# EDGAR Filing Document

**Accession Number:** 0001538990
**File Stem:** 0001193125-26-201697
**Filing Date:** 2026-5
**Character Count:** 449133
**Document Hash:** 2b773e791a5d1f3b684e7899006bdfe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-201697.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-201697

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STORE CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001538990
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 884051712
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36739
- **FILM NUMBER:** 26933675

**BUSINESS ADDRESS:**
- **STREET 1:** 8377 EAST HARTFORD DRIVE
- **STREET 2:** SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85255
- **BUSINESS PHONE:** (480) 256-1100

**MAIL ADDRESS:**
- **STREET 1:** 8377 EAST HARTFORD DRIVE
- **STREET 2:** SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85255

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STORE CAPITAL Corp
- **DATE OF NAME CHANGE:** 20120109

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM** 10-Q

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to .** 

**Commission File No.** 001-36739

STORE CAPITAL LLC

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

---

| | |
|:---|:---|
| Delaware | 88-4051712 |
| &nbsp;&nbsp;&nbsp;(State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

8377 East Hartford Drive**,** Suite 100**,** Scottsdale**,** Arizona 85255

(Address of principal executive offices) (Zip Code)

**Registrant's telephone number, including area code: (**480**)** 256-1100

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

*Note: The registrant has filed all reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months that would have been required had it been subject to such requirements.*

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Smaller reporting company ☐ |
|  | 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which registered** |

---

**As of April 29, 2026, there were 1,125 units of equity outstanding.**

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>Part I. - FINANCIAL INFORMATION</u>**](#partifinancialinformation_129390) | [**<u>Part I. - FINANCIAL INFORMATION</u>**](#partifinancialinformation_129390) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Financial Statements</u>](#item1financialstatements_44471) | 3 |
|  | [<u>Condensed Consolidated Balance Sheets</u>](#condensedconsolidatedbalancesheets_69346) | 3 |
|  | [<u>Condensed Consolidated Statements of Operations</u>](#condensedconsolidatedstatementsofincome_) | 4 |
|  | [<u>Condensed Consolidated Statements of Comprehensive Income (Loss)</u>](#condensedconsolidatedstatementsofcompreh) | 5 |
|  | [<u>Condensed Consolidated Statements of Members' Equity</u>](#condensedconsolidatedstatementsofmember) | 6 |
|  | [<u>Condensed Consolidated Statements of Cash Flows</u>](#condensedconsolidatedstatementsofcashflo) | 7 |
|  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#notestocondensedconsolidatedfinancialsta) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item2managementsdiscussionandanalysisoff) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3quantitativeandqualitativedisclosur) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item4controlsandprocedures_164649) | 35 |
| [**<u>Part II. - OTHER INFORMATION</u>**](#partiiotherinformation_672918) | [**<u>Part II. - OTHER INFORMATION</u>**](#partiiotherinformation_672918) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Legal Proceedings</u>](#item1legalproceedings_527170) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item1ariskfactors_128887) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item2unregisteredsalesofequitysecurities) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Defaults Upon Senior Securities</u>](#item3defaultsuponseniorsecurities_666648) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item4minesafetydisclosures_45413) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#item5otherinformation_218247) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits</u>](#item6exhibits_831232) | 37 |
| [**<u>Signatures</u>**](#signature_48231) | [**<u>Signatures</u>**](#signature_48231) | 39 |

---

**2**

------

**PART I – FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**STORE Capital LLC**

**Condensed Consolidated Balance Sheets**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
|  | **(unaudited)** | **(audited)** |
| **Assets** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land and improvements | $3919368 | $3915220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 9744798 | 9677738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible lease assets | 552175 | 559678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments | 14216341 | 14152636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (1729594) | (1603086) |
|  | 12486747 | 12549550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate investments held for sale, net |  | 8265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating ground lease assets | 53516 | 53707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and financing receivables, net | 3205027 | 3090326 |
| Net investments | 15745290 | 15701848 |
| Cash and cash equivalents | 63735 | 39119 |
| Other assets, net | 172988 | 151033 |
| Total assets | $15982013 | $15892000 |
| **Liabilities and equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility | $373600 | $583600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured notes and term loans payable, net | 3803796 | 3348911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse debt obligations of consolidated special purpose entities, net | 3199058 | 3199027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible lease liabilities, net | 108097 | 111706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 49248 | 49498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses, deferred revenue and other liabilities | 293468 | 323633 |
| Total liabilities | 7827267 | 7616375 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Members' equity | 7917644 | 8121344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 222322 | 150366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 26 | (9531) |
| Total members' equity | 8139992 | 8262179 |
| Noncontrolling interest | 14754 | 13446 |
| Total equity | 8154746 | 8275625 |
| Total liabilities and equity | $15982013 | $15892000 |

---

See accompanying notes.

------

**STORE Capital LLC**

**Condensed Consolidated Statements of Operations**

**(unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $262722 | $253880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on loans and financing receivables | 73769 | 47563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 5434 | 2441 |
| Total revenues | 341925 | 303884 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 99599 | 90725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property costs | 5672 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 20124 | 17565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 144770 | 148106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 8678 | 7366 |
| Total expenses | 278843 | 266236 |
| Other income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on dispositions of real estate | 9803 | 4253 |
| Income before income taxes | 72885 | 41901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 463 | (10773) |
| Net income | 72422 | 52674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interest | 466 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to controlling interest | $71956 | $52007 |

---

See accompanying notes.

------

**STORE Capital LLC**

**Condensed Consolidated Statements of Comprehensive Income (Loss)**

**(unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net income | $72422 | $52674 |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on cash flow hedges | 9827 | (14938) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedge gains reclassified to interest expense | (270) | (3704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred loss on cash flow hedges |  | (1183) |
| Total other comprehensive income (loss) | 9557 | (19825) |
| Total comprehensive income | 81979 | 32849 |
| Comprehensive income attributable to noncontrolling interest | 466 | 667 |
| Comprehensive income attributable to controlling interest | $81513 | $32182 |

---

See accompanying notes.

------

**STORE Capital LLC**

**Condensed Consolidated Statements of Members' Equity**

**(unaudited)**

**(In thousands, except unit data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Accumulated** |  |  |  |
|  |  |  |  |  | **Other** | **Total** | **Non -** |  |
|  | **Members' Units** | **Members' Units** | **Members' Equity** | **Members' Equity** | **Comprehensive** | **Members'** | **controlling** | **Total** |
|  | **Common** | **Preferred** | **Common** | **Preferred** | **Income (Loss)** | **Equity** | **Interest** | **Equity** |
| **Three Months Ended March 31, 2026** |  |  |  |  |  |  |  |  |
| Balance at December 31, 2025 | 1000 | 250 | $8271460 | $250 | $(9531) | $8262179 | $13446 | $8275625 |
| Members' distributions |  |  | (203700) |  |  | (203700) |  | (203700) |
| Net income |  |  | 71956 |  |  | 71956 | 466 | 72422 |
| Other comprehensive income |  |  |  |  | 9557 | 9557 |  | 9557 |
| Contributions from noncontrolling interest |  |  |  |  |  |  | 1226 | 1226 |
| Distributions to noncontrolling interest |  |  |  |  |  |  | (384) | (384) |
| Balance at March 31, 2026 | 1000 | 250 | $8139716 | $250 | $26 | $8139992 | $14754 | $8154746 |
|  |  |  |  |  | **Accumulated** |  |  |  |
|  |  |  |  |  | **Other** | **Total** | **Non -** |  |
|  | **Members' Units** | **Members' Units** | **Members' Equity** | **Members' Equity** | **Comprehensive** | **Members'** | **controlling** | **Total** |
|  | **Common** | **Preferred** | **Common** | **Preferred** | **Income (Loss)** | **Equity** | **Interest** | **Equity** |
| **Three Months Ended March 31, 2025** |  |  |  |  |  |  |  |  |
| Balance at December 31, 2024 | 1000 | 125 | $8556023 | $125 | $20497 | $8576645 | $8124 | $8584769 |
| Members' distributions |  |  | (192000) |  |  | (192000) |  | (192000) |
| Issuance of preferred shares, net of costs of $105 |  | 125 |  | 20 |  | 20 |  | 20 |
| Net income |  |  | 51902 | 105 |  | 52007 | 667 | 52674 |
| Other comprehensive loss |  |  |  |  | (19825) | (19825) |  | (19825) |
| Distributions to noncontrolling interest |  |  |  |  |  |  | (312) | (312) |
| Balance at March 31, 2025 | 1000 | 250 | $8415925 | $250 | $672 | $8416847 | $8479 | $8425326 |

---

See accompanying notes.

------

**STORE Capital LLC**

**Condensed Consolidated Statements of Cash Flows**

**(unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Operating activities** |  |  |
| Net income | $72422 | $52674 |
| Adjustments to net income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 144770 | 148106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discounts, deferred financing costs and other noncash interest expense | 18187 | 19110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 8678 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on dispositions of real estate | (9803) | (4253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash revenue and other | (15946) | (16408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments made in settlement of cash flow hedges |  | (1183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1562 | (1570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses, deferred revenue and other liabilities | (37941) | (31601) |
| Net cash provided by operating activities | 181929 | 172241 |
| **Investing activities** |  |  |
| Acquisition of and additions to real estate | (178129) | (147035) |
| Investment in loans and financing receivables | (114701) | (108563) |
| Collections of principal on loans and financing receivables | 5436 | 452 |
| Proceeds from dispositions of real estate | 115638 | 109689 |
| Net cash used in investing activities | (171756) | (145457) |
| **Financing activities** |  |  |
| Borrowings under credit facility | 140000 |  |
| Repayments under credit facility | (350000) |  |
| Borrowings under unsecured notes and term loans payable | 449784 | 349773 |
| Repayments under non-recourse debt obligations of consolidated special purpose entities | (6947) | (6395) |
| Financing costs paid | (3868) | (2732) |
| Members' distributions | (203700) | (192000) |
| Proceeds from issuance of preferred shares |  | 125 |
| Preferred shares issuance costs paid |  | (105) |
| Distributions to noncontrolling interest | (384) | (312) |
| Contributions from noncontrolling interest | 1226 |  |
| Net cash provided by financing activities | 26111 | 148354 |
| Net change in cash, cash equivalents and restricted cash | 36284 | 175138 |
| Cash, cash equivalents and restricted cash, beginning of period | 52431 | 172123 |
| Cash, cash equivalents and restricted cash, end of period | $88715 | $347261 |
| **Reconciliation of cash, cash equivalents and restricted cash:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $63735 | $327283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash included in other assets | 24980 | 19978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $88715 | $347261 |
| **Supplemental disclosure of noncash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued tenant improvements included in real estate, loans and financing receivable investments | $31232 | $22942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant funded improvements to real estate investments |  | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition cash holdbacks included in real estate, loans and financing receivable investments | 3595 |  |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest, net of amounts capitalized | $76255 | $73900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid (refunds received) during the period for income and franchise taxes, net | 236 | (214) |

---

See accompanying notes.

------

**STORE Capital LLC**

**Notes to Condensed Consolidated Financial Statements**

**March 31, 2026**

**1. Organization**

STORE Capital Corporation was incorporated under the laws of Maryland on May 17, 2011 and completed its initial public offering of its common stock on November 21, 2014. On February 3, 2023, STORE Capital Corporation was taken private in a transaction by entities affiliated with GIC, a global institutional investor, and funds managed by Blue Owl Capital, Inc. in which it merged into a merger subsidiary of Ivory Parent, LLC, a Delaware limited liability company, and Ivory SuNNNs LLC, a Delaware limited liability company (the "Merger"). As a result of the Merger, the separate existence of STORE Capital Corporation ceased, its common equity was no longer traded, and the surviving merger subsidiary changed its name to STORE Capital LLC. Following the Merger, STORE Capital LLC continues the business of its predecessor entity and acquires single tenant operational real estate to be leased on a long term, net basis to companies that operate across a wide variety of industries within the service, service-oriented retail and manufacturing sectors of the United States economy. From time to time, it also provides mortgage financing to its customers. References herein to "we," "us," "our," the "Company," or "STORE Capital" are references to STORE Capital Corporation prior to the Merger and STORE Capital LLC upon and following the Merger.

STORE Capital Corporation elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. STORE Capital LLC has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a REIT for federal income tax purposes beginning with its initial taxable year ended December 31, 2022. As a REIT, the Company will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its members and meets other specific requirements.

**2. Summary of Significant Accounting Principles**

***Basis of Accounting and Principles of Consolidation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company's audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

These condensed consolidated statements include the accounts STORE Capital LLC, its wholly-owned subsidiaries, and special purpose entities and variable interest entities ("VIEs") that it controls through its voting interest and other means. One of the Company's wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation.

Certain of the Company's consolidated subsidiaries are special purpose entities or VIEs. Each special purpose entity or VIE is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities or VIEs may only be used to settle the liabilities of such entity and are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the applicable special purpose entity or VIE. At March 31, 2026 and December 31, 2025, the special purpose entities held assets totaling $13.7 billion and $13.6 billion, respectively, and had third-party liabilities totaling $3.6 billion and $3.6 billion, respectively. At March 31, 2026 and December 31, 2025, the VIEs held assets totaling $482.8 million and $440.8 million, respectively, and had third-party liabilities totaling $0.8 million and $1.4 million, respectively. These assets and liabilities are included in the accompanying condensed consolidated balance sheets.

The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support, (ii) substantially all of an entity's

------

activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity.

The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control.

A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, which activities most significantly impact the entity's economic performance and the ability to direct those activities, the variable interest holder's form of ownership interest, the variable interest holder's representation on the VIE's governing body, the size and seniority of the variable interest holder's investment, the variable interest holder's ability and the rights of other investors to participate in policy making decisions, the variable interest holder's ability to manage its ownership interest relative to the other interest holders, and the variable interest holder's ability to replace the VIE manager and/or liquidate the entity.

For its investments in entities that are not considered to be VIEs, the Company evaluates the type of ownership rights held by each party with an interest in the entity to determine if the Company holds a controlling financial interest. The assessment of whether the Company holds a controlling financial interest is made at inception of the entity and continually reassessed.

*Consolidated VIE*

The Company holds a 95% ownership interest in and is the managing member of a joint venture entity formed in December 2023 that owns and leases real estate to lessees that are affiliates of the noncontrolling interest holder. The Company has provided a $187.1 million loan to the joint venture as of March 31, 2026. The Company classifies the joint venture as a VIE, as the equity holders do not have the obligation to absorb all future losses of the joint venture due to a provision that protects the equity holders from certain losses if an event of default occurs under the leases. The Company consolidates the joint venture as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE's economic performance. The assets of the joint venture primarily consist of leased properties (net lease real estate accounted for as financing arrangements) and cash; its obligations primarily consist of debt service payments to the Company, which are eliminated in consolidation.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.

***Segment Reporting***

The Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") Topic 280, *Segment Reporting*, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment. We are engaged in the business of acquiring, investing in and managing Single Tenant Operational Real Estate across the U.S. The Company's operating results depend primarily upon generating rental revenue and interest income from leasing its properties. The Company's Chief Executive Officer acts as the chief operating decision maker ("CODM"). Our CODM assesses entity-wide operating results and makes decisions on how to allocate resources based on consolidated net income, which is reported in the condensed consolidated statements of operations. Additionally, the measure of segment assets is reported in the condensed consolidated balance sheets as "Total assets."

Significant expense categories, including interest, property costs, general and administrative and depreciation and amortization, are included on the Company's condensed consolidated statements of operations. Asset information is included on the condensed consolidated balance sheets and in Note 3.

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***Investment Portfolio***

STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update ("ASU") 2016-02, *Leases (Topic 842)* ("ASC Topic 842") which had an impact on certain accounting related to the Company's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Real Estate Investments</u> – investments are generally made in one of two ways, either through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them, or through acquisitions from third-party sellers in connection with which a new lease is entered into with the tenant. Both approaches result in long-term leases which are classified as operating or finance leases and, in both cases, the operators become the Company's long-term tenants (its customers). Real estate assets acquired may be subject to a lease contract that contains certain terms requiring the Company to account for the lease as a finance lease. Additionally, if the terms of a lease contract specifically associated with a sale-leaseback transaction contain certain terms, such as a purchase option, the transaction is required to be accounted for as a financing arrangement, due to the Company's adoption of ASC Topic 842, rather than as an investment in real estate subject to an operating or finance lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Mortgage Loans Receivable</u> – investments are made by issuing mortgage loans to the owner-operators of the real estate that serves as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Hybrid Real Estate Investments</u> – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements.

***Accounting for Real Estate Investments***

*Classification and Cost*

STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company's lease contracts contain terms that result in the lease being classified as a finance lease. Additionally, certain of the Company's lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company's cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract that contains certain terms, such as a purchase option, the Company accounts for such an acquisition as a financing arrangement. The Company records investments in financing arrangements and finance leases in loans and financing receivables, net on the condensed consolidated balance sheets. For contracts accounted for as a financing arrangement due to the presence of a purchase option, should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments.

In-place lease intangibles are valued based on management's estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases.

The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management's estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the contractual renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations.

The Company's real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 20 to 40 years for buildings and is generally 10 to 15 years for land improvements. Properties

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classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated.

*Revenue Recognition*

STORE Capital leases real estate to its tenants under long-term net leases that are predominantly classified as operating leases, but in certain circumstances are classified as financing arrangements or finance leases. The Company's leases generally provide for rent escalations throughout the lease terms. For leases classified as operating leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. When a lease classified as a financing arrangement provides the same specific contractual escalations, lease payments accounted for as interest income are recognized using the effective interest method. Accordingly, straight-line operating lease receivables and interest income receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis or interest income recognized using the effective interest method, respectively, and scheduled rents or interest, represent unbilled rent receivables that the Company will receive only if the tenants make all rent or interest payments required through the expiration of the leases. These straight-line operating lease receivables and interest income receivables are included in other assets, net and loans and financing receivables, net, respectively, on the condensed consolidated balance sheets. The Company reviews its straight-line operating lease receivables and interest income receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues or interest income, respectively. As of March 31, 2026 and December 31, 2025, the Company had $118.7 million and $103.3 million, respectively, of straight-line operating lease receivables and interest income receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index ("CPI") may adjust over a one-year period or over multiple-year periods. Often, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company's inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company's view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred.

In addition to base rental revenue and interest income, certain leases, including leases classified as financing arrangements, also have contingent rentals that are based on a percentage of the tenant's gross sales; the Company recognizes contingent rental revenue and interest income when the threshold upon which the contingent lease payment is based is achieved. Approximately 3.3% of the Company's investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant's gross sales; historically, contingent rent recognized has been less than 1.0% of rental revenues and interest income.

The Company reviews its revenue and interest receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue or interest income is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable.

Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company's leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. These property tax payments are presented on a gross basis as part of both rental revenues and property costs in the condensed consolidated statements of operations.

*Impairment*

STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company's long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. Depending on their nature, these factors are classified as Level 2 or Level 3 inputs within the fair value hierarchy, discussed in *Fair Value Measurement* below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results.

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During the three months ended March 31, 2026, the Company recognized an aggregate provision for the impairment of real estate of $8.3 million. For the assets impaired in 2026, the estimated aggregate fair value of the impaired real estate assets at the time of impairment aggregated $20.8 million. The Company recognized an aggregate provision for the impairment of real estate of $6.4 million during the three months ended March 31, 2025.

***Accounting for Loans and Financing Receivables***

*Loans Receivable – Classification, Cost and Revenue Recognition*

STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any.

The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective-interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of March 31, 2026 and December 31, 2025, the Company had loans receivable with an aggregate outstanding principal balance of $9.7 million and $26.9 million, respectively, on nonaccrual status.

*Sale-Leaseback Transactions Accounted for as Financing Arrangements – Classification, Cost and Revenue Recognition*

Lease contracts accounted for as financing arrangements are initially recorded at an amount equal to the cost of the associated real estate, including acquisition and closing costs. Certain financing arrangements which include fixed rent escalations are subsequently accounted for using the effective interest method as discussed in *Accounting for Real Estate Investments, Revenue Recognition* above. The Company recognizes revenue from sale-leaseback transactions accounted for as financing arrangements as interest income on the condensed consolidated statement of operations.

*Sales-Type Financing Receivables – Classification, Cost and Revenue Recognition*

Sales-type financing receivables are recorded at their net investment, determined as the present value of both the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the assets. Rental payments received and the amortization of unearned income are recorded as interest income on the condensed consolidated statement of operations.

*Impairment and Provision for Credit Losses*

The Company accounts for provision of credit losses in accordance with ASU 2016-13, *Financial Instruments — Credit Losses (*"*Topic 326*"*): Measurement of Credit Losses on Financial Instruments* ("ASC Topic 326"). In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each loan and financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody's Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. During the three months ended March 31, 2026 and 2025, the Company recognized an estimated $0.3 million and $1.0 million, respectively, of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the condensed consolidated statements of operations. For the three months ended March 31, 2026 and 2025, the Company did not write off any credit losses associated with loans and financing receivables.

***Accounting for Operating Ground Lease Assets***

As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. The Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company

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could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments.

Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term if it is reasonably certain the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company's leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company's sublease with the tenant; the sublease income is included in rental revenues.

***Cash and Cash Equivalents***

Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money-market funds of major financial institutions, consisting predominantly of U.S. Government obligations.

***Restricted Cash***

Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $25.0 million and $13.3 million of restricted cash at March 31, 2026 and December 31, 2025, respectively, which are included in other assets, net, on the condensed consolidated balance sheets.

***Deferred Financing and Other Debt Costs***

Financing costs related to the issuance of the Company's long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Costs paid to a lender as part of a debt issuance are recorded as a debt discount and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Financing costs related to the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the condensed consolidated balance sheets.

***Derivative Instruments and Hedging Activities***

The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company's exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. See Note 7 for a summary of net derivative balances recorded on the condensed consolidated balance sheets and gross asset and liability balances as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction.

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As of March 31, 2026 and December 31, 2025, the Company had 21 interest rate swap agreements in place. Ten of the interest rate swap agreements have an aggregate notional value of $1.0 billion, with two maturing in February 2027, one maturing in April 2027, six maturing in May 2027 and one maturing in May 2029, and as of March 31, 2026 are designated cash flow hedges of the Company's $1.0 billion variable-rate bank unsecured term loan which matures in September 2030 (Note 4). Six of the interest rate swap agreements with an aggregate notional value of $650.0 million, three with maturities of February 2027, one with a maturity of May 2027 and two with a maturity of July 2028, are, as of March 31, 2026, designated cash flow hedges of the Company's $650.0 million floating-rate bank unsecured term loan which matures in September 2028 (Note 4). Five interest rate swap agreements with an aggregate notional value of $373.6 million, with two maturing in May 2027 and three maturing in July 2028, are, as of March 31, 2026, designated cash flow hedges of the Company's variable-rate unsecured revolving credit facility which matures in September 2029 (Note 4).

***Fair Value Measurement***

The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company's own assumptions.

***Income Taxes***

As a REIT, the Company is generally not subject to federal income tax but is subject to certain state and local income taxes as well as federal income and excise tax on its undistributed income. STORE Investment Corporation, the Company's wholly owned taxable REIT subsidiary ("TRS") created to engage in non-qualifying REIT activities, is subject to federal, state and local income taxes, but these annual taxes have historically been and are currently estimated to be negligible.

Following the Merger, the Company's new ownership structure and status as a privately held REIT caused multiple state income tax jurisdictions to view the Company as a captive REIT, resulting in state income tax liabilities to which the Company was not previously subject when it was publicly traded.

During 2025, the Company's status as a captive REIT in most states ceased, which significantly reduced the state income tax liabilities that were triggered by the Merger. As such, the Company expects its state effective income tax rate, with respect to most captive REIT jurisdictions, to be zero for the foreseeable future. After applying the projected future effective income tax rate of approximately zero to the Company's temporary differences, the $11.7 million balance in its net deferred tax liability recorded at December 31, 2024 was reversed in full during the three months ended March 31, 2025, resulting in the recognition of a net tax benefit.

During the three months ended March 31, 2026 and 2025, the Company recorded an income tax expense of $0.5 million and a benefit of $10.8 million, respectively.

Certain state tax returns filed for 2021 and federal and state tax returns filed for 2022 through 2024 are subject to examination by the respective taxing authorities in these jurisdictions. As of March 31, 2026, management concluded that there is no tax liability relating to uncertain income tax positions. The Company's policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expense. There was no accrual for interest or penalties at March 31, 2026 or December 31, 2025.

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***Related Party Transactions***

The Company has a service contract with PCSD Ivory Private Limited, an entity affiliated with GIC, one of the Company's members, under which it has agreed to perform certain loan servicing and other administrative services on behalf of PCSD Ivory Private Limited in exchange for a servicing fee. During the three months ended March 31, 2026 and 2025, the Company recognized $0.1 million and $0.2 million, respectively, of fee income, which is recorded in other income on the condensed consolidated statements of operations.

In accordance with the terms of the service contract and related arrangements, during the year ended December 31, 2025, the Company agreed to dispose of certain real estate assets held on behalf of PCSD Ivory Private Limited and recorded a related party liability equal to the fair value of the real estate assets. As of March 31, 2026 and December 31, 2025, such related party liability balance was $21.8 million and $27.0 million, respectively, which is included in accrued expenses, deferred revenue and other liabilities, on the condensed consolidated balance sheets.

***Recent Accounting Pronouncements***

From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company's financial position, results of operations or cash flows upon adoption.

In November 2024, the FASB issued ASU 2024-03, *Income statement (Subtopic 220-40) Reporting Comprehensive Income - Expense Disaggregation Disclosures* ("ASU 2024-03"), effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures.

**3. Investments**

At March 31, 2026, STORE Capital had investments in 3,577 property locations representing 3,401 owned properties (of which 250 are accounted for as financing arrangements and 157 are accounted for as sales-type leases), 22 properties where all the related land is subject to an operating ground lease and 154 properties which secure mortgage loans. The gross investment portfolio totaled $17.3 billion at March 31, 2026 and consisted of the gross acquisition cost of the real estate investments totaling $14.1 billion including an offset by intangible lease liabilities totaling $133.1 million, loans and financing receivables with an aggregate carrying amount of $3.2 billion and operating ground lease assets totaling $53.5 million. As of March 31, 2026, approximately 32% of these investments are assets of consolidated special purpose entity subsidiaries that are pledged as collateral under the non-recourse obligations of such special purpose entities (Note 4).

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The gross dollar amount of the Company's investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During the three months ended March 31, 2026, the Company had the following gross real estate and other investment activity (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **Number of** | **Dollar** |
|  | **Investment** | **Amount of** |
|  | **Locations** | **Investments** |
| Gross investments, December 31, 2025 (a) | 3576 | $17169924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of and additions to real estate (b)(c) | 26 | 188550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in loans and financing receivables (b)(c) | 14 | 114673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of real estate, loans and financing receivables | (39) | (114916) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal collections on loans and financing receivables |  | (5436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in operating ground lease assets (d) |  | (191) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment |  | (8678) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (2183) |
| Gross investments, March 31, 2026 (a)(f) |  | 17341743 |
| Less accumulated depreciation and amortization (f) |  | (1704550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investments, March 31, 2026 (e) | 3577 | $15637193 |

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(a)Includes $33.6 million and $27.3 million of interest income receivables associated with certain financing arrangements as of March 31, 2026 and December 31, 2025, respectively.

(b)Includes $3.6 million of total non-cash real estate and financing receivables acquired in connection with holdback arrangements.

(c)Excludes $24.4 million of total tenant improvement advances disbursed in 2026 which were accrued as of December 31, 2025.

(d)Represents amortization recognized on operating ground lease assets during the three months ended March 31, 2026.

(e)In connection with certain acquisitions completed or other modifications during the three months ended March 31, 2026, the Company modified existing operating leases in a manner which required them to be accounted for as finance leases in accordance with ASC Topic 842. As a result, the Company reclassified $12.1 million of real estate investments to loans and financing receivables, net on the condensed consolidated balance sheets. The Company also recognized a $1.4 million non-cash loss in connection with the modifications which is in included in net gain on dispositions of real estate in the condensed consolidated statements of operations.

(f)Includes the below-market lease liabilities ($133.1 million) and the accumulated amortization ($25.0 million) of the liabilities recorded on the condensed consolidated balance sheets as intangible lease liabilities as of March 31, 2026.

The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Rental revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases (a) | $260847 | $252061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sublease income - operating ground leases (b) | 666 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease related intangibles and costs | 1209 | 1039 |
| Total rental revenues | $262722 | $253880 |
| Interest income on loans and financing receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage and other loans receivable | $12795 | $4613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale-leaseback transactions accounted for as financing arrangements | 42597 | 30571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales-type and financing receivables | 18377 | 12379 |
| Total interest income on loans and financing receivables | $73769 | $47563 |

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(a)For the three months ended March 31, 2026 and 2025, includes $0.9 million and $1.1 million, respectively, of property tax tenant reimbursement revenue and includes $116,000 and $334,000, respectively, of variable lease revenue.

(b)Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments.

The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease.

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***Significant Credit and Revenue Concentration***

STORE Capital's real estate investments are leased or financed to 677 customers who operate their businesses across 146 industries geographically dispersed throughout 49 states. The primary sectors of the U.S. economy and their proportionate dollar amount of STORE Capital's investment portfolio at March 31, 2026 are service at 61%, service-oriented retail at 12% and manufacturing at 27%. Only one state, Texas (11%), accounted for 10% or more of the total dollar amount of STORE Capital's investment portfolio at March 31, 2026. None of the Company's customers represented more than 10% of the Company's investment portfolio at March 31, 2026, with the largest customer representing 3.1% of the total investment portfolio. On an annualized basis, as of March 31, 2026, the largest customer represented approximately 3.3% of the Company's total investment portfolio revenues.

***Real Estate Investments***

The weighted average remaining noncancelable lease term of the Company's operating leases with its tenants at March 31, 2026 was approximately 14.8 years. Substantially all the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At March 31, 2026, 17 of the Company's properties were vacant and not subject to a lease.

Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of March 31, 2026, are as follows (in thousands):

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| | |
|:---|:---|
| Remainder of 2026 | $768596 |
| 2027 | 1025898 |
| 2028 | 1013528 |
| 2029 | 993699 |
| 2030 | 973366 |
| 2031 | 945303 |
| Thereafter | 8296624 |
| Total future minimum rentals (a) | $14017014 |

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(a)Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements and sales-type financing receivables. See *Loans and Financing Receivables* section below.

Substantially all of the Company's leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rental payments such as lease escalations based on future changes in CPI.

***Intangible Lease Assets***

The following details intangible lease assets and related accumulated amortization (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| In-place leases (a) | $517106 | $524648 |
| Above-market leases | 35069 | 35069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible lease assets | 552175 | 559717 |
| Accumulated amortization (a) | (149468) | (142081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net intangible lease assets | $402707 | $417636 |

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(a)Includes the dollar amount of in-place lease intangibles ($39,000) and the related accumulated amortization ($6,000) associated with the real estate investments held for sale at December 31, 2025.

Aggregate lease intangible asset amortization included in depreciation and amortization expense was $11.2 million and $14.4 million during the three months ended March 31, 2026 and 2025, respectively. The amount amortized as a decrease to rental revenue for above-market lease intangibles was $0.7 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.

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Based on the balance of the intangible lease assets at March 31, 2026, the aggregate amortization expense is expected to be $33.2 million for the remainder of 2026, $42.7 million in 2027, $40.7 million in 2028, $38.2 million in 2029, $35.3 million in 2030, $32.8 million in 2031 and $153.0 million thereafter. The amount expected to be amortized as a decrease to rental revenue is expected to be $1.9 million for the remainder of 2026, $2.6 million in 2027, $2.5 million in 2028, $2.4 million in 2029, $2.3 million in 2030, $2.1 million in 2031 and $13.0 million thereafter. The weighted average remaining amortization period is approximately 10.7 years for the in-place lease intangibles and approximately 12.6 years for the above-market lease intangibles.

***Intangible Lease Liabilities***

The following details intangible lease liabilities and related accumulated amortization (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Below-market leases | $133141 | $135140 |
| Accumulated amortization | (25044) | (23422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net intangible lease liabilities (a) | $108097 | $111718 |

---

------

(a)Includes the dollar amount of below-market lease intangibles ($14,000) and the related accumulated amortization ($2,000) associated with the real estate investments held for sale at December 31, 2025.

Lease intangible liabilities are amortized as an increase to rental revenues. For the three months ended March 31, 2026 and 2025, amortization was $2.0 million and $2.4 million, respectively. Based on the balance of the intangible liabilities at March 31, 2026, the amortization included in rental revenue is expected to be $5.9 million for the remainder of 2026, $7.7 million in 2027, $7.5 million in 2028, $7.4 million in 2029, $6.7 million in 2030, $6.4 million in 2031 and $66.5 million thereafter. The weighted average remaining amortization period, including extension periods, is approximately 22.2 years.

***Operating Ground Lease Assets***

As of March 31, 2026, STORE Capital had operating ground lease assets aggregating $53.5 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company's leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $883,000 and $961,000 during the three months ended March 31, 2026 and 2025, respectively. The Company also recognized, in rental revenues, sublease revenue associated with its operating ground leases of $666,000 and $780,000 during the three months ended March 31, 2026 and 2025, respectively.

The future minimum lease payments to be paid under the operating ground leases as of March 31, 2026 were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  |  | **Ground Leases** |  |
|  | **Ground Leases** | **Paid by** |  |
|  | **Paid by** | **STORE Capital's** |  |
|  | **STORE Capital** | **Tenants (a)** | **Total** |
| Remainder of 2026 | $43 | $1930 | $1973 |
| 2027 | 57 | 2562 | 2619 |
| 2028 | 57 | 2592 | 2649 |
| 2029 | 58 | 2680 | 2738 |
| 2030 | 60 | 2700 | 2760 |
| 2031 | 60 | 2701 | 2761 |
| Thereafter | 3138 | 100616 | 103754 |
| Total lease payments | 3473 | 115781 | 119254 |
| Less imputed interest | (2857) | (68819) | (71676) |
| Total operating lease liabilities - ground leases | $616 | $46962 | $47578 |

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------

(a)STORE Capital's tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $115.8 million commitment, $85.7 million is due for periods beyond the current term of the Company's leases with the tenants. Amounts exclude contingent rent due under one lease where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales.

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***Loans and Financing Receivables***

The Company's loans and financing receivables include investments in real estate accounted for as financing arrangements and sales-type financing receivables as well as a smaller portion of investments made by issuing mortgage loans. Investments in real estate are recorded as loans and financing receivables on the balance sheet if the terms of a lease contract require the Company to account for the lease as a financing lease or if a lease specifically associated with a sale-leaseback transaction contains certain terms, such as a purchase option, the transaction is required to be accounted for as a financing arrangement. The Company's loans and financing receivables are summarized below (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Interest<br>Rate (a)** | **Maturity<br>Date** | **March 31,<br>2026** | **December 31,<br>2025** |
| Investments in real estate included in loans and financing receivables: |  |  |  |  |
| &nbsp;&nbsp;Sale-leaseback transactions accounted for as financing<br> arrangements (b)(c) | 8.63% | 2034 - 2122 | $1795138 | $1707510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales-type financing receivables | 8.93% | 2032 - 2056 | 831513 | 814341 |
| Total investments in real estate included in loans and financing<br> receivables |  |  | 2626651 | 2521851 |
| Principal amount outstanding—loans receivable: |  |  |  |  |
| &nbsp;&nbsp;Twenty-two mortgage loans receivable (d) | 8.93% | 2026-2066 | 564710 | 561206 |
| &nbsp;&nbsp;Equipment and other loans receivable | 9.86% | 2026-2038 | 34477 | 27667 |
| Total principal amount outstanding—loans receivable |  |  | 599187 | 588873 |
| Unamortized loan origination costs |  |  | 2071 | 2152 |
| Unamortized loan premium |  |  | 494 | 522 |
| Allowance for credit and loan losses |  |  | (23376) | (23072) |
| Total loans and financing receivables |  |  | $3205027 | $3090326 |

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(a)Represents the weighted average interest rate as of the balance sheet date.

(b)Includes $33.6 million and $27.3 million of interest income receivables associated with certain financing arrangements as of March 31, 2026 and December 31, 2025, respectively.

(c)In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2122 and the purchase options expire between 2026 and 2073.

(d)Ten of these mortgage loans allow for prepayment with a penalty ranging from 20% to 70% depending on the timing of the prepayment. Two of these mortgages may be prepaid in whole or in part, the remaining eight allow for prepayment only in full.

*Loans Receivable*

At March 31, 2026, the Company held 35 loans receivable with an aggregate carrying amount of $599.4 million. Twenty-two of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 14 of the mortgage loans are subject to increases over the term of the loans. The mortgage loans receivable generally require the borrowers to make monthly principal and interest payments based on a 15 to 40 year amortization period with a balloon payment, if any, at maturity or earlier upon the occurrence of certain other events. The equipment and other loans generally require the borrower to make monthly principal and interest payments with a balloon payment, if any, at maturity.

The long-term mortgage loans receivable generally allow for prepayments without penalty or with penalties ranging from 1% to 15%, depending on the timing of the prepayment, except as noted in the table above. Equipment and other loans receivable allow for

------

prepayments in whole or in part without penalty. Absent prepayments, scheduled maturities are expected to be as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Scheduled** |  |  |
|  | **Principal** | **Balloon** | **Total** |
|  | **Payments** | **Payments** | **Payments** |
| Remainder of 2026 | $3001 | $11467 | $14468 |
| 2027 | 9353 | 7200 | 16553 |
| 2028 | 12708 | 1449 | 14157 |
| 2029 | 15885 | 1500 | 17385 |
| 2030 | 10556 | 197054 | 207610 |
| 2031 | 2299 |  | 2299 |
| Thereafter | 85783 | 240932 | 326715 |
| Total principal payments | $139585 | $459602 | $599187 |

---

*Sale-Leaseback Transactions Accounted for as Financing Arrangements*

As of March 31, 2026 and December 31, 2025, the Company had $1.8 billion and $1.7 billion, respectively, of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of March 31, 2026, were as follows (in thousands):

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| | |
|:---|:---|
| Remainder of 2026 | $113076 |
| 2027 | 153221 |
| 2028 | 155982 |
| 2029 | 158927 |
| 2030 | 161953 |
| 2031 | 165006 |
| Thereafter | 4516509 |
| Total future scheduled payments | $5424674 |

---

*Sales-Type Financing Receivables*

As of March 31, 2026 and December 31, 2025, the Company had $831.5 million and $814.3 million, respectively, of investments accounted for as sales-type leases; the components of these investments were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Minimum lease payments receivable | $2304902 | $2282291 |
| Estimated residual value of leased assets | 14152 | 12661 |
| Unearned income | (1487541) | (1480611) |
| Net investment | $831513 | $814341 |

---

As of March 31, 2026, the future minimum lease payments to be received under the sales-type lease receivables are expected to be $57.5 million for the remainder of 2026, $70.9 million in 2027, $72.2 million in 2028, $73.7 million in 2029, $75.4 million in 2030, $76.9 million in 2031 and $1.9 billion thereafter.

*Provision for Credit Losses*

In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each loan or financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The Company groups individual loans and financing receivables based on the implied credit rating associated with each borrower. Based on credit quality indicators as of March 31, 2026, $333.2 million of loans and financing receivables were categorized as investment grade and $2.9 billion were categorized as non-investment grade. During the three months ended March 31, 2026, there were $0.3 million of provisions for credit losses recognized, no write-offs charged against the allowance and no recoveries of amounts previously written off.

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As of March 31, 2026, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was none in 2026, $60.4 million in 2025, $115.7 million in 2024, $85.2 million in 2023, none in 2022 and $71.9 million prior to 2022. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $69.6 million in 2026, $1.1 billion in 2025, $819.8 million in 2024, $546.7 million in 2023, $95.8 million in 2022 and $265.5 million prior to 2022.

**4. Debt**

***Credit Facility***

The Company has a credit agreement (the "Unsecured Credit Agreement") with a group of lenders which provides for an unsecured revolving credit facility (the "Unsecured Revolving Credit Facility") and senior unsecured, variable-rate term loans which are discussed in more detail in the section titled "Unsecured Notes and Term Loans Payable, net" below. The Unsecured Revolving Credit Facility has a borrowing capacity of $1.25 billion, matures in September 2029 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. At March 31, 2026, the Company had $373.6 million of borrowings outstanding on the facility.

Borrowings under the Unsecured Revolving Credit Facility require monthly payments of interest at a rate selected by the Company of either (1) Daily Simple SOFR plus a spread ranging from 0.70% to 1.40%, or (2) the Base Rate, as defined in the Unsecured Credit Agreement, plus a spread ranging from 0.00% to 0.40%. The spread used is based on the Company's credit rating as defined in the Unsecured Credit Agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.10% to 0.30% based on the Company's credit rating. As of March 31, 2026, the applicable spread for SOFR-based borrowings is 0.85% and the facility fee is 0.20%. As of March 31, 2026, the Company has five interest rate swap agreements with an aggregate notional value of $373.6 million that effectively convert the outstanding borrowings on the Unsecured Revolving Credit Facility to an all-in fixed rate of 4.7360%.

Under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. Certain of these ratios are based on the Company's pool of unencumbered assets, which aggregated approximately $11.7 billion at March 31, 2026. The facility is recourse to the Company and, as of March 31, 2026, the Company was in compliance with the covenants under the facility.

The Unsecured Credit Agreement also includes capacity for uncommitted incremental term loans and revolving commitments, whether in the form of additional facilities or an increase to the existing facilities, up to an aggregate amount for all revolving commitments and term loans under the Unsecured Credit Agreement of $3.9 billion as amended in September 2025.

At March 31, 2026 and December 31, 2025, unamortized financing costs related to the Company's credit facility totaled $10.9 million and $11.7 million, respectively, and are included in other assets, net, on the condensed consolidated balance sheets.

***Unsecured Notes and Term Loans Payable, net***

The Company has previously completed four public offerings of ten-year unsecured notes ("Public Notes"). In March 2018, February 2019 and November 2020, the Company completed public offerings of $350.0 million each in aggregate principal amount. In November 2021, the Company completed a public offering of $375.0 million in aggregate principal amount. The Public Notes have coupon rates of 4.50%, 4.625%, 2.75% and 2.70%, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes, May and November of each year for the 2020 Public Notes, and June and December of each year for the 2021 Public Notes.

In March 2025, the Company completed a private offering of $350.0 million in aggregate principal amount of five-year senior unsecured notes (the "2025 Notes"). The 2025 Notes have a coupon rate of 5.40% and interest is payable semi-annually in arrears in April and October of each year. The 2025 Notes were issued at 99.935% of their principal amount. In December 2025, the Company filed a registration statement with the SEC to offer to exchange these notes for a new issue of public notes registered under the Securities Act of 1933, as amended (the "Securities Act"). The exchange offer expired on February 5, 2026, and the tendered 2025 Notes were exchanged for new registered notes with substantially identical terms.

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In February 2026, the Company completed a private offering of $450.0 million in aggregate principal amount of five-year senior unsecured notes (the "2026 Notes"). The 2026 Notes have a coupon rate of 4.95% and interest is payable semi-annually in arrears in February and August of each year, commencing on August 11, 2026. The notes were issued at 99.952% of their principal amount. In connection with this offering, the Company entered into an agreement pursuant to which the Company is obligated to file a registration statement with the SEC to offer to exchange the 2026 Notes for a new issue of notes registered under the Securities Act. In April 2026, the Company filed a registration statement with the SEC to offer to exchange these notes for a new issue of public notes registered under the Securities Act. The exchange offer is anticipated to expire on May 27, 2026, and at such time, the Company intends for the tendered 2026 Notes to be exchanged for new registered notes with substantially identical terms.

The supplemental indentures governing the Public Notes, the 2025 Notes and the 2026 Notes contain various restrictive covenants, including limitations on the Company's ability to incur additional secured and unsecured indebtedness. As of March 31, 2026, the Company was in compliance with these covenants. The Public Notes, the 2025 Notes and the 2026 Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indentures governing these notes.

The Company entered into Note Purchase Agreements ("NPAs") with institutional purchasers that provided for the private placement of three series of senior unsecured notes initially aggregating $375.0 million (the "Notes"). At March 31, 2026, the Company had $82.0 million of the Notes outstanding, which the Company repaid in full at maturity in April 2026. Interest on the Notes was payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes was able to be increased by 1.0% should the Company's Applicable Credit Rating (as defined in the NPAs) have failed to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtained an investment grade credit rating. The Company was able to prepay at any time all, or any part, of any series of Notes, in an amount not less than 5% of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes were senior unsecured obligations of the Company.

The NPAs contained a number of financial covenants that were similar to the covenants contained in the Company's Unsecured Credit Agreement as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes would become due and payable at the option of the purchasers. As of March 31, 2026, the Company was in compliance with its covenants under the NPAs.

The Company's Unsecured Credit Agreement, provides for the Company's Unsecured Revolving Credit Facility, as discussed above, and two senior unsecured, variable-rate term loans (collectively the "Unsecured Term Loans"). As of March 31, 2026, the Tranche A-1 Term Loan ("Tranche A-1 Term Loan") had a balance of $1.0 billion and matures in September 2030. The Tranche A-2 Term Loan ("Tranche A-2 Term Loan") had a balance of $650.0 million and matures in September 2028 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee.

The interest rate on each of the Unsecured Term Loans resets at Daily Simple SOFR plus a credit rating-based spread ranging from 0.75% to 1.60%. At March 31, 2026, the spread applicable to the Company was 0.95%. As of March 31, 2026, the Company had ten interest rate swap agreements, with an aggregate notional value of $1.0 billion, which effectively convert the Tranche A-1 Term Loan borrowings to an all-in fixed rate of 4.0263% and six interest rate swap agreements, with an aggregate notional value of $650.0 million, which effectively convert the Tranche A-2 Term Loan borrowings to an all-in fixed rate of 4.8878%.

As noted above, under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. As of March 31, 2026, the Company was in compliance with these covenants. The Unsecured Term Loans are senior unsecured obligations of the Company, require monthly interest payments and may be prepaid without premium or penalty at any time.

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The Company's senior unsecured notes and term loans payable are summarized below (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity<br>Date** | **Interest<br>Rate** | **March 31,<br>2026** | **December 31,<br>2025** |
| **Notes Payable:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C issued April 2016 | Apr. 2026 | 4.73% (c) | $82000 | $82000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Notes issued March 2018 | Mar. 2028 | 4.50% | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Notes issued February 2019 | Mar. 2029 | 4.625% | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes issued March 2025 | Apr. 2030 | 5.40% | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Notes issued November 2020 | Nov. 2030 | 2.75% | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes issued February 2026 | Feb. 2031 | 4.95% | 450000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Notes issued November 2021 | Dec. 2031 | 2.70% | 375000 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total notes payable |  |  | 2307000 | 1857000 |
| **Term Loans:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tranche A-2 Term Loan | Sep. 2028 | 4.8878% (a) | 650000 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tranche A-1 Term Loan | Sep. 2030 | 4.0263% (b) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total term loans |  |  | 1650000 | 1650000 |
| Unamortized discount |  |  | (130338) | (138030) |
| Unamortized deferred financing costs |  |  | (22866) | (20059) |
| Total unsecured notes and term loans payable, net |  |  | $3803796 | $3348911 |

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(a)Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus the applicable spread, which was 0.95% at March 31, 2026. The Company has six interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of March 31, 2026.

(b)Loan is a floating-rate loan which resets daily at Daily Simple SOFR plus the applicable spread, which was 0.95% at March 31, 2026. The Company has ten interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of March 31, 2026.

(c)Note repaid in full at maturity in April 2026 using a portion of the proceeds from the $450.0 million 2026 Notes issued.

***Non-recourse Debt Obligations of Consolidated Special Purpose Entities, net***

During 2012, the Company implemented its STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non-recourse net-lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes issued under this program are generally segregated into Class A amortizing notes and Class B non-amortizing notes. The Company has retained the Class B notes which aggregate $230.0 million at March 31, 2026.

The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of March 31, 2026, the aggregate collateral pool securing the net-lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $5.4 billion.

Certain of the consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first mortgage debt. The notes generally require monthly principal and interest payments with balloon payments due at maturity. In general, these mortgage notes payable can be prepaid in whole or in part upon payment of a yield maintenance premium. The mortgage notes payable are collateralized by real estate properties owned by these consolidated special purpose entity subsidiaries with an aggregate investment amount of approximately $233.5 million at March 31, 2026.

The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity's ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non-recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants.

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The Company's non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maturity** | **Interest** |  |  |
|  | **Date** | **Rate** | **March 31, 2026** | **December 31, 2025** |
| **Non-recourse net-lease mortgage notes:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$200,000 Series 2016-1, Class A-1 (2016) | Oct. 2026 (a) | 3.96% | $160535 | $161786 |
| &nbsp;&nbsp;&nbsp;&nbsp;$82,000 Series 2019-1, Class A-1 | Nov. 2026 (a) | 2.82% | 76848 | 76950 |
| &nbsp;&nbsp;&nbsp;&nbsp;$46,000 Series 2019-1, Class A-3 | Nov. 2026 (a) | 3.32% | 44543 | 44601 |
| &nbsp;&nbsp;&nbsp;&nbsp;$135,000 Series 2016-1, Class A-2 (2017) | Apr. 2027 (a) | 4.32% | 110042 | 110869 |
| &nbsp;&nbsp;&nbsp;&nbsp;$228,000 Series 2018-1, Class A-2 | Oct. 2027 (b) | 4.29% | 206228 | 206798 |
| &nbsp;&nbsp;&nbsp;&nbsp;$164,000 Series 2018-1, Class A-4 | Oct. 2027 (b) | 4.74% | 153477 | 153887 |
| &nbsp;&nbsp;&nbsp;&nbsp;$346,000 Series 2023-1, Class A-1 | May 2028 (a) | 6.19% | 341098 | 341531 |
| &nbsp;&nbsp;&nbsp;&nbsp;$182,000 Series 2023-1, Class A-2 | May 2028 (a) | 6.92% | 179422 | 179649 |
| &nbsp;&nbsp;&nbsp;&nbsp;$168,500 Series 2021-1, Class A-1 | Jun. 2028 (a) | 2.12% | 164498 | 164709 |
| &nbsp;&nbsp;&nbsp;&nbsp;$89,000 Series 2021-1, Class A-3 | Jun. 2028 (a) | 2.86% | 86886 | 86997 |
| &nbsp;&nbsp;&nbsp;&nbsp;$74,400 Series 2024-1, Class A-1 | Apr. 2029 (a) | 5.69% | 73687 | 73780 |
| &nbsp;&nbsp;&nbsp;&nbsp;$25,600 Series 2024-1, Class A-3 | Apr. 2029 (a) | 5.93% | 25355 | 25387 |
| &nbsp;&nbsp;&nbsp;&nbsp;$107,200 Series 2025-1, Class A-1 | Sep. 2030 (a) | 4.76% | 106932 | 107066 |
| &nbsp;&nbsp;&nbsp;&nbsp;$17,800 Series 2025-1, Class A-4 | Sep. 2030 (a) | 4.95% | 17756 | 17778 |
| &nbsp;&nbsp;&nbsp;&nbsp;$260,600 Series 2024-1, Class A-2 | Apr. 2031 (a) | 5.70% | 258103 | 258428 |
| &nbsp;&nbsp;&nbsp;&nbsp;$89,400 Series 2024-1, Class A-4 | Apr. 2031 (a) | 5.94% | 88543 | 88655 |
| &nbsp;&nbsp;&nbsp;&nbsp;$268,000 Series 2025-1, Class A-2 | Sep. 2032 (a) | 4.98% | 267330 | 267665 |
| &nbsp;&nbsp;&nbsp;&nbsp;$44,500 Series 2025-1, Class A-5 | Sep. 2032 (a) | 5.17% | 44389 | 44444 |
| &nbsp;&nbsp;&nbsp;&nbsp;$168,500 Series 2021-1, Class A-2 | Jun. 2033 (b) | 2.96% | 164498 | 164709 |
| &nbsp;&nbsp;&nbsp;&nbsp;$89,000 Series 2021-1, Class A-4 | Jun. 2033 (b) | 3.70% | 86886 | 86997 |
| &nbsp;&nbsp;&nbsp;&nbsp;$244,000 Series 2019-1, Class A-2 | Nov. 2034 (b) | 3.65% | 228669 | 228974 |
| &nbsp;&nbsp;&nbsp;&nbsp;$136,000 Series 2019-1, Class A-4 | Nov. 2034 (b) | 4.49% | 131693 | 131863 |
| &nbsp;&nbsp;&nbsp;&nbsp;$160,800 Series 2025-1, Class A-3 | Sep. 2035 (b) | 5.19% | 160398 | 160599 |
| &nbsp;&nbsp;&nbsp;&nbsp;$26,700 Series 2025-1, Class A-6 | Sep. 2035 (b) | 5.39% | 26633 | 26668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-recourse net-lease mortgage notes |  |  | 3204449 | 3210790 |
| **Non-recourse mortgage notes:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$65,000 note issued June 2016 | Jul. 2026 (c) | 4.75% | 53497 | 53876 |
| &nbsp;&nbsp;&nbsp;&nbsp;$41,690 note issued March 2019 | Mar. 2029 (d) | 4.80% | 38391 | 38585 |
| &nbsp;&nbsp;&nbsp;&nbsp;$6,350 notes issued March 2019 (assumed in December 2020) | Apr. 2049 (c) | 4.64% | 5585 | 5619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-recourse mortgage notes |  |  | 97473 | 98080 |
| Unamortized discount |  |  | (95410) | (101954) |
| Unamortized deferred financing costs |  |  | (7454) | (7889) |
| Total non-recourse debt obligations of consolidated special<br> purpose entities, net |  |  | $3199058 | $3199027 |

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(a)Prepayable, without penalty, 24 months prior to maturity.

(b)Prepayable, without penalty, 36 months prior to maturity.

(c)Prepayable, without penalty, three months prior to maturity.

(d)Prepayable, without penalty, four months prior to maturity.

***Credit Risk Related Contingent Features***

The Company has agreements with derivative counterparties, which provide generally that the Company could be declared in default on its derivative obligations if the Company defaults on the underlying indebtedness. As of March 31, 2026, the termination value of the Company's interest rate swaps that were in a liability position was approximately $4.8 million, which includes accrued interest but excludes any adjustment for nonperformance risk.

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***Long Term Debt Maturity Schedule***

As of March 31, 2026, the scheduled maturities, including balloon payments, on the Company's aggregate long-term debt obligations are as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Scheduled** |  |  |
|  | **Principal** | **Balloon** |  |
|  | **Payments** | **Payments** | **Total** |
| Remainder of 2026 | $18795 | $414142 | $432937 |
| 2027 | 17237 | 460472 | 477709 |
| 2028 | 10966 | 1763615 | 1774581 |
| 2029 | 8483 | 483585 | 492068 |
| 2030 | 8019 | 1821928 | 1829947 |
| 2031 | 6298 | 1162896 | 1169194 |
| Thereafter | 16380 | 1066106 | 1082486 |
|  | $86178 | $7172744 | $7258922 |

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**5. Members' Equity**

In connection with the Merger, the Company issued 1,000 common units ("Common Units") to its members for an aggregate cash amount of $8.3 billion. Prior to the Merger, the Company issued 125 Series A Preferred Units (the "Preferred Units") for an aggregate cash amount of $125,000. The issuance of the Preferred Units was made through a private placement in reliance on Section 4(a)(2) of the Securities Act, and the rules and regulations promulgated thereunder. Additionally, during the year ended December 31, 2025, one of the Company's wholly-owned subsidiaries issued 125 Series B Preferred Units for an aggregate cash amount of $125,000.

In accordance with the Company's operating agreement, members holding Preferred Units ("Preferred Members") receive distributions bi-annually and Members holding Common Units ("Common Members") may receive distributions monthly. Common Members may be subject to capital calls. Except for their initial capital contribution, no Preferred Members may make any additional capital contributions. Additionally, no Preferred Members have the right to demand a withdrawal, reduction or return of their capital contributions or receive interest thereon.

The Preferred Units rank senior to the Common Units of the Company and to all other membership interests and equity securities issued by the Company with respect to distribution and redemption rights and rights upon liquidation, dissolution or winding up of the Company.

**6. Commitments and Contingencies**

The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company's financial position or results of operations.

In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company's customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of March 31, 2026, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $262.8 million, of which $246.8 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts.

The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries and cash incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives on an annual and multi-year basis. In the event an executive officer's employment terminates under certain circumstances, the Company would be liable for cash severance and continuation of healthcare benefits under the terms of the employee agreements.

**7. Fair Value of Financial Instruments**

The Company's derivatives are required to be measured at fair value in the Company's consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service

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and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. As discussed in Note 2, the Company has elected to present the fair value of derivative assets and liabilities within the condensed consolidated balance sheets on a net basis by counterparty. The net derivative assets are included in other assets, and the net derivative liabilities, if any, are included in accrued expenses, deferred revenue and other liabilities on the condensed consolidated balance sheets.

The following table summarizes the net derivative balances recorded on the condensed consolidated balance sheets and provides information as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties in accordance with the associated master International Swap and Derivatives Association agreement (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Derivative assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative assets presented in the condensed consolidated balance sheets | $9168 | $5676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross amount of eligible offsetting recognized derivative liabilities | 2200 | 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross amount of derivative assets | $11368 | $9173 |
| Derivative liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative liabilities presented in the condensed consolidated balance sheets | $(2130) | $(7142) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross amount of eligible offsetting recognized derivative assets | (2200) | (3497) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross amount of derivative liabilities | $(4330) | $(10639) |

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In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at March 31, 2026 and December 31, 2025. These estimates require management's judgment and may not be indicative of the future fair values of the assets and liabilities.

Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and tenant deposits. Generally, these assets and liabilities are short-term in duration and are recorded at fair value on the condensed consolidated balance sheets. The Company believes the carrying value of the borrowings on its credit facility approximate fair value based on their nature, terms and variable interest rate. Additionally, the Company believes the current carrying values of its fixed-rate loans receivable approximate fair values based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads.

The estimated fair values of the Company's aggregate long-term debt obligations have been derived based on market observable inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 within the fair value hierarchy. At March 31, 2026, these debt obligations had an aggregate carrying value of $7.0 billion and an estimated fair value of $7.1 billion. At December 31, 2025, these debt obligations had an aggregate carrying value of $6.5 billion and an estimated fair value of $6.7 billion.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*In this Quarterly Report on Form 10-Q, references to "we," "us," "our," "the Company," or "STORE Capital,*" *are references to STORE Capital LLC, a Delaware limited liability company, as defined below, unless we specifically state otherwise or the context indicates otherwise.*

**Special Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities and trends in our business, including trends in the market for long-term, triple-net leases of freestanding, single-tenant properties. Words such as "expects," "anticipates," "intends," "plans," "likely," "will," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this Quarterly Report on Form 10-Q may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on March 6, 2026.

Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q. New risks and uncertainties may arise over time and it is not possible for us to predict those events or how they may affect us. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.

**Overview**

We invest in Single Tenant Operational Real Estate, or STORE Property, which is our target market and the inspiration for our name. A STORE Property is a property location at which a company operates its business and generates sales and profits, which makes the location a profit center and, therefore, fundamentally important to that business. Due to the long-term nature of our leases, we focus our acquisition activity on properties that operate in industries we believe have long-term relevance, the majority of which are service industries. By acquiring the real estate from the operators and then leasing the real estate back to them, the operators become our long-term tenants, and we refer to them as our customers. Through the execution of these sale-leaseback transactions, we fill a need for our customers by providing them a source of long-term capital that enables them to avoid the need to incur debt and/or employ equity in order to finance the real estate that is essential to their business.

All the real estate we acquire is held by our wholly or majority owned subsidiaries, many of which are special purpose bankruptcy remote entities formed to facilitate the financing of our real estate. We predominantly acquire our single-tenant properties directly from our customers in sale-leaseback transactions where our customers sell us their operating properties and then simultaneously enter into long-term triple-net leases with us to lease the properties back. Accordingly, our properties are fully occupied and under lease from the moment we acquire them.

We generate our cash from operations primarily through the monthly lease payments, or "base rent," we receive from our customers under their long-term leases with us. We also receive interest payments on loans and financing receivables, which are a smaller part of our portfolio. We refer to the monthly scheduled lease and interest payments due from our customers as "base rent and interest." Most of our leases contain lease escalations every year or every several years that are based on the increase in the Consumer Price Index or a stated percentage, which allows the monthly lease payments we receive to increase over the life of the lease contracts. As of March 31, 2026, approximately 99% of our leases (based on base rent and interest) were "triple-net" leases, which means that our customers are responsible for all the operating costs such as maintenance, insurance and property taxes associated with the properties they lease from us, including any increases in those costs that may occur as a result of inflation. The remaining leases have some landlord responsibilities, generally related to maintenance and structural component replacement that may be required on such properties in the future, although we do not currently anticipate incurring significant capital expenditures or property-level operating costs under such leases. Because our properties are single tenant properties, almost all of which are under long-term leases, it is not necessary for us to perform any significant ongoing leasing activities on our properties.

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We have a dedicated internal team that reviews and analyzes ongoing customer financial performance, both at the corporate level and with respect to each property we own, to identify properties that may no longer be part of our long-term strategic plan and as such, we may from time to time decide to sell properties.

**Liquidity and Capital Resources**

As of March 31, 2026, our investment portfolio stood at approximately $17.3 billion, consisting of investments in 3,577 property locations. Substantially all of our cash from operations is generated by our investment portfolio.

Our primary cash expenditures are the principal and interest payments we make on the debt we use to finance our real estate investment portfolio and the general and administrative expenses of managing the portfolio and operating our business. Since substantially all our leases are triple net, our tenants are generally responsible for the maintenance, insurance and property taxes associated with the properties they lease from us. When a property becomes vacant through a tenant default or expiration of the lease term with no tenant renewal, we incur the property costs not paid by the tenant, as well as those property costs accruing during the time it takes to locate a substitute tenant or sell the property. We expect to incur some property-level operating costs from time to time in periods during which properties that become vacant are being remarketed. In addition, we may recognize an expense for certain property costs, such as real estate taxes billed in arrears, if we believe the tenant is likely to vacate the property before making payment on those obligations or may be unable to pay such costs in a timely manner. Property costs are generally not significant to our operations, but the amount of property costs can vary quarter to quarter based on the timing of property vacancies and the level of underperforming properties. We may advance certain property costs on behalf of our tenants but expect that the majority of these costs will be reimbursed by the tenant and do not anticipate that they will be significant to our operations.

We intend to continue to grow through additional real estate investments. To accomplish this objective, we must continue to identify real estate acquisitions that are consistent with our underwriting guidelines and raise future additional capital to make such acquisitions. We acquire real estate with a combination of debt and equity capital, proceeds from the sale of properties and cash from operations that is not otherwise distributed to our members in the form of distributions. We also periodically commit to fund the construction of new properties for our customers or to provide them funds to improve and/or renovate properties we lease to them. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts.

*Financing Strategy*

Our debt capital is initially provided on a short-term, temporary basis through a multi-year, variable-rate unsecured revolving credit facility with a group of banks. We manage our long-term leverage position through the strategic and economic issuance of long-term fixed-rate debt on both a secured and unsecured basis. By matching the expected cash inflows from our long-term real estate leases with the expected cash outflows of our long-term fixed-rate debt, we "lock in", for as long as is economically feasible, the expected positive difference between our scheduled cash inflows on the leases and the cash outflows on our debt payments. By locking in this difference, or spread, we seek to reduce the risk that increases in interest rates would adversely impact our profitability. In addition, we use various financial instruments designed to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies such as interest rate swaps and caps, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We also ladder our debt maturities in order to minimize the gap between our free cash flow (which we define as our cash from operations less distributions) and our annual debt maturities.

*Unsecured Revolving Credit Facility*

We have an unsecured credit agreement with a group of lenders which provides for an unsecured revolving credit facility. The facility has a borrowing capacity of $1.25 billion, matures in September 2029 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. As of March 31, 2026, we had $373.6 million outstanding under our unsecured revolving credit facility.

Borrowings under the facility require monthly payments of interest at a rate selected by us of either (1) Daily Simple SOFR plus a spread ranging from 0.70% to 1.40%, or (2) the Base Rate, as defined in the credit agreement, plus a spread ranging from 0.00% to 0.40%. The spread used is based on our credit rating as defined in the credit agreement. We are also required to pay a facility fee on the total commitment amount ranging from 0.10% to 0.30% based on our credit rating. As of March 31, 2026, the applicable spread for SOFR-based borrowings is 0.85% and the facility fee is 0.20%. As of March 31, 2026, we had five interest rate swap agreements with an aggregate notional value of $373.6 million that effectively convert the outstanding borrowings on the facility to an all-in fixed rate of 4.7360%.

Under the terms of the facility, we are subject to various restrictive financial and nonfinancial covenants which, among other things, require us to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. Certain

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of these ratios are based on our pool of unencumbered assets, which aggregated approximately $11.7 billion at March 31, 2026. The facility is recourse to us, and, as of March 31, 2026, we were in compliance with the financial and nonfinancial covenants under the facility.

*Senior Unsecured Term Debt*

In February 2026, we completed an issuance of five-year senior notes with an aggregate principal amount of $450.0 million and a coupon rate of 4.95%. As of March 31, 2026, we had an aggregate principal amount of $2.2 billion of senior unsecured notes outstanding; $1.8 billion of public senior unsecured notes outstanding and $450.0 million of private senior unsecured notes outstanding, subject to a registration rights agreement. These senior unsecured notes bear a weighted average coupon rate of 4.17% and interest on these notes is paid semi-annually. The supplemental indentures governing our senior unsecured notes contain various restrictive covenants, including limitations on our ability to incur additional secured and unsecured indebtedness. As of March 31, 2026, we were in compliance with these covenants.

Prior to the inaugural issuance of public debt in March 2018, unsecured long-term debt had been issued through the private placement of notes to institutional investors. As of March 31, 2026, we had an aggregate principal amount of $82.0 million of privately placed notes outstanding; these privately placed notes were repaid at maturity in April 2026. The financial covenants of the privately placed notes were similar to our current unsecured revolving credit facility. As of March 31, 2026, we were in compliance with these covenants.

We have a credit agreement with a group of lenders which provides for two senior unsecured, variable-rate term loans (collectively the "Unsecured Term Loans"). As of March 31, 2026, the Tranche A-1 Term Loan ("Tranche A-1 Term Loan") had a balance of $1.0 billion and matures in September 2030. The Tranche A-2 Term Loan ("Tranche A-2 Term Loan") had a balance of $650.0 million and matures in September 2028 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee.

The interest rate on each of the Unsecured Term Loans resets at Daily Simple SOFR plus a credit rating-based spread ranging from 0.75% to 1.60%. At March 31, 2026, our spread was 0.95%. As of March 31, 2026, we had ten interest rate swap agreements, with an aggregate notional value of $1.0 billion, which effectively convert the Tranche A-1 Term Loan borrowings to an all-in fixed rate of 4.0263% and six interest rate swap agreements, with an aggregate notional value of $650.0 million, which effectively convert the Tranche A-2 Term Loan borrowings to an all-in fixed rate of 4.8878%.

The aggregate outstanding principal amount of our senior unsecured notes and term loans payable was $4.0 billion as of March 31, 2026.

*Non-recourse Secured Debt*

As of March 31, 2026, approximately 31% of our real estate investment portfolio served as collateral for outstanding borrowings under our STORE Master Funding debt program. We believe our STORE Master Funding program allows for flexibility not commonly found in non-recourse debt, often making it preferable to traditional debt issued in the commercial mortgage-backed securities market. Under the program, STORE Capital serves as both master and special servicer for the collateral pool, allowing for active portfolio monitoring and prompt issue resolution. In addition, features of the program allowing for the sale or substitution of collateral, provided certain criteria are met, facilitate active portfolio management. Through this debt program, we arrange for bankruptcy remote, special purpose entity subsidiaries to issue multiple series of investment-grade asset backed net lease mortgage notes, or ABS notes, from time to time as additional collateral is added to the collateral pool and leverage can be added in incremental note issuances based on the value of the collateral pool.

The ABS notes are generally issued by our wholly owned special purpose entity subsidiaries to institutional investors through the asset backed securities market. These ABS notes are typically issued in two classes, Class A and Class B. At the time of issuance, the Class A notes generally represent approximately 70% of the appraised value of the underlying real estate collateral owned by the issuing subsidiaries and are currently rated AAA or AA by S&P Global Ratings.

The aggregate outstanding principal amount of our secured mortgage notes payable was $3.3 billion as of March 31, 2026.

*Debt Summary*

As of March 31, 2026, our aggregate secured and unsecured term debt had an outstanding principal balance of $7.3 billion, a weighted average maturity of 4.0 years and a weighted average interest rate of 4.5%. The following is a summary of the outstanding

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balance of our borrowings as well as a summary of the portion of our real estate investment portfolio that is either pledged as collateral for these borrowings or is unencumbered as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Gross Investment Portfolio Assets** | **Gross Investment Portfolio Assets** | **Gross Investment Portfolio Assets** |
|  |  | **Special Purpose** |  |  |
|  | **Outstanding** | **Entity** | **All Other** |  |
| **(In millions)** | **Borrowings** | **Subsidiaries** | **Subsidiaries** | **Total** |
| STORE Master Funding net-lease mortgage notes payable | $3204 | $5395 | $— | $5395 |
| Other mortgage notes payable | 97 | 233 |  | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-recourse secured debt | 3301 | 5628 |  | 5628 |
| Unsecured notes and term loans payable | 3957 |  |  |  |
| Unsecured revolving credit facility | 374 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unsecured debt (including revolving credit facility) | 4331 |  |  |  |
| Unencumbered real estate assets |  | 9840 | 1874 | 11714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $7632 | $15468 | $1874 | $17342 |

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Our decision to use either senior unsecured term debt, STORE Master Funding or other non-recourse traditional mortgage loan borrowings depends on our view of the most strategic blend of unsecured versus secured debt that is needed to maintain our targeted level of overall corporate leverage, as well as on borrowing costs, debt terms, debt flexibility and the tenant and industry diversification levels of our real estate assets. Our acquisition of real estate assets will increase our financial flexibility by providing us with additional assets that can support senior unsecured financing or that can serve as substitute collateral for existing debt. Should market factors, which are beyond our control, adversely impact our access to these debt sources at economically feasible rates, our ability to grow through additional real estate acquisitions will be limited to any undistributed amounts available from our operations and equity contributions from our members.

For additional details and terms regarding these debt instruments, see Note 4 to the March 31, 2026 unaudited condensed consolidated financial statements.

*Equity*

In connection with the Merger, we issued 1,000 common units to our common members for an aggregate cash amount of $8.3 billion. Prior to the Merger, 125 Series A Preferred Units were issued to our preferred members for an aggregate cash amount of $125,000. Additionally, during the three months ended March 31, 2025, one of our wholly-owned subsidiaries issued 125 Series B Preferred Units for an aggregate cash amount of $125,000. In accordance with our operating agreement, our common members receive distributions monthly and are subject to capital calls. Our preferred members receive distributions bi-annually and are not subject to capital calls.

*Cash Flows*

Substantially all our cash from operations is generated by our investment portfolio. As shown in the following table, net cash provided by operating activities for the three months ended March 31, 2026 was $9.7 million more than the three months ended March 31, 2025. The increase is primarily driven by additional rental revenue and interest income generated by the increase in size of our real estate portfolio. During the three months ended March 31, 2026 and 2025, our investments in real estate, loans and financing receivables were funded with a combination of cash on hand, net proceeds from asset dispositions and net proceeds from the issuance of long-term debt.

From a financing perspective, our activities provided $26.1 million of net cash during the three months ended March 31, 2026 as compared to $148.4 million during the three months ended March 31, 2025. Financing activities during the three months ended March 31, 2026 included $450.0 million of additional senior unsecured note borrowings and $210.0 million net reduction in borrowings on the unsecured revolving credit facility. Distributions to our members totaled $203.7 million for the three months ended March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |  |
| **(In thousands)** | **2026** | **2025** | **Increase (Decrease)** |
| Net cash provided by operating activities | $181929 | $172241 | $9688 |
| Net cash used in investing activities | (171756) | (145457) | (26299) |
| Net cash provided by financing activities | 26111 | 148354 | (122243) |
| Net change in cash, cash equivalents and restricted cash | $36284 | $175138 | $(138854) |

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As of March 31, 2026, we had liquidity of $63.7 million on our balance sheet. Management believes that our current cash balance, the $876.4 million of immediate borrowing capacity available as of March 31, 2026 on our unsecured revolving credit facility and the cash generated by our operations is sufficient to fund our operations for the next twelve months and beyond and allow us to acquire the real estate for which we currently have made commitments. In order to continue growing our real estate portfolio in the future, beyond the excess cash generated by our operations and our ability to borrow, we would expect to raise additional equity capital from our members.

**Recently Issued Accounting Pronouncements**

See Note 2 to the March 31, 2026 unaudited condensed consolidated financial statements.

**Critical Accounting Policies and Estimates**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires our management to use judgment in the application of accounting policies, including making estimates and assumptions. We base estimates on the best information available to us at the time, our experience and on various other assumptions believed to be reasonable under the circumstances. These estimates affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. If our judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting would have been applied, resulting in a different presentation of our condensed consolidated financial statements. From time to time, we reevaluate our estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations." There have been no material changes to the Company's critical accounting estimates since our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**Real Estate Portfolio Information**

As of March 31, 2026, our total investment in real estate and loans approximated $17.3 billion, representing investments in 3,577 property locations, substantially all of which are profit centers for our customers. The weighted average non-cancellable remaining term of our leases was approximately 14.8 years.

**Results of Operations**

*Overview*

As of March 31, 2026, our real estate investment portfolio had grown to approximately $17.3 billion, consisting of investments in 3,577 property locations in 49 states, operated by 677 customers in various industries. Approximately 82% of the real estate investment portfolio represents commercial real estate properties subject to long-term leases, approximately 18% represents mortgage loans and financing receivables on commercial real estate properties and a nominal amount represents loans receivable secured by our customers' other assets.

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*Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025:*

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Increase** |
| **(In thousands)** | **2026** | **2025** | **(Decrease)** |
| Total revenues | $341925 | $303884 | $38041 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 99599 | 90725 | 8874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property costs | 5672 | 2474 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 20124 | 17565 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 144770 | 148106 | (3336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions for impairment | 8678 | 7366 | 1312 |
| Total expenses | 278843 | 266236 | 12607 |
| Other income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on dispositions of real estate | 9803 | 4253 | 5550 |
| Income before income taxes | 72885 | 41901 | 30984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 463 | (10773) | 11236 |
| Net income | 72422 | 52674 | 19748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interest | 466 | 667 | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to controlling interest | $71956 | $52007 | $19949 |

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*Revenues*

The increase in revenues period over period was driven primarily by the growth in the size of our real estate investment portfolio, which generated additional rental revenues and interest income. Our real estate investment portfolio grew from approximately $15.9 billion in gross investment amount representing 3,366 properties at March 31, 2025 to approximately $17.3 billion in gross investment amount representing 3,577 properties at March 31, 2026. Our real estate investments were made throughout the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in revenues between periods is related to recognizing revenue for the full periods in 2026 on acquisitions that were made during 2025. Similarly, the full revenue impact of acquisitions made during the first three months of 2026 will not be seen until the second quarter of 2026. A smaller component of the increase in revenues between periods is related to rent escalations recognized on our lease contracts; over time, these rent increases can provide a strong source of revenue growth.

The majority of our investments are made through sale-leaseback transactions in which we acquire the real estate from the owner-operators and then simultaneously lease the real estate back to them through long-term leases based on the tenant's business needs. The initial rental or capitalization rates we achieve on sale-leaseback transactions, calculated as the initial annualized base rent divided by the purchase price of the properties, vary from transaction to transaction based on many factors, such as the terms of the lease, the property type including the property's real estate fundamentals and the market rents in the area on the various types of properties we target across the United States. There are also online commercial real estate auction marketplaces for real estate transactions; properties acquired through these online marketplaces are often subject to existing leases and offered by third party sellers. In general, because we provide tailored customer lease solutions in sale-leaseback transactions, our lease rates historically have been higher and subject to less short-term market influences than what we have seen in the auction marketplace as a whole. In addition, since our real estate lease contracts are a substitute for both borrowings and equity that our customers would otherwise have to commit to their real estate locations, we believe there is a relationship between lease rates and market interest rates and that lease rates are also influenced by overall capital availability.

*Interest Expense*

We fund the growth in our real estate investment portfolio primarily with members' contributions, net proceeds from sales of real estate and net proceeds from issuances of debt.

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The following table summarizes our interest expense for the periods presented:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(Dollars in thousands)** | **2026** | **2025** |
| Interest expense - credit facility | $5556 | $4292 |
| Interest expense - credit facility fees | 625 | 344 |
| Interest expense - secured and unsecured debt | 77941 | 67585 |
| Capitalized interest | (2714) | (606) |
| Amortization of debt discounts, deferred financing costs and other | 18191 | 19110 |
| Total interest expense | $99599 | $90725 |
| Credit facility: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average debt outstanding | $482122 | $375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average interest rate during the period (excluding facility fees) | 4.6% | 4.6% |
| Secured and unsecured debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average debt outstanding | $7057624 | $6145785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average interest rate during the period | 4.4% | 4.4% |

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Interest expense associated with our secured and unsecured debt increased compared to the periods ended March 31, 2025 as a result of an increase in outstanding borrowings of secured and unsecured debt. Long-term debt added after March 31, 2025 consisted of $625.0 million of STORE Master Funding Series 2025-1 notes issued in September 2025 at a weighted average coupon rate of 5.06% and $450.0 million of senior unsecured notes issued in February 2026 with a coupon rate of 4.95%. Secured and unsecured debt repaid in full since March 31, 2025 included an aggregate $256.6 million of STORE Master Funding Series 2015-1 Class A-2 notes which bore an interest rate of 4.17%. As of March 31, 2026, we had $7.3 billion of secured and unsecured debt outstanding with a weighted average interest rate of 4.5%.

*Property Costs*

Approximately 99% of our leases are triple net, meaning that our tenants are generally responsible for the property-level operating costs such as taxes, insurance and maintenance. Accordingly, we generally do not expect to incur property-level operating costs or capital expenditures, except during any period when one or more of our properties is no longer under lease or when our tenant is unable to meet their lease obligations. Our need to expend capital on our properties is further reduced due to the fact that some of our tenants will periodically refresh the property at their own expense to meet their business needs or in connection with franchisor requirements. As of March 31, 2026, we owned 17 properties that were vacant and not subject to a lease and the lease contracts related to just 49 properties we own are due to expire during the remainder of 2026. We expect to incur some property costs related to the vacant properties until such time as those properties are either leased or sold. The amount of property costs can vary quarter to quarter based on the timing of property vacancies and the level of underperforming properties.

As of March 31, 2026, we had entered into operating ground leases as part of several real estate investment transactions. The ground lease payments made by our tenants directly to the ground lessors are presented on a gross basis in the condensed consolidated statements of operations, both as rental revenues and as property costs. For the few lease contracts where we collect property taxes from our tenants and remit those taxes to governmental authorities, we reflect those payments on a gross basis as both rental revenue and as property costs.

The following is a summary of property costs (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Property-level operating costs (a) | $3907 | $391 |
| Operating ground lease payments made by STORE Capital | 73 | 73 |
| Operating ground lease payments made by STORE Capital tenants | 633 | 631 |
| Operating ground lease straight-line rent expense | 177 | 257 |
| Property taxes payable from tenant impounds | 882 | 1122 |
| Total property costs | $5672 | $2474 |

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(a)Property-level operating costs primarily include those expenses associated with vacant or nonperforming properties, property management costs for the few properties that have specific landlord obligations and the cost of performing property site inspections from time to time.

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*General and Administrative Expenses*

General and administrative expenses include compensation and benefits; professional fees such as portfolio servicing, legal, accounting and rating agency fees; and general office expenses such as insurance, office rent and travel costs. General and administrative costs totaled $20.1 million for the three months ended March 31, 2026, as compared to $17.6 million for the three months ended March 31, 2025.

Generally, we expect that general and administrative expenses will rise in some measure as our real estate investment portfolio grows. Certain expenses, such as property related insurance costs and the costs of servicing the properties and loans comprising our real estate portfolio, increase in direct proportion to the increase in the size of the portfolio. However, general and administrative expenses as a percentage of the portfolio have historically decreased over time due to efficiencies and economies of scale.

*Depreciation and Amortization Expense*

Depreciation and amortization expense decreased from $148.1 million for the three months ended March 31, 2025, to $144.8 million for the three months ended March 31, 2026 as a result of real estate dispositions and real estate assets reclassified to loans and financing receivables as a result of certain lease modifications.

*Provisions for Impairment*

During the three months ended March 31, 2026, we recognized $8.3 million in provisions for the impairment of real estate and $0.3 million in provisions for credit losses related to our loans and financing receivables. During the three months ended March 31, 2025, we recognized $6.4 million in provisions for the impairment of real estate and $1.0 million in provisions for credit losses related to our loans and financing receivables.

*Net Gain on Dispositions of Real Estate*

As part of our ongoing active portfolio management process, we sell properties from time to time in order to enhance the diversity and quality of our real estate portfolio and to take advantage of opportunities to recycle capital. During the three months ended March 31, 2026, we recognized an $11.2 million aggregate net gain on the sale of 39 properties. In comparison, during the three months ended March 31, 2025, we recognized a $4.3 million aggregate net gain on the sale of 18 properties.

Additionally, during the three months ended March 31, 2026, we recognized a net $1.4 million non-cash loss associated with certain lease modifications. No such non-cash gain or loss was recognized during the three months ended March 31, 2025.

*Net Income*

For the three months ended March 31, 2026, our net income was $72.4 million, as compared to net income of $52.7 million during the three months ended March 31, 2025, respectively. The increase in net income for the three months ended March 31, 2026 as compared to 2025 primarily resulted from the growth in our real estate investment portfolio, which generated additional rental revenues and interest income, an increase in the net gain on dispositions of real estate and a decrease in depreciation and amortization, offset by increases in income tax expense, interest expense, property costs, general and administrative expenses and provisions for impairment.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

Our interest rate risk management objective is to limit the impact of future interest rate changes on our earnings and cash flows. We seek to match the cash inflows from our long-term leases with the expected cash outflows on our long-term debt. To achieve this objective, our consolidated subsidiaries primarily borrow on a fixed-rate basis for longer-term debt issuances. At March 31, 2026, all of our long-term debt carried a fixed interest rate or was effectively converted to a fixed rate for the term of the debt and the weighted average long-term debt maturity was approximately 4.0 years. We are exposed to interest rate risk between the time we enter into a sale-leaseback transaction and the time we finance the related real estate with long-term fixed-rate debt. In addition, when that long-term debt matures, we may have to refinance the real estate at a higher interest rate. Market interest rates are sensitive to many factors that are beyond our control.

We address interest rate risk by employing the following strategies to help insulate us from any adverse impact of rising interest rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We seek to minimize the time period between acquisition of our real estate and the ultimate financing of that real estate with long-term fixed-rate debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•By using serial issuances of long-term debt, we intend to ladder out our debt maturities to avoid a significant amount of debt maturing during any single period and to minimize the gap between free cash flow and annual debt maturities; free cash flow includes cash from operations less member distributions plus proceeds from our sales of properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our secured long-term debt generally provides for some amortization of the principal balance over the term of the debt, which serves to reduce the amount of refinancing risk at debt maturity to the extent that we can refinance the reduced debt balance over a revised long-term amortization schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We seek to maintain a large pool of unencumbered real estate assets to give us the flexibility to choose among various secured and unsecured debt markets when we are seeking to issue new long-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may also use derivative instruments, such as interest rate swaps, caps and treasury lock agreements, as cash flow hedges to limit our exposure to interest rate movements with respect to various debt instruments.

See our Annual Report on Form 10-K for the year ended December 31, 2025 under the heading "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" for a more complete discussion of our interest rate sensitive assets and liabilities. As of March 31, 2026, our market risk has not changed materially from the amounts reported in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness as of March 31, 2026 of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective as of the end of the period covered by this report.

**Changes in Internal Control over Financial Reporting**

There have not been any changes in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the first fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of the Company.

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**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We are subject to various legal proceedings and claims that arise in the ordinary course of our business, including instances in which we are named as defendants in lawsuits arising out of accidents causing personal injuries or other events that occur on the properties operated by our customers. These matters are generally covered by insurance and/or by our customers pursuant to our contractual indemnification rights that we include in our leases. Management believes that the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or liquidity.

**Item 1A. Risk Factors.**

There have been no material changes to the risk factors as disclosed in the section entitled "Risk Factors" beginning on page 5 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and filed with the Securities and Exchange Commission on March 6, 2026.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

**Recent Sales of Unregistered Equity Securities**

None.

**Issuer Purchases of Equity Securities**

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

None.

**Item 5. Other Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)As a result of the Merger, the Company's equity securities are no longer publicly traded, and the Company's officers and directors do not own any Company equity securities. Accordingly, during the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non- Rule 10b5-1 trading arrangement," as each such term is defined in Item 408(a) of Regulation S-K.

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**Item 6. Exhibits** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Exhibit** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Location** |
| &nbsp;&nbsp;2.1 | &nbsp;&nbsp;[<u>Agreement and Plan of Merger, dated as of September 15, 2022, by and among Ivory Parent, LLC, Ivory REIT, LLC and STORE Capital Corporation.\*\*</u>](https://www.sec.gov/Archives/edgar/data/1538990/000119312522245210/d260495dex21.htm) | &nbsp;&nbsp;Incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K of the Company filed on September 15, 2022. |
| &nbsp;&nbsp;3.1 | &nbsp;&nbsp;[<u>Fourth Amended and Restated Limited Liability Company Agreement of STORE Capital LLC, dated as of February 24, 2025.</u>](https://www.sec.gov/Archives/edgar/data/1538990/000095017025033855/ck0001538990-ex3_1.htm) | &nbsp;&nbsp;Incorporated by reference to Exhibit 3.1 of the Annual Report on Form 10-K of the Company filed on March 5, 2025. |
| &nbsp;&nbsp;3.2 | &nbsp;&nbsp;[<u>Certificate of Formation of Ivory REIT, LLC, dated August 30, 2022, as amended effective February 3, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1538990/000119312523024224/d404467dex32.htm) | &nbsp;&nbsp;Incorporated by reference to Exhibit 3.2 of the Current Report on Form 8-K of the Company filed on February 3, 2023. |
| &nbsp;&nbsp;4.1 | &nbsp;&nbsp;[<u>Supplemental Indenture No. 7, dated as of February 11, 2026, between STORE Capital LLC and Wilmington Trust, National Association, as trustee.</u>](https://www.sec.gov/Archives/edgar/data/1538990/000119312526048988/d105213dex41.htm) | &nbsp;&nbsp;Exhibit 4.1 of the Current Report on Form 8-K of the Company filed on February 12, 2026. |
| &nbsp;&nbsp;10.1 | &nbsp;&nbsp;[<u>\* Amended and Restated Employment Agreement, effective as of January 1, 2026, by and between STORE Capital LLC and Mary B. Fedewa.</u>](ck0001538990-ex10_1.htm) | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;10.2 | &nbsp;&nbsp;[<u>\* Amended and Restated Employment Agreement, effective as of January 1, 2026, by and between STORE Capital LLC and Craig A. Barnett.</u>](ck0001538990-ex10_2.htm) | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;10.3 | &nbsp;&nbsp;[<u>\* Amended and Restated Employment Agreement, effective as of January 1, 2026, by and between STORE Capital LLC and Ashley A. Dembowski.</u>](ck0001538990-ex10_3.htm) | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;10.4 | &nbsp;&nbsp;[<u>Registration Rights Agreement, dated as of February 11, 2026, among STORE Capital LLC, and BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Truist Securities, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1538990/000119312526048988/d105213dex101.htm) | &nbsp;&nbsp;Exhibit 10.1 of the Current Report on Form 8-K of the Company filed on February 12, 2026. |
| &nbsp;&nbsp;31.1 | &nbsp;&nbsp;[<u>Rule 13a-14(a) Certification of the Principal Executive Officer.</u>](ck0001538990-ex31_1.htm) | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;31.2 | &nbsp;&nbsp;[<u>Rule 13a-14(a) Certification of the Principal Financial Officer.</u>](ck0001538990-ex31_2.htm) | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;32.1 | &nbsp;&nbsp;[<u>Section 1350 Certification of the Principal Executive Officer.</u>](ck0001538990-ex32_1.htm) | &nbsp;&nbsp;Filed herewith.<br>|
| &nbsp;&nbsp;32.2 | &nbsp;&nbsp;[<u>Section 1350 Certification of the Principal Financial Officer.</u>](ck0001538990-ex32_2.htm) | &nbsp;&nbsp;Filed herewith.<br>|
| &nbsp;&nbsp;101.INS | &nbsp;&nbsp;Inline XBRL Instance Document – the instance does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;101.SCH | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Schema Document. | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;101.CAL | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Calculation Linkbase Document. | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;101.DEF | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Definition Linkbase Document. | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;101.LAB | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Label Linkbase Document. | &nbsp;&nbsp;Filed herewith. |
| &nbsp;&nbsp;101.PRE | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Presentation Linkbase Document. | &nbsp;&nbsp;Filed herewith. |

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104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Filed herewith.

\* Indicates management contract or compensatory plan.

\*\* Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the SEC a copy of any omitted schedule upon request by the SEC.

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**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.

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| | | |
|:---|:---|:---|
|  | **STORE CAPITAL LLC** | **STORE CAPITAL LLC** |
|  | *(Registrant)* | *(Registrant)* |
| Date: May 1, 2026 | By:  | /s/ Ashley A. Dembowski |
|  |  | Ashley A. Dembowski |
|  |  | Executive Vice President – Chief Financial Officer and Secretary |
|  |  | *(Principal Financial Officer and Principal Accounting Officer)* |

---

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## Exhibit 10.1

**Exhibit 10.1** 

**AMENDED AND RESTATED** 

**EMPLOYMENT AGREEMENT**<br> **BETWEEN<br>STORE CAPITAL LLC<br>AND MARY FEDEWA**

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "***Agreement***"), dated as of December 24, 2025, is entered into by and between STORE Capital LLC, a Delaware limited liability company (the "***Company***"), and Mary Fedewa (the "***Executive***").

<u>W I T N E S S E T H</u>:

**WHEREAS**, the Executive currently serves as the President and Chief Executive Officer of the Company pursuant to the terms of an Employment Agreement with the Company, dated as of February 2, 2023 (the "***Existing Employment Agreement***"); and

**WHEREAS**, the Company and the Executive desire to enter into this Agreement, which will supersede and replace the Existing Employment Agreement in its entirety effective as of January 1, 2026 (the "***Effective Date***").

**NOW, THEREFORE**, in consideration of the future performance and responsibilities of the Executive and the Company and upon the other terms and conditions and mutual covenants hereinafter provided, the parties hereby agree as follows:

**Section 1.** **<u>Employment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**<u>Effective Date; Position</u>. The Executive shall be employed by the Company during the Term (defined below) as its President and Chief Executive Officer. The Executive shall report directly to the Board of Directors of the Company (the "***Board***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**<u>Duties</u>. The Executive's principal employment duties and responsibilities shall be those duties and responsibilities customary for the positions of President and Chief Executive Officer and such other executive officer duties and responsibilities as the Board shall from time to time reasonably assign to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**<u>Extent of Services</u>. Except for illnesses and vacation periods or as otherwise approved in writing by the Board, the Executive shall devote substantially all of the Executive's business time and attention and the Executive's best efforts to the performance of the Executive's duties and responsibilities under this Agreement. Notwithstanding the foregoing, the Executive may (i) make any investment in entities unrelated to the Company and its affiliates, so long as (A) the Executive is not obligated or required to, and shall not in fact, devote any material managerial efforts to such investment, and (B) such investment is not in violation of any other terms of this Agreement, including <u>Section 10</u> hereof; (ii) participate in charitable, academic or community activities, and in trade or professional organizations; or (iii) hold directorships in other businesses as permitted by the Board (the activities in clauses (i) through (iii) above are collectively referred to herein as the "***Excluded Activities***"); <u>provided</u> in each

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case, that none of the Excluded Activities, individually or in the aggregate, interfere with the performance of the Executive's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**<u>Location of Employment</u>. The principal location of the Executive's employment with the Company will be at the Company's office in Scottsdale, Arizona (subject to any remote working arrangements approved by the Board), although the Executive understands and agrees that the Executive may be required to travel from time to time for business reasons.

**Section 2.** **<u>Term</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**The Executive's employment under this Agreement shall commence on the Effective Date and, unless terminated earlier as provided in <u>Section 7</u>, the Executive's employment shall continue until December 31, 2028 (the "***Initial Term***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Upon the expiration of the Initial Term and each Renewal Term (as defined below), the Executive's employment will automatically continue for subsequent one (1) year terms (each a "***Renewal Term***") unless either the Company or the Executive provides not less than ninety (90) days' advance written notice to the other that such party does not wish to renew the Agreement for a subsequent Renewal Term. In the event such notice of nonrenewal is given pursuant to this <u>Section 2(b)</u>, this Agreement will expire at the end of the then current term. The Initial Term and each subsequent Renewal Term, taking into account any early termination of employment pursuant to <u>Section 7</u>, are referred to collectively as the "***Term***."

**Section 3.** **<u>Base Salary</u>**. The Company shall pay the Executive a base salary (the "***Base Salary***") during the Term, which shall be payable in periodic installments according to the Company's normal payroll practices. The initial Base Salary hereunder shall be paid at the annualized rate of $867,500. The Executive's Base Salary shall be considered annually by the Board, and may be increased in the sole discretion of the Board. Any increase shall be retroactive to January 1 of the year in which such increase is approved. The Base Salary, as adjusted by any subsequent increases, shall not be decreased during the Term. For purposes of this Agreement, the term "*Base Salary*" shall mean the amount of the Executive's annual base salary as established and adjusted from time to time pursuant to this <u>Section 3</u>.

**Section 4.** **<u>Annual Cash Incentive Bonus</u>**.

&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)**The Executive shall be eligible to receive an annual cash incentive bonus (the "***Cash Bonus***") for each calendar year during the Term, commencing with 2026. The target amount of the Cash Bonus for which the Executive is eligible shall be equal to 150% of the Base Salary (the "***Target Bonus Amount***"), with a "threshold" amount equal to 75% of the Base Salary and a maximum amount equal to 300% of the Base Salary. The actual amount of the Cash Bonus payable to the Executive with respect to any calendar year during the Term shall be based upon the satisfactory achievement of reasonable performance metrics and key performance indicators (such metrics, the "***Bonus Metrics***") determined by the Board after consultation with the Executive; provided that the Bonus Metrics (and definitions thereof) for each of 2026, 2027 and 2028 are as set forth on <u>Appendix A</u>.

&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)**For purposes of this Agreement, the Bonus Metrics that apply for any applicable year shall each be determined independently of one another and the amount of the

------

resulting Cash Bonus shall be based on the level of determination of each individual Bonus Metric based on its applicable weighting. As a result, (i) if the Board, in consultation with the Executive, determines that any applicable Bonus Metric has been achieved at or above a "threshold" level with respect to the applicable performance year, then, based on the level of such achievement and the applicable weighting of such Bonus Metric, the Executive shall be entitled to receive payment of the corresponding Cash Bonus with respect to that Bonus Metric and (ii) if the Board, in consultation with the Executive, determines that an applicable Bonus Metric has not been achieved at or above a "threshold" level with respect to the applicable performance year, then no Cash Bonus shall be due and payable to the Executive for such year with respect to such Bonus Metric. If any applicable Bonus Metric has been achieved at a level between a "threshold" level and a "target" level, or at a level between a "target" level and a "maximum" level, with respect to the applicable performance level, then the Cash Bonus with respect to that Bonus Metric shall be determined on the basis of linear interpolation between the applicable levels.

&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)**The Cash Bonus, if any, shall be paid to the Executive no later than thirty (30) days after the date on which the Board, in consultation with the Executive, determines (i) whether or not the applicable Bonus Metrics for such performance year have been achieved, and the level of such achievement, and (ii) the amount of the actual Cash Bonus so earned; <u>provided</u> that in no event shall any Cash Bonus, if earned, be paid later than March 15 of the year following the performance year to which it relates.

&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)**Except as otherwise provided in <u>Section 8(a)(ii)</u> or <u>Section 8(b)(ii)</u> in connection with the termination of the Executive's employment under certain circumstances, the Executive must be employed by the Company throughout the entirety of an applicable performance year (January 1 through December 31) in order to receive all or any portion of a Cash Bonus. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of such performance year, the Executive has met the employment criterion for Cash Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Cash Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Cash Bonus amount the Executive would otherwise be entitled to receive; provided, that the Executive will not be eligible to receive payment of any unpaid Cash Bonus if the Executive's employment is terminated for Cause.

**Section 5.** **<u>Long-Term Incentive</u>**.

&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)**The Executive shall be eligible to participate in a long-term cash incentive plan (the "***LTIP***"). Pursuant to the LTIP, the Executive will receive a long-term incentive grant every third fiscal year during the Term, each such grant to reflect a three-year performance period (the "***Performance Period***"), with a grant made in 2026 covering the 2026-2028 Performance Period, a grant made in 2029 covering the 2029-2031 Performance Period, and so on. The target amount of the LTIP grant for the 2026-2028 Performance Period shall be equal, on an annualized basis, to 519% of the Base Salary as in effect on the date of grant (the "***Target LTIP Grant***"), with a "threshold" amount equal to 50% of the Target LTIP Grant and a maximum amount equal to 250% of the Target LTIP Grant. The actual amount of any LTIP grant that will be payable to the Executive shall be based upon the satisfactory achievement of reasonable performance metrics and key performance indicators (such metrics, the "***LTIP Metrics***") determined by the Board after consultation with the Executive over the applicable

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Performance Period, with payment of the actual amount determined to be earned for the applicable Performance Period to be made as provided in <u>Section 5(c)</u> below; provided that the LTIP Metrics (and definitions thereof) with respect to the 2026-2028 LTIP grant are as set forth on <u>Appendix B</u> and example calculations of the potential payouts of the 2026 LTIP grant at varying levels of achievement of such LTIP Metrics are as set forth on <u>Appendix C</u>.

&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)**For purposes of this Agreement, the LTIP Metrics that apply for any applicable Performance Period shall each be determined independently of one another and the amount of the resulting LTIP payment shall be based on the level of determination of each individual LTIP Metric based on its applicable weighting. As a result, (i) if the Board, in consultation with the Executive, determines that any applicable LTIP Metric has been achieved at or above a "threshold" level with respect to the applicable Performance Period, then, based on the level of such achievement and the applicable weighting of such LTIP Metric, the Executive shall be entitled to receive payment of the corresponding LTIP amount with respect to that LTIP Metric for such Performance Period, and (ii) if the Board determines that an applicable LTIP Metric has not been achieved at or above a "threshold" level with respect to the applicable Performance Period, then no LTIP payment shall be due and payable to the Executive for such Performance Period with respect to such LTIP Metric. If any applicable LTIP Metric has been achieved at a level between a "threshold" level and a "target" level, or at a level between a "target" level and a "maximum" level, with respect to the applicable Performance Period, then the corresponding LTIP payment with respect to that LTIP Metric shall be determined on the basis of linear interpolation between the applicable levels.

&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)**The LTIP payment, if any, payable in respect of a Performance Period shall be paid to the Executive no later than thirty (30) days after the date on which the Board, in consultation with the Executive, determines (i) whether or not the applicable LTIP Metrics for such Performance Period have been achieved, and the level of such achievement, and (ii) the amount of the actual LTIP payment so earned; <u>provided</u> that in no event shall any LTIP payment, if earned, be paid later than March 15 of the year following the final year of the applicable Performance Period.

&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)**Except as otherwise provided in <u>Section 5(e)(i)</u>, <u>Section 8(a)(iv)</u>, or <u>Section 8(b)(iv)</u> in connection with the termination of the Executive's employment under certain circumstances, the Executive must be employed by the Company throughout the entirety of an applicable Performance Period in order to receive all or any portion of an LTIP payment. For the avoidance of doubt, if the Executive was employed by the Company through the final day of the Performance Period, the Executive has met the employment criterion for the LTIP payment for that Performance Period and need not be employed by the Company thereafter, including at the time the LTIP payment, if any, is determined or paid for that Performance Period, in order to receive payment of any LTIP payment amount the Executive would otherwise be entitled to receive; provided, that the Executive will not be eligible to receive payment of any unpaid LTIP payments if the Executive's employment is terminated for Cause.

&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;**(e)**<u>Change in Control Treatment of LTIP Awards</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Assumption/Substitution of LTIP Awards*. Each of the Executive's outstanding awards under the LTIP may be assumed or substituted by the Company's acquiror or successor (or any of such acquiror's or successor's affiliates) in connection

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with a Change in Control (the "***Acquiror LTIP Awards***"), provided that if the employment of the Executive is terminated by the Company (or the acquiror or any of its affiliates) without Cause (as defined below) or by the Executive for Good Reason (as defined below), in each case, after the date of the Change in Control but before the end of the applicable Performance Period, then all of the Acquiror LTIP Awards shall immediately vest and the Executive shall be entitled to a cash payment equal to the greater of (A) 100% of the Target LTIP Grant and (B) an amount determined based on the actual achievement of the LTIP Metrics, as determined in good faith by the Board, calculated as if the business day immediately prior to the date of such termination had been the end of the Performance Period. Awards granted under the LTIP shall only be considered assumed or substituted if following the Change in Control, (x) any adjustments necessary to preserve the intrinsic value of the Executive's outstanding LTIP awards have been made, and the Company's acquiror or successor, as applicable, irrevocably assumes the Company's obligations under the LTIP and (y) such acquiror or successor replaces the Executive's outstanding LTIP awards with awards having substantially the same intrinsic value and having the terms and conditions no less favorable to the Executive than those applicable to the Executive's LTIP awards immediately prior to the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***No Assumption/Substitution of LTIP Awards*. Each of the Executive's outstanding LTIP awards that are not assumed or substituted in connection with a Change in Control shall immediately vest and the Executive shall be entitled to a cash payment equal to the greater of (A) 100% of the Target LTIP Grant and (B) an amount determined based on the actual achievement of the LTIP Metrics, as determined in good faith by the Board, calculated as if the business day immediately prior to the Change in Control had been the end of the Performance Period.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**Any portion of the Executive's LTIP awards that become due and payable pursuant to (A) <u>Section 5(e)(i)</u> shall be paid on or within 60 days after the date of such termination and (B) <u>Section 5(e)(ii)</u> shall be paid on or within five (5) days after the date of the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**For purposes of this Agreement, "***Change in Control***" shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)any person or entity (other than Ivory SuNNNs LLC ("***GIC***") or its affiliate(s), Blue Owl Real Estate Capital LLC ("***Blue Owl***") or its affiliate(s), and/or one or more members of the management or employees of the Company, individually and/or collectively) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the then outstanding voting securities of the Company, but excluding any such transaction if, following such transaction, GIC or its affiliates, and/or Blue Owl or its affiliates, continue to hold "major decision" approval rights with respect to the Company following the completion of such transaction which are substantially similar to such rights prior to completion of such transaction;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)there is consummated a merger, amalgamation or consolidation of the Company with any other corporation, other than (1) a merger, amalgamation or consolidation into an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned, following the completion of such transaction, by GIC or its affiliates, and/or Blue Owl or its affiliates in substantially the same proportions as their ownership of the Company immediately prior to such sale, (2) a merger, amalgamation or consolidation into an entity, immediately following which (a) the individuals who comprise the Board immediately prior thereto, and/or (b) individuals appointed by GIC or its affiliates, Blue Owl or its affiliates, and/or one or more members of the management or employees of the Company, individually and/or collectively, constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof, and/or (3) a merger, amalgamation or consolidation into an entity, immediately following which GIC or its affiliates, and/or Blue Owl or its affiliates (or their respective board members), continue to hold "major decision" approval rights with respect to the Company (or any successor entities) which are substantially similar to such rights with respect to the Company prior to completion of such transaction; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than (1) a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned, following the completion of such transaction, by GIC or its affiliates, and/or Blue Owl or its affiliates in substantially the same proportions as their ownership of the Company immediately prior to such sale, (2) a sale or disposition of all or substantially all of the Company's assets immediately following which (a) the individuals who comprise the Board immediately prior thereto, and/or (b) individuals appointed by GIC or its affiliates, Blue Owl or its affiliates, and/or one or more members of the management or employees of the Company, individually and/or collectively, constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof, and/or (3) a sale or disposition by the Company of all or substantially all of the Company's assets to one or more entities, so long as GIC or its affiliates, and/or Blue Owl or its affiliates, continue to hold "major decision" approval rights with respect to such entities following the completion of such transaction which are substantially similar to such rights with respect to the Company prior to completion of such transaction.

**Section 6.** **<u>Benefits</u>**.

&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)**<u>Paid Time Off</u>. During the Term, the Executive shall be entitled to such paid time off, including sick time and personal days, generally made available by the Company to other senior executive officers of the Company, subject to the terms and conditions of the Company's paid-time off policy.

&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)**<u>Employee Benefit Plans</u>. During the Term, the Executive (and, where applicable, the Executive's spouse and eligible dependents, if any, and their respective designated beneficiaries) shall be eligible to participate in and receive the benefit of each employee benefit plan sponsored or maintained by the Company and generally made available to

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other senior executive officers of the Company, subject to the generally applicable provisions thereof. Nothing in this Agreement shall in any way limit the Company's right to amend or terminate any such employee benefit plan in its sole discretion, with or without notice, so long as any such amendment affects the Executive and the other senior executive officers of the Company in a similar fashion.

&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)**<u>Other Benefits</u>. The perquisites set forth below shall be provided to the Executive subject to continued employment with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Disability Insurance*. The Company shall maintain a supplemental, long-term disability policy on behalf of the Executive; <u>provided</u> that the cost of such policy (to the Company) shall not exceed $15,000 per year or such higher amount as may be subsequently approved by the Board.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***Annual Physical*. The Company shall pay the cost of an annual medical examination for the Executive by a licensed physician in the Scottsdale or Phoenix, Arizona area selected by the Executive; <u>provided</u> that the cost for such annual medical examination shall not exceed $2,500 per year or such higher amount as may be subsequently approved by the Board.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)***Club Dues*. The Company shall pay, or reimburse the Executive for, the monthly membership dues actually incurred by the Executive for one fitness or country club membership maintained by the Executive; <u>provided</u> that the payable or reimbursable amount shall not exceed $1,000 per month or such higher amount as may be subsequently approved by the Board. For the avoidance of doubt, except as specifically provided for above, the Company shall not pay, or reimburse the Executive for, any other expenses associated with such club membership (including, but not limited to, any initiation fees and personal expenditures at such club).

**Section 7.** **<u>Termination</u>**. The employment of the Executive by the Company pursuant to this Agreement shall terminate:

&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)**<u>Death or Disability</u>. Immediately upon the death or Disability of the Executive. As used in this Agreement, "***Disability***" means the Executive's inability to perform the essential functions of the Executive's position, with or without reasonable accommodation, due to a mental or physical disability for a period of either (i) 90 consecutive days or (ii) 180 days in any 365 day period.

&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)**<u>For Cause</u>. At the election of the Company, for Cause. For purposes of this Agreement, "***Cause***" means the Executive's:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**in the reasonable judgment of the Board, refusal or neglect to perform substantially all the Executive's employment-related duties or to abide by or comply with the lawful directives of the Board, which refusal or neglect is not cured within twenty (20) days' of the Executive's receipt of written notice from the Company;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**personal dishonesty, incompetence or breach of fiduciary duty which, in any case, has a material adverse impact on the business or reputation of the Company or any of its affiliates, as determined in the Board's reasonable discretion;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**violation by the Executive of any material written policy of the Company (including any policy regarding sexual, racial or other harassment or discrimination) that has been provided or made available to the Executive; <u>provided</u>, that, if such violation is capable of being cured without resulting in financial or reputational harm to the Company, the Executive shall have twenty (20) days after receipt of written notice of such violation to so cure;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**conviction of or entrance of a plea of guilty or *nolo contendere* (or any applicable equivalent thereof) to a crime constituting a felony (or a crime or offense of equivalent magnitude in any jurisdiction);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**willful violation of any federal, state or local law, rule, or regulation that has a material adverse impact on the business or reputation of the Company or any of its affiliates, as determined in the Board's reasonable discretion; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)**material breach of any covenant contained in <u>Section 10</u> of this Agreement.

The Executive's termination for Cause shall take effect immediately upon the Executive's receipt of written notice from the Company of such termination for Cause, which notice shall specify, with particularity, each basis for the Company's determination that Cause exists.

&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)**<u>For Good Reason</u>. At the election of the Executive, for Good Reason. For purposes of this Agreement, "***Good Reason***" shall mean the occurrence of any of the following actions or omissions, without the Executive's written consent:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**A material reduction of, or other material adverse change in, the Executive's duties or responsibilities, such that the Executive is no longer performing the duties or engaging in the responsibilities of a President and Chief Executive Officer, or the assignment to the Executive of any duties or responsibilities that are materially inconsistent with the Executive's position as President and Chief Executive Officer of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**A material reduction by the Company in the Executive's annual Base Salary, Target Bonus Amount or Target LTIP Grant;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** (A) the requirement by the Company that the primary location at which the Executive performs the Executive's duties be changed to a location that is outside of a 35-mile radius of Scottsdale, Arizona, or (B) a substantial increase in the amount of travel that the Executive is required to do because of a relocation of the Company's headquarters from Scottsdale, Arizona;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**A material breach by the Company of any provision of this Agreement not otherwise specified in this <u>Section 7(c)</u>, it being agreed and understood that any breach of the Company's obligations under <u>Section 6(c)</u> shall not constitute a material breach of this Agreement and the Executive's sole remedy for any breach of such <u>Section 6(c)</u> shall be monetary damages; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**Any failure by the Company to obtain from any successor to the Company an agreement to assume and perform this Agreement as contemplated by <u>Section 15(e)</u>.

Notwithstanding the foregoing, the Executive's termination of employment for Good Reason shall not be effective, and Good Reason shall not be deemed to exist, until (A) the Executive provides the Company with written notice specifying, with particularity, each basis for the Executive's determination that actions or omissions constituting Good Reason have occurred, which notice must be provided within thirty (30) days after the date on which such action or omission occurred (or if later the date on which the Executive reasonably should have been aware of such action or omission), and (B) the Company fails to cure or resolve the issues identified by the Executive's notice within thirty (30) days of the Company's receipt of such notice. The Company and the Executive agree that such thirty (30) day cure period shall be utilized to engage in discussions in a good faith effort to cure or resolve the actions or omissions otherwise constituting Good Reason, and that the Executive will not be considered to have resigned from employment during such thirty (30) day cure period.

&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)**<u>Without Cause; Without Good Reason</u>. At the election of the Company, without Cause, upon thirty (30) days' prior written notice to the Executive, or, at the election of the Executive, without Good Reason, upon thirty (30) days' prior written notice to the Company. The parties acknowledge and agree that (i) the exercise by the Company of its right to not extend the Agreement in accordance with <u>Section 2(b)</u> shall not constitute a termination at the election of the Company without Cause and (ii) the exercise by the Executive of the Executive's right to not extend the Agreement in accordance with <u>Section 2(b)</u> shall constitute a termination at the election of the Executive without Good Reason.

**Section 8.** **<u>Effects of Termination</u>**.

&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)**<u>Termination By the Company Without Cause or By the Executive for Good Reason</u>. If the employment of the Executive is terminated by the Company for any reason other than Cause, death or Disability, or if the employment of the Executive is terminated by the Executive for Good Reason, then, subject to the terms and conditions of <u>Section 15(h)</u>, the Company shall pay or provide to the Executive the following compensation and benefits:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Accrued Obligations*. Any and all Base Salary, Cash Bonus, LTIP and any other compensation-related payments that have been earned but not yet paid, including (if applicable) pay in lieu of accrued, but unused, vacation, and unreimbursed expenses that are owed as of the date of the termination of the Executive's employment, in each case that are related to any period of employment preceding the Executive's termination date (the "***Accrued Obligations***"). Any earned but unpaid Cash Bonus or LTIP that is part of the Accrued Obligations shall be paid at the time provided for in <u>Section 4</u> or <u>Section 5</u> above, as applicable. Any Accrued Obligations that constitute

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retirement or deferred compensation shall be payable in accordance with the terms and conditions of the applicable plan, program or arrangement. All other Accrued Obligations shall be paid within thirty (30) days of the date of termination, or, if earlier, not later than the time required by applicable law; <u>provided</u> that the payment of any unreimbursed expenses shall be subject to the Executive's submission of substantiation of such expenses in accordance with the Company's applicable expense policy;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***Severance Payment*.

&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;&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)An amount equal to 1.5 times the Executive's Base Salary in effect on the date of termination; plus

&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;&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)An amount equal to the Target Bonus Amount (calculated on the basis of a full fiscal year).

The sum of the amounts payable under <u>clauses (A)</u> and <u>(B)</u> of this <u>Section 8(a)(ii)</u> are referred to, collectively, as the "***Severance Payment***." Subject to the provisions of <u>Section 8(e)</u>, the Severance Payment shall be paid to the Executive in a single, lump sum cash payment within sixty-two (62) days following the effective date of the Executive's termination of employment; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)***COBRA Reimbursement*. If the Executive is eligible for, and elects to receive, continued coverage for the Executive and, if applicable, the Executive's eligible dependents under the Company's group health benefits plan(s) in accordance with the provisions of COBRA, the Company shall reimburse the Executive for a period of twelve (12) months following termination of the Executive's employment (or, if less, for the period that the Executive is eligible for such COBRA continuation coverage) for the excess of (A) the amount that the Executive is required to pay monthly to maintain such continued coverage under COBRA, over (B) the amount that the Executive would have paid monthly to participate in the Company's group health benefits plan(s) had the Executive continued to be an employee of the Company (the "***COBRA Reimbursement***" and such amount, the "***COBRA Reimbursement Amount***"). COBRA Reimbursements shall be made by the Company to the Executive consistent with the Company's normal expense reimbursement policy; <u>provided</u> that the Executive submits documentation to the Company substantiating the Executive's payments for COBRA coverage. However, if the Company determines in its sole discretion that it cannot, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), provide any COBRA Reimbursements that otherwise would be due to the Executive under this <u>Section 8(a)(iii)</u>, then the Company will, subject to the provisions of <u>Section 15(h)</u>, in lieu of any such COBRA Reimbursements, provide to the Executive a taxable monthly payment in an amount equal to the COBRA Reimbursement Amount, which payments will be made regardless of whether the Executive elects COBRA continuation coverage (the "***Alternative Payments***"). Any Alternative Payments will cease to be provided when, and under the same terms and conditions, COBRA Reimbursements would have ceased under this <u>Section 8(a)(iii)</u>. For the avoidance of doubt, the Alternative Payments may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable taxes and withholdings, if any. Notwithstanding anything to the contrary under this Agreement, if

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at any time the Company determines in its sole, good faith discretion that it cannot provide the Alternative Payments contemplated by the preceding sentence without violating Section 2716 of the Public Health Service Act, the Executive will not receive such payments.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)***LTIP*. Except as otherwise provided in <u>Section 5(e)(i)</u>, a cash payment equal to the product of (A) the LTIP payment that the Executive would have received for any Performance Period that has not been completed as of the date of such termination if the Executive had continued in employment through the end of the Performance Period, if any, based on the Board's determination of actual performance for the entire Performance Period in accordance with <u>Section 5</u>, and (B) a fraction, the numerator of which is the number of days the Executive was employed during such Performance Period and the denominator of which is the total number of days in the Performance Period (the "***Pro-Rated LTIP Payments***"). Such cash payment shall be made at the same time as it would have been paid in accordance with <u>Section 5</u> if the Executive had remained employed through the end of the applicable Performance Period.

&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)**<u>Termination on Death or Disability</u>. If the employment of the Executive is terminated due to the Executive's death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Company shall pay or provide to the Executive (or, if applicable, the Executive's estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of the Executive's death) the following compensation and benefits:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**The Accrued Obligations, at the times provided and subject to the conditions set forth in <u>Section 8(a)(i)</u> above;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**An amount equal to the Target Bonus Amount for which the Executive is eligible for the year in which the termination of employment occurs, prorated for the portion of such year during which the Executive was employed by the Company prior to the effective date of the Executive's termination of employment, payable as set forth in <u>Section 8(a)(ii)</u> above;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**COBRA Reimbursement for 18 months provided in accordance with <u>Section 8(a)(iii)</u> above; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**The Pro-Rated LTIP Payments in accordance with <u>Section 8(a)(iv)</u> above.

&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)**<u>By the Company for Cause, By the Executive Without Good Reason, or By the Company for Nonrenewal</u>. In the event that the Executive's employment is terminated (i) by the Company for Cause, (ii) voluntarily by the Executive without Good Reason, or (iii) in connection with the exercise by the Company of its right to not extend the Agreement in accordance with <u>Section 2(b)</u>, in each case, the Company's sole obligation shall be to pay the Executive the Accrued Obligations at the times provided and subject to the conditions set forth in <u>Section 8(a)(i)</u> above; provided, that, if such termination is for Cause then the Executive shall not be eligible to receive any unpaid Cash Bonus or LTIP payments.

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&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)**<u>Termination of Authority; Resignation from Boards</u>. Immediately upon the termination of the Executive's employment with the Company for any reason, or the expiration of this Agreement, notwithstanding anything else appearing in this Agreement or otherwise, the Executive will stop serving the functions of the Executive's terminated or expired positions, and shall be without any of the authority or responsibility for such positions. On request of the Board at any time following the termination or expiration of the Executive's employment for any reason, the Executive shall resign from the Board (and the boards of directors or managers of the Company or any affiliate of the Company) if then a member and shall execute such documentation as the Company shall reasonably request to evidence the cessation of the Executive's terminated or expired positions.

&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;**(e)**<u>Release</u>. Prior to the payment by the Company of the payments and benefits provided under <u>Sections 8(a)(ii)-(iv)</u> or <u>Sections 8(b) (ii)-(iv)</u> hereunder, if any, and in no event later than sixty-two (62) days following the effective date of the Executive's termination, the Executive (or, if applicable, the Executive's representative) shall, as a condition to receipt of such payments and benefits, deliver to the Company a General Release of Claims in a form acceptable to the Company that is effective and irrevocable with respect to all potential claims the Executive may have against the Company or its affiliates or other related parties or individuals related to the Executive's employment. If the Executive does not timely execute and return the release, or timely revokes such release after delivery, the Company shall not be required to pay the Executive all or any portion of such payments and benefits.

**Section 9.** **<u>Section 280G of the Code</u>**. Notwithstanding anything contained in this Agreement to the contrary, if the Executive would receive (a) any payment, deemed payment or other benefit under this Agreement, that together with any other payment, deemed payment or other benefit the Executive may receive under any other plan, program, policy or arrangement (collectively with the payments under <u>Section 8</u> hereof, the "***Covered Payments***"), would constitute an "excess parachute payment" under Section 280G of the Internal Revenue Code of 1986, as amended (the "***Code***"), that would be or become subject to the tax (the "***Excise Tax***") imposed under Section 4999 of the Code or any similar tax that may hereafter be imposed, and (b) a greater net after-tax benefit by limiting the Covered Payments so that the portion thereof that are parachute payments do not exceed the maximum amount of such parachute payments that could be paid to the Executive without the Executive's being subject to any Excise Tax (the "***Safe Harbor Amount***"), then the Covered Payments to the Executive shall be reduced (but not below zero) so that the aggregate amount of parachute payments that the Executive receives does not exceed the Safe Harbor Amount. In the event that the Executive receives reduced payments and benefits hereunder, such payments and benefits shall be reduced in connection with the application of the Safe Harbor Amount in a manner determined by the Board in a manner that complies with Section 409A that first reduces any payments or benefits that are valued at full value under the applicable provisions of Section 280G, with the latest in time payments or benefits reduced first, and then reducing any payments or benefits that are valued at less than full value under the applicable provisions of Section 280G, with the latest in time payments or benefits reduced first. For purposes of determining whether any of the Covered Payments will be subject to the Excise Tax, such Covered Payments will be treated as "parachute payments" within the meaning of Section 280G of the Code, and all "parachute payments" in excess of the "base amount" (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless, and except to the extent that, in the good faith judgment of a public

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accounting firm appointed by the Company prior to the change in control or tax counsel selected by such accounting firm (the "***Accountants***"), the Company has a reasonable basis to conclude that such Covered Payments (in whole or in part) either do not constitute "parachute payments" or represent reasonable compensation for person*a*l services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code) in excess of the allocable portion of the "base amount," or such "parachute payments" are otherwise not subject to such Excise Tax, and the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.

**Section 10.** **<u>Noncompetition; Nonsolicitation and Confidentiality</u>**.

&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)**<u>Consideration</u>. The Executive acknowledges that, in the course of the Executive's employment with the Company, the Executive will serve as a member of the Company's senior management and will become familiar with the Company's trade secrets and with other confidential and proprietary information and that the Executive's services will be of special, unique and extraordinary value to the Company and its subsidiaries. The Executive further acknowledges that the business of the Company and its subsidiaries is national in scope and that the Company and its subsidiaries, in the course of such business, work with customers and vendors throughout the United States, and compete with other companies located throughout the United States. Therefore, in consideration of the foregoing, the Executive agrees that (i) the Executive shall comply with <u>subparagraphs (b)</u>, <u>(c)</u>, <u>(d)</u> and <u>(e)</u> of this <u>Section 10</u> during the Term and for the period of time following the Term specified in each such subparagraph, and (ii) the Company's obligation to make any of the payments and benefits to be paid or provided to the Executive under this Agreement (including, without limitation, under <u>Section 8</u> and <u>Section 9</u>) shall be subject to the Executive's compliance with <u>subparagraphs (b)</u>, <u>(c)</u>, <u>(d)</u> and <u>(e)</u> of this <u>Section 10</u>, during the Term and for the period of time following the Term specified in each such subparagraph.

&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)**<u>Noncompetition</u>. During the Term and for a period of twelve (12) months following the termination of the Executive's employment (excluding in connection with the exercise by the Company of its right to not extend the Agreement in accordance with <u>Section 2(b)</u>), the Executive shall not, anywhere in the United States where the Company or its subsidiaries conduct business prior to the date of the Executive's termination of employment (the "***Restricted Territory***"), directly or indirectly, (i) serve in an executive or management level role with, or provide business, strategic, sales, financial, operational or technical advice or services, to the extent the Executive provided such advice or services to the Company, to, (A) any person or entity (or any division, unit or other segment of any entity) whose principal business is to purchase real estate from, and to lease such real estate back to, the owners and/or operators of businesses that (x) are operated from single-tenant locations within the United States, (y) generate sales and profits at each such location, and (z) operate within the service, retail, and manufacturing sectors, including, without limitation and for example only, restaurants, early childhood education centers, movie theaters, health clubs and furniture stores, or (B) any other business or in respect of any other endeavor that is competitive with or similar to any other business activity (a) engaged in by the Company or any of its subsidiaries prior to the date of the Executive's termination of employment or (b) that has been submitted to the Board (or a committee thereof) for consideration and that is under active consideration by the Board (or a committee thereof) as of the date of the Executive's termination of employment (any such person

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or entity, a "***Restricted Business***"), or (ii) usurp any transactional opportunity from the Company. Notwithstanding the foregoing, nothing in this <u>Section 10</u> shall prohibit the Executive from (I) providing advice or services to a Restricted Business if (1) the service relationship is restricted solely to one or more distinct portions of the operations and businesses of such Restricted Business, (2) such distinct portions do not engage in the activities competitive with the Company, and (3) the Executive undertakes not to, and does not, have any discussions with, or participate in, the governance, management or operations of such person or entity or any business segments thereof that engage in the Restricted Business or (II) making any passive investment in a public company, from owning five percent (5%) or less of the issued and outstanding voting securities of any entity, or from serving as a non-employee, independent director of a company that does not compete with the Company or any of its subsidiaries (as described in this <u>Section 10(b)</u>), <u>provided</u> that such activities do not create a conflict of interest with the Executive's employment by the Company or result in the Executive being obligated or required to devote any managerial efforts to such entity.

&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)**<u>Non-Solicitation of Employees</u>. During the Term and for a period of twelve (12) months following the termination of the Executive's employment, except in accordance with performance of the Executive's duties hereunder, the Executive shall not, directly or indirectly, induce any person who was employed by the Company or any of its subsidiaries during Executive's employment with the Company and with whom the Executive had contact or about whom the Executive had access to Confidential Information during the then-immediately preceding twelve (12) calendar month period ending no later than the date of the Executive's termination of employment to terminate employment with that entity, and the Executive shall not, directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, employ, offer employment to or otherwise interfere with the employment relationship of the Company or any of its subsidiaries with any person who is or was employed by the Company or such subsidiary during the Executive's employment with the Company and with whom the Executive had contact or about whom the Executive had access to Confidential Information during the then-immediately preceding twelve (12) calendar month period ending no later than the date of the Executive's termination of employment unless, at the time of such employment, offer or other interference, such person shall have ceased to be employed by such entity for a period of at least six (6) months; <u>provided</u> that the foregoing will not apply to individuals solicited or hired as a result of the use of an independent employment agency (so long as the agency was not directed to solicit or hire a particular individual) or to individuals who have responded to a public solicitation to the general population.

&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)**<u>Confidentiality</u>. During the Executive's employment and at all times following the termination of the Executive's employment for any reason, the Executive shall not, without the prior written consent of the Company, use, divulge, disclose or make accessible to any other person, firm, partnership, corporation or other entity any confidential or proprietary information pertaining to the business of the Company or any of its subsidiaries, including, without limitation, know-how; trade secrets; customer lists; pricing policies; operational methods; and other information relating to products, processes, past, current and prospective customers or other third parties, services and other business and financial affairs (collectively, the "***Confidential Information***"), in each case to which the Executive has had or may have access or which the Executive developed or may have developed. The Company acknowledges that, prior to the Executive's employment with the Company, the Executive has lawfully

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acquired extensive knowledge of the industries and businesses in which the Company engages and the Company's customers, and that the provisions of this <u>Section 10</u> are not intended to restrict the Executive's use of such previously acquired knowledge. Upon termination of the Executive's employment with the Company for any reason, the Executive shall return to the Company all Company property and all written Confidential Information in the possession of the Executive. Notwithstanding anything in this Agreement or any other Company document to the contrary, the Executive shall be permitted, and the Company expressly acknowledges the Executive's right, to divulge, disclose or make accessible to the Executive's counsel any Confidential Information that, in the good faith judgment of the Executive (or the Executive's counsel), is necessary or appropriate in order for counsel to evaluate the Executive's rights, duties or obligations under this Agreement or in connection with the Executive's status as an officer and/or director of the Company or any of its subsidiaries.

In the event that the Executive receives a request or is required (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose all or any part of the Confidential Information to a third party (other than the Executive's counsel), the Executive agrees to (a) promptly notify the Company in writing of the existence, terms and circumstances surrounding such request or requirement; (b) consult with the Company, at the Company's request, on the advisability of taking legally available steps to resist or narrow such request or requirement; and (c) assist the Company, at the Company's request and expense, in seeking a protective order or other appropriate remedy. In the event that such protective order or other remedy is not obtained or that the Company requests no consultation or assistance from the Executive pursuant to this provision or otherwise waives compliance with the provisions hereof, the Executive shall not be liable for such disclosure unless such disclosure was caused by or resulted from a previous disclosure by the Executive not permitted by this Agreement. Further, nothing in this Agreement or any other agreement by and between the Company and the Executive shall prohibit or restrict the Executive from (i) voluntarily communicating with an attorney retained by the Executive, (ii) voluntarily communicating with any law enforcement, government agency, including the Securities and Exchange Commission ("SEC"), Equal Employment Opportunity Commission or a state or local commission on human rights, or any self-regulatory organization, regarding possible violations of law, including criminal conduct and unlawful employment practices, (iii) recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, in each case without advance notice to the Company or (iv) responding to a peace officer's or prosecutor's questions relating to an alleged criminal sexual offense or obscenity, or making a statement in a criminal proceeding related to an alleged sexual offense or obscenity.

Pursuant to 18 U.S.C. §1833(b), the Executive acknowledges that the Executive shall not have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to the Executive's attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding, if the Executive (1) files any document containing the trade secret under seal, and (2) does not disclose the trade secret, except pursuant

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to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. §1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

&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;**(e)**Subject to the permitted disclosures in <u>Section 10(d)</u>, the Executive agrees that the Executive will not at any time during the Term or thereafter, directly or indirectly, in any forum or in any manner (including, but not limited to, orally, in writing or electronically whether for attribution or anonymously) to any third party (including, but not limited, to any former, current or prospective employee, client, investor, vendor or other counterparty) make, or cause to be made, any statement, or express any observation or opinion disparaging or otherwise portraying in a negative light the business, reputation, character, honesty, integrity, morality or business acumen or abilities of the Company or any of its subsidiaries, directors, officers, employees or direct or indirect equity holders, including each equity holder's respective affiliates.

&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;**(f)**<u>Injunctive Relief with Respect to Covenants</u>. The Executive acknowledges and agrees that the covenants and obligations of the Executive with respect to noncompetition, nonsolicitation and confidentiality, as the case may be, set forth herein relate to special, unique and extraordinary matters and that a violation or threatened violation of any of the terms of such covenants or obligations will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, the Executive agrees, to the fullest extent permitted by applicable law, that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Executive from committing any violation of the covenants or obligations contained in this <u>Section 10</u>. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. In connection with the foregoing provisions of this <u>Section 10</u>, the Executive represents that the Executive's economic means and circumstances are such that such provisions will not prevent the Executive from providing for the Executive and the Executive's family on a basis satisfactory to the Executive.

Nothing in this <u>Section 10</u> shall impede, restrict or otherwise interfere with the Executive's participation in any Excluded Activities.

The Executive agrees that the restraints imposed upon the Executive pursuant to this <u>Section 10</u> are necessary for the reasonable and proper protection of the Company and its subsidiaries and affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The parties further agree that, in the event that any provision of this <u>Section 10</u> shall be determined by any court or arbitrator of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision may be modified by the court or arbitrator to permit its enforcement to the maximum extent permitted by law.

**Section 11.** **<u>Intellectual Property</u>**. During the Term, the Executive shall promptly disclose to the Company, its subsidiaries or their respective successors or assigns, and grant to the Company and its successors and assigns without any separate remuneration or compensation other than that received by the Executive in the course of the Executive's employment, the Executive's entire right, title and interest in and to any and all inventions, developments, discoveries, models, or any other intellectual property of any type or nature whatsoever developed solely during the Term ("***Intellectual Property***"), whether developed by the Executive

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during or after business hours, or alone or in connection with others, that is in any way related to the business of the Company, its subsidiaries or its successors or assigns. This provision shall not apply to books or articles authored by the Executive during non-work hours, consistent with the Executive's obligations under this Agreement including Section 10 thereof, so long as such books or articles (a) are not funded in whole or in part by the Company, (b) do not interfere with the performance of the Executive's duties under this Agreement, and (c) do not use or contain any Confidential Information or Intellectual Property of the Company or its subsidiaries. The Executive agrees, at the Company's expense, to take all steps necessary or proper to vest title to all such Intellectual Property in the Company, and cooperate fully and assist the Company in any litigation or other proceedings involving any such Intellectual Property.

**Section 12.** **<u>Disputes</u>**.

&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)**<u>Arbitration</u>. Excluding requests for equitable relief by the Company under <u>Section 10(f)</u>, all controversies, claims or disputes arising between the parties that are not resolved within sixty (60) days after written notice from one party to the other setting forth the nature of such controversy, claim or dispute shall be submitted to binding arbitration in Maricopa County, Arizona, including, without limitation, (i) any dispute, controversy or claim related in any way to the Executive's employment with the Company or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "***Disputes***"). Arbitration of disputes under this Agreement shall proceed in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association ("***AAA***") as those rules are applied to individually negotiated employment agreements, as then in effect ("***Rules***"); <u>provided</u>, <u>however</u>, that both parties shall have the opportunity to conduct pre-arbitration discovery; <u>provided</u>, <u>further</u>, that nothing herein will require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; and <u>provided</u>, <u>further</u>, that, notwithstanding anything to the contrary herein, the Executive may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. The arbitration shall be decided by a single arbitrator mutually agreed upon by the parties or, in the absence of such agreement, by an arbitrator selected according to the applicable rules of the AAA.

&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;**(i)**Any judgment on or enforcement of any award, including an award providing for interim or permanent injunctive relief, rendered by the arbitrator may be entered, enforced or appealed in any court of competent jurisdiction. Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation of this arbitration provision, will be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.

&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;**(ii)**It is part of the essence of this Agreement that any Disputes hereunder will be resolved expeditiously and as confidentially as possible. Accordingly, the Company and the Executive agree that all proceedings in any arbitration will be conducted under seal and kept strictly confidential. In that regard, no party will use, disclose or permit the disclosure of any information, evidence or documents produced by any other party in the arbitration proceedings or about the existence, contents or results of the proceedings

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except as may be required by any legal process, as required in an action in aid of arbitration or for enforcement of or appeal from an arbitral award or as may be permitted by the arbitrator for the preparation and conduct of the arbitration proceedings. Before making any disclosure permitted by the preceding sentence, the party intending to make such disclosure will give the other party reasonable written notice of the intended disclosure and afford such other party a reasonable opportunity to protect its interests.

&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)**<u>Jury Waiver</u>. Each party to this Agreement understands and expressly acknowledges that in agreeing to submit the disputes described in <u>Section 12(a)</u> to binding arbitration, such party is knowingly and voluntarily waiving all rights to have such disputes heard and decided by the judicial process in any court in any jurisdiction. This waiver includes, without limitation, the right otherwise enjoyed by such party to a jury trial.

&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)**<u>Limitations Period</u>. All arbitration proceedings pursuant to this Agreement shall be commenced within the time period provided for by the legally recognized statute of limitations applicable to the claim being asserted. No applicable limitations period shall be deemed shortened or extended by this Agreement.

&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)**<u>Arbitrator's Decision</u>. The arbitrator shall have the power to award any party any relief available to such party under applicable law, but may not exceed that power. The arbitrator shall explain the reasons for the award and must produce a formal written opinion. The arbitrator's award shall be final and binding and judgment upon the award may be entered in any court of competent jurisdiction. There shall be no appeal from the award except on those grounds specified by the Federal Arbitration Act and case law interpreting the Federal Arbitration Act.

&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;**(e)**<u>Legal Fees</u>. Notwithstanding anything to the contrary in <u>Section 12(d)</u>, the Arbitrator shall have the discretion to order the Company to pay or promptly reimburse the Executive for the reasonable legal fees and expenses incurred by the Executive in successfully enforcing or defending any right of the Executive pursuant to this Agreement even if the Executive does not prevail on all issues; <u>provided</u>, <u>however</u>, that the Company shall have no obligation to reimburse the Executive unless the amount recovered by the Executive from the Company, exclusive of fees and costs, is at least equal to the greater of (i) $50,000, or (ii) 25% of the award sought by the Executive in any arbitration or other legal proceeding.

&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;**(f)**<u>Availability of Provisional Injunctive Relief</u>. Notwithstanding the parties' agreement to submit all disputes to final and binding arbitration, either party may file an action in any court of competent jurisdiction to seek and obtain provisional injunctive and equitable relief to ensure that any relief sought in arbitration is not rendered ineffectual by interim harm that could occur during the pendency of the arbitration proceeding.

**Section 13.** **<u>Indemnification</u>**. The Company shall indemnify the Executive, to the maximum extent permitted by applicable law and the governing instruments of the Company, against all costs, charges and expenses incurred or sustained by the Executive, including the cost of legal counsel selected and retained by the Executive in connection with any action, suit or proceeding to which the Executive may be made a party by reason of the Executive being or having been an officer, director or employee of the Company or its subsidiaries.

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**Section 14.** **<u>Cooperation in Future Matters</u>**. The Executive hereby agrees that for a period of twelve (12) months following the Executive's termination of employment, the Executive shall cooperate with the Company's reasonable requests relating to matters that pertain to the Executive's employment by the Company, including, without limitation, providing information or limited consultation as to such matters, participating in legal proceedings, investigations or audits on behalf of the Company, or otherwise being reasonably available to the Company for other related purposes. Any such cooperation shall be performed at scheduled times taking into consideration the Executive's other commitments, and the Executive shall be compensated at a reasonable hourly or per diem rate to be agreed upon by the parties to the extent such cooperation is required on more than an occasional and limited basis. The Executive shall not be required to perform such cooperation to the extent it conflicts with any requirements of exclusivity of services for another employer or otherwise, nor in any manner that in the good faith belief of the Executive would conflict with the Executive's rights under or ability to enforce this Agreement.

**Section 15.** **<u>General</u>**.

&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)**<u>Notices</u>. Any notices or other communications required or permitted under, or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date delivered or sent if delivered in person or by email, (b) on the fifth (5<sup>th</sup>) Business Day after dispatch by registered or certified mail, or (c) on the next business day if transmitted by nationally recognized overnight courier, in each case as follows:

to the Company:

Ivory SuNNNs LLC

c/o GIC Real Estate, Inc.

280 Park Avenue, 9th Floor

New York, New York 10017

Attention: Cai Wenzheng and Thomas Shin

Email: [\*\*\*]; [\*\*\*]

and

Blue Owl Real Estate Capital LLC

150 N Riverside Plaza, Floor 37

Chicago, IL 60606

Attention: Jesse Hom and Jared Sheiker

Email: [\*\*\*]; [\*\*\*]

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

Attention: Blair Thetford, Esq.

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Email: [\*\*\*]

and

Skadden, Arps, Slate, Meagher & Flom LLP

320 S. Canal Street

Chicago, Illinois 60606

Attention: Nancy Olson, Esq.

Email: [\*\*\*]

to the Executive:

At the Executive's last residence and email address shown on the records of the Company.

Any such notice shall be effective (i) if delivered personally, when received or (ii) if sent by overnight courier, when receipted for.

&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)**<u>Severability</u>. If a court of competent jurisdiction finds or declares any provision of this Agreement invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.

&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)**<u>Waivers</u>. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege.

&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)**<u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

&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;**(e)**<u>Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Company's successors and the Executive's personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. This Agreement shall not be assignable by the Executive, it being understood and agreed that this is a contract for the Executive's personal services. This Agreement shall not be assignable by the Company except that the Company shall assign it in connection with a transaction involving the succession by a third party to all or substantially all of the Company's business and/or assets (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise). When assigned to a successor, the assignee shall assume this Agreement and expressly agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of such an assignment. For all purposes under this Agreement, the term "Company" shall include any successor to the Company's business and/or assets that executes and delivers the assumption agreement described in the immediately preceding sentence or that becomes bound by this Agreement by operation of law.

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&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;**(f)**<u>Entire Agreement</u>. This Agreement contains the entire understanding of the parties and, effective as of the Effective Date, supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof, including without limitation the Existing Employment Agreement. This Agreement may not be amended except by a written instrument hereafter signed by the Executive and a duly authorized representative of the Board (other than the Executive).

&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;**(g)**<u>Governing Law and Jurisdiction</u>. Except for <u>Section 12</u> of this Agreement, which shall be governed by the Federal Arbitration Act, this Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of Arizona, without giving effect to principles of conflicts of law. The Executive hereby expressly consents to the personal jurisdiction of the state and federal courts located in Arizona for any lawsuit filed there against the Executive by the Company arising from or relating to this Agreement.

&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;**(h)**<u>409A Compliance</u>. It is intended that this Agreement comply with Section 409A of the Code and the Treasury Regulations and IRS guidance thereunder (collectively referred to as "***Section 409A***"). Notwithstanding anything to the contrary, this Agreement shall, to the maximum extent possible, be administered, interpreted and construed in a manner consistent with Section 409A. To the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which the Executive participates during the Term or thereafter provides for a "deferral of compensation" within the meaning of Section 409A of the Code, (i) the amount of the benefit provided thereunder in a taxable year of the Executive shall not affect the amount of such benefit provided in any other taxable year of the Executive (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) any portion of such benefit provided in the form of a reimbursement shall be paid to the Executive on or before the last day of the Executive's taxable year following the Executive's taxable year in which the expense was incurred, and (iii) such benefit shall not be subject to liquidation or exchange for any other benefit. For all purposes under this Agreement, reference to the Executive's "termination of employment" (and corollary terms) from the Company shall be construed to refer to the Executive's "separation from service" (as determined under Treas. Reg. Section 1.409A-1(h), as uniformly applied by the Company) from the Company to the extent necessary to comply with and avoid imposition on the Executive of any tax penalty imposed under, Section 409A. If the Executive is a "specified employee" within the meaning of Section 409A, any payment required to be made to the Executive hereunder upon or following the Executive's date of termination for any reason other than death or "disability" (as such terms are used in Section 409A(a)(2) of the Code) shall, to the extent necessary to comply with and avoid imposition on the Executive of any tax penalty imposed under, Section 409A, be delayed and paid in a single lump sum during the ten (10) day period following the six (6) month anniversary of the date of termination. Any severance payments or benefits under this Agreement that would be considered deferred compensation under Section 409A will be paid on, or, in the case of installments, will not commence until, the sixty-second (62nd) day following separation from service, or, if later, such time as is required by the preceding sentence or by Section 409A. Any installment payments that would have been made to the Executive during the sixty-two (62)-day period immediately following the Executive's separation from service but for the preceding sentence will be paid to the Executive on the sixty-second (62nd) day following the Executive's separation from service and the remaining payments shall be made as provided in this Agreement.

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&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;**(i)**<u>Construction</u>. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. The headings of sections of this Agreement are for convenience of reference only and shall not affect its meaning or construction.

&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;**(j)**<u>Payments and Exercise of Rights After Death</u>. Any amounts payable hereunder after the Executive's death shall be paid to the Executive's designated beneficiary or beneficiaries, whether received as a designated beneficiary or by will or the laws of descent and distribution. The Executive may designate a beneficiary or beneficiaries for all purposes of this Agreement, and may change at any time such designation, by notice to the Company making specific reference to this Agreement. If no designated beneficiary survives the Executive or the Executive fails to designate a beneficiary for purposes of this Agreement prior to the Executive's death, all amounts thereafter due hereunder shall be paid, as and when payable, to the Executive's spouse, if such spouse survives the Executive, and otherwise to the Executive's estate.

&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;**(k)**<u>Consultation With Counsel</u>. The Executive acknowledges that, prior to the execution of this Agreement, the Executive has had a full and complete opportunity to consult with counsel or other advisers of the Executive's own choosing concerning the terms, enforceability and implications of this Agreement, and that the Company has not made any representations or warranties to the Executive concerning the terms, enforceability and implications of this Agreement other than as are reflected in this Agreement. The Company acknowledges that, following the execution of this Agreement, the Executive shall have the right to consult with counsel of the Executive's choosing (at the Executive's personal expense) concerning the terms, enforceability and implications of this Agreement and the Executive's rights, duties and obligations hereunder and as an officer and/or director of the Company and, in so doing, may divulge Confidential Information to the Executive's counsel.

&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;**(l)**<u>Withholding</u>. Any payments provided for in this Agreement shall be paid after deduction for any applicable income tax withholding required under federal, state or local law.

&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;**(m)**<u>Survival</u>. The provisions of <u>Sections 8</u>, <u>9</u>, <u>10</u>, <u>11</u>, <u>12</u>, <u>13</u>, <u>14</u>, and <u>15</u> shall survive the termination of this Agreement.

*[Signatures on following page]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

STORE Capital LLC

By: <u>/s/ Mary Fedewa</u> <br> Name: Mary Fedewa <br> Title: President and Chief Executive Officer

By: <u>/s/ Jesse Hom</u> <br> Name: Jesse Hom <br> Title: Authorized Signatory

EXECUTIVE

 <u>/s/ Mary Fedewa</u> <br> Mary Fedewa

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## Exhibit 10.2

**Exhibit 10.2**

**AMENDED AND RESTATED** 

**EMPLOYMENT AGREEMENT**<br> **BETWEEN<br>STORE CAPITAL LLC<br>AND CRAIG BARNETT**

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "***Agreement***"), dated as of December 24, 2025, is entered into by and between STORE Capital LLC, a Delaware limited liability company (the "***Company***"), and Craig Barnett (the "***Executive***").

<u>W I T N E S S E T H</u>:

**WHEREAS**, the Executive currently serves as the Executive Vice President of Credit and Real Estate Underwriting of the Company pursuant to the terms of an Employment Agreement with the Company, dated as of February 2, 2023 (the "***Existing Employment Agreement***"); and

**WHEREAS**, the Company and the Executive desire to enter into this Agreement, which will supersede and replace the Existing Employment Agreement in its entirety effective as of January 1, 2026 (the "***Effective Date***").

**NOW, THEREFORE**, in consideration of the future performance and responsibilities of the Executive and the Company and upon the other terms and conditions and mutual covenants hereinafter provided, the parties hereby agree as follows:

**Section 1.** **<u>Employment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**<u>Effective Date; Position</u>. The Executive shall be employed by the Company during the Term (defined below) as its Chief Operating Officer. The Executive shall report directly to the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**<u>Duties</u>. The Executive's principal employment duties and responsibilities shall be those duties and responsibilities customary for the positions of Chief Operating Officer and such other executive officer duties and responsibilities as the Chief Executive Officer shall from time to time reasonably assign to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**<u>Extent of Services</u>. Except for illnesses and vacation periods or as otherwise approved in writing by the Chief Executive Officer, the Executive shall devote substantially all of the Executive's business time and attention and the Executive's best efforts to the performance of the Executive's duties and responsibilities under this Agreement. Notwithstanding the foregoing, the Executive may (i) make any investment in entities unrelated to the Company and its affiliates, so long as (A) the Executive is not obligated or required to, and shall not in fact, devote any material managerial efforts to such investment, and (B) such investment is not in violation of any other terms of this Agreement, including <u>Section 10</u> hereof; (ii) participate in charitable, academic or community activities, and in trade or professional

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organizations; or (iii) hold directorships in other businesses as permitted by the Board of Directors of the Company (the "***Board***") (the activities in clauses (i) through (iii) above are collectively referred to herein as the "***Excluded Activities***"); <u>provided</u> in each case, that none of the Excluded Activities, individually or in the aggregate, interfere with the performance of the Executive's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**<u>Location of Employment</u>. The principal location of the Executive's employment with the Company will be at the Company's office in Scottsdale, Arizona (subject to any remote working arrangements approved by the Company), although the Executive understands and agrees that the Executive may be required to travel from time to time for business reasons.

**Section 2.** **<u>Term</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**The Executive's employment under this Agreement shall commence on the Effective Date and, unless terminated earlier as provided in <u>Section 7</u>, the Executive's employment shall continue until December 31, 2028 (the "***Initial Term***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Upon the expiration of the Initial Term and each Renewal Term (as defined below), the Executive's employment will automatically continue for subsequent one (1) year terms (each a "***Renewal Term***") unless either the Company or the Executive provides not less than ninety (90) days' advance written notice to the other that such party does not wish to renew the Agreement for a subsequent Renewal Term. In the event such notice of nonrenewal is given pursuant to this <u>Section 2(b)</u>, this Agreement will expire at the end of the then current term. The Initial Term and each subsequent Renewal Term, taking into account any early termination of employment pursuant to <u>Section 7</u>, are referred to collectively as the "***Term***."

**Section 3.** **<u>Base Salary</u>**. The Company shall pay the Executive a base salary (the "***Base Salary***") during the Term, which shall be payable in periodic installments according to the Company's normal payroll practices. The initial Base Salary hereunder shall be paid at the annualized rate of $435,000. The Executive's Base Salary shall be considered annually by the Board, and may be increased in the sole discretion of the Board. Any increase shall be retroactive to January 1 of the year in which such increase is approved. The Base Salary, as adjusted by any subsequent increases, shall not be decreased during the Term. For purposes of this Agreement, the term "*Base Salary*" shall mean the amount of the Executive's annual base salary as established and adjusted from time to time pursuant to this Section 3.

**Section 4.** **<u>Annual Cash Incentive Bonus</u>**.

&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)**The Executive shall be eligible to receive an annual cash incentive bonus (the "***Cash Bonus***") for each calendar year during the Term, commencing with 2026. The target amount of the Cash Bonus for which the Executive is eligible shall be equal to 75% of the Base Salary (the "***Target Bonus Amount***"), with a "threshold" amount equal to 37.5% of the Base Salary and a maximum amount equal to 150% of the Base Salary. The actual amount of the Cash Bonus payable to the Executive with respect to any calendar year during the Term shall be based upon the satisfactory achievement of reasonable performance metrics and key performance indicators (such metrics, the "***Bonus Metrics***") determined by the Board; provided that the Bonus Metrics (and definitions thereof) for each of 2026, 2027 and 2028 are as set forth on **Appendix A**.

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&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)**For purposes of this Agreement, the Bonus Metrics that apply for any applicable year shall each be determined independently of one another and the amount of the resulting Cash Bonus shall be based on the level of determination of each individual Bonus Metric based on its applicable weighting. As a result, (i) if the Board determines that any applicable Bonus Metric has been achieved at or above a "threshold" level with respect to the applicable performance year, then, based on the level of such achievement and the applicable weighting of such Bonus Metric, the Executive shall be entitled to receive payment of the corresponding Cash Bonus with respect to that Bonus Metric and (ii) if the Board determines that an applicable Bonus Metric has not been achieved at or above a "threshold" level with respect to the applicable performance year, then no Cash Bonus shall be due and payable to the Executive for such year with respect to such Bonus Metric. If any applicable Bonus Metric has been achieved at a level between a "threshold" level and a "target" level, or at a level between a "target" level and a "maximum" level, with respect to the applicable performance level, then the Cash Bonus with respect to that Bonus Metric shall be determined on the basis of linear interpolation between the applicable levels.

&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)**The Cash Bonus, if any, shall be paid to the Executive no later than thirty (30) days after the date on which the Board determines (i) whether or not the applicable Bonus Metrics for such performance year have been achieved, and the level of such achievement, and (ii) the amount of the actual Cash Bonus so earned; <u>provided</u> that in no event shall any Cash Bonus, if earned, be paid later than March 15 of the year following the performance year to which it relates.

&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)**Except as otherwise provided in <u>Section 8(a)(ii)</u> or <u>Section 8(b)(ii)</u> in connection with the termination of the Executive's employment under certain circumstances, the Executive must be employed by the Company throughout the entirety of an applicable performance year (January 1 through December 31) in order to receive all or any portion of a Cash Bonus. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of such performance year, the Executive has met the employment criterion for Cash Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Cash Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Cash Bonus amount the Executive would otherwise be entitled to receive; provided, that the Executive will not be eligible to receive payment of any unpaid Cash Bonus if the Executive's employment is terminated for Cause.

**Section 5.** **<u>Long-Term Incentive</u>**.

&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)**The Executive shall be eligible to participate in a long-term cash incentive plan (the "***LTIP***"). Pursuant to the LTIP, the Executive will receive a long-term incentive grant every third fiscal year during the Term, each such grant to reflect a three-year performance period (the "***Performance Period***"), with a grant made in 2026 covering the 2026-2028 Performance Period, a grant made in 2029 covering the 2029-2031 Performance Period, and so on. The target amount of the LTIP grant for the 2026-2028 Performance Period shall be equal, on an annualized basis, to 250% of the Base Salary as in effect on the date of grant (the "***Target LTIP Grant***"), with a "threshold" amount equal to 50% of the Target LTIP Grant and a maximum amount equal to 250% of the Target LTIP Grant. The actual amount of any LTIP grant that will be payable to the Executive shall be based upon the satisfactory achievement of reasonable performance metrics and key performance indicators (such metrics, the "***LTIP***

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***Metrics***") determined by the Board over the applicable Performance Period, with payment of the actual amount determined to be earned for the applicable Performance Period to be made as provided in <u>Section 5(c)</u> below; provided that the LTIP Metrics (and definitions thereof) with respect to the 2026-2028 LTIP grant are as set forth on **Appendix B** and example calculations of the potential payouts of the 2026 LTIP grant at varying levels of achievement of such LTIP Metrics are as set forth on **Appendix C**.

&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)**For purposes of this Agreement, the LTIP Metrics that apply for any applicable Performance Period shall each be determined independently of one another and the amount of the resulting LTIP payment shall be based on the level of determination of each individual LTIP Metric based on its applicable weighting. As a result, (i) if the Board determines that any applicable LTIP Metric has been achieved at or above a "threshold" level with respect to the applicable Performance Period, then, based on the level of such achievement and the applicable weighting of such LTIP Metric, the Executive shall be entitled to receive payment of the corresponding LTIP amount with respect to that LTIP Metric for such Performance Period, and (ii) if the Board determines that an applicable LTIP Metric has not been achieved at or above a "threshold" level with respect to the applicable Performance Period, then no LTIP payment shall be due and payable to the Executive for such Performance Period with respect to such LTIP Metric. If any applicable LTIP Metric has been achieved at a level between a "threshold" level and a "target" level, or at a level between a "target" level and a "maximum" level, with respect to the applicable Performance Period, then the corresponding LTIP payment with respect to that LTIP Metric shall be determined on the basis of linear interpolation between the applicable levels.

&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)**The LTIP payment, if any, payable in respect of a Performance Period shall be paid to the Executive no later than thirty (30) days after the date on which the Board determines (i) whether or not the applicable LTIP Metrics for such Performance Period have been achieved, and the level of such achievement, and (ii) the amount of the actual LTIP payment so earned; <u>provided</u> that in no event shall any LTIP payment, if earned, be paid later than March 15 of the year following the final year of the applicable Performance Period.

&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)**Except as otherwise provided in <u>Section 5(e)(i</u>), <u>Section 8(a)(iv)</u> or <u>Section 8(b)(iv)</u> in connection with the termination of the Executive's employment under certain circumstances, the Executive must be employed by the Company throughout the entirety of an applicable Performance Period in order to receive all or any portion of an LTIP payment. For the avoidance of doubt, if the Executive was employed by the Company through the final day of the Performance Period, the Executive has met the employment criterion for the LTIP payment for that Performance Period and need not be employed by the Company thereafter, including at the time the LTIP payment, if any, is determined or paid for that Performance Period, in order to receive payment of any LTIP payment amount the Executive would otherwise be entitled to receive; provided, that the Executive will not be eligible to receive payment of any unpaid LTIP payments if the Executive's employment is terminated for Cause.

&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;**(e)**<u>Change in Control Treatment of LTIP Awards</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Assumption/Substitution of LTIP Awards*. Each of the Executive's outstanding awards under the LTIP may be assumed or substituted by the Company's acquiror or successor (or any of such acquiror's or successor's affiliates) in connection

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with a Change in Control (the "***Acquiror LTIP Awards***"), provided that if the employment of the Executive is terminated by the Company (or the acquiror or any of its affiliates) without Cause (as defined below) or by the Executive for Good Reason (as defined below), in each case, after the date of the Change in Control but before the end of the applicable Performance Period, then all of the Acquiror LTIP Awards shall immediately vest and the Executive shall be entitled to a cash payment equal to the greater of (A) 100% of the Target LTIP Grant and (B) an amount determined based on the actual achievement of the LTIP Metrics, as determined in good faith by the Board, calculated as if the business day immediately prior to the date of such termination had been the end of the Performance Period. Awards granted under the LTIP shall only be considered assumed or substituted if following the Change in Control, (x) any adjustments necessary to preserve the intrinsic value of the Executive's outstanding LTIP awards have been made, and the Company's acquiror or successor, as applicable, irrevocably assumes the Company's obligations under the LTIP and (y) such acquiror or successor replaces the Executive's outstanding LTIP awards with awards having substantially the same intrinsic value and having the terms and conditions no less favorable to the Executive than those applicable to the Executive's LTIP awards immediately prior to the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***No Assumption/Substitution of LTIP Awards*. Each of the Executive's outstanding LTIP awards that are not assumed or substituted in connection with a Change in Control shall immediately vest and the Executive shall be entitled to a cash payment equal to the greater of (A) 100% of the Target LTIP Grant and (B) an amount determined based on the actual achievement of the LTIP Metrics, as determined in good faith by the Board, calculated as if the business day immediately prior to the Change in Control had been the end of the Performance Period.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**Any portion of the Executive's LTIP awards that become due and payable pursuant to (A) <u>Section 5(e)(i)</u> shall be paid on or within 60 days after the date of such termination and (B) <u>Section 5(e)(ii)</u> shall be paid on or within five (5) days after the date of the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**For purposes of this Agreement, "***Change in Control***" shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)any person or entity (other than Ivory SuNNNs LLC ("***GIC***") or its affiliate(s), Blue Owl Real Estate Capital LLC ("***Blue Owl***") or its affiliate(s), and/or one or more members of the management or employees of the Company, individually and/or collectively) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the then outstanding voting securities of the Company, but excluding any such transaction if, following such transaction, GIC or its affiliates, and/or Blue Owl or its affiliates, continue to hold "major decision" approval rights with respect to the Company following the completion of such transaction which are substantially similar to such rights prior to completion of such transaction;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)there is consummated a merger, amalgamation or consolidation of the Company with any other corporation, other than (1) a merger, amalgamation or consolidation into an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned, following the completion of such transaction, by GIC or its affiliates, and/or Blue Owl or its affiliates in substantially the same proportions as their ownership of the Company immediately prior to such sale, (2) a merger, amalgamation or consolidation into an entity, immediately following which (a) the individuals who comprise the Board immediately prior thereto, and/or (b) individuals appointed by GIC or its affiliates, Blue Owl or its affiliates, and/or one or more members of the management or employees of the Company, individually and/or collectively, constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof, and/or (3) a merger, amalgamation or consolidation into an entity, immediately following which GIC or its affiliates, and/or Blue Owl or its affiliates (or their respective board members), continue to hold "major decision" approval rights with respect to the Company (or any successor entities) which are substantially similar to such rights with respect to the Company prior to completion of such transaction; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than (1) a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned, following the completion of such transaction, by GIC or its affiliates, and/or Blue Owl or its affiliates in substantially the same proportions as their ownership of the Company immediately prior to such sale, (2) a sale or disposition of all or substantially all of the Company's assets immediately following which (a) the individuals who comprise the Board immediately prior thereto, and/or (b) individuals appointed by GIC or its affiliates, Blue Owl or its affiliates, and/or one or more members of the management or employees of the Company, individually and/or collectively, constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof, and/or (3) a sale or disposition by the Company of all or substantially all of the Company's assets to one or more entities, so long as GIC or its affiliates, and/or Blue Owl or its affiliates, continue to hold "major decision" approval rights with respect to such entities following the completion of such transaction which are substantially similar to such rights with respect to the Company prior to completion of such transaction.

**Section 6.** **<u>Benefits</u>**.

&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)**<u>Paid Time Off</u>. During the Term, the Executive shall be entitled to such paid time off, including sick time and personal days, generally made available by the Company to other senior executive officers of the Company, subject to the terms and conditions of the Company's paid-time off policy.

&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)**<u>Employee Benefit Plans</u>. During the Term, the Executive (and, where applicable, the Executive's spouse and eligible dependents, if any, and their respective designated beneficiaries) shall be eligible to participate in and receive the benefit of each employee benefit plan sponsored or maintained by the Company and generally made available to

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other senior executive officers of the Company, subject to the generally applicable provisions thereof. Nothing in this Agreement shall in any way limit the Company's right to amend or terminate any such employee benefit plan in its sole discretion, with or without notice, so long as any such amendment affects the Executive and the other senior executive officers of the Company in a similar fashion.

&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)**<u>Other Benefits</u>. The perquisites set forth below shall be provided to the Executive subject to continued employment with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Disability Insurance*. The Company shall maintain a supplemental, long-term disability policy on behalf of the Executive; <u>provided</u> that the cost of such policy (to the Company) shall not exceed $15,000 per year or such higher amount as may be subsequently approved by the Board.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***Annual Physical*. The Company shall pay the cost of an annual medical examination for the Executive by a licensed physician in the Scottsdale or Phoenix, Arizona area selected by the Executive; <u>provided</u> that the cost for such annual medical examination shall not exceed $2,500 per year or such higher amount as may be subsequently approved by the Board.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)***Club Dues*. The Company shall pay, or reimburse the Executive for, the monthly membership dues actually incurred by the Executive for one fitness or country club membership maintained by the Executive; <u>provided</u> that the payable or reimbursable amount shall not exceed $1,000 per month or such higher amount as may be subsequently approved by the Board. For the avoidance of doubt, except as specifically provided for above, the Company shall not pay, or reimburse the Executive for, any other expenses associated with such club membership (including, but not limited to, any initiation fees and personal expenditures at such club).

**Section 7.** **<u>Termination</u>**. The employment of the Executive by the Company pursuant to this Agreement shall terminate:

&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)**<u>Death or Disability</u>. Immediately upon the death or Disability of the Executive. As used in this Agreement, "***Disability***" means the Executive's inability to perform the essential functions of the Executive's position, with or without reasonable accommodation, due to a mental or physical disability for a period of either (i) 90 consecutive days or (ii) 180 days in any 365 day period.

&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)**<u>For Cause</u>. At the election of the Company, for Cause. For purposes of this Agreement, "***Cause***" means the Executive's:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**in the reasonable judgment of the Board, refusal or neglect to perform substantially all the Executive's employment-related duties or to abide by or comply with the lawful directives of the Board, which refusal or neglect is not cured within twenty (20) days' of the Executive's receipt of written notice from the Company;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**personal dishonesty, incompetence or breach of fiduciary duty which, in any case, has a material adverse impact on the business or reputation of the Company or any of its affiliates, as determined in the Board's reasonable discretion;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**violation by the Executive of any material written policy of the Company (including any policy regarding sexual, racial or other harassment or discrimination) that has been provided or made available to the Executive; <u>provided</u>, that, if such violation is capable of being cured without resulting in financial or reputational harm to the Company, the Executive shall have twenty (20) days after receipt of written notice of such violation to so cure;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**conviction of or entrance of a plea of guilty or *nolo contendere* (or any applicable equivalent thereof) to a crime constituting a felony (or a crime or offense of equivalent magnitude in any jurisdiction);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**willful violation of any federal, state or local law, rule, or regulation that has a material adverse impact on the business or reputation of the Company or any of its affiliates, as determined in the Board's reasonable discretion; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)**material breach of any covenant contained in <u>Section 10</u> of this Agreement.

The Executive's termination for Cause shall take effect immediately upon the Executive's receipt of written notice from the Company of such termination for Cause, which notice shall specify, with particularity, each basis for the Company's determination that Cause exists.

&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)**<u>For Good Reason</u>. At the election of the Executive, for Good Reason. For purposes of this Agreement, "***Good Reason***" shall mean the occurrence of any of the following actions or omissions, without the Executive's written consent:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**A material reduction of, or other material adverse change in, the Executive's duties or responsibilities, such that the Executive is no longer performing the duties or engaging in the responsibilities of a Chief Operating Officer, or the assignment to the Executive of any duties or responsibilities that are materially inconsistent with the Executive's position as Chief Operating Officer of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**A material reduction by the Company in the Executive's annual Base Salary, Target Bonus Amount or Target LTIP Grant;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** (A) the requirement by the Company that the primary location at which the Executive performs the Executive's duties be changed to a location that is outside of a 35-mile radius of Scottsdale, Arizona, or (B) a substantial increase in the amount of travel that the Executive is required to do because of a relocation of the Company's headquarters from Scottsdale, Arizona;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**A material breach by the Company of any provision of this Agreement not otherwise specified in this <u>Section 7(c)</u>, it being agreed and understood

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that any breach of the Company's obligations under <u>Section 6(c)</u> shall not constitute a material breach of this Agreement and the Executive's sole remedy for any breach of such <u>Section 6(c)</u> shall be monetary damages; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**Any failure by the Company to obtain from any successor to the Company an agreement to assume and perform this Agreement as contemplated by <u>Section 15(e)</u>.

Notwithstanding the foregoing, the Executive's termination of employment for Good Reason shall not be effective, and Good Reason shall not be deemed to exist, until (A) the Executive provides the Company with written notice specifying, with particularity, each basis for the Executive's determination that actions or omissions constituting Good Reason have occurred, which notice must be provided within thirty (30) days after the date on which such action or omission occurred (or if later the date on which the Executive reasonably should have been aware of such action or omission), and (B) the Company fails to cure or resolve the issues identified by the Executive's notice within thirty (30) days of the Company's receipt of such notice. The Company and the Executive agree that such thirty (30) day cure period shall be utilized to engage in discussions in a good faith effort to cure or resolve the actions or omissions otherwise constituting Good Reason, and that the Executive will not be considered to have resigned from employment during such thirty (30) day cure period.

&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)**<u>Without Cause; Without Good Reason</u>. At the election of the Company, without Cause, upon thirty (30) days' prior written notice to the Executive, or, at the election of the Executive, without Good Reason, upon thirty (30) days' prior written notice to the Company. The parties acknowledge and agree that (i) the exercise by the Company of its right to not extend the Agreement in accordance with Section 2(b) shall not constitute a termination at the election of the Company without Cause and (ii) the exercise by the Executive of the Executive's right to not extend the Agreement in accordance with Section 2(b) shall constitute a termination at the election of the Executive without Good Reason.

**Section 8.** **<u>Effects of Termination</u>**.

&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)**<u>Termination By the Company Without Cause or By the Executive for Good Reason</u>. If the employment of the Executive is terminated by the Company for any reason other than Cause, death or Disability, or if the employment of the Executive is terminated by the Executive for Good Reason, then, subject to the terms and conditions of <u>Section 15(h)</u>, the Company shall pay or provide to the Executive the following compensation and benefits:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Accrued Obligations*. Any and all Base Salary, Cash Bonus, LTIP and any other compensation-related payments that have been earned but not yet paid, including (if applicable) pay in lieu of accrued, but unused, vacation, and unreimbursed expenses that are owed as of the date of the termination of the Executive's employment, in each case that are related to any period of employment preceding the Executive's termination date (the "***Accrued Obligations***"). Any earned but unpaid Cash Bonus or LTIP that is part of the Accrued Obligations shall be paid at the time provided for in <u>Section 4</u> or <u>Section 5</u> above, as applicable. Any Accrued Obligations that constitute retirement or deferred compensation shall be payable in accordance with the terms and conditions of the applicable plan, program or arrangement. All other Accrued Obligations

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shall be paid within thirty (30) days of the date of termination, or, if earlier, not later than the time required by applicable law; <u>provided</u> that the payment of any unreimbursed expenses shall be subject to the Executive's submission of substantiation of such expenses in accordance with the Company's applicable expense policy;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***Severance Payment*.

&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;&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)An amount equal to 1 times the Executive's Base Salary in effect on the date of termination; plus

&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;&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)An amount equal to the Target Bonus Amount (calculated on the basis of a full fiscal year).

The sum of the amounts payable under clauses (A) and (B) of this <u>Section 8(a)(ii)</u> are referred to, collectively, as the "***Severance Payment***." Subject to the provisions of <u>Section 8(e)</u>, the Severance Payment shall be paid to the Executive in a single, lump sum cash payment within sixty-two (62) days following the effective date of the Executive's termination of employment; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)***COBRA Reimbursement*. If the Executive is eligible for, and elects to receive, continued coverage for the Executive and, if applicable, the Executive's eligible dependents under the Company's group health benefits plan(s) in accordance with the provisions of COBRA, the Company shall reimburse the Executive for a period of twelve (12) months following termination of the Executive's employment (or, if less, for the period that the Executive is eligible for such COBRA continuation coverage) for the excess of (A) the amount that the Executive is required to pay monthly to maintain such continued coverage under COBRA, over (B) the amount that the Executive would have paid monthly to participate in the Company's group health benefits plan(s) had the Executive continued to be an employee of the Company (the "***COBRA Reimbursement***" and such amount, the "***COBRA Reimbursement Amount***"). COBRA Reimbursements shall be made by the Company to the Executive consistent with the Company's normal expense reimbursement policy; <u>provided</u> that the Executive submits documentation to the Company substantiating the Executive's payments for COBRA coverage. However, if the Company determines in its sole discretion that it cannot, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), provide any COBRA Reimbursements that otherwise would be due to the Executive under this <u>Section 8(a)(iii)</u>, then the Company will, subject to the provisions of <u>Section 15(h)</u>, in lieu of any such COBRA Reimbursements, provide to the Executive a taxable monthly payment in an amount equal to the COBRA Reimbursement Amount, which payments will be made regardless of whether the Executive elects COBRA continuation coverage (the "***Alternative Payments***"). Any Alternative Payments will cease to be provided when, and under the same terms and conditions, COBRA Reimbursements would have ceased under this <u>Section 8(a)(iii)</u>. For the avoidance of doubt, the Alternative Payments may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable taxes and withholdings, if any. Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines in its sole, good faith discretion that it cannot provide the Alternative Payments contemplated by the preceding sentence without

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violating Section 2716 of the Public Health Service Act, the Executive will not receive such payments.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)***LTIP*. Except as otherwise provided in Section 5(e)(i), a cash payment equal to the product of (A) the LTIP payment that the Executive would have received for any Performance Period that has not been completed as of the date of such termination if the Executive had continued in employment through the end of the Performance Period, if any, based on the Board's determination of actual performance for the entire Performance Period in accordance with <u>Section 5</u>, and (B) a fraction, the numerator of which is the number of days the Executive was employed during such Performance Period and the denominator of which is the total number of days in the Performance Period (the "***Pro-Rated LTIP Payments***"). Such cash payment shall be made at the same time as it would have been paid in accordance with <u>Section 5</u> if the Executive had remained employed through the end of the applicable Performance Period.

&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)**<u>Termination on Death or Disability</u>. If the employment of the Executive is terminated due to the Executive's death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Company shall pay or provide to the Executive (or, if applicable, the Executive's estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of the Executive's death) the following compensation and benefits:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**The Accrued Obligations, at the times provided and subject to the conditions set forth in <u>Section 8(a)(i)</u> above;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**An amount equal to the Target Bonus Amount for which the Executive is eligible for the year in which the termination of employment occurs, prorated for the portion of such year during which the Executive was employed by the Company prior to the effective date of the Executive's termination of employment, payable as set forth in <u>Section 8(a)(ii)</u> above;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**COBRA Reimbursement for 18 months provided in accordance with <u>Section 8(a)(iii)</u> above; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**The Pro-Rated LTIP Payments in accordance with <u>Section 8(a)(iv)</u> above.

&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)**<u>By the Company for Cause, By the Executive Without Good Reason, or By the Company for Nonrenewal</u>. In the event that the Executive's employment is terminated (i) by the Company for Cause, (ii) voluntarily by the Executive without Good Reason, or (iii) in connection with the exercise by the Company of its right to not extend the Agreement in accordance with Section 2(b), in each case, the Company's sole obligation shall be to pay the Executive the Accrued Obligations at the times provided and subject to the conditions set forth in <u>Section 8(a)(i)</u> above; provided, that, if such termination is for Cause then the Executive shall not be eligible to receive any unpaid Cash Bonus or LTIP payments.

&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)**<u>Termination of Authority; Resignation from Boards</u>. Immediately upon the termination of the Executive's employment with the Company for any reason, or the

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expiration of this Agreement, notwithstanding anything else appearing in this Agreement or otherwise, the Executive will stop serving the functions of the Executive's terminated or expired positions, and shall be without any of the authority or responsibility for such positions. On request of the Board at any time following the termination or expiration of the Executive's employment for any reason, the Executive shall resign from the Board (and the boards of directors or managers of the Company or any affiliate of the Company) if then a member and shall execute such documentation as the Company shall reasonably request to evidence the cessation of the Executive's terminated or expired positions.

&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;**(e)**<u>Release</u>. Prior to the payment by the Company of the payments and benefits provided under <u>Sections 8(a)(ii)-(iv)</u> or <u>Sections 8(b) (ii)-(iv)</u> hereunder, if any, and in no event later than sixty-two (62) days following the effective date of the Executive's termination, the Executive (or, if applicable, the Executive's representative) shall, as a condition to receipt of such payments and benefits, deliver to the Company a General Release of Claims in a form acceptable to the Company that is effective and irrevocable with respect to all potential claims the Executive may have against the Company or its affiliates or other related parties or individuals related to the Executive's employment. If the Executive does not timely execute and return the release, or timely revokes such release after delivery, the Company shall not be required to pay the Executive all or any portion of such payments and benefits.

**Section 9.** **<u>Section 280G of the Code</u>**. Notwithstanding anything contained in this Agreement to the contrary, if the Executive would receive (a) any payment, deemed payment or other benefit under this Agreement, that together with any other payment, deemed payment or other benefit the Executive may receive under any other plan, program, policy or arrangement (collectively with the payments under <u>Section 8</u> hereof, the "***Covered Payments***"), would constitute an "excess parachute payment" under Section 280G of the Internal Revenue Code of 1986, as amended (the "***Code***"), that would be or become subject to the tax (the "***Excise Tax***") imposed under Section 4999 of the Code or any similar tax that may hereafter be imposed, and (b) a greater net after-tax benefit by limiting the Covered Payments so that the portion thereof that are parachute payments do not exceed the maximum amount of such parachute payments that could be paid to the Executive without the Executive's being subject to any Excise Tax (the "***Safe Harbor Amount***"), then the Covered Payments to the Executive shall be reduced (but not below zero) so that the aggregate amount of parachute payments that the Executive receives does not exceed the Safe Harbor Amount. In the event that the Executive receives reduced payments and benefits hereunder, such payments and benefits shall be reduced in connection with the application of the Safe Harbor Amount in a manner determined by the Board in a manner that complies with Section 409A that first reduces any payments or benefits that are valued at full value under the applicable provisions of Section 280G, with the latest in time payments or benefits reduced first, and then reducing any payments or benefits that are valued at less than full value under the applicable provisions of Section 280G, with the latest in time payments or benefits reduced first. For purposes of determining whether any of the Covered Payments will be subject to the Excise Tax, such Covered Payments will be treated as "parachute payments" within the meaning of Section 280G of the Code, and all "parachute payments" in excess of the "base amount" (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless, and except to the extent that, in the good faith judgment of a public accounting firm appointed by the Company prior to the change in control or tax counsel selected by such accounting firm (the "***Accountants***"), the Company has a reasonable basis to conclude

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that such Covered Payments (in whole or in part) either do not constitute "parachute payments" or represent reasonable compensation for person*a*l services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code) in excess of the allocable portion of the "base amount," or such "parachute payments" are otherwise not subject to such Excise Tax, and the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.

**Section 10.** **<u>Noncompetition; Nonsolicitation and Confidentiality</u>**.

&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)**<u>Consideration</u>. The Executive acknowledges that, in the course of the Executive's employment with the Company, the Executive will serve as a member of the Company's senior management and will become familiar with the Company's trade secrets and with other confidential and proprietary information and that the Executive's services will be of special, unique and extraordinary value to the Company and its subsidiaries. The Executive further acknowledges that the business of the Company and its subsidiaries is national in scope and that the Company and its subsidiaries, in the course of such business, work with customers and vendors throughout the United States, and compete with other companies located throughout the United States. Therefore, in consideration of the foregoing, the Executive agrees that (i) the Executive shall comply with subparagraphs (b), (c), (d) and (e) of this <u>Section 10</u> during the Term and for the period of time following the Term specified in each such subparagraph, and (ii) the Company's obligation to make any of the payments and benefits to be paid or provided to the Executive under this Agreement (including, without limitation, under <u>Section 8</u> and <u>Section 9</u>) shall be subject to the Executive's compliance with subparagraphs (b), (c), (d) and (e) of this <u>Section 10</u>, during the Term and for the period of time following the Term specified in each such subparagraph.

&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)**<u>Noncompetition</u>. During the Term and for a period of twelve (12) months following the termination of the Executive's employment (excluding in connection with the exercise by the Company of its right to not extend the Agreement in accordance with <u>Section 2(b)</u>), the Executive shall not, anywhere in the United States where the Company or its subsidiaries conduct business prior to the date of the Executive's termination of employment (the "***Restricted Territory***"), directly or indirectly, (i) serve in an executive or management level role with, or provide business, strategic, sales, financial, operational or technical advice or services, to the extent the Executive provided such advice or services to the Company, to, (A) any person or entity (or any division, unit or other segment of any entity) whose principal business is to purchase real estate from, and to lease such real estate back to, the owners and/or operators of businesses that (x) are operated from single-tenant locations within the United States, (y) generate sales and profits at each such location, and (z) operate within the service, retail, and manufacturing sectors, including, without limitation and for example only, restaurants, early childhood education centers, movie theaters, health clubs and furniture stores, or (B) any other business or in respect of any other endeavor that is competitive with or similar to any other business activity (a) engaged in by the Company or any of its subsidiaries prior to the date of the Executive's termination of employment or (b) that has been submitted to the Board (or a committee thereof) for consideration and that is under active consideration by the Board (or a committee thereof) as of the date of the Executive's termination of employment (any such person or entity, a "***Restricted Business***"), or (ii) usurp any transactional opportunity from the Company. Notwithstanding the foregoing, nothing in this <u>Section 10</u> shall prohibit the Executive

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from (I) providing advice or services to a Restricted Business if (1) the service relationship is restricted solely to one or more distinct portions of the operations and businesses of such Restricted Business, (2) such distinct portions do not engage in the activities competitive with the Company, and (3) the Executive undertakes not to, and does not, have any discussions with, or participate in, the governance, management or operations of such person or entity or any business segments thereof that engage in the Restricted Business or (II) making any passive investment in a public company, from owning five percent (5%) or less of the issued and outstanding voting securities of any entity, or from serving as a non-employee, independent director of a company that does not compete with the Company or any of its subsidiaries (as described in this <u>Section 10(b)</u>), <u>provided</u> that such activities do not create a conflict of interest with the Executive's employment by the Company or result in the Executive being obligated or required to devote any managerial efforts to such entity.

&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)**<u>Non-Solicitation of Employees</u>. During the Term and for a period of twelve (12) months following the termination of the Executive's employment, except in accordance with performance of the Executive's duties hereunder, the Executive shall not, directly or indirectly, induce any person who was employed by the Company or any of its subsidiaries during Executive's employment with the Company and with whom the Executive had contact or about whom the Executive had access to Confidential Information during the then-immediately preceding twelve (12) calendar month period ending no later than the date of the Executive's termination of employment to terminate employment with that entity, and the Executive shall not, directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, employ, offer employment to or otherwise interfere with the employment relationship of the Company or any of its subsidiaries with any person who is or was employed by the Company or such subsidiary during the Executive's employment with the Company and with whom the Executive had contact or about whom the Executive had access to Confidential Information during the then-immediately preceding twelve (12) calendar month period ending no later than the date of the Executive's termination of employment unless, at the time of such employment, offer or other interference, such person shall have ceased to be employed by such entity for a period of at least six (6) months; <u>provided</u> that the foregoing will not apply to individuals solicited or hired as a result of the use of an independent employment agency (so long as the agency was not directed to solicit or hire a particular individual) or to individuals who have responded to a public solicitation to the general population.

&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)**<u>Confidentiality</u>. During the Executive's employment and at all times following the termination of the Executive's employment for any reason, the Executive shall not, without the prior written consent of the Company, use, divulge, disclose or make accessible to any other person, firm, partnership, corporation or other entity any confidential or proprietary information pertaining to the business of the Company or any of its subsidiaries, including, without limitation, know-how; trade secrets; customer lists; pricing policies; operational methods; and other information relating to products, processes, past, current and prospective customers or other third parties, services and other business and financial affairs (collectively, the "***Confidential Information***"), in each case to which the Executive has had or may have access or which the Executive developed or may have developed. The Company acknowledges that, prior to the Executive's employment with the Company, the Executive has lawfully acquired extensive knowledge of the industries and businesses in which the Company engages and the Company's customers, and that the provisions of this <u>Section 10</u> are not intended to

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restrict the Executive's use of such previously acquired knowledge. Upon termination of the Executive's employment with the Company for any reason, the Executive shall return to the Company all Company property and all written Confidential Information in the possession of the Executive. Notwithstanding anything in this Agreement or any other Company document to the contrary, the Executive shall be permitted, and the Company expressly acknowledges the Executive's right, to divulge, disclose or make accessible to the Executive's counsel any Confidential Information that, in the good faith judgment of the Executive (or the Executive's counsel), is necessary or appropriate in order for counsel to evaluate the Executive's rights, duties or obligations under this Agreement or in connection with the Executive's status as an officer and/or director of the Company or any of its subsidiaries.

In the event that the Executive receives a request or is required (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose all or any part of the Confidential Information to a third party (other than the Executive's counsel), the Executive agrees to (a) promptly notify the Company in writing of the existence, terms and circumstances surrounding such request or requirement; (b) consult with the Company, at the Company's request, on the advisability of taking legally available steps to resist or narrow such request or requirement; and (c) assist the Company, at the Company's request and expense, in seeking a protective order or other appropriate remedy. In the event that such protective order or other remedy is not obtained or that the Company requests no consultation or assistance from the Executive pursuant to this provision or otherwise waives compliance with the provisions hereof, the Executive shall not be liable for such disclosure unless such disclosure was caused by or resulted from a previous disclosure by the Executive not permitted by this Agreement. Further, nothing in this Agreement or any other agreement by and between the Company and the Executive shall prohibit or restrict the Executive from (i) voluntarily communicating with an attorney retained by the Executive, (ii) voluntarily communicating with any law enforcement, government agency, including the Securities and Exchange Commission ("SEC"), Equal Employment Opportunity Commission or a state or local commission on human rights, or any self-regulatory organization, regarding possible violations of law, including criminal conduct and unlawful employment practices, (iii) recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, in each case without advance notice to the Company or (iv) responding to a peace officer's or prosecutor's questions relating to an alleged criminal sexual offense or obscenity, or making a statement in a criminal proceeding related to an alleged sexual offense or obscenity.

Pursuant to 18 U.S.C. §1833(b), the Executive acknowledges that the Executive shall not have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to the Executive's attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding, if the Executive (1) files any document containing the trade secret under seal, and (2) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. §1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

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&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;**(e)**Subject to the permitted disclosures in Section 10(d), the Executive agrees that the Executive will not at any time during the Term or thereafter, directly or indirectly, in any forum or in any manner (including, but not limited to, orally, in writing or electronically whether for attribution or anonymously) to any third party (including, but not limited, to any former, current or prospective employee, client, investor, vendor or other counterparty) make, or cause to be made, any statement, or express any observation or opinion disparaging or otherwise portraying in a negative light the business, reputation, character, honesty, integrity, morality or business acumen or abilities of the Company or any of its subsidiaries, directors, officers, employees or direct or indirect equity holders, including each equity holder's respective affiliates.

&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;**(f)**<u>Injunctive Relief with Respect to Covenants</u>. The Executive acknowledges and agrees that the covenants and obligations of the Executive with respect to noncompetition, nonsolicitation and confidentiality, as the case may be, set forth herein relate to special, unique and extraordinary matters and that a violation or threatened violation of any of the terms of such covenants or obligations will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, the Executive agrees, to the fullest extent permitted by applicable law, that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Executive from committing any violation of the covenants or obligations contained in this <u>Section</u> 10. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. In connection with the foregoing provisions of this <u>Section 10</u>, the Executive represents that the Executive's economic means and circumstances are such that such provisions will not prevent the Executive from providing for the Executive and the Executive's family on a basis satisfactory to the Executive.

Nothing in this <u>Section 10</u> shall impede, restrict or otherwise interfere with the Executive's participation in any Excluded Activities.

The Executive agrees that the restraints imposed upon the Executive pursuant to this <u>Section 10</u> are necessary for the reasonable and proper protection of the Company and its subsidiaries and affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The parties further agree that, in the event that any provision of this <u>Section 10</u> shall be determined by any court or arbitrator of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision may be modified by the court or arbitrator to permit its enforcement to the maximum extent permitted by law.

**Section 11.** **<u>Intellectual Property</u>**. During the Term, the Executive shall promptly disclose to the Company, its subsidiaries or their respective successors or assigns, and grant to the Company and its successors and assigns without any separate remuneration or compensation other than that received by the Executive in the course of the Executive's employment, the Executive's entire right, title and interest in and to any and all inventions, developments, discoveries, models, or any other intellectual property of any type or nature whatsoever developed solely during the Term ("***Intellectual Property***"), whether developed by the Executive during or after business hours, or alone or in connection with others, that is in any way related to the business of the Company, its subsidiaries or its successors or assigns. This provision shall not apply to books or articles authored by the Executive during non-work hours, consistent with the

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Executive's obligations under this Agreement including Section 10 thereof, so long as such books or articles (a) are not funded in whole or in part by the Company, (b) do not interfere with the performance of the Executive's duties under this Agreement, and (c) do not use or contain any Confidential Information or Intellectual Property of the Company or its subsidiaries. The Executive agrees, at the Company's expense, to take all steps necessary or proper to vest title to all such Intellectual Property in the Company, and cooperate fully and assist the Company in any litigation or other proceedings involving any such Intellectual Property.

**Section 12.** **<u>Disputes</u>**.

&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)**<u>Arbitration</u>. Excluding requests for equitable relief by the Company under <u>Section 10(f)</u>, all controversies, claims or disputes arising between the parties that are not resolved within sixty (60) days after written notice from one party to the other setting forth the nature of such controversy, claim or dispute shall be submitted to binding arbitration in Maricopa County, Arizona, including, without limitation, (i) any dispute, controversy or claim related in any way to the Executive's employment with the Company or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "***Disputes***"). Arbitration of disputes under this Agreement shall proceed in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association ("***AAA***") as those rules are applied to individually negotiated employment agreements, as then in effect ("***Rules***"); <u>provided</u>, <u>however</u>, that both parties shall have the opportunity to conduct pre-arbitration discovery; <u>provided</u>, <u>further</u>, that nothing herein will require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; and <u>provided</u>, <u>further</u>, that, notwithstanding anything to the contrary herein, the Executive may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. The arbitration shall be decided by a single arbitrator mutually agreed upon by the parties or, in the absence of such agreement, by an arbitrator selected according to the applicable rules of the AAA.

&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;**(i)**Any judgment on or enforcement of any award, including an award providing for interim or permanent injunctive relief, rendered by the arbitrator may be entered, enforced or appealed in any court of competent jurisdiction. Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation of this arbitration provision, will be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.

&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;**(ii)**It is part of the essence of this Agreement that any Disputes hereunder will be resolved expeditiously and as confidentially as possible. Accordingly, the Company and the Executive agree that all proceedings in any arbitration will be conducted under seal and kept strictly confidential. In that regard, no party will use, disclose or permit the disclosure of any information, evidence or documents produced by any other party in the arbitration proceedings or about the existence, contents or results of the proceedings except as may be required by any legal process, as required in an action in aid of arbitration or for enforcement of or appeal from an arbitral award or as may be permitted by the arbitrator for the preparation and conduct of the arbitration proceedings. Before

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making any disclosure permitted by the preceding sentence, the party intending to make such disclosure will give the other party reasonable written notice of the intended disclosure and afford such other party a reasonable opportunity to protect its interests.

&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)**<u>Jury Waiver</u>. Each party to this Agreement understands and expressly acknowledges that in agreeing to submit the disputes described in <u>Section 12(a)</u> to binding arbitration, such party is knowingly and voluntarily waiving all rights to have such disputes heard and decided by the judicial process in any court in any jurisdiction. This waiver includes, without limitation, the right otherwise enjoyed by such party to a jury trial.

&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)**<u>Limitations Period</u>. All arbitration proceedings pursuant to this Agreement shall be commenced within the time period provided for by the legally recognized statute of limitations applicable to the claim being asserted. No applicable limitations period shall be deemed shortened or extended by this Agreement.

&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)**<u>Arbitrator's Decision</u>. The arbitrator shall have the power to award any party any relief available to such party under applicable law, but may not exceed that power. The arbitrator shall explain the reasons for the award and must produce a formal written opinion. The arbitrator's award shall be final and binding and judgment upon the award may be entered in any court of competent jurisdiction. There shall be no appeal from the award except on those grounds specified by the Federal Arbitration Act and case law interpreting the Federal Arbitration Act.

&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;**(e)**<u>Legal Fees</u>. Notwithstanding anything to the contrary in <u>Section 12(d)</u>, the Arbitrator shall have the discretion to order the Company to pay or promptly reimburse the Executive for the reasonable legal fees and expenses incurred by the Executive in successfully enforcing or defending any right of the Executive pursuant to this Agreement even if the Executive does not prevail on all issues; <u>provided</u>, <u>however</u>, that the Company shall have no obligation to reimburse the Executive unless the amount recovered by the Executive from the Company, exclusive of fees and costs, is at least equal to the greater of (i) $50,000, or (ii) 25% of the award sought by the Executive in any arbitration or other legal proceeding.

&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;**(f)**<u>Availability of Provisional Injunctive Relief</u>. Notwithstanding the parties' agreement to submit all disputes to final and binding arbitration, either party may file an action in any court of competent jurisdiction to seek and obtain provisional injunctive and equitable relief to ensure that any relief sought in arbitration is not rendered ineffectual by interim harm that could occur during the pendency of the arbitration proceeding.

**Section 13.** **<u>Indemnification</u>**. The Company shall indemnify the Executive, to the maximum extent permitted by applicable law and the governing instruments of the Company, against all costs, charges and expenses incurred or sustained by the Executive, including the cost of legal counsel selected and retained by the Executive in connection with any action, suit or proceeding to which the Executive may be made a party by reason of the Executive being or having been an officer, director or employee of the Company or its subsidiaries.

**Section 14.** **<u>Cooperation in Future Matters</u>**. The Executive hereby agrees that for a period of twelve (12) months following the Executive's termination of employment, the Executive shall cooperate with the Company's reasonable requests relating to matters that pertain to the Executive's employment by the Company, including, without limitation, providing

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information or limited consultation as to such matters, participating in legal proceedings, investigations or audits on behalf of the Company, or otherwise being reasonably available to the Company for other related purposes. Any such cooperation shall be performed at scheduled times taking into consideration the Executive's other commitments, and the Executive shall be compensated at a reasonable hourly or per diem rate to be agreed upon by the parties to the extent such cooperation is required on more than an occasional and limited basis. The Executive shall not be required to perform such cooperation to the extent it conflicts with any requirements of exclusivity of services for another employer or otherwise, nor in any manner that in the good faith belief of the Executive would conflict with the Executive's rights under or ability to enforce this Agreement.

**Section 15.** **<u>General</u>**.

&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)**<u>Notices</u>. Any notices or other communications required or permitted under, or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date delivered or sent if delivered in person or by email, (b) on the fifth (5<sup>th</sup>) Business Day after dispatch by registered or certified mail, or (c) on the next business day if transmitted by nationally recognized overnight courier, in each case as follows:

to the Company:

Ivory SuNNNs LLC

c/o GIC Real Estate, Inc.

280 Park Avenue, 9th Floor

New York, New York 10017

Attention: Cai Wenzheng and Thomas Shin

Email: [\*\*\*]; [\*\*\*]

and

Blue Owl Real Estate Capital LLC

150 N Riverside Plaza, Floor 37

Chicago, IL 60606

Attention: Jesse Hom and Jared Sheiker

Email: [\*\*\*]; [\*\*\*]

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

Attention: Blair Thetford, Esq.

Email: [\*\*\*]

and

Skadden, Arps, Slate, Meagher & Flom LLP

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320 S. Canal Street

Chicago, Illinois 60606

Attention: Nancy Olson, Esq.

Email: [\*\*\*]

to the Executive:

At the Executive's last residence and email address shown on the records of the Company.

Any such notice shall be effective (i) if delivered personally, when received or (ii) if sent by overnight courier, when receipted for.

&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)**<u>Severability</u>. If a court of competent jurisdiction finds or declares any provision of this Agreement invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.

&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)**<u>Waivers</u>. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege.

&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)**<u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

&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;**(e)**<u>Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Company's successors and the Executive's personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. This Agreement shall not be assignable by the Executive, it being understood and agreed that this is a contract for the Executive's personal services. This Agreement shall not be assignable by the Company except that the Company shall assign it in connection with a transaction involving the succession by a third party to all or substantially all of the Company's business and/or assets (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise). When assigned to a successor, the assignee shall assume this Agreement and expressly agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of such an assignment. For all purposes under this Agreement, the term "Company" shall include any successor to the Company's business and/or assets that executes and delivers the assumption agreement described in the immediately preceding sentence or that becomes bound by this Agreement by operation of law.

&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;**(f)**<u>Entire Agreement</u>. This Agreement contains the entire understanding of the parties and, effective as of the Effective Date, supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof, including without limitation the Existing Employment Agreement. This Agreement may not be amended except by

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a written instrument hereafter signed by the Executive and a duly authorized representative of the Board (other than the Executive).

&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;**(g)**<u>Governing Law and Jurisdiction</u>. Except for <u>Section 12</u> of this Agreement, which shall be governed by the Federal Arbitration Act, this Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of Arizona, without giving effect to principles of conflicts of law. The Executive hereby expressly consents to the personal jurisdiction of the state and federal courts located in Arizona for any lawsuit filed there against the Executive by the Company arising from or relating to this Agreement.

&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;**(h)**<u>409A Compliance</u>. It is intended that this Agreement comply with Section 409A of the Code and the Treasury Regulations and IRS guidance thereunder (collectively referred to as "***Section 409A***"). Notwithstanding anything to the contrary, this Agreement shall, to the maximum extent possible, be administered, interpreted and construed in a manner consistent with Section 409A. To the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which the Executive participates during the Term or thereafter provides for a "deferral of compensation" within the meaning of Section 409A of the Code, (i) the amount of the benefit provided thereunder in a taxable year of the Executive shall not affect the amount of such benefit provided in any other taxable year of the Executive (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) any portion of such benefit provided in the form of a reimbursement shall be paid to the Executive on or before the last day of the Executive's taxable year following the Executive's taxable year in which the expense was incurred, and (iii) such benefit shall not be subject to liquidation or exchange for any other benefit. For all purposes under this Agreement, reference to the Executive's "termination of employment" (and corollary terms) from the Company shall be construed to refer to the Executive's "separation from service" (as determined under Treas. Reg. Section 1.409A-1(h), as uniformly applied by the Company) from the Company to the extent necessary to comply with and avoid imposition on the Executive of any tax penalty imposed under, Section 409A. If the Executive is a "specified employee" within the meaning of Section 409A, any payment required to be made to the Executive hereunder upon or following the Executive's date of termination for any reason other than death or "disability" (as such terms are used in Section 409A(a)(2) of the Code) shall, to the extent necessary to comply with and avoid imposition on the Executive of any tax penalty imposed under, Section 409A, be delayed and paid in a single lump sum during the ten (10) day period following the six (6) month anniversary of the date of termination. Any severance payments or benefits under this Agreement that would be considered deferred compensation under Section 409A will be paid on, or, in the case of installments, will not commence until, the sixty-second (62nd) day following separation from service, or, if later, such time as is required by the preceding sentence or by Section 409A. Any installment payments that would have been made to the Executive during the sixty-two (62)-day period immediately following the Executive's separation from service but for the preceding sentence will be paid to the Executive on the sixty-second (62nd) day following the Executive's separation from service and the remaining payments shall be made as provided in this Agreement.

&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;**(i)**<u>Construction</u>. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict

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construction shall be applied against any party. The headings of sections of this Agreement are for convenience of reference only and shall not affect its meaning or construction.

&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;**(j)**<u>Payments and Exercise of Rights After Death</u>. Any amounts payable hereunder after the Executive's death shall be paid to the Executive's designated beneficiary or beneficiaries, whether received as a designated beneficiary or by will or the laws of descent and distribution. The Executive may designate a beneficiary or beneficiaries for all purposes of this Agreement, and may change at any time such designation, by notice to the Company making specific reference to this Agreement. If no designated beneficiary survives the Executive or the Executive fails to designate a beneficiary for purposes of this Agreement prior to the Executive's death, all amounts thereafter due hereunder shall be paid, as and when payable, to the Executive's spouse, if such spouse survives the Executive, and otherwise to the Executive's estate.

&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;**(k)**<u>Consultation With Counsel</u>. The Executive acknowledges that, prior to the execution of this Agreement, the Executive has had a full and complete opportunity to consult with counsel or other advisers of the Executive's own choosing concerning the terms, enforceability and implications of this Agreement, and that the Company has not made any representations or warranties to the Executive concerning the terms, enforceability and implications of this Agreement other than as are reflected in this Agreement. The Company acknowledges that, following the execution of this Agreement, the Executive shall have the right to consult with counsel of the Executive's choosing (at the Executive's personal expense) concerning the terms, enforceability and implications of this Agreement and the Executive's rights, duties and obligations hereunder and as an officer and/or director of the Company and, in so doing, may divulge Confidential Information to the Executive's counsel.

&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;**(l)**<u>Withholding</u>. Any payments provided for in this Agreement shall be paid after deduction for any applicable income tax withholding required under federal, state or local law.

&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;**(m)**<u>Survival</u>. The provisions of <u>Sections 8</u>, <u>9</u>, <u>10</u>, <u>11</u>, <u>12</u>, <u>13</u>, <u>14</u>, and <u>15</u> shall survive the termination of this Agreement.

*[Signatures on following page]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

STORE CAPITAL LLC

By: <u>/s/ Mary Fedewa</u> <br> Name: Mary Fedewa <br> Title: President and Chief Executive Officer

By: <u>/s/ Jesse Hom</u> <br> Name: Jesse Hom <br> Title: Authorized Signatory

EXECUTIVE

 <u>/s/ Craig Barnett</u> <br> Craig Barnett

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## Exhibit 10.3

**Exhibit 10.3**

**AMENDED AND RESTATED** 

**EMPLOYMENT AGREEMENT**<br> **BETWEEN<br>STORE CAPITAL LLC<br>AND ASHLEY A. DEMBOWSKI**

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "***Agreement***"), dated as of December 24, 2025, is entered into by and between STORE Capital LLC, a Delaware limited liability company (the "***Company***"), and Ashley A. Dembowski (the "***Executive***").

<u>W I T N E S S E T H</u>:

**WHEREAS**, the Executive currently serves as the Executive Vice President – Chief Financial Officer of the Company pursuant to the terms of an Employment Agreement with the Company, dated as of December 10, 2024 (the "***Existing Employment Agreement***"); and

**WHEREAS**, the Company and the Executive desire to enter into this Agreement, which will supersede and replace the Existing Employment Agreement in its entirety effective as of January 1, 2026 (the "***Effective Date***").

**NOW, THEREFORE**, in consideration of the future performance and responsibilities of the Executive and the Company and upon the other terms and conditions and mutual covenants hereinafter provided, the parties hereby agree as follows:

**Section 1.** **<u>Employment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**<u>Effective Date; Position</u>. The Executive shall be employed by the Company during the Term (defined below) as its Executive Vice President – Chief Financial Officer. The Executive shall report directly to the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**<u>Duties</u>. The Executive's principal employment duties and responsibilities shall be those duties and responsibilities customary for the positions of Executive Vice President – Chief Financial Officer and such other executive officer duties and responsibilities as the Chief Executive Officer shall from time to time reasonably assign to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**<u>Extent of Services</u>. Except for illnesses and vacation periods or as otherwise approved in writing by the Chief Executive Officer, the Executive shall devote substantially all of the Executive's business time and attention and the Executive's best efforts to the performance of the Executive's duties and responsibilities under this Agreement. Notwithstanding the foregoing, the Executive may (i) make any investment in entities unrelated to the Company and its affiliates, so long as (A) the Executive is not obligated or required to, and shall not in fact, devote any material managerial efforts to such investment, and (B) such investment is not in violation of any other terms of this Agreement, including <u>Section 10</u> hereof; (ii) participate in charitable, academic or community activities, and in trade or professional organizations; or (iii) hold directorships in other businesses as permitted by the Board of

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Directors of the Company (the "***Board***") (the activities in clauses (i) through (iii) above are collectively referred to herein as the "***Excluded Activities***"); <u>provided</u> in each case, that none of the Excluded Activities, individually or in the aggregate, interfere with the performance of the Executive's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**<u>Location of Employment</u>. The principal location of the Executive's employment with the Company will be at the Company's office in Scottsdale, Arizona (subject to any remote working arrangements approved by the Company), although the Executive understands and agrees that the Executive may be required to travel from time to time for business reasons.

**Section 2.** **<u>Term</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**The Executive's employment under this Agreement shall commence on the Effective Date and, unless terminated earlier as provided in <u>Section 7</u>, the Executive's employment shall continue until December 31, 2028 (the "***Initial Term***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Upon the expiration of the Initial Term and each Renewal Term (as defined below), the Executive's employment will automatically continue for subsequent one (1) year terms (each a "***Renewal Term***") unless either the Company or the Executive provides not less than ninety (90) days' advance written notice to the other that such party does not wish to renew the Agreement for a subsequent Renewal Term. In the event such notice of nonrenewal is given pursuant to this <u>Section 2(b)</u>, this Agreement will expire at the end of the then current term. The Initial Term and each subsequent Renewal Term, taking into account any early termination of employment pursuant to <u>Section 7</u>, are referred to collectively as the "***Term***."

**Section 3.** **<u>Base Salary</u>**. The Company shall pay the Executive a base salary (the "***Base Salary***") during the Term, which shall be payable in periodic installments according to the Company's normal payroll practices. The initial Base Salary hereunder shall be paid at the annualized rate of $410,000. The Executive's Base Salary shall be considered annually by the Board, and may be increased in the sole discretion of the Board. Any increase shall be retroactive to January 1 of the year in which such increase is approved. The Base Salary, as adjusted by any subsequent increases, shall not be decreased during the Term. For purposes of this Agreement, the term "*Base Salary*" shall mean the amount of the Executive's annual base salary as established and adjusted from time to time pursuant to this Section 3.

**Section 4.** **<u>Annual Cash Incentive Bonus</u>**.

&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)**The Executive shall be eligible to receive an annual cash incentive bonus (the "***Cash Bonus***") for each calendar year during the Term, commencing with 2026. The target amount of the Cash Bonus for which the Executive is eligible shall be equal to 75% of the Base Salary (the "***Target Bonus Amount***"), with a "threshold" amount equal to 37.5% of the Base Salary and a maximum amount equal to 150% of the Base Salary. The actual amount of the Cash Bonus payable to the Executive with respect to any calendar year during the Term shall be based upon the satisfactory achievement of reasonable performance metrics and key performance indicators (such metrics, the "***Bonus Metrics***") determined by the Board; provided that the Bonus Metrics (and definitions thereof) for each of 2026, 2027 and 2028 are as set forth on **Appendix A**.

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&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)**For purposes of this Agreement, the Bonus Metrics that apply for any applicable year shall each be determined independently of one another and the amount of the resulting Cash Bonus shall be based on the level of determination of each individual Bonus Metric based on its applicable weighting. As a result, (i) if the Board determines that any applicable Bonus Metric has been achieved at or above a "threshold" level with respect to the applicable performance year, then, based on the level of such achievement and the applicable weighting of such Bonus Metric, the Executive shall be entitled to receive payment of the corresponding Cash Bonus with respect to that Bonus Metric and (ii) if the Board determines that an applicable Bonus Metric has not been achieved at or above a "threshold" level with respect to the applicable performance year, then no Cash Bonus shall be due and payable to the Executive for such year with respect to such Bonus Metric. If any applicable Bonus Metric has been achieved at a level between a "threshold" level and a "target" level, or at a level between a "target" level and a "maximum" level, with respect to the applicable performance level, then the Cash Bonus with respect to that Bonus Metric shall be determined on the basis of linear interpolation between the applicable levels.

&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)**The Cash Bonus, if any, shall be paid to the Executive no later than thirty (30) days after the date on which the Board determines (i) whether or not the applicable Bonus Metrics for such performance year have been achieved, and the level of such achievement, and (ii) the amount of the actual Cash Bonus so earned; <u>provided</u> that in no event shall any Cash Bonus, if earned, be paid later than March 15 of the year following the performance year to which it relates.

&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)**Except as otherwise provided in <u>Section 8(a)(ii)</u> or <u>Section 8(b)(ii)</u> in connection with the termination of the Executive's employment under certain circumstances, the Executive must be employed by the Company throughout the entirety of an applicable performance year (January 1 through December 31) in order to receive all or any portion of a Cash Bonus. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of such performance year, the Executive has met the employment criterion for Cash Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Cash Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Cash Bonus amount the Executive would otherwise be entitled to receive; provided, that the Executive will not be eligible to receive payment of any unpaid Cash Bonus if the Executive's employment is terminated for Cause.

**Section 5.** **<u>Long-Term Incentive</u>**.

&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)**The Executive shall be eligible to participate in a long-term cash incentive plan (the "***LTIP***"). Pursuant to the LTIP, the Executive will receive a long-term incentive grant every third fiscal year during the Term, each such grant to reflect a three-year performance period (the "***Performance Period***"), with a grant made in 2026 covering the 2026-2028 Performance Period, a grant made in 2029 covering the 2029-2031 Performance Period, and so on. The target amount of the LTIP grant for the 2026-2028 Performance Period shall be equal, on an annualized basis, to 265% of the Base Salary as in effect on the date of grant (the "***Target LTIP Grant***"), with a "threshold" amount equal to 50% of the Target LTIP Grant and a maximum amount equal to 250% of the Target LTIP Grant. The actual amount of any LTIP grant that will be payable to the Executive shall be based upon the satisfactory achievement of reasonable performance metrics and key performance indicators (such metrics, the "***LTIP***

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***Metrics***") determined by the Board over the applicable Performance Period, with payment of the actual amount determined to be earned for the applicable Performance Period to be made as provided in <u>Section 5(c)</u> below; provided that the LTIP Metrics (and definitions thereof) with respect to the 2026-2028 LTIP grant are as set forth on **Appendix B** and example calculations of the potential payouts of the 2026 LTIP grant at varying levels of achievement of such LTIP Metrics are as set forth on **Appendix C**.

&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)**For purposes of this Agreement, the LTIP Metrics that apply for any applicable Performance Period shall each be determined independently of one another and the amount of the resulting LTIP payment shall be based on the level of determination of each individual LTIP Metric based on its applicable weighting. As a result, (i) if the Board determines that any applicable LTIP Metric has been achieved at or above a "threshold" level with respect to the applicable Performance Period, then, based on the level of such achievement and the applicable weighting of such LTIP Metric, the Executive shall be entitled to receive payment of the corresponding LTIP amount with respect to that LTIP Metric for such Performance Period, and (ii) if the Board determines that an applicable LTIP Metric has not been achieved at or above a "threshold" level with respect to the applicable Performance Period, then no LTIP payment shall be due and payable to the Executive for such Performance Period with respect to such LTIP Metric. If any applicable LTIP Metric has been achieved at a level between a "threshold" level and a "target" level, or at a level between a "target" level and a "maximum" level, with respect to the applicable Performance Period, then the corresponding LTIP payment with respect to that LTIP Metric shall be determined on the basis of linear interpolation between the applicable levels.

&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)**The LTIP payment, if any, payable in respect of a Performance Period shall be paid to the Executive no later than thirty (30) days after the date on which the Board determines (i) whether or not the applicable LTIP Metrics for such Performance Period have been achieved, and the level of such achievement, and (ii) the amount of the actual LTIP payment so earned; <u>provided</u> that in no event shall any LTIP payment, if earned, be paid later than March 15 of the year following the final year of the applicable Performance Period.

&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)**Except as otherwise provided in <u>Section 5(e)(i</u>), <u>Section 8(a)(iv)</u>, or <u>Section 8(b)(iv)</u> in connection with the termination of the Executive's employment under certain circumstances, the Executive must be employed by the Company throughout the entirety of an applicable Performance Period in order to receive all or any portion of an LTIP payment. For the avoidance of doubt, if the Executive was employed by the Company through the final day of the Performance Period, the Executive has met the employment criterion for the LTIP payment for that Performance Period and need not be employed by the Company thereafter, including at the time the LTIP payment, if any, is determined or paid for that Performance Period, in order to receive payment of any LTIP payment amount the Executive would otherwise be entitled to receive; provided, that the Executive will not be eligible to receive payment of any unpaid LTIP payments if the Executive's employment is terminated for Cause.

&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;**(e)**<u>Change in Control Treatment of LTIP Awards</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Assumption/Substitution of LTIP Awards*. Each of the Executive's outstanding awards under the LTIP may be assumed or substituted by the Company's acquiror or successor (or any of such acquiror's or successor's affiliates) in connection

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with a Change in Control (the "***Acquiror LTIP Awards***"), provided that if the employment of the Executive is terminated by the Company (or the acquiror or any of its affiliates) without Cause (as defined below) or by the Executive for Good Reason (as defined below), in each case, after the date of the Change in Control but before the end of the applicable Performance Period, then all of the Acquiror LTIP Awards shall immediately vest and the Executive shall be entitled to a cash payment equal to the greater of (A) 100% of the Target LTIP Grant and (B) an amount determined based on the actual achievement of the LTIP Metrics, as determined in good faith by the Board, calculated as if the business day immediately prior to the date of such termination had been the end of the Performance Period. Awards granted under the LTIP shall only be considered assumed or substituted if following the Change in Control, (x) any adjustments necessary to preserve the intrinsic value of the Executive's outstanding LTIP awards have been made, and the Company's acquiror or successor, as applicable, irrevocably assumes the Company's obligations under the LTIP and (y) such acquiror or successor replaces the Executive's outstanding LTIP awards with awards having substantially the same intrinsic value and having the terms and conditions no less favorable to the Executive than those applicable to the Executive's LTIP awards immediately prior to the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***No Assumption/Substitution of LTIP Awards*. Each of the Executive's outstanding LTIP awards that are not assumed or substituted in connection with a Change in Control shall immediately vest and the Executive shall be entitled to a cash payment equal to the greater of (A) 100% of the Target LTIP Grant and (B) an amount determined based on the actual achievement of the LTIP Metrics, as determined in good faith by the Board, calculated as if the business day immediately prior to the Change in Control had been the end of the Performance Period.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**Any portion of the Executive's LTIP awards that become due and payable pursuant to (A) <u>Section 5(e)(i)</u> shall be paid on or within 60 days after the date of such termination and (B) <u>Section 5(e)(ii)</u> shall be paid on or within five (5) days after the date of the Change in Control.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**For purposes of this Agreement, "***Change in Control***" shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)any person or entity (other than Ivory SuNNNs LLC ("***GIC***") or its affiliate(s), Blue Owl Real Estate Capital LLC ("***Blue Owl***") or its affiliate(s), and/or one or more members of the management or employees of the Company, individually and/or collectively) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the then outstanding voting securities of the Company, but excluding any such transaction if, following such transaction, GIC or its affiliates, and/or Blue Owl or its affiliates, continue to hold "major decision" approval rights with respect to the Company following the completion of such transaction which are substantially similar to such rights prior to completion of such transaction;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)there is consummated a merger, amalgamation or consolidation of the Company with any other corporation, other than (1) a merger, amalgamation or consolidation into an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned, following the completion of such transaction, by GIC or its affiliates, and/or Blue Owl or its affiliates in substantially the same proportions as their ownership of the Company immediately prior to such sale, (2) a merger, amalgamation or consolidation into an entity, immediately following which (a) the individuals who comprise the Board immediately prior thereto, and/or (b) individuals appointed by GIC or its affiliates, Blue Owl or its affiliates, and/or one or more members of the management or employees of the Company, individually and/or collectively, constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof, and/or (3) a merger, amalgamation or consolidation into an entity, immediately following which GIC or its affiliates, and/or Blue Owl or its affiliates (or their respective board members), continue to hold "major decision" approval rights with respect to the Company (or any successor entities) which are substantially similar to such rights with respect to the Company prior to completion of such transaction; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than (1) a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned, following the completion of such transaction, by GIC or its affiliates, and/or Blue Owl or its affiliates in substantially the same proportions as their ownership of the Company immediately prior to such sale, (2) a sale or disposition of all or substantially all of the Company's assets immediately following which (a) the individuals who comprise the Board immediately prior thereto, and/or (b) individuals appointed by GIC or its affiliates, Blue Owl or its affiliates, and/or one or more members of the management or employees of the Company, individually and/or collectively, constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof, and/or (3) a sale or disposition by the Company of all or substantially all of the Company's assets to one or more entities, so long as GIC or its affiliates, and/or Blue Owl or its affiliates, continue to hold "major decision" approval rights with respect to such entities following the completion of such transaction which are substantially similar to such rights with respect to the Company prior to completion of such transaction.

**Section 6.** **<u>Benefits</u>**.

&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)**<u>Paid Time Off</u>. During the Term, the Executive shall be entitled to such paid time off, including sick time and personal days, generally made available by the Company to other senior executive officers of the Company, subject to the terms and conditions of the Company's paid-time off policy.

&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)**<u>Employee Benefit Plans</u>. During the Term, the Executive (and, where applicable, the Executive's spouse and eligible dependents, if any, and their respective designated beneficiaries) shall be eligible to participate in and receive the benefit of each employee benefit plan sponsored or maintained by the Company and generally made available to

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other senior executive officers of the Company, subject to the generally applicable provisions thereof. Nothing in this Agreement shall in any way limit the Company's right to amend or terminate any such employee benefit plan in its sole discretion, with or without notice, so long as any such amendment affects the Executive and the other senior executive officers of the Company in a similar fashion.

&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)**<u>Other Benefits</u>. The perquisites set forth below shall be provided to the Executive subject to continued employment with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Disability Insurance*. The Company shall maintain a supplemental, long-term disability policy on behalf of the Executive; <u>provided</u> that the cost of such policy (to the Company) shall not exceed $15,000 per year or such higher amount as may be subsequently approved by the Board.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***Annual Physical*. The Company shall pay the cost of an annual medical examination for the Executive by a licensed physician in the Scottsdale or Phoenix, Arizona area selected by the Executive; <u>provided</u> that the cost for such annual medical examination shall not exceed $2,500 per year or such higher amount as may be subsequently approved by the Board.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)***Club Dues*. The Company shall pay, or reimburse the Executive for, the monthly membership dues actually incurred by the Executive for one fitness or country club membership maintained by the Executive; <u>provided</u> that the payable or reimbursable amount shall not exceed $1,000 per month or such higher amount as may be subsequently approved by the Board. For the avoidance of doubt, except as specifically provided for above, the Company shall not pay, or reimburse the Executive for, any other expenses associated with such club membership (including, but not limited to, any initiation fees and personal expenditures at such club).

**Section 7.** **<u>Termination</u>**. The employment of the Executive by the Company pursuant to this Agreement shall terminate:

&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)**<u>Death or Disability</u>. Immediately upon the death or Disability of the Executive. As used in this Agreement, "***Disability***" means the Executive's inability to perform the essential functions of the Executive's position, with or without reasonable accommodation, due to a mental or physical disability for a period of either (i) 90 consecutive days or (ii) 180 days in any 365 day period.

&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)**<u>For Cause</u>. At the election of the Company, for Cause. For purposes of this Agreement, "***Cause***" means the Executive's:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**in the reasonable judgment of the Board, refusal or neglect to perform substantially all the Executive's employment-related duties or to abide by or comply with the lawful directives of the Board, which refusal or neglect is not cured within twenty (20) days' of the Executive's receipt of written notice from the Company;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**personal dishonesty, incompetence or breach of fiduciary duty which, in any case, has a material adverse impact on the business or reputation of the Company or any of its affiliates, as determined in the Board's reasonable discretion;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**violation by the Executive of any material written policy of the Company (including any policy regarding sexual, racial or other harassment or discrimination) that has been provided or made available to the Executive; <u>provided</u>, that, if such violation is capable of being cured without resulting in financial or reputational harm to the Company, the Executive shall have twenty (20) days after receipt of written notice of such violation to so cure;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**conviction of or entrance of a plea of guilty or *nolo contendere* (or any applicable equivalent thereof) to a crime constituting a felony (or a crime or offense of equivalent magnitude in any jurisdiction);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**willful violation of any federal, state or local law, rule, or regulation that has a material adverse impact on the business or reputation of the Company or any of its affiliates, as determined in the Board's reasonable discretion; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)**material breach of any covenant contained in <u>Section 10</u> of this Agreement.

The Executive's termination for Cause shall take effect immediately upon the Executive's receipt of written notice from the Company of such termination for Cause, which notice shall specify, with particularity, each basis for the Company's determination that Cause exists.

&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)**<u>For Good Reason</u>. At the election of the Executive, for Good Reason. For purposes of this Agreement, "***Good Reason***" shall mean the occurrence of any of the following actions or omissions, without the Executive's written consent:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**A material reduction of, or other material adverse change in, the Executive's duties or responsibilities, such that the Executive is no longer performing the duties or engaging in the responsibilities of a Executive Vice President – Chief Financial Officer, or the assignment to the Executive of any duties or responsibilities that are materially inconsistent with the Executive's position as Executive Vice President – Chief Financial Officer of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**A material reduction by the Company in the Executive's annual Base Salary, Target Bonus Amount or Target LTIP Grant;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** (A) the requirement by the Company that the primary location at which the Executive performs the Executive's duties be changed to a location that is outside of a 35-mile radius of Scottsdale, Arizona, or (B) a substantial increase in the amount of travel that the Executive is required to do because of a relocation of the Company's headquarters from Scottsdale, Arizona;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**A material breach by the Company of any provision of this Agreement not otherwise specified in this <u>Section 7(c)</u>, it being agreed and understood that any breach of the Company's obligations under <u>Section 6(c)</u> shall not constitute a material breach of this Agreement and the Executive's sole remedy for any breach of such <u>Section 6(c)</u> shall be monetary damages; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)**Any failure by the Company to obtain from any successor to the Company an agreement to assume and perform this Agreement as contemplated by <u>Section 15(e)</u>.

Notwithstanding the foregoing, the Executive's termination of employment for Good Reason shall not be effective, and Good Reason shall not be deemed to exist, until (A) the Executive provides the Company with written notice specifying, with particularity, each basis for the Executive's determination that actions or omissions constituting Good Reason have occurred, which notice must be provided within thirty (30) days after the date on which such action or omission occurred (or if later the date on which the Executive reasonably should have been aware of such action or omission), and (B) the Company fails to cure or resolve the issues identified by the Executive's notice within thirty (30) days of the Company's receipt of such notice. The Company and the Executive agree that such thirty (30) day cure period shall be utilized to engage in discussions in a good faith effort to cure or resolve the actions or omissions otherwise constituting Good Reason, and that the Executive will not be considered to have resigned from employment during such thirty (30) day cure period.

&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)**<u>Without Cause; Without Good Reason</u>. At the election of the Company, without Cause, upon thirty (30) days' prior written notice to the Executive, or, at the election of the Executive, without Good Reason, upon thirty (30) days' prior written notice to the Company. The parties acknowledge and agree that (i) the exercise by the Company of its right to not extend the Agreement in accordance with Section 2(b) shall not constitute a termination at the election of the Company without Cause and (ii) the exercise by the Executive of the Executive's right to not extend the Agreement in accordance with Section 2(b) shall constitute a termination at the election of the Executive without Good Reason.

**Section 8.** **<u>Effects of Termination</u>**.

&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)**<u>Termination By the Company Without Cause or By the Executive for Good Reason</u>. If the employment of the Executive is terminated by the Company for any reason other than Cause, death or Disability, or if the employment of the Executive is terminated by the Executive for Good Reason, then, subject to the terms and conditions of <u>Section 15(h)</u>, the Company shall pay or provide to the Executive the following compensation and benefits:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)***Accrued Obligations*. Any and all Base Salary, Cash Bonus, LTIP and any other compensation-related payments that have been earned but not yet paid, including (if applicable) pay in lieu of accrued, but unused, vacation, and unreimbursed expenses that are owed as of the date of the termination of the Executive's employment, in each case that are related to any period of employment preceding the Executive's termination date (the "***Accrued Obligations***"). Any earned but unpaid Cash Bonus or LTIP that is part of the Accrued Obligations shall be paid at the time provided for in <u>Section 4</u> or <u>Section 5</u> above, as applicable. Any Accrued Obligations that constitute

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retirement or deferred compensation shall be payable in accordance with the terms and conditions of the applicable plan, program or arrangement. All other Accrued Obligations shall be paid within thirty (30) days of the date of termination, or, if earlier, not later than the time required by applicable law; <u>provided</u> that the payment of any unreimbursed expenses shall be subject to the Executive's submission of substantiation of such expenses in accordance with the Company's applicable expense policy;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)***Severance Payment*.

&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;&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)An amount equal to 1 times the Executive's Base Salary in effect on the date of termination; plus

&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;&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)An amount equal to the Target Bonus Amount (calculated on the basis of a full fiscal year).

The sum of the amounts payable under clauses (A) and (B) of this <u>Section 8(a)(ii)</u> are referred to, collectively, as the "***Severance Payment***." Subject to the provisions of <u>Section 8(e)</u>, the Severance Payment shall be paid to the Executive in a single, lump sum cash payment within sixty-two (62) days following the effective date of the Executive's termination of employment; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)***COBRA Reimbursement*. If the Executive is eligible for, and elects to receive, continued coverage for the Executive and, if applicable, the Executive's eligible dependents under the Company's group health benefits plan(s) in accordance with the provisions of COBRA, the Company shall reimburse the Executive for a period of twelve (12) months following termination of the Executive's employment (or, if less, for the period that the Executive is eligible for such COBRA continuation coverage) for the excess of (A) the amount that the Executive is required to pay monthly to maintain such continued coverage under COBRA, over (B) the amount that the Executive would have paid monthly to participate in the Company's group health benefits plan(s) had the Executive continued to be an employee of the Company (the "***COBRA Reimbursement***" and such amount, the "***COBRA Reimbursement Amount***"). COBRA Reimbursements shall be made by the Company to the Executive consistent with the Company's normal expense reimbursement policy; <u>provided</u> that the Executive submits documentation to the Company substantiating the Executive's payments for COBRA coverage. However, if the Company determines in its sole discretion that it cannot, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), provide any COBRA Reimbursements that otherwise would be due to the Executive under this <u>Section 8(a)(iii)</u>, then the Company will, subject to the provisions of <u>Section 15(h)</u>, in lieu of any such COBRA Reimbursements, provide to the Executive a taxable monthly payment in an amount equal to the COBRA Reimbursement Amount, which payments will be made regardless of whether the Executive elects COBRA continuation coverage (the "***Alternative Payments***"). Any Alternative Payments will cease to be provided when, and under the same terms and conditions, COBRA Reimbursements would have ceased under this <u>Section 8(a)(iii)</u>. For the avoidance of doubt, the Alternative Payments may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable taxes and withholdings, if any. Notwithstanding anything to the contrary under this Agreement, if

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at any time the Company determines in its sole, good faith discretion that it cannot provide the Alternative Payments contemplated by the preceding sentence without violating Section 2716 of the Public Health Service Act, the Executive will not receive such payments.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)***LTIP*. Except as otherwise provided in <u>Section 5(e)(i)</u>, a cash payment equal to the product of (A) the LTIP payment that the Executive would have received for any Performance Period that has not been completed as of the date of such termination if the Executive had continued in employment through the end of the Performance Period, if any, based on the Board's determination of actual performance for the entire Performance Period in accordance with <u>Section 5</u>, and (B) a fraction, the numerator of which is the number of days the Executive was employed during such Performance Period and the denominator of which is the total number of days in the Performance Period (the "***Pro-Rated LTIP Payments***"). Such cash payment shall be made at the same time as it would have been paid in accordance with <u>Section 5</u> if the Executive had remained employed through the end of the applicable Performance Period.

&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)**<u>Termination on Death or Disability</u>. If the employment of the Executive is terminated due to the Executive's death or Disability, the Company shall have no further liability or further obligation to the Executive except that the Company shall pay or provide to the Executive (or, if applicable, the Executive's estate or designated beneficiaries under any Company-sponsored employee benefit plan in the event of the Executive's death) the following compensation and benefits:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**The Accrued Obligations, at the times provided and subject to the conditions set forth in <u>Section 8(a)(i)</u> above;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)**An amount equal to the Target Bonus Amount for which the Executive is eligible for the year in which the termination of employment occurs, prorated for the portion of such year during which the Executive was employed by the Company prior to the effective date of the Executive's termination of employment, payable as set forth in <u>Section 8(a)(ii)</u> above;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)**COBRA Reimbursement for 18 months provided in accordance with <u>Section 8(a)(iii)</u> above; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)**The Pro-Rated LTIP Payments in accordance with <u>Section 8(a)(iv)</u> above.

&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)**<u>By the Company for Cause, By the Executive Without Good Reason, or By the Company for Nonrenewal</u>. In the event that the Executive's employment is terminated (i) by the Company for Cause, (ii) voluntarily by the Executive without Good Reason, or (iii) in connection with the exercise by the Company of its right to not extend the Agreement in accordance with Section 2(b), in each case, the Company's sole obligation shall be to pay the Executive the Accrued Obligations at the times provided and subject to the conditions set forth in <u>Section 8(a)(i)</u> above; provided, that, if such termination is for Cause then the Executive shall not be eligible to receive any unpaid Cash Bonus or LTIP payments.

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&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)**<u>Termination of Authority; Resignation from Boards</u>. Immediately upon the termination of the Executive's employment with the Company for any reason, or the expiration of this Agreement, notwithstanding anything else appearing in this Agreement or otherwise, the Executive will stop serving the functions of the Executive's terminated or expired positions, and shall be without any of the authority or responsibility for such positions. On request of the Board at any time following the termination or expiration of the Executive's employment for any reason, the Executive shall resign from the Board (and the boards of directors or managers of the Company or any affiliate of the Company) if then a member and shall execute such documentation as the Company shall reasonably request to evidence the cessation of the Executive's terminated or expired positions.

&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;**(e)**<u>Release</u>. Prior to the payment by the Company of the payments and benefits provided under <u>Sections 8(a)(ii)-(iv)</u> or <u>Sections 8(b) (ii)-(iv)</u> hereunder, if any, and in no event later than sixty-two (62) days following the effective date of the Executive's termination, the Executive (or, if applicable, the Executive's representative) shall, as a condition to receipt of such payments and benefits, deliver to the Company a General Release of Claims in a form acceptable to the Company that is effective and irrevocable with respect to all potential claims the Executive may have against the Company or its affiliates or other related parties or individuals related to the Executive's employment. If the Executive does not timely execute and return the release, or timely revokes such release after delivery, the Company shall not be required to pay the Executive all or any portion of such payments and benefits.

**Section 9.** **<u>Section 280G of the Code</u>**. Notwithstanding anything contained in this Agreement to the contrary, if the Executive would receive (a) any payment, deemed payment or other benefit under this Agreement, that together with any other payment, deemed payment or other benefit the Executive may receive under any other plan, program, policy or arrangement (collectively with the payments under <u>Section 8</u> hereof, the "***Covered Payments***"), would constitute an "excess parachute payment" under Section 280G of the Internal Revenue Code of 1986, as amended (the "***Code***"), that would be or become subject to the tax (the "***Excise Tax***") imposed under Section 4999 of the Code or any similar tax that may hereafter be imposed, and (b) a greater net after-tax benefit by limiting the Covered Payments so that the portion thereof that are parachute payments do not exceed the maximum amount of such parachute payments that could be paid to the Executive without the Executive's being subject to any Excise Tax (the "***Safe Harbor Amount***"), then the Covered Payments to the Executive shall be reduced (but not below zero) so that the aggregate amount of parachute payments that the Executive receives does not exceed the Safe Harbor Amount. In the event that the Executive receives reduced payments and benefits hereunder, such payments and benefits shall be reduced in connection with the application of the Safe Harbor Amount in a manner determined by the Board in a manner that complies with Section 409A that first reduces any payments or benefits that are valued at full value under the applicable provisions of Section 280G, with the latest in time payments or benefits reduced first, and then reducing any payments or benefits that are valued at less than full value under the applicable provisions of Section 280G, with the latest in time payments or benefits reduced first. For purposes of determining whether any of the Covered Payments will be subject to the Excise Tax, such Covered Payments will be treated as "parachute payments" within the meaning of Section 280G of the Code, and all "parachute payments" in excess of the "base amount" (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless, and except to the extent that, in the good faith judgment of a public

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accounting firm appointed by the Company prior to the change in control or tax counsel selected by such accounting firm (the "***Accountants***"), the Company has a reasonable basis to conclude that such Covered Payments (in whole or in part) either do not constitute "parachute payments" or represent reasonable compensation for person*a*l services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code) in excess of the allocable portion of the "base amount," or such "parachute payments" are otherwise not subject to such Excise Tax, and the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.

**Section 10.** **<u>Noncompetition; Nonsolicitation and Confidentiality</u>**.

&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)**<u>Consideration</u>. The Executive acknowledges that, in the course of the Executive's employment with the Company, the Executive will serve as a member of the Company's senior management and will become familiar with the Company's trade secrets and with other confidential and proprietary information and that the Executive's services will be of special, unique and extraordinary value to the Company and its subsidiaries. The Executive further acknowledges that the business of the Company and its subsidiaries is national in scope and that the Company and its subsidiaries, in the course of such business, work with customers and vendors throughout the United States, and compete with other companies located throughout the United States. Therefore, in consideration of the foregoing, the Executive agrees that (i) the Executive shall comply with subparagraphs (b), (c), (d) and (e) of this <u>Section 10</u> during the Term and for the period of time following the Term specified in each such subparagraph, and (ii) the Company's obligation to make any of the payments and benefits to be paid or provided to the Executive under this Agreement (including, without limitation, under <u>Section 8</u> and <u>Section 9</u>) shall be subject to the Executive's compliance with subparagraphs (b), (c), (d) and (e) of this <u>Section 10</u>, during the Term and for the period of time following the Term specified in each such subparagraph.

&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)**<u>Noncompetition</u>. During the Term and for a period of twelve (12) months following the termination of the Executive's employment (excluding in connection with the exercise by the Company of its right to not extend the Agreement in accordance with <u>Section 2(b)</u>), the Executive shall not, anywhere in the United States where the Company or its subsidiaries conduct business prior to the date of the Executive's termination of employment (the "***Restricted Territory***"), directly or indirectly, (i) serve in an executive or management level role with, or provide business, strategic, sales, financial, operational or technical advice or services, to the extent the Executive provided such advice or services to the Company, to, (A) any person or entity (or any division, unit or other segment of any entity) whose principal business is to purchase real estate from, and to lease such real estate back to, the owners and/or operators of businesses that (x) are operated from single-tenant locations within the United States, (y) generate sales and profits at each such location, and (z) operate within the service, retail, and manufacturing sectors, including, without limitation and for example only, restaurants, early childhood education centers, movie theaters, health clubs and furniture stores, or (B) any other business or in respect of any other endeavor that is competitive with or similar to any other business activity (a) engaged in by the Company or any of its subsidiaries prior to the date of the Executive's termination of employment or (b) that has been submitted to the Board (or a committee thereof) for consideration and that is under active consideration by the Board (or a committee thereof) as of the date of the Executive's termination of employment (any such person

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or entity, a "***Restricted Business***"), or (ii) usurp any transactional opportunity from the Company. Notwithstanding the foregoing, nothing in this <u>Section 10</u> shall prohibit the Executive from (I) providing advice or services to a Restricted Business if (1) the service relationship is restricted solely to one or more distinct portions of the operations and businesses of such Restricted Business, (2) such distinct portions do not engage in the activities competitive with the Company, and (3) the Executive undertakes not to, and does not, have any discussions with, or participate in, the governance, management or operations of such person or entity or any business segments thereof that engage in the Restricted Business or (II) making any passive investment in a public company, from owning five percent (5%) or less of the issued and outstanding voting securities of any entity, or from serving as a non-employee, independent director of a company that does not compete with the Company or any of its subsidiaries (as described in this <u>Section 10(b)</u>), <u>provided</u> that such activities do not create a conflict of interest with the Executive's employment by the Company or result in the Executive being obligated or required to devote any managerial efforts to such entity.

&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)**<u>Non-Solicitation of Employees</u>. During the Term and for a period of twelve (12) months following the termination of the Executive's employment, except in accordance with performance of the Executive's duties hereunder, the Executive shall not, directly or indirectly, induce any person who was employed by the Company or any of its subsidiaries during Executive's employment with the Company and with whom the Executive had contact or about whom the Executive had access to Confidential Information during the then-immediately preceding twelve (12) calendar month period ending no later than the date of the Executive's termination of employment to terminate employment with that entity, and the Executive shall not, directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, employ, offer employment to or otherwise interfere with the employment relationship of the Company or any of its subsidiaries with any person who is or was employed by the Company or such subsidiary during the Executive's employment with the Company and with whom the Executive had contact or about whom the Executive had access to Confidential Information during the then-immediately preceding twelve (12) calendar month period ending no later than the date of the Executive's termination of employment unless, at the time of such employment, offer or other interference, such person shall have ceased to be employed by such entity for a period of at least six (6) months; <u>provided</u> that the foregoing will not apply to individuals solicited or hired as a result of the use of an independent employment agency (so long as the agency was not directed to solicit or hire a particular individual) or to individuals who have responded to a public solicitation to the general population.

&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)**<u>Confidentiality</u>. During the Executive's employment and at all times following the termination of the Executive's employment for any reason, the Executive shall not, without the prior written consent of the Company, use, divulge, disclose or make accessible to any other person, firm, partnership, corporation or other entity any confidential or proprietary information pertaining to the business of the Company or any of its subsidiaries, including, without limitation, know-how; trade secrets; customer lists; pricing policies; operational methods; and other information relating to products, processes, past, current and prospective customers or other third parties, services and other business and financial affairs (collectively, the "***Confidential Information***"), in each case to which the Executive has had or may have access or which the Executive developed or may have developed. The Company acknowledges that, prior to the Executive's employment with the Company, the Executive has lawfully

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acquired extensive knowledge of the industries and businesses in which the Company engages and the Company's customers, and that the provisions of this <u>Section 10</u> are not intended to restrict the Executive's use of such previously acquired knowledge. Upon termination of the Executive's employment with the Company for any reason, the Executive shall return to the Company all Company property and all written Confidential Information in the possession of the Executive. Notwithstanding anything in this Agreement or any other Company document to the contrary, the Executive shall be permitted, and the Company expressly acknowledges the Executive's right, to divulge, disclose or make accessible to the Executive's counsel any Confidential Information that, in the good faith judgment of the Executive (or the Executive's counsel), is necessary or appropriate in order for counsel to evaluate the Executive's rights, duties or obligations under this Agreement or in connection with the Executive's status as an officer and/or director of the Company or any of its subsidiaries.

In the event that the Executive receives a request or is required (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose all or any part of the Confidential Information to a third party (other than the Executive's counsel), the Executive agrees to (a) promptly notify the Company in writing of the existence, terms and circumstances surrounding such request or requirement; (b) consult with the Company, at the Company's request, on the advisability of taking legally available steps to resist or narrow such request or requirement; and (c) assist the Company, at the Company's request and expense, in seeking a protective order or other appropriate remedy. In the event that such protective order or other remedy is not obtained or that the Company requests no consultation or assistance from the Executive pursuant to this provision or otherwise waives compliance with the provisions hereof, the Executive shall not be liable for such disclosure unless such disclosure was caused by or resulted from a previous disclosure by the Executive not permitted by this Agreement. Further, nothing in this Agreement or any other agreement by and between the Company and the Executive shall prohibit or restrict the Executive from (i) voluntarily communicating with an attorney retained by the Executive, (ii) voluntarily communicating with any law enforcement, government agency, including the Securities and Exchange Commission ("SEC"), Equal Employment Opportunity Commission or a state or local commission on human rights, or any self-regulatory organization, regarding possible violations of law, including criminal conduct and unlawful employment practices, (iii) recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, in each case without advance notice to the Company or (iv) responding to a peace officer's or prosecutor's questions relating to an alleged criminal sexual offense or obscenity, or making a statement in a criminal proceeding related to an alleged sexual offense or obscenity.

Pursuant to 18 U.S.C. §1833(b), the Executive acknowledges that the Executive shall not have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to the Executive's attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding, if the Executive (1) files any document containing the trade secret under seal, and (2) does not disclose the trade secret, except pursuant

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to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. §1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

&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;**(e)**Subject to the permitted disclosures in Section 10(d), the Executive agrees that the Executive will not at any time during the Term or thereafter, directly or indirectly, in any forum or in any manner (including, but not limited to, orally, in writing or electronically whether for attribution or anonymously) to any third party (including, but not limited, to any former, current or prospective employee, client, investor, vendor or other counterparty) make, or cause to be made, any statement, or express any observation or opinion disparaging or otherwise portraying in a negative light the business, reputation, character, honesty, integrity, morality or business acumen or abilities of the Company or any of its subsidiaries, directors, officers, employees or direct or indirect equity holders, including each equity holder's respective affiliates.

&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;**(f)**<u>Injunctive Relief with Respect to Covenants</u>. The Executive acknowledges and agrees that the covenants and obligations of the Executive with respect to noncompetition, nonsolicitation and confidentiality, as the case may be, set forth herein relate to special, unique and extraordinary matters and that a violation or threatened violation of any of the terms of such covenants or obligations will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, the Executive agrees, to the fullest extent permitted by applicable law, that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Executive from committing any violation of the covenants or obligations contained in this <u>Section</u> 10. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. In connection with the foregoing provisions of this <u>Section 10</u>, the Executive represents that the Executive's economic means and circumstances are such that such provisions will not prevent the Executive from providing for the Executive and the Executive's family on a basis satisfactory to the Executive.

Nothing in this <u>Section 10</u> shall impede, restrict or otherwise interfere with the Executive's participation in any Excluded Activities.

The Executive agrees that the restraints imposed upon the Executive pursuant to this <u>Section 10</u> are necessary for the reasonable and proper protection of the Company and its subsidiaries and affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The parties further agree that, in the event that any provision of this <u>Section 10</u> shall be determined by any court or arbitrator of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision may be modified by the court or arbitrator to permit its enforcement to the maximum extent permitted by law.

**Section 11.** **<u>Intellectual Property</u>**. During the Term, the Executive shall promptly disclose to the Company, its subsidiaries or their respective successors or assigns, and grant to the Company and its successors and assigns without any separate remuneration or compensation other than that received by the Executive in the course of the Executive's employment, the Executive's entire right, title and interest in and to any and all inventions, developments, discoveries, models, or any other intellectual property of any type or nature whatsoever developed solely during the Term ("***Intellectual Property***"), whether developed by the Executive

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during or after business hours, or alone or in connection with others, that is in any way related to the business of the Company, its subsidiaries or its successors or assigns. This provision shall not apply to books or articles authored by the Executive during non-work hours, consistent with the Executive's obligations under this Agreement including Section 10 thereof, so long as such books or articles (a) are not funded in whole or in part by the Company, (b) do not interfere with the performance of the Executive's duties under this Agreement, and (c) do not use or contain any Confidential Information or Intellectual Property of the Company or its subsidiaries. The Executive agrees, at the Company's expense, to take all steps necessary or proper to vest title to all such Intellectual Property in the Company, and cooperate fully and assist the Company in any litigation or other proceedings involving any such Intellectual Property.

**Section 12.** **<u>Disputes</u>**.

&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)**<u>Arbitration</u>. Excluding requests for equitable relief by the Company under <u>Section 10(f)</u>, all controversies, claims or disputes arising between the parties that are not resolved within sixty (60) days after written notice from one party to the other setting forth the nature of such controversy, claim or dispute shall be submitted to binding arbitration in Maricopa County, Arizona, including, without limitation, (i) any dispute, controversy or claim related in any way to the Executive's employment with the Company or any termination thereof, (ii) any dispute, controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or disability) and (iii) any claim arising out of or relating to this Agreement or the breach thereof (collectively, "***Disputes***"). Arbitration of disputes under this Agreement shall proceed in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association ("***AAA***") as those rules are applied to individually negotiated employment agreements, as then in effect ("***Rules***"); <u>provided</u>, <u>however</u>, that both parties shall have the opportunity to conduct pre-arbitration discovery; <u>provided</u>, <u>further</u>, that nothing herein will require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement; and <u>provided</u>, <u>further</u>, that, notwithstanding anything to the contrary herein, the Executive may, but is not required to, arbitrate claims for sexual harassment or assault to the extent applicable law renders a pre-dispute arbitration agreement covering such claims invalid or unenforceable. The arbitration shall be decided by a single arbitrator mutually agreed upon by the parties or, in the absence of such agreement, by an arbitrator selected according to the applicable rules of the AAA.

&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;**(i)**Any judgment on or enforcement of any award, including an award providing for interim or permanent injunctive relief, rendered by the arbitrator may be entered, enforced or appealed in any court of competent jurisdiction. Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation of this arbitration provision, will be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.

&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;**(ii)**It is part of the essence of this Agreement that any Disputes hereunder will be resolved expeditiously and as confidentially as possible. Accordingly, the Company and the Executive agree that all proceedings in any arbitration will be conducted under seal and kept strictly confidential. In that regard, no party will use, disclose or permit the disclosure of any information, evidence or documents produced by any other party in the arbitration proceedings or about the existence, contents or results of the proceedings

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except as may be required by any legal process, as required in an action in aid of arbitration or for enforcement of or appeal from an arbitral award or as may be permitted by the arbitrator for the preparation and conduct of the arbitration proceedings. Before making any disclosure permitted by the preceding sentence, the party intending to make such disclosure will give the other party reasonable written notice of the intended disclosure and afford such other party a reasonable opportunity to protect its interests.

&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)**<u>Jury Waiver</u>. Each party to this Agreement understands and expressly acknowledges that in agreeing to submit the disputes described in <u>Section 12(a)</u> to binding arbitration, such party is knowingly and voluntarily waiving all rights to have such disputes heard and decided by the judicial process in any court in any jurisdiction. This waiver includes, without limitation, the right otherwise enjoyed by such party to a jury trial.

&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)**<u>Limitations Period</u>. All arbitration proceedings pursuant to this Agreement shall be commenced within the time period provided for by the legally recognized statute of limitations applicable to the claim being asserted. No applicable limitations period shall be deemed shortened or extended by this Agreement.

&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)**<u>Arbitrator's Decision</u>. The arbitrator shall have the power to award any party any relief available to such party under applicable law, but may not exceed that power. The arbitrator shall explain the reasons for the award and must produce a formal written opinion. The arbitrator's award shall be final and binding and judgment upon the award may be entered in any court of competent jurisdiction. There shall be no appeal from the award except on those grounds specified by the Federal Arbitration Act and case law interpreting the Federal Arbitration Act.

&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;**(e)**<u>Legal Fees</u>. Notwithstanding anything to the contrary in <u>Section 12(d)</u>, the Arbitrator shall have the discretion to order the Company to pay or promptly reimburse the Executive for the reasonable legal fees and expenses incurred by the Executive in successfully enforcing or defending any right of the Executive pursuant to this Agreement even if the Executive does not prevail on all issues; <u>provided</u>, <u>however</u>, that the Company shall have no obligation to reimburse the Executive unless the amount recovered by the Executive from the Company, exclusive of fees and costs, is at least equal to the greater of (i) $50,000, or (ii) 25% of the award sought by the Executive in any arbitration or other legal proceeding.

&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;**(f)**<u>Availability of Provisional Injunctive Relief</u>. Notwithstanding the parties' agreement to submit all disputes to final and binding arbitration, either party may file an action in any court of competent jurisdiction to seek and obtain provisional injunctive and equitable relief to ensure that any relief sought in arbitration is not rendered ineffectual by interim harm that could occur during the pendency of the arbitration proceeding.

**Section 13.** **<u>Indemnification</u>**. The Company shall indemnify the Executive, to the maximum extent permitted by applicable law and the governing instruments of the Company, against all costs, charges and expenses incurred or sustained by the Executive, including the cost of legal counsel selected and retained by the Executive in connection with any action, suit or proceeding to which the Executive may be made a party by reason of the Executive being or having been an officer, director or employee of the Company or its subsidiaries.

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**Section 14.** **<u>Cooperation in Future Matters</u>**. The Executive hereby agrees that for a period of twelve (12) months following the Executive's termination of employment, the Executive shall cooperate with the Company's reasonable requests relating to matters that pertain to the Executive's employment by the Company, including, without limitation, providing information or limited consultation as to such matters, participating in legal proceedings, investigations or audits on behalf of the Company, or otherwise being reasonably available to the Company for other related purposes. Any such cooperation shall be performed at scheduled times taking into consideration the Executive's other commitments, and the Executive shall be compensated at a reasonable hourly or per diem rate to be agreed upon by the parties to the extent such cooperation is required on more than an occasional and limited basis. The Executive shall not be required to perform such cooperation to the extent it conflicts with any requirements of exclusivity of services for another employer or otherwise, nor in any manner that in the good faith belief of the Executive would conflict with the Executive's rights under or ability to enforce this Agreement.

**Section 15.** **<u>General</u>**.

&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)**<u>Notices</u>. Any notices or other communications required or permitted under, or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date delivered or sent if delivered in person or by email, (b) on the fifth (5<sup>th</sup>) Business Day after dispatch by registered or certified mail, or (c) on the next business day if transmitted by nationally recognized overnight courier, in each case as follows:

to the Company:

Ivory SuNNNs LLC

c/o GIC Real Estate, Inc.

280 Park Avenue, 9th Floor

New York, New York 10017

Attention: Cai Wenzheng and Thomas Shin

Email: [\*\*\*]; [\*\*\*]

and

Blue Owl Real Estate Capital LLC

150 N Riverside Plaza, Floor 37

Chicago, IL 60606

Attention: Jesse Hom and Jared Sheiker

Email: [\*\*\*]; [\*\*\*]

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

Attention: Blair Thetford, Esq.

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Email: [\*\*\*]

and

Skadden, Arps, Slate, Meagher & Flom LLP

320 S. Canal Street

Chicago, Illinois 60606

Attention: Nancy Olson, Esq.

Email: [\*\*\*]

to the Executive:

At the Executive's last residence and email address shown on the records of the Company.

Any such notice shall be effective (i) if delivered personally, when received or (ii) if sent by overnight courier, when receipted for.

&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)**<u>Severability</u>. If a court of competent jurisdiction finds or declares any provision of this Agreement invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.

&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)**<u>Waivers</u>. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege.

&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)**<u>Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

&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;**(e)**<u>Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Company's successors and the Executive's personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. This Agreement shall not be assignable by the Executive, it being understood and agreed that this is a contract for the Executive's personal services. This Agreement shall not be assignable by the Company except that the Company shall assign it in connection with a transaction involving the succession by a third party to all or substantially all of the Company's business and/or assets (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise). When assigned to a successor, the assignee shall assume this Agreement and expressly agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of such an assignment. For all purposes under this Agreement, the term "Company" shall include any successor to the Company's business and/or assets that executes and delivers the assumption agreement described in the immediately preceding sentence or that becomes bound by this Agreement by operation of law.

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&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;**(f)**<u>Entire Agreement</u>. This Agreement contains the entire understanding of the parties and, effective as of the Effective Date, supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof, including without limitation the Existing Employment Agreement. This Agreement may not be amended except by a written instrument hereafter signed by the Executive and a duly authorized representative of the Board (other than the Executive).

&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;**(g)**<u>Governing Law and Jurisdiction</u>. Except for <u>Section 12</u> of this Agreement, which shall be governed by the Federal Arbitration Act, this Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of Arizona, without giving effect to principles of conflicts of law. The Executive hereby expressly consents to the personal jurisdiction of the state and federal courts located in Arizona for any lawsuit filed there against the Executive by the Company arising from or relating to this Agreement.

&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;**(h)**<u>409A Compliance</u>. It is intended that this Agreement comply with Section 409A of the Code and the Treasury Regulations and IRS guidance thereunder (collectively referred to as "***Section 409A***"). Notwithstanding anything to the contrary, this Agreement shall, to the maximum extent possible, be administered, interpreted and construed in a manner consistent with Section 409A. To the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which the Executive participates during the Term or thereafter provides for a "deferral of compensation" within the meaning of Section 409A of the Code, (i) the amount of the benefit provided thereunder in a taxable year of the Executive shall not affect the amount of such benefit provided in any other taxable year of the Executive (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) any portion of such benefit provided in the form of a reimbursement shall be paid to the Executive on or before the last day of the Executive's taxable year following the Executive's taxable year in which the expense was incurred, and (iii) such benefit shall not be subject to liquidation or exchange for any other benefit. For all purposes under this Agreement, reference to the Executive's "termination of employment" (and corollary terms) from the Company shall be construed to refer to the Executive's "separation from service" (as determined under Treas. Reg. Section 1.409A-1(h), as uniformly applied by the Company) from the Company to the extent necessary to comply with and avoid imposition on the Executive of any tax penalty imposed under, Section 409A. If the Executive is a "specified employee" within the meaning of Section 409A, any payment required to be made to the Executive hereunder upon or following the Executive's date of termination for any reason other than death or "disability" (as such terms are used in Section 409A(a)(2) of the Code) shall, to the extent necessary to comply with and avoid imposition on the Executive of any tax penalty imposed under, Section 409A, be delayed and paid in a single lump sum during the ten (10) day period following the six (6) month anniversary of the date of termination. Any severance payments or benefits under this Agreement that would be considered deferred compensation under Section 409A will be paid on, or, in the case of installments, will not commence until, the sixty-second (62nd) day following separation from service, or, if later, such time as is required by the preceding sentence or by Section 409A. Any installment payments that would have been made to the Executive during the sixty-two (62)-day period immediately following the Executive's separation from service but for the preceding sentence will be paid to the Executive on the sixty-second (62nd) day following the Executive's separation from service and the remaining payments shall be made as provided in this Agreement.

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&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;**(i)**<u>Construction</u>. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. The headings of sections of this Agreement are for convenience of reference only and shall not affect its meaning or construction.

&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;**(j)**<u>Payments and Exercise of Rights After Death</u>. Any amounts payable hereunder after the Executive's death shall be paid to the Executive's designated beneficiary or beneficiaries, whether received as a designated beneficiary or by will or the laws of descent and distribution. The Executive may designate a beneficiary or beneficiaries for all purposes of this Agreement, and may change at any time such designation, by notice to the Company making specific reference to this Agreement. If no designated beneficiary survives the Executive or the Executive fails to designate a beneficiary for purposes of this Agreement prior to the Executive's death, all amounts thereafter due hereunder shall be paid, as and when payable, to the Executive's spouse, if such spouse survives the Executive, and otherwise to the Executive's estate.

&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;**(k)**<u>Consultation With Counsel</u>. The Executive acknowledges that, prior to the execution of this Agreement, the Executive has had a full and complete opportunity to consult with counsel or other advisers of the Executive's own choosing concerning the terms, enforceability and implications of this Agreement, and that the Company has not made any representations or warranties to the Executive concerning the terms, enforceability and implications of this Agreement other than as are reflected in this Agreement. The Company acknowledges that, following the execution of this Agreement, the Executive shall have the right to consult with counsel of the Executive's choosing (at the Executive's personal expense) concerning the terms, enforceability and implications of this Agreement and the Executive's rights, duties and obligations hereunder and as an officer and/or director of the Company and, in so doing, may divulge Confidential Information to the Executive's counsel.

&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;**(l)**<u>Withholding</u>. Any payments provided for in this Agreement shall be paid after deduction for any applicable income tax withholding required under federal, state or local law.

&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;**(m)**<u>Survival</u>. The provisions of <u>Sections 8</u>, <u>9</u>, <u>10</u>, <u>11</u>, <u>12</u>, <u>13</u>, <u>14</u>, and <u>15</u> shall survive the termination of this Agreement.

*[Signatures on following page]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

STORE CAPITAL LLC

By: <u>/s/ Mary Fedewa</u> <br> Name: Mary Fedewa <br> Title: President and Chief Executive Officer

By: <u>/s/ Jesse Hom</u> <br> Name: Jesse Hom <br> Title: Authorized Signatory

EXECUTIVE

 <u>/s/ Ashley Dembowski</u> <br> Ashley Dembowski

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Mary B. Fedewa, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of STORE Capital LLC for the quarter ended March 31, 2026;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 1, 2026 |  |
|  | /s/ Mary B. Fedewa |
|  | Mary B. Fedewa |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

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## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Ashley A. Dembowski, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of STORE Capital LLC for the quarter ended March 31, 2026;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 1, 2026 |  |
|  | /s/ Ashley A. Dembowski |
|  | Ashley A. Dembowski |
|  | Executive Vice President – Chief Financial Officer and Secretary |
|  | (Principal Financial Officer) |

---

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of STORE Capital LLC (the "Company") for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mary B. Fedewa, as President and Chief Executive Officer of the Company, hereby certify pursuant to Title 18, Chapter 63, Section 1350 of the United States Code, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 1, 2026 | /s/ Mary B. Fedewa | /s/ Mary B. Fedewa |
|  | Name: | Mary B. Fedewa |
|  | Title: | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and will not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of the general incorporation language in such filing, except to the extent the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of STORE Capital LLC (the "Company") for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ashley A. Dembowski as Executive Vice President, Chief Financial Officer and Secretary of the Company, hereby certify pursuant to Title 18, Chapter 63, Section 1350 of the United States Code, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 1, 2026 |  |
|  | /s/ Ashley A. Dembowski |
|  | Ashley A. Dembowski |
|  | Executive Vice President, Chief Financial Officer and Secretary |
|  | (Principal Financial Officer) |

---

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and will not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of the general incorporation language in such filing, except to the extent the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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