Document:

EX-10.1

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

AND JOINT ESCROW INSTRUCTIONS 

BETWEEN 

TAMCO, a California corporation, and CMC STEEL FABRICATORS, INC., a Texas corporation 

(jointly, “SELLER”) 

AND 
 BTC
III ACQUISITIONS LLC, 
 a Delaware limited liability company 

(“BUYER”) 
  

 PURCHASE AND SALE AGREEMENT 

AND JOINT ESCROW INSTRUCTIONS 

THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (“Agreement”) is entered into this 29th day of
September, 2021 (“Effective Date”), between TAMCO, a California corporation (“TAMCO”), and CMC Steel Fabricators, Inc., a Texas corporation (“CMC,” and jointly with TAMCO,
“Seller”), and BTC III Acquisitions LLC, a Delaware limited liability company (“Buyer”). Hereinafter, Seller and Buyer may be referred to individually as a “Party,” or jointly
as the “Parties.” 
 RECITALS 

A. Seller owns approximately 95.18 acres of land in the City of Rancho Cucamonga (“City”), County of San Bernardino
(“County”), State of California (“State”), commonly known as 12343-12455 Arrow Route, with Assessor’s parcel numbers 0229-121-33-0-000,
0229-121-34-0-000, 0229-121-35-0-000, and
0229-131-19-0-000, more particularly described in Exhibit “A” attached hereto
(the “Land”). As used herein, the portion of the Land owned by TAMCO may be referred to as the “TAMCO Land,” and the portion of the Land owned by CMC may be referred to as the “CMC
Land.” The Land specifically excludes the water rights associated with the Land and more particularly described on Schedule “1” (“Water Rights”), which Seller is retaining. 

B. Seller desires to sell the Land and related appurtenances (but excluding the Water Rights) and improvements to Buyer, and Buyer desires to
purchase the same from Seller, upon the terms and conditions contained in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing Recitals, which Recitals are incorporated herein by this reference, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants contained herein, the Parties hereby agree as follows: 

1. Purchase and Sale. Subject to the terms and conditions set forth in this Agreement, Seller agrees to sell to Buyer, and Buyer agrees
to purchase from Seller, Seller’s right, title and interest in and to the following (collectively, the “Property”): 

1.1 Land. As defined in the Recitals. 
  

	 	1.2	 Appurtenances. All privileges, rights and easements appurtenant to the Land (collectively, the
“Appurtenances”). 

  

	 	1.3	 Improvements. Any buildings, structures, improvements, fixtures, systems and equipment attached to the
Land, including, but not limited to, the steel and fiberglass underground storage tank and the associated dispenser (the “UST System”) located on Property with the CERS identification number of
10152245-001 (collectively, the “Improvements,” and together with the Land and Appurtenances, the “Real Property”). 

  
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	 	1.4	 Excluded Assets. Notwithstanding anything to the contrary in this Agreement: (a) the term
“Property” expressly excludes the Water Rights and the equipment, fixtures and other items listed on Schedule “2” attached hereto (“Excluded Assets”); and (b) Seller shall remove the Excluded Assets
prior to the Closing Date (defined in Section 3.2 below). 

 2. Purchase Price. The
purchase price for the Property shall be Three Hundred Thirteen Million Dollars ($313,000,000) (“Purchase Price”), payable as follows: 

2.1 Within three (3) business days after the Opening of Escrow (defined in Section 3.2 below), Buyer will
deliver to Escrow (defined in Section 3.1 below) (a) the amount of Nine Million Seven Hundred Fifty Thousand Dollars ($9,750,000) (the “Deposit”) and (b) the amount of Two Hundred Fifty
Thousand Dollars ($250,000) (the “Nonrefundable Earnest Funds”). 
 2.2 If Buyer terminates this Agreement in
accordance with Section 5.1(d) or Section 5.2 below, the Deposit shall be immediately refundable to Buyer. Upon the satisfaction or waiver of the Contingencies, the Deposit shall become non-refundable to Buyer (unless the Agreement is terminated by Buyer as a result of an uncured Seller default as provided in Section 16.3 below), and shall remain in Escrow until Closing
(defined in Section 3.2, below). The Nonrefundable Earnest Funds shall be non-refundable to Buyer (unless the Agreement is terminated by Buyer as a result of an uncured Seller default
(as provided in Section 16.3 below), or in the event of a breach of Seller’s representations and warranties (as provided in Section 8.1(n) below) and shall remain in Escrow until Closing. In
the event the Parties close the transactions as contemplated hereunder, the Deposit and the Nonrefundable Earnest Funds will be applied towards the Purchase Price and paid to Seller on the Closing Date. 

2.3 Buyer will make the Deposit by wire transfer to Escrow Holder. The Deposit will be placed by Escrow Holder in an interest bearing account,
with interest accruing for the benefit of Buyer. 
 2.4 On or before the Closing Date, Buyer shall deposit into Escrow, in immediately
available funds, the balance of the Purchase Price, plus any additional amounts required to pay Buyer’s expenses, closing costs and prorations, as provided in this Agreement. 

2.5 Notwithstanding any provision set forth in this Agreement, One Hundred and No/100 Dollars ($100.00) of the Deposit (“Independent
Consideration”) shall be non-refundable in all events and shall be paid to Seller in the event that this Agreement is terminated at any time prior to Closing. The Independent Consideration shall
be applicable towards the Purchase Price at Closing. 
 2.6 The portion of the Purchase Price allocated to the TAMCO Land is $253,000,000,
and the portion of the Purchase Price allocated to the CMC Land is $60,000,000. 

  
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 3. Escrow; Closing Costs. 

3.1 Escrow. Within five (5) business days after the Effective Date, Seller and Buyer shall open an escrow
(“Escrow”) with Fidelity National Title, National Commercial Services, (“Escrow Holder”), by delivering a fully-executed copy of this Agreement to Escrow Holder at 8055 E. Tufts Ave., Suite 900,
Denver, CO 80237, Attn: Stephanie Taylor. This Agreement shall constitute joint escrow instructions. 
 3.2 Opening; Closing. As used
herein, the term “Opening of Escrow” means the date Escrow Holder agrees to act in accordance with this Agreement. As used herein, the term “Close of Escrow” or “Closing” means
the consummation of the purchase and sale transaction contemplated herein, evidenced by the recordation of the Grant Deeds (defined in Section 4, below) in the Official Records of the County. As used herein, the term
“Closing Date” means the date the Close of Escrow occurs. Close of Escrow shall occur on the first Tuesday, Wednesday or Thursday that is fifteen (15) days after Buyer approves (or is deemed to have approved) the
Contingencies or such other date as may be mutually agreed to by Buyer and Seller. The Closing shall occur at the offices of the Escrow Holder or such other location as the Parties may agree. Each Party may deliver its closing deliverables to Escrow
via overnight courier, e-mail or other means acceptable to Escrow, and the Parties are not required to attend the Closing in person. 

3.3 Closing Costs. Seller shall pay at Closing: (a) Seller’s share of the prorations (as described herein); (b) one-half (1/2) of any Escrow fees and costs; (c) the portion of the premium for the Title Policy (defined in Section 4 below) relating to ALTA standard coverage; (d) the
documentary transfer taxes; (e) the brokerage fee or commission described in Section 15 below; and (f) the amount necessary to reimburse Buyer for the actual cost of the Survey (as defined in
Section 5.1(a) below). Buyer shall pay all other costs of the transaction contemplated herein, including without limitation: (i) Buyer’s share of the prorations (as described herein); (ii) one-half (1/2) of any Escrow fees and costs; (iii) the portion of the premium for the Title Policy relating to ALTA extended coverage and the cost of any endorsements requested by Buyer (and which the Title
Company agreed to issue); and (iv) all of the document recording charges. Buyer and Seller shall each pay their own legal and professional fees. 

4. Condition of Title at Closing. Title to the Property shall be conveyed to Buyer upon the Close of Escrow. TAMCO shall convey title to
the TAMCO Land to Buyer, and CMC shall convey title to the CMC Land to Buyer, each by a grant deed in the form attached hereto as Exhibit “B” (the “Grant Deed”), free and clear of all liens except for: (a) non-delinquent real property taxes and assessments not yet due and payable; (b) matters affecting title that were created by Buyer or with Buyer’s consent; (c) any title exceptions on the
Report (defined in Section 5.1(a), below) that were approved (or deemed approved) by Buyer during the Due Diligence Period; (d) any survey matters shown on the Survey (as defined in
Section 5.1(a) below) that were approved (or deemed approved) by Buyer during the Due Diligence Period; and (e) the Easement Agreement and MOU, defined in Section 5.1(e) below (collectively,
the “Permitted Exceptions”). Notwithstanding anything to the contrary, the term “Permitted Exceptions” expressly excludes all deeds of trust, mortgages, attachments, judgments, liens for delinquent real property
taxes and assessments, mechanics’ and materialmen’s liens, abatement liens, civil administrative penalties, and all other liens or encumbrances of a definite or ascertainable amount that secure the payment

  
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of money (collectively, “Monetary Encumbrances”). Seller shall remove (at Seller’s sole cost and expense) all Monetary Encumbrances on or before the Closing. As a
condition to Buyer’s obligation to close hereunder, the Title Company shall issue to Buyer (with an effective date not earlier than the Closing Date), a 2006 ALTA form of extended coverage owner’s policy of title insurance insuring title
to the Real Property vested in Buyer (or its assignee) in the amount of the Purchase Price, subject only to the Permitted Exceptions (the “Title Policy”). The Title Policy shall include those endorsements (if any) that Seller
agrees to obtain for Buyer in Seller’s Title Response Letter (defined in Section 5.1(c) below); provided, however, Buyer may obtain any additional endorsements that Buyer deems desirable (“Elective Endorsements”),
but the issuance of the Title Policy with the Elective Endorsements shall not be a condition to Closing. 
 5. Contingencies.
Buyer’s obligation to purchase the Property is subject to the following contingencies set forth in Section 5.1 and Section 5.2 below (the “Contingencies”). 

5.1 Title Review. Buyer’s obligation to purchase the Property is expressly conditioned upon Buyer approving (in its sole and
absolute discretion) the condition of title of the Property in accordance with the following procedures: 
 (a) Within fifteen
(15) days after the Opening of Escrow, Seller shall direct Escrow Holder to deliver to Buyer a current title insurance commitment covering the Real Property (the “Report”) from Fidelity National Title, National
Commercial Services, 8055 E. Tufts Ave., Suite 900, Denver, CO 80237, Attn: Stephanie Taylor (the “Title Company”) showing fee simple title to the Real Property vested in Seller and committing to insure such title to the Real
Property in Buyer (or its assignee) by the issuance of a 2006 ALTA form of extended coverage policy of owner’s title insurance in the amount of the Purchase Price, along with copies of all documents referenced as exceptions in Schedule B or in
the legal description of the Report. In addition, Buyer shall obtain an ALTA/NSPS Land Title Survey (“Survey”) of the Real Property. Buyer shall pay for the cost of the Survey, and Seller shall reimburse Buyer for the same at
the Closing in accordance with Section 3.3. For the avoidance of doubt, if the Closing does not occur, Seller shall have no obligation to reimburse Buyer for the cost of the Survey. 

(b) On or before the date that is ten (10) days before the last day of the Due Diligence Period (defined in
Section 5.2 below) (the “Title Review Date”), Buyer may provide Seller with written notice (the “Title Objection Letter”) of any title matters shown in the Report and/or
Survey to which Buyer objects (each, a “Title Objection”). If Buyer fails to deliver a Title Objection Letter prior to the Title Review Date, Buyer will be deemed to have approved all title and survey matters shown in the
Report and Survey. 
 (c) On or before the date that is five (5) days before the last day of the Diligence Period, Seller shall notify
Buyer in writing whether Seller will cure or remove the Title Objection(s), which Seller shall have the right to do or not do, in its sole and absolute discretion (the “Title Response Letter”). Seller’s failure to
provide a Title Response Letter within the specified time will be deemed Seller’s election not to cure or remove the Title Objection(s). 

  
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 (d) If Seller elects (or is deemed to have elected) not to cure or remove the Title
Objection(s), Buyer may elect to either (i) terminate this Agreement by providing a Disapproval Notice (as described in Section 5.2 below) on or before the last day of the Due Diligence Period (as described in
Section 5.2 below) and, in such event, Escrow Holder shall return the Deposit to Buyer and neither Party shall have any further rights or obligations hereunder, except for those that expressly survive the termination of
this Agreement, or (ii) waive the Title Objection(s) and proceed towards Closing by providing (or being deemed to have provided) Seller with an Approval Notice in accordance with Section 5.2 below. If Seller elects (or
is deemed to have elected) not to cure or remove the Title Objection(s), and Buyer provides (or is deemed to have provided) Seller with an Approval Notice, Buyer shall be deemed to have waived the Title Objection(s) and the title and/or survey
matter(s) at issue shall constitute a “Permitted Exception” under this Agreement. 
 (e) Buyer acknowledges that the Property is
subject to: (i) that certain Easement Agreement dated October 30, 2018 (“Easement Agreement”), by and between Seller and Tree Island Wire (USA), Inc., a Delaware corporation (“TIW”); (ii)
that certain Memorandum of Understanding dated October 30, 2018 (“MOU”), by and between Seller and TIW; and (iii) that certain Voluntary Agreement dated July 31, 2020 (“Voluntary
Agreement”), by and between Commercial Metals Company, a Delaware corporation, TAMCO and the South Coast Air Quality Management District. Buyer further acknowledges that Seller provided Buyer with copies of the Easement Agreement, the
MOU and the Voluntary Agreement prior to the Effective Date. Notwithstanding anything to the contrary in this Agreement, Buyer hereby approves the terms and conditions of the Easement Agreement and the MOU. At the Closing, the Easement Agreement,
the MOU and the Voluntary Agreement shall be assigned from Seller to Buyer by the Assignment and Assumption Agreement (defined in Section 10.1 below). Buyer and Seller agree that the Easement Agreement, the MOU and the
Voluntary Agreement shall constitute “Permitted Exceptions” for all purposes hereunder. Notwithstanding anything herein to the contrary, nothing contained in this Section 5.1(e) shall be construed as a waiver by Buyer of its right to
terminate this Agreement in accordance with Section 5.2 below. 
 5.2 Due Diligence; Condition of the
Property. Buyer’s obligation to purchase the Property is expressly conditioned upon Buyer’s review and approval of the condition of the Property (including, without limitation, the physical and environmental condition of the Property
(subject to the provisions of Section 6 below) and the condition of title (in accordance with the provisions of Section 5.1 above)) within the first sixty (60) days following the Effective
Date (the “Due Diligence Period”). The aforementioned approval may be provided or withheld in Buyer’s sole and absolute discretion. If Buyer approves of the condition of the Property, Buyer shall provide Seller with
written notice of the same (“Approval Notice”) on or before the last day of the Due Diligence Period. If Buyer disapproves of the condition of the Property, on or before the last day of the Due Diligence Period, Buyer shall
provide Seller with written notice of the same (“Disapproval Notice”). If Buyer provides Seller with a Disapproval Notice, this Agreement shall terminate, Escrow Holder shall return the Deposit to Buyer, and neither Party
shall have any further rights or obligations hereunder, except for those that expressly survive the termination of this Agreement. If Buyer fails to provide Buyer with an Approval Notice or a Disapproval Notice on or before the last day of the Due
Diligence Period, Buyer will be deemed to have provided Seller with an Approval Notice. If Buyer provides (or is deemed to have provided) Seller with an Approval Notice, Buyer will be deemed to have waived the Contingencies and the Contingencies
shall conclusively be deemed satisfied. 

  
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 6. Right of Entry; Inspections. Prior to the Effective Date, Seller obtained those
certain reports and studies concerning the environmental condition of the Property listed in Schedule “3” attached hereto (“Environmental Reports”). During the Due Diligence Period, Seller shall make good faith and
reasonable efforts to obtain reliance letters from the consultants that prepared the Environmental Reports (“Environmental Consultants”), in a form reasonably acceptable to Buyer in Buyer’s sole discretion, that will
allow Buyer to rely upon the Environmental Consultants’ (and not Seller) findings contained in the Environmental Reports (“Reliance Letters”). From and after the Effective Date, Buyer and its agents, employees,
consultants, engineers, inspectors and contractors (the “Buyer Representatives”) may enter the Property to complete any non-invasive and
non-intrusive inspections of the condition of the Property that Buyer deems appropriate (“Inspections”), provided: (a) Seller shall have the right to have a representative of
Seller accompany Buyer and Buyer Representatives during such inspections, and if appropriate, will require that the Buyer and Buyer Representatives be briefed on Seller’s safety practices and to comply with such safety practices and
(b) Buyer and Buyer Representatives (i) do not unreasonably interfere with Seller’s use of the Property and (ii) conduct the Inspections at reasonable hours and at times mutually acceptable to Buyer and Seller, and if required by
Seller, in the presence of Seller’s personnel or under the supervision of Seller’s consultants. Notwithstanding the foregoing or anything to the contrary in this Agreement, the term “Inspections” expressly excludes, and Buyer
shall have no right to enter upon the Property to complete, any investigations, tests and/or studies concerning the environmental condition of the Property (including, without limitation, Phase II investigations of any kind, and/or geotechnical
assessments), other than those investigations, tests and/or studies concerning the environmental condition of the Property set forth on Exhibit “D”. Buyer agrees to rely solely upon Seller’s express representations and warranties set
forth in Section 8.1 hereof, the Environmental Reports pursuant to the terms of any Reliance Letters and its own independent evaluation of the Property to ascertain the environmental condition of the Property. In the event
Buyer elects to terminate this Agreement in accordance with Section 5 above, or the Closing does not otherwise occur for any reason whatsoever, Buyer shall, upon the written request of Seller, promptly deliver to Seller
copies of all tests, studies, reports, surveys or other documents obtained by Buyer in connection with Buyer’s Inspections (the “Inspection Reports”). Buyer will indemnify, defend (with counsel reasonably acceptable to
Seller) and hold Seller harmless from all claims (including claims of lien for work or labor performed or materials or supplies furnished), demands, liabilities, losses, damages, costs, fees and expenses (including Seller’s reasonable
attorneys’ fees, costs and expenses) arising from or incurred in connection with the acts or activities of Buyer or the Buyer Representatives in, on or about the Property during or arising in connection with Buyer’s Inspections, unless
resulting from Buyer’s mere discovery of Hazardous Substances (as defined in Section 7.6 below) (except to the extent the Hazardous Substances are exacerbated by Buyer or the Buyer Representatives after the discovery
thereof) or an environmental condition on the Property (except to the extent the environmental condition is caused or exacerbated by Buyer or the Buyer Representatives after the discovery thereof). The indemnification obligations contained in this
Section 6 shall survive the Closing or any termination or expiration of this Agreement. 
 6.1 Prior to the
Closing, Buyer shall keep the Environmental Reports and the results of all Inspection Reports confidential in accordance with the terms and provisions of that certain Nondisclosure Agreement dated February 1, 2021, by and between Black Creek
Industrial Acquisitions LLC, an affiliate of Buyer, and Commercial Metals Company, an affiliate of Seller (the “NDA”), all of which terms are incorporated by reference, modified by Section 18.18
below. 

  
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 6.2 At least two (2) business days prior to any entry onto the Property, Buyer shall
deliver to Seller written notice specifying the day and time of entry and generally describing the scope of the Inspections to be completed. Seller may, in its discretion, accompany Buyer during any entry. 

6.3 Prior to entering the Property to complete the Inspections, Buyer and Buyer Representatives shall procure and maintain the following
insurance (the “Required Insurance”): 
  

					
	 	  	 TYPE
	  	 AMOUNT

			
	1	  	Commercial General Liability (Occurrence Basis)	  	 $1,000,000 per occurrence; and
 $2,000,000
general aggregate.

			
	2	  	Worker’s Compensation	  	California Statutory Limits.
			
	3	  	 Compensation and
 Employer’s
Liability
	  	 $1,000,000 each accident;
 $1,000,000 policy
limit bodily injury or disease; and
 $1,000,000 each employee, bodily injury or disease.

			
	4	  	Automobile Liability	  	Combined single limit for bodily injury and property damage of $1,000,000 per occurrence or its equivalent covering all owned, hired and non-owned vehicles.

 If any of the Required Insurance contains a general aggregate limit, such insurance shall apply separately to this Agreement
or be no less than three times the specified occurrence limit. Prior to entering upon the Property, Buyer and Buyer Representatives must provide Seller with certificates of insurance and endorsements effecting coverage for the Required Insurance.
Buyer’s commercial general liability insurance policy must cover (a) the activities of Buyer and Buyer Representatives and (b) the indemnity obligations in Section 6 above. All insurance policies required
hereunder shall: (i) be written by insurance companies authorized to do business in California, with a general policy holder’s rating of not less than “A” and a financial rating of not less than Class “VII” as
rated in the most current available “Best’s Key Rating Guide”; (ii) issue insurance on an occurrence basis; (iii) contain an endorsement stating that the policies are primary and that Seller’s policies are excess, secondary
and non-contributing; (iv) contain an endorsement providing a full waiver of subrogation in favor of Seller; (v) name Seller and its subsidiaries, affiliates, officers, directors, employees and
agents as “additional insureds”; and (vi) include a provision stating that the insurance will not be subject to cancellation, termination, or change during its term except upon not less than thirty (30) days prior written notice
to Seller. Buyer and Buyer Representatives waive all rights against each other, Seller and any of their respective consultants, subcontractors, sub-subcontractors, agents and employees for damages caused by
perils insured by the insurance required above. 
 7. Condition of the Property. As an essential inducement to Seller to enter into
this Agreement, Buyer acknowledges and agrees to the following: 

  
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 7.1 Disclaimer. Except as provided in Section 8.1, Seller
hereby disclaims and shall not be liable for any statements, conversations, representations (other than those expressly set forth in this Agreement) or information made or provided by Seller, Seller’s agents or employees, or any other party, to
Buyer or Buyer’s agents or employees concerning the Property (including, without limitation, any statements or information relating to the Property’s value, condition, or compliance with laws, the Property’s soils and geology, the
existence or availability of any permits or approvals from any governmental authorities, the existence of any Hazardous Substances (as defined in Section 7.6 below) on the Property, and the matters set forth in the
Environmental Reports). All such statements, conversations, representations and information, if any, are merged into and superseded by this Agreement, and Buyer hereby agrees that Buyer shall not be entitled to rely upon any such statements,
conversations, representations or information from Seller or Seller’s agents or employees but may rely on the consultants who prepared the Environmental Reports to the extent provided in the Reliance Letters. Buyer hereby waives and
relinquishes all rights and privileges arising out of or with respect to any representations (other than those expressly set forth in this Agreement), warranties or covenants, whether express or implied, which may have been made or given by Seller
or its agents, employees or representatives; provided, however, the foregoing shall not constitute a waiver or relinquishment of any right or privilege arising out of or with respect to any representation or warranty extended to Buyer from the
Environmental Consultants by the Reliance Letters. 
 7.2 Investigation. Buyer acknowledges that the Property was formerly used as a
fabrication facility, as well as a steel mill. The major operations at the Property included receiving of steel scrap, melting of steel scrap, production of rebar, fabrication of rebar, and processing of steel slag, as more fully described in the
Environmental Reports. Buyer further acknowledges that the current physical condition of the Property may reflect the prior use of the Property for these purposes. Buyer acknowledges and agrees that Seller’s delivery of the Environmental
Reports satisfies Seller’s obligations to Buyer pursuant to California Health and Safety Code Section 25359.7. Buyer further acknowledges that this Agreement affords Buyer access to the Environmental Reports and the Property to complete
its own independent assessment and investigation regarding the physical and environmental condition of the Property. Buyer represents to Seller that, prior to the expiration of the Due Diligence Period, Buyer will have thoroughly reviewed the
Environmental Reports and made all inquiries, inspections, tests, audits, studies and analyses that it deems necessary or desirable in connection with purchasing the Property, and will have approved the results thereof (including, without
limitation, engineering tests, economic feasibility studies, and inquiries of governmental authorities, and matters related to the drainage of storm water from the Property) prior to the waiver or satisfaction of the Contingencies. Buyer hereby
acknowledges that it is relying solely upon its own independent evaluation of the Property and the inspections, tests, audits, studies and investigations conducted in connection with, and upon Buyer’s own judgment and verified information with
respect to, its purchase of the Property, and is not relying on any representation or statement of Seller or looking to Seller with respect to any materials, data or other information supplied by Seller. Without limiting the generality of any other
provision of this Agreement, including without limitation Seller’s representations and warranties contained in Section 8.1 below, upon the satisfaction or waiver of the Contingencies, Buyer agrees that: (a) Buyer
shall be deemed to have accepted all risk associated with the Property, including, without limitation, any and all defects, adverse physical characteristics and existing environmental conditions, whether known or unknown, related to the Property
that may or may not have been revealed by (i) any Inspection Reports, other third-party reports, materials or assessments prepared for or by Buyer or at Buyer’s direction, the 

  
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Due Diligence Materials or the Information, (ii) Buyer’s investigation and assessment of the Property, and/or (iii) the Environmental Reports, including, in each case, such defects
and conditions, if any, that cannot be observed by casual inspection; (b) as between Seller and Buyer, Buyer shall be deemed to have accepted all costs and liabilities associated in any way with the physical and environmental condition of the
Property (i.e., Seller will have no obligation to repair, correct or compensate Buyer for any condition of the Property, including defects in the Improvements, noncompliance with applicable laws and regulations, whether or not such condition
of the Property was disclosed by Buyer’s due diligence and/or the Environmental Reports); and (c) Buyer shall be deemed to have accepted the condition of title, entitlements, governmental approvals and permits associated with the Property.

 7.3 Sophistication of Buyer. Buyer is a sophisticated purchaser who is familiar with the condition of and ownership and operation
of real estate similar to the Property. Buyer acknowledges that Buyer will have had an adequate opportunity to review the Environmental Reports and complete all other physical, financial and other examinations relating to the acquisition of the
Property hereunder that Buyer deems appropriate, necessary or advisable, and will acquire the same solely on the basis of such review and examinations and the title insurance protection afforded by the Title Policy. Buyer shall look only to the
Reliance Letters with respect to the Environmental Reports and not have any recourse against Seller with respect to same. 
 7.4 Due
Diligence Materials. Within ten (10) business days after the Effective Date, Seller shall provide Buyer with copies of documents in Seller’s possession (to the extent reasonably accessible by Seller) regarding the Property, including,
without limitation, the Environmental Reports, surveys (ALTA or as-built), applications for entitlements, approvals and/or permits, environmental impact reports, technical studies, letters of support or
objection to proposed projects, and any other materials describing or analyzing the physical elements or qualities of the Property and/or relating to the governmental approvals associated with the Property (collectively, the “Due
Diligence Materials”). The Due Diligence Materials, and any other information, documents and/or materials provided or to be provided by Seller or Seller’s employees, agents or representatives with respect to the Property
(collectively with the Due Diligence Materials, “Information”) was or will be obtained from a variety of sources. Seller has not made any independent investigation or verification of any Information and, except as expressly
set forth in this Agreement, makes no representations as to the accuracy or completeness of the Due Diligence Materials and Information. Buyer agrees that it will not attempt to assert any liability or claim against Seller, and hereby waives any
such claim, based upon Seller furnishing the Due Diligence Materials and/or other Information. Notwithstanding anything to the contrary herein, the terms “Due Diligence Materials” and “Information” expressly exclude, and Seller
shall have no obligation to provide to Buyer, any of the following (collectively, the “Excluded Information”): (a) attorney-client communications; (b) attorney work product; (c) proprietary business
information; or (d) books, records, documents or information (i) on the corporate, financial and accounting records of the operation of Seller as an entity (as opposed to records concerning the Property), (ii) regarding offers or
inquiries made by third parties concerning the purchase of some or all of the Property, (iii) that Seller cannot disclose without violating a contractual, statutory or other legal duty of confidentiality, or (iv) that are not in the
possession of Seller or persons under Seller’s control. 

  
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 7.5 Easement Estoppel. During the Due Diligence Period, Seller shall request an
estoppel certificate from TIW relating to the MOU (the “Estoppel Certificate”). Seller shall use commercially reasonable and good faith efforts to obtain and deliver the final, executed Estoppel Certificate to Purchaser on or
before two (2) Business Days prior to the expiration of the Due Diligence Period. Buyer acknowledges that the Estoppel Certificate may be dated more than thirty (30) days prior to the Closing Date. The Estoppel Certificate shall certify
(i) whether TWI knows of any default under the MOU, and if there are known defaults, specifying the nature thereof; (ii) whether to TWI’s knowledge the MOU has been assigned, modified, or amended in any way (and if it has, then
stating the nature thereof); and (iii) whether to TWI’s knowledge the MOU as of the date of the Estoppel Certificate is in full force and effect. Seller’s failure to obtain the Estoppel Certificate shall not constitute a default
hereunder and the signed Estoppel Certificate shall not constitute a condition to Closing hereunder. 
 7.6 AS IS. BUYER IS BUYING THE
PROPERTY “AS IS,” “WHERE IS,” “WITH ALL FAULTS,” AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, OF ANY KIND WHATSOEVER, BY SELLER, ITS AGENTS, BROKERS, CONSULTANTS (PROVIDED, HOWEVER, THE
FOREGOING SHALL NOT BE CONSTRUED AS HAVING ANY IMPACT UPON ANY REPRESENTATIONS OR WARRANTIES EXTENDED TO BUYER FROM THE ENVIRONMENTAL CONSULTANTS BY THE RELIANCE LETTERS), COUNSEL, PARENTS, EMPLOYEES, OFFICERS, DIRECTORS, SHAREHOLDERS, OR ANY OTHER
PERSON, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN SECTION 8.1 HEREOF AND ANY OF THE CLOSING DOCUMENTS. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, AND EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN SECTION
8.1 HEREOF AND ANY OF THE CLOSING DOCUMENTS, SELLER EXPRESSLY DISCLAIMS AND NEGATES, AS TO THE PROPERTY AND THE ENVIRONMENTAL REPORTS: (A) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY; (B) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS
FOR A PARTICULAR PURPOSE; AND (C) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS; AND (D) ANY IMPLIED OR EXPRESS WARRANTY WITH RESPECT TO (i) THE CONDITION OF THE PROPERTY, (ii) THE COMPLETENESS
OR ACCURACY OF ANY DOCUMENTS DELIVERED TO BUYER BY SELLER, OR (iii) THE PROPERTY’S COMPLIANCE WITH ANY ZONING OR OTHER APPLICABLE RULES, REGULATIONS, LAWS OR STATUTES, OR THE USES PERMITTED ON, THE DEVELOPMENT REQUIREMENTS FOR, OR ANY
OTHER MATTER OR THING RELATING TO THE PROPERTY OR ANY PORTION THEREOF. BUYER SHALL ACCEPT THE RISK THAT ADVERSE PHYSICAL, ENVIRONMENTAL, ECONOMIC OR LEGAL CONDITIONS MAY NOT HAVE BEEN REVEALED BY THE ENVIRONMENTAL REPORTS AND BUYER’S
INVESTIGATIONS, AND HEREBY RELEASES SELLER FROM ALL SUCH RISK. SELLER SHALL NOT HAVE ANY LIABILITY OF ANY KIND OR NATURE FOR ANY SUBSEQUENTLY-DISCOVERED DEFECTS IN THE PROPERTY, WHETHER THOSE DEFECTS WERE LATENT OR PATENT. BUYER FURTHER ACKNOWLEDGES
THAT HAZARDOUS SUBSTANCES MAY EXIST OR DO EXIST ON, IN, UNDER, ABOVE, OR ABOUT THE PROPERTY. 

  
 10 

 For purposes of this Agreement, the term “Environmental Laws” shall
mean and include, without limitation, any and all federal, state or local environmental statute, regulation, common law, ordinance or other requirements presently or hereafter in effect, as such statute, regulation or ordinance may be amended from
time to time, relating to pollution or protection of the environment and human health and safety, including but not limited to and shall include, but is not limited to: (a) the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, 42 U.S.C. Section 9601 et seq., (b) the Hazardous Substances Transportation Act, 49 U.S.C. Section 1801 et seq.; (c) the Clean Water Act, 33 U.S.C. Section 1251 et seq.; (d) the Resource Conservation and Recovery Act, 42
U.S.C. Section 6901 et seq.; (e) the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq.; (f) the Federal Clean Air Act, 42 U.S.C. Section 7401 et seq., (g) the Federal Clean Water Act of 1977 (33 U.S.C. Section 1251 et
seq.), (h) Federal Insecticide, Fungicide, and Rodenticide Act, Federal Pesticide Act of 1978, 7 U.S.C. Section 136 et seq., (i) the Federal Safe Drinking Water Act, 42 U.S.C. Section 300(f) et seq., (j) any other federal law addressing
human health and safety or the environment, (k) any law of the State of California addressing similar matters or the use, discharge, release, disposal, emission, response, investigation, removal, remediation and/or cleanup of substances or
wastes; and (l) any regulations, policies, or guidance promulgated under or pursuant to (a) through (k). 
 For purposes of this
Agreement, the term “Hazardous Substances” shall mean and include, without limitation, (i) any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes,
hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human health or the environment, including,
but not limited to, perfluorooctanic acids, perfluorosulfonic acids, petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, mold, radioactive materials, metals, volatile organic
compounds and (ii) mold, mycotoxins, microbial matter, and/or airborne pathogens (naturally occurring or otherwise) which pose an imminent threat to human health or the environment or adversely affect the Property. 

Buyer acknowledges that, to the extent required to be operative, the disclaimers of warranties contained in this
Section 7.6 are “conspicuous” disclaimers for purposes of any applicable law, rule, regulation or order. 

7.7 Survival. Sections 7.1 through this Section 7.7 shall survive the termination of this Agreement
and/or the Closing Date and shall not be deemed to have merged into any of the documents executed or delivered at the Close of Escrow. 
 7.8
RELEASE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, BUYER RELEASES, DISCHARGES AND RELINQUISHES SELLER, ITS PARENT, SUBSIDIARIES, AND AFFILIATED CORPORATIONS AND BUSINESSES, AND EACH OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES,
AGENTS AND OTHER REPRESENTATIVES (INDIVIDUALLY AND COLLECTIVELY “RELEASEES”) FROM AND AGAINST ANY AND ALL CLAIMS, RIGHTS OF RECOURSE, LIABILITIES, CAUSES OF ACTION, DAMAGES, LOSSES, SUITS, PENALTIES, FINES, COSTS,
FEES, REMEDIATION AND RESPONSE COSTS,  

  
 11 

 
CLEANUP COSTS, AND OTHER EXPENSES (INCLUDING COURT COSTS, REASONABLE CONSULTANT, EXPERT WITNESS AND ATTORNEYS’ FEES AND OTHER DEFENSE EXPENSES), OF EVERY NATURE AND CHARACTER, WHETHER KNOWN
OR UNKNOWN, FORESEEN OR UNFORESEEN, HEREAFTER COLLECTIVELY REFERRED TO AS “CLAIMS”, ARISING OUT OF, RESULTING FROM OR IN ANY WAY CONNECTED WITH OR ALLEGED TO HAVE ARISEN OUT OF, RESULT FROM OR BE IN ANY WAY CONNECTED
WITH: (I) HAZARDOUS SUBSTANCES THAT EXIST, NOW, IN THE PAST, OR IN THE FUTURE, ON, IN, UNDER, ABOVE, OR ABOUT THE PROPERTY; (II) THE PHYSICAL OR ENVIRONMENTAL CONDITION OF THE PROPERTY OR ANY ENVIRONMENTAL LAWS; (III) ANY
ENVIRONMENTAL LAWS; OR (IV) SELLER’S OPERATIONS OR ANY PRIOR OWNER’S OPERATIONS ON THE PROPERTY, WHETHER OR NOT SUCH CLAIMS ARE CAUSED IN WHOLE OR IN PART BY AN ACTIVE OR PASSIVE NEGLIGENT ACT OR OMISSION, OR ALLEGED
ACTIVE OR PASSIVE NEGLIGENT ACT OR OMISSION, OF THE RELEASEES. IT IS THE EXPRESS INTENT OF THE PARTIES THAT BUYER RELEASE, DISCHARGE, AND RELINQUISH THE RELEASEES FOR THE RELEASEES’ PARTIAL ACTIVE AND/OR PASSIVE NEGLIGENCE OR ALLEGED
PARTIAL ACTIVE AND/OR PASSIVE NEGLIGENCE, ITS OWN WILLFUL MISCONDUCT OR THE CONCURRENT, SOLE, WANTON OR GROSS NEGLIGENCE OF SELLER. NOTWITHSTANDING THE FOREGOING OR ANYTHING TO THE CONTRARY IN THIS SECTION: (A) BUYER DOES NOT RELEASE,
RELINQUISH OR WAIVE ANY CLAIMS THAT BUYER MAY HAVE AGAINST THE ENVIRONMENTAL CONSULTANTS UNDER THE ENVIRONMENTAL REPORTS; (B) BUYER SHALL HAVE NO OBLIGATION TO INDEMNIFY, DEFEND AND HOLD THE ENVIRONMENTAL CONSULTANTS HARMLESS FROM AND AGAINST
ANY CLAIMS RELATED TO THE ENVIRONMENTAL REPORTS; AND (C) BUYER SHALL HAVE NO OBLIGATION TO INDEMNIFY, DEFEND AND HOLD SELLER HARMLESS FROM AND AGAINST ANY THIRD PARTY CLAIMS RELATED TO ENVIRONMENTAL CONDITIONS ON THE PROPERTY (EXCEPT AS
OTHERWISE SET FORTH IN SECTION 6 ABOVE). 
 THE PROVISIONS OF THIS SECTION 7.8 SHALL SURVIVE CLOSING (AND SHALL NOT BE MERGED
THEREIN) OR EARLIER TERMINATION OF THIS AGREEMENT. 
  

					
	Initialed by:	  		  	
		  	         /s/
PL        
 Seller
	  	         /s/ SB        

        Buyer

 Without limiting the foregoing, from and after the execution of this Agreement, the provisions of this
Section 7.8 shall continue to be effective with respect to each Releasee irrespective of whether thereafter such Releasee assigns or has purported to assign or otherwise dispose of its interest or any portion of its
interest, under this Agreement, or in the Property. 
 Buyer, on behalf of itself and its successors and assigns, hereby assumes the
above-mentioned risks and agrees that the aforesaid release shall apply to all unknown or unanticipated 

  
 12 

 
results of the transactions and occurrences described above, as well as those known and anticipated, and upon advice of legal counsel, Buyer, on behalf of itself and its successors and assigns,
hereby waives any and all rights under California Civil Code Section 1542, which Section has been duly explained to Buyer by its counsel, and reads as follows: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT
THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 

Seller’s Initials:         /s/ PL        
Buyer’s Initials:         /s/ SB         
 Without limiting the
generality of the foregoing, the Releasees shall have no liability to Buyer with respect to the condition of the Property under any Environmental Law. Buyer hereby releases and waives any and all claims that Buyer has or may have against the
Releasees under any Environmental Law. 
 8. Representations and Warranties. 

8.1 Seller’s Representations and Warranties. Seller hereby represents and warrants that, to Seller’s Actual Knowledge (as
defined in Section 8.1(o) below), and except as may otherwise be shown in the Information and/or the Report, each of the following is true as of the Effective Date and will be true as of the Closing Date: 

(a) Organization; Authority. TAMCO is a corporation organized, validly existing, and in good standing under the laws of the State of
California, and is qualified to do business in the State of California. CMC is a corporation organized, validly existing, and in good standing under the laws of the State of Texas, and is qualified to do business in the State of California. This
Agreement, and the performance of Seller’s obligations hereunder, and all documents to be executed and delivered by Seller at the Closing, are (or on the Closing Date will be) duly authorized, executed and delivered by Seller, and are (or on
the Closing Date will be) legal, valid and binding obligations of Seller. No consent of any partner, shareholder, creditor, investor, judicial or administrative body, government agency, or other party is required for Seller to enter into or to
perform Seller’s obligations under this Agreement, except as has already been obtained. 
 (b) Notice of Violation of Law.
Seller has received no written notice of any currently outstanding violations of any federal, state, county or municipal law, ordinance, order, regulation or requirement affecting the Property. 

  
 13 

 (c) Litigation. Seller has not received any written notice of any existing, pending
or threatened litigation or arbitration involving the Property or Seller’s interest therein. 
 (d) Condemnation. Seller has
received no written notice of any presently pending or contemplated proceedings to condemn the Property (or any portion of the Property). 

(e) Foreign Person. Seller is not a foreign person and is a “United States Person” as that term is defined in
Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended. 
 (f) Insolvency. There is no pending or contemplated
case, proceeding or other action seeking reorganization, liquidation or dissolution of Seller, nor has Seller been rendered insolvent, under any applicable bankruptcy or insolvency laws. 

(g) Leases and Contracts. There are no leases, subleases, occupancies or tenancies or parties in possession of any part of the
Property. Seller has not granted to any party any option, right of first refusal or other similar agreement with respect to a purchase or sale of the Property or any portion thereof or any interest therein. Except for the Easement Agreement and the
MOU, there are not any service contracts, management agreements, maintenance contracts and/or other contracts or agreements with third parties that are not recorded title documents and relate to or affect the operation of the Real Property. 

(h) Hazardous Substances. Seller has not received written notice from any governmental entity alleging that Seller is not currently in
full compliance with Environmental Laws with respect to the environmental condition of the Property. Except as provided in the Environmental Reports, to Seller’s knowledge, neither Seller nor any other person has used, generated, processed,
stored, released, discharged, transported or disposed Hazardous Substances on the Property except for in material compliance with all then applicable Environmental Laws. There is no claim pending, nor has Seller received any written notice
threatening a claim with respect to an environmental condition currently existing at the Property. To Seller’s knowledge, Seller has provided to Buyer all written assessments, reports, data, results of investigations or audits that are in
Seller’s possession or reasonable control relating to the environmental condition of the Property. 
 (i) No Contractual or Donative
Commitments. There are no contractual or donative commitments relating to the Property to any governmental authority, quasi-governmental authority, utility company, community association, homeowners’ association or to any other
organization, group, or individual which would impose any obligation upon Buyer to make any contribution or dedication of money (including, without limitation, impact fees) or land, or to construct, install or maintain any improvements of a public
or private nature on or off the Property. 
 (j) ERISA. Neither the execution and delivery of this Agreement, nor any of the
transactions contemplated hereunder involve any transaction that is subject to the prohibitions of Section 406 of Employee Retirement Income Security Act, as amended or in connection with which a tax could be imposed pursuant to
Section 4975(c) of the Internal Revenue Code of 1986, as amended. 

  
 14 

 (k) Related Party. Seller represents and warrants that (i) as of the date
hereof, it is not an “affiliate” of JPMorgan Chase & Co. Bank N.A. (as such term is defined under Section 13 of the Bank Holding Company Act and Regulation VV (12 C.F.R. Part 248 promulgated thereunder)) and (ii) it
shall notify Buyer promptly in writing if the foregoing clause (i) is reasonably likely to cease to be, and/or otherwise ceases to be, true. 

(l) Prohibited Person. To Seller’s Knowledge, none of its investors, affiliates or brokers or other agent (if any), acting or
benefit in any capacity in connection with this Agreement is a Prohibited Person. The assets Seller will transfer to Buyer under this Agreement are not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person.
The assets Seller will transfer to Buyer under this Agreement are not the proceeds of specified unlawful activity as defined by 18 U.S.C. §1956(c)(7). As used herein, “Prohibited Person” means any of the
following: (i) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) (the “Executive
Order”); (ii) a person or entity owned or controlled by, or acting for or on behalf of any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (iii) a person or
entity that is named as a “specially designated national” or “blocked person” on the most current list published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) at its
official website, http://www.treas.gov/offices/enforcement/ofac; (iv) a person or entity that is otherwise the target of any economic sanctions program currently administered by OFAC; or (v) a person or entity that is affiliated with any
person or entity identified in clause (i), (ii), (iii) and/or (iv) above. 
 (m) Property Documents. To Seller’s Knowledge,
the Due Diligence Materials and Environmental Reports provided to Buyer are complete copies of those same documents in Seller’s possession. To Seller’s Knowledge, Seller has provided Buyer with copies of all reports, audits,
investigations, assessments and documents of similar nature in Seller’s possession that are reasonably accessible to Seller and reflect (i) the presence of Hazardous Materials at, on underlying or migrating to or from the Real Property;
(ii) violations of Environmental Laws by Seller with respect to the Property; and (iii) potential or alleged liability of Seller under the Environmental Laws by Seller with respect to the Property, such as noncompliance or responsibility
for environmental conditions on the Property, the presence of Hazardous Materials on the Property, or a failure to remediate the same. 

(n) Effect of Representations and Warranties. Each representation and warranty in this Section 8.1: (i) is
material and being relied upon by Buyer; (ii) is true in all respects as of the Effective Date; (iii) must be true in all respects on the Closing Date; and (iv) shall not survive the Closing Date, except as set forth in
Section 16.4.4 below. Seller will not cause or suffer any action to be taken which would cause any of the foregoing representations or warranties to be untrue as of the Closing Date. Seller shall promptly notify Buyer, in
writing, of any event or condition known to Seller which occurs prior to the Closing Date which causes a material change in the facts relating to, or the truth of, any of the above representations or warranties; provided, however, that upon such
notification, (i) Buyer shall have the option to terminate this Agreement 

  
 15 

 
by delivering written notice thereof to Seller, in which case Escrow shall return the Deposit and the Nonrefundable Earnest Funds to Buyer, the parties shall share equally the cancellation
charges, if any, of Escrow and Title Company, and this Agreement shall be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision of this Agreement which expressly
survives the termination of this Agreement), and (ii) to the extent that any of the events or conditions described in such notification are caused as a result of a breach by Seller of this Agreement, Buyer shall be entitled to all of the rights
and remedies set forth in Section 16.4, it being expressly understood that Seller’s obligation to provide such notification shall in no way relieve Seller of any liability for a breach by Seller of any of its
representations, warranties, covenants or agreements under this Agreement. 
 (o) Seller’s Actual Knowledge. The terms
“Seller’s Knowledge” and “Seller’s Actual Knowledge,” and terms of similar import, shall mean the actual current (and not constructive) knowledge of Paul Lawrence, the Treasurer of Seller,
and, for purposes of Section 8.1(m), Gilbert Hutton without any independent inquiry or investigation; provided, however that neither Paul Lawrence, nor Gilbert Hutton shall have any personal liability in connection with any representations or
warranties of Seller hereunder. Seller represents and warrants to Buyer that Paul Lawrence and Gilbert Hutton have significant knowledge with respect to the Real Property. 

8.2 Buyer’s Representations and Warranties. Buyer hereby represents and warrants that each of the following is true as of the
Effective Date and will be true as of the Closing Date: 
 (a) Organization; Authority. Buyer is a limited liability company
organized, validly existing, and in good standing under the laws of the State of Delaware, and is qualified to do business in the State of California. This Agreement, and the performance of Buyer’s obligations hereunder, and all documents to be
executed and delivered by Buyer at the Closing, are (or on the Closing Date will be) duly authorized, executed and delivered by Buyer, and are (or on the Closing Date will be) legal, valid and binding obligations of Buyer and no consent of any
partner, shareholder, creditor, investor, judicial or administrative body, government agency, or other party is required for Buyer to enter into or to perform Buyer’s obligations under this Agreement; provided, however, that Buyer will require
approval of its board of directors in order to consummate the acquisition of the Property, which approval Buyer intends to seek prior to the end of the Due Diligence Period. In the event Buyer fails to terminate this Agreement prior to the
expiration of the Due Diligence Period, Buyer shall be deemed to have obtained the requisite approvals to consummate the transaction contemplated hereunder. 

(b) Insolvency. There is no pending or contemplated case, proceeding or other action seeking reorganization, liquidation or dissolution
of Buyer, nor has Buyer been rendered insolvent, under any applicable bankruptcy or insolvency laws. 
 (c) Effect of Representations and
Warranties. Each representation and warranty in this Section 8.2: (i) is material and being relied upon by Seller; (ii) is true in all respects as of the Effective Date; (iii) must be true in all respects on
the Closing Date; (iv) shall survive for six (6) months after the Closing Date; provided, however, that Buyer shall have no liability to Seller for a breach of any such representation or warranty unless written notice containing a

  
 16 

 
description of the specific nature of such breach shall have been given by Seller to Buyer within six (6) months following the Closing Date and an action with respect to such breach shall
have been commenced by Seller against Buyer within six (6) months following the Closing Date; and (v) shall not be deemed to have merged into any of the documents executed or delivered at the Close of Escrow. Buyer shall promptly notify
Seller, in writing, of any event or condition known to Buyer which occurs prior to the Closing Date which causes a material change in the facts relating to, or the truth of, any of the above representations or warranties; provided, however, that
upon such notification, (i) Seller shall have the option to terminate this Agreement by delivering written notice thereof to Buyer, in which case Escrow shall deliver the Nonrefundable Earnest Funds to Seller, the parties shall share equally
the cancellation charges, if any, of Escrow and Title Company, and this Agreement shall be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision of this Agreement
which expressly survives the termination of this Agreement), and (ii) to the extent that any of the events or conditions described in such notification are caused as a result of a breach by Buyer of this Agreement, Seller shall be entitled to
pursue an action against Buyer to recover Seller’s actual damages, it being expressly understood that Buyer’s obligation to provide such notification shall in no way relieve Buyer of any liability for a breach by Buyer of any of its
representations, warranties, covenants or agreements under this Agreement. 
 9. Prorations. The following shall be adjusted between
Seller and Buyer, and shall be prorated as of 11:59 p.m. on the day immediately preceding the Closing Date, as if Buyer was the owner of the Property for the entire Closing Date: 

9.1 Taxes and Assessments. All real property taxes and special assessments applicable to the Property, whether payable in installments
or not, and including, without limitation, any supplemental taxes attributable to the period before the Closing Date (“Taxes”), for the year in which the Closing occurs will be prorated as of the Closing Date, based on the
latest available tax rate and assessed valuation. For the avoidance of doubt, notwithstanding anything to the contrary herein, Buyer shall be solely responsible for any supplemental taxes issued for the tax year in which the Closing occurs that are
assessed solely as a result of the sale of the Property from Seller to Buyer. If, as of the Closing Date, the actual tax bills for the year in question are not available and the amount to be prorated cannot reasonably be ascertained, then the
apportionment of Taxes shall be made on the basis of the tax rate for the immediately preceding year applied to the latest assessed valuation of the Property. 

9.2 Additional Property Expenses. All items of expense for the Property, including but not limited to, utility charges, maintenance
charges, and charges under any Permitted Exceptions shall be prorated as of the Closing Date. For any utilities that are in the name of Seller, Buyer and Seller shall cooperate to arrange for final utility readings as close to the Closing Date as
reasonably possible and the issuance of a final bill to Seller, with Buyer being designated the billing party in lieu of Seller from and after the Closing Date. 

9.3 Closing Settlement Statement. The Parties shall supply information to Escrow Holder to allow the Escrow Holder to calculate the
prorations contemplated herein. The Parties shall cooperate in the review and finalization of such prorations for the Closing. The Purchase Price, prorations and any other credits and adjustments shall be reflected on a closing settlement statement
to be executed by Buyer and Seller for the Closing. 

  
 17 

 10. Closing Deliverables. 

10.1 Seller’s Closing Deliverables. On or before the Closing Date, Seller must deposit into Escrow the following: (a) the
Grant Deeds, duly executed and acknowledged by TAMCO and CMC, as applicable; (b) two counterpart originals of the Assignment and Assumption Agreement attached hereto as Exhibit “C” (“Assignment and Assumption
Agreement”), duly executed by TAMCO and CMC; (c) affidavits from TAMCO and CMC that neither is a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code, as amended; (d) California
Form 593s for both TAMCO and CMC; (e) complete and executed originals of the Reliance Letters to the extent not already delivered as of the Effective Date; (f) such additional documents as may be necessary to convey the Property to Buyer
in accordance with this Agreement; and (g) any amount determined by Escrow Holder to be due from Seller in connection with the closing costs and prorations, as provided herein. 

10.2 Buyer’s Closing Deliverables. On or before the Closing Date, Buyer must deposit into Escrow the following: (a) the
Purchase Price, in accordance with Section 2 above; (b) two counterpart originals of the Assignment and Assumption Agreement; (c) California Form 593s for both TAMCO and CMC, duly executed by Buyer; (d) a
preliminary change of ownership report for the TAMCO Land, duly executed by Buyer; (e) a preliminary change of ownership report for the CMC Land, duly executed by Buyer, (f) such additional documents as may be necessary to convey the
Property to Buyer in accordance with this Agreement; and (g) any amount determined by Escrow Holder to be due from Buyer in connection with the closing costs and prorations, as provided herein. 

11. Closing Procedures. Upon the Close of Escrow, Escrow Holder shall perform the following: 

11.1 Date all documents and all acceptances to such documents as of the Closing Date. Verify that all required exhibits have been attached or
noted as “intentionally omitted.” Confirm that any blanks in the documents have been completed; 
 11.2 Assemble all counterpart
signatures received into fully-executed originals; 
 11.3 Disburse to Seller the Purchase Price, less all items chargeable to Seller’s
account pursuant to this Agreement; 
 11.4 Cause the Grant Deeds and any other documents that the Parties hereto may mutually direct to be
recorded in the Official Records of the County; 
 11.5 Cause the Title Company to deliver the Title Policy to Buyer; 

11.6 Deliver to Seller and Buyer conformed copies of all documents recorded at the Close of Escrow; and 

  
 18 

 11.7 Deliver to the appropriate Parties any other documents or instruments to be delivered
through Escrow pursuant to the terms hereof. 
 12. Post Closing Covenants. 

12.1 Adjustments and Reconciliations. If any of the prorations pursuant to Section 9 cannot be definitely
calculated on the Closing Date, then they shall be estimated at the Closing and definitely calculated as soon after the Closing Date as feasible and, in any event, within ninety (90) days after the Closing Date (the “Outside
Reconciliation Date”). As soon as the necessary information is available, Buyer and Seller shall conduct a post-Closing review to determine the accuracy of all prorations. Either party owing the other party a sum of money based on such
subsequent proration(s) or post-Closing review shall pay said sum to the other party within thirty (30) days of the date of demand therefor (so long as said demand is made on or before the Outside Reconciliation Date). Seller shall pay promptly
upon receipt any bills relating to the operation of the Property for periods prior to Closing. Notwithstanding anything to the contrary in this Section 12, neither party shall have any obligation to reconcile or pay any adjusted pro-ration amount to the other party unless a written demand for the same has been made on or before the Outside Reconciliation Date. 

12.2 UST Permit Transfer. Following the Closing, Buyer will obtain a Permit to Operate an Underground Storage Tank with respect to the
UST System (the “UST Permit”). Accordingly, at or immediately following Closing, Buyer shall report and submit to California’s Unified Program information necessary for the transfer of TAMCO’s existing UST Permit to
Buyer through the California Environmental Reporting System (“CERS”) (the “Application”) and satisfy any other requirements or conditions required in connection with obtaining the UST Permit and the
ownership and operation of the UST System (including, without limitation, providing any financial assurance necessary to obtain the UST Permit). Prior to the expected Closing Date, Sellers shall reasonably cooperate with Buyer in the preparation and
completion of the Application. 
 12.3 Post-Closing Access. Following the Closing and until the UST Permit has been transferred to
Buyer, Buyer will permit TAMCO, its affiliates and their respective representatives to access the Property as and to the extent necessary to perform any activities necessary to comply with UST Permit. 

13. Casualty and Condemnation. 

13.1 Hazard Insurance and Risk of Loss. Any loss at or damage to the Property resulting from fire, other casualty or otherwise, between
the date of this Agreement and the time of Closing hereunder shall be at Seller’s risk unless caused by Buyer or those acting on Buyer’s behalf. If any such loss or damage occurs prior to Closing, Seller shall notify Buyer and Buyer shall
have a period of ten (10) days to notify Seller whether Buyer will terminate this Agreement (in which event the Deposit shall be returned to Buyer and thereafter this Agreement and all obligations of Buyer and Seller shall terminate other than
those that expressly survive the termination of this Agreement). If Buyer fails to terminate this Agreement within that 10-day 

  
 19 

 
period, then unless Seller has previously repaired the damage or destruction prior to the Closing, Seller shall (i) cause the net proceeds (if any) of any insurance less the amount of all
costs incurred in connection with the repair of the damage or destruction to be paid to Buyer, and (ii) assign and transfer to Buyer all right, title and interest in and to any uncollected insurance proceeds (if any) by reason of the damage or
destruction which Seller may be entitled to receive from such damage or destruction. Seller covenants that it shall maintain the property insurance coverages currently in effect for the Property through the date of Closing. 

13.2 Condemnation. If Seller receives written notice from a condemning authority advising of a condemnation of all or any portion of the
Property (“Condemnation Notice”), Seller shall immediately advise Buyer of same in writing and deliver therewith a copy of the Condemnation Notice. In such event, Buyer shall not have the right to terminate this Agreement and
shall proceed towards Closing; provided, however, Seller shall transfer to Buyer at the Close of Escrow any proceeds from condemnation or Seller’s right to receive such proceeds. As used herein, the terms “condemnation”
or “condemned” shall mean the exercise of, or intent to exercise, the power of eminent domain expressed in writing, as well as the filing of any action or proceeding for such purpose, by any person, entity, body, agency or
authority having the right or power of eminent domain (the “condemning authority”), other than any minor right-of-way acquisition with respect to
any existing road or street and underground utilities or sewer line acquisitions which do not affect Buyer’s proposed development and use of the Property. 

14. Election to Exchange. Each Party reserves the right, at any time before the Closing, to convert this transaction into an exchange
which qualifies for non-recognition of gain under Internal Revenue Code Section 1031 and applicable provisions of the California Revenue and Taxation Code, including an Exchange subject to the procedures
outlined in Treasury Regulation Section 1.1031(k)-1 and/or Internal Revenue Service Revenue Procedure 2000-37. In such event, the Party intending to conduct the tax-deferred exchange (the “Exchanging Party”) shall provide written notice of the same to the other Party (the “Cooperating Party”). The Exchanging Party shall have
the right at any time prior to Closing to assign its rights under this Agreement to a qualified intermediary (as that term is defined in Treasury Regulation Section 1.1031(k)-1(g)(4)(v)) or an exchange
accommodation titleholder (as that term is defined in Internal Revenue Service Revenue Procedure 2000-37) to effect an exchange. In connection with any such exchange, any exchange accommodation title holder
shall have taken all steps necessary to own the Property under applicable law. The Cooperating Party agrees to accommodate the Exchanging Party in effecting such tax-deferred exchange by promptly executing any
amendments to this Agreement, escrow instructions relating to the exchange, or any other documents as may be necessary to carry out such exchange. Each Party acknowledges and agrees that neither an assignment of a party’s rights under this
Agreement for purposes of an exchange nor any other actions taken by a Party or any other person in connection with the exchange shall release any Party from, or modify, any of their respective liabilities and obligations (including indemnity
obligations to each other) under this Agreement, and no Party makes any representations as to any particular tax treatment that may be afforded to any other Party by reason of such assignment or any other actions taken in connection with the
exchange. The Parties agree that: (a) in no event shall the consummation of this transaction be contingent or predicated upon such exchange; (b) the Closing shall not be extended or delayed by such exchange, or otherwise subject to the
closing of any other escrow; (c) the Cooperating Party shall not be required to incur any liability or expense 

  
 20 

 
in connection with such exchange; (d) the Property shall be conveyed by direct deed from Seller to Buyer (or, if applicable, an exchange accommodation title holder); (e) the Cooperating
Party shall not be obligated to acquire title to any “replacement property” in order to effect such exchange; (f) such restructuring shall not relieve the Exchanging Party of any liability or obligation hereunder, and the Cooperating
Party shall have the right to look solely to the Exchanging Party with respect to the obligations of the Exchanging Party under this Agreement; and (g) the Exchanging Party agrees to indemnify, defend and hold the Cooperating Party harmless
from any liabilities, damages or costs (including, but not limited to, reasonable attorneys’ fees and related expenses) that may arise from cooperation in such exchange. 

15. Brokerage Commissions. Buyer and Seller hereby acknowledge and represent that there are no broker’s commissions or
finder’s fees due in connection with this transaction except a commission to Jones Lang LaSalle (“Seller’s Broker”), which shall be paid by Seller only upon the Close of Escrow pursuant to a
separate agreement between Seller and Seller’s Broker. Buyer and Seller shall each hold harmless and indemnify the other from any claims of brokers, agents or finders, licensed or otherwise, claiming through, under or by reason of the conduct
of the indemnifying Party with respect to the transaction contemplated hereunder except as disclosed above. The provisions of this Section 15 shall survive the Closing Date or the termination of this Agreement. 

16. Remedies for Default. 

16.1 Buyer’s Default. Buyer will be deemed to be in default under this Agreement (a) if Buyer fails to close under this
Agreement for any reason other than Seller’s default under this Agreement or the failure of a condition precedent to Buyer’s obligation to perform under this Agreement, (b) if Buyer fails to meet, comply with, or perform any covenant,
agreement, or obligation required on its part within the time limits and in the manner required in this Agreement, or (c) if a material breach of any representation or warranty (made by Buyer) has occurred; provided, however, that no such
default will be deemed to have occurred unless and until Seller has given Buyer written notice of this Agreement, describing the nature of the default, and Buyer has failed to cure such default within five (5) days after the receipt of such
notice (but in any event before the Closing Date, unless such default occurs after the Closing). 
 16.2 Remedies for Buyer’s
Default. 
 (a) SELLER AND BUYER AGREE THAT THE DAMAGES SELLER WOULD SUFFER IF BUYER DEFAULTS ON ITS OBLIGATION TO CLOSE ESCROW AS
PROVIDED IN SECTION 16.1(a) ABOVE WOULD BE EXTREMELY DIFFICULT AND IMPRACTICABLE TO ASCERTAIN, AND THAT THE DEPOSIT REPRESENTS THEIR REASONABLE ESTIMATE OF SUCH DAMAGES, CONSIDERING ALL OF THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS
AGREEMENT, INCLUDING THE RELATIONSHIP OF THE SUM TO THE RANGE OF HARM TO SELLER THAT REASONABLY COULD BE ANTICIPATED, AND THE ANTICIPATION THAT PROOF OF ACTUAL DAMAGES WOULD BE COSTLY, IMPRACTICAL OR INCONVENIENT, AND PARTICULARLY IN VIEW OF THE
FACT THAT SELLER IS TAKING THE PROPERTY OFF THE MARKET, WHICH SELLER WOULD NOT DO BUT 

  
 21 

 
FOR BUYER’S AGREEMENT TO PURCHASE THE PROPERTY. ACCORDINGLY, IN THE EVENT BUYER DEFAULTS ON ITS OBLIGATION TO CLOSE ESCROW AS PROVIDED IN SECTION 16.1(a) ABOVE, SELLER, AS ITS SOLE
REMEDY, SHALL RECEIVE AND RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES. SAID SUM SHALL BE IN ADDITION TO AND SHALL NOT BE DEEMED TO INCLUDE ANY ATTORNEYS’ FEES THAT MAY BECOME DUE TO SELLER PURSUANT TO THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT
THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL CODE
SECTIONS 1671, 1676 AND 1677. BY INITIALING THIS PROVISION, SELLER AND BUYER EACH CONFIRMS THE ACCURACY OF THE FOREGOING STATEMENTS, AND AFFIRMS ITS RESPECTIVE OBLIGATIONS UNDER THIS SECTION 16.2. 

(b) IN THE EVENT BUYER DEFAULTS ON ITS OBLIGATIONS UNDER THIS AGREEMENT AS SET FORTH IN SECTION 16.1(b) or SECTION 16.1(c)
ABOVE, SELLER MAY (I) TERMINATE THIS AGREEMENT BY DELIVERING WRITTEN NOTICE THEREOF TO BUYER, IN WHICH CASE ESCROW SHALL PROMPTLY RETURN THE DEPOSIT TO BUYER AND DELIVER THE NONREFUNDABLE EARNEST FUNDS TO SELLER, THE PARTIES SHALL SHARE EQUALLY
THE CANCELLATION CHARGES, IF ANY, OF ESCROW AND TITLE COMPANY, AND THIS AGREEMENT SHALL BE OF NO FURTHER FORCE OR EFFECT AND NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER (OTHER THAN PURSUANT TO ANY PROVISION OF THIS AGREEMENT
WHICH EXPRESSLY SURVIVES THE TERMINATION OF THIS AGREEMENT); OR (II) SELLER MAY PURSUE AN ACTION AGAINST BUYER TO RECOVER SELLER’S ACTUAL DAMAGES, PROVIDED THAT THE FOREGOING SHALL NOT LIMIT BUYER’S INDEMNIFICATION OBLIGATIONS UNDER
THIS AGREEMENT. 
 (c) SELLER IRREVOCABLY WAIVES THE RIGHT TO SEEK OR OBTAIN ANY OTHER LEGAL OR EQUITABLE REMEDIES FOR BUYER’S FAILURE
TO CONSUMMATE THE CLOSING IN BREACH OF THIS AGREEMENT, INCLUDING THE REMEDIES OF DAMAGES AND SPECIFIC PERFORMANCE. 
 Seller’s
Initials:        /s/ PL         Buyer’s Initials:        /s/
SB         
 16.3 Seller’s Default. Seller will be deemed to be in default under
this Agreement (a) if Seller fails, for any reason other than Buyer’s default under this Agreement or the failure of a condition precedent to Seller’s obligation to perform under this Agreement, to meet, comply with, or perform any
covenant, agreement, or obligation required on its part within the time limits and in the manner required in this Agreement, or (b) if a material breach of any representation or warranty (made by Seller) has occurred; provided, however, that no
such default will be deemed to have occurred unless and until Buyer has given Seller written notice of the default, describing its nature, and Seller has failed to cure such default within five (5) days after receipt of such notice (but in any
event before the Closing Date, unless such default occurs after Closing). 

  
 22 

 16.4 Remedies for Seller’s Default. 

16.4.1 Actual Damages; Specific Performance. In the event of a default by Seller under any provision of this Agreement, Buyer may, in
Buyer’s sole and absolute discretion, as its sole and exclusive remedy, terminate this Agreement, in which case (i) Escrow Holder shall promptly return the Deposit to Buyer and deliver the Nonrefundable Earnest Funds to Seller and
(ii) Seller shall reimburse Buyer for the actual, out-of-pocket expenses incurred by Buyer in connection with this Agreement and Buyer’s due diligence
inspections, tests and studies related to the Property up to a maximum amount of $325,000; provided, however, that in the event the transaction contemplated by this Agreement fails to close as a result of a Seller default, Buyer may in its sole and
absolute discretion, as an alternative to its remedy set forth above, continue this Agreement and seek the equitable remedy of specific performance, which remedy shall be elected by both delivering a written notice (the “Election
Notice”) to Seller within thirty (30) days after the date that Buyer becomes aware of Seller’s default and filing a lawsuit for specific performance within ninety (90) days after the date that Buyer becomes aware of
Seller’s default. Notwithstanding the foregoing, if the equitable remedy of specific performance is impracticable, or otherwise unavailable, due to the fact that Seller has conveyed the Property to a third party in breach of this Agreement or
otherwise encumbered or leased the Property in breach of this Agreement, then Buyer shall have the right to terminate this Agreement by delivery of written notice of termination to Seller, whereupon the Escrow Holder shall return the Deposit to
Buyer and deliver the Nonrefundable Earnest Funds to Seller, and Buyer may pursue an action against Seller to recover Buyer’s actual damages. 

16.4.2 Intentionally Omitted. 

16.4.3 Express Waiver of Consequential Damages. In no event shall Seller or Buyer be liable to the other party for any consequential,
special or punitive damages, and each hereby waives all rights to seek recovery of same. 
 16.4.4 Survival of Seller’s
Representations and Warranties. The Parties agree that Seller’s warranties and representations in this Agreement and in any document (including any estoppel or other certificate) executed by Seller under this Agreement with respect to the
Property shall survive for six (6) months after the Closing Date. Seller shall have no liability to Buyer for a breach of any such representation or warranty unless written notice containing a description of the specific nature of such breach
shall have been given by Buyer to Seller within six (6) months following the Closing Date and an action with respect to such breach shall have been commenced by Buyer against Seller within six (6) months following the Closing Date. Except
in the event of fraud or intentional misrepresentation by Seller, in no event will Seller’s liability for damages to Buyer after the Closing exceed $5,000,000. 

16.4.5 Limitation of Liability. No director, officer, employee, shareholder, representative, advisor or agent of Seller or of any
entity that has or acquires an interest in Seller, shall have any personal liability, directly or indirectly, under or in connection with the transaction contemplated by this Agreement or any agreement made or entered into pursuant to this
Agreement, or any amendments to any of the foregoing made at any time before or after the date hereof. Buyer and its respective successors and assigns shall look solely to Seller and its assets for the payment of any claim or for any performance,
and, on behalf of itself and its successors and assigns, Buyer hereby waives any and all personal liability against the aforementioned persons. 

  
 23 

 16.5 Acknowledgment. SELLER AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND
THIS SECTION 16 AND BY THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS: 
 Seller’s
Initials:        /s/ PL         Buyer’s Initials:        /s/
SB         
 17. Natural Hazards; Mello-Roos Community Facilities Districts; California
Commercial Disclosure Report. As used herein, the term “Natural Hazard Area” shall mean those areas identified as natural hazards in the Natural Hazard Disclosure Act, California Government Code Sections 8589.3, 8589.4,
and 51183.5, and California Public Resources Code Sections 2621.9, 2694, and 4136, and any successor statutes or laws (the “Act”). Concurrently with the Opening of Escrow, Seller shall request that Escrow order and deliver to
Buyer a written California Commercial Disclosure Report (“Disclosure Report”). Buyer shall acknowledge receipt of the Disclosure Report by promptly executing the same and delivering a copy of the Buyer-executed Disclosure
Report to Escrow and Seller. Buyer acknowledges that the Disclosure Report will fully and completely discharge Seller from its disclosure obligations under the Act, and, for the purpose of this Agreement, the provisions of California Civil Code
Section 1103.4 regarding the non-liability of Seller for errors or omissions not within its personal knowledge shall be deemed to apply. Buyer further acknowledges that the Disclosure Report will identify
special taxes, improvement bonds, assessments and Mello-Roos Community Facilities Districts (collectively, “Special Taxes”) affecting the Property, and that the Disclosure Report will fully and completely discharge Seller
from any obligation to disclose to Buyer the existence of Special Taxes affecting the Property. 
 18. Miscellaneous. 

18.1 Notices. All notices relating to this Agreement must be given in writing and will be deemed sufficiently provided when delivered:
(a) personally, in which case it will be deemed received on delivery; (b) by generally recognized next-business-day courier service, in which case it will be deemed delivered on the next business day
if timely delivered to such service for next-day delivery, postage pre-paid; or (c) three (3) days after deposit in the United States mail certified or registered,
return receipt requested, with postage prepaid; and addressed as follows: 
 If to Buyer:
            BTC III Acquisitions LLC 
 Attn: J.R. Wetzel 

Managing Director – Western Region 

518 17th Street, 17th Floor 

Denver, Colorado 80202 
 Email:
jr.wetzel@blackcreekgroup.com 

  
 24 

 with a copy to:            
Peter Vanderburg, SVP, Development Group Head 
 4675 MacArthur Court, Suite 625 

Newport Beach, California 92660 

Email: peter.vanderburg@blackcreekgroup.com 

and to:
                         BTC III Acquisitions LLC 

Attn: Tom McGonagle 
 518 17th Street, 17th Floor 
 Denver,
Colorado 80202 
 Email: tom.mcgonagle@blackcreekgroup.com 

and to:
                         BTC III Acquisitions LLC 

Attn: Joshua J. Widoff, Managing Director 

518 17th Street, 17th Floor 

Denver, Colorado 80202 
 Email:
BCGLegalNotices@blackcreekgroup.com 
 and to:
                          Polsinelli PC 

Attn: Amy K. Hansen, Esq.; Andrea G. Horvath, Esq. 

1401 Lawrence St., Suite 2300 

Denver, Colorado 80202 
 Email:
ahansen@polsinelli.com; ahorvath@polsinelli.com 
 If to Seller:
                 TAMCO 
 c/o Commercial Metals Company

 Attn: Office of the General Counsel 

6565 N. MacArthur Blvd., Suite 800 

Irving, Texas 75039 
 with a copy
to:             Gresham Savage Nolan & Tilden, PC 
 550 E. Hospitality
Lane, Suite 300 
 San Bernardino, CA 92408 

Attn: Mark Ostoich 
 Either
Party may change its address by written notice to the other given in the manner set forth above. The attorneys for any Party hereto shall be entitled to provide any notice that a Party desires to provide or is required to provide hereunder. 

18.2 Assignment. Except as expressly set forth in this Section 18.2, Buyer shall not assign or attempt to
assign this Agreement, or any rights hereunder, to any other person or entity without the prior written consent of Seller, which consent may be withheld in Seller’s sole and absolute discretion. Buyer may assign all or any portion of this
Agreement or its rights hereunder, or delegate all or any portion of its duties or obligations to an affiliate without Seller’s written consent, provided that Buyer gives Seller notice of the assignment or delegation. Any assignment or
purported assignment in violation of the terms of this Section 18.2 shall be null and 

  
 25 

 
void and of no force or effect whatsoever. For purposes of this Section 18.2, an affiliate of Buyer shall include (a) any entity that is owned, controlled by or is
under common control with Buyer (a “Buyer Controlled Entity”), (b) any entity in which one or more Buyer Controlled Entities directly or indirectly is the general partner (or similar managing partner, member or manager) or
owns more than 50% of the economic interests of such entity, (c) any entity in which Ares Management LLC or a controlled affiliate of Ares Management LLC is directly or indirectly the general partner (or similar managing partner, member or
manager) or owns more than 50% of the economic interests of such entity, and (d) Black Creek Industrial REIT IV Inc. In connection with any assignment permitted under this Section 18.2, as a condition to such
assignment becoming effective for any purpose, Buyer shall deliver to Seller and to Escrow Holder, no less than five (5) business days prior to the Closing Date, the following: (i) a written assignment and assumption pursuant to which the
assignee assumes all the obligations of Buyer under this Agreement and agrees to be bound by all the terms and provisions of this Agreement without in any way limiting, relinquishing or discharging Buyer from any liability under any provision of
this Agreement on account of such assignment; and (ii) evidence of the formation of such assignee. In any event, Buyer shall remain primarily liable for the performance of this Agreement by any assignee. 

18.3 Interpretation. Unless the context of this Agreement clearly requires otherwise: (a) plural and singular numbers shall each be
deemed to include the other; (b) the masculine, feminine and neuter genders shall each be deemed to include the others; (c) “shall,” “will,” “must,” “agrees” and “covenants” are each mandatory;
(d) “may” is permissive; (e) “or” is not exclusive; and (f) “includes” and “including” are not limiting. Time is of the essence for each and every term, condition, covenant, obligation and provision of this
Agreement. This Agreement has been negotiated at arm’s length and between persons sophisticated and knowledgeable in the matters dealt with in this Agreement. In addition, each Party has been or has had the opportunity to be represented by
experienced and knowledgeable counsel. Accordingly, any rule of law (including California Civil Code §1654) or legal decision that would require interpretation of any ambiguities in this Agreement against the Party that has drafted it is not
applicable and is waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect the purpose of the Parties and this Agreement. Captions and section headings are included in this Agreement as a matter of convenience
only; they are not a part of this Agreement, do not modify any of the terms of this Agreement, and shall not be used in the interpretation of this Agreement. If a day for any performance or the last date of any period specified in this Agreement is
a Saturday, Sunday or national bank holiday, such performance date or period end shall be extended to the next day that is not a Saturday, Sunday or national bank holiday. 

18.4 Seller’s Joint and Several Obligations. Notwithstanding that each individual Seller only owns a portion of the Property and
not all of the Property, the representations, warranties, obligations, and covenants of each Seller are joint and several with all Sellers. Buyer shall not be required to look to the applicable Seller for a particular portion of the Property with
respect to any amount due, or any obligation owed, hereunder with respect to that portion of the Property and may pursue any and all claims (regardless of the portion of the Property implicated) against each or both of the individual Sellers for
payment or performance of the same. 

  
 26 

 18.5 Attorneys’ Fees. Should any Party hereto institute any action or proceeding
to enforce any provision hereof by reason of the alleged breach of this Agreement, the prevailing Party shall be entitled to receive from the non-prevailing Party such amount as the court may adjudge to be
reasonable attorneys’ fees, expert fees, and consultant fees for services rendered to the prevailing party, and other costs of litigation. 

18.6 Conflicts. In the event of a conflict between this Agreement and any other document(s) executed or purported to be executed between
the Parties prior to the date hereof, the provisions contained in this Agreement shall in all instances govern and prevail. 
 18.7
Severability. In the event any portion of this Agreement is declared by any court of competent jurisdiction to be invalid, illegal or unenforceable, such portion shall be severed from this Agreement and the remaining portions shall remain in
full force and effect as fully as though such invalid, illegal or unenforceable portion had never been part of this Agreement, provided the remaining Agreement can be reasonably and equitably enforced. 

18.8 Binding on Successors. Subject to the limitations in Section 18.2 above, this Agreement shall bind and
inure to the benefit of the successors and assigns of the respective Parties hereto. 
 18.9 Waiver. No waiver by any Party at any
time of any breach of any provision of this Agreement shall be deemed a waiver or a breach of any other provision herein or consent to any subsequent breach of the same or another provision. If any action by any such Party shall require the consent
or approval of another Party, such consent or approval of such action on any one occasion shall not be deemed a consent to, or approval of, such action on any subsequent occasion or consent to or approval of any other action. 

18.10 Required Actions. Buyer and Seller shall execute all instruments and documents and take all actions required to consummate the
purchase and sale contemplated herein, and shall use their best efforts to accomplish the Close of Escrow in accordance with the provisions hereof. 

18.11 Governing Law; Venue. This Agreement has been prepared, negotiated and executed in, and its terms and provisions shall be
interpreted and construed in accordance with, the laws of the State of California. Any action or proceeding relating to or arising out of this Agreement shall be filed, if a State action, in the Superior Court of the State of California for the
County of San Bernardino, or if a federal action, in the United States District Court for the Central District of California. 
 18.12 No
Recordation. Buyer shall not record this Agreement, any memorandum of this Agreement, any assignment of this Agreement, or any other document which would cause a cloud on the title to the Property. 

18.13 No Third Party Beneficiary Rights. Subject to Sections 18.2 and 18.8, this Agreement is entered into for the sole
benefit of Buyer and Seller and no other parties are intended to be direct or incidental beneficiaries of this Agreement and no third party shall have any right in, under or to this Agreement. 

  
 27 

 18.14 No Partnership. Each Party hereto will act as an independent contractor, and
nothing contained in or arising out of this Agreement will be construed to imply or create any joint venture, partnership, agency or other relationship. The Parties agree that no fiduciary relationship is created by this Agreement. 

18.15 Entire Agreement. This Agreement constitutes the final, complete and exclusive statement of terms of the agreement between the
Parties pertaining to the subject matter of this Agreement and supersedes all prior and contemporaneous understandings or agreements of the Parties. No Party has been induced to enter into this Agreement by, nor is any Party relying on, any
representation or warranty outside those expressly set forth in this Agreement. 
 18.16 Amendment. No amendment or modification of
any term or provision of this Agreement shall be effective unless set forth in writing, signed by both Seller and Buyer. 
 18.17
Counterparts; Facsimile Signatures. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument. The Parties hereto intend to be bound by
the signatures on the facsimile or electronic document, and hereby waive any defenses to the enforcement of the terms of this Agreement based on the use of a facsimile or electronic signature; provided, however, that the Parties hereby agree to
execute and provide to each other original signatures, upon the request made by either Party to the other. 
 18.18 Confidentiality;
Return of Information; Publicity. Buyer shall treat all Due Diligence Materials and Information as confidential in accordance with and pursuant to the terms and provisions of the NDA (defined in Section 6.1 above),
which terms and provisions are incorporated herein by reference, as modified by this Section 18.18. The Parties hereby agree to be bound by the terms and provisions of the NDA, as modified by this Section 18.18, as
though Buyer had executed the NDA as “Recipient” and Seller had executed the NDA as “CMC.” Notwithstanding the foregoing, or anything to the contrary in the NDA, the Parties hereby agree that: (a) the obligations described
in the NDA, as modified and made applicable to the Parties by this Agreement (the “Confidentiality Obligations”), shall expire upon the earlier of: (i) the termination of this Agreement or (ii) the Close of Escrow;
(b) notwithstanding any expiration of the Confidentiality Obligations following a termination of this Agreement prior to the Closing, Buyer shall comply with the obligation to return or destroy the Confidential Information, in accordance with
the terms of the NDA; and (c) notwithstanding anything to the contrary in the NDA (including, without limitation, Section 6 of the NDA), Seller may disclose this Agreement and the transaction contemplated hereunder to the extent required
to be disclosed to comply with applicable laws (including securities laws or regulations and the applicable rules of any public stock exchange). 

[Signatures Follow on the Next Page] 

  
 28 

 IN WITNESS WHEREOF, Buyer and Seller have caused this Agreement to be executed as of the
Effective Date. 
  

			
	“BUYER”
	
	BTC III ACQUISITIONS LLC, a Delaware
	limited liability company
	
	By: Build-to-Core Industrial Partnership III LLC,
	a Delaware limited liability company
	
	By: BCG BTC III Managing Member LLC, a
	Delaware limited liability company, its
	investment managing member
		
	By:	 	 /s/ Sara Butz

 
			
	Name:	 	 Sara Butz

 
			
	Title:	 	 Principal

	
	“SELLER”
	
	TAMCO,
	a California corporation
		
	By:	 	 /s/ Paul Lawrence

 

			
	Name:	 	 Paul Lawrence

 
			
	Title:	 	 Treasurer

	
	CMC STEEL FABRICATORS, INC.,
	a Texas corporation
		
	By:	 	 /s/ Paul Lawrence

 

			
	Name:	 	 Paul Lawrence

 
			
	Title:	 	 Treasurer

 [Signature Page to Purchase and Sale Agreement and Joint Escrow Instructions] 

 ACCEPTANCE BY ESCROW HOLDER: 

Fidelity National Title hereby acknowledges that it has received originally-executed counterparts or a fully-executed original
of the foregoing Purchase and Sale Agreement and Joint Escrow Instructions, and agrees to act as Escrow Holder thereunder, and to be bound by and perform the terms thereof as such terms apply to Escrow Holder. 

Dated: September 29, 2021 
  

			
	“ESCROW HOLDER”
	
	FIDELITY NATIONAL TITLE, 
	NATIONAL COMMERCIAL SERVICES

 
			
		
	By:	 	 /s/ Stephanie Taylor

			
	Name:	 	 Stephanie Taylor

 
			
	Title:	 	 SVP, Operations

 [Signature Page to Purchase and Sale Agreement and Joint Escrow Instructions] 

 EXHIBIT “A” 

LEGAL DESCRIPTION OF THE LAND 

All that certain real property located in the City of Rancho Cucamonga, County of San Bernardino, State of California, more fully described as
follows: 
 TRACT A: 
 PARCEL 1: 

PARCEL 3 OF PARCEL MAP NO. 7847, IN THE CITY OF RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, AS PER PLAT RECORDED IN BOOK 82 OF PARCEL
MAPS, PAGES 48 THROUGH 51, INCLUSIVE, RECORDS OF SAID COUNTY. 
 PARCEL 2: 

AN EASEMENT FOR ACCESS ROAD PURPOSES AS CREATED BY SECTION 1.7 OF THAT CERTAIN JOINT USAGE AND EASEMENT AGREEMENT DATED AS OF NOVEMBER 28, 1983 AND RECORDED ON
NOVEMBER 29, 1983 AS INSTRUMENT NO. 83-280362 OF OFFICIAL RECORDS. 
 TRACT B: 

PARCEL 2 OF PARCEL MAP NO. 2421, IN THE CITY OF RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 22, PAGE 20
OF PARCEL MAPS, RECORDS OF SAN BERNARDINO COUNTY. 
 TRACT C: 

THAT PORTION OF THE SOUTHWEST 1/4 OF SECTION 8, TOWNSHIP 1 SOUTH, RANGE 6 WEST, SAN BERNARDINO BASE AND MERIDIAN, IN THE COUNTY OF SAN BERNARDINO, STATE OF
CALIFORNIA, ACCORDING TO THE OFFICIAL PLAT OF SAID LAND ON FILE IN THE DISTRICT LAND OFFICE, DESCRIBED AS PARCEL 4 IN DEED TO AMERICAN PIPE AND CONSTRUCTION CO., A CORPORATION, RECORDED SEPTEMBER 18, 1968, IN BOOK 7095, PAGE 764, OFFICIAL
RECORDS IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY LYING WESTERLY OF A LINE, PARALLEL WITH AND DISTANT EASTERLY, 230.00 FEET, MEASURED AT RIGHT ANGLES FROM THE FOLLOWING DESCRIBED SURVEYED REFERENCED LINE: 

BEGINNING AT A POINT ON THE NORTHERLY LINE OF SAID SOUTHWEST 1/4, SAID POINT BEING NORTH 89° 56’
18” WEST 1152.25 FEET, MEASURED ALONG SAID NORTHERLY LINE FROM A FOUND COUNTY SURVEYOR’S MONUMENT SET AT THE NORTHEAST CORNER OF SAID SOUTHWEST 1/4, SAID POINT ALSO BEING SOUTH 89° 56’ 18” EAST 1499.15 FEET, MEASURED ALONG
SAID NORTHERLY LINE FROM A FOUND COUNTY SURVEYOR’S MONUMENT SET AT THE WEST 1/4 CORNER OF SAID SECTION 8; THENCE SOUTH 1° 12’ 19” WEST 2646.78 FEET TO A POINT IN THE SOUTHERLY LINE OF SAID SECTION, SAID POINT BEING NORTH 89°
59’ 30” EAST 1452.58 FEET, MEASURED ALONG SAID SOUTHERLY LINE FROM A FOUND COUNTY SURVEYOR’S MONUMENT SET AT THE SOUTHWEST CORNER OF SAID SECTION 8. 

EXCEPTING THEREFROM 1/2 OF ALL OIL, GAS AND OTHER HYDROCARBON SUBSTANCES AND MINERALS IN AND UNDER OR THAT MAY BE PRODUCED FROM A DEPTH BELOW 500 FEET BELOW
THE SURFACE OF ALL OF SAID LAND, WITHOUT RIGHT OF ENTRY UPON THE SURFACE OF ANY OF SAID LAND FOR THE PURPOSE OF MINING, DRILLING, 

 EXPLORING OR EXTRACTING SUCH OIL, GAS AND OTHER HYDROCARBON SUBSTANCES, OR MINERALS, OR OTHER USE OF OR
RIGHTS IN OR TO ANY PORTION OF THE SURFACE OF SAID LAND TO A DEPTH OF 500 FEET BELOW THE SURFACE THEREOF, BUT WITH THE RIGHT TO DRILL INTO, LOCATE WELLS AND PRODUCE OIL, GAS AND OTHER HYDROCARBON SUBSTANCES OR MINERALS FROM ANY PORTION OF SAID LAND
WHICH LIES BELOW 500 FEET FROM THE SURFACE THEREOF, TOGETHER WITH THE RIGHT TO EXPLORE FOR, DRILL AND EXTRACT OIL, GAS OR OTHER HYDROCARBON SUBSTANCES OR MINERAL FROM LANDS OR PREMISES OTHER THAN THE LANDS ABOVE DESCRIBED BY MEANS OF DIRECTIONAL
DRILLING OR MINING THROUGH SAID LANDS FROM A WELL SITE OR TUNNEL SITE SITUATED UPON LANDS OR PREMISES OTHER THAN THE LANDS ABOVE DESCRIBED, AS RESERVED IN DEED RECORDED MAY 5, 1955, IN BOOK 3637, PAGE 135, OFFICIAL RECORDS. 

ALSO EXCEPTING THEREFROM ALL URANIUM, THORIUM AND OTHER FISSIONABLE MATERIALS, ALL OIL, GAS, PETROLEUM, ASPHALTUM, AND OTHER HYDROCARBON SUBSTANCES AND OTHER
MINERALS AND MINERAL ORES OF EVERY KIND AND CHARACTER, WHETHER SIMILAR TO THESE HEREIN SPECIFIED OR NOT, AS RESERVED IN DEED RECORDED DECEMBER 19, 1974, IN BOOK 8580, PAGE 21, OFFICIAL RECORDS. 

TRACT D: 
 PARCEL NO. 1, PARCEL MAP NO. 7847, IN THE COUNTY OF
SAN BERNARDINO, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 82 OF PARCEL MAPS, PAGES 48 TO 51, INCLUSIVE, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, TOGETHER WITH THAT PORTION OF JUNEBERRY DRIVE AS VACATED BY THAT CERTAIN
RESOLUTION 89-158 BY THE CITY COUNTY OF THE CITY OF RANCHO CUCAMONGA, RECORDED APRIL 24, 1989, AS INSTRUMENT NO. 89-144726, OFFICIAL RECORDS. 

EXCEPT THEREFROM ONE-HALF OF ALL OIL, GAS AND OTHER HYDROCARBON SUBSTANCES AND MINERALS AND UNDER OR THAT MAY BE PRODUCED FROM A DEPTH OF 500 FEET BELOW THE
SURFACE OF ALL OF SAID LAND, WITHOUT RIGHT OF ENTRY UPON THE SURFACE OF ANY OF SAID LAND FOR THE PURPOSE OF MINING, DRILLING, EXPLORING OR EXTRACTING SUCH GAS, OIL, AND OTHER HYDROCARBON SUBSTANCES OR MINERALS, OR OTHER USE OF OR RIGHT IN OR TO ANY
PORTION OF THE SURFACE OF SAID LAND TO A DEPTH OF 500 FEET BELOW THE SURFACE THEREOF, BUT WITH THE RIGHT TO DRILL INTO, LOCATE WELLS AND PRODUCE OIL, GAS AND OTHER HYDROCARBON SUBSTANCES OR MINERALS FROM ANY PORTION OF SAID LAND WHICH LIES BELOW 500
FEET FROM THE SURFACE THEREOF, TOGETHER WITH THE RIGHT TO EXPLORE FOR, DRILL AND EXTRACT OIL, GAS AND OTHER HYDROCARBON SUBSTANCES OF MINERALS FROM OR PREMISES OTHER THAN THE LANDS ABOVE DESCRIBED BY MEANS OF DIRECTIONAL DRILLING OR MINING THROUGH
SAID LAND FROM A WELL SITE, DRILL SITE OR TUNNEL SITE SITUATED UPON LANDS OR PREMISES OTHER THAN THE LANDS ABOVE DESCRIBED AS RESERVED IN THE DEED FROM CHARLES M. ROSS AND REGINA ROSS, RECORDED MAY 5, 1955 IN BOOK 3637, PAGE 135 OF OFFICIAL
RECORDS. 
 For conveyancing purposes only: APN 0229-131-19-0-000 (Affects Tract A) 

APN: 0229-121-33-0-000 (Affects Tract B) 
 APN: 0229-121-34-0-000
(Affects Tract C) 
 APN: 0229-121-35-0-000 (Affects Tract D) 

(End of Legal Description) 

 EXHIBIT “B” 

FORM OF GRANT DEED 
  

			
	 RECORDING REQUESTED BY:

 
 __________ Title Insurance Company

 
 WHEN RECORDED MAIL TO:

                         
                               

                         
                               

                         
                               

 
 MAIL TAX STATEMENTS TO:

                         
                               

                         
                               

                         
                               

 
	 	 
		 	    (SPACE ABOVE THIS LINE FOR RECORDER’S USE)

 APN[s]: [0229-121-33-0-000,
0229-121-34-0-000, and 0229-131-19-0-000]
[0229-121-35-0-000]. 

THE UNDERSIGNED GRANTOR DECLARES DOCUMENTARY TRANSFER TAX is $______________________ 
  

	 	[X]	 Computed on full value of property conveyed, or 

	 	[__]	 Computed on full value less value of liens and encumbrances remaining at time of sale. 

	 	[__]	 Unincorporated Area;    [X] City of Rancho Cucamonga. 

THE UNDERSIGNED GRANTOR DECLARES: 
 The document is exempt from
the $75 fee per California Government Code Section 27388.1 because the document is a transfer of real property subject to the imposition of documentary transfer tax. California Government Code Section 27388.1(a)(2). 

GRANT DEED 
 FOR VALUABLE CONSIDERATION,
receipt of which is hereby acknowledged, 
 _____________, a ____________ (“Grantor”), 

hereby GRANTS to 
 _____________, a
____________ (“Grantee”), 
 that certain real property located in the City of Rancho Cucamonga, County of San Bernardino, State of
California, more particularly described in Exhibit “A” attached hereto and incorporated herein by reference (the “Land”). 

 [Grantor reserves the water rights associated with the Land and more particularly described on Schedule
“1” attached hereto.] 
 This Grant Deed is and made and delivered, and title to the aforesaid property is conveyed, subject to those items set
forth on the attached Exhibit “B”. 
 Executed as of this ___ day of __________, 20__. 

Effective Date: The date this Grant Deed is recorded in the Official Records of San Bernardino County. 

 

	
	GRANTOR:
	
	                     ,
	a                     
	
	By:
                                         
                                         
             
	Name:                                     
                                         
            
	Its:                                     
                                         
                   

 This Notary Acknowledgement is attached to a document entitled GRANT DEED. 

 

	
	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that
document

  

					
	STATE
OF                                        
                        	  	)	  	
		  	)	  	
	COUNTY
OF                                        
                   	  	)	  	

 On __________________, 20__ before me, _________________________________, 

personally appeared ___________________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon
behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY of PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

Signature:    ___________________________________ (Seal) 

 EXHIBIT “A” 

TO GRANT DEED 
 LEGAL
DESCRIPTION 
 All that certain real property located in the City of Rancho Cucamonga, County of San Bernardino, State of California, more
fully described as follows: 
 APN[s]: [0229-121-33-0-000,
0229-121-34-0-000, and 0229-131-19-0-000]
[0229-121-35-0-000]. 

(End of Legal Description) 

 EXHIBIT “B” 

TO GRANT DEED 
 PERMITTED
EXCEPTIONS 
 [TO BE COMPLETED PRIOR TO CLOSING] 

 SCHEDULE “1” 

TO GRANT DEED 
 RESERVED
WATER RIGHTS 
 Grantor (as a successor-in-interest to a portion of the
overlying non-agricultural water rights formerly held by Ameron), holds rights to produce groundwater in the Chino Basin as were adjudicated by the Superior Court for the County of San Bernardino in Chino
Basin Municipal Water District v City of Chino, et al., Case No. RCV 51010 (formerly Case No. 164327), which resulted in a judgment signed on January 27, 1978, as subsequently amended and restated (the “Water Rights
Judgment”). 
 Grantor’s reserved water rights include the following water rights in the Chino Basin, as shown by Watermaster’s latest
Assessment Package approved on November 19, 2020 for Fiscal Year (“FY”) 2020/2021 (Production Year 2019/2020): 
  

	 	•	 	 42.6 acre-feet (“AF”) of Safe Yield Rights. The Safe Yield Rights represent Grantor’s individual
share of 7,366 AF/year of the Safe Yield of the Chino Basin allocated to the Overlying (Non-Agricultural) Pool by the Water Rights Judgment. 

 

	 	•	 	 81.0 AF Annual Production Right for FY 2020/2021. The Annual Production Right represents the total amount of
groundwater that TAMCO may produce from the Chino Basin during a particular year (July 1 through June 30) without drawing upon Grantor’s Local Storage Account (defined below) or incurring additional Watermaster assessments for replenishment
water. 

  

	 	•	 	 235.3 AF Local Storage Account. The Local Storage Account represents water-in-storage held by Grantor pursuant to a Local Storage Agreement with Watermaster, based upon Watermaster’s accounting for accumulations of past unused Annual Production Right and other storage
credits and losses. 

 EXHIBIT “C” 

ASSIGNMENT AND ASSUMPTION AGREEMENT 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (“Assignment”) is entered into this ______ day of ____________, 20___
(“Effective Date”), between TAMCO, a California corporation (“TAMCO”), and Commercial Metals Company, a Delaware corporation (“CMC”, and together with TAMCO, jointly
“Assignor”), and _____________, a _____________ (“Assignee”). Hereinafter, Assignor and Assignee may be referred to individually as a “Party,” or jointly as the
“Parties.” 
 RECITALS 

A. TAMCO and CMC Steel Fabricators, Inc., a Texas corporation, as sellers, and Assignee, as buyer, entered into that certain Purchase and Sale
Agreement and Joint Escrow Instructions dated ________________ (the “Purchase Agreement”), concerning the purchase and sale of certain real property in the City of Rancho Cucamonga, County of San Bernardino, State of
California, more particularly described in the Purchase Agreement (the “Property”). 
 B. The Property is subject to:
(i) that certain Easement Agreement dated October 30, 2018 (“Easement Agreement”), by and between TAMCO and Tree Island Wire (USA), Inc., a Delaware corporation (“TIW”); (ii) that certain
Memorandum of Understanding dated October 30, 2018 (“MOU”), by and between TAMCO and TIW; and (iii) that certain Voluntary Agreement dated July 31, 2020 (“Voluntary Agreement”, together
with, the Easement Agreement and the MOU, the “Assigned Agreements”), by and among CMC, TAMCO, and the South Coast Air Quality Management District. 

C. The Purchase Agreement obligates TAMCO and CMC (with respect to the Voluntary Agreement) to assign to Assignee all of (i) TAMCO’s
right, title and interest in and to the Easement Agreement, the MOU and the Voluntary Agreement and (ii) CMC’s right, title and interest in and to the Voluntary Agreement, and obligates Assignee to assume from TAMCO and CMC all of the
obligations under the Easement Agreement, the MOU and the Voluntary Agreement, all subject to the terms and conditions set forth in this Assignment. 

OPERATIVE PROVISIONS 

NOW, THEREFORE, in consideration of the foregoing Recitals, which Recitals are incorporated herein by this reference, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants contained herein, the Parties hereby agree as follows: 

1. Assignment; Conveyance. 

1. TAMCO Assignment; Conveyance. As of the Effective Date of this Assignment, TAMCO hereby grants, assigns, transfers,
conveys and delivers to Assignee all of TAMCO’s right, title and interest in and to the Easement Agreement, the MOU and the Voluntary Agreement. 

 2. CMC Assignment; Conveyance. As of the Effective Date of this
Assignment, CMC hereby grants, assigns, transfers, conveys and delivers to Assignee all of CMC’s right, title and interest in and to the Voluntary Agreement. 

2. Assumption; Acceptance. Assignee hereby accepts the foregoing assignments and expressly assumes and agrees to perform any and all of
the obligations and liabilities of (a) TAMCO under the Easement Agreement and the MOU and (b) TAMCO and CMC under the Voluntary Agreement accruing from and after the Effective Date. 

3. Indemnification. 
 (a)
TAMCO and CMC each hereby agree to indemnify, defend and hold harmless Assignee, its successors and assigns, from and against any and all claims, liabilities, losses, costs, damages, and expenses (including reasonable attorneys’ fees, charges
and expenses in the enforcement of this indemnity) for breach or default on the part of (i) TAMCO under the Easement Agreement and/or the MOU and/or (ii) TAMCO and/or CMC under the Voluntary Agreement based on an event occurring (or
alleged to have occurred) or a condition arising (or alleged to have arisen) before the Effective Date. 
 (b) Assignee hereby agrees to
indemnify, defend and hold harmless TAMCO and CMC, their respective successors and assigns, from and against any and all claims, liabilities, losses, costs, damages, and expenses (including reasonable attorneys’ fees, charges and expenses in
the enforcement of this indemnity) for breach or default on the part of Assignee under the Easement Agreement, the MOU and/or the Voluntary Agreement based on an event occurring (or alleged to have occurred) or a condition arising (or alleged to
have arisen) on or after the Effective Date. 
 4. No Representation or Warranty. This Assignment is made by TAMCO and CMC without any
express or implied warranty whatsoever. 
 5. Joint and Several Obligations. The representations, warranties, obligations, and
covenants of each of TAMCO and CMC are joint and several with each other. Assignee shall not be required to look to the applicable Assignor with respect to any amount due, or any obligation owed hereunder or under the Easement Agreement, the MOU and
the Voluntary Agreement, and may pursue any and all claims (regardless of the Assigned Agreement implicated) against each or both of the individual Assignors for payment or performance of the same. 

6. Miscellaneous. 
 (a) All
notices and other communications required or permitted under this Assignment shall be given in the same manner as in the Purchase Agreement. 

(b) This Assignment may be executed in counterparts, each of which shall be deemed an original, but all of which, together, shall constitute
one and the same instrument. The Parties hereto intend to be bound by the signatures on the facsimile or electronic document, and hereby waive any defenses to the enforcement of the terms of this Assignment based on the use of a facsimile or
electronic signature. 

  
 2 

 (c) This Assignment shall be governed by and construed in accordance with the laws of the
State of California, without regard to conflict of law rules. 
 (d) This Assignment may not be modified or amended in any manner other than
by a written agreement signed by Assignor and Assignee. 
 (e) TAMCO and/or CMC, as applicable, shall promptly execute and deliver to
Assignee any additional instrument or other document which Assignee reasonably requests to evidence or better effect the assignment contained herein. 

(f) This Assignment and the obligations of the Parties hereunder shall be binding upon and inure to the benefit of the Parties hereto and their
respective successors and assigns. 
 (g) In the event any portion of this Assignment is declared by any court of competent jurisdiction to
be invalid, illegal or unenforceable, such portion shall be severed from this Assignment and the remaining parts hereof shall remain in full force and effect as fully as though such invalid, illegal or unenforceable portion had never been part of
this Assignment, provided the remaining Assignment can be reasonably and equitably enforced. 
 [Signatures Follow on Next Page] 

  
 3 

 IN WITNESS WHEREOF, Assignee and Assignor have caused this Assignment to be executed and
delivered as of the date first written above. 
  

	
	“ASSIGNEE”
	
	                        ,
	a(n)                                     
                                         
                 
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	“ASSIGNOR”
	
	TAMCO,
	a California corporation
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	Commercial Metals Company,
	a Delaware corporation
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              

 [Signature Page to Assignment and Assumption Agreement] 

 EXHIBIT “D” 

PERMITTED BUYER ENVIRONMENTAL INVESTIGATION 
  

	 	1.	 Shallow* soil samples to confirm the extent of soils impacted with total petroleum hydrocarbons as diesel
(TPHd) and lead that exceed regulatory screening levels; 

  

	 	2.	 Shallow* soil samples to evaluate the extent of Title 22 metals impacts that could result in the soils needing
to be managed as a hazardous waste if/when removed from the Property; 

  

	 	3.	 Soil vapor samples to evaluate the extent of tetrachloroethene (PCE) impacts in shallow* soils; and

  

	 	4.	 Shallow* soil samples to evaluate potential polychlorinated biphenyl (PCB) impacts to areas where cooling oils
may have been used in the manufacturing process. 

  

	*	 The term “shallow” shall mean no deeper than ten feet (10’) below ground surface, except that in
the case of item #3 above, the term “shallow” shall mean no deeper than fifty feet (50’) below ground surface. 

 SCHEDULE “1” 

WATER RIGHTS 
 Seller (as a successor-in-interest to a portion of the overlying non-agricultural water rights formerly held by Ameron), holds rights to produce
groundwater in the Chino Basin as were adjudicated by the Superior Court for the County of San Bernardino in Chino Basin Municipal Water District v City of Chino, et al., Case No. RCV 51010 (formerly Case No. 164327), which resulted in a
judgment signed on January 27, 1978, as subsequently amended and restated (the “Water Rights Judgment”). 
 TAMCO water rights include the
following water rights in the Chino Basin, as shown by Watermaster’s latest Assessment Package approved on November 19, 2020 for Fiscal Year (“FY”) 2020/2021 (Production Year 2019/2020): 

 

	 	•	 	 42.6 acre-feet (“AF”) of Safe Yield Rights. The Safe Yield Rights represent TAMCO’s individual
share of 7,366 AF/year of the Safe Yield of the Chino Basin allocated to the Overlying (Non-Agricultural) Pool by the Water Rights Judgment. 

 

	 	•	 	 81.0 AF Annual Production Right for FY 2020/2021. The Annual Production Right represents the total amount of
groundwater that TAMCO may produce from the Chino Basin during a particular year (July 1 through June 30) without drawing upon TAMCO’s Local Storage Account (defined below) or incurring additional Watermaster assessments for replenishment
water. 

  

	 	•	 	 235.3 AF Local Storage Account. The Local Storage Account represents water-in-storage held by TAMCO pursuant to a Local Storage Agreement with Watermaster, based upon Watermaster’s accounting for accumulations of past unused Annual Production Right and other storage
credits and losses. 

 SCHEDULE “2” 

EXCLUDED ASSETS 
  

	 	1.	 All equipment and personal property located at the fabrication facility on the CMC property.

 SCHEDULE “3” 

ENVIRONMENTAL REPORTS 
  

	 	1.	 Phase I Environmental Site Assessment 12459-B Arrow Route Rancho
Cucamonga, California, prepared for Commercial Metals Company by Ramboll US Consulting, Inc., dated as of June 2021, Project Number: 1690017888-002 

 

	 	2.	 Phase II Environmental Site Assessment 12459-B Arrow Route Rancho
Cucamonga, California, prepared for Commercial Metals Company by Ramboll US Consulting, Inc., dated as of April 28, 2021, Project Number: 1690017888Document

Exhibit 4.1

SUPPLEMENTAL INDENTURE
between
PROSPECT CAPITAL CORPORATION
and
U.S. BANK NATIONAL ASSOCIATION
as Trustee
Dated as of September 30, 2021

        

SUPPLEMENTAL INDENTURE
THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of September 30, 2021, is between Prospect Capital Corporation, a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”).  All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below).
RECITALS OF THE COMPANY
The Company and the Trustee executed and delivered an Indenture, dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance, dated March 12, 2012, by and among the Company, the Trustee, and American Stock Transfer & Trust Company, LLC (the “Base Indenture” and, as supplemented by one or more supplemental indentures, including this Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in the Indenture.
The Company desires to issue and sell $300,000,000 aggregate principal amount of the Company’s 3.437% Notes due 2028 (the “Notes”).
Sections 9.01(5) and 9.01(7) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture.
The Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (a “Future Supplemental Indenture”)).
The Company has duly authorized the execution and delivery of this Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary to make this Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been done and performed.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows:  
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ARTICLE I

TERMS OF THE NOTES

Section 1.01Establishment of the Notes.
(a)The Notes shall constitute a series of Securities having the title “3.437% Notes due 2028” and shall be designated as Senior Securities under the Indenture.  The Notes shall bear a CUSIP number of 74348T AW2 and an ISIN number of US74348TAW27.
(b)The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $300,000,000.  Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Notes.  Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires.  No Additional Notes may be issued hereunder if an Event of Default with respect to the Note occurs and is continuing.
Section 1.02Principal and Interest Payments.  The entire outstanding principal of the Notes shall be payable on October 15, 2028 (the “Maturity Date”), unless earlier redeemed or repurchased in accordance with the provisions of this Supplemental Indenture.  The rate at which the Notes shall bear interest shall be 3.437% per annum (the “Applicable Interest Rate”).  The date from which interest shall accrue on the Notes shall be September 30, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be April 15 and October 15 of each year, commencing April 15, 2022 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including September 30, 2021 (or the most recent Interest Payment Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be April 1 or October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.  The initial interest payment on the Notes on the April 15, 2022 Interest Payment Date shall be equal to $18.62 per $1,000 principal amount of the Notes.  Payment of 
2

        

principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.  Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.
Section 1.03.    Global Security.  The Notes shall be initially issuable in global form (each such Note, a “Global Note”).  The Global Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Supplemental Indenture.  Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.  Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture.
Section 1.04.    Depositary.  The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York.  The Security Registrar with respect to the Global Notes shall be the Trustee.
Section 1.05.    Defeasance.  The Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture.  Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Section 10.06 of the Base Indenture and, if specified pursuant to Section 3.01 of the Base Indenture, the obligations under any other covenant.
Section 1.06.    Optional Redemption.  The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:
(a)The Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date:
i.100% of the principal amount of the Notes to be redeemed; or
ii.the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed, assuming for this purpose that the Notes mature on August 15, 2028, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points; 
3

        

provided, however, that if the Company redeems any Notes on or after August 15, 2028, the Redemption Price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.
For purposes of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms have the meanings set forth below:
“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company.
“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes being redeemed.
“Comparable Treasury Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Quotation Agent” means a Reference Treasury Dealer selected by the Company.
“Reference Treasury Dealer” means each of (1) RBC Capital Markets, LLC, (2) Goldman Sachs & Co. LLC and (3) BNP Paribas Securities Corp.; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall select another Primary Treasury Dealer.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date.
All determinations made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding absent manifest error.
(b)Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent electronically in 
4

        

accordance with applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its nominee, the Depositary, to each Holder of the Notes to be redeemed, not less than 30 nor more than 90 days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.
(c)Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent applicable.
(d)If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected in accordance with the applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its nominee, the Depositary; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $1,000.
(e)Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption hereunder.
Section 1.07    Change of Control.
(a)If a Change of Control Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $1,000 in principal amount and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest (including additional interest, if any) on the Notes repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event.
(b)To the extent that the provisions of any securities laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue of such conflict.
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(c)On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the Company shall, to the extent lawful:
(i)accept for payment all Notes or portions of Notes properly tendered pursuant to its offer;
(ii)deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and
(iii)deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes being purchased by the Company.
(d)The Paying Agent will promptly remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $1,000 or an integral multiple of $1,000 in excess thereof.
(e)If any Repayment Date upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment.
(f)The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer.
For purposes of the Notes:
“Below Investment Grade Rating Event” means the Notes are downgraded below Investment Grade by all the Rating Agencies then rating the Notes at the request of the Company on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of such Rating Agencies); provided, however, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect 
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of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).
“Change of Control” means the occurrence of any of the following:
(i)the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;
(ii)the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or
(iii)the approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.
“Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.
“Controlled Subsidiary” means any subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its direct or indirect subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.
“Egan-Jones” means Egan-Jones Ratings Co., or any successor thereto.
“Investment Grade” means a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P), BBB- or better by Kroll (or its equivalent under any successor rating categories of Kroll), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s), BBB (low) or better by Morningstar (or its equivalent under any successor rating categories of Morningstar) and BBB- or better by Egan-Jones (or its equivalent under any successor rating categories of Egan-Jones) (or, in each case, if such Rating Agency ceases to rate the Notes at the request of the Company or for any other reason, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency, if any).
“Kroll” means Kroll Bond Rating Agency, Inc., or any successor thereto.
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“Moody’s” means Moody’s Investors Service, or any successor thereto. 
“Morningstar” means DBRS, Inc., or any successor thereto.
“Permitted Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Prospect Capital Management or any affiliate of Prospect Capital Management that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or advising clients.
“Rating Agency” means:
(i)each of S&P, Kroll, Moody’s, Morningstar or Egan-Jones, if such Rating Agency is then rating the Notes at the request of the Company; and
(ii)if any of S&P, Kroll, Moody’s, Morningstar or Egan-Jones ceases to rate the Notes at the request of the Company or for any other reason, or, if then rating the Notes at the request of the Company, fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section (3)(a)(62) of the Exchange Act selected by the Company as a replacement agency, if any, for S&P, Kroll, Moody’s, Morningstar or Egan-Jones, or all of them, as the case may be; provided, however, that for the avoidance of doubt the Company shall have no obligation to (a) have more than one Rating Agency rate the Notes at any time or (b) replace a Rating Agency if such Rating Agency ceases to rate the Notes at the request of the Company or for any other reason, or, if then rating the Notes at the request of the Company, fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, in each case subject to the Company’s obligation to have at least one Rating Agency rate the Notes.
“S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc., or any successor thereto.
“Voting Stock” as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.”
Section 1.08    No Sinking Fund.  The Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.
Section 1.09    Denominations.  The Notes shall be issuable in denominations of $1,000 and integral multiples of $1,000 in excess thereof.
Section 1.10    Consolidation, Merger, Sale, Lease or Conveyance.
(a)The Company will not, in a single transaction or a series of related transactions, consolidate with or merge with or into any other Person, or sell, convey, transfer or lease its property and assets substantially as an entirety to another Person, unless:
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(i)either (a) the Company shall be the continuing corporation or (b) the resulting, surviving or transferee Person (if other than the Company) shall be a corporation or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia (the “Successor Company”), and such Successor Company shall expressly assume, by an indenture supplemental to this Indenture in a form reasonably satisfactory to the Trustee, executed and delivered to the Trustee, all the obligations of the Company under the Notes and this Indenture;
(ii)immediately after giving effect to such transaction, no Event of Default has occurred and is continuing; and
(iii)if so requested by the Trustee, the Company shall have delivered to the Trustee any Officers’ Certificate and Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Section 1.10 and that all conditions precedent herein provided for relating to such transaction have been satisfied.
(b)In the event of any transaction described in and complying with the conditions listed in Section 1.10(a) in which the Company is not the continuing corporation, the Successor Company formed or remaining shall succeed, and be substituted for, and may exercise every right and power of, the Company, and the Company shall be discharged from its obligations, under the Notes and this Indenture.
Section 1.11    Additional Events of Default; Additional Interest; Waiver of Defaults.
(a)In addition to those matters set forth in Section 5.01 of the Base Indenture, an “Event of Default” with respect to the Notes shall also mean any of the following events:
(i)default in the payment of any Additional Interest (as defined below) in respect of any Notes when such interest becomes due and payable, and such default continues for 30 days;
(ii)failure by the Company to pay the repurchase price upon a Change of Control Repurchase Event and such failure continues for a period of five days;
(iii) a failure to pay principal when due (whether at stated maturity or otherwise) or an uncured Event of Default that results in the acceleration of maturity, of any indebtedness for borrowed money of the Company or any of its Significant Subsidiaries in an aggregate amount in excess of $100,000,000 (or its foreign currency equivalent), unless such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure or uncured Default is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.  For purposes of this Supplemental Indenture, (1) “Significant Subsidiary” means any Subsidiary which is a “significant subsidiary” (within the meaning specified in Rule 1-02(w) of Regulation S-X, promulgated under 
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the Securities Act of 1933, as amended) of the Company, excluding any Subsidiary of the Company which is (a) a non-recourse or limited recourse subsidiary, (b) a bankruptcy remote special purpose vehicle, or (c) that is not consolidated with the Company for purposes of GAAP and (2) “Subsidiary” means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities (which means equity securities having voting power for the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency) or (ii) the outstanding equity interests of which are owned, directly or indirectly, by such Person;
(iv) Default in the performance, or breach, of any covenant or warranty of the Company in this Indenture with respect to any Note (other than a covenant or warranty an Event of Default in whose performance or whose breach is elsewhere in the Base Indenture or this Section 1.11), and continuance of such Event of Default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Notes a written notice specifying such Event of Default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or
(v)the Company pursuant to or within the meaning of any Bankruptcy Law:
(1)commences a voluntary case,
(2)consents to the entry of an order for relief against it in an involuntary case,
(3)consents to the appointment of a Custodian of it or for all or substantially all of its property, or
(4)makes a general assignment for the benefit of its creditors;
(vi) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(1)is for relief against the Company in an involuntary case,
(2)appoints a Custodian of the Company, or for all or substantially all of either of its property, or
(3)orders the liquidation of the Company, 
and the continuance of any such order or decree remains unstayed and in effect for a period of 90 days.
(b)The Company shall be required to notify the Trustee promptly upon becoming aware of the occurrence of any Event of Default under this Indenture with respect to the Notes.  Notwithstanding anything to the contrary in this Indenture, the sole remedy for the 
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failure by the Company to comply with Section 7.04 of the Base Indenture, and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act, if applicable (each, a “Filing Failure”), will, at the Company’s option, for the 365 days after the occurrence an Event of Default relating to such Filing Failure consist of the right to receive additional interest on the Notes (“Additional Interest”) at an annual rate equal to 0.50% of the principal amount of the Notes.  In the event the Company does not elect to pay the Additional Interest upon the occurrence of an Event of Default relating to a Filing Failure or such Filing Failure continues for more than 365 days after the occurrence of the Event of Default related thereto, the Notes will be subject to acceleration in accordance with Section 5.02 of the Base Indenture.  The Additional Interest will accrue on all Outstanding Notes from and including the date on which the Event of Default relating to Filing Failure first occurs to but not including the 365th day thereafter (or such earlier date on which the Filing Failure shall have been cured or waived).  On such 365th day (or such earlier date on which the Filing Failure shall have been cured or waived), the Additional Interest shall cease to accrue.  For purposes of the Indenture, the term “Interest” with respect to the Notes shall include Additional Interest, to the extent applicable.
(c)In the case of an Event of Default specified in clause (vi) or (vii) of Section 1.11(a), all Outstanding Notes will become due and payable immediately without further action or notice by the Trustee or any Holder.
(d)Notwithstanding the foregoing, if an Event of Default specified in clause (i) of Section 1.11(a) occurs resulting in a declaration of acceleration of the Notes, such declaration of acceleration shall be automatically annulled if such Event of Default triggering such declaration of acceleration pursuant to clause (iv) of Section 1.11(a) shall have been remedied or cured by the Company or any of its Subsidiaries or waived by the holders of the relevant indebtedness within 90 days of the declaration of acceleration with respect thereto and if (i) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of Default, except nonpayment of principal or interest on the Notes that became due and payable solely because of the acceleration of the Notes, have been cured or waived.
(e)In addition to the Events of Default set forth as clauses (1) and (2) in Section 5.13 of the Base Indenture, with respect to the Notes, the following default shall be added as a non-waivable default in accordance with the terms of Section 5.13 of the Base Indenture:
(i)failure by the Company to pay the repurchase price on a Repayment Date for a Change of Control Repurchase Event.
Section 1.12    Supplemental Indentures and Amendments.
(a)In addition to those matters set forth in Section 9.01 of the Base Indenture, with respect to the Notes, without the consent of any Holder, the Company may enter into one or more supplemental indentures for the following purpose:
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(i)to comply with Section 1.10 of this Supplemental Indenture, including without limitation, (1) to provide for the Company’s repurchase obligations in connection with a Change of Control Repurchase Event in the event of any reclassification of the Company’s common stock, merger or consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets substantially as an entity and (2) to provide for the assumption of the Company’s obligations to the Holders of the Notes in the event of a merger or consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets substantially as an entity.
(b)In addition to those matters set forth in Section 9.02 of the Base Indenture, with respect to the Notes, no supplemental indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture which affects the Notes or of modifying in any manner the rights of the Holders of the Notes shall, without the consent of the Holder of each Note affected thereby:
(i)adversely affect any right of repayment at the option of the Holder of any Note pursuant to Section 1.10 of this Supplemental Indenture or impair the right to institute suit for the enforcement of any such payment on or after any applicable Repayment Date for a Change of Control Repurchase Event;
(ii)relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, New York City; and
(iii)change the Company’s obligation to repurchase any Notes upon a Change of Control Repurchase Event in a manner adverse to the Holders after the occurrence of a Change of Control Repurchase Event.
(c)The Company will notify Holders of the Notes within a reasonable time of any amendment to the Indenture or any supplemental indenture entered into that affects the interests of the Holders of the Notes.  However, any failure by the Company to give such notice to all of the Holders, or any defect in the notice, will not impair or affect the validity of the modification or amendment.
ARTICLE II. 
AMENDMENTS
            Section 2.01    Notice of Redemption. The Indenture is hereby amended by deleting the first sentence of Section 11.04 of the Base Indenture in its entirety and replacing it with the following:

“Notice of redemption shall be given in the manner provided in Section 1.06, not less than 30 days nor more than 90 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 3.01, to each Holder of 
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Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof.”
ARTICLE III
OTHER INDENTURE PROVISIONS OF GENERAL APPLICATION
Section 3.01    Definitions.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to Section 1.01 of the Base Indenture in appropriate alphabetical sequence, as follows:
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any statute successor thereto.
“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.
“Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.
ARTICLE IV 
COVENANTS
Section 4.01    Company Reports.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 7.04(1) of the Base Indenture shall be amended by deleting such section in its entirety and replacing such section as follows:
“The Company will:
(1)        file with the Trustee, within 30 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the 
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Exchange Act. If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP. All required reports, information and documents referred to in this Section 7.04(1) shall be deemed to be delivered to the Trustee at the time such reports, information and documents are publicly filed with the Commission via the Commission’s EDGAR and/or IDEA filing system (or any successor system).
Section 4.02    Compliance with Investment Company Act.  Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Section 10.08 thereto, each as set forth below:
“Section 10.08            Section 18(a)(1)(A) of the Investment Company Act.
The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject to, Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act.”
ARTICLE V
MISCELLANEOUS
Section 5.01    Governing Law.  This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction.  This Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.
Section 5.02    Separability Clause.  In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 5.03    Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts will together constitute but one and the same Supplemental Indenture.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Supplemental Indenture 
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for all purposes.  Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes.
Section 5.04    Ratification of Base Indenture.  The Base Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes.  All provisions included in this Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law.  The Trustee accepts the trusts created by the Indenture, as supplemented by this Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Supplemental Indenture.
Section 5.05    Effectiveness.  The provisions of this Supplemental Indenture shall become effective as of the date hereof.
Section 5.06 Article I Terms.  Notwithstanding anything else to the contrary herein, the terms and provisions of Article I of this Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture and this Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding.
Section 5.07    Recitals.  The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder.  The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.
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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
PROSPECT CAPITAL CORPORATION

By:    /s/ Kristin L. Van Dask
    Name:    Kristin L. Van Dask
    Title:    Chief Financial Officer and
        Chief Compliance Officer

U.S.  BANK NATIONAL ASSOCIATION,
As Trustee

By:    /s/ Beverly A. Freeney
    Name:    Beverly A. Freeney
    Title:    Vice President

        

EXHIBIT A

[Form of Global Note]

        

EXHIBIT A

[FORM OF GLOBAL NOTE]

THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

Prospect Capital Corporation

No.      $
    CUSIP No. 74348T AW2
    ISIN No. US74348TAW27

3.437% Notes due 2028

Prospect Capital Corporation, a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of three hundred million dollars (U.S. $300,000,000) on October 15, 2028, and to pay interest thereon from September 30, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 15 and October 15 in each year, commencing April 15, 2022 at the rate of 3.437% per annum, until the principal hereof is paid or made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be April 1 and October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this 
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Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.  This Security may be issued as part of a series.
Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the undersigned officer.
PROSPECT CAPITAL CORPORATION

By:                        
    Name:
    Title:

Attest

By:                        
    Name:
    Title:

Dated:

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TRUSTEE’S CERTIFICATE OF AUTHENTICATION:
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
U.S.  BANK NATIONAL ASSOCIATION,
as Trustee

By:                        
    Authorized Signatory

Dated:

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Prospect Capital Corporation

3.437% Notes due 2028

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance, dated March 12, 2012 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S.  Bank National Association, as Trustee by succession (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Supplemental Indenture, dated as of September 30, 2021 (the “Supplemental Indenture”, together with the Base Indenture collectively referred to herein as the “Indenture”).  In the event of any conflict between the Base Indenture and the Supplemental Indenture, the Supplemental Indenture shall govern and control.
This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $300,000,000.  Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities.  Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires.  The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
The Securities will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date:
(a)    100% of the principal amount of the Securities to be redeemed; or
(b)    the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, assuming for this purpose that the Notes mature on August 15, 2028, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points; 
provided, however, that if the Company redeems any Securities on or after August 15, 2028, the Redemption Price for the Securities will be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.
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The calculation of Redemption Price as well as other redemption terms are described in Section 1.06 of the Supplemental Indenture.  

Holders will have the right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event in the manner described in Section 1.07 of the Supplemental Indenture.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.
The Indenture provides that the Company may not, in a single transaction or a series of related transactions, consolidate with or merge with or into any other person or sell, convey, transfer or lease its property and assets substantially as an entirety to another person, unless certain specified conditions set forth in Section 1.10 of the Supplemental Indenture are satisfied.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.  Section 1.11 of the Supplemental Indenture provides for the payment of additional interest upon the occurrence of certain Events of Default.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (i) such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, (ii) the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee, (iii) such Holder offered the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (iv) the Trustee shall not have received from the 
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Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and (v) for sixty (60) days after receipt of such notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.

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