Document:

EX-10.31

 CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
 Exhibit
10.31 
 LICENSE AGREEMENT 
 This LICENSE AGREEMENT (“License Agreement”) is made and entered into, as of November 27, 2012, by and between on the one hand, Cadence Pharmaceuticals, Inc., a corporation organized
under the laws of the state of Delaware (“Cadence”), and SCR Pharmatop, a civil law partnership organized and existing under the laws of France (“Pharmatop”) (collectively “Cadence Parties”), and on
the other hand, Paddock Laboratories, LLC, a limited liability company formed under the laws of the State of Delaware (“Paddock”), and Perrigo Company, a corporation existing under the laws of Michigan (“Perrigo”),
(each a “Party”, and, collectively, the “Parties”). 
 RECITALS 

WHEREAS, Cadence, Pharmatop, and Paddock have entered into a Settlement Agreement concurrently herewith (“Settlement
Agreement”); 
 WHEREAS, Pharmatop owns and has the right to enforce U.S. Patent Nos. 6,028,222 and 6,992,218;

 WHEREAS, Bristol Myers Squibb (“BMS”) is the sole and exclusive licensee of Pharmatop’s U.S. Patent
Nos. 6,028,222 and 6,992,218 with the right to sublicense each (“BMS License”); 
 WHEREAS, Cadence is the sole
and exclusive sub-licensee of Pharmatop’s U.S. Patent Nos. 6,028,222 and 6,992,218 to market the drug formulation OFIRMEV® in the United States and has the right to enforce said patents (“Cadence License”); 

WHEREAS, Cadence and Pharmatop commenced a civil action against Paddock before the United States District Court for the District of
Delaware (“District Court”), Cadence Pharmaceuticals, Inc. & SCR Pharmatop v. Paddock Laboratories, Inc. et al., No. 1:11-cv-00733-LPS, alleging, inter alia, that the filing of the Paddock ANDA
constituted an act of infringement under 35 U.S.C. § 271(e)(2)(A) and that, upon FDA (as defined below) approval of the Paddock ANDA, the making, using, offering to sell or selling of the product subject to the Paddock ANDA would be an act of
infringement under 35 U.S.C. § 271(a),(b) and/or (c) of Pharmatop’s U.S. Patent Nos. 6,028,222 and 6,992,218 (“Pending Litigation”); and 
 WHEREAS, as a condition to the execution of the Settlement Agreement, Cadence, Pharmatop, and Paddock have agreed that the Cadence Parties and Paddock will enter into this License Agreement to set forth
the terms and conditions under which Cadence shall grant to Paddock a sublicense under U.S. Patent No. 6,992,218. 

 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
in the Settlement Agreement, the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. All capitalized terms used, but not otherwise defined herein, shall have the meanings set forth in the Settlement Agreement. As used herein, the following capitalized terms shall have the meanings ascribed to them below:

 The phrase “the ’222 Patent” means U.S. Patent No. 6,028,222, including all extensions,
continuations, continuations-in-part, divisionals, reissues, or reexaminations thereof, in each case whether granted or allowed before, on, or after the Execution Date. 
 The phrase “the ’218 Patent” means U.S. Patent No. 6,992,218, including all extensions, continuations, continuations-in-part, divisionals, reissues, or reexaminations thereof,
in each case whether granted or allowed before, on, or after the Execution Date. 
 “Affiliate” means:

 (a) an organization, which directly or indirectly controls a party to this License Agreement; or 

(b) an organization, which is directly or indirectly controlled by a party to this License Agreement; or 

(c) an organization, which is controlled, directly or indirectly, by the ultimate parent company of a party. 

Control as per (a), (b), and (c) is defined as owning greater than fifty percent (>50%) of the voting stock of a company or having otherwise the
power to govern the financial and the operating policies or to appoint the management of an organization. 

“ANDA” means an abbreviated new drug application (or equivalent US regulatory mechanism). 

“Asserted Claims” means claims [***] of the ’218 Patent and claims [***] of the ’222 Patent.

 “Cadence Authorized Generic Product” shall have the meaning set forth in Section 3.8. 

“Cadence NDA” means NDA No. 022450, including any replacement, amendment, or supplement thereto. 

  

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 “Cadence Product” means Cadence’s injectable acetaminophen product
having a dosage amount of 1000 mg/100 ml (10 mg/ml) in finished dosage form that is the subject of the Cadence NDA. 

“Commercially Reasonable Efforts” means the reasonable, diligent, and good-faith efforts as a pharmaceutical company of
similar size to the corresponding Party would normally use to accomplish a similar objective under similar circumstances. 

“Covenant” means the covenant not to sue provided in Section 3.1.2. 

“Entry Date” means the date provided in Section 3.2, as potentially accelerated under Section 3.3. 

“Effective Date” means the date provided in Section 2.1 of this License Agreement. 

“Execution Date” means the date on which all the Parties have executed this License Agreement. 

“Exclusivity Waiver” means the waiver provided in Section 3.1.3. 

“First Filer” shall mean a first applicant, as defined under 21 U.S.C. § 355(j)(2)(A)(vii)(IV), with respect to the
Cadence NDA and wherein such applicant has not forfeited or waived its generic exclusivity period. 
 “Final Court
Decision” means a decision that is no longer subject to a right of appeal (other than by a petition to the United States Supreme Court for writ of certiorari). 
 “Generic Product” means an injectable acetaminophen drug formulation that is approved under the Federal Food, Drug and Cosmetic Act under section 505(b)(2) or 505(j) of the Act, that
relied in whole or in part on data developed for, or the approval of, the Cadence Product and that is listed in the Orange Book (or equivalent US regulatory mechanism) as a generic version of the Cadence Product. 

“Launch at Risk” means commercial Marketing of a Generic Product by a Third Party that is (i) prior to the earlier
of (a) the Entry Date (b) a Final Court Decision that such Third Party’s Generic Product does not infringe any valid claim of the ’218 Patent and the ’222 Patent; and (ii) not licensed or otherwise authorized by Cadence
prior to the date of such Marketing commencement. 
 “License” means the license provided in
Section 3.1.1. 
 “Licensed Patents” means, collectively, the ’218 Patent, and any other United
States patents owned, licensed by, or otherwise controlled by the Cadence Parties that would, in the absence of this License Agreement, be infringed by the Manufacture, and/or Marketing by Paddock of the Paddock Product in the Territory as of the
Entry Date, including any extensions, pediatric exclusivities, continuations, continuations-in-part, divisionals, reissues, or reexaminations thereof. 

  
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 “Manufacture” means to use, make, or have made a product. 

“Market” and “Marketing” means to offer for sale, sell, or distribute a product. 

“Orange Book” means the FDA publication entitled Approved Drug Products with Therapeutic Equivalence Evaluations.

 “Paddock ANDA” means ANDA No. 202605 filed by Paddock with the US FDA seeking the FDA’s approval
to sell generic injectable acetaminophen in the United States, including any amendments, or supplements to said ANDA, and that references the Cadence Product. 
 “Paddock Product” means Paddock’s injectable acetaminophen product having a dosage amount of 1000 mg/100 ml (10 mg/ml) in finished dosage form that is the subject of the Paddock
ANDA. 
 “Pediatric Exclusivity” means the period of exclusivity provided by 21 U.S.C. § 355a(b)(1)(B) (as
amended or replaced) and/or 21 U.S.C. § 355a(c)(1)(B) (as amended or replaced). 
 “Pre-Marketing
Activities” means activities described in Section 3.6 of this License Agreement. 
 “Settlement
Documents” means this License Agreement and the Settlement Agreement. 
 “Stipulation of Dismissal”
means the documents attached to the Settlement Agreement as Exhibit A. 
 “Term” means the term of this
License Agreement as defined in Article VI herein. 
 “Territory” means the United States of America, including
its territories, possessions, and commonwealths. 
 “Third Party” means any Person other than a Party or its
Affiliates. 
 1.2 Certain Rules of Construction. As used in this License Agreement, neutral pronouns and any variations
thereof shall be deemed to include the feminine and masculine, and all terms used in the singular shall be deemed to include the plural, and vice versa, as the context may require. The words “herein,” “hereof,” and
“hereunder” and other words of similar import refer to this License Agreement as a whole, as the same may from time to time be amended or supplemented, and not to any particular subdivision contained in this License Agreement. The word
“including” when used herein is not intended to be exclusive, or to limit the generality of the preceding words, and means “including, without limitation.” References herein to a Preamble, Recital, Article, Section, or Schedule
refer to the appropriate preamble, recital, article, section, or schedule of this License Agreement. Where a Party’s consent is required hereunder, except as otherwise specified herein, such Party’s consent may be granted or reasonably
withheld in such Party’s sole discretion. 

  
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 ARTICLE II 
 CONDITION PRECEDENT 
 2.1 The Parties agree that this License Agreement shall be
effective on the date on which the District Court has entered the Stipulation of Dismissal in the Pending Litigation, and all orders, decisions, and findings underlying such final judgment or merged therein (the “Effective Date”).
In the event the Stipulation of Dismissal is not entered or are otherwise denied, this License Agreement shall be void ab initio consistent with Section 3 of the Settlement Agreement. 

ARTICLE III 

GRANT 
 3.1.1
License Grant. Subject to the terms and conditions of this License Agreement, Cadence hereby grants to Paddock and its current Affiliates a non-exclusive, fully paid, non-transferable sublicense under the Licensed Patents
(“License”) to: 
 (a) Manufacture the Paddock Product inside or outside the Territory not earlier than
[***] and solely for Marketing in the Territory [***]; 
 (b) Import the Paddock Product into the Territory not
earlier than [***] and solely for Marketing in the Territory [***]; and 
 (c) Market the Paddock Product in the
Territory [***]. 
 3.1.2 Covenant Not to Sue. Subject to the terms and conditions of this License Agreement, the
Cadence Parties covenant not to assert the Licensed Patents or any other United States or foreign patent rights currently owned by the Cadence Parties or their Affiliates against the Manufacture or Marketing of the Paddock Product in the Territory
or the importation of the Paddock Product or API into the Territory by Paddock or its current Affiliates for that purpose. The Cadence Parties also covenant not to assert any foreign patent rights currently owned by the Cadence Parties or their
Affiliates against the Manufacture of the Paddock Product or API outside of the Territory solely for the Marketing of the Paddock Product in the Territory or the importation of the Paddock Product into the Territory by Paddock or its current
Affiliates. (“Covenants”). For the avoidance of doubt, no right, license, or covenant is granted as to Marketing of Paddock Product or API outside the Territory. Each of the Parties hereby acknowledges and agrees that, pursuant to that
certain letter dated November 6, 2012 from Bristol-Myers Squibb Company (“BMS”) to counsel for each of the Parties and for Exela Pharma Sciences, LLC, BMS has waived any right to consent to settlement of the Pending Litigation
and, accordingly, no obligation under this License Agreement, including the Covenants, or the Settlement Agreement shall be imposed upon BMS. 
 3.1.3 Waiver of Regulatory or Statutory Exclusivities. Subject to the terms and conditions of this License Agreement, Cadence further grants a waiver of any regulatory or 

 

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statutory exclusivities to the extent necessary to effectuate the License and Covenant, and solely for Marketing the Paddock Product in the Territory not earlier than the Entry Date
(“Exclusivity Waiver”). Cadence agrees to cooperate reasonably with Paddock to effectuate the selective waiver of regulatory exclusivity detailed herein, including providing notices to the U.S. Food and Drug Administration
(“FDA”) in substantially the form attached hereto as Exhibit A (or such other form as FDA may require), verifying the existence of such selective waiver and not opposing the FDA’s final approval of the Paddock ANDA for
sale of the Paddock Product in the Territory as of the Entry Date. Cadence agrees to notify Paddock within [***] of its receipt of notice regarding the grant or denial of Pediatric Exclusivity with respect to the Cadence Product. Cadence also
agrees to deliver an executed version of Exhibit A (or such other form as FDA may require) to the FDA and Paddock within [***] following Paddock’s request. 
 3.1.4 No Right to Sublicense. The foregoing License, Covenant, and Exclusivity Waiver shall not include any right to grant sublicenses under the Licensed Patents or, subject to Section 3.7,
transfer the Exclusivity Waiver or Covenant. 
 3.2 Entry Date. Subject to Sections 3.3.1, 3.3.2, 3.3.3 and 3.3.4, the
“Entry Date” shall be December 6, 2020. 
 3.3 Acceleration of Entry Date. Notwithstanding
Section 3.2, the “Entry Date” shall be accelerated only under the circumstances specified below: 
 3.3.1
Final Court Decision/Expiration of Patents. In the event of a Final Court Decision holding all of the Asserted Claims of the ’222 Patent and the ’218 Patent to be (i) invalid or unenforceable or (ii) not infringed by a
Generic Product prior to the Entry Date, then the Entry Date shall automatically be accelerated and amended to the date that is (a) [***] after the date on which a Third Party commences Marketing (and continues to Market) a Generic
Product after the date of entry of such Final Court Decision if such Third Party is a First Filer; or (b) the date on which a Third Party launches a Generic Product, consistent in size and scope of a commercial launch thereof, after the date of
entry of such Final Court Decision if there is no First Filer (including as a result of forfeiture or waiver of generic marketing exclusivity after the date of entry of such Final Court Decision). In addition, if the Cadence Parties fail to maintain
the Licensed Patents, the Entry Date may be accelerated to the last to expire of the Licensed Patents. 
 3.3.2 Previously
Licensed Generic Product. In the event that Cadence has licensed or otherwise authorized any Third Party to Market a Generic Product before December 6, 2020, then Paddock’s Entry Date shall automatically be accelerated and amended to
the date that is: (a) [***] after the date on which any Third Party commences Marketing (and continues to Market) a Generic Product in the Territory in the event that such Third Party is a First Filer; or (b) the date on which any
Third Party that is licensed or otherwise authorized by Cadence to Market a Generic Product commences Marketing (and continues to Market) a Generic Product in the Territory if such Third Party is not a First Filer (including as a result of
forfeiture or waiver of generic marketing exclusivity after the date of entry of such Final Court Decision). 

  

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 3.3.3 Market Decline. In the event that Paddock, after [***], sends Cadence a
[***] or other mutually acceptable sales report demonstrating that unit sales of the Cadence Product for [***] were less than [***], and wherein the decline is for reasons other than (i) [***], or
(ii) [***], then the Entry Date shall be the [***] following Cadence’s receipt of such report. 
 3.3.4
Launch at Risk. In the event of an Launch At Risk, then the Entry Date shall be the date of such Launch At Risk, provided that (i) Paddock has secured final approval of the Paddock ANDA from the FDA; and (ii) Paddock is not
enjoined from entering the market (other than pursuant to the consent judgment that is entered pursuant to the Settlement Agreement to resolve the Pending Litigation); and further provided that if Cadence seeks, within [***] of the
date that Paddock provides written notice to Cadence of such Launch At Risk, a temporary restraining order or injunction prohibiting further sale of such Generic Product or Cadence otherwise enters into an agreement with such Third Party to prohibit
further sale of such Generic Product, the Entry Date shall not be deemed to have been accelerated or amended prior to a court decision on Cadence’s application for a temporary restraining order or, if pending, its application for an injunction.
Entry of a court order denying Cadence’s application for a temporary restraining order and injunction shall be deemed to constitute an “Entry Date”; but if a temporary restraining order or an injunction is issued against such Third
Party, then no accelerated “Entry Date” shall be deemed to have occurred. If the application for an injunction is initially denied but the Third Party is subsequently enjoined from continued Marketing of its Generic Product by grant of an
injunction, then Paddock shall not commence Marketing the Paddock Product, or if Paddock has already commenced Marketing the Paddock Product it shall immediately exit the market with the Paddock Product, unless the Entry Date has otherwise occurred
under Section 3.2 or 3.3. In the event Paddock has exited the market based upon the previous two sentences, Paddock shall retain its rights under Section 3.8 as provided by Section 3.8(e). 

3.4 Acknowledgement. For avoidance of doubt, the Parties acknowledge that Paddock is licensed to Market the Paddock Product only
as of the Entry Date, as such Entry Date may be accelerated pursuant to Section 3.3. 
 3.5 No Obligation. The
Cadence Parties shall have no obligation whatsoever to deliver any technology, improvements thereto, or any documents to Paddock under this License Agreement. 
 3.6 Pre-Marketing Activities. Notwithstanding anything to the contrary, 

(a) Paddock and its Affiliates may engage in (i) [***] no earlier than [***] and (ii) [***] no earlier
than [***]; and 
 (b) Not earlier than [***], Paddock and its Affiliates may offer the Paddock Product for sale
to occur after the Entry Date in the Territory, provided that neither Paddock nor 

  

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its Affiliates will enter into any binding contract for, accept orders for, or deliver to any Third Party any Paddock Product prior to the Entry Date. 

3.7 Assignment. This License Agreement shall not be assignable in whole or in part by any of the Parties without the prior written
consent of all the other Parties. Notwithstanding the foregoing, Paddock may assign this License Agreement in its entirety to either: (i) a current Affiliate; or (ii) a Third Party who acquires the entire generic pharmaceutical business of
Perrigo Company, whether through a merger, consolidation, purchase, or other transfer; provided that in either case such Affiliate or Third Party, as the case may be, agrees in writing for the benefit of the Cadence Parties to assume all of the
obligations of Paddock hereunder. In addition, Cadence may assign this License Agreement to any Affiliate or to any successor or assign of the ’222 Patent, the ’218 Patent, or the OFIRMEV® business generally, provided that in either
case such Affiliate or successor, as the case may be, agrees in writing for the benefit of Paddock to assume all of the obligations of Cadence hereunder. In addition, Pharmatop may assign this License Agreement to an assignee of the ’218 Patent
and ’222 Patent. This License Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of the Parties. 
 3.8 Authorized Generic Product Agreement. Subject to the terms of this Section 3.8, Cadence hereby grants Paddock a right of first refusal to be the sole and exclusive distributor of an
authorized generic version of the Cadence Product (a “Cadence Authorized Generic Product”) in the Territory in the event that Cadence intends to launch a Cadence Authorized Generic Product in the Territory and a First Filer or other
Third Party launches a Generic Product in the Territory prior to the Entry Date. 
 (a) In the event that either Cadence or
Paddock becomes aware that a First Filer or other Third Party has obtained (or will presently obtain) final approval of its ANDA from the FDA to Market its Generic Product and intends to commercially launch such Generic Product, Cadence or Paddock
(as applicable) shall provide written notice thereof to the other Party, as applicable, with reasonable documentation in support thereof. Cadence shall notify Paddock whether it intends to launch a Cadence Authorized Generic Product within
[***] after delivery of such notice, and Paddock shall notify Cadence within [***] after delivery of such notice by Cadence whether Paddock elects to exercise its right of first refusal to become the distributor of the Cadence
Authorized Generic Product. 
 (b) In the event that Paddock elects in writing not to exercise such right of first refusal (or
fails to make an election within such [***], its right of first refusal shall terminate and Cadence may offer the right to be a distributor of a Cadence Authorized Generic Product to one or more Third Parties. 

(c) In the event that Paddock elects in writing to exercise such right of first refusal, the parties shall, within [***] after
such election by Paddock, each negotiate in good faith to enter into a written agreement consisting of (but not limited to) the material terms set forth on Exhibit B hereto. 

  

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 (d) If, at the end of such [***], Paddock and Cadence cannot agree upon any material
term (other than those material terms set forth on Exhibit B hereto, which shall not be subject to this clause (d)), each of such terms shall be resolved by “baseball-type arbitration,” pursuant to which each of Paddock and Cadence
shall submit to the arbitrator and exchange with each other, in advance of a hearing before such arbitrator, their last best offers or their final proposed provisions in respect of each such term. For each such term, such arbitrator shall be limited
to accepting the submission of one of the two provisions submitted by Paddock and Cadence and such decision shall be binding on the parties. Each of Cadence and Paddock shall jointly select a single arbitrator within [***] of the reference of
the dispute who shall be knowledgeable and experienced in the pharmaceutical industry and in resolving contractual disputes, and who shall be neutral. In the event that Cadence and Paddock cannot agree on a single arbitrator, each of Cadence
and Paddock shall then select its own arbitrator and the two arbitrators so selected shall select a third arbitrator having the above qualifications within [***] of the latest date on which they have been selected. The third arbitrator
shall alone hear and resolve the dispute. The failure of either Cadence or Paddock to select an arbitrator within the time allowed shall be deemed to an agreement to the appointment of the arbitrator selected by the other Party to hear and
decide the dispute. 
 (e) In the event that Cadence did not provide the notice in Section 3.8(a) above within the period
set forth therein and (1) Paddock has not launched a Paddock Product; or (2) Paddock has launched a Paddock Product under Section 3.3.4 but has removed the Paddock Product from the market pursuant to Section 3.3.4; and Cadence
decides at a later date to launch a Cadence Authorized Generic Product, it shall be subject to Paddock’s rights as set forth in Sections 3.8(a), (c) and (d). 
 (f) For the avoidance of doubt, Paddock shall purchase the Cadence Authorized Generic Product exclusively from or through Cadence and Cadence shall exclusively supply to Paddock the Cadence Authorized
Generic Product. 
 (g) In the event that such agreement is entered into by Cadence and Paddock, Paddock shall not have the
right to an earlier or accelerated Entry Date under Section 3.3, unless such agreement is terminated in accordance with the terms thereof. 
 [***] the earliest of (i) Paddock’s failure to timely exercise such right as set forth above; (ii) the commencement of Marketing of the Paddock Product, subject to Sections 3.3.4 and
3.8(e); and (iii) the Entry Date. 
 ARTICLE IV 
 OWNERSHIP AND VALIDITY 
 4.1 Ownership. Paddock acknowledges that to the
best of its knowledge (a) Cadence’s listing of the ’222 Patent and the ’218 Patent in the Orange Book was proper, and (b) Pharmatop presently owns all right, title, and interest in and to the ’222 Patent and the
’218 Patent, subject to the BMS License and the Cadence License. Paddock agrees that, with respect 

  

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to the Paddock Product or any other Generic Product only, it shall not, directly or indirectly, challenge any Party’s rights under, or ownership of, the ’222 Patent and/or the ’218
Patent. 
 4.2 Validity and Enforceability. Subject to Section 3.3.1, and for the Paddock Product only, Paddock
agrees that the claims of the ’222 Patent and the ’218 Patent are valid and enforceable and that it shall not, directly or indirectly, challenge the validity or enforceability of any of the claims of the ’222 Patent or the ’218
Patent. 
 4.3 No Other License. Except as expressly provided in this License Agreement, nothing herein shall be
construed as granting to a Party any license or other rights under any other intellectual property rights of the other Parties whether by implication or estoppel. Nothing herein shall grant the Parties, in selling or promoting the sale of products
or services, the right to directly or indirectly use or refer to the trademarks or trademark type rights of the other Parties or trademarks or other marks and names similar thereto. 

4.4 Further Assurances. Consistent with the terms of this License Agreement, the Parties shall perform all lawful acts and execute
such instruments as the other Parties may reasonably request to confirm, evidence, maintain or protect such Party’s rights to or under the ’222 Patent and the ’218 Patent. 

4.5 Enforcement Rights. Paddock shall have no right to prosecute, enforce, or cause the enforcement of the ‘222 Patent or the
’218 Patent. 
 4.6 No Voluntary Assistance. Neither Paddock nor any of its Affiliates, nor any of their respective
officers, or employees, shall assist, encourage, or provide (nor assist or encourage any expert witness who is under their control to provide) any information to any entity in attacking the validity or enforceability or defending against the alleged
infringement of the ’222 Patent or the ’218 Patent in connection with any product that is a generic version of a product that is owned or controlled by the Cadence Parties, except as compelled by law. 

ARTICLE V 

REPRESENTATIONS; DISCLAIMER 
 5.1 Cadence Representations. The Cadence Parties warrant and represent, to the best of their present information and belief, that they, with BMS, presently own all right, title, and interest in the
Licensed Patents. Cadence warrants and represents, to the best of its present information and belief, that it has the legal right and authority to grant this sublicense under the terms of the Cadence License. 

5.2 Mutual Representations. Each Party represents and warrants that (a) it has the power and authority to enter into this
License Agreement and has taken all necessary corporate action to authorize its performance under this License Agreement; (b) this License Agreement, when executed and delivered, will constitute a legal, valid, and binding obligation of each
such Party, enforceable in accordance with its terms; (c) no consent or authorization of any governmental authority is required in connection with its performance under this License Agreement; and (d) its entering into this License
Agreement or performance by it hereunder will not violate any federal, state, or local licensing or other statute, rule or regulation, or any 

  
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contractual obligation of such Party. Each Party agrees to comply with all applicable laws, rules, and regulations in connection with its activities under this License Agreement. 

5.3 Disclaimer. The grant of this right and license of the ’218 Patent hereunder is made “As-Is” and
“Where-Is.” The Cadence Parties hereby disclaim all representations or warranties of any kind, either express or implied, including, but not limited to, any warranty of merchantability, fitness for a particular purpose, non-infringement of
third party patents, or any other matter with respect to the Licensed Patents, whether used alone or combined with other products or services. 
 5.4 Limitations on Liability. Under no circumstances shall the Cadence Parties be liable to Paddock or its Affiliates for indirect, incidental, consequential, special, or exemplary damages (even if
they have been advised of the possibility of such damages) arising from a claim for breach of any provision of this License Agreement. 
 5.5 No Indemnities. Except as expressly provided under the Settlement Agreement, no Party shall be liable for, obligated to, or have any duty to indemnify the other Parties for any damages, losses,
claims, liabilities, obligations, commitments, costs, or expenses, including attorneys’ fees and costs, incurred by the other Parties arising out of or related to any claim asserted by a Third Party relating in any way to the subject matter of
this License Agreement. 
 ARTICLE VI 
 TERM 
 6.1 Term. Subject to Article V, the term of this License Agreement
shall commence on the Effective Date and shall expire upon the later of the expiration of (i) the last to expire of any Licensed Patents, and (ii) any periods of regulatory or statutory exclusivity (including patent term extensions and
Pediatric Exclusivity) in the United States associated with the Cadence Product under the Cadence NDA. 
 6.2 Termination for
Breach. Cadence may immediately terminate this License Agreement if Paddock materially breaches this License Agreement, and does not cure such material breach (if curable) within [***] from the receipt of written notice thereof; provided,
however, that notwithstanding the foregoing, any breach by Paddock of [***] shall not be subject to cure and Cadence shall be entitled to immediately terminate this License Agreement; and provided further that if an allegation of material
breach is determined to have been unjustified, failure to cure such alleged breach shall not be grounds for termination. Paddock may immediately terminate this License Agreement if Cadence materially breaches this License Agreement, and does not
cure such material breach (if curable) within [***] from the receipt of written notice thereof; provided, however, that if an allegation of material breach is determined to have been unjustified, failure to cure such alleged breach shall not
be grounds for termination. In the event that the Party receiving the written notice disputes in writing within [***] that a material breach of this License Agreement has occurred, the Parties will thereafter engage in good-faith discussions
for a period of at least [***] to attempt to resolve the dispute. 

  

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 6.3 Effect of Termination. Upon the early termination of this License Agreement,
Paddock shall cease all use or practice of any intellectual property formerly licensed to it hereunder. Sections 4.1, 4.2, 4.3 and Articles V, VII, and VIII shall survive any termination of this License Agreement. 

ARTICLE VII 

GENERAL PROVISIONS 
 7.1 General Provisions. 
 (a) The Settlement Documents contain the entire
agreement pertaining to the subject matter hereof, and supersede any prior or contemporaneous negotiations, representations, license agreements, and understandings of the Parties with respect to such subject matter, whether written or oral. The
Parties acknowledge that they have not relied on any promise, representation or warranty, expressed or implied, not contained in or contemplated by this License Agreement. 
 (b) The Parties agree that they will not seek to challenge or to have determined invalid, void, or unenforceable any provision of this License Agreement or this License Agreement itself, except under the
terms of this License Agreement itself. The Parties understand that this License Agreement contains the relinquishment of legal rights and each has, as each has deemed appropriate, sought the advice of legal counsel, which each of the Parties has
encouraged the others to seek. Further, the Parties agree that none of them has reposed such trust or confidence in the other Parties so as to create a fiduciary, agency, or confidential relationship. In making and performing this License Agreement,
the Parties are acting and shall act as independent contractors. Nothing in this License Agreement shall be deemed to create an agency, joint venture, or partnership relationship between the Parties. 

(c) Except as otherwise specified in this License Agreement, no amendment of or waiver of the performance of any provision of this
License Agreement and no consent to any default under this License Agreement shall be effective unless the same is in writing and properly executed by or on behalf of the Party against whom such waiver, amendment or consent is claimed. Waiver by any
Party of any default by another Party shall not be deemed a waiver of any other default. Failure of a Party to insist on performance of any term or condition of this License Agreement or to exercise any right or privilege hereunder shall not be
construed as a continuing or future waiver of such term, condition, right or privilege. No course of dealing or failure of any Party to strictly enforce any term, right or condition of this License Agreement in any instance shall be construed as a
general waiver or relinquishment of such term, right or condition. 
 (d) This License Agreement is the result of good faith
negotiations and compromise. The releases contained in this License Agreement affect claims in the Pending Litigation, which are denied and contested, and, except as expressly set forth in this License Agreement, nothing set forth herein shall be
construed as an admission by any Party hereto of any liability of any kind to the other, or to any other Person. 

  
 12 

 (e) Each of the Parties covenants and agrees, severally and for itself and its Affiliates
only, to take additional actions that may be reasonably necessary or appropriate to fully effectuate the terms, intent and conditions of this License Agreement. 
 (f) This License Agreement shall inure to the benefit of the Parties and shall be binding upon the Parties and their respective successors and permitted assigns. 

(g) Each Party acknowledges and agrees that money damages would not be a sufficient remedy for any threatened or actual breach of this
License Agreement by another Party (including Section 3.1), as the case may be, and that the non-breaching Party or Parties will be entitled to seek equitable relief, including a temporary restraint, a preliminary injunction, a permanent
injunction and specific performance for any such breach. Accordingly, each Party agrees that if one of the other Parties institutes an action or proceeding to enforce any provisions of this License Agreement, such other Party or Parties will be
entitled to seek injunctive or other equitable relief as may be necessary or appropriate to enjoin, prevent or curtail any such breach or threatened breach. Such remedies are not to be the exclusive remedies for a breach of this License Agreement,
but will be in addition to all other remedies available at law or equity. 
 (h) The Parties hereto have had the opportunity to
be represented by counsel in their negotiations of the terms of this License Agreement. This License Agreement will be deemed to have been drafted jointly by the Parties and therefore no provision of this License Agreement shall be construed against
any Party on the theory that such Party drafted such provision. 
 (i) This License Agreement shall be governed by and construed
in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of Delaware. All actions and
proceedings arising out of or relating to this License Agreement shall be heard and determined exclusively in the District Court (or the state courts of the State of Delaware), and each Party irrevocably waives, and agrees not to assert by way of
motion, defense, or otherwise, in any such action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named court, that its property is exempt or immune from attachment or execution, that such action or
proceeding is brought in an inconvenient forum, that the venue of such action or proceeding is improper, or that this License Agreement or the transactions contemplated hereby may not be enforced in or by the above-named court. 

(j) This License Agreement may be executed simultaneously in any number of counterparts and sent via facsimile or e-mail to the other
Parties, each of which when so executed and delivered shall be taken to be an original, but such counterparts shall together constitute but one and the same document. Telefacsimile or e-mail transmissions of any executed original counterpart
signature page to this License Agreement and/or retransmission of any such executed telefacsimile or e-mail transmission shall be deemed to be the same as the delivery of an executed original and the Parties may not claim any defect based upon the
other Parties’ inability to produce a “hard” signature copy. At the request of a Party, a Party shall confirm telefacsimile or e-mail transmissions by executing duplicate original documents and delivering the same to the requesting
Party. 

  
 13 

 (k) Headings in this License Agreement are for convenience of reference only and shall not
affect its interpretation or construction. 
 (l) Each Party shall bear its own costs, fees and expenses in any way related to
the negotiation, preparation, execution and delivery of this License Agreement. 
 ARTICLE VIII 

MISCELLANEOUS 

8.1 Confidentiality. The terms of the Settlement Documents and the negotiations of the Parties pertaining thereto shall be
maintained in confidence by the Parties except: (a) as may be disclosed to auditors and accountants or other consultants associated with tax reporting issues; (b) as is required by statute, ordinance or regulation (including pursuant to
Title XI of the Medicare Prescription Drug Improvement and Modernization Act (Subtitle B – Federal Trade Commission Review)), including, without limitation, SEC reporting requirements, or by the rules or regulations of any stock exchange that
the Parties are subject to; (c) as is required pursuant to compulsory legal process or by discovery obligations incident to litigation; (d) as is necessary for the exercise of the rights granted to the Parties under the Settlement
Documents, including that Paddock may disclose such terms to (i) suppliers of products associated with the Paddock Product as may be reasonably necessary for Paddock to conduct business with said suppliers and provided said suppliers agree to
be bound in writing to keep such disclosed terms in confidence and not to use any part of such disclosure for any other purpose, and (ii) the FDA as may be reasonably necessary in obtaining and maintaining final approval of the Paddock ANDA and
launching its Generic Product that is the subject of the Paddock ANDA, when and only when as provided by this License Agreement; (e) as expressly provided in this License Agreement; or (f) as expressly permitted under this
Section 8.1, or as otherwise agreed to in writing by the Parties. If a Party is disclosing information relating to the Settlement Documents because it is required to do so to comply with statutory, regulatory or legal process requirements,
including its reporting requirements under the SEC rules, or any national securities exchange on which it is listed, such Party intending to make such disclosure shall give the other Party at least five (5) business days prior notice in writing
of the text of the intended disclosure, unless such statutory, regulatory or legal process requirements would require earlier disclosure, in which event, the notice shall be provided as early as practicable. A disclosing Party agrees to request
confidential treatment with respect to the terms of the Settlement Documents and to use Commercially Reasonable Efforts to have redacted such provisions of the Settlement Documents as the Parties may agree from any copies filed pursuant to such
statutory, regulatory or legal process requirements. If either Party determines that it will be required to file the Settlement Documents as provided above, promptly after the giving of notice by such Party as contemplated above, the Parties will
use commercially reasonable efforts to agree on those provisions of the Settlement Documents that the Parties will seek to have redacted as provided above. Each Party may disclose the terms of the Settlement Documents to their respective Affiliates,
insurers, lenders, attorneys, and accountants, as well as to their respective potential investors, acquirors or merger partners, subject in each case to such Affiliates, insurers, lenders, attorneys and accountants, and potential investors,
acquirors or merger partners, being bound by confidentiality obligations at least as stringent as those contained in this Section 8.1. 

  
 14 

 8.2 Press Release. Notwithstanding the foregoing, after the District Court grants
dismissal of the Pending Litigation, either Cadence or Paddock may, without prior written approval from any of the other Parties, issue a press release consistent with the press release annexed as Exhibit C hereto, in the case of Cadence, or
consistent with the press release annexed as Exhibit D hereto, in the case of Paddock. 
 8.3 Guaranty. Perrigo
hereby absolutely, irrevocably and unconditionally guarantees the timely and complete performance by Paddock of all of Paddock’s obligations, duties, undertakings and covenants set forth in this Agreement. 

(a) In connection therewith, Perrigo shall take all actions necessary to ensure that Paddock performs all of such obligations, duties,
undertakings, covenants and conditions that would otherwise be performed by Perrigo under this License Agreement. 
 (b) In the
event that Paddock fails to carry out, observe or perform any of such obligations, duties, undertakings, covenants and conditions, Perrigo shall be liable for and shall indemnify the Cadence Parties against any and all Losses that the Cadence
Parties may incur as a result of such failure, as if such failure were a breach of, or failure under, the Settlement Agreement. 

8.4 Notices. All notices pursuant to this License Agreement shall be provided, by (a) fax or e-mail and (b) first class
mail, as follows and shall be deemed effective upon receipt of same: 
 If to the Cadence Parties: 

Cadence Pharmaceuticals, Inc. 
 12481 High Bluff Drive, Suite 200 
 San Diego, California 92130 

Attention: General Counsel 
 Phone: [***]  
 Fax: [***] 

Email: [***] 
 and

 Kenneth Schuler 
 Latham & Watkins LLP 
 233 South Wacker Drive, Suite 5800 

Chicago, IL 60606 

Phone: [***]  
 Fax: [***]  
 Email: [***] 

and 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 15 

 SCR Pharmatop 
 10, Square St. Florentin 
 78150 Le Chesnay, France 

Attention: Managing Director 
 Phone: [***] 
 Fax: [***] 

Email: [***] 
 and

 Didier Ravaud 
 SCP Ayme Ravaud Leguen 
 10 rue Cimarosa 75116 

Paris, France 

Phone: [***] 
 Fax: [***] 
 Email: [***] 

and 
 Charles Weiss 

Holland & Knight LLP 
 31 West 52nd Street 
 New York NY 10019 

Phone: [***] 
 Fax: [***] 
 Email: [***] 

and 
 Thomas C. Grimm

 Morris, Nichols, Arsht & Tunnell LLP 
 1201 North Market Street 
 P.O. Box 1347 

Wilmington, DE 19899-1347 
 Phone: [***] 
 Fax: [***] 

Email: [***] 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 16 

 If to Paddock: 
 Paddock Laboratories, LLC 
 c/o Perrigo Company 

515 Eastern Avenue 
 Allegan, MI 49010 
 Attention: General Counsel 

Phone: [***]  
 Fax: [***]  
 Email: [***] 

and 
 Perrigo Company

 515 Eastern Avenue 
 Allegan, MI 49010 
 Attention: General Counsel 

Phone: [***] 
 Fax: [***] 
 Email: [***] 

and 
 Jeffrey S. Ward

 Merchant & Gould P.C. 
 10 East Doty Street, Suite 600 
 Madison, WI 53703 

Phone: [***]  
 Fax: [***]  
 Email: [***] 

[Signature Page Follows] 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 17 

 IN WITNESS WHEREOF, the Parties hereto have each caused this License Agreement to be
executed by their authorized representatives as of the date first referenced above. 
  

			
	Cadence Pharmaceuticals, Inc.
		
	By	 	 /s/ Theodore R. Schroeder

	Name:	 	Theodore R. Schroeder
	Title:	 	President and CEO
	
	SCR Pharmatop
		
	By	 	 /s/ Dietlin

	Name:	 	Dietlin
	Title:	 	General Manager
	
	Paddock Laboratories, LLC
		
	By	 	 /s/ Sharon Kochan

	Name:	 	Sharon Kochan
	Title:	 	EVP
	
	Perrigo Company
		
	By	 	 /s/ Ronald Winowiecki

	Name:	 	Ronald Winowiecki
	Title:	 	Treasurer

  
 18 

 EXHIBIT A 

NOTICE OF SELECTIVE WAIVER OF 
 ANY OFIRMEV® PEDIATRIC OR OTHER EXCLUSIVITY 
 [Insert Date] 

REQUEST FOR EXPEDITED 
 SELECTIVE WAIVER OF ANY 
 PEDIATRIC OR OTHER EXCLUSIVITY 

 

			
	                    , Director	  	                    , Director
	Office of Generic Drugs	  	Office of New Drugs
	CDER	  	CDER
	Food and Drug Administration	  	Food and Drug Administration
	Document Control Room	  	Rockville, MD 20855-2773
	Metro Park North II	  	
	7500 Standish Place, Room 150	  	
	Rockville, MD 20855-2773	  	

 Cadence Pharmaceuticals, Inc. NDA No. 022450 for OFIRMEV® (Injectable Acetaminophen), 10 mg/mL, 100 mL vials

 Paddock Laboratories, LLC ANDA No. 202605 for Injectable Acetaminophen, 10 mg/mL, 100 mL vials 

REQUEST FOR EXPEDITED SELECTIVE WAIVER OF PEDIATRIC AND/OR OTHER STATUTORY OR REGULATORY EXCLUSIVITIES FOR OFIRMEV® (INJECTABLE ACETAMINOPHEN), 10
MG/ML, 100 ML VIALS, IN FAVOR OF PADDOCK LABORATORIES, LLC. 
 Dear
                    : 

Reference is made to Cadence Pharmaceuticals, Inc.’s (“Cadence’s”) NDA No. 022450 for OFIRMEV® (Injectable
Acetaminophen), 10 mg/mL, 100 mL vials, and any associated pediatric and/or other statutory or regulatory exclusivities, which are listed in the Orange Book in connection with the above-referenced NDA. Reference is also made to the above-referenced
ANDA No. 202605, Injectable Acetaminophen, 10 mg/mL, 100 mL vials, held by Paddock Laboratories, LLC (“Paddock”). 
 The purpose of this correspondence is to notify the Agency of Cadence’s selective and limited waiver, as of December 6, 2020, or such earlier date as provided under the License Agreement, of any
unexpired periods of pediatric and/or other statutory or regulatory exclusivities that might be listed in connection with NDA No. 022450, with respect to the above-referenced ANDA No. 202605 held by Paddock for Injectable Acetaminophen, 10
mg/mL, 100 mL vials. Cadence wishes to selectively permit Paddock, holder of the above-referenced ANDA No. 202605 for Injectable Acetaminophen, 10 mg/mL, 100 mL vials, to receive final FDA approval of such ANDA No. 202605 beginning on
December 6, 2020, or such earlier date as 

 
provided in the License Agreement, notwithstanding any unexpired periods of pediatric and/or other statutory or regulatory exclusivities listed in connection with NDA No. 022450, including
any pediatric exclusivity associated with U.S. Patent No. 6,992,218 and/or any other patent(s) listed in the Orange Book in connection with NDA No. 022450 and OFIRMEV® (Injectable Acetaminophen) 10 mg/mL, 100 mL vials. 

Accordingly, Cadence hereby selectively waives its right to any unexpired periods of pediatric and/or other statutory or regulatory
exclusivities listed in connection with NDA No. 022450, including any pediatric exclusivity associated with U.S. Patent No. 6,992,218 and/or any other patent(s) listed in the Orange Book in connection with NDA No. 022450 and
OFIRMEV® (Injectable Acetaminophen) 10 mg/mL, 100 mL vials, as of December 6, 2020, or such earlier date as provided in the License Agreement, as such exclusivities would otherwise apply to Paddock’s ANDA No. 202605 for Injectable
Acetaminophen, 10 mg/mL, 100 mL vials. 
 The Agency’s prompt attention to this matter is requested and appreciated. If
there are any questions regarding this correspondence, please contact the undersigned at                     . 

 

			
	Sincerely
	CADENCE PHARMACEUTICALS, INC.
		
	By:	 	  

		
	Cc:	 	    Paddock Laboratories, LLC
		 	    FDA Office of Chief Counsel

 EXHIBIT B 
 Cadence Authorized Generic Product Agreement - Key Terms 
  

	A.	Cadence shall use Commercially Reasonable Efforts to provide Paddock with Paddock’s requirements of the Cadence Authorized Generic Product for sale in the
Territory (subject to timing constraints of the initial launch of the Cadence Authorized Generic Product, as well as forecasting, purchase orders and lead time requirements), at a price equal to [***], plus an administrative fee equal to
[***] (collectively, the “Supply Price”). 

  

	B.	Paddock will use Commercially Reasonable Efforts to maximize the sales of the Cadence Authorized Generic Product, and will be responsible for all sales, marketing and
distribution thereof. Prior to the initiation of sales of the Cadence Authorized Generic Product, and no later than [***] prior to the commencement of [***] thereafter, Paddock will provide Cadence with a sales and marketing plan for
the Cadence Authorized Generic Product (“Sales Plan”), the information for which shall be agreed upon by Cadence and Paddock, including, without limitation, sales performance targets and marketing and sales budgets for the Cadence
Authorized Generic Product that are reasonably acceptable to Cadence. The Parties will form a joint marketing committee to review, on at least a quarterly basis, Paddock’s performance with respect to the sales performance targets and execution
of its marketing and sales plans. 

  

	C.	The agreement will include other terms that are customary for such agreements (such as provisions related to forecasts, purchase orders (including requirements for firm
or binding orders), shipping, delivery, transfer of title, records, recalls, pharmacovigilance, regulatory communications, non-conforming products, materials); provided, however, that all such terms will be equivalent to the corresponding terms of
Cadence’s supply agreements for the Cadence Authorized Generic Product, except where an additional period of time is reasonably necessary in order to permit Cadence to fulfill its obligations to its suppliers. 

 

	D.	Paddock shall pay to Cadence a royalty on sales of the Cadence Authorized Generic Product equal to [***] of Net Profits. 

 

	E.	For purposes hereof, capitalized terms shall have the following meanings: 

 “Net Sales” shall mean, with respect to a Product, the gross sales, (for purposes of determining whether a given sale occurs during a computation period, Product will be considered sold
as of the date of shipment by Paddock to its customers), less the sum of the following (to the extent actually incurred or accrued): 
 [***] 
 “Net Profits” shall mean [***]. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 1 

	F.	Additional terms that will be reflected in a negotiated and executed agreement in respect of the Cadence Authorized Generic Product: 

 

			
	Cadence Authorized Generic Product	  	An authorized generic version of OFIRMEV made pursuant to Cadence’s NDA but packaged in generic trade dress.
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	Artwork/Labeling	  	Provisions will be included which identify obligations of Paddock in respect of [***] for packaging as applicable. Paddock shall be responsible for obtaining an NDC number
for which the Cadence Authorized Generic Product is to be distributed.
		
	[***]	  	[***]
		
	Compliance with Laws	  	Cadence shall manufacture or have manufactured all Cadence Authorized Generic Product in compliance with all relevant laws and cGMPs. Paddock shall store, market and distribute
all Product in compliance with all relevant laws.
		
	[***]	  	[***]
		
	Term and Termination	  	 Term: The agreement will terminate upon the last to expire of the Cadence Orange Book patents.

 
 Early termination:

 
 [***]

		
	Territory	  	The Territory as defined in the License Agreement
		
	Insurance; Indemnification	  	 Each of Cadence and Paddock shall be adequately insured, including aggregate occurrence insurance in an amount and on terms at least
equal to that which Cadence is obligated to maintain under its agreements with its licensors and suppliers of the Cadence Authorized Generic Product.
  

Additionally, the agreement will include provisions by which Paddock will indemnify and hold harmless Cadence and its licensors on terms that are at least
equivalent to the corresponding indemnification terms that are included in Cadence’s sub-license agreement.

		
	Confidentiality	  	The terms of the agreement shall be maintained in confidence, subject to mandated legal disclosure.

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted
portions. 

  
 2 

 EXHIBIT C 

SAMPLE CADENCE PRESS RELEASE 
  

 
 Cadence Pharmaceuticals Announces Settlement of 

OFIRMEV® (Acetaminophen) Injection Patent Litigation with Perrigo Company 

SAN DIEGO, CA – November 27, 2012 – Cadence Pharmaceuticals, Inc. (Nasdaq: CADX) today announced that it has entered into
settlement and license agreements with Perrigo Company (Nasdaq: PRGO; TASE), and its subsidiary, Paddock Laboratories, LLC, to resolve pending patent litigation involving OFIRMEV® (acetaminophen) injection. 

The settlement agreement includes a stipulation by the parties requesting dismissal with prejudice of the lawsuit filed by Cadence in the U.S. District
Court for the District of Delaware relating to the Abbreviated New Drug Application, or ANDA, filed by Paddock with the U.S. Food and Drug Administration for a generic version of OFIRMEV® (acetaminophen) injection. Litigation remains ongoing
against Exela Pharma Sciences, LLC, Exela PharmaSci, Inc. and Exela Holdings, Inc. 
 Under the license agreement, Perrigo has been granted the
exclusive right of first refusal to negotiate an agreement with Cadence to market an authorized generic version of OFIRMEV (i.e., a generic version marketed under Cadence’s New Drug Application) in the U.S., in the event that Cadence elects to
launch an authorized generic version of the product. Additionally, Cadence has granted Perrigo the non-exclusive right to market a generic intravenous acetaminophen product in the U.S. under Perrigo’s ANDA, after December 6, 2020, or
earlier under certain circumstances. Currently, Cadence has listed two Orange Book patents covering OFIRMEV, the last of which, U.S. Patent No. 6,992,218, will expire on June 6, 2021, or December 6, 2021, if pediatric exclusivity is
granted. 
 The license agreement also provides that, if the parties enter into an agreement for Perrigo to market an authorized generic version
of OFIRMEV, during the license period, Perrigo would purchase the product exclusively from Cadence. Cadence would receive product costs plus an administrative fee, as well as a royalty payment based on the net profits achieved by Perrigo from the
sale of the authorized generic product. Other details of the settlement are confidential, and the agreements are subject to submission to the Federal Trade Commission and the U.S. Department of Justice. The settlement and license agreements will
become effective upon the entry by the U.S. District Court for the District of Delaware of an order dismissing with prejudice the litigation with respect to Perrigo. 
 “The settlement allows us to decrease our litigation costs while providing favorable terms with a top-tier partner for a potential authorized generic,” said Ted Schroeder, President and CEO of
Cadence. 
 [Product and Company description, Safe Harbor Statement] 

# # # 
  

					
	Contact:	  	William R. LaRue	  	Kelli France
		  	SVP & Chief Financial Officer	  	Media Relations
		  	Cadence Pharmaceuticals, Inc.	  	WCG
		  	Phone: 858-436-1400	  	Phone: 415-946-1076

 EXHIBIT D 
 SAMPLE PADDOCK PRESS RELEASE 
 Nov 27, 2012 

ALLEGAN, Mich., Nov. 27, 2012 /PRNewswire/ – Perrigo Company (Nasdaq: PRGO; TASE) today announced that it has agreed to settle its Hatch-Waxman
litigation relating to Ofirmev® (acetaminophen) injection brought by Cadence Pharmaceuticals, Inc. (“Cadence”). Under the terms of the settlement, Perrigo can launch a generic version of Ofirmev® (acetaminophen) injection on
December 6, 2020, or earlier under certain circumstances. In addition, Perrigo has secured the right to be the sole authorized generic distributor should Cadence elect to launch an authorized generic product. 

Ofirmev® (acetominophen) injection, is administered intravenously as a single or repeated dose therapy for the reduction of fever and the treatment
of mild to severe pain with or without adjunctive opioid analgesics. Ofirmev® and has annual sales of approximately $39 million, as measured by Wolters Kluwer.EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 SECOND AMENDED AND RESTATED 

MANAGEMENT AGREEMENT 
 This SECOND AMENDED AND RESTATED MANAGEMENT AGREEMENT (the “Second Restated Management Agreement”), dated as of March 6, 2013, is made and entered into by and among COLONY FINANCIAL,
INC., a Maryland corporation (the “Company”), COLONY FINANCIAL TRS, LLC, a Delaware limited liability company (the “TRS”) and COLONY FINANCIAL MANAGER, LLC, a Delaware limited liability company (the
“Manager”). 
 WHEREAS, the Company is a corporation that elects to be taxed as a real estate investment trust
(“REIT”) for U.S. federal income tax purposes; 
 WHEREAS, the TRS is a wholly owned subsidiary of the Company;

 WHEREAS, the Company, the TRS and the Manager entered into a management agreement, dated as of September 29, 2009 (the
“Management Agreement”); 
 WHEREAS, the Management Agreement was amended by Amendment No. 1 to Management
Agreement, dated as of August 11, 2010 (the “Amendment”), by and among the Company, the TRS and the Manager; 
 WHEREAS, the Management Agreement was amended and restated by that certain Amended and Restated Management Agreement, dated as of November 7, 2011, which incorporated the terms of the Amendment and
incorporated certain other changes approved by the Board of Directors (as defined below) of the Company (the “Restated Management Agreement”); and 
 WHEREAS, the Company, the TRS and each of the other Subsidiaries (as defined below) and the Manager, in accordance with the consent of the Board of Directors of the Company, desire to amend and restate
the Investment Guidelines (as defined below) into this Second Restated Management Agreement, pursuant to which the Manager shall provide certain management and advisory services on the terms and conditions hereinafter set forth, and the Manager
desires to be retained to provide such services upon the terms and conditions hereof. 
 NOW, THEREFORE, for the mutual promises
made herein and in the other agreements executed by the parties concurrently herewith or contemplated hereby, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

 Section 1. Definitions. The following terms have the following meanings assigned to them: 

(a) “Additional Underwriting Discount” means (i) the Manager Conditional Reimbursement Right, plus (ii) the
Conditional Payments as defined in Section 2(d) of the IPO Underwriting Agreement, in each case to the extent paid by the Company. 
 (b) “Affiliate” means, with respect to any Person, (i) any other Person directly or indirectly controlling, controlled by, or under common control with such other Person,
(ii) any executive officer, general partner or employee of such Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such Person, and (iv) any legal entity for which such
Person acts as an executive officer or general partner. 

 (c) “Agreement” means this Second Restated Management Agreement, as
amended, restated or supplemented from time to time. 
 (d) “Bankruptcy” means, with respect to any Person,
(a) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or
such Person’s filing an answer consenting to or acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of 90 days after the filing of an involuntary
petition under Title 11 of the Unites States Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of
its debts under any other federal, state or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 90-day period or (d) the entry against it of a final and non-appealable order for relief
under any bankruptcy, insolvency or similar law now or hereinafter in effect. 
 (e) “Base Management Fee”
means a fee equal to 1.50% of the Company’s Stockholders’ Equity per annum, calculated and payable quarterly in arrears in cash. 
 (f) “Board of Directors” means the Board of Directors of the Company. 
 (g) “Business Day” means any day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are not required to be open. 

(h) “Code” means the Internal Revenue Code of 1986, as amended. 

(i) “Colony Capital” means Colony Capital, LLC, a Delaware limited liability company. 

(j) “Colony Capital Change of Control” means any merger, consolidation, share exchange, business combination, issuance
of securities, direct or indirect acquisition of securities, tender offer, exchange offer or other similar transaction or series of related transactions in which (A) any Person or “Group” (as defined in the Exchange Act and the rules
promulgated thereunder) of Persons, other than Affiliates of Colony Capital, directly or indirectly acquires actual ownership of securities representing more than 50% of the outstanding securities of any class of voting securities of Colony Capital,
or (B) Colony Capital issues securities representing more than 50% of the outstanding securities of any class of voting securities of Colony Capital to any Person or “Group” (as defined in the Exchange Act and the rules
promulgated thereunder) of Persons which is not an Affiliate of Colony Capital; provided, however, that Colony Capital Change of Control shall not include any public offering of the capital stock or other voting securities of Colony Capital.

 (k) “Common Stock” means the common stock, par value $0.01, of the Company. 

(l) “Company Account” shall have the meaning set forth in Section 5 of this Agreement. 

(m) “Company Parties” means the Company, the TRS and any other Subsidiaries. 

(n) “Company Percentage” shall have the meaning set forth in Section 8(e)(i) of this Agreement. 

(o) “Conditional Payment Period” shall have the meaning set forth in Section 19(b) of this Agreement.

  
 2 

 (p) “Core Earnings” means the net income (loss), computed in accordance
with GAAP, excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with the formation of the Company and the Initial Public Offering, including the initial underwriting discounts and commissions and the
Additional Underwriting Discount, (iii) the Incentive Fee, (iv) real estate depreciation and amortization, (v) any unrealized gains or losses from mark to market valuation changes (other than permanent impairment) that are included in
net income, (vi) one-time events pursuant to changes in GAAP and (vii) non-cash items which in the judgment of management should not be included in Core Earnings. For clauses (vi) and (vii), such exclusions shall only be applied after
discussions between the Manager and the Independent Directors and approval by a majority of the Independent Directors. 
 (q)
“Covered Person” shall have the meaning set forth in Section 12(b) of this Agreement. 
 (r)
“Effective Termination Date” shall have the meaning set forth in Section 13(a) of this Agreement. 

(s) “Excess Funds” shall have the meaning set forth in Section 2(l) of this Agreement. 

(t) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(u) “Expenses” shall have the meaning set forth in Section 10(a) of this Agreement. 

(v) “GAAP” means generally accepted accounting principles, as applied in the United States. 

(w) “Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a
corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the operating agreement in the case of a limited liability company, the
trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time. 
 (x)
“Incentive Fee” means the incentive management fee calculated and payable with respect to each calendar quarter (or part thereof that this Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference
between (1) the product of (a) 20% and (b) the difference between (i) Core Earnings of the Company on a rolling four-quarter basis and before the Incentive Fee for the current quarter, and (ii) the product of (A) the
weighted average of the issue price per share of the Common Stock of all of the Company’s offerings of Common Stock multiplied by the weighted average number of shares of Common Stock outstanding (including, for the avoidance of doubt, any
restricted shares of Common Stock and any other shares of Common Stock underlying awards granted under one or more of the Company’s equity incentive plans) in such four-quarter period, and (B) 8%, and (2) the sum of any Incentive Fee
paid to the Manager with respect to the first three calendar quarters of such previous four quarters; provided, however, that no Incentive Fee shall be payable with respect to any calendar quarter unless Core Earnings is greater than zero for the
most recently completed 12 calendar quarters, or the number of completed calendar quarters since the closing date of the Initial Public Offering, whichever is less. 
 For purposes of calculating the Incentive Fee prior to the completion of a 12-month period during the term of this Agreement, Core Earnings shall be calculated on the basis of the number of days that this
Agreement has been in effect on an annualized basis. 
 For the avoidance of doubt, the Company’s payment of the Additional
Underwriting Discount shall not be an expense of the Company pursuant to GAAP and therefore, shall not affect the calculation 

  
 3 

 
of the Incentive Fee (or the calculation of Core Earnings for purposes of the Incentive Fee). 
 If the Effective Termination Date does not correspond to the end of a fiscal quarter, the Manager’s Incentive Fee shall be calculated for the period beginning on the day after the end of the fiscal
quarter immediately preceding the Effective Termination Date and ending on the Effective Termination Date, which Incentive Fee shall be calculated using Core Earnings for the 12-month period ending on the Effective Termination Date. 

(y) “Independent Directors” means the members of the Board of Directors who are not officers or employees of the Manager
or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise “independent” in accordance with the NYSE’s corporate governance listing standards (or the rules of any other national securities
exchange on which the Common Stock is listed). 
 (z) “Initial Public Offering” means the Company’s sale
of Common Stock to the public through underwriters pursuant to the Company’s Registration Statement on Form S-11 (No. 333-160323). 
 (aa) “Initial Term” shall have the meaning set forth in Section 13(a) of this Agreement. 
 (bb) “Investment Advisory Agreement” means the Investment Advisory Agreement by and between the Manager and Colony Capital, dated as of the date hereof, pursuant to which the Manager will
be provided access to, among other things, Colony Capital’s portfolio management, asset valuation, risk management and asset management services as well as administration services addressing legal, compliance, investor relations and information
technologies. 
 (cc) “Investment Allocation Agreement” means the Investment Allocation Agreement by and among
the Company, the Manager and Colony Capital, dated as of the date hereof, to establish certain policies relating to the allocation of investment opportunities by Colony Capital, the Manager or any of their respective affiliates in assets that are
substantially similar to the Target Assets of the Company. 
 (dd) “Investment Company Act” means the
Investment Company Act of 1940, as amended. 
 (ee) “Investment Committee” shall have the meaning set forth in
Section 2(k) of this Agreement. 
 (ff) “Investment Guidelines” shall have the meaning set forth in
Section 2(b)(i) of this Agreement. 
 (gg) “Investments” means the investments of the Company and
the Subsidiaries. 
 (hh) “IPO Underwriting Agreement” means the Underwriting Agreement, dated
September 23, 2009, by and among the Company, the Manager and the underwriters of the Initial Public Offering. 
 (ii)
“Last Appraiser” shall have the meaning set forth in Section 9(d) of this Agreement. 
 (jj)
“Majority-Owned Affiliate” means an Affiliate of a Person (i) that is directly or indirectly controlled by such Person and (ii) in which such Person directly or indirectly owns securities representing more than 50% of the
outstanding securities of any class of voting securities of such Affiliate. 
 (kk) “Manager Change of Control”
means the sale, lease, transfer or other disposition, in one or a series of related transactions, of interests in the Manager which will transfer to any Person other than 

  
 4 

 
an Affiliate of Colony Capital the power to direct or control the Manager; provided, however, that Manager Change of Control shall not include (i) any public offering of the equity interests
of the Manager, or (ii) any assignment of this Agreement by the Manager as permitted hereby and in accordance with the terms hereof. 
 (ll) “Manager Conditional Reimbursement Right” shall have the meaning set forth in Section 19(b) of this Agreement. 

(mm) “Manager Offering Payments” shall have the meaning set forth in Section 19(a) of this Agreement.

 (nn) “Monitoring Services” shall have the meaning set forth in Section 2(b) of this Agreement.

 (oo) “Notice of Proposal to Negotiate” shall have the meaning set forth in Section 13(a) of this
Agreement. 
 (pp) “NYSE” means the New York Stock Exchange Euronext. 

(qq) “Performance Hurdle Rate” shall have the meaning set forth in Section 19(b) of this Agreement.

 (rr) “Person” means any individual, corporation, partnership, joint venture, limited liability company,
estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

(ss) “Portfolio Management Services” shall have the meaning set forth in Section 2(b) of this Agreement.

 (tt) “REIT” shall have the meaning set forth in the recitals of this Agreement. 

(uu) “Renewal Term” shall have the meaning set forth in Section 13(a) of this Agreement. 

(vv) “SEC” means the U.S. Securities and Exchange Commission. 

(ww) “Securities Act” means the Securities Act of 1933, as amended. 

(xx) “Stockholders’ Equity” means: 
 (i) the sum of: 
 (x) the net proceeds from all issuances of the Company’s
equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus 
 (y) the Company’s retained earnings at the end of the most recently completed calendar quarter (as determined in accordance with GAAP, adjusted to exclude any non-cash equity compensation expense
incurred in current or prior periods), less 
 (ii) any amount that the Company pays for repurchases of Common Stock since
inception. 

  
 5 

 Notwithstanding anything else herein to the contrary, Stockholders’ Equity shall
exclude (A) any unrealized gains or losses from mark to market valuation changes (other than permanent impairment) that have impacted Stockholders’ Equity as reported in the Company’s financial statements prepared in accordance with
GAAP, (B) the effect of any gains or losses from one-time events pursuant to changes in GAAP and (C) non-cash items which in the judgment of management should not be included in Core Earnings and (D) the portion of the net proceeds of
the Company’s Initial Public Offering and the concurrent private placement that have not yet been initially invested in the Target Assets. For items (B) and (C), such exclusions shall only be applied after discussions between the Manager
and the Independent Directors and approval by a majority of the Independent Directors. 
 (yy) “Subsidiary”
means a corporation, limited liability company, partnership, joint venture or other entity or organization of which: (a) the Company or any other subsidiary of the Company is a general partner or managing member; or (b) voting power to
elect a majority of the board of directors, trustees or others performing similar functions with respect to such entity or organization is held by the Company or by any one or more of the Company’s subsidiaries. 

(zz) “Target Assets” means the assets that the Company may from time to time own, acquire or invest in, including the
types of assets described as the Company’s target assets in the Company’s Registration Statement on Form S-11 relating to the Initial Public Offering or any periodic report filed by the Company from time to time with the SEC, together with
any other assets that the Manager or the Board of Directors determinates from time to time will be a target asset or potential investment of the Company. 
 (aaa) “Termination Fee” shall have the meaning set forth in Section 13(b) of this Agreement. 
 (bbb) “Termination Notice” shall have the meaning set forth in Section 13(a) of this Agreement. 
 (ccc) “Treasury Regulations” means the regulations promulgated under the Code, as amended from time to time. 
 (ddd) “TRS Percentage” shall have the meaning set forth in Section 8(e)(ii) of this Agreement. 
 (eee) “Valuation Notice” shall have the meaning set forth in Section 9(d) of this Agreement. 
 (fff) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 (ggg) The meanings
given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be followed by the phrase “without limitation.” 

Section 2. Appointment and Duties of the Manager. 
 (a) The Company, the TRS and each of the other Subsidiaries hereby appoint the Manager to manage the assets and the day-to-day operations of the Company, the TRS and the other Subsidiaries subject to the
terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein except where a higher standard of care is specified in this Agreement, in which
case such higher standard of care shall apply. 

  
 6 

 
The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the
Manager elects, in accordance with the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 
 (b) The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and the Subsidiaries, at all times will be subject to the supervision of the Board of Directors and
the Manager will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority identified herein and delegated to the Manager hereby. The Manager, in consultation with the
Company’s Chief Financial Officer, will be responsible for the day-to-day operations of the Company and the Subsidiaries and will perform (or cause to be performed) such services and activities relating to the assets and operations of the
Company and the Subsidiaries as may be appropriate, including, without limitation: 
 (i) serving as the Company’s and the
Subsidiaries’ consultant with respect to the periodic review of the investment guidelines and other parameters for the Investments, financing activities and operations, which review shall occur no less often than annually, any modification to
which shall be approved by a majority of the Independent Directors (such guidelines as initially approved and attached hereto as Exhibit A, as the same may be modified, supplemented or waived with such approval, the “Investment
Guidelines”); 
 (ii) identifying, investigating, analyzing and selecting possible investment opportunities and
acquiring, negotiating, monitoring, financing, retaining, selling, restructuring or disposing of Investments consistent with the Investment Guidelines; 
 (iii) with respect to prospective purchases, sales or exchanges of Investments, conducting negotiations on behalf of the Company and the Subsidiaries with sellers, purchasers, trustees, primary dealers,
custodians and brokers and, if applicable, their respective agents and representatives; 
 (iv) negotiating and entering into,
on behalf of the Company and the Subsidiaries, bank credit facilities, repurchase agreements, interest rate swap agreements, agreements relating to borrowings under programs established by the U.S. Government and/or any agencies thereunder and other
agreements and instruments required for the Company and the Subsidiaries to conduct their business; 
 (v) engaging and
supervising, on behalf of the Company and the Subsidiaries and at the Company’s expense, independent contractors that provide investment banking, securities brokerage, mortgage brokerage, other financial services, due diligence services,
underwriting review services, legal and accounting services, and all other services (including transfer agent and registrar services) as may be required relating to the Company’s and the Subsidiaries’ operations or Investments (or
potential investments); 
 (vi) advising on, preparing, negotiating and entering into, on behalf of the Company and the
Subsidiaries, applications and agreements relating to programs established by the U.S. Government and/or any agencies thereunder; 
 (vii) coordinating and managing operations of any joint venture or co-investment interests held by the Company and the Subsidiaries and conducting all matters with the joint venture or co-investment
partners; 
 (viii) providing executive and administrative personnel, office space and office services required in rendering
services to the Company and the Subsidiaries, including, without 

  
 7 

 
limitation, office space for any persons who are employed directly by the Company or its Subsidiaries and who are not simultaneously employed by the Manager or any of its Affiliates; 

(ix) administering the day-to-day operations and performing and supervising the performance of such other administrative functions
necessary to the management of the Company and the Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the services in respect of any equity incentive plans, the collection of revenues and the
payment of the debts and obligations of the Company and the Subsidiaries and maintenance of appropriate computer services to perform such administrative functions; 
 (x) communicating on behalf of the Company and the Subsidiaries with the holders of any of their equity or debt securities as required to satisfy the reporting and other requirements of any governmental
bodies or agencies or trading markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst presentations, investor conferences and annual meeting arrangements; 

(xi) counseling the Company in connection with policy decisions to be made by the Board of Directors; 

(xii) evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities on behalf of the
Company and the Subsidiaries, consistent with such strategies as modified from time to time, while maintaining the Company’s qualification as a REIT and within the Investment Guidelines; 

(xiii) counseling the Company regarding the maintenance of its qualification as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set forth in the Code and Treasury Regulations thereunder and using commercially reasonable efforts to cause the Company to qualify as a REIT for tax purposes; 

(xiv) counseling the Company and the Subsidiaries regarding the maintenance of their exemptions from the status of an investment company
required to register under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause them to maintain such exemptions from such status; 

(xv) furnishing reports and statistical and economic research to the Company and the Subsidiaries regarding their activities and services
performed for the Company and the Subsidiaries by the Manager; 
 (xvi) monitoring the operating performance of Investments and
providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 

(xvii) investing and reinvesting on behalf of the Company and the Subsidiaries any money and securities of the Company and the
Subsidiaries (including investing in short-term Investments pending investment in other Investments, payment of fees, costs and expenses and payment of dividends or distributions to stockholders and partners of the Company and the Subsidiaries) and
advising the Company and the Subsidiaries as to their capital structure and capital raising; 
 (xviii) causing the Company and
the Subsidiaries to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and testing systems with respect to financial
reporting 

  
 8 

 
obligations and compliance with the provisions of the Code applicable to REITs and, if applicable, domestic taxable REIT subsidiaries, and to conduct quarterly compliance reviews with respect
thereto; 
 (xix) assisting the Company and the Subsidiaries in qualifying to do business in all applicable jurisdictions and to
obtain and maintain all appropriate licenses; 
 (xx) assisting the Company and the Subsidiaries in complying with all
regulatory requirements applicable to them with respect to their business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and
documents, if any, required under the Exchange Act, the Securities Act, or by the NYSE; 
 (xxi) assisting the Company and the
Subsidiaries in taking all necessary action to enable them to make required tax filings and reports, including soliciting stockholders for all information required by the provisions of the Code and Treasury Regulations applicable to REITs;

 (xxii) placing, or arranging for the placement of, all orders pursuant to the Manager’s investment determinations on
behalf of the Company and the Subsidiaries, either directly with the issuer or with a broker or dealer (including any affiliated broker or dealer); 
 (xxiii) handling and resolving on behalf of the Company and the Subsidiaries all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations)
in which the Company and/or the Subsidiaries may be involved or to which they may be subject arising out of their day-to-day operations (other than with the Manager or its Affiliates), subject to such limitations or parameters as may be imposed from
time to time by the Board of Directors; 
 (xxiv) using commercially reasonable efforts to cause expenses incurred by the
Company and the Subsidiaries or on their behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 

(xxv) advising the Company and the Subsidiaries with respect to and structuring (1) long-term financing vehicles for their portfolio
of assets and (2) the offering and selling of securities publicly or privately in connection with any such structured financing; 
 (xxvi) serving as the Company’s and the Subsidiaries’ consultant with respect to decisions regarding any financings, hedging activities or borrowings undertaken by the Company and/or the
Subsidiaries, including (1) assisting the Company and/or the Subsidiaries in developing criteria for debt and equity financing that are specifically tailored to the Company’s and the Subsidiaries’ investment objectives, and
(2) advising the Company and the Subsidiaries with respect to obtaining appropriate financing for the Investments; 

(xxvii) arranging marketing materials, advertising, industry group activities (such as conference participations and industry
organization memberships) and other promotional efforts designed to promote the Company’s and the Subsidiaries’ business; 
 (xxviii) performing such other services as may be required from time to time for the management of, and other activities relating to, the assets, business and operations of the Company and the
Subsidiaries as the Board of Directors shall reasonably request or as the Manager shall deem appropriate under the particular circumstances; and 

  
 9 

 (xxix) using commercially reasonable efforts to cause the Company and the Subsidiaries to
comply with all applicable laws. 
 Without limiting the foregoing, the Manager will perform portfolio management services (the
“Portfolio Management Services”) on behalf of the Company and the Subsidiaries with respect to the Investments. Such services will include, but not be limited to, consulting with the Company and the Subsidiaries on the purchase and
sale of, and other investment opportunities in connection with, assets; the collection of information and the submission of reports pertaining to the Company’s assets, interest rates and general economic conditions; periodic review and
evaluation of the performance of the Company’s and the Subsidiaries’ portfolio of assets; acting, together with the Company’s Chief Financial Officer, as a liaison between the Company and the Subsidiaries and banking, mortgage
banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring services (the
“Monitoring Services”) on behalf of the Company and the Subsidiaries with respect to any activities provided by third parties. Such Monitoring Services will include, but not be limited to, negotiating servicing agreements; acting,
together with the Company’s Chief Financial Officer, as a liaison between servicer providers of the assets and the Company and the Subsidiaries; together with the Company’s Chief Financial Officer, reviewing servicers’ delinquency,
foreclosure and other reports on assets; supervising claims filed under any insurance policies; and enforcing the obligation of any servicer to repurchase assets. 
 (c) For the period and on the terms and conditions set forth in this Agreement, the Company and each of the Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful
agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into such finance agreements and arrangements and securities repurchase and reverse repurchase agreements and arrangements, brokerage agreements,
interest rate swap agreements, “to be announced” forward contracts, agreements relating to borrowings under programs established by the U.S. Government and/or any agencies thereunder and such other agreements, instruments and
authorizations on their behalf, on such terms and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to be coupled with an interest. 

(d) The Manager may enter into agreements with other parties, including its Affiliates, for the purpose of engaging one or more parties
for and on behalf, and, except as otherwise agreed, at the sole cost and expense, of the Company, to provide credit analysis, risk management services, asset management and/or other services to the Company and the Subsidiaries (including, without
limitation, Portfolio Management Services and Monitoring Services) pursuant to agreement(s) with terms that are then customary for agreements regarding the provision of services to companies that have assets similar in type, quality and value to the
assets of the Company and the Subsidiaries; provided that (i) any such agreements entered into with Affiliates of the Manager shall be (A) on terms no more favorable to such Affiliate than would be obtained from a third party on an
arm’s length basis and (B) approved by a majority of the Independent Directors, (ii) any such agreements entered into with parties other than Affiliates of the Manager shall be approved by the Company’s Chief Financial Officer,
and (iii) with respect to Portfolio Management Services, the Manager shall remain liable for the performance of such Portfolio Management Services. Notwithstanding the foregoing, the Company Parties shall not be liable for any fee owed to
Colony Capital pursuant to the Investment Advisory Agreement, and any such fees paid to Colony Capital shall not be subject to reimbursement by the Company under Section 10 of this Agreement. 

(e) To the extent that the Manager deems necessary or advisable, the Manager may, from time to time, and at the sole cost and expense of
the Manager, propose to retain one or more additional entities for the provision of sub-advisory services to the Manager, in addition to the investment advisory 

  
 10 

 
services provided to the Manager by Colony Capital pursuant to the Investment Advisory Agreement, in order to enable the Manager to provide the services to the Company and the Subsidiaries
specified by this Agreement; provided that any agreements relating to such sub-advisory services (A) shall be on terms and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to the Company
and the Subsidiaries, (B) shall not result in an increased Base Management Fee or additional expenses payable hereunder and (C) shall be approved by the Company’s Chief Financial Officer. The Company Parties hereby acknowledge and
approve the terms of the Investment Advisory Agreement. 
 (f) The Manager may retain, for and on behalf and, at the sole cost
and expense of the Company and the Subsidiaries, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, investment banks, financial advisors, due diligence firms, banks and other lenders and others
as the Manager deems necessary or advisable in connection with the management and operations of the Company and the Subsidiaries. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services
to be rendered by its employees or Affiliates. Except as otherwise provided herein, the Company (or a Subsidiary) shall pay or reimburse the Manager or its Affiliates performing such services for the documented cost thereof; provided that such costs
and reimbursements are (A) no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s length basis and (B) approved by a majority
of the Independent Directors. 
 (g) As frequently as the Manager may deem necessary or advisable, or at the direction of the
Company’s Chief Financial Officer or the Board of Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, with respect to any Investment, reports regarding the operating and asset performance
and other information reasonably requested by the Company. 
 (h) The Manager shall prepare, or cause to be prepared, at the
sole cost and expense of the Company, all reports, financial or otherwise, with respect to the Company and the Subsidiaries reasonably required by the Company’s Chief Financial Officer or the Board of Directors in order for the Company and the
Subsidiaries to comply with their Governing Instruments or any other materials required to be filed with any governmental body or agency, including but not limited to, the SEC, and shall prepare, or cause to be prepared, all materials and data
necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s and the Subsidiaries’ books of account by a nationally recognized registered independent public accounting firm.

 (i) The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the
Company’s and the Subsidiaries’ acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Investment Guidelines and other policies approved by the Board of Directors. 

(j) If requested by the Company, the Manager shall provide such internal audit, compliance and control services as may be required for
the Company and the Subsidiaries to comply with applicable law (including the Securities Act and the Exchange Act), regulation (including SEC regulations) and the rules and requirements of the NYSE or such other securities exchange on which the
Common Stock may be listed and as otherwise reasonably requested by the Company or the Board of Directors from time to time. 

(k) The Manager shall establish an Investment Committee, which shall initially be comprised of Thomas J. Barrack, Jr., the chairman of
the Investment Committee, Richard B. Saltzman, Mark M. Hedstrom and the Company’s Chief Financial Officer, Darren J. Tangen, and which at all times hereafter 

  
 11 

 
will include as a member, without limitation, the Chief Financial Officer of the Company (the “Investment Committee”). The Investment Committee will meet periodically, as many
times as necessary but no less than once every quarter, to discuss investment opportunities. The Investment Committee will periodically review the Company’s investment portfolio and its compliance with the Investment Guidelines, and provide the
Board of Directors an investment report at the end of each quarter in conjunction with its review of the quarterly results of the Company and the Subsidiaries. Investments must be approved as follows: any investment of the Company’s capital of
up to $10 million requires the approval of the Company’s Chief Executive Officer; any investment in excess of $10 million but less than or equal to the lesser of twenty percent (20%) of the current asset value of the Company or $100
million requires the approval of the Investment Committee; and any investment greater than the lesser of twenty percent (20%) of the current asset value of the Company or $100 million requires the approval of the Board of Directors. 

(l) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional money is
proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company and the Subsidiaries to terminate this Agreement pursuant to Section 14 of this Agreement,
the Manager shall not be required to expend money (“Excess Funds”) in connection with any expenses that are required to be paid for or reimbursed by the Company pursuant to Section 10 in excess of that contained in any
applicable Company Account or otherwise made available by the Company Parties to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the
Company and the Subsidiaries under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance. 
 (m) In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants,
legal counsel and other service providers) hired by the Manager at the Company’s sole cost and expense. 

Section 3. Devotion of Time; Additional Activities. 
 (a) The Manager and its Affiliates will provide the Company and the Subsidiaries with a management team, including a chief executive officer, president, chief financial officer, chief investment officer
and chief compliance officer, along with appropriate support personnel, to provide the management services to be provided by the Manager to the Company and the Subsidiaries hereunder, the members of which team shall devote such portion of their time
to the management of the Company and the Subsidiaries as is necessary and appropriate to enable the Company to operates its business, commensurate with the Company’s level of activity. None of the officers or employees of the Manager will be
dedicated exclusively to the Company and the Subsidiaries, except for the chief financial officer who will be seconded exclusively to the Company pursuant to a secondment agreement with Colony Capital. The Manager and Colony Capital shall provide
reasonable access to their respective investment professionals in order to support the day-to-day operations of the Company. 

(b) Except as provided in the Investment Allocation Agreement, nothing in this Agreement shall (i) prevent Colony Capital or any of
its Affiliates, officers, directors, employees or personnel, from engaging in other businesses or from rendering services of any kind to any other Person, including, without limitation, investing in, or rendering advisory services to others
investing in, any type of business (including, without limitation, investments that meet the principal investment objectives of the Company), whether or not the investment objectives or policies of any such other Person or entity are similar to
those of the Company or (ii) in any way bind or restrict Colony Capital or any of its Affiliates, officers, directors, employees or personnel from buying, selling or trading any securities or investments for their own accounts or for the
account of others for whom Colony Capital or any of its Affiliates, officers, 

  
 12 

 
directors, employees or personnel may be acting. The Manager agrees that, for so long as this Agreement is in effect, it will comply with the terms of the Investment Allocation Agreement.

 (c) Managers, partners, officers, employees, personnel and agents of the Manager or Affiliates of the Manager may serve as
directors, officers, employees, partners, personnel, agents, nominees or signatories for the Company and/or any Subsidiary, to the extent permitted by their Governing Instruments or by any resolutions duly adopted by the Board of Directors pursuant
to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or the Subsidiaries, such persons shall use their respective titles in the Company or the Subsidiaries. 

(d) Subject to Section 2(d), the Manager is authorized, for and on behalf, and at the sole cost and expense, of the Company,
to employ securities dealers for the purchase and sale of Investments as the Manager deems necessary or appropriate, in its sole discretion. 
 (e) The Company (including the Board of Directors) agrees to take, or cause to be taken, all actions reasonably required to permit and enable the Manager to carry out its duties and obligations under this
Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to file any registration statement on behalf of the Company in a timely manner or to deliver any financial statements or other reports with respect to the
Company or any Subsidiary. 
 Section 4. Agency. The Manager shall act as agent of the Company and the Subsidiaries
in making, acquiring, financing and disposing of Investments, disbursing and collecting the funds of the Company and the Subsidiaries, paying the debts and fulfilling the obligations of the Company and the Subsidiaries, supervising the performance
of professionals engaged by or on behalf of the Company and the Subsidiaries and handling, prosecuting and settling any claims of or against the Company and the Subsidiaries, the Board of Directors, holders of the Company’s securities or
representatives or assets of the Company and the Subsidiaries. 
 Section 5. Bank Accounts. At the direction of the
Board of Directors or the Company’s Chief Financial Officer, the Manager may establish and maintain as an agent on behalf of the Company one or more bank accounts in the name of the Company or any Subsidiary (any such account, a
“Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account, under such terms and conditions as the Board of Directors may approve; and
the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 

Section 6. Records; Confidentiality. 
 (a) The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by
representatives of the Company or any Subsidiary at any time during normal business hours. 
 (b) The Manager shall keep
confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third
parties, except: (i) to Colony Capital in accordance with, and in furtherance of, the terms of the Investment Advisory Agreement; (ii) with the prior written consent of the Board of Directors; (iii) to legal counsel, accountants and
other professional advisors; (iv) to appraisers, financing sources and others in the ordinary course of the 

  
 13 

 
Company’s and the Subsidiaries’ business; (v) to governmental officials having jurisdiction over the Company or any Subsidiary; (vi) in connection with any governmental or
regulatory filings of the Company or any Subsidiary, or disclosure or presentations to Company investors; (vii) as required by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party; or
(viii) to the extent such information is otherwise publicly available through the actions of a Person other than the Manager not resulting from the Manager’s violation of this Section 6. The provisions of this
Section 6(b) shall survive the expiration or earlier termination of this Agreement for a period of one year. 

Section 7. Obligations of Manager; Restrictions. 
 (a) The Manager shall require each seller or transferor of Investments to the Company and the Subsidiaries to make such representations and warranties regarding such assets as may, in the judgment of the
Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Investments. 

(b) The Manager shall refrain from any action that, in its sole judgment made in good faith: 

(i) is not in compliance with the Investment Guidelines; 
 (ii) would adversely and materially affect the qualification of the Company as a REIT under the Code; 
 (iii) would adversely and materially affect the Company’s or any Subsidiary’s status as an entity intended to be exempted or excluded from registration under the Investment Company Act; or

 (iv) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or any
Subsidiary or that would otherwise not be permitted by the Company’s Governing Instruments, code of conduct or other compliance or governance policies and procedures. 
 If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment that such action would adversely and
materially affect the qualification of the Company as a REIT, the Company’s or any Subsidiary’s status as an entity intended to be exempted or excluded from registration under the Investment Company Act, or violate any such law, rule or
regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager and its officers, directors, members, managers and employees shall not be liable to the Company or any Subsidiary or to any director or stockholder of the Company or
any Subsidiary for acts or omissions performed in accordance with and pursuant to this Agreement, except as provided in Section 12 of this Agreement. 
 (c) The Board of Directors shall periodically review the Investment Guidelines and the Company’s portfolio of Investments, but will not review each proposed investment, except as provided in
Section 2(k) hereof. If a majority of the Independent Directors determine in their periodic review of transactions that a particular transaction does not comply with the Investment Guidelines, then a majority of the Independent Directors
will consider what corrective action, if any, can be taken. The Manager shall be permitted to rely upon the direction of the Secretary of the Company to evidence the approval of the Board of Directors or the Independent Directors with respect to a
proposed investment 
 (d) The Manager agrees to be bound by all policies and procedures, including the Company’s code of
conduct and other compliance and governance policies and procedures, applicable to the Manager 

  
 14 

 
and its officers, directors, members, managers and employees that are adopted by the Board of Directors from time to time, including those required under the Exchange Act, the Securities Act, or
by the NYSE, and to take, or cause to be taken, all actions reasonably required to cause its officers, directors, members, managers and employees, and any principals, officers or employees of its Affiliates (including Colony Capital) who are
involved in the business and affairs of the Company, to be bound by such policies and procedures to the extent applicable to such persons. 
 (e) The Manager shall at all times during the term of this Agreement maintain “errors and omissions” insurance coverage and other insurance coverage that is customarily carried by asset and
investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company and the Subsidiaries, in an amount which is comparable to that customarily maintained by other
managers or servicers of similar assets. 
 Section 8. Base Management Fee. 

(a) During the Initial Term and any Renewal Term, the Company and the TRS shall pay the Manager the Base Management Fee quarterly in
arrears, commencing with the quarter in which this Agreement was executed (with such initial payment pro-rated based on the number of days during such quarter that this Agreement was in effect). The Base Management Fee is payable independent of the
performance of the Company, any of the Subsidiaries or the Investments. 
 (b) The Manager shall compute each installment of the
Base Management Fee within 30 days after the end of the fiscal quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment of the Base Management Fee shall thereafter
promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Base Management Fee shown therein shall, subject in any event to Section 13(a) of this Agreement, be due and payable in cash no
later than the date which is five Business Days after the date of delivery to the Board of Directors of such computations. 

(c) As a component of the Manager’s compensation, the Company may issue to personnel of the Manager stock-based compensation under
the Company’s equity incentive plan. 
 (d) The Base Management Fee is subject to adjustment pursuant to and in accordance
with the provisions of Section 13(a) of this Agreement. 
 (e) The Base Management Fee payable pursuant to
Section 8(a) above, shall be payable by the Company and the TRS as follows: 
 (i) The Company shall pay the portion
of the Base Management Fee determined by multiplying the Base Management Fee payable with respect to the relevant quarter by a fraction the numerator of which is the gross book value at the end of such quarter of the assets of the Company and its
Subsidiaries other than the TRS and its Subsidiaries and the denominator of which is the gross book value at the end of such quarter of the assets of the Company and its Subsidiaries including the TRS and its Subsidiaries (the “Company
Percentage”); and 
 (ii) The TRS shall pay the portion of the Base Management Fee determined by multiplying the Base
Management Fee for the relevant quarter by a fraction the numerator of which is the gross book value at the end of such quarter of the assets of the TRS and its Subsidiaries and the denominator of which is the gross book value at the end of such
quarter of the assets of the Company and its Subsidiaries including the TRS and its Subsidiaries (the “TRS Percentage”). 

  
 15 

 Section 9. Incentive Fee. 

(a) The Incentive Fee shall be payable in arrears, in quarterly installments commencing with the quarter in which this Agreement is
executed. The Manager shall compute each quarterly installment of the Incentive Fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate
such installment shall thereafter promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Incentive Fee shown therein shall, subject in any event to Section 13(a) of this Agreement, be
due and payable no later than the date which is five Business Days after the date of delivery to the Board of Directors of such computations. 
 (b) Each installment of the Incentive Fee shall be payable as follows: 
 (i) one
hundred percent (100%) of the Incentive Fee will be payable in shares of Common Stock; provided, however, the percentage of the Incentive Fee payable in shares of Common Stock is subject to the following: (1) the ownership of such shares
by the Manager does not violate the limit on ownership of Common Stock set forth in the Company’s Governing Instruments, after giving effect to any waiver from such limit that the Board of Directors may grant to the Manager or its Affiliates in
the future and (2) the Company’s issuance of such shares to the Manager complies with all applicable restrictions under U.S. federal securities laws and the rules of the NYSE; and 

(ii) the remaining portion of the Incentive Fee that is not payable in shares of Common Stock pursuant to Section 9(b)(i), if
any, will be payable in cash. 
 (c) The number of shares of Common Stock payable as the Incentive Fee to be issued to the
Manager will be equal to the dollar amount of the portion of the quarterly installment of the Incentive Fee payable in shares of Common Stock divided by a value determined as follows: 

(i) if the Common Stock is traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the
Common Stock on such exchange on the five Business Days prior to the date on which the quarterly installment of the Incentive Fee is paid; 
 (ii) if the Common Stock is not traded on a securities exchange but is actively traded over-the-counter, the value shall be deemed to be the average of the closing bids or sales prices, as applicable, on
the five Business Days prior to the date on which the quarterly installment of the Incentive Fee is paid; and 
 (iii) if the
Common Stock is neither traded on a securities exchange nor actively traded over-the-counter, the value shall be the fair market value thereof, as reasonably determined in good faith by the Board of Directors (including a majority of the Independent
Directors) of the Company. 
 (d) If at any time the Manager shall, in connection with a determination of the value of the
Common Stock made by the Board of Directors pursuant to Section 9(c)(iii) hereof, (i) dispute such determination in good faith by more than five percent (5%), and (ii) such dispute cannot be resolved between the Independent
Directors and the Manager within 10 Business Days after the Manager provides written notice to the Company of such dispute (the “Valuation Notice”), then the matter shall be resolved by an independent appraiser of recognized
standing selected jointly by the Independent Directors and the Manager within not more than 20 days after the Valuation Notice. In the event the Independent Directors and the Manager cannot agree with respect to such selection within the aforesaid
20 day time-frame, the Independent Directors shall select one such independent appraiser and the Manager shall select one independent appraiser within five Business Days after the expiration of the 20 day period, with one

  
 16 

 
additional such appraiser (the “Last Appraiser”) to be selected by the appraisers so designated within five Business Days after their selection. Any valuation decision made by
the Last Appraiser shall be deemed final and binding upon the Board of Directors and the Manager and shall be delivered to the Manager and the Board of Directors within not more than 15 days after the selection of the Last Appraiser. The expenses of
the appraisal shall be paid by the party with the estimate which deviated the furthest from the final valuation decision made by the independent appraisers. 
 Section 10. Expenses of the Company. 
 (a) The Company and the TRS
shall pay all of the expenses of the Company Parties and shall reimburse the Manager for documented expenses of the Manager incurred on behalf of the Company Parties (collectively, the “Expenses”) excepting only those expenses that
are specifically the responsibility of the Manager pursuant to Sections 2 and 10(b) of this Agreement. Such costs and reimbursements shall not be in amounts greater than those which would be payable to outside professionals or
consultants engaged to perform such services pursuant to agreements negotiated on an arm’s length basis. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company Parties
shall be paid by the Company and the TRS and shall not be paid by the Manager or Affiliates of the Manager: 
 (i) expenses in
connection with the Initial Public Offering and transaction costs incident to the Company’s and the Subsidiaries’ unconsummated investments and the acquisition, disposition and financing of the Company’s and the Subsidiaries’
consummated Investments; 
 (ii) subject to Section 10(b) of this Agreement, the cost of legal, tax, accounting,
consulting, auditing, administrative and other similar services rendered for the Company and the Subsidiaries by providers retained by the Manager or, if provided by the Manager’s personnel, in amounts which are no greater than those which
would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s length basis; 
 (iii) the compensation and expenses of the Company’s directors (excluding those directors who are officers of the Manager) and the cost of liability insurance to indemnify the Company’s
directors and officers; 
 (iv) costs associated with the establishment and maintenance of any of the Company’s or any
Subsidiary’s credit facilities, other financing arrangements, or other indebtedness of the Company or any Subsidiary (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s or any
Subsidiary’s securities offerings; 
 (v) expenses connected with communications to holders of the Company’s or any
Subsidiary’s securities and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies,
including, without limitation, all costs of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any
exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the
Company’s stockholders; 
 (vi) costs associated with any computer software or hardware, electronic equipment or purchased
information technology services from third party vendors that is used by the Company and/or the Subsidiaries; 

  
 17 

 (vii) expenses incurred by managers, officers, personnel and agents of the Manager for
travel solely on the Company’s behalf and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase, financing, refinancing, sale or other disposition of an Investment or
the establishment and maintenance of any of the Company’s or any Subsidiary’s securitizations or any of their securities offerings; 
 (viii) costs and expenses incurred with respect to market information systems and publications, research publications and materials, and settlement, clearing and custodial fees and expenses applicable
solely to the Company or any Subsidiary; 
 (ix) compensation and expenses of the Company’s custodian and transfer agent,
if any; 
 (x) the cost of maintaining compliance with all U.S. federal, state and local rules and regulations or with any other
regulatory agency; 
 (xi) all taxes and license fees; 
 (xii) all insurance costs incurred in connection with the operation of the Company’s and the Subsidiaries’ business, except for the costs attributable to the insurance that the Manager elects to
carry for itself and its personnel; 
 (xiii) costs and expenses incurred in contracting with third parties for the servicing of
the assets of the Company; 
 (xiv) all other costs and expenses relating to the Company’s and the Subsidiaries’
business and investment operations, including, without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees; 

(xv) expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup recovery sites and
facilities, maintained for the Company and the Subsidiaries or Investments separate from the office or offices of the Manager; 

(xvi) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be
made by the Board of Directors to or on account of holders of the Company’s or any Subsidiary’s securities, including, without limitation, in connection with any dividend reinvestment plan; 

(xvii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or any
Subsidiary, or against any trustee, director, partner, member or officer of the Company or of any Subsidiary in his, her or its capacity as such for which the Company or any Subsidiary is required to indemnify such Person by any court or
governmental agency; and 
 (xviii) all other expenses actually incurred by the Manager (except as described below) which are
reasonably necessary for the performance by the Manager of its duties and functions under this Agreement; 
 provided, however, that with
respect to expenses incurred by the Manager in connection with assets 

  
 18 

 
acquired by or services rendered to the Company together with any additional publicly traded or other investment vehicle that is sponsored or managed by the Manager, Colony Capital or any of
their Affiliates, the Company and the TRS, together, shall only be responsible for Company Parties’ pro rata share of such expenses, based on the ratio of the amount of capital contributed by the Company Parties for any investment in such
assets compared to the total capital invested in such assets. 
 (b) Neither the Company nor any other Company Party shall have
any obligation to reimburse the Manager for (i) the salaries and other compensation costs of the Manager’s personnel or (ii) any fee paid to Colony Capital pursuant to, or cost or expense incurred in connection with, the Investment
Advisory Agreement. The Company will be required to pay its pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required for the
operations of the Company and the Subsidiaries. These expenses will be allocated between the Manager and the Company based on the ratio of the Company’s proportion of gross assets compared to all remaining gross assets managed or held by Colony
Capital and its Affiliates or the Manager and its Affiliates as calculated at each quarter end. The Manager and the Company will modify this allocation methodology, subject to the Independent Directors’ approval, if the allocation becomes
inequitable (i.e., if the Company becomes highly leveraged compared to Colony Capital or the Manager’s or Colony Capital’s other funds and accounts). The Company will also be required to pay the rent for office space and other office,
internal and overhead expenses incurred by persons who are employed directly by the Company or its Subsidiaries and who are not simultaneously employed by the Manager or any of its Affiliates, including the Company’s Chief Financial Officer.

 (c) The Manager may, at its option, elect not to seek reimbursement for certain expenses during a given quarterly period,
which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. 
 (d) The
provisions of this Section 10 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination. 

(e) The expense reimbursements payable by the Company and the TRS hereunder (other than any expenses that are clearly allocable
(e.g., taxes) either to the Company and its Subsidiaries (other than the TRS and its Subsidiaries) on the one hand or to the TRS and its Subsidiaries on the other hand) shall be borne by each of them in accordance with the Company Percentage
or the TRS Percentage, as applicable, with respect to the relevant quarter. 
 Section 11. Calculations of Expenses.
The Manager shall prepare a statement documenting the Expenses during each fiscal quarter, and shall deliver such statement to the Company within 30 days after the end of each fiscal quarter. Expenses shall be reimbursed by the Company and the TRS
to the Manager no later than the 15th Business Day immediately following the date of delivery of such statement; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company and the Subsidiaries. The
provisions of this Section 11 shall survive the expiration or earlier termination of this Agreement. 

Section 12. Limits of the Manager’s Responsibility; Indemnification. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good
faith and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager and its
officers, directors, members, managers and employees will not be liable to the Company or any Subsidiary, the Board of 

  
 19 

 
Directors, or the Company’s or any Subsidiary’s stockholders or partners for any acts or omissions by any such Person (including, without limitation, trade errors that may result from
ordinary negligence, such as errors in the investment decision making process or in the trade process), performed in accordance with and pursuant to this Agreement, except by reason of acts constituting gross negligence, willful misconduct, bad
faith or reckless disregard of the Manager’s duties under this Agreement. 
 (b) The Company to the full extent permitted
by law shall indemnify and hold harmless the Manager and each officer, director, member, manager and employee of the Manager (each a “Covered Person”) from and against any and all claims or liabilities of any nature whatsoever,
including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with the business and operations of the Company or any Subsidiary or any action taken or omitted by any such Covered Person by or on behalf of
the Company or any Subsidiary pursuant to authority granted by this Agreement, except where found by a court of competent jurisdiction to be attributable to the gross negligence, willful misconduct or bad faith of any such Covered Person or the
reckless disregard by such Covered Person of their duties under this Agreement. In the event that any Covered Person becomes involved in any capacity in any suit, action, proceeding or investigation in connection with any matter arising out of or in
connection with the Manager’s duties hereunder, the Company will periodically reimburse such Covered Person for its reasonable legal and other expenses (including the cost of any investigation and preparation) incurred in connection therewith;
provided, however, that prior to any such advancement of expenses (i) such Covered Person shall provide the Company with an undertaking to promptly repay to the Company the amount of any such expenses paid to it if it shall ultimately be
determined that such Covered Person is not entitled to be indemnified by the Company as herein provided in connection with such suit, action, proceeding or investigation, and (ii) the Covered Person shall provide the Company with a written
affirmation that such Covered Person in good faith believes that it has met the standard of conduct necessary for indemnification hereunder; provided, further, however, that the failure for any reason of the Company to advance funds to any Covered
Person shall in no way affect such Covered Person’s right to reimbursement of such costs if it is ultimately determined that such Covered Person was entitled to indemnification pursuant to the terms hereof. 

(c) Any Covered Person entitled to indemnification from the Company hereunder shall seek recovery under any insurance policies by which
such Covered Person is covered and any Covered Person shall obtain the written consent of the Company prior to entering into any compromise or settlement which would result in an obligation of the Company to indemnify such Covered Person; provided,
however, that the possibility of recovery under any such insurance policies shall not preclude a Covered Person from seeking indemnification pursuant to this Section 12. If such Covered Person shall actually recover any amounts under any
applicable insurance policies, it shall offset the net proceeds so received against any amounts owed by the Company by reason of the indemnity provided hereunder or, if all such amounts shall have been paid by the Company in full prior to the actual
receipt of such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification paid by the Company to such Covered Person) to the Company. If the amounts in respect of which indemnification is sought arise out of the
conduct of the business and affairs of the Company or any Subsidiary and also of any other Person or entity for which the Covered Person hereunder was then acting in a similar capacity, the amount of the indemnification to be provided by the Company
may be limited to the Company Parties’ proportionate share thereof if so determined by the Company in good faith. 
 (d)
The Manager to the full extent permitted by law shall indemnify and hold harmless the Company, the TRS and any other Subsidiary and each officer, director, employee and agent of the Company or any Subsidiary from and against any and all claims or
liabilities of any nature whatsoever, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with acts of the Manager found by a court of competent jurisdiction to constitute gross negligence, willful
misconduct, bad faith or reckless disregard of the Manager’s duties under this Agreement, or any claims 

  
 20 

 
by the Manager’s employees relating to the terms and conditions of their employment by the Manager. 
 (e) The provisions of this Section 12 shall survive the expiration or earlier termination of this Agreement. 
 Section 13. Term; Termination. 
 (a) Until this Agreement is
terminated in accordance with its terms, this Agreement remained in effect until September 29, 2012 (the “Initial Term”) and shall be automatically renewed for a one-year term on each anniversary date thereafter (a
“Renewal Term”) unless at least two-thirds of the Independent Directors agree that (i) there has been unsatisfactory performance by the Manager that is materially detrimental to the Company and the Subsidiaries or (ii) the
compensation payable to the Manager, in the form of base management fees and incentive fees, or the amount thereof, is unfair to any of the Company Parties; provided that the Company shall not have the right to terminate this Agreement under clause
(ii) above if the Manager agrees to continue to provide the services under this Agreement at a reduced fee that at least two-thirds of the Independent Directors determines to be fair pursuant to the procedure set forth below. The Company may
elect not to renew this Agreement upon the expiration of the Initial Term or any Renewal Term upon at least 180 days’ prior written notice to the Manager (the “Termination Notice”). If the Company issues the Termination Notice,
the Company shall be obligated to (i) specify the reason for nonrenewal in the Termination Notice (pursuant to either clause (i) or (ii) of the first sentence of this paragraph) and (ii) pay the Manager the Termination Fee on or
before the last day of the Initial Term or Renewal Term (the “Effective Termination Date”); provided, however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable
to the Manager is unfair, the Manager shall have the right to renegotiate such compensation by delivering to the Company, no fewer than 60 days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice
of Proposal to Negotiate”) of its intention to renegotiate its compensation under this Agreement. Upon receipt by the Company of a Notice of Proposal to Negotiate, the Company (represented by the Independent Directors) and the Manager shall
endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement. Provided that the Manager and at least two-thirds of the Independent Directors agree to the terms of the revised compensation to be payable to
the Manager within 60 days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement,
except that the compensation payable to the Manager shall be the revised compensation then agreed upon by the parties to this Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such
revised compensation promptly upon reaching an agreement regarding the same. In the event that the Company and the Manager are unable to agree to the terms of the revised compensation to be payable to the Manager during such 60-day period, this
Agreement shall terminate, such termination to be effective on the date that is the later of (A) 10 days following the end of such 60-day period and (B) the Effective Termination Date originally set forth in the Termination Notice.

 (b) In recognition of the upfront effort required by the Manager to structure and acquire the assets of the Company and the
Subsidiaries and the commitment of resources by the Manager, in the event that this Agreement is terminated in accordance with the provisions of Section 13(a) or Section 14(b) of this Agreement, the Company shall pay to the
Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to three times the sum of (i) the average annual Base Management Fee and (ii) the average annual Incentive Fee,
in each case earned by the Manager during the 24-month period immediately preceding the most recently completed fiscal quarter prior to the date of termination. The obligation of the Company to pay the Termination Fee shall survive the termination
of this Agreement. 

  
 21 

 (c) No later than 180 days prior to the expiration of the Initial Term or Renewal Term, the
Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the
anniversary date of this Agreement next following the delivery of such notice. The Company shall not be required to pay the Termination Fee to the Manager if the Manager terminates this Agreement pursuant to this Section 13(c).

 Section 14. Termination for Cause. 
 (a) The Company may terminate this Agreement at any time, including during the Initial Term, upon at least 30 days’ prior written notice of termination from the Board of Directors to the Manager,
without payment of any Termination Fee by any Company Party, if: 
 (i) the Manager engages in any act or omission that
constitutes gross negligence, bad faith, fraud or willful misconduct; 
 (ii) the Manager breaches this Agreement in any
material respect and such breach shall continue for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period; 

(iii) there is a commencement of any proceeding relating to the Bankruptcy or insolvency of the Manager or Colony Capital, including an
order for relief in an involuntary Bankruptcy case or the authorization or filing by the Manager or Colony Capital of a voluntary Bankruptcy petition; 
 (iv) there is a Manager Change of Control or a Colony Capital Change of Control and a majority of the Independent Directors reasonably determines that such Manager Change of Control or Colony Capital
Change of Control, as the case may be, is materially detrimental to the Company and the Subsidiaries; 
 (v) the Manager is
convicted (including a plea of nolo contendere) of a felony; 
 (vi) the Manager is unable to perform its obligations under this
Agreement; or 
 (vii) there is a dissolution of the Manager. 

(b) The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Company in the event
that the Company shall breach this Agreement in any material respect or otherwise be unable to perform its obligations hereunder and such breach shall continue for a period of 30 days after written notice thereof specifying such default and
requesting that the same be remedied in such 30-day period. The Company shall be required to pay the Termination Fee to the Manager if this Agreement is terminated pursuant to this Section 14(b). 

(c) The Manager may terminate this Agreement in the event the Company becomes regulated as an “investment company” under the
Investment Company Act, with such termination deemed to have occurred immediately prior to such event. If the Manager terminates this Agreement pursuant to this Section 14(c), the Company shall not be required to pay the Termination Fee.

 Section 15. Survival; Action Upon Termination. From and after the effective date of termination of this
Agreement, pursuant to Sections 13, 14 or 16 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination
and, if terminated pursuant to Section 13(a) or 14(b), the applicable Termination 

  
 22 

 
Fee. Upon such termination, the Manager shall forthwith: 
 (i) after
deducting any accrued compensation and reimbursement for Expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement;

 (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a
statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; 

(iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager;
and 
 (iv) Sections 6, 10, 11, 12, 13, 14, 15 and 25 shall survive the
termination of this Agreement. 
 Section 16. Assignment. This Agreement shall terminate automatically, without
payment of the Termination Fee, in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company after the approval of a majority of the Independent Directors; provided, however,
that the Manager may assign this Agreement to any Majority-Owned Affiliate of Colony Capital without the consent of the Company or the approval of the Independent Directors if (a) such Majority-Owned Affiliate of Colony Capital becomes a party
to, or becomes subject to the rights and obligations of the Manager under, the Investment Advisory Agreement and the Investment Allocation Agreement and (b) such assignment does not require the Company’s approval under the Investment
Advisers Act of 1940, as amended. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under
any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the
Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor (by merger, consolidation, purchase of assets, or other transaction) to the Company, in which case such successor organization shall
be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. 
 Section 17. Release of Money or Other Property Upon Written Request. The Manager agrees that any money or other property of the Company or any Subsidiary held by the Manager under this
Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon
the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the Company
or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event later than 30 days following such request. The Manager shall not be
liable to the Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s stockholders or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other
property released to the Company or any Subsidiary in accordance with the second sentence of this Section 17. The Company shall indemnify the Manager and its officers, directors, personnel, managers, and officers against any and all
expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company or any Subsidiary

  
 23 

 
in accordance with the terms of this Section 17. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under
Section 12 of this Agreement. 
 Section 18. Representations and Warranties. 

(a) The Company and the TRS hereby make the following representations and warranties to the Manager, all of which shall survive the
execution and delivery of this Agreement: 
 (i) Each of the Company and the TRS is a corporation duly organized, validly
existing and in good standing under the laws of the State of Maryland or the State of Delaware, as applicable, and each is, or shall be prior to the commencement of services hereunder, qualified to do business and in good standing in Maryland or
Delaware, as applicable. Each of the Company and the TRS has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder. 

(ii) The execution, delivery, and performance of this Agreement by each of the Company and the TRS have been duly authorized by all
necessary action on the part of the Company and the TRS, respectively. 
 (iii) This Agreement constitutes a legal, valid, and
binding agreement of each of the Company and the TRS, enforceable against each of the Company and the TRS in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and
general principles of equity, including, without limitation, those relating to the availability of specific performance. 
 (b)
The Manager hereby makes the following representations and warranties to the Company and the TRS, all of which shall survive the execution and delivery of this Agreement: 
 (i) The Manager is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware and is, or shall be prior to the commencement of services
hereunder, qualified to do business and in good standing in Delaware. The Manager has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder, subject only to its qualifying to
do business and obtaining all requisite permits and licenses required as a result of or relating to the nature or location of any of the assets or properties of the Company and the Subsidiaries (which it shall do promptly after being required to do
so.) 
 (ii) The execution, delivery, and performance of this Agreement by the Manager have been duly authorized by all
necessary action on the part of the Manager. 
 (iii) This Agreement constitutes a legal, valid, and binding agreement of the
Manager enforceable against the Manager in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without limitation, those
relating to the availability of specific performance. 
 Section 19. Contingent Reimbursement Obligation of the Company
to the Manager for the Manager Offering Payments. 
 (a) The Company acknowledges the payment by Manager, for and on behalf
of the Company, to the underwriters of the Initial Public Offering of the Manager Offering Payments, as defined in and pursuant to Section 2(b) of the IPO Underwriting Agreement (the “Manager Offering Payments”). 

  
 24 

 (b) The Company agrees to reimburse the Manager an amount (the “Manager Conditional
Reimbursement Right”) equal to the Manager Offering Payments if during any full four calendar quarter period during the 24 full calendar quarters after the closing of the Initial Public Offering (the “Conditional Payment
Period”), the Company’s Core Earnings for such four-quarter period exceeds the product of: (i) the weighted average of the issue price per share of Common Stock of all of the Company’s offerings of Common Stock (including the
Initial Public Offering) multiplied by the weighted average number of shares of Common Stock outstanding (including, for the avoidance of doubt, any restricted shares of Common Stock and any shares of Common Stock underlying other awards granted
under one or more of the Company’s equity incentive plans) in the four-quarter period; and (ii) 8% (such product of (i) and (ii), the “Performance Hurdle Rate”). 

(c) (i) The Manager Conditional Reimbursement Right, if any, shall be payable as follows: 

(A) one hundred percent (100%) of the Manager Conditional Reimbursement Right will be payable in shares of Common
Stock; provided, however, the percentage of the Manager Conditional Reimbursement Right payable in shares of Common Stock is subject to the following: (1) the ownership of such shares by the Manager does not violate the limit on ownership of
Common Stock set forth in the Company’s Governing Instruments, after giving effect to any waiver from such limit that the Board of Directors may grant to the Manager or its Affiliates in the future and (2) the Company’s issuance of
such shares to the Manager complies with all applicable restrictions under U.S. federal securities laws and the rules of the NYSE; and 
 (B) the remaining portion of the Manager Conditional Reimbursement Right that is not payable in shares of Common Stock pursuant to Section 19(c)(i), if any, will be payable in cash.

 (ii) The number of shares of Common Stock, if any, payable to the Manager pursuant to the Manager Conditional Reimbursement
Right will be equal to the amount of the Manager Conditional Reimbursement Right divided by the Initial Public Offering Price of the Common Stock ($20.00); provided, however, that, if the number of outstanding shares of Common Stock is
increased or decreased or the shares of Common Stock are changed into or exchanged for a different number or kind of stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse split,
combination of stock, exchange of stock, stock dividend or other distribution payable in capital stock, or other increase or decrease in such stock effected without receipt of consideration by the Company occurring after the date of this
agreement, the price per share of Common Stock used to determine the number of shares to be issued to the Manager upon payment of the Manager Conditional Reimbursement Right shall be adjusted proportionately and accordingly by the
Company, and the kinds of shares of stock issuable to the Manager upon payment of the Manager Conditional Reimbursement Right shall be adjusted by the Company equitably.

(d) During the Conditional Payment Period if the Manager Conditional Reimbursement Right has not been paid, the Manager shall compute
Core Earnings for each full four-quarter period within 45 days after the end of each fiscal quarter and shall promptly deliver such computation and the calculation of the Performance Hurdle Rate to the Board of Directors. In the event that the
Performance Hurdle Rate has been met, the Company shall pay the Manager Conditional Reimbursement Right, in Common Stock and/or cash as set forth in Section 19(c) above, to the Manager no later than the date which is five Business Days
after the date of delivery to the Board of Directors of the applicable computation of Core Earnings and the calculation of the Performance Hurdle Rate. 
 (e) In the event the Termination Fee is payable to the Manager prior to the end of the 

  
 25 

 
Conditional Payment Period and the Manager Conditional Reimbursement Right has not been paid, the Company shall pay the Manager Conditional Reimbursement Right to the Manager, in Common Stock
and/or cash as set forth in Section 19(c) above, on the same date as the payment of the Termination Fee in reimbursement of the Manager’s payment of the Manager Offering Payments, irrespective of whether the Performance Hurdle Rate
has been met. 
 (f) If the Performance Hurdle Rate has not been met and no Termination Fee has become payable to the Manager
prior to the end of the Conditional Payment Period, then the Manager Conditional Reimbursement Right shall terminate as of the end of the Conditional Payment Period. 
 (g) The Manager and Company agree that the Manager’s payment of the Manager Offering Payments on behalf of the Company is an advance by the Manager for and on behalf of the Company for federal income
tax purposes, giving rise to a contingent payable from the Company to the Manager and will not take any position inconsistent therewith. 
 Section 20. Notice 
 (a) All notices, demands or requests provided for
or permitted to be given pursuant to this Agreement must be in writing, to the following addressess: 
 If to the Company or the
TRS, to: 
         Colony Financial, Inc. 

        2450 Broadway 
         Santa Monica, California 90404 

        Attention: Chief Financial Officer 

        Fax No.: 310-407-7430 

If to the Manager: 
         Colony Financial Manager, LLC 

        2450 Broadway 
         Santa Monica, California 90404 

        Attention: Linda Bodenstein, Director – Legal Administration 

        Fax No.: 310- 407-7380 

(b) All notices, demands and requests to be sent to a party hereto pursuant to this Agreement shall be deemed to have been properly given
or served if: (i) personally delivered, (ii) deposited for next day delivery by Federal Express, or other similar overnight courier services, addressed to such party, (iii) deposited in the United States mail, addressed to such party,
prepaid and registered or certified with return receipt requested or (iv) transmitted via facsimile or other similar device to the attention of such party. 
 (c) All notices, demands and requests so given shall be deemed received: (i) when personally delivered, (ii) twenty-four hours after being deposited for next day delivery with an overnight
courier, (iii) forty-eight hours after being deposited in the United States mail, or (iv) three hours after being transmitted via facsimile or otherwise transmitted and receipt has been confirmed. 

Section 21. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

  
 26 

 Section 22. Entire Agreement. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. 

Section 23. Amendments. This Agreement may be amended or modified only by an agreement in writing signed by all parties
hereto. 
 Section 24. No Implied Waivers; Remedies. No failure or delay on the part of any party in exercising any
right, privilege, power, or remedy under this Agreement, and no course of dealing shall operate as a waiver of any such right, privilege, power or remedy; nor shall any single or partial exercise of any right, privilege, power or remedy under this
Agreement preclude any other or further exercise of any such right, privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver shall be asserted against any party unless signed in writing by such party. The
rights, privileges, powers and remedies available to the parties are cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law, in equity or otherwise. Except as provided in this Agreement, no
notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in any similar or other circumstances or constitute a waiver of the right of the party giving such notice or making such demand to take
any other or further action in any circumstances without notice or demand. 
 Section 25. Governing Law. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA. EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF CALIFORNIA SHALL HAVE EXCLUSIVE JURISDICTION IN CONNECTION WITH ANY
ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES UNDER THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY WAIVES THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY SUCH ACTION OR PROCEEDING IN SAID COURTS. 
 Section 26.
Headings. The headings contained in this Agreement are for convenience only and shall not affect the construction or interpretation of any provisions of this Agreement. 
 Section 27. Severability. If any provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall not be affected thereby. 

Section 28. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 27 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
representatives on the date first written above. 
  

							
		 	COMPANY	 	
		
	Address:	 	COLONY FINANCIAL, INC.,
		 	a Maryland corporation
	2450 Broadway	 		 		 	
	6th Floor	 		 		 	
	Santa Monica, California 90404	 	By:	 	 /s/ Mark M. Hedstrom

		 	Name:	 	Mark M. Hedstrom
		 	Title:	 	Vice President
				
		 	TRS	 		 	
		
	Address:	 	COLONY FINANCIAL TRS, LLC,
		 	a Delaware limited liability company
	2450 Broadway	 		 		 	
	6th Floor	 	By:	 	Colony Financial, Inc., its
	Santa Monica, California 90404	 		 	manager
				
		 		 	By:	 	 /s/ Mark M. Hedstrom

		 		 	Name:	 	Mark M. Hedstrom
		 		 	Its:	 	Vice President
			
		 	MANAGER	 	
		
	Address:	 	COLONY FINANCIAL MANAGER, LLC,
		 	a Delaware limited liability company
	2450 Broadway	 		 		 	
	6th Floor	 		 		 	
	Santa Monica, California 90404	 	By:	 	 /s/ Mark M. Hedstrom

		 	Name:	 	Mark M. Hedstrom
		 	Title:	 	Vice President
		
		 	COLONY CAPITAL
		 	Solely for the purposes of Sections 3(a) and 12(d)
		
	Address:	 	COLONY CAPITAL, LLC,
		 	a Delaware limited liability company
				
	2450 Broadway	 		 		 	
	6th Floor	 		 		 	
	Santa Monica, California 90404	 	By:	 	 /s/ Mark M. Hedstrom

		 	Name:	 	Mark M. Hedstrom
		 	Title:	 	Senior Vice President

 Signature Page to Restated Management Agreement 

 Exhibit A 
 The Board of Directors has adopted the following investment guidelines: 
  

	 	•	 	 No investment shall be made that would cause the Company to fail to qualify as a REIT for U.S. federal income tax purposes;

  

	 	•	 	 No investment shall be made that would cause the Company to be regulated as an investment company under the Investment Company Act; and

  

	 	•	 	 Until appropriate investments can be identified, the Manager may invest the proceeds of the Company’s Initial Public Offering and any future
offerings in interest-bearing, short-term investments, including money market accounts and/or U.S. treasury securities, that are consistent with the Company’s intention to qualify as a REIT and maintain its exemption from registration under the
Investment Company Act. 

 In addition, any investment of the Company’s capital of up to $10 million requires the
approval of the Company’s Chief Executive Officer; any investment in excess of $10 million but less than $150 million requires the approval of the Investment Committee; and any investment equal to or greater than $150 million requires the
approval of the Board of Directors. 

  
 A-1

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