and its affiliates and their respective directors, officers, agents and controlling parties (Party A and each such affiliate or person being an "Indemnified Party") from and against any and all losses, claims, damages and liabilities, joint and several, incurred by or asserted against such Indemnified Party arising out of, in connection with, or relating to, any breach of any covenant or representation made by Party B in this Confirmation or

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the Agreement and will reimburse any Indemnified Party for all reasonable expenses (including reasonable legal fees and expenses) as they are incurred in connection with the investigation of, preparation for, or defense of any pending or threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto. Party B will not be liable under this Indemnity paragraph to the extent that any loss, claim, damage, liability or expense is found in a final and nonappealable judgment by a court to have resulted from Party A's material breach of any covenant or representation made by Party A in this Confirmation or the Agreement or any willful misconduct, fraud, gross negligence or bad faith of any Indemnified Party. For the avoidance of doubt, any payments due as a result of this provision may not be used to set off any obligation of Party A upon settlement of the Transaction. Any indemnification required to be paid hereunder shall be without duplication of amounts that are required to be paid under the corresponding provisions of the Equity Distribution Agreement.

<u>Notice</u>:

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| | |
|:---|:---|
| Non-Reliance: | Applicable. |
| Additional Acknowledgments: | Applicable. |
| Agreements and Acknowledgments |  |
| Regarding Hedging Activities: | Applicable. |

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4. The Agreement is further supplemented by the following provisions:

<u>No Collateral or Setoff</u>:

Notwithstanding Section 6(f) or any other provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Party B hereunder are not secured by any collateral. Obligations under the Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under the Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (a) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (i) the Transaction and (ii) all other Transactions, and (b) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement.

<u>Status of Claims in Bankruptcy</u>:

Party A acknowledges and agrees that this confirmation is not intended to convey to Party A rights with respect to the transactions contemplated hereby that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B; *provided* that nothing herein shall limit or shall be deemed to limit Party A's right to pursue remedies in the event of a breach by Party B of its obligations and agreements with respect to this Confirmation and the Agreement; and *provided further* that nothing herein shall limit or shall be deemed to limit Party A's rights in respect of any transaction other than the Transaction.

<u>Delivery of Cash</u>:

For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring Party B to deliver cash in respect of the settlement of the Transaction, except in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the Trade Date (including, without limitation, where Party B so elects to deliver cash or fails timely to elect to deliver Shares in respect of such settlement). For the avoidance of doubt, the preceding sentence shall not be construed as limiting (i) the Indemnity provision in Section 3 hereof or (ii) any damages that may be payable by Party B as a result of breach of this Confirmation.

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<u>Limit on Beneficial Ownership</u>:

Notwithstanding any other provisions hereof, Party A shall not have the "right to acquire" (within the meaning of NYSE Rule 312.04(g)) Shares hereunder and Party A shall not be entitled to take delivery of any Shares deliverable hereunder (in each case, whether in connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would exceed the Applicable Share Limit or (ii) the Section 16 Percentage would exceed 4.9%. Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Share Amount would exceed the Applicable Share Limit or (ii) the Section 16 Percentage would exceed 4.9%. If any delivery owed to Party A hereunder is not made, in whole or in part, as a result of this provision, Party B's obligation to make such delivery shall not be extinguished and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Party A gives notice to Party B that, after such delivery, (i) the Share Amount would not exceed the Applicable Share Limit and (ii) the Section 16 Percentage would not exceed 4.9%. The "Section 16 Percentage" as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Party A and any of its affiliates or any other person subject to aggregation with Party A for purposes of the "beneficial ownership" test under Section 13 of the Exchange Act, or any "group" (within the meaning of Section 13 of the Exchange Act) of which Party A is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.

In addition, notwithstanding anything herein to the contrary, if any delivery owed to Party A hereunder is not made, in whole or in part, as a result of the immediately preceding paragraph, Party A shall be permitted to make any payment due in respect of such Shares to Party B in two or more tranches that correspond in amount to the number of Shares delivered by Party B to Party A pursuant to the immediately preceding paragraph (each such tranche, a "Blocker Tranche"). Party A agrees to use good faith and commercially reasonable efforts to minimize the number of Blocker Tranches and the period of time during which the tranched settlement contemplated hereby occurs by returning as promptly as practicable Shares delivered by Party B to Party A in connection with any Blocker Tranche to securities lenders pursuant to clause (a) of "Covenants of Party A" hereunder.

<u>Wall Street Transparency and Accountability Act</u>:

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the "WSTAA"), the parties hereby agree that neither the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall limit or otherwise impair either party's otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the 2002 Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Acceleration Event or Illegality (as defined in the Agreement)).

<u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Addresses for Notices</u>. For the purpose of Section 12(a) of the Agreement:

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Address for notices or communications to Party A:

[INSERT DEALER NAME AND NOTICE INFORMATION]

Address for notices or communications to Party B:

National Health Investors, Inc.

222 Robert Rose Drive

Murfresboro, Tennessee 37129

Attention: [•]

Telephone: [•]

Email: [•]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Waiver of Right to Trial by Jury</u>. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Confirmation.** Each party (i) certifies that no representative, agent or attorney of the other party has represented,
expressly or otherwise, that such other party would not, in the event of such a suit action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Confirmation
by, among other things, the mutual waivers and certifications herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Offices</u>.

The Office of Party A for the Transaction is: [New York][•].

The Office of Party B for the Transaction is: Inapplicable, Party B is not a Multibranch Party.

<u>Acknowledgements</u>:

The parties hereto intend for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Transaction to be a "securities contract" as defined in Section 741(7) of Title 11 of the
United States Code (the "Bankruptcy Code"), qualifying for the protections under Section 555 of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a party's right to liquidate the Transaction and to exercise any other remedies upon the occurrence of
any Event of Default under the Agreement with respect to the other party to constitute a "contractual right" as defined in the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Party A to be a "financial institution" within the meaning of Section 101(22) of the
Bankruptcy Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all payments for, under or in connection with the Transaction, all payments for the Shares and the transfer of
such Shares to constitute "settlement payments" as defined in the Bankruptcy Code.

<u>Severability</u>:

If any term, provision, covenant or condition of this Confirmation, or the application thereof to any party or circumstance, shall be held to be invalid or unenforceable in whole or in part for any reason, the remaining terms, provisions, covenants, and conditions hereof shall continue in full force and effect as if this Confirmation had been executed with the invalid or unenforceable provision eliminated, so long as this Confirmation as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Confirmation and the deletion of such portion of this Confirmation will not substantially impair the respective

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benefits or expectations of parties to this Confirmation; *provided, however,* that this severability provision shall not be applicable if any provision of Section 2, 5, 6 or 13 of the Agreement (or any definition or provision in Section 14 of the Agreement to the extent that it relates to, or is used in or in connection with any such Section) shall be so held to be invalid or unenforceable.

<u>Governing Law/Jurisdiction</u>:

This Confirmation and any claim, controversy or dispute arising under or related to this Confirmation and the Agreement shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.

<u>Counterparts</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Counterparts may be delivered via facsimile, electronic mail or transmission (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., DocuSign and AdobeSign) (any such signature, an "Electronic
Signature") or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. The words "execution," "signed,"
"signature" and words of like import in this Confirmation or in any other certificate, agreement or document related to this Confirmation shall include any Electronic Signature, except to the extent electronic notices are expressly
prohibited under this Confirmation or the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in the Agreement, either party may deliver to the other party a notice
relating to any Event of Default or Termination Event under this Confirmation by e-mail.

<u>Disclosure</u>:

Effective from the date of commencement of discussions concerning the Transaction, each of Party A and Party B and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.

<u>Commodity Exchange Act</u>:

Each of Party A and Party B agrees and represents that it is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the "CEA"), the Agreement and the Transaction are subject to individual negotiation by the parties and have not been executed or traded on a "trading facility" as defined in Section 1a(51) of the CEA.

<u>Tax Matters</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payer Tax Representations</u>. For the purpose of Section 3(e) of the Agreement, each of Party A and
Party B makes the following representation: It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of
any Tax from any payment (other than interest under Section 9(h) of the Agreement or amounts payable hereunder that may be considered to be interest for U.S. federal income tax purposes) to be

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made by it to the other party under the Agreement. In making this representation, it may rely on (A) the accuracy of any representations made by the other party pursuant to Section 3(f) of the Agreement, (B) the satisfaction of the agreement contained in Section 4(a)(i) or Section 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or Section 4(a)(iii) of the Agreement and (C) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, except that it will not be a breach of this representation where reliance is placed on clause (B) above and the other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payee Tax Representations</u>. For the purpose of Section 3(f) of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party A makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) [It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for U.S. federal income tax purposes.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) [It is a national banking association organized and existing under the laws of the United States of America.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) [It is an exempt recipient under section 1.6049-4(c)(1)(ii) of the
United States Treasury Regulations.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Party B makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It is a real estate investment trust for U.S. federal income tax purposes and is organized under the laws of
the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) It is an exempt recipient under section 1.6049-4(c)(1)(ii)(J) of the
United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Withholding Tax Imposed on Payments to Non-U.S. Counterparties Under the United States Foreign Account Tax Compliance Act</u>. "Tax," as used in paragraph "(a) Payer Tax Representations" under the heading "Tax Matters," and "Indemnifiable Tax," as defined in
Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), any current or future
regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the
purposes of Section 2(d) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>871(m) Protocol</u>. To the extent that either party to the Agreement with respect to the Transaction is not
an adhering party to the ISDA 2015 Section 871(m) Protocol published by ISDA on November 2, 2015, and available at www.isda.org, as may be amended, supplemented, replaced or superseded from time to time (the "871(m) Protocol"),
the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Agreement with respect to the Transaction as if set forth in full herein. The parties further agree that,
solely for purposes of applying such provisions and amendments to the Agreement with respect to the Transaction, references to "each Covered Master Agreement" in the 871(m) Protocol will be deemed to be references to the

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Agreement with respect to the Transaction, and references to the "Implementation Date" in the 871(m) Protocol will be deemed to be references to the Trade Date of the Transaction. For greater certainty, if there is any inconsistency between this provision and the provisions in any other agreement between the parties to which the Transaction relates, then this provision shall prevail unless such other agreement expressly overrides the provisions of the Attachment to the 871(m) Protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party A shall provide to Party B a valid and duly executed U.S. Internal Revenue Service Form W-9, or any successor thereto, (i) on or before the date of execution of this Confirmation; (ii) promptly upon reasonable demand by Party B; and (iii) promptly upon learning that any such tax form
previously provided by Party A has become invalid, obsolete, or incorrect. Additionally, Party A shall, promptly upon request by Party B, provide such other tax forms and documents reasonably requested by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Party B shall provide to Party A a valid
and duly executed U.S. Internal Revenue Service Form W-9, or any successor thereto, (i) on or before the date of execution of this Confirmation; (ii) promptly upon reasonable demand by Party A; and
(iii) promptly upon learning that any such tax form previously provided by Party B has become invalid, obsolete, or incorrect. Additionally, Party B shall, promptly upon request by Party A, provide such other tax forms and documents reasonably
requested by Party A.

<u>Other Forwards / Dealers</u>:

Party A acknowledges that Party B has entered, or may in the future enter, into one or more similar forward transactions for the Shares (each, an "Other Forward" and collectively, the "Other Forwards") with one or more dealers, and/or affiliates thereof (each, an "Other Dealer" and collectively, the "Other Dealers"). Party B agrees not to designate a "Settlement Date" with respect to any Other Forwards in respect of a "Cash Settlement" or "Net Share Settlement" if any of the period from the beginning of the corresponding "Unwind Period" to such "Settlement Date" for such Other Forward would overlap with any portion of an Unwind Period for the Transaction; *provided, however,* that Party B may allow for such overlap with an Other Forward with no more than one Other Dealer (each such period, an "Overlap Unwind Period"), so long as Party B (i) notifies Party A at least one Scheduled Trading Day prior to the commencement of such Overlap Unwind Period of the first Scheduled Trading Day and the length of such Overlap Unwind Period, and (ii) each of Party A and such Other Dealer shall be permitted to purchase Shares to unwind its respective hedge positions in respect of the Transaction or such Other Forward, as the case may be, only on alternating Scheduled Trading Days during such Overlap Unwind Period, commencing on the first or second Scheduled Trading Day of such Overlap Unwind Period, as notified to Party A by Party B at least one Scheduled Trading Day prior to the commencement of such Overlap Unwind Period (which alternating Scheduled Trading Days, for the avoidance of doubt, will be every other Scheduled Trading Day).

<u>[U.S. Stay Regulations</u>:]

The parties agree that the terms of the 2018 ISDA U.S. Resolution Stay Protocol (the "Protocol") are incorporated into and form a part of this Confirmation, and for such purposes this Confirmation shall be deemed a Protocol Covered Agreement and each party shall be deemed to have the same status as Regulated Entity and/or Adhering Party as applicable to it under the Protocol. In the event of any inconsistencies between this Confirmation and the terms of the Protocol (the "QFC Stay Terms"), the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph references to "this Confirmation" include any related credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Party A replaced by references to the covered affiliate support provider.

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"QFC Stay Rules" mean the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

<u>[Dealer boilerplate</u>:]<sup>7</sup>

[Remainder of page intentionally left blank]

<sup>7</sup> Add dealer's boilerplate (including QFC provision), if applicable.

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**SCHEDULE I** 

FORWARD PRICE REDUCTION DATES AND AMOUNTS

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| | |
|:---|:---|
| **Forward Price Reduction Date** | **Forward Price Reduction Amount** |
|  Trade Date | USD 0.0000 |
|  [•] | USD [•] |
|  [•] | USD [•] |
|  [•] | USD [•] |
|  [•] | USD [•] |
|  Maturity Date | USD 0.0000 |

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**ANNEX A** 

PRIVATE PLACEMENT PROCEDURES

(i) If Party B delivers the Restricted Shares pursuant to this clause (i) (a "Private Placement
Settlement"), then delivery of Restricted Shares by Party B shall be effected in customary private placement procedures with respect to such Restricted Shares commercially reasonably acceptable to Party A; *provided* that if, on or before
the date that a Private Placement Settlement would occur, Party B has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(a)(2) of the Securities Act for the sale by Party B to Party A
(or any affiliate designated by Party A) of the Restricted Shares or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales of the Restricted Shares by Party A (or any such affiliate of Party A) or
Party B fails to deliver the Restricted Shares when due or otherwise fails to perform obligations within its control in a commercially reasonable manner in respect of a Private Placement Settlement, it shall be an Event of Default with respect to
Party B and Section 6 of the Agreement shall apply. The Private Placement Settlement of such Restricted Shares shall include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to
Party A, due diligence rights (for Party A or any designated buyer of the Restricted Shares by Party A), opinions and certificates, and such other documentation as is reasonable and customary for private placements of similar size, all commercially
reasonably acceptable to Party A. In the case of a Private Placement Settlement, Party A shall, in its good faith discretion, adjust the number of Restricted Shares to be delivered to Party A hereunder and/or the Forward Price in a commercially
reasonable manner to reflect the fact that such Restricted Shares may not be freely returned to securities lenders by Party A and may only be saleable by Party A at a discount to reflect the lack of liquidity in Restricted Shares. Notwithstanding
the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall be the Clearance System Business Day following notice by Party A to Party B of the number of Restricted Shares to be delivered pursuant to this clause (i). For
the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in the previous sentence and not be due on the Settlement Date or Termination Settlement Date that would otherwise be applicable.

(ii) If Party B delivers any Restricted Shares in respect of the Transaction, unless it is advised in writing by
outside counsel that any of the following actions would violate applicable securities laws because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff occurring after the Trade Date, Party B agrees
that (i) such Shares may be transferred by and among Party A and its affiliates and (ii) after the minimum "holding period" within the meaning of Rule 144(d) under the Securities Act has elapsed after the applicable Settlement
Date, Party B shall promptly remove, or cause the transfer agent for the Shares to remove, any legends referring to any transfer restrictions from such Shares upon delivery by Party A (or such affiliate of Party A) to Party B or such transfer agent
of seller's and broker's representation letters customarily delivered by Party A or its affiliates in connection with resales of restricted securities pursuant to Rule 144 under the Securities Act, each without any further requirement
for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by Party A (or such affiliate of Party A).

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**ANNEX B** 

**PRICING SUPPLEMENT** 

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| | |
|:---|:---|
| **Date:** | **[•], 20[•]**  |

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| | |
|:---|:---|
| **To:** | **National Health Investors, Inc.**  |

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222 Robert Rose Drive

Murfresboro, Tennessee 37129

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| | |
|:---|:---|
| **From:** | **[DEALER NAME AND NOTICE INFORMATION]**  |

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| | |
|:---|:---|
| **Re:** | **Registered Forward Transaction**  |

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Ladies and Gentlemen:

This Pricing Supplement is the Pricing Supplement contemplated by the Registered Forward Transaction dated as of [•], 20[•] (the "Confirmation") between National Health Investors, Inc. and [DEALER NAME].

Terms not otherwise defined herein shall have the meaning ascribed to them in the Confirmation.

For all purposes under the Confirmation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Hedge Completion Date is [•];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Initial Base Amount is [•]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Initial Forward Price shall be USD [•].

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| |
|:---|
| Very truly yours, |
| **[DEALER NAME]** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| Confirmed as of the date first above written: |
| **NATIONAL HEALTH INVESTORS, INC.** |
| By: |
| Name: |
| Title: |

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