Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE dated as of October 14, 2015, between HOST HOTELS & RESORTS, L.P., a Delaware limited partnership
(the “Company”), and THE BANK OF NEW YORK MELLON, as Trustee (the “Trustee”), to the Indenture, dated as of May 15, 2015, as amended and supplemented through the date of this Second Supplemental Indenture (the
“Indenture”). 
 RECITALS 

WHEREAS, the Company and the Trustee executed and delivered the Indenture substantially in the form of Indenture previously filed as Exhibit
4.1 to the Registration Statement (No. 333-203127) filed with the Securities and Exchange Commission (“Commission”) on Form S-3 by the Company; 

WHEREAS, the Company desires to create a series of Securities to be issued under the Indenture, as hereby supplemented, to be known as the
4.500% Series F Senior Notes due 2026 (hereinafter, the “Series F Notes”); 
 WHEREAS, Section 9.1(i) of the Indenture
provides that the Company and the Trustee may amend or supplement the Indenture without the written consent of the Holders of the outstanding Securities to provide for the issuance of and establish the form and terms and conditions of Securities of
any Series as permitted by the Indenture; 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the organizational
documents of the Company and the Trustee necessary to make this Second Supplemental Indenture a valid instrument legally binding on the Company and the Trustee, in accordance with its terms, have been duly done and performed; and 

WHEREAS, all conditions precedent to amend or supplement the Indenture have been met. 

NOW, THEREFORE, to comply with the provisions of the Indenture, and in consideration of the above premises, the Company and the Trustee
covenant and agree as follows: 
 ARTICLE 1 

Section 1.01 Nature of Supplemental Indenture. This Second Supplemental Indenture supplements the Indenture and does and shall be
deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

Section 1.02 Establishment of New Series. Pursuant to Section 2.2 of the Indenture, there is hereby established the Series F
Notes having the terms, in addition to those set forth in the Indenture and this Second Supplemental Indenture, set forth in the form of Series F Note, attached to this Second Supplemental Indenture as Exhibit A, which is incorporated herein as a
part of this Second Supplemental Indenture. In addition to the initial aggregate principal amount of Series F Notes issued on the Series Issue Date, the Company may issue additional Series F Notes under the Indenture and this Second Supplemental
Indenture in accordance with Section 2.2 of the Indenture. 

 Section 1.03 Redemption. (a) Prior to 90 days before their Stated Maturity, upon
not less than 15 nor more than 60 days’ notice, the Company may redeem the Series F Notes at any time in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the Make-Whole Premium, together with accrued
and unpaid interest thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the
applicable redemption date). 
 (b) Notwithstanding the foregoing, within the period beginning on or after 90 days prior to their Stated
Maturity, upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series F Notes in whole or in part, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest
thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the applicable redemption date).

 (c) The Series F Notes will not have the benefit of any sinking fund. 

(d) Notice of a redemption of the Series F Notes made pursuant to this Section 1.03 shall be given in the manner set forth in
Section 3.3 of the Indenture; provided, however, that any such notice need not set forth the redemption price but need only set forth the calculation thereof as described in subsection (a) of this Section 1.03. The
redemption price, calculated as aforesaid, shall be set forth in an Officer’s Certificate delivered by the Company to the Trustee no later than one Business Day prior to the redemption date. 

ARTICLE 2 

Section 2.01 For all purposes of this Second Supplemental Indenture, except as otherwise expressly provided or unless the context
requires otherwise: 
 (a) A term defined in the Indenture and not otherwise defined herein has the same meaning when used in this Second
Supplemental Indenture; and 
 (b) The following terms have the meanings given to them in this Section 2.01 and shall have the meaning
set forth below for the purposes of this Second Supplemental Indenture and the Indenture solely with respect to the Series F Notes: 

“Acquired Indebtedness” means Indebtedness of a person (1) existing at the time such person is merged or consolidated
with or into, or becomes a Subsidiary of the Company or (2) assumed by the Company or any of its Subsidiaries in connection with the acquisition of assets from that person; provided that Indebtedness of such person which is redeemed,
defeased (including the deposit of funds in a valid trust for the exclusive benefit of Holders and the Trustee thereof, sufficient to repay such Indebtedness in accordance with its terms), retired or otherwise repaid at the time of or immediately
upon consummation of the transactions by which such person is acquired shall not be included as Acquired Indebtedness. Acquired Indebtedness 

  
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shall be deemed to be incurred on the date the acquired person is merged or consolidated with or into, or becomes a Subsidiary of, the Company or the date of the related acquisition, as the case
may be. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any
Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange at the relevant time. 

“Capitalized Lease” means, as applied to any person, any lease of any property (whether real, personal or mixed) of which the
discounted present value of the rental obligations of such person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such person. 

“Capitalized Lease Obligations” means the discounted present value of the rental obligations under a Capitalized Lease as
reflected on the balance sheet of such person in accordance with GAAP. 
 “Certificated Note” means a certificated Series F
Note registered in the name of the Holder thereof and issued in accordance with Section 4.01 of this Second Supplemental Indenture, in the form of Exhibit A to this Second Supplemental Indenture, except that such Certificated Note shall not
include the information called for by footnotes 1, 2 and 3 thereof. 
 “Clearstream” means Clearstream Banking S.A., or its
successors. 
 “Consolidated EBITDA” for any period means the Company’s Consolidated Net Income and the Consolidated
Net Income of its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (1) interest expense on Indebtedness; (2) provision for taxes based on income;
(3) amortization of debt discount and deferred financing costs; (4) gains and losses on sales or other dispositions of depreciable properties and other investments, other than from (i) sales of inventory and (ii) timeshare assets
held for sale, in each case, in the ordinary course of business; (5) property depreciation and amortization, including any impairment charges; (6) the effect of any non-cash items; and (7) amortization of deferred charges, all
determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Net Income” for any period means the amount of
net income, or loss, for the Company and its Subsidiaries for such period, excluding, without duplication, (1) extraordinary items, (2) the portion of net income for the Company and its Subsidiaries allocable to non-controlling interests
in unconsolidated persons to the extent that cumulative cash dividends or distributions have not actually been received by the Company or one of its Subsidiaries and (3) the portion of net losses for the Company and its Subsidiaries allocable
to non-controlling interests in unconsolidated persons, all determined on a consolidated basis in accordance with GAAP. 

“Depositary” means, with respect to the Series F Notes issuable or issued in whole or in part in global form, the Depository
Trust Company (“DTC”), and any and all successors thereto appointed as depositary by the Company. 

  
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 “Credit Facility” means the credit facility established pursuant to the Third
Amended and Restated Credit Agreement, dated as of September 10, 2015 among the Company, the other subsidiary borrowers named therein, Bank of America, N.A., as Administrative Agent, and other agents and lenders party thereto, together with all
other agreements, instruments and documents executed or delivered pursuant thereto or in connection therewith, in each case as such agreements, instruments or documents may be amended, supplemented, extended, renewed, replaced or otherwise modified
or restructured from time to time (including by way of adding Subsidiaries of the Company as additional borrowers or guarantors thereof), whether by the same or any other agent, lender or group of lenders (including by means of sales of debt
securities to institutional investors). 
 “Euroclear” means Euroclear Bank S.A./N.V., or its successor, as operator of the
Euroclear system. 
 “Existing Senior Notes” means amounts outstanding from time to time of (i) the 6% Senior Notes
due 2020; (ii) the 6% Senior Notes due 2021; (iii) the 5 1⁄4% Senior Notes due 2022; (iv) the
4 3⁄4% Senior Notes due 2023; (v) the 3  3⁄4% Senior Notes
due 2023; (vi) the 4% Senior Notes due 2025; and (vii) the 2 1⁄2% Exchangeable Senior Debentures due 2029, in each case, not in excess of amounts
outstanding immediately following the date hereof of the Series F Notes, less amounts retired from time to time. 
 “Global
Note” means a Series F Note that includes the information referred to in footnotes 1, 2 and 3 to the form of Series F Note, attached to this Second Supplemental Indenture as Exhibit A, issued under the Indenture, that is deposited with or
on behalf of and registered in the name of the Depositary or a nominee of the Depositary. 
 “Global Note Legend” means the
legend set forth in Section 4.01(f) of this Second Supplemental Indenture, which is required to be placed on all Global Notes issued under the Indenture. 

“Indirect Participant” means an entity that, with respect to DTC, clears through or maintains a direct or indirect custodial
relationship with a Participant. 
 “Interest Expense” means, for any period, the Company’s interest expense and the
interest expense of its Subsidiaries for such period, including, without duplication, (1) all amortization of debt discount, but excluding the amortization of fees or expenses incurred in order to consummate the sale of debt securities or to
establish the Credit Facility, (2) all accrued interest, (3) all capitalized interest, and (4) the interest component of Capitalized Lease Obligations, all determined on a consolidated basis in accordance with GAAP. 

“Make-Whole Premium” means, with respect to any Series F Note at any redemption date, the amount calculated by the Company of
the excess, if any, of (a) the present value of the sum of the principal amount and all remaining interest payments (not including any portion of such payments of interest accrued as of the redemption date), discounted on a semi-annual bond
equivalent basis from such maturity date to the redemption date at a per annum interest rate equal to the sum of the Treasury Yield (determined on the Business Day immediately preceding the date of such redemption), plus 40 basis points, over
(b) the principal amount of the Series F Note being redeemed. 

  
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 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a
Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Paying Agent” means, until otherwise designated, the Trustee. 

“Secured Indebtedness” means any Indebtedness, including, without limitation, Acquired Indebtedness, secured by any Lien on
any of the Company’s property or assets or any of the property or assets of its Subsidiaries, whether owned on the date hereof or thereafter acquired. 

“Series Issue Date” means October 14, 2015. 

“Total Assets” means, the sum of, without duplication, Undepreciated Real Estate Assets and all other assets, excluding
intangibles, of the Company and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 
 “Total
Unencumbered Assets” means, the sum of, without duplication, those Undepreciated Real Estate Assets which are not subject to a Lien securing Indebtedness and all other assets, excluding intangibles, of the Company and its Subsidiaries not
subject to a Lien securing Indebtedness, all determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of
the covenant set forth in Section 3.01(d), all investments by the Company and its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities
shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. 

“Treasury Yield” means the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled by and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days prior to the date fixed for redemption (or, if such Statistical Release is
no longer published, any publicly available source of similar data)) most nearly equal to the then remaining average life of the Series F Notes, provided that if the average life of the Series F Notes is not equal to the constant maturity of
a United States Treasury security for which a weekly average yield is given, the Treasury Yield shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury
securities for which such yields are given, except that if the average life of the Series F Notes is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall
be used. 
 “Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost plus capital
improvements) of the Company’s real estate assets and the real estate assets of its Subsidiaries on such date, before depreciation and amortization and impairments, all determined on a consolidated basis in accordance with GAAP. 

“Unsecured Debt” means, Indebtedness of the Company or any of its Subsidiaries which is not secured by a Lien on any property
or assets of the Company or any of its Subsidiaries. 

  
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 ARTICLE 3  

The covenants set forth in this Section 3 shall apply to the Series F Notes. Except as otherwise expressly provided below, the covenants
set forth in the Indenture are in all respects ratified and confirmed and shall remain in full force and effect. 
 Section 3.01
Limitation on Incurrence of Indebtedness. (a) Aggregate Debt Test. The Company will not, and will not cause or permit any of its Subsidiaries to, incur any Indebtedness, including, without limitation, Acquired Indebtedness,
if, immediately after giving effect to the incurrence of that Indebtedness and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all of the Company’s outstanding Indebtedness and all of the
outstanding Indebtedness of its Subsidiaries, determined on a consolidated basis in accordance with GAAP, is greater than 65% of the sum of, without duplication: 

(1) the Total Assets of the Company and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and 

(2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities
offering proceeds received, to the extent the proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness, by the Company or any of its Subsidiaries since the end of that fiscal quarter, including the
proceeds obtained from the incurrence of that additional Indebtedness, determined on a consolidated basis in accordance with GAAP. 
 (b)
Debt Service Test. The Company will not, and will not cause or permit any of its Subsidiaries to, incur any Indebtedness, including, without limitation, Acquired Indebtedness, if the ratio of Consolidated EBITDA to the Interest Expense for
the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which the additional Indebtedness is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of
that Indebtedness and the application of the proceeds therefrom (determined on a consolidated basis in accordance with GAAP), and calculated on the assumption that: 

(1) the Indebtedness and any other Indebtedness, including, without limitation, Acquired Indebtedness, incurred by the Company or any of its
Subsidiaries since the first day of the relevant four-quarter period had been incurred, and the application of the proceeds therefrom, including to repay or retire other Indebtedness, had occurred, on the first day of the period; 

(2) the repayment or retirement of any of the Company’s other Indebtedness (other than Indebtedness repaid or retired with the proceeds
of any other Indebtedness, which repayment or retirement shall be calculated pursuant to clause (1) of this Section) or any other Indebtedness of the Company’s Subsidiaries since the first day of the relevant four-quarter period had
occurred on the first day of the period; and 
 (3) in the case of any acquisition or disposition by the Company or any of its Subsidiaries
of any asset or group of assets, in any such case with a fair market value in excess of $1 million, since the first day of the relevant four-quarter period, whether by merger, stock purchase or sale 

  
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or asset purchase or sale or otherwise, that acquisition or disposition had occurred as of the first day of the period with the appropriate adjustments with respect to the acquisition or
disposition being included in the pro forma calculation. 
 If the Indebtedness giving rise to the need to make the calculation set forth in this
Section 3.01(b) or any other Indebtedness incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Interest Expense, the interest rate on that Indebtedness shall be
computed on a pro forma basis as if the average rate which would have been in effect during the entire relevant four-quarter period had been the applicable rate for the entire period. 

(c) Secured Debt Test. The Company will not, and will not cause or permit any of its Subsidiaries to, incur Secured Indebtedness, if,
immediately after giving effect to the incurrence of the Secured Indebtedness and the application of the proceeds from the Secured Indebtedness on a pro forma basis, the aggregate principal amount, determined on a consolidated basis in accordance
with GAAP, of all of the Company’s outstanding Secured Indebtedness and all outstanding Secured Indebtedness of its Subsidiaries is greater than 40% of the sum of, without duplication: 

(1) the Total Assets of the Company and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and 

(2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities
offering proceeds received, to the extent those proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness, by the Company or any of its Subsidiaries since the end of the relevant fiscal quarter,
including the proceeds obtained from the incurrence of that additional Indebtedness, determined on a consolidated basis in accordance with GAAP. 

(d) Maintenance of Total Unencumbered Assets. The Company will have at all times Total Unencumbered Assets of not less than 150% of the
aggregate principal amount of all of its outstanding Unsecured Debt and the outstanding Unsecured Debt of the Company’s Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

The calculation of the ratios set forth in this Section 3.01 shall be undertaken by the Company. 

Section 3.02 Future Guarantees. The Company shall cause each Subsidiary (including each Subsidiary that the Company
acquires or creates after the date hereof) that subsequent to the date hereof guarantees any Indebtedness of the Company (hereinafter such Subsidiary, a “Future Subsidiary Guarantor” and such guarantees, the “Guaranteed
Indebtedness”) to fully and unconditionally guarantee the Company’s obligations under the Indenture and this Second Supplemental Indenture with respect to payment and performance of the Series F Notes to the same extent that such
Guaranteed Indebtedness is guaranteed by the Future Subsidiary Guarantors. Within 60 days of the date of such occurrence, such Future Subsidiary Guarantor shall execute or deliver to the Trustee a supplemental indenture making such Future Subsidiary
Guarantor a party to the Indenture for such purpose. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Series F Notes, then the guarantee 

  
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of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated in right of payment to, the guarantee of the Series F Notes required hereby or
(B) subordinated in right of payment to the Series F Notes, then the guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the guarantee of the Series F Notes required hereby at least to the extent that the
Guaranteed Indebtedness is subordinated in right of payment to the Series F Notes. Upon the complete and unconditional release of the Future Subsidiary Guarantor from its guarantee of the Guaranteed Indebtedness, such Future Subsidiary
Guarantor’s guarantee of the Series F Notes shall be automatically released. 
 Section 3.03 Limitation on Liens.
Neither the Company nor any Subsidiary shall secure any Indebtedness under the Credit Facility or the Existing Senior Notes by a Lien or suffer to exist any Lien on their respective properties or assets securing Indebtedness under the Credit
Facility or the Existing Senior Notes unless effective provision is made to secure the Series F Notes equally and ratably with the Lien securing such Indebtedness for so long as Indebtedness under the Credit Facility or Existing Senior Notes is
secured by such Lien. 
 Section 3.04 Events of Default. For purposes of the Series F Notes, the following clause shall
be added as Section 6.1(g) of the Indenture: 
 “(g) a default in (a) Secured Indebtedness of the Company or any of its
Subsidiaries with an aggregate principal amount in excess of 5% of Total Assets, or (b) other Indebtedness of the Company or any of its Subsidiaries with an aggregate principal amount in excess of $150 million, in either case,
(A) resulting from the failure to pay principal or interest when due (after giving effect to any applicable extensions or grace or cure periods) or (B) as a result of which the maturity of such Indebtedness has been accelerated prior to
its final stated maturity.” 
 ARTICLE 4 

Section 4.01 For purposes of the Series F Notes, Section 2.7 of the Indenture is hereby supplemented with, and where inconsistent
replaced by, the following provisions: 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole
except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. All Global Notes will be exchanged by the Company for Certificated Notes if: 
 (1) the Company delivers to the Trustee notice
from the Depositary (A) that it is unwilling or unable to continue to act as Depositary and a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary or (B) that it is no longer
a clearing agency registered under the Exchange Act and a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; 

(2) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of Certificated Notes; or 

  
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 (3) upon request of the Trustee or Holders of a majority of the principal amount of outstanding
Series F Notes if there shall have occurred and be continuing a Default or Event of Default with respect to the Series F Notes. 

Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Certificated Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the Indenture. A Global Note may not be exchanged for another Series F Note other
than as provided in this Section 4.01(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 4.01(b) or (c) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Beneficial interests in the Global Notes will be subject to restrictions on transfer comparable to those set forth
herein. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to persons who
take delivery thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 4.01(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
beneficial interests that are not subject to Section 4.01(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: (A)(1) a written order from a Participant or an Indirect Participant given to the Depositary
in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and
(2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or (B)(1) a written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Certificated Note in an amount equal to the beneficial interest to be transferred or exchanged; and (2) instructions given by the
Depositary to the Registrar containing information regarding the person in whose name such Certificated Note shall be registered to effect the transfer or exchange referred to in (B)(1) above; 

(c) Transfer or Exchange of Beneficial Interests in Global Notes for Certificated Notes. If any holder of a beneficial interest in a
Global Note proposes to exchange such beneficial interest for a Certificated Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a Certificated Note, then, if the exchange or transfer complies with the
requirements of Section 4.01(a) of this Second Supplemental Indenture and upon satisfaction of the conditions set forth in Section 4.01(b)(2) of this Second Supplemental Indenture, the Trustee shall cause the aggregate principal amount of
the applicable Global Note to be reduced 

  
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accordingly pursuant to Section 4.01(f) hereof, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 2.3 of the Indenture, the Trustee shall
authenticate and deliver to the person designated in the instructions a Certificated Note in the appropriate principal amount. Any Certificated Note issued in exchange for a beneficial interest pursuant to this Section 4.01(c) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Certificated Notes to the persons in whose names such Series F Notes are so registered. 
 (d)
Transfer and Exchange of Certificated Notes for Beneficial Interests in Global Notes. A Holder of a Certificated Note may exchange such Certificated Note for a beneficial interest in a Global Note or transfer such Certificated Notes to a
person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or registration of transfer, the Trustee shall cancel the applicable Certificated Note and increase
or cause to be increased the aggregate principal amount of one of the Global Notes. If any such exchange or registration of transfer from a Certificated Note to a beneficial interest in a Global Note is effected pursuant to this Section 4.01(d)
at a time when a Global Note has not yet been issued, the Company shall issue and, upon receipt of a Company Order in accordance with Section 2.3 of the Indenture, the Trustee shall authenticate one or more Global Notes in an aggregate
principal amount equal to the principal amount of Certificated Notes so transferred. 
 (e) Transfer and Exchange of Certificated Notes
for Certificated Notes. A Holder of Certificated Notes may transfer such Certificated Notes to a person who takes delivery thereof in the form of a Certificated Note. Upon request by a Holder of Certificated Notes and such Holder’s
compliance with the provisions of this Section 4.01(e), the Registrar shall register the transfer or exchange of Certificated Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Certificated Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. Upon receipt of a request to
register such a transfer, the Registrar shall register the Certificated Notes pursuant to the instructions from the Holder thereof. 
 (f)
Global Note Legend. To the extent required by the Depositary, each Global Note shall bear a legend in substantially the following form: 
 “THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 4.01 OF THE SECOND SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 4.01 OF THE SECOND SUPPLEMENTAL
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

  
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 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS
MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Certificated Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12
of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Certificated Notes, the principal amount of Series F Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and
Certificated Notes upon receipt of a Company Order. 
 (2) No service charge shall be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Certificated Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any
such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 3.6 of the Indenture). 

  
 11 

 (3) The Registrar shall not be required to register the transfer of or exchange of any Note
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and
Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the
Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company
will be required: 
 (A) to issue, to register the transfer of or to exchange any Series F Notes during a period beginning at the opening of
business on the 15th Business Day before the day of any selection of Series F Notes for redemption and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Series F Note selected for redemption in whole or in part, except the unredeemed portion of
any Series F Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Series F Note between a record date and the
next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any Series F Note, the Trustee,
any Agent and the Company may deem and treat the person in whose name any Note is registered as the absolute owner of such Series F Note for the purpose of receiving payment of principal of and interest on such Series F Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee shall
authenticate Global Notes and Certificated Notes in accordance with the provisions of Section 2.3 of the Indenture. 
 Notwithstanding
anything herein to the contrary, as to any certifications and certificates delivered to the Registrar pursuant to this Section 4.01 of this Second Supplemental Indenture, the Registrar’s duties shall be limited to confirming that any such
certifications and certificates delivered to it are substantially in the form of Exhibit A attached to this Second Supplemental Indenture. The Registrar shall not be responsible for confirming the truth or accuracy of representations made in any
such certifications or certificates. 
 ARTICLE 5 

Section 5.01 Except as specifically modified herein, the Indenture is in all respects ratified and confirmed and shall remain in full
force and effect in accordance with its terms. 

  
 12 

 Section 5.02 Except as otherwise expressly provided herein, no duties, responsibilities or
liabilities are assumed or shall be construed to be assumed by the Trustee by reason of this Second Supplemental Indenture. This Second Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth
in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect to this Second Supplemental Indenture. 

Section 5.03 The Trustee shall not be responsible in any manner whatsoever for or in respect of the recitals contained herein, all of
which recitals are made solely by the Company. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture. 

Section 5.04 THIS SECOND SUPPLEMENTAL INDENTURE AND THE SERIES F NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO
THIS SECOND SUPPLEMENTAL INDENTURE OR THE SERIES F NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND THE REGISTRAR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE GENERAL JURISDICTION
OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE
INDENTURE AND THE SECURITIES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND (IN THE CASE OF THE COMPANY) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT
AND THE REGISTRAR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

Section 5.05 EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND THE REGISTRAR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 5.06 The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but
all of such executed copies together shall represent the same agreement. 
 Section 5.07 All capitalized terms used in this Second
Supplemental Indenture which are not otherwise defined herein, shall have the respective meanings specified in the Indenture, unless the context otherwise requires. 

  
 13 

 Section 5.08 The Series F Notes may be issued in whole or in part in the form of one or more
Global Securities, registered in the name of Cede & Co., as nominee of DTC. 
 Section 5.09 The Trustee makes no
representation or warranty as to the validity or sufficiency of this Second Supplemental Indenture. 

  
 14 

 IN WITNESS WHEREOF, the parties to this Second Supplemental Indenture have caused this Second
Supplemental Indenture to be duly executed, all as of the date first written above. 
  

					
	COMPANY
	
	HOST HOTELS & RESORTS, L.P., a Delaware limited partnership
		
	 BY:
  
	 	 HOST HOTELS & RESORTS, INC.,

its general partner

		
	By:	 	 /s/ Gregory J. Larson

		 	Name:	 	Gregory J. Larson
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page to
Second Supplemental Indenture 

					
	TRUSTEE
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 /s/ Francine Kincaid

		 	Name:	 	Francine Kincaid
		 	Title:	 	Vice President

  
 Signature Page to
Second Supplemental Indenture 

 EXHIBIT A 

FORM OF 4.500% SERIES F SENIOR NOTE 

Unless and until it is exchanged in whole or in part for 4.500% Series F Notes in definitive form, this Security may not be transferred
except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) (“DTC”), to the Company or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.1 
 HOST HOTELS & RESORTS, L.P. 

4.500% SERIES F SENIOR NOTE DUE 2026 

CUSIP: 44107T AW6 
 ISIN: US44107TAW62 

No. $ 
 Host Hotels & Resorts,
L.P., a Delaware limited partnership (hereinafter called the “Company,” which term includes any successors under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
$                    , on February 1, 2026. The Security is one of the 4.500% Series F Senior Notes due 2026 referred to in such
Indenture (hereinafter referred to for purposes of this 4.500% Senior Note collectively as the “Series F Securities”). 
  

			
	Interest Payment Dates:	  	February 1 and August 1
		
	Record Dates:	  	January 15 and July 15

 Reference is made to the further provisions of this Security on the reverse side, which will, for all
purposes, have the same effect as if set forth at this place. 
  

	1 	To be used only if the Security is issued as a Global Note. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this Instrument to be duly executed. 

Dated: 
  

					
	HOST HOTELS & RESORTS, L.P.,
	a Delaware limited partnership
	
	By its general partner,
	HOST HOTELS & RESORTS, INC.,
	a Maryland corporation
		
	By:	 	  

		 	Name:	 	Gregory J. Larson
		 	Title:	 	 Executive Vice President and
 Chief
Financial Officer

  

					
	Attest:	 	  

		 	Name:	 	William Kelso
		 	Title:	 	Assistant General Counsel of Host Hotels & Resorts, Inc.
		 		 	the general partner of the Company

  
 A-2 

 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Series F Securities of the Series designated therein referred to in the within mentioned Indenture. 

 

			
		 	THE BANK OF NEW YORK MELLON,
		 	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 HOST HOTELS & RESORTS, L.P. 

4.500% Series F Senior Notes due 2026 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 4.01 OF THE SECOND SUPPLEMENTAL INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 4.01 OF THE SECOND SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE
AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET,
NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.2 
  

	1.	Interest. 

 Host Hotels & Resorts, L.P., a Delaware limited
partnership (hereinafter called the “Company,” which term includes any successors under the Indenture hereinafter referred to), promises to pay interest on the principal amount of this Security at the rate of 4.500% per annum from
October 14, 2015 until maturity. To the extent it is lawful, the Company promises to pay interest on any interest payment due but unpaid on such principal amount at a rate of 4.500% per annum compounded semi-annually. 

 
  

	2 	To be included only on Global Notes deposited with DTC as Depositary. 

  
 A-4 

 The Company will pay interest semi-annually on February 1 and August 1 of each year
(each, an “Interest Payment Date”), commencing February 1, 2016. Interest on the Series F Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid on the Securities, from the
date of the original issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 
  

	2.	Method of Payment. 

 The Company shall pay interest on the Series F
Securities (except defaulted interest) to the persons who are the registered Holders at the close of business on the Record Date immediately preceding the Interest Payment Date. Holders must surrender Securities to a Paying Agent to collect
principal payments. Principal of, premium, if any, and interest on the Series F Securities will be payable in United States Dollars at the office or agency of the Company maintained for such purpose, in the Borough of Manhattan, The City of New York
or at the option of the Company, payment of interest may be made by check mailed to the Holders of the Series F Securities at the addresses set forth upon the registry books of the Company; provided, however,
Holders of Global Securities will be entitled to receive interest payments (other than at maturity) by wire transfer of immediately available funds, if appropriate wire transfer instructions have been received in writing by the Trustee not fewer
than 15 days prior to the applicable Interest Payment Date. Such wire instructions, upon receipt by the Trustee, shall remain in effect until revoked by such Holder. No service charge will be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  

	3.	Paying Agent and Registrar. 

 Initially, The Bank of New York Mellon
will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company or any of its Subsidiaries may, subject to certain exceptions, act as Paying Agent, Registrar or
co-Registrar. 
  

	4.	Indenture. 

 The Company issued the Series F Securities under an
Indenture, dated as of May 15, 2015, as supplemented (the “Indenture”), between the Company and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The Series F Securities are
unlimited in aggregate principal amount. The terms of the Series F Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The
Series F Securities are subject to all such terms, and Holders of the Series F Securities are referred to the Indenture and said Act for a statement of them. The Securities are senior, general obligations of the Company. Each Holder of this
Security, by accepting the same, (a) agrees to and shall be bound by the provisions of the Indenture, (b) authorizes and directs the Trustee on his behalf to take such action as may be provided in the Indenture and (c) appoints the
Trustee his attorney-in-fact for such purpose. 

  
 A-5 

	5.	Redemption. 

 Prior to 90 days before their Stated Maturity, upon not
less than 15 nor more than 60 days’ notice, the Company may redeem the Series F Securities in whole or in part at any time at a redemption price equal to 100% of the principal amount thereof plus the Make-Whole Premium, together with accrued
and unpaid interest thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the
applicable redemption date). Notice of a redemption of the Series F Securities made pursuant to this paragraph 5 shall be given in the manner set forth in Section 3.3 of the Indenture; provided however, that any such notice
need not set forth the redemption price but need only set forth the calculation thereof as described in the immediately preceding sentence of this paragraph 5. The redemption price, calculated as aforesaid, shall be set forth in an Officer’s
Certificate delivered by the Company to the Trustee no later than one Business Day prior to the redemption date. 
 Notwithstanding
the foregoing, within the period beginning on or after 90 days prior to their Stated Maturity, upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series F Securities in whole or in part, at a redemption price equal
to 100% of the principal amount thereof, together with accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due
on an interest payment date that is on or prior to the applicable redemption date). 
 The Company is not prohibited from acquiring
the Series F Securities by means other than a redemption, whether pursuant to an issuer tender offer, in open market transactions, or otherwise, assuming such acquisition does not otherwise violate the terms of the Indenture. 

The Series F Securities will not have the benefit of a sinking fund. 

 

	6.	Denominations; Transfer; Exchange. 

 The Series F Securities are in
registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000. A Holder may register the transfer of, or exchange Series F Securities in accordance with, the Indenture. The Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Series F Securities (a) selected for
redemption except the unredeemed portion of any Series F Security being redeemed in part or (b) for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redemption and ending at the close of business
on the day of such mailing. 
  

	7.	Persons Deemed Owners. 

 The registered Holder of a Series F Security
may be treated as the owner of it for all purposes. 

  
 A-6 

	8.	Unclaimed Money. 

 If money for the payment of principal or interest
remains unclaimed for two years, the Trustee and the Paying Agent(s) will pay the money back to the Company at its written request. After that, all liability of the Trustee and such Paying Agent(s) with respect to such money shall cease. 

 

	9.	Discharge Prior to Redemption or Maturity. 

 Except as set forth in the
Indenture, if the Company irrevocably deposits with the Trustee, in trust, for the benefit of the Holders, U.S. legal tender, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on such Series F Securities on the stated date for payment thereof or on the redemption date of such principal or installment of principal of,
premium, if any, or interest on such Series F Securities, the Company will be discharged from certain provisions of the Indenture and the Series F Securities (including the restrictive covenants described in paragraph 11 below, but excluding its
obligation to pay the principal of, premium, if any, and interest on the Series F Securities). Upon satisfaction of certain additional conditions set forth in the Indenture, the Company may elect to have its obligations and the obligations of any
Subsidiary that becomes a guarantor, if applicable, discharged with respect to outstanding Series F Securities. 
  

	10.	Amendment; Supplement; Waiver. 

 The Company, any Subsidiary that
becomes a guarantor, if applicable, and the Trustee may enter into a supplemental indenture for certain limited purposes without the consent of the Holders. Subject to certain exceptions, the Indenture or the Series F Securities may be amended or
supplemented with the written consent of the Holders of not less than a majority in aggregate principal amount of the Series F Securities then outstanding, and any existing Default or Event of Default or compliance with any provision may be waived
with the consent of the Holders of a majority in aggregate principal amount of the Series F Securities then outstanding. Without notice to or consent of any Holder, the parties thereto may under certain circumstances amend or supplement the
Indenture or the Series F Securities to, among other things, cure any ambiguity, defect or inconsistency, or make any other change that does not adversely affect the rights of any Holder of a Series F Security. 

 

	11.	Restrictive Covenants. 

 The Indenture imposes certain limitations on
the ability of the Company and any Subsidiary to, among other things, incur additional Indebtedness, incur Liens, merge or consolidate with any other person or transfer (by lease, assignment or otherwise) substantially all of the properties and
assets of the Company. The limitations are subject to a number of important qualifications and exceptions. The Company must periodically report to the Trustee on compliance with such limitations. 

  
 A-7 

	12.	Successor. 

 When a successor assumes all the obligations of its
predecessor under the Series F Securities and the Indenture, the predecessor will be released from those obligations. 
  

	13.	Defaults and Remedies. 

 If an Event of Default with respect to the
Series F Securities occurs and is continuing (other than an Event of Default relating to bankruptcy, insolvency or reorganization of the Company), then either the Trustee or the Holders of 25% in aggregate principal amount of the Series F Securities
then outstanding may declare all Series F Securities to be due and payable immediately in the manner and with the effect provided in the Indenture. Holders of the Series F Securities may not enforce the Indenture or the Series F Securities, except
as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Series F Securities. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Series
F Securities may direct the Trustee in its exercise of any trust or power with respect to such Series F Securities. The Trustee may withhold from Holders of the Series F Securities notice of any continuing Default or Event of Default (except a
Default in payment of principal or interest) if it determines that withholding notice is in their interest. 
  

	14.	Trustee and Agent Dealings with Company. 

 The Trustee and each Agent
under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or any Subsidiary that becomes a guarantor of the Series F Notes, if applicable, or any of their Subsidiaries
or any of their respective Affiliates, and may otherwise deal with such persons as if it were not the Trustee or such agent. 
  

	15.	No Recourse Against Others. 

 No recourse for the payment of the
principal of, premium, if any, or interest on the Series F Securities or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Subsidiary that becomes a
guarantor of the Series F Notes, if applicable, in the Indenture, or in the Series F Securities or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, stockholder, officer, director,
employee or controlling person of the Company or any Subsidiary that becomes a guarantor of the Series F Notes, if applicable, or of any successor person thereof, except as an obligor or guarantor of the Series F Securities pursuant to the
Indenture. Each Holder, by accepting the Series F Securities, waives and releases all such liability. 
  

	16.	Authentication. 

 This Series F Security shall not be valid until the
Trustee or authenticating agent signs the certificate of authentication on the other side of this Series F Security. 

  
 A-8 

	17.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used
in the name of a Holder of a Series F Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act). 
  

	18.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company will cause CUSIP numbers to be printed on the Series F Securities as a convenience to the Holders of the Series F Securities. No representation is made as to the accuracy of such
numbers as printed on the Series F Securities and reliance may be placed only on the other identification numbers printed hereon. 
  

	19.	Governing Law. 

 THE INDENTURE AND THE SERIES F SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE SERIES F SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  
 A-9 

 [FORM OF ASSIGNMENT] 

I or we assign this Security to 
  

 
  

 
  

 
 (Print or type name, address and zip code of
assignee) 
 Please insert Social Security or other identifying number of assignee 

 
  

and irrevocably appoint                     
agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

									
	Dated:	 	  
	  	Signed:	  	  
	  	
		 		  		  	 (Sign exactly as name appears on

the other side of this Security)
	  	
		 		  		  		  	

 Signature Guarantee**
                                         
            
  

 

	**	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP);
(ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable to the Trustee. 

  
 A-10 

 SCHEDULE OF EXCHANGES3 

The following exchanges of a part of this Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease
in
Principal Amount of this
Global Note
	 	 Amount of increase
in
Principal Amount of this
Global Note
	  	Principal Amount of this
Global Note following such
decrease (or increase)	  	Signature of
authorized officer of
Trustee or Note Custodian
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
  

	3 	This should be included only if the Security is issued in global form. 

  
 A-11a51201131ex10_1.htm

Exhibit 10.1

 

 

	
LEASE CONTRACT OF A FUTURE BUILDING WITH NON-RESIDENTIAL PURPOSES

	 
	
between

	 
	
CONSORZIO ZONA INDUSTRIALE E PORTO FLUVIALE DI PADOVA, (hereinafter “Landlord”), represented by the president and legal representative pro tempore, Luca Deiana, Esq., with corporate office in Padua, Galleria Spagna no. 35, Tax Code: 80007410287, pursuant to the powers evidenced under Annex “I”,

	
- on one side -

	
and

	 
	
ANIKA THERAPEUTICS s.r.l., (hereinafter even only “Tenant”) represented by the president and the legal representative pro tempore, Charles H. Sherwood, Ph.D., with corporate office in Via Ponte della Fabbrica 3/B, 35031 Abano Terme, Italy, Tax Code: 01510440744, pursuant to the powers hereto attached as Annex “II”,

	 
	
- on the other side -

	 
	
(hereinafter the Landlord and the Tenant, each of them singularly defined as the “Party” and collectively defined as the “Parties”).

 

	
Whereas:

	 
	
A.

	
The Landlord is a public economic entity having as its purpose the promotion of economic development through the execution and management of the Padua industrial zone, with consolidated know-how in the real estate and infrastructure sectors.

	 	 
	
B.

	
The Tenant operates in the bio-pharmaceutical sector and belongs to a multinational group also present in Italy.

	 	 
	
C.

	
The Tenant intends to move its own Italian headquarters and operation center within the Province of Padua.

	 	 
	
D.

	
The Landlord is the owner and can dispose of a plot of land with a surface of 5.780 sqm as better described in the plan hereto attached as Annex “III” (the “Land”), located inside the Research Area of the industrial zone where a building with the characteristics requested by the Tenant may be built with the aim of leasing such building to the Tenant. The Land can be identified at the cadastral register as follows: Land registry of the Municipality of Padova, page 148, cadastral map 516 and 517.

	 	 
	
E.

	
The Landlord warrants its availability to build on the Land a building meeting the Tenant’s needs by using the “build to suit” formula in order to then lease such building to the Tenant.

 

  

  

  

 

	
F.

	
The Tenant is interested in leasing such building constructed with the “build to suit” formula, provided that certain essential conditions are satisfied, including, but not limited to, the prompt execution of the Construction Works on the basis of the Tenant’s specifications (design and quality finishing) provided by the firm appointed by the Tenant and indicated under recital (G) below for the building consisting of premises to be destined as Tenant’s Italian headquarters, with storage, laboratory, and office spaces in the interior and wide non-covered spaces on the exterior destined, in part, to contain parking places for Tenant’s employees and visitors.

	 	 
	
G.

	
The Tenant has contracted for the design of the building, including the related plants and exterior spaces, to be then leased to Tenant (the “Building”), Studio Arvalli e Associati srl, via Marsala 59, 35122 Padova, Italy (the “Designer”).

 

	
H.

	
The Designer has prepared a preliminary project for the execution of the Building on the basis of which such Designer has subsequently developed the definitive project, comprehensive of the technical specifications, which have been reviewed and accepted by the Landlord, (“Definitive Project”); likewise, the Designer has also developed, on the basis of the Definitive Project, the relevant executive project for the execution of the Building, attached hereto as Annex IV (“Executive Project”).

	
I.

	
The Parties acknowledge that all documents necessary to obtain an adequate building permit (“Building Title”) and that all relevant procedures before the competent authorities to obtain such Building Title have been completed.

 

	 	 
	
J.

	
The Tenant has received and accepted the Executive Project from the Designer, and the Tenant has delivered the Executive Project to the Landlord, who has also received and accepted the Executive Project, and shall cause the Construction Works (as defined below) to be carried out in accordance with the accepted Executive Project and with this Contract.

	 	 
	
K.

	
With this contract (the “Contract”) the Parties intend to rule their relationships in the context of this “build to suit” project, and the lease following completion of the construction of the Building on the basis of the Executive Project.

 

	 	 

	
In light of the above, which is an integral and substantial part of this Contract,

	 
	
it is agreed what follows.

	 

 

  

2

  

 

	
PART I

 

RECITALS, ANNEXES

	 
	
Article 1 - Recitals and Annexes

	 
	
The recitals and the annexes to this Contract are an integral and substantial part of this Contract.

	 
	
- Annex “I”:

	
Powers of the Landlord

	 	 
	
- Annex “II”:

	
Powers of the Tenant

	 	 
	
- Annex “III”:

	
Plan of the Land

	 	 
	
- Annex “IV”:

	
Executive Project

	 	 
	
- Annex “V”:

	
Fit-Out Works

	 	 
	
- Annex “VI”:

	
First Refusal Right Conditions

	 	 
	
- Annex “VII”:

	
Financial Report Template

	 	 
	
- Annex “VIII”:

	
Testing Scheme

	 	 
	
- Annex “IX”:

	
Corporate Guarantee Scheme

 

	
PART II

 

OBJECT OF THE CONTRACT - CONDITION SUBSEQUENT

 

	
Article 2 - Object of the Contract

	 
	
2.1

	
With the execution of this Contract:

	 	 
	
(a)

	
the Parties establish the terms and conditions for (i) the construction of the Building by the Landlord (“Construction Works”), (ii) the execution of the Testing Activities, as defined below, by the Parties, and (iii)  the execution of the fit-out works by the Tenant as better identified under Annex “V” (“Fit-Out Works”); and

	 	 
	
(b)

	
from the Delivery Date, as defined below, the Landlord grants in lease to the Tenant, who accepts, the Building as it shall be built in accordance with the terms and conditions of this Contract. The Parties expressly agree that the lease of the Building is on a bulk basis and not on a measure basis and that such lease shall be ruled by Law no. 392 dated July, 27th 1978 (“Tenancy Law”).

	 	 
	
2.2

	
The Landlord grants to the Tenant a right of first refusal having as object the area identified in color yellow in the plan hereto attached as Annex “III” which may be exercised in accordance with the terms set forth in Annex “VI” attached to this Contract (“First Refusal Right Conditions”).

 

  

3

  

 

	
Article 3 - Representations

	 
	
3.1

	
The Landlord declares and guarantees that:

	 	 
	
(a)

	
there are no circumstances, including, but not limited to, zoning requirements or any other requirements imposed by appropriate government entities as of the date hereof, that may prejudice or prevent (i) the construction of the Building, at the conditions provided in this Contract, on the Land or (ii) the granting in lease of the Building to the Tenant for the uses discussed at Recital F above;

	 	 
	
(b)

	
the “build to suit” proposal by the Landlord, as provided in this Contract, is in compliance with the law of all applicable authorities and the rules promulgated by such appropriate authorities applicable to the Landlord’s activities in its status as a public economic entity;

	 	 
	
(c)

	
all the public, administrative, corporate and other procedures that shall be carried out by the Landlord in order to execute and perform under this Contract have been and shall be duly executed, and for this reason this Contract is lawfully executed by the Landlord and sets forth and shall set forth valid and binding obligations of the Landlord pursuant to the relevant terms and conditions contained herein.

 

	
PART III

 

EXECUTION OF THE BUILDING CONSTRUCTION WORKS

	 
	
Article 4- Object of the “build to suit” scheme proposed by the Landlord

	 
	
4.1

	
The Landlord undertakes to execute, on a workmanlike basis, at its own expenses, the Construction Works of the Building on the basis of the Executive Project on the Land in compliance with the designations of use of the Building as per Recital (F).

	 	 
	
Article 5 - Execution of the Construction Works

	 
	
5.1

	
The Landlord undertakes to complete the Construction Works within 12 (twelve) months from execution of this Contract (the “Construction Works Term”), except for as provided for under artt. 7.3 and 8 hereof,  any possible postponement agreed in writing by the Parties, or delays due to force majeure.

	 	 
	
5.2

	
The Landlord shall procure the Construction Works of the Building pursuant to the procedures provided by the Legislative Decree no. 163/2006, as subsequently modified.

	 	 
	
5.3

	
The firm(s) selected by the Landlord shall construct the Building, under the direction of the Landlord, also through a director of the works, on the basis of the Executive Project as previously approved.

	 	 
	
5.4

	
It is understood that in the event that variations to the Executive Project be needed during the execution of the Construction Works the Parties agree that (i) necessary variations of the Executive Project needed to keep valid the Building Title and/or necessary to make the Building suitable for the Tenant to carry out its activities in accordance with Building uses provided in Recital (F) above and in accordance with the applicable law in force, from time to time, until the end of the Construction Works Terms (“Necessary Variations”) shall be in any case executed by the Landlord and any cost shall be borne entirely by the Landlord without any consequence upon the Tenant; and (ii) any variation to the Executive Project and the Construction Works other than the Necessary Variations that may be requested by the Tenant during the course of the work (“Discretional Variations”) shall be borne by the Tenant should they increase the costs envisaged in the Executive Project providing that technical and economic conditions for the execution of such Discretional Variations shall need to be previously agreed in writing by the Parties., If such Discretional Variations are reasonably likely to affect to the Landlord’s ability to complete the Construction Works within the Construction Works Term, the Parties agree to discuss in good faith amending the Construction Works Term to account for such Discretional Variations. The costs of the Discretion Variations shall be paid to the Landlord in advance in accordance with the issuance of a special invoice.

 

  

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5.5

	
The Landlord undertakes to keep informed the Tenant, in the person of Mr. Andy Basso or other person to be communicated by the Tenant during the course of this Contract, by sending periodic updates via email at least once per week and shall make itself available for meetings or video/audio conference calls that the Tenant may deem necessary, which shall be requested with reasonable notice of not less than 3 (three) working days in advance (providing that working days shall mean those when the banks of Milan are open).

	 	 
	
5.6

	
The Landlord undertakes to procure that:

 

	
(a)

	
by the Construction Works Term, the Building shall be:

	 	 
	  	
(i)

	
in compliance with the Building Title and with all applicable law, including any building, urban, cadaster, health, environmental, fire prevention and work safety regulations, with office, storage, and laboratory space for Tenant’s use;

	 	 	 
	  	
(ii)

	
suitable for the uses of Tenant as outlined in Recital F of this Contract;

	 	 	 
	  	
(iii)

	
in compliance with the Executive Project; and

	 	 	 
	  	
(iv)

	
suitable for the execution of the Fit-Out Works by the Tenant;

	 	 	 
	
(b)

	
at the Delivery Date (as defined at art. 7.3) the Building:

	 	 
	  	
(i)

	
shall be in compliance with its new cadaster description, and shall have all suitable connections to water, light, gas and sewerage networks;

	 	 	 
	  	
(ii)

	
shall have the energy certificate, the fit-for-purpose certificate, the fire prevention certificate or, in the event such fire prevention certificate is not necessary for the obtainment of the authorizations needed for the Tenant’s activities, the prior compliance opinion of the Fire Brigade;

	 	 	 
	  	
(iii)

	
shall be entirely compliant with all applicable laws and with the Executive Project, as possibly amended in relation to Necessary Variations and/or Discretional Variations executed in compliance with this Contract.

 

  

5

  

 

	
5.7

	
The Landlord also undertakes to entrust, at its own care and expenses, to a technician having the requirements provided by the law, to prepare the energy certificate to be drafted in compliance with the applicable law upon the completion of the Construction Works Term and to deliver to the Tenant a certified copy of such certificate on the Delivery Date of the Building.

	 	 
	
5.8

	
The Landlord declares and guarantees that, to its current knowledge, the Land has not burdened by mortgages, easements, hydrologic liens or other liens deriving from the law regarding cultural assets, is not burdened by any kind of pollution, nor any other liens that may undermine the construction works or the use of the Building by the Tenant, in compliance with this Contract.

	 	 
	
5.9

	
From the signing of this Contract through the Delivery Date of the Building, Landlord agrees to provide Tenant, on a quarterly basis, with a report of all expenditures accrued during the most-recently completed quarter and for the entire period of the Construction Works related to the Construction Works on the template provided in Annex “VII”. Such reporting will due from Landlord to Tenant within five (5) days of the end of each calendar quarter through the Delivery Date of the Building.

	 	 
	
5.10

	
The Parties reciprocally acknowledge and agree that the Landlord is the exclusive principal of the Works, and that the Tenant is the exclusive principal of the Fit-Out Works (as described hereunder).

	 	 
	
Article 6 – Fit-Out Works

	 
	
6.1

	
During the execution of the Construction Works, the Tenant may enter into the Building, through themselves or through third parties acting as the Tenant’s representatives, and with a previous written or verbal agreement with the Landlord – in order to minimize the disturbance to the Construction Works and in compliance with the relevant safety plans – for verifying the progress of the Construction Works for the only purpose of the subsequent execution of certain furnishing and fit-out works inside the Building to prepare for the start of the lease and listed in the document hereto attached as Annex “V” (“Fit-Out Works”). With the exception of the IT wire laying, it is understood that the Fit-Out Works shall not alter in any way the Executive Project. Upon the Tenant’s request and with the previous consent of the Landlord, which shall not be unreasonably denied, the Tenant may start the execution of the Fit-Out Works, on its own care and expense, even before the Delivery Date.

	 	 
	
6.2

	
In the event that the Landlord decides to allow the Tenant to start the execution of the Fit-Out Works before the completion of the Construction Works in compliance with what is provided by paragraph 6.1 above, the Landlord shall give to the Tenant the maximum possible collaboration for the purpose of facilitating the execution of the Fit-Out Works, providing that such activities do not disturb or increase the obligations of the Landlord.

 

  

6

  

 

	
Article 7 – Testing Activities of the Construction Works

	 
	
7.1

	
Testing Activities. The Landlord undertakes to finish the Construction Works related to the Building, as well as the testing and any other related fulfilment required by the law in accordance with the scheme hereto attached as Annex “VIII” (“Testing Scheme”) within the Construction Works Term.

	 	 
	
7.2

	
Testing by the Tenant. In due time to complete the Testing Procedure (as defined below) within the  Construction Works Term, the Landlord undertakes to deliver to the Tenant the  complete documentation and certifications as described in the preceding article,. The Tenant may inspect the Building over the course of the subsequent 10 (ten) days, by using its own consultants and at the presence of the consultants appointed by the Landlord, in order to verify the completion of the Construction Works in compliance with the Executive Project, the completeness and validity of documentation and certifications. The Parties shall draft a testing resolution that shall be signed by a representative of the Tenant and a representative of the Landlord describing such testing procedure (“Testing Procedure”).

	 	 
	
7.3

	
Acceptance or refusal of the delivery of the Building

Within 3 (three) days from the completion of the Testing Procedure:

	 	 
	
(a)

	
In the event that upon the completion of the Testing Procedure,: (i) the Building is compliant with the Executive Project and the applicable laws and regulations, except only for minor defects that do not alter the exterior aspect of the Building and  do not prevent or limit the entire, easy and complete use of the Building in accordance with what is provided by this Contract (the “Minor Defects”), the Tenant shall sign a positive testing resolution (the “Positive Testing Resolution”) and receive the Building, it being understood that the Landlord shall in any case eliminate the possible Minor Defects, at its own care and expenses, in a manner that does not disturb the normal activities of the Tenant, at the terms and conditions that shall be included in the Positive Testing Resolution.

	 	 
	
(b)

	
In case the Construction Works have not been entirely executed in compliance with the Executive Project and the defects arising from them cannot be qualified as Minor Defects, the Tenant shall have the option to refuse the delivery of the Building, and shall in such a case sign a negative testing resolution indicating all the activities to be carried out in order to make the Building compliant with the Executive Project (the “Negative Testing Resolution”). Should the Landlord fail to complete the works in compliance with the Executive Project within the Construction Works Term, then the penalties of Article 8.1 shall apply.

	 	 
	
(c)

	
Once all the activities indicated in the Negative Testing Resolution have been completed, the Landlord shall inform the Tenant about such completion. Within the 5 (five) days subsequent to the receipt of the aforesaid communication by the Tenant, the Testing Procedure shall be repeated, provided that such procedure delineated herein shall be repeated until the Tenant signs a Positive Testing Resolution (or the Expert resolves that the testing is successfully completed) without prejudice to the penalties and the right to request the termination of this Contract in favor of the Tenant.

	 	 
	
The Building shall be considered as accepted by the Tenant on the date on which the Positive Testing Resolution, as described in this article shall be signed (”Delivery Date”).

Any unjustified delay in the testing procedure which is due to the Tenant’s fault shall not have any impact on the payment terms of the annual rent under Article 11 below.

 

  

7

  

 

	
7.4

	
On the Delivery Date, the Landlord shall deliver to the Tenant the Building, the paper and electronic drawings of the Building “as built” with evidence and thorough explanation of any difference from the Executive Project and the documents and certification, also of any other installations, requested by the applicable law, including the fire prevention certificate.

	 	 
	
7.5

	
The acceptance of the Building and/or the execution of the Positive Testing Resolution shall not release the Landlord from the liabilities arising from this Contract that may come to light subsequently to the Testing Procedure.

	
Article 8 – Penalties of the Landlord

	 
	
8.

	
Penalties of the Landlord. The Tenant grants to the Landlord a delay grace period of 30 (thirty) days with respect to the timing of the completion of the Construction Works Term during which time no claim shall be advanced against the Landlord. In the event that the Construction Works last more than 30 (thirty) days from the end of the Construction Works Term, from the thirty-first (31st) day the Landlord shall pay to the Tenant as penalty, a sum equal to 2 (two) days of the regular annual rent, as defined below, for each day of delay, without prejudice to the right to request any additional damages and/or the termination of the Contract once the delay exceeds 90 (ninety) days following the conclusion of the Construction Works Term.

	 	 
	
Article 9 – Penalties of the Tenant

	 
	
9.1

	
Tenant’s penalty for not accepting Works in compliance with the terms of the Contract. In the event the Landlord wants to challenge with the Tenant the presence of Minor Defects and/or defects and non-compliance other than Minor Defects raised by the Tenant, the Landlord must instruct the Expert to verify the compliance of the Construction Works of the Building to the Executive Project. In case the Expert establishes the compliance of the Construction Works to the Executive Project or the presence of only Minor Defects, the Construction Works Term shall be deemed complied with and the Building shall be deemed as accepted by the Tenant for all purposes of this Contract, and the date when the Expert issues its decision shall be deemed as the date of execution of the Positive Testing Resolution, it being understood that the Landlord shall in any case eliminate, at its own care and expenses, and with manners that not disturb the normal activities of the Tenant, the possible Minor Defects found by the Expert at the terms and conditions that shall be indicated in his decision. In the event that, even if the Expert establishes the compliance of the Construction Works to the Executive Project or the presence of only Minor Defects, the Tenant refuses to accept the Building, the Tenant shall pay to the Landlord a penalty equal to Euro 1.800.000 (one million and eight thousand/00) (the “Tenant’s Penalty”) being expressly excluded the possibility to claim any further damage. The Tenant undertakes to provide the Landlord, simultaneously to the signing of this Contract with a document evidencing a written commitment by its controlling company, Anika Therapeutics, Inc., to guarantee the payment of the Tenant’s Penalty in favor of the Landlord where the relevant conditions apply, in accordance with the scheme provided at Annex “IX” hereto attached.

 

  

8

  

 

	
PART IV

 

LEASE

	 
	
Article 10 - Duration of the lease

	 
	
10.1

	
The duration of the lease is established as 15 (fifteen) years from the Delivery Date, it being understood that until the Date of Delivery the Tenant – with the previous authorization of the Landlord in accordance with Article 6 above – the Building shall be used on a free of charge basis for execution of the Fit-Out Works purpose only. The Rent, as defined below, shall be due from the Date of Delivery.

	 	 
	
10.2

	
Upon expiry of the first fifteen years (and, if renewed, at every subsequent expiry date), the lease shall be automatically renewed for further 6 (six)-year periods, in accordance with the Tenancy Law, unless either the Landlord or the Tenant send a 12 (twelve)-month notice prior the first expiry date mentioned at paragraph 10.1 above or to any other subsequent 6 (six)-year period, by means of registered letter with return receipt or via courier.

	 	 
	
10.3

	
This Contract can be automatically renewed in accordance with what is provided at article 10.2 above until the thirtieth year from the execution of the Contract (“Final Expiry Date”). From the Final Expiry, this Contract shall not be effective anymore between the parties and the possible extension of the lease shall be subject to a new and autonomous agreement between ZIP and Anika.

	 	 
	
10.4

	
The Tenant shall have the right to withdraw from the lease in accordance with Article 27, second to last paragraph, of the Tenancy Law at the conditions of article 13.

	 	 
	
10.5

	
Upon the expiry of the lease, the Building shall be returned to the Landlord free from goods, personal property and people, in the same conditions at which the Tenant has received it at the Delivery Date, save for the normal wear and tear arising from the normal use of the Building. Fit-Out Works and works authorized under the following article 10.6 shall not be removed.

	 	 
	
10.6

	
The Landlord undertakes to grant its own consent, which shall not be unreasonable refused, in order to allow the Tenant to carry out on the Building and its plant those works, transformations or additions that may be necessary to meet its operational needs,  provided that those works are carried out under the Tenant’s responsibility and at its expense and to the extent the following conditions are met:

 

  

9

  

 

	
(a)

	
prior written communication to the Landlord  indicating the works that the Tenant intends to carry out; and

	 	 
	
(b)

	
the Tenant shall obtain, at Tenant’s expenses, before work starts, all necessary authorizations, licenses, permits and authorizations from any competent Authority to carry out such works; the Landlord undertakes to present any request to any competent Authority to obtain in the shortest possible period such authorizations and/or licenses and/or permits, to assist Tenant in speeding up the process to obtain them.

	 	 
	  	
As a derogation to the provisions of Article 1592 and 1593 of the Italian Civil Code, the Tenant shall not have any rights to indemnities or compensations towards the Landlord for the improvement work carried out that, if impossible to remove without causing damages to the Building, shall remain in the Building for the benefit of the Landlord.

	 	 
	  	
The Tenant shall provide the Landlord with a document describing the works and improvements to be done within the Building during the lease period (“Lay-Out”).

	 	 
	  	
The Landlord shall approve in writing the Lay-Out within 15 (fifteen) days from the day on which it receives such Lay-Out specifying for which works and improvement excluding the movable separation walls that shall not be removed it shall reserve the rights, at the end of the lease, to request the removal at the Tenant’s expenses. In the event the Landlord does not state that any of the Lay-Out work must be removed at the end of the Lease, then Tenant shall be under no obligation to remove such Lay-Out works.

	 	 
	  	
The Tenant shall have the right not to carry out the work and improvements authorized by the Landlord, regardless of the fact the latter has, or has not, reserved the right to request the removal of such works.

	 	 
	
Article 11 - Cautionary Deposit

	 
	
The Tenant undertakes to pay to the Landlord on the Delivery Date, a sum equal to Euro 90,000.00 (ninety thousand /00) (equal to 3 monthly installments of the lease rent) as cautionary deposit, without accruing interest, to secure any possible damage to the Building and the fulfillment of the obligations related to the lease that shall be assumed with the execution of this Contract (including the timely payment of the lease rent installments). The aforesaid cautionary deposit shall be given back by the Landlord to the Tenant simultaneously with the resolution regarding the delivery of the Building upon the termination of the Lease, after deduction of any amount due to the Landlord for damages to the Building or in any event due under this Contract.

 

  

10

  

 

	
Article 12 - Lease Rent

	 
	
12.1

	
The Tenant shall pay in favor of the Landlord an annual regular rent lease equal to a comprehensive Euro 360.000,00, plus VAT (“Annual Rent”). The Landlord grants to the Tenant a discount for the first 3 (three) years of rent such that during the first 3 (three) years of the lease shall be paid as indicated below:

	 	 
	
(a)

	
for the first three years, Euro 321.000.00, plus VAT, to be paid in advance by means of 4 quarterly installments each of them of Euro 80.250,00 (eighty thousand two hundred fifty/00), plus VAT;

	 	 
	
(b)

	
from the fourth year the Tenant shall pay the Annual Rent by means of 4 quarterly installments, to be paid in advance, each of them of Euro 90,000.00, plus VAT.

	 	 
	
12.2

	
The Tenant undertakes to pay the sums of the installments as established above within the fifth day of the months of January, April, July and October by means of a wire transfer at the bank account to be duly indicated by the Landlord, save for any variation that shall be communicated by e-mail by the Landlord. In case the lease starts after a quarter begins, the initial installment shall be calculated pro-rata depending on the duration of the actual use of the Building.

	 	 
	
12.3

	
The Tenant undertakes to provide the Landlord simultaneously to the execution of this Contract with a document evidencing a written commitment by its controlling company, Anika Therapeutics, Inc., on the basis of the scheme hereto attached as Annex “IX”, to guarantee the payment of the Annual Rent in favor of the Landlord.

	 	 
	
12.4

	
Starting from the fourth year of the lease, the Annual Rent shall be updated every year with an increase equal to 75% of the ISTAT variation index.

	 	 
	
12.5

	
The Parties acknowledge that the drafting of the regulations of the Research Area of the Padua Industrial Zone, where the Land over which the Building shall be constructed is located, is under progress and that such regulation shall concern the management of the security, door keeping and other services that are deemed to be useful or necessary in order to guarantee the safety and ensure the efficient and rational management of the entire building complex of the Research Area of the Padua Industrial Zone. This regulation shall form a separate agreement among the owners part of the building complex and, in any case, shall be accepted and signed by the Tenant, as beneficiary of the services that will be regulated, it being understood that such regulation shall not be binding vis-à-vis the Tenant in the part where it is contrary to any of the covenants set forth in the Contract in favor of the Tenant. Such services may include, based on subsequent agreement between the Parties, group security measures, lighting, and maintenance of the lighting, of the building complex of the Research Area of the Padua Industrial Zone, erection and maintenance of general gates for the Research Area of the Padua Industrial Zone, landscape improvements for the Research Area of the Padua Industrial Zone, and such other services or items as the Parties may agree upon in the future.

 

  

11

  

 

	
12.6

	
Without prejudice to the above, the Landlord undertakes to provide the basic maintenance of the green areas, sidewalks, and pavement, including the removal of refuse, of the entire area surrounding the Land, as long as they remain in its property and possession.

	 	 
	
12.7

	
The Tenant undertakes to pay the costs related to the services provided in the regulation of the area set above under paragraph 12.3, according to the criteria set out in the regulation and within the maximum limit of 2.5% of the regular Lease Rent. The Landlord undertakes to present an annual report of the costs, according to the actual use of the Tenant, in order to determine the sum to be paid by the Tenant itself. The payment of such costs will have to be made in advance on a quarterly basis (calendar quarter), except for the final balance adjustment to be made within the first quarter of the year following the year of reference, or within the first quarter following the delivery of the annual reporting.

	 	 
	
Article 13 - Early Withdrawal from the Lease

	 
	
13.1

	
The Tenant shall the right to early withdraw from the lease with such withdrawal to be effective not earlier than at the end of the sixth year.

	 	 
	
13.2

	
From the end of the sixth year, the Tenant shall have the faculty to withdraw from the lease by providing the Landlord with six (6) months notice of its intention to do so and by paying in favor of the Landlord a sum equal to Euro 720.000,00 (seven hundred twenty thousand/00) as penalty, with the exclusion of any right to claim any further damage. The Tenant provides the Landlord, as of the date of execution of this Contract, with a document evidencing a written commitment by its controlling company, Anika Therapeutics, Inc., to guarantee the payment of such amount in favor of the Landlord where the relevant conditions apply, on the basis of the scheme hereto attached as Annex “IX”.

	 	 
	  	
The possible withdrawal from the lease must be, in any case, expressly communicated in writing by e-mail to the Tenant at least 6 (six) months in advance.

	 	 
	
13.3

	
The Tenant shall have the right to withdraw from this Contract at any moment from the ninth year of the lease, with effectiveness from the end of the 9th (ninth) year, without obligation of the Tenant to pay any penalty or any other kind of payment or indemnity in favour of the Landlord by providing the Landlord with eighteen (18) months’ notice of its intent to withdraw from the lease.

 

  

12

  

 

	
Article 14 - Ordinary and Extraordinary Maintenance

	 
	
14.1

	
The ordinary maintenance of the Building granted in lease shall be the responsibility of the Tenant.

The Tenant shall also bear the costs and liability of the ordinary and extraordinary maintenance of its own plants and of the Fit-Out Works installed within the Building by the same Tenant.

	 	 
	
14.2

	
The extraordinary maintenance of the Building shall be entirely upon the Landlord.

For extraordinary maintenance it shall be meant - among the other things and without limitations - the ensemble of necessary activities due to unexpected (because not already programmed) events, as well as the works and amendments necessary to renew or replace portions of the Building, even structural, or to execute and integrate the technological plants (for example those activities related to the creation, elimination or modification of internal premises, the remake of the covering, the installation of new plants or their integral replacement).

	 	 
	
14.3

	
Should any controversy arise in connection with ordinary or extraordinary maintenance and the Landlord and the Tenant do not reach an agreement on such matter within 30 (thirty) days from the date on which such matter arises, the controversy shall be solved by the expert mentioned at article 19 below upon request of the most diligent Party, provided that such person shall give its own decision within 15 (fifteen) days from the relevant appointment, in accordance with article 1349 of the Italian Civil Code, on the basis of technical criteria, the provisions of this Contract and the applicable law. The relevant decision shall be issued, in writing, by Expert within the term indicated above, it being understood that such decision shall be binding for the Parties even if it is not rendered within the aforementioned term.

	 	 
	
14.4

	
In the event the Landlord does not comply with its maintenance and repair obligations set out under this Article 13, the Tenant may substitute itself to the Landlord to carry out the maintenance and repair work, with the right to request to the Landlord the reimbursement to the Landlord of the costs incurred.

	 	 
	  	
The Tenant shall have right to a reduction of the Annual Rent to be discounted in proportion to the number of days in which the Building could not be, even only partially, used and also to request the termination of the Contract, in partial derogation of the provisions of Article 1584 of the Italian Civil code, in the event the repairs of the Landlord lasting more than 60 (sixty) days.

 

  

13

  

 

	
14.5

	
Without prejudice to the above provisions, the Tenant has the right to bring any claim or action towards the Landlord for damages, including lost revenues, arising from: (a) failure and consequent interruption, to the extent attributable to the Landlord, of common systems and services; (b) fire, water leakage, pollution or humidity or any other event, to the extent not attributable to the actions or omissions of Landlord, that may damage any property of the Tenant or plants installed on the premises.

	 	 
	
14.6

	
Landlord, through itself or its representative, shall have the right to access the Building and the property generally to make the maintenance works due by the Landlord pursuant to this Agreement  by providing Tenant with at least twenty four (24) hours’ written notice. When on the premises, Landlord agrees to use reasonable efforts to minimize interference with the normal operations of Tenant’s business and to follow reasonable requests from Tenant related to minimizing such interference. In the case of urgent emergencies, Landlord shall have immediate access to the Building and property generally without the necessity of providing notice to Tenant, without prejudice to his obligation to minimize the aforesaid interference with the normal operations of the Tenant’s business at the terms and conditions indicated above.

	 	 
	
Article 15 - Insurance coverage and other costs

	 
	
The insurance coverage over the Building, for an amount at least sufficient to cover reconstruction costs of the Building, shall be obtained and costs shall be borne by the Landlord, while the Tenant shall obtain all the necessary insurance coverage, in consideration of the activity carried out in the building (for example civil liability, theft, fire and explosions, riots and vandalism, frost, etc).

	 
	
The Tenant shall also bear all costs related to utilities (for example, light, water, gas) and, in the measure provided for by the applicable laws, the local taxes which are in charge of the Tenant (for example, TARI - waste disposal tax, TASI - indivisible services tax) it being understood that any tax related to the ownership of the Building shall be entirely upon the Landlord.

	 
	
Article 16 - Prohibition of Sub-lease

	 
	
It is allowed the sub-lease of all or parts only of the Building by the Tenant, in compliance with the use of the Building contractually agreed upon, to only other companies controlled at 100% by the Tenant or by Anika Therapeutics, Inc., after a prior communication written to the Landlord 180 (one hundred eighty) days before the entrance in force of the sub-lease. In case of sub-lease, the Tenant shall be responsible for the third party and therefore must ensure the fulfillment by the sub-lessee of any provision set in this Agreement. In addition, the guarantee as per Annex IX will also cover the obligations of the sub-lessee.

	 
	
Notwithstanding the above, The sub-lease of all or parts is prohibited, if exceeding the limits set out under article 36 of the Tenancy Law, except in case of prior approval of the Landlord.

 

  

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PART V

 

GENERAL PROVISIONS

	 
	
Article 17 – Termination

	 
	
17.1

	
Without prejudice to what provided in other clauses of this Contract:

	 	 
	
(a)

	
The Landlord shall have the right to terminate this Contract in accordance and with the effects of Article 1456 of the Italian Civil Code in case the Tenant does not pay 2 (two) consecutive  installments of the Rent within thirty (30) days of Tenant being given notice by Landlord of its payment delinquency;

	 	 
	
(b)

	
the Tenant shall have the right to terminate the Contract in accordance and with the effect of Article 1456 of the Italian Civil Code in case of delay in the delivery of the Building for more than 90 (ninety) calendar days - including 30 days of tolerance as per Article 8 - from the Construction Works Term.

	 	 
	
Article 18 - Confidentiality

	 
	
Each Party undertakes not to disclose to third parties, in any way, the information of any nature whatsoever, related to the Contract and/or to the other Party, with the only exception of information deriving from the notarial formalities and the necessary application of any legal provision and/or from the registration of the Contract at the Real Estate Registry. Each Party may communicate the aforesaid information to financial entities, evaluators, accountant auditors, representatives, consultants and employees and any other company of its group only with the previous execution by the receivers of such information of confidentiality agreements with contents agreed by the Parties of this Contract.

 

  

15

  

 

	
Article 19 –Expert

	 
	
19.1

	
In the event that any technical controversy arises between the Parties in relation to the design activities, the execution of the Construction Works of the Building and the Testing, the extraordinary or ordinary nature of the maintenance, removal obligations, the relevant technical decision shall be undertaken by the Expert, as per the following principles: (i) in compliance with cross-examination principles, (ii) pursuant to the criteria indicated in this Contract from time to time, (iii) shall not be ritual, and (iv) shall not be subject to appeal and shall be binding for the Parties.

	 	 
	
19.2

	
The following rules shall apply to the decision of the Expert:

	 	 
	  	
(a)

	
the requesting Party shall file in writing its own request to the Expert, with copy to the other party, by describing in detail why he disagrees with the other Party’s view. If requested by the Expert, the Parties shall make available to him, the documents and the material in relation to the matters object of the dispute and shall also provide all the assistance requested by the Expert. Each Party shall have in any case the ability to file other documents to the Expert in respect of the cross-examination principle;

	 	 	 
	  	
(b)

	
the decision of the Expert shall be issued in writing on the basis of the verifications and inspections that it may consider necessary, but in any case within 30 (thirty) days from the receipt of the request from the most diligent Party. In order to avoid any doubt, the decision of the Expert shall be binding for both Parties, even if it shall not be rendered within the aforementioned term;

	 	 	 
	  	
(c)

	
the compensation and the costs related to the Expert shall be borne by the losing Party.

	 	 	 
	
19.3

	
The Expert shall be appointed by the President of the Association of the Architects of Verona upon request of the more diligent Party and shall be enrolled in such Association.

	 	 

 

  

16

 

 

 

	
Article 20 - Parties Domicile

	 
	
For any notice related to this Contract, the parties choose as domicile the following addresses:

 

 

  

	●	
CONSORZIO ZONA INDUSTRIALE E PORTO FLUVIALE DI PADOVA, Galleria Spagna no. 35, Padua (Zip Code 35127), Italy fax +39 049.761156, certified e-mail: “consorziozip@legalmail.it”;

	 	 
	●	
ANIKA THERAPEUTICS s.r.l.,

Via Ponte della Fabbrica 3/B

35031 Abano Terme, Italy

Sylvia Cheung

scheung@anikatherapeutics.com;

Andy Basso

abasso@anikatherapeutics.com

With copy to Arturo Meglio

arturo.meglio@klgates.com

 

	
Any possible amendment of the contact details above, of the corporate name or of the corporate office shall be timely communicated in writing.

	 
	
The communications mentioned in the articles above or, in any case, related to this Contract shall be received by the relevant party by means of mail using the mail address above, except otherwise indicated in the Contract.

	 
	
Article 21 - Venue

	 
	
For any dispute that may arise between the Parties in connection with the existence, content and interpretation of this Contract, the Court of Padua shall be exclusively competent.

	 
	
Article 22 - Miscellaneous

	 
	
22.1

	
This deed has been negotiated by the Parties with respect to each single clause, therefore, Articles 1341 and 1342 of the Italian Civil Code shall not apply.

	 	 
	
22.2

	
The notarial expenses as well as any tax related to the Contract, including the registration, stamp duties and any possible sanction as well as the registration taxes – equal as of the date of this Contract to 1% (one percent) of the Rent on a yearly basis shall be borne 50% (fifty percent) each by the Tenant and the Landlord. It is understood that those related to the ownership of the Building shall be borne entirely by the Landlord.

	 	 
	
22.3

	
This Contract supersedes any previous agreement between the Parties having as its object what is covered by this Contract.

 

  

17

  

 

 

	
22.4

	
Any deed contrary or additional to this Contract shall be valid only if resulting from a written deed, duly undersigned by the Parties.

	 	 
	
22.5

	
The Tenant shall have right to transfer this Contract to third parties controlled at 100% by the same or by the company Anika Therapeutics, Inc., without previous authorization of the Landlord, after prior communication of transfer to the Landlord of at least 180 (one hundred eighty) days. Any assignment different from the above is forbidden and shall not be valid without the previous consent of the Landlord.

 

	
22.6

	
Parties shall undersign, before a public Notary agreed by the parties, within 5 days from the Delivery Date, a separate and autonomous private deed which shall reproduce the provisions under Part IV (Lease) of this Contract, without any amendment and that shall not have a novative effect, and in any case subject to registration (“trascrizione”) in accordance with the applicable law at expenses of the Landlord and of the Tenant in the amount of 50% (fifty percent) each, it being understood that what provided at paragraph 22.2 of this Article above with respect to the annual registration tax.

	 	 
	
22.7

	
This Contract is executed in a bilingual version, in Italian and in English, it being understood between the Parties that for the interpretation purposes of this Contract or of any other deed deriving from the same, the Italian version shall prevail.

 

	9 October 2015	 
	 	 
	 	 
	CONSORZIO ZONA INDUSTRIALE E 	ANIKA THERAPEUTICS s.r.l.
	 	 
	PORTO FLUVIALE DI PADOVA	 

 

	/s/ Luca Deiana 	/s/ Charles H. Sherwood

  

18

  

 

Annex “I”

 

Powers of the Landlord

  

19

  

Annex “II”

 

Powers of the Tenant

  

20

  

Annex “III”

 

Plan of the Land

  

21

  

Annex “IV”

 

Executive Project

  

22

  

Annex “V”

 

Fit-Out Works

  

23

  

Annex “VI”

 

First Refusal Right Conditions

  

24

  

Annex “VII”

 

Financial Report Template

  

25

  

Annex “VIII”

 

Testing Scheme

  

26

  

	
Annex “IX”

	 
	
Corporate Guarantee Scheme

	 
	
[On Anika Therapeutics Inc.’s letterhead]

	 
	
To:

CONSORZIO ZONA INDUSTRIALE E

PORTO FLUVIALE DI PADOVA

Galleria Spagna n. 35

Padua

Italy

 

	
Re: Corporate Guarantee

	 
	
Dear Sirs,

 

We make reference to the contract executed on [●] between Consorzio Zona Industriale e Porto Fluviale di Padova, with corporate office in Padua, Galleria Spagna no. 36, Tax code: 80007410287, as landlord, (“Landlord”) and Anika Therapeutics S.r.l., with corporate office in Via Ponte della Fabbrica 3/B, 35031 Abano Terme, Italy, Tax Code: 01510440744, as tenant (“Tenant”), relating to the lease of a future Building with non-residential purposes to be constructed, delivered and granted in lease by the Landlord to the Tenant at the terms and conditions of the aforesaid contract; furthermore, we make reference to the contract for the sale of future goods, entered into on the same date between the Landlord and the Tenant (hereinafter, collectively, the “Contracts”).

	 
	
The Guarantor, as defined below, has read the Contracts and is aware of the undertakings thereunder.

	 
	
Unless otherwise indicated, all terms with initial capital letters in this letter (“Letter” or “Guarantee”) shall have the same meaning as that attributed to them in the lease contract referred to above.

 

	
ALL THIS BEING STATED:

	 
	
1.

	
Our company Anika Therapeutics, Inc. (“Guarantor”) hereby confirms that it is the sole and exclusive owner of the entire corporate capital of the Tenant.

	 	 
	
2.

	
For the entire duration of this Letter as indicated in article 10 below, our company shall – upon your written request – promptly provide you with a letter to confirm our statement under article 1 above.

	 	 
	
3.

	
Our company Anika Therapeutics, Inc. hereby undertakes to guarantee - and, therefore, to be jointly obligated to the Landlord for - the fulfillment by the Tenant of the pecuniary obligations assumed under the Contracts by the latter, by the sub-lessee (art. 16 of the lease agreement referred to above- Sublease) or by the assignee (art. 22.5 of the lease agreement referred to above – Assignment). In particular, inter alia, our company Anika Therapeutics Inc undertakes to guarantee, under the following provisions provided by the lease agreement referred to above:

	 	 
	  	
(i)

	
article 9.1 (Payment of the Tenant’s Penalty) up to the maximum amount of Euro 1,800,000.00 (one million eight hundred thousand/00);

	 	 	 
	  	
(ii)

	
article 12.1-12.2 (Payment of the Annual Rent in favor of the Landlord);

	 	 	 
	  	
(iii)

	
article 13.2 (Payment of the withdrawal right penalty) up to the maximum amount of Euro 720,000.00 (seven hundred twenty thousand/00)

	 	 	 
	  	
as well as under the following provision of the sale of future goods agreement referred to above:

	 	 
	  	
(iv)

	
Article 6 (penalty for failure to remove).

	 	 	 
	  	
(the “Guaranteed Obligations”).

	 	 
	
4.

	
This guarantee is to be deemed a first demand guarantee, any objection waived, of the Secured Obligations, waiving the benefit of prior enforcement of any other guarantee or undertaking however defined pursuant to the Contracts.

 

  

27

  

 

	
5.

	
This Guarantee is in addition and not conflicting with all other accessory securities (“real” or “personal”), burden or undertaking that the Tenant may have provided by law or under the Contracts in relation to the Secured Obligations.

	 	 
	
6.

	
The Guarantor agrees that the Contracts may be amended or integrated and in such case the effectiveness of this Guarantee shall not be limited.

	 	 
	
7.

	
This Guarantee may be enforced several times within the limits of the Maximum Guaranteed Amount until the term indicated in paragraph 10 below.

	 	 
	
8.

	
All payments hereunder shall be made (a) by wire transfer on the bank account owned by the Beneficiary and indicated by the same in Beneficiary’s request for payment, and (b) will be net of any deduction, tax, or charge of whatsoever nature.

	 	 
	
9.

	
The payment of any sum due by Anika Therapeutics, Inc. pursuant to this Letter shall be executed by Anika Therapeutics Inc, within 10 (ten) days from the receipt of a written request, sent via registered letter, fax or courier, by the Landlord indicating that the Tenant has not fulfilled the Guaranteed Obligations and that, consequently, the Landlord has the right to obtain from Anika Therapeutics, Inc. the payment of the requested amount.

	 	 
	
10.

	
This guarantee shall be valid and effective throughout the entire term of the lease agreement referred to above. until the 15° (fifteenth) day subsequent to the Final Expiry Date of the lease agreement referred to above. In case of assignment or sublease, this guarantee shall remain fully valid and effective.

	 	 
	
11.

	
The Guarantor will merely rely on the written request of the Landlord and will not make any further check, raise any objection or carry out any verification of what is reported therein.

	 	 
	
12.

	
It is understood that in the event that a Tenant’s breach of the Guaranteed Obligation under Paragraph 3(i) above is healed through the enforcement of this Letter, the Landlord shall not have the right to terminate the lease agreement as a result of Tenant’s specific breach of such Guaranteed Obligation. In the event that the amount requested by the Landlord is previously challenged by the Tenant or is challenged by Anika Therapeutics, Inc., any sum paid by Anika Therapeutics, Inc. in accordance with this Letter shall be returned to Anika Therapeutics Inc. within 15 (fifteen) days from the positive judgement in favor of the Tenant or of Anika Therapeutics, Inc. by the Court of Padua in accordance with article 21 of the lease agreement referred to above..

	 	 
	
13.

	
For any notice related to this Guarantee, the parties choose as domicile the following addresses:

	 	 
	  	
(i)

	
CONSORZIO ZONA INDUSTRIALE E PORTO FLUVIALE DI PADOVA

Galleria Spagna no. 35, Padua

(Zip Code 35127), Italy

fax +39 049.761156

certified e-mail: “consorziozip@legalmail.it”

	 	 	 
	  	
(ii)

	
ANIKA THERAPEUTICS Inc.

32 Wiggins Avenue

Bedford, MA 01730

United States of America

Fax + 1 (781) 305-9720

e-mail: scheung@anikatherapeutics.com;

e-mail: abasso@anikatherapeutics.com

 

With copy to:

- arturo.meglio@klgates.com

- ANIKA THERAPEUTICS S.r.l.

 

  

28

  

 

	  	
Any possible amendment of the contact details above, of the corporate name or of the corporate office shall be timely communicated in writing. The communications mentioned in the articles above or, in any case, related to this Letter shall be received by the relevant party by means of registered mail, fax or courier using the addresses above, except as otherwise indicated in the Letter.

	 	 
	
14.

	
This guarantee is autonomous and therefore is valid regardless of the validity of the principal obligation by way of derogation to art. 1939 of the Italian civil code.

	 	 
	
15.

	
The Guarantor waives the benefit of prior enforcement against the debtor (first demand guarantee) pursuant to art. 1944 and 1957 paragraph 2 of the Italian civil code.

	 	 
	
16.

	
Charges, costs and taxes in relation hereto shall be borne by the Guarantor.

	 	 
	
17.

	
The Guarantor is a validly incorporated company under US laws, entitled to carry out the activity that it carries out.

	 	 
	
18.

	
The Guarantor has the power to execute and perform this Guarantee.

	 	 
	
19.

	
This Guarantee is a lawful, valid and binding obligation.

	 	 
	
20.

	
The execution and performance of this Guarantee is not and will not be in conflict with:

	 	 
	  	
(a)

	
any applicable law, regulation, court decision;

	 	 	 
	  	
(b)

	
the Guarantor’s incorporation documents;

	 	 	 
	  	
(c)

	
any document which is binding for the Guarantor.

	 	 	 
	
21.

	
The Guarantor represents and warrants that:

	 	 
	  	
(a)

	
the choice of Italian law as law governing this Guarantee has been validly made by the Guarantor and does not conflict with any private international law rule or provision applicable to the Guarantor;

	 	 	 
	  	
(b)

	
the choice of Italian jurisdiction has been validly made by the Guarantor and does not conflict with any private international law rule or provision applicable to the Guarantor.

	 	 	 
	
22.

	
This Letter shall be ruled by Italian Law and any possible dispute that may arise between the parties between in connection with the existence, content and interpretation of this Letter shall be submitted to the Court of Padua, who shall be exclusively competent to make any determination related to this Letter.

	 	 
	
23.

	
This Guarantee is executed in a bilingual version, in Italian and in English, it being understood between the Parties that for the interpretation purposes of this Letter or of any other deed deriving from the same, the Italian version shall prevail.

	
***

	 
	
Kind Regards

	 
	/s/ Charles H. Sherwood
	 
	ANIKA THERAPEUTICS Inc.

29

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