Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
 REGISTRATION
RIGHTS AGREEMENT 
 BY AND BETWEEN 

TPG RE FINANCE TRUST, INC. 
 AND

 PE HOLDER, L.L.C. 
 DATED AS
OF May 28, 2020 
  

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	 ARTICLE I EFFECTIVENESS
	  	 	1	 
		  	 Section 1.1.
	  	 Effectiveness
	  	 	1	 
		
	 ARTICLE II DEFINITIONS
	  	 	1	 
		  	 Section 2.1.
	  	 Definitions
	  	 	1	 
		  	 Section 2.2.
	  	 Other Interpretive Provisions
	  	 	5	 
		
	 ARTICLE III REGISTRATION RIGHTS
	  	 	6	 
		  	 Section 3.1.
	  	 Demand Registration
	  	 	6	 
		  	 Section 3.2.
	  	 Shelf Registration
	  	 	8	 
		  	 Section 3.3.
	  	 Piggyback Registration
	  	 	12	 
		  	 Section 3.4.
	  	 Lock-Up Agreements.
	  	 	13	 
		  	 Section 3.5.
	  	 Underwritten Offerings
	  	 	20	 
		  	 Section 3.6.
	  	 No Inconsistent Agreements; Additional Rights
	  	 	22	 
		  	 Section 3.7.
	  	 Registration Expenses
	  	 	22	 
		  	 Section 3.8.
	  	 Marketability
	  	 	22	 
		  	 Section 3.9.
	  	 Indemnification
	  	 	23	 
		  	 Section 3.10.
	  	 Rules 144 and 144A and Regulation S
	  	 	25	 
		  	 Section 3.11.
	  	 Existing Registration Statements
	  	 	26	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	26	 
		  	 Section 4.1.
	  	 Authority; Effect
	  	 	26	 
		  	 Section 4.2.
	  	 Notices
	  	 	27	 
		  	 Section 4.3.
	  	 Termination and Effect of Termination
	  	 	28	 
		  	 Section 4.4.
	  	 Permitted Transferees
	  	 	28	 
		  	 Section 4.5.
	  	 No Waiver; Cumulative Remedies
	  	 	28	 
		  	 Section 4.6.
	  	 Amendments
	  	 	29	 
		  	 Section 4.7.
	  	 Governing Law
	  	 	29	 
		  	 Section 4.8.
	  	 Consent to Jurisdiction
	  	 	29	 
		  	 Section 4.9.
	  	 WAIVER OF JURY TRIAL
	  	 	29	 
		  	 Section 4.10.
	  	 Merger; Binding Effect, Etc
	  	 	30	 
		  	 Section 4.11.
	  	 Counterparts
	  	 	30	 
		  	 Section 4.12.
	  	 Severability
	  	 	30	 
		  	 Section 4.13.
	  	 No Recourse
	  	 	30	 

  

  
 i 

 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance
with the terms hereof, this “Agreement”), dated as of May May 28, 2020, is made by and between TPG RE Finance Trust, Inc., a Maryland corporation (the “Company”), and PE Holder, L.L.C., a Delaware limited
liability company (“Starwood”). Starwood and any other party that may become a party hereto pursuant to Section 4.4 are referred to collectively as the “Stockholders” and each individually
as a “Stockholder”. 
 RECITALS 

1.    The Company has entered into an Investment Agreement, dated as of the date hereof (as amended from time to time, the
“Investment Agreement”), with Starwood pursuant to which the Company is selling to Starwood, and Starwood is purchasing from the Company, among other things, warrants to purchase up to 15,000,000 shares of the Company’s Common
Stock (the “Warrants” and the shares of Common Stock underlying the Warrants, the “Warrant Shares”) as evidenced by that certain Warrant Agreement, dated as of the date hereof (the “Warrant
Agreement”), by and between the Company and Starwood, in each case at the times and in the amounts set forth in the Investment Agreement and the Warrant Agreement. 

2.    The Investment Agreement provides that the Company and Starwood will enter into a registration rights agreement.

 3.    The parties believe that it is in the best interests of the Company and the other parties hereto to set forth
their agreements regarding registration rights. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and
agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 EFFECTIVENESS

 Section 1.1.    Effectiveness. This Agreement shall become effective upon the date
first written above. 
 ARTICLE II 

DEFINITIONS 

Section 2.1.    Definitions. As used in this Agreement, the following terms shall have
the following meanings: 
 “Adverse Disclosure” means public disclosure of material
non-public information that, in the good faith judgment of the board of directors of the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that
such Registration Statement, from and after its effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

 “Affiliate” means, with respect to any specified Person, (a) any other
Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by agreement or otherwise, (b) any investment fund advised or managed by, or under common control with, such Person, or (c) with respect to any
natural Person, any Member of the Immediate Family of such natural person, provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates of any Stockholder. 

“Agreement” shall have the meaning set forth in the preamble. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in the City of New York. 
 “Common Stock” means the common stock of the Company, par value $0.01 per share.

 “Company” shall have the meaning set forth in the Recitals. 

“Demand Notice” shall have the meaning set forth in Section 3.1.3. 

“Demand Registration” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 3.1.1(c). 

“Demand Suspension” shall have the meaning set forth in Section 3.1.6. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Existing RRA” means
that certain Registration Rights Agreement, dated as of December 15, 2014 by and between the Company, TPG Holdings III, L.P., TPG/NJ (RE) Partnership, L.P., Careit US Investments LP, the State Treasurer of the State of Michigan, Custodian
of the Michigan Public School, Employees’ Retirement System (State), Employees’ Retirement System (Michigan), State Police Retirement System and Michigan Judges’ Retirement System, Nan Shan Life Insurance Co., Ltd., Flourish
Investment Corporation. 
 “Existing RRA Holders of Registrable Securities” means “Holders” as defined under the
Existing RRA of Existing RRA Registrable Securities. 
 “Existing RRA Registrable Securities” means “Registrable
Securities” as defined under the Existing RRA. 
 “FINRA” means the Financial Industry Regulatory Authority. 

  
 - 2 - 

 “Holders” means Stockholders who then hold Registrable Securities under
this Agreement. 
 “Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under
the Securities Act, relating to an offer of the Registrable Securities. 
 “Loss” shall have the meaning set forth in
Section 3.9.1. 
 “Member of the Immediate Family” means, with respect to any Person who is an
individual, (a) each parent, spouse (but not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trustee, solely in his or her capacity as
trustee, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries. 

“No Recourse Person” shall have the meaning set forth in Section 4.13. 

“Participation Conditions” shall have the meaning set forth in Section 4.132.5(b). 

“Permitted Transferee” shall have the meaning set forth in Section 4.4. 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3.1. 

“Piggyback Registration” shall have the meaning set forth in Section 3.3.1. 

“Potential Takedown Participant” shall have the meaning set forth in Section 3.2.5(b). 

“Primary Shares” means shares of Common Stock that are issued in connection with an investment asset acquisition, in the
Company’s discretion, in lieu of the Company making a primary share issuance and using the proceeds of such issuance for such investment asset acquisition, and are granted registration rights by the Company of Primary Shares hereunder. 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten
Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered or sold (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which
is the aggregate number of Registrable Securities held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all Holders requesting that their Registrable Securities be registered or sold;
provided that for the purposes of any calculation pursuant to Section 3.3.2 related to a transaction pursuant to which the Existing RRA Holders of Registrable Securities have the right to be included, the
Existing RRA Registrable Securities to be registered or sold shall be included in the numerator and the denominator of the foregoing formula as applicable. 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments and 

  
 - 3 - 

 
supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means a public offering and sale for cash of Common Stock pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

“Registrable Securities” means (i) all Warrant Shares held by a Holder upon the exercise of the Warrants and
(ii) all shares of capital stock or other equity securities directly or indirectly issued or then issuable with respect to the Warrant Shares by way of stock dividend or stock split, or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (w) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (x) such securities shall have been Transferred pursuant to Rule 144, (y) such Holder is able
to immediately distribute such securities publicly without any restrictions on transfer (including without application of paragraphs (c), (d), (e), (f) and (h) of Rule 144), as reasonably determined by the Holder, or (z) such securities
shall have ceased to be outstanding. 
 “Registration” means registration under the Securities Act of the offer and sale to
the public of any Warrant Shares under a Registration Statement. The terms “register,” “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.7. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Rule 144” means Rule 144 under the Securities Act (or any successor provision). 

“SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Period” shall have the meaning set
forth in Section 3.2.3. 

  
 - 4 - 

 “Shelf Registration” shall have the meaning set forth in
Section 3.2.1(a). 
 “Shelf Registration Notice” shall have the meaning set forth in
Section 3.2.2. 
 “Shelf Registration Request” shall have the meaning set forth in
Section 3.2.1(a). 
 “Shelf Registration Statement” shall have the meaning set forth in
Section 3.2.1(a). 
 “Shelf Suspension” shall have the meaning set forth in
Section 3.2.4. 
 “Shelf Takedown Notice” shall have the meaning set forth in
Section 3.2.5(a). 
 “Shelf Takedown Request” shall have the meaning set forth in
Section 3.2.5(a). 
 “Starwood” shall have the meaning set forth in the preamble. 

“Stockholder” shall have the meaning set forth in the preamble. 

“Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests
relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether
voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 
 “Transferred” shall have a
correlative meaning. 
 “Underwritten Public Offering” means an underwritten Public Offering, including any bought deal or
block sale to a financial institution conducted as an underwritten Public Offering. 
 “Underwritten Shelf Takedown” means
an Underwritten Public Offering pursuant to an effective Shelf Registration Statement. 
 “Warrant” shall have the meaning
set forth in the Recitals. 
 “Warrant Shares” shall have the meaning set forth in the Recitals. 

“WKSI” means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities
Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

Section 2.2.    Other Interpretive Provisions. In addition to the definitions referred to
or set forth below in this Article II: 
  

	 	(a)	 The words “hereof”, “herein”, “hereunder” and words of similar import refer to
this Agreement as a whole and not to any particular Section or provision of this Agreement, and references to a particular Section of this Agreement include all subsections thereof; 

  
 - 5 - 

	 	(b)	 The word “including” is not limiting and means “including, without limitation;”

  

	 	(c)	 Definitions are equally applicable to both nouns and verbs and the singular and plural forms of the terms
defined; 

  

	 	(d)	 The masculine, feminine and neuter genders shall each be deemed to include the other; and

  

	 	(e)	 The section and subsection headings in this Agreement are for convenience in reference only and shall not be
deemed to alter or affect the interpretation of any provisions hereof. 

 ARTICLE III 

REGISTRATION RIGHTS 
 The Company
will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to such
Holder. 
 Section 3.1.    Demand Registration. 

Section 3.1.1.    Request for Demand Registration. 

 

	 	(a)	 Each Stockholder (together with its Affiliates) shall have the right to make up to three written requests (a
“Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by such Stockholder (together with its Affiliates). Any such Registration pursuant to a Demand Registration Request
shall hereinafter be referred to as a “Demand Registration.” 

  

	 	(b)	 Each Demand Registration Request shall specify (x) the kind and aggregate amount of Registrable Securities
to be registered, and (y) the intended method or methods of disposition thereof. 

  

	 	(c)	 Upon receipt of a Demand Registration Request, the Company shall as promptly as practicable file a Registration
Statement (a “Demand Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly (but in any event within 90 days) declared effective
under the Securities Act; provided, that if the Company is a WKSI, the Company shall use its reasonable best efforts to cause the Demand Registration Statement to become effective under the Securities Act within 60 days.

 Section 3.1.2.    Limitation on Demand Registrations. The Company
shall not be obligated to take any action to effect any Demand Registration if a Demand Registration was 

  
 - 6 - 

 
declared, or, if the Company is a WKSI, became, effective or an Underwritten Shelf Takedown was consummated within the preceding 90 days (unless otherwise consented to by the Company). 

Section 3.1.3.    Demand Notice. Promptly upon receipt of a Demand Registration Request
pursuant to Section 3.1.1 (but in no event more than two Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request to all other
Holders and the Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. Subject to Section 3.1.7,
the Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within five Business Days after the date that the Demand Notice was delivered.

 Section 3.1.4.    Demand Withdrawal. Any Holder that has requested its Registrable
Securities be included in a Demand Registration pursuant to Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to
the effectiveness of the applicable Demand Registration Statement. Upon receipt of a notice to such effect from all such Holder(s) with respect to all of the Registrable Securities included by all such Holder(s) in such Demand Registration, the
Company shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement. A Demand Registration Request in respect of which a Demand Registration Statement has been withdrawn in accordance with this
Section 3.1.4 will not count against the limits specified in Sections 3.1.1 and 3.1.2 (x) for each Holder if such withdrawal follows a Demand Suspension or (y) in all other cases, for each Holder that
reimburses the Company for such Holder’s Pro Rata Portion of the Registration Expenses (other than registration and filing fees) incurred in connection with such Demand Registration Statement promptly upon the Company’s request. 

Section 3.1.5.    Effective Registration. The Company shall use reasonable best efforts
to cause the Demand Registration Statement to become effective and remain effective for not less than 180 days (or such shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold or
withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a Prospectus is required by law to be delivered in connection with
sales of Registrable Securities by an underwriter or dealer. 
 Section 3.1.6.    Delay in
Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice
of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that the
Company shall not be permitted to exercise a Demand Suspension (i) more than once during any 12 month period or (ii) for a period exceeding 60 days on any one occasion. In the case of a Demand Suspension, the Holders agree to suspend use
of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the
termination of any Demand Suspension, amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of 

  
 - 7 - 

 
copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if necessary, supplement or amend the Demand Registration Statement, if required
by the registration form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the
Holders of a majority of Registrable Securities that are included in such Demand Registration Statement. 

Section 3.1.7.    Priority of Securities Registered Pursuant to Demand Registrations. If
the managing underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in its or their opinion, the number of securities requested to be
included in such Demand Registration exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities
offered, then the securities to be included in such Registration shall be, in the case of any Demand Registration, (i) first, allocated to each Holder that has requested to participate in such Demand Registration an amount equal to a number of
such shares equal to such Holder’s Pro Rata Portion (provided that any Registrable Securities thereby allocated to a Holder that exceed the number of such Registrable Securities that such Holder desires to include shall be
reallocated among the remaining requesting Holders who desire to include Registrable Securities in a like manner) and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of other securities
for other holders that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect. In respect of any Holder that has requested to participate in such Demand Registration, a Demand Registration
Request in respect of which the securities to be included in a Registration has been modified in accordance with this Section 3.1.7 will not count against the limits specified in Section 3.1.1 if
fewer than 50 percent of the number of such Registrable Securities that such Holder desired to include are allocated to such Holder in accordance with clause (i). 

Section 3.1.8.    Distribution Rights. In the event that a Holder requests to participate
in a Registration or participate in an Underwritten Shelf Takedown pursuant to this Section 3.1 in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for
resale or participation by such partners or members, if requested by such Holder. 

Section 3.2.    Shelf Registration. 

Section 3.2.1.    Request for Shelf Registration. 

 

	 	(a)	 Upon the written request of a Stockholder from time to time (a “Shelf Registration Request”),
the Company shall promptly file with the SEC a shelf Registration Statement pursuant to Rule 415 under the Securities Act (“Shelf Registration Statement”) relating to the offer and sale of Registrable Securities held by any
Stockholders from time to time in accordance with the methods of distribution elected by such Stockholders, and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to promptly (but in any event within 90
days) be declared effective under the Securities Act; provided, that if the Company is a WKSI, 

  
 - 8 - 

	 	
the Company shall use its reasonable best efforts to cause the Shelf Registration Statement to become effective under the Securities Act within 60 days. Any such Registration pursuant to a Shelf
Registration Request shall hereinafter be referred to as a “Shelf Registration.” 

  

	 	(b)	 If on the date of the Shelf Registration Request the Company is a WKSI, then the Shelf Registration Request may
request Registration of an unspecified amount of Registrable Securities to be sold by unspecified Holders. If on the date of the Shelf Registration Request the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate
amount of Registrable Securities to be registered. The Company shall provide to the Stockholders the information necessary to determine the Company’s status as a WKSI upon request. 

Section 3.2.2.    Shelf Registration Notice. Promptly upon receipt of a Shelf
Registration Request (but in no event more than two Business Days thereafter (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”)), the Company shall deliver a written notice (a
“Shelf Registration Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount of Registrable Securities to be registered, and the Shelf Registration Notice shall offer each such Holder
the opportunity to include in the Shelf Registration that number of Registrable Securities as each such Holder may request in writing. The Company shall include in such Shelf Registration all such Registrable Securities with respect to which the
Company has received written requests for inclusion therein within five Business Days (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) after the date that the Shelf Registration
Notice has been delivered. 
 Section 3.2.3.    Continued Effectiveness. The Company
shall use its reasonable best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until the
earlier of: (i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period, if
any, referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities (such period of effectiveness, the “Shelf Period”). Subject to
Section 3.2.4, the Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take
any action that would result in Holders of the Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission
is required by applicable law. 
 Section 3.2.4.    Suspension of Registration. If the
continued use of such Shelf Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use

  
 - 9 - 

 
of the Shelf Registration Statement (a “Shelf Suspension”); provided, however, that the Company shall not be permitted to
exercise a Shelf Suspension (i) more than once during any 12-month period, or (ii) for a period exceeding 60 days on any one occasion. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus in
connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the termination of any Shelf Suspension,
amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The
Company shall, if necessary, supplement or amend the Shelf Registration Statement, if required by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such registration form or by the
Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by any Holder. 

Section 3.2.5.    Shelf Takedown. 

 

	 	(a)	 At any time the Company has an effective Shelf Registration Statement with respect to a Stockholder’s
Registrable Securities, by notice to the Company specifying the intended method or methods of disposition thereof, such Stockholder may make a written request (a “Shelf Takedown Request”) to the Company to effect a Public Offering,
including an Underwritten Shelf Takedown, of all or a portion of such Stockholder’s Registrable Securities that may be registered under such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the
Shelf Registration Statement as necessary for such purpose. 

  

	 	(b)	 Promptly upon receipt of a Shelf Takedown Request (but in no event more than two Business Days thereafter (or
such shorter period as may be reasonably requested in connection with an underwritten “block trade”)) for any Underwritten Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder
with Registrable Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated (each a “Potential Takedown Participant”). The Shelf Takedown Notice shall offer
each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown such number of Registrable Securities as each such Potential Takedown Participant may request in writing. The Company shall include in the
Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within five Business Days (or such shorter period as may be reasonably requested in connection with an
underwritten “block trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to participate in an Underwritten Shelf Takedown shall be binding on the Potential

  
 - 10 - 

	 	
Takedown Participant; provided, that each such Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf Takedown
being completed within 10 Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant of not less than 90 percent (or such lesser
percentage specified by such Potential Takedown Participant) of the closing price for the shares on their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate (the
“Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf
Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.5 shall be determined by the participating Holders holding a majority of the Registrable
Securities then held by such Holders; provided that if such Underwritten Shelf Takedown is to be completed and subject to the Participation Conditions (to the extent applicable), each Potential Takedown Participant’s Pro
Rata Portion shall be included in such Underwritten Shelf Takedown if such Potential Takedown Participant has complied with the requirements set forth in this Section 3.2.5. 

 

	 	(c)	 The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand
Registration or an Underwritten Shelf Takedown was consummated within the preceding 90 days (unless otherwise consented to by the Company). 

Section 3.2.6.    Priority of Securities Sold Pursuant to Shelf Takedowns. If the
managing underwriter or underwriters of a proposed Underwritten Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the
proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf Takedown without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for
the securities offered, the number of Registrable Securities to be included in such offering shall be (i) first, allocated to each Holder that has requested to participate in such Underwritten Shelf Takedown an amount equal to a number of such
shares equal to such Holder’s Pro Rata Portion (provided that any Registrable Securities thereby allocated to a Holder that exceed the number of such Registrable Securities that such Holder desires to include shall be
reallocated among the remaining requesting Holders who desire to include Registrable Securities in a like manner) and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of other securities
for other holders that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect. 

Section 3.2.7.    Distribution Rights. In the event that a Holder elects to request a
Registration or participate in an Underwritten Shelf Takedown pursuant to this Section 3.2 in 

  
 - 11 - 

 
connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale or participation by such partners or members, if requested by such
Holder. 
 Section 3.3.    Piggyback Registration. 

Section 3.3.1.    Participation. If the Company at any time proposes to file a
Registration Statement under the Securities Act or to conduct a Public Offering for its own account or for the account of any other Persons (other than (i) a Registration on Form S-4 or Form S-8 or any successor form to such form, (ii) a Registration of securities solely relating to an offering and sale to employees or directors of the Company or its subsidiaries pursuant to any employee stock plan
or other employee benefit plan arrangement or (iii) a Registration under Sections 3.1 and 3.2 (except with respect to Existing RRA Holders of Registrable Securities to whom the rights in this paragraph shall apply)), then, as soon
as practicable (but in no event less than 10 Business Days prior to the proposed date of filing of such Registration Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the
Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to all Holders of Registrable Securities and all Existing RRA Holders of Registrable Securities, and such Piggyback Notice shall
offer the Holders of Registrable Securities and Existing RRA Holders of Registrable Securities the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such
Holder of Registrable Securities and Existing RRA Holders of Registrable Securities may request in writing (a “Piggyback Registration”). Subject to Section 3.3.2, the Company shall include in such
Registration Statement or in such Public Offering as applicable, all such Registrable Securities and Existing RRA Registrable Securities that are requested to be included therein within five Business Days after the receipt by such Holder of any such
notice; provided, however, that if at any time after giving written notice of its intention to register or sell any securities and prior to the effective date of the Registration Statement filed in
connection with such Registration, or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register or sell or to delay the Registration or sale of such securities, the
Company shall give written notice of such determination to each such Holder of Registrable Securities and Existing RRA Holders of Registrable Securities who requested to register securities and, thereupon, (i) in the case of a determination not
to register or sell, shall be relieved of its obligation to register or sell any Registrable Securities and Existing RRA Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the
Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1 or an
Underwritten Shelf Takedown under Section 3.2, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf
Takedown, as the case may be, shall be permitted to delay registering or selling any Registrable Securities and Existing RRA Registrable Securities, for the same period as the delay in registering or selling such other securities. If the offering
pursuant to such Registration Statement or Public Offering is an Underwritten Public Offering, then Section 3.5 hereof shall apply. If the offering pursuant to such Registration Statement or Public Offering is to be on any
other basis, then each Holder making a request for a Piggyback Registration pursuant to this Section 3.3.1 shall, and the Company shall make such arrangements so that each such Holder may, participate in such offering on
such basis. Any Holder shall have the right to 

  
 - 12 - 

 
withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw. 

Section 3.3.2.    Priority of Piggyback Registration. If the managing underwriter or
underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders and Existing RRA Holders of Registrable Securities in writing that, in its or their opinion, the
number of securities that such Holders, Existing RRA Holders of Registrable Securities and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a significant adverse
effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (i) first, 100 percent of the securities that the Company
proposes to sell and Primary Shares to the full extent requested for inclusion by the holders thereof, (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in
the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated to each other Holder and Existing RRA Holder of Registrable Securities that has requested to participate in
such Piggyback Registration an amount equal to a number of such shares equal to such Holder’s Pro Rata Portion (provided that any Registrable Securities thereby allocated to a Holder or Existing RRA Holder of Registrable
Securities that exceed the number of such Registrable Securities that such Holder or Existing RRA Holder of Registrable Securities desires to include shall be reallocated among the remaining requesting Holders and Existing RRA Holders of Registrable
Securities who desire to include Registrable Securities or Existing RRA Registrable Securities in a like manner), and (iii) third, and only if all of the Registrable Securities and Existing RRA Registrable Securities referred to in clause
(ii) have been included in such Registration, any other securities eligible for inclusion in such Piggyback Registration that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect. 

Section 3.3.3.    No Effect on Other Registrations. No Registration of Registrable
Securities effected pursuant to a request under this Section 3.3 shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations under Sections 3.1
and 3.2. 
 Section 3.4.    Lock-Up
Agreements. In connection with each Registration or sale of Registrable Securities pursuant to Section 3.1, 3.2 or 3.3 conducted as an Underwritten Public Offering, each Holder
agrees, if requested, to become bound by and to execute and deliver a lock-up agreement with the underwriter(s) of such Underwritten Public Offering restricting such Holder’s right to (a) Transfer,
directly or indirectly, any Registrable Securities or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of Registrable Securities during the period commencing on the date of the
final Prospectus relating to the Underwritten Public Offering and ending on the date specified by the underwriters (such period not to exceed 90 days). Any lockup release applicable to any Stockholder shall be provided to all other Stockholders on a
pro rata basis based on the number of Registrable Securities then held by such Stockholder. The terms of such lock-up agreements shall be negotiated among the Stockholders, the Company and the
underwriters and shall include customary carve-outs from the restrictions on Transfer set forth therein. Notwithstanding the foregoing, such lock-up agreement shall not apply to
(i) distributions-in-kind to any Holder’s 

  
 - 13 - 

 
partners or members or (ii) Transfers to Affiliates, but only if, in each case (clauses (i) and (ii)), such transferees agree to be bound by the restrictions set forth therein.
Requirements. In connection with the Company’s obligations under Sections 3.1, 3.2 and 3.3, the Company shall use its reasonable best efforts to effect such Registration and to permit the sale of such
Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Company shall: 

 

	 	(a)	 as promptly as practicable prepare the required Registration Statement, including all exhibits and financial
statements required under the Securities Act to be filed therewith and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders
of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel, (y) make such
changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under Section 3.3, not file any
Registration Statement or Prospectus or amendments or supplements thereto to which any Holder or the underwriters, if any, shall reasonably object; 

  

	 	(b)	 prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and
supplements to the Prospectus as may be (x) reasonably requested by any Holder with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to
information relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or
other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement; 

 

	 	(c)	 notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested)
confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement or any amendment thereto has been
filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority for
amendments or supplements to such Registration Statement or 

  
 - 14 - 

	 	
such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which may
affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary
or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all
material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; 

  

	 	(d)	 promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company
becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes
information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply
with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such
Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance; 

  

	 	(e)	 to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if
the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a
generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a
post-effective amendment; 

  
 - 15 - 

	 	(f)	 use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or
notice preventing or suspending the use of any preliminary or final Prospectus; 

  

	 	(g)	 promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment
such information as the managing underwriter or underwriters and the Holders of a majority of Registrable Securities covered by the applicable Registration Statement agree should be included therein relating to the plan of distribution with respect
to such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such
Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment; 

  

	 	(h)	 furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such
Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference
and all exhibits (including those incorporated by reference); 

  

	 	(i)	 deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable
Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such
Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering and sale of
the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 

  

	 	(j)	 on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable
best efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for
offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any
and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by 

  
 - 16 - 

	 	
Section 3.1 or Section 3.2, as applicable, provided that the Company shall not be required to qualify generally to
do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

 

	 	(k)	 cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriters may request prior to any sale of Registrable Securities to the underwriters; 

  

	 	(l)	 use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Securities; 

  

	 	(m)	 not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all
Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company (in the case of a Registration Statement);

  

	 	(n)	 make such representations and warranties to the Holders being registered, and the underwriters or agents, if
any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken; 

  

	 	(o)	 enter into such customary agreements (including underwriting and indemnification agreements) and take all such
other actions as the Holders of a majority of Registrable Securities covered by the applicable Registration Statement or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and
disposition of such Registrable Securities; 

  

	 	(p)	 obtain for delivery to the selling Holders and to the underwriter or underwriters, if any, an opinion or
opinions from counsel for the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering, the date of the closing under the underwriting agreement, in customary form, scope and
substance, which opinions shall be reasonably 

  
 - 17 - 

	 	
satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 

  

	 	(q)	 in the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter
or underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public
accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and
covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting
agreement; 

  

	 	(r)	 cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

  

	 	(s)	 use its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement
was filed, make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder;

  

	 	(t)	 provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

  

	 	(u)	 use its best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be
listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted; 

 

	 	(v)	 make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a
representative appointed by the Holders of a majority of Registrable Securities covered by the applicable Registration Statement, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any
attorney, accountant or other agent retained 

  
 - 18 - 

	 	
by such Holders or any such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers,
directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in
connection with such Registration Statement; provided, however, that any such Person gaining access to information regarding the Company pursuant to this
 Section 3.4.2(v) shall agree to hold in
strict confidence and shall not make any disclosure or use any information regarding the Company that the Company determines in good faith to be confidential, and of which determination such Person is notified, unless (a) the release of such
information is requested or required (by deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process), (b) disclosure of such information, in the opinion of counsel to such Person, is
otherwise required by law (including in connection with the sale of Registrable Securities), (c) such information is or becomes publicly known other than through a breach of this or any other agreement of which such Person has knowledge,
(d) such information is or becomes available to such Person on a non-confidential basis from a source other than the Company or (e) such information is independently developed by such Person;

  

	 	(w)	 in the case of an Underwritten Public Offering, cause the senior executive officers of the Company to
participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering
contemplated herein and customary selling efforts related thereto; 

  

	 	(x)	 take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

 

	 	(y)	 take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any
Registration complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken
together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and

  
 - 19 - 

	 	(z)	 take all such other commercially reasonable actions as are necessary or advisable in order to expedite or
facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement. 

Section 3.4.3.    Company Information Requests. The Company may require each seller of
Registrable Securities as to which any Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of
Registrable Securities as the Company may from time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information
within a reasonable time after receiving such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement.

 Section 3.4.4.    Discontinuing Registration. Each Holder agrees that, upon receipt
of any notice from the Company of the happening of any event of the kind described in Section 3.4.2(d), such Holder will discontinue disposition of Registrable Securities pursuant to such Registration Statement until such
Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.4.2(d), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and
has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any
such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the
date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.4.2(d) or is advised in writing by the
Company that the use of the Prospectus may be resumed. 
 Section 3.5.    Underwritten
Offerings. 
 Section 3.5.1.    Shelf and Demand Registrations. If requested by the
underwriters for any Underwritten Public Offering, pursuant to a Registration or sale under Sections 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably
satisfactory in substance and form to each of the Company, the Holders of a majority of Registrable Securities covered by the applicable Registration Statement and the underwriters, and to contain such representations and warranties by the Company
and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in Section 3.9 of this Agreement. The Holders of the
Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form
thereof, and such Holders shall complete and execute all questionnaires, powers of attorney and other documents 

  
 - 20 - 

 
reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Such underwriting agreement shall: (i) contain such representations and warranties
by, and the other agreements on the part of, the Company to and for the benefit of such Holders as are customarily made by issuers to selling stockholders in public offerings similar to the applicable offering; and (ii) provide that any or all
of the conditions precedent to the obligations of such underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Holders. Any such Holder shall not be required to make any representations or
warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution
and any other representations required to be made in the Registration Statement regarding such Holder under applicable law, and the aggregate amount of the liability of such Holder under such agreement shall not exceed the net proceeds received by
such Holder from such offering. 
 Section 3.5.2.    Piggyback Registrations. If the
Company proposes to register or sell any of its securities under the Securities Act as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested
by any Holder pursuant to Section 3.3 and, subject to the provisions of Section 3.3.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions
that apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of
Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents
reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Such underwriting agreement shall: (i) contain such representations and warranties by, and the other agreements on the part of, the Company
to and for the benefit of such Holders as are customarily made by issuers to selling stockholders in secondary public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such underwriters under such
underwriting agreement also shall be conditions precedent to the obligations of such Holders. Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than
representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations required to be made in the Registration
Statement regarding such Holder under applicable law, and the aggregate amount of the liability of such Holder shall not exceed the net proceeds received by such Holder from such offering. 

Section 3.5.3.    Selection of Underwriters; Selection of Counsel. In the case of an
Underwritten Public Offering under Section 3.1 or 3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Holders of a majority of Registrable Securities and Existing RRA
Registrable Securities covered by the applicable Registration Statement; provided that such underwriter or underwriters shall be reasonably acceptable to the Company. In the case of an Underwritten Public Offering under
Section 3.3, the managing underwriter or underwriters to administer the offering shall be determined by the Company. In the case of an Underwritten Public Offering under Section 3.1, 3.2 or 3.3,
counsel to the Holders shall be selected 

  
 - 21 - 

 
by the Holders of a majority of Registrable Securities and Existing RRA Registrable Securities covered by the applicable Registration Statement. 

Section 3.6.    No Inconsistent Agreements. Neither the Company nor any of its
subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that prevents the Company from complying with the rights granted to the Holders by
this Agreement. 
 Section 3.7.    Registration Expenses. All expenses incident to the
Company’s performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA,
(ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable
Securities), (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust
Company and of printing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses
of any special audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary
underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (viii) all
reasonable fees and disbursements of one legal counsel for the selling Holders, (ix) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses incurred in
connection with the distribution or Transfer of Registrable Securities to or by a Holder or its Permitted Transferees in connection with a Public Offering, (xi) all fees and expenses of any special experts or other Persons retained by the
Company in connection with any Registration or sale, (xii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xiii) all expenses
related to the “road show” for any Underwritten Public Offering, including the reasonable out-of-pocket expenses of the Holders and underwriters, if so
requested. All such expenses are referred to herein as “Registration Expenses”. The Company shall not be required to pay (x) any fees and disbursements to underwriters not customarily paid by the issuers of securities in an
offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities or (y) any fees or expenses of any counsel retained by a Holder other
than as contemplated by clause (viii) above. 
 Section 3.8.    Marketability.
Upon the first anniversary of the Effective Date, the Company will (i) use best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if
not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA, (ii) comply (and
continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate 

  
 - 22 - 

 
governance requirements and (iii) take all other actions as may be reasonably requested by the Holders to cause the Registrable Securities to be transferable. 

Section 3.9.    Indemnification. 

Section 3.9.1.    Indemnification by the Company. The Company shall indemnify and hold
harmless, to the full extent permitted by law, each Holder, each shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each
of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives
from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses and any indemnity and contribution payments made to
underwriters ) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such
Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or
any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any report and other document filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any violation or alleged
violation by the Company or any of its subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration,
disclosure document or other document or report; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement or omission contained in any
information relating to such selling Holder furnished in writing by such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity therewith (such information “Selling
Stockholder Information”) that has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim. This indemnity shall be in addition to any liability the
Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and
regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Holders. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in
the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the
indemnification of the indemnified parties. 
 Section 3.9.2.    Indemnification by the
Selling Holders. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning
of the Securities Act or the Exchange Act) from and against any Losses resulting from 

  
 - 23 - 

 
(i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final,
preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement
or omission is contained in such selling Holder’s Selling Stockholder Information and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim. In no
event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder from the sale of its Registrable Securities in the offering giving rise to
such indemnification obligation less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to
such sale. 
 Section 3.9.3.    Conduct of Indemnification Proceedings. Any Person
entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the
indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to
participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party
shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the
indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or
(iv) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the
indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the
indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such
indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It
is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 3.9.3, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees, disbursements or other charges of more than one separate firm admitted to practice 

  
 - 24 - 

 
in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has
reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or
may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such
additional counsel or counsels. 
 Section 3.9.4.    Contribution. If for any reason
the indemnification provided for in Section 3.9.1 and Section 3.9.2 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of
exceptions or limitations on indemnification contained in Section 3.9.1 and Section 3.9.2), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a
result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that
resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party
on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable
if contribution pursuant to this Section 3.9.4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this
Section 3.9.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9.1 and 3.9.2 shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. 
 Notwithstanding the
provisions of this Section 3.9.4, in connection with any Registration Statement filed by the Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the net proceeds
received by such holder from the sale of its Registrable Securities in the offering giving rise to such contribution obligation less any amounts paid by such Holder pursuant to Section 3.9.2 and any amounts paid by such
Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification is available under this Section 3.9, the indemnifying parties shall indemnify each indemnified
party to the full extent provided in Sections 3.9.1 and 3.9.2 hereof without regard to the provisions of this Section 3.9.4. The remedies provided for in this Section 3.9 are not
exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

Section 3.10.    Rules 144 and 144A and Regulation S. The Company shall
file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and 

  
 - 25 - 

 
regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available such necessary information for
so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time or any similar rule or regulation
hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act
in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or
(ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics
thereof. 
 Section 3.11.    Existing Registration Statements. Notwithstanding anything
herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice
to the Holders, a Registration Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such
obligation shall be construed accordingly; provided that such previously filed Registration Statement may be amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to
the extent necessary, to identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other
Registration Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective Registration Statement as
the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended or supplemented in the manner contemplated by the
immediately preceding sentence. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.1.    Authority; Effect. Each party hereto represents and warrants to and
agrees with each other party hereto that (a) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other
instrument applicable to such party or by which such party’s assets are bound and (b) this Agreement constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, except to
the extent that the enforcement of the rights and remedies created hereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors generally and
(ii) general principles of equity. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other
association. 

  
 - 26 - 

 Section 4.2.    Notices. Any notices,
requests, demands and other communications that may or are required to be given hereunder by any party to another shall be deemed to have been duly given if (i) personally delivered or delivered by facsimile, when received, (ii) sent by
U.S. Express Mail or recognized overnight courier, on the second following business day (or third following business day if mailed outside the United States) or (iii) delivered by electronic mail, when received: 

If to the Company to: 
 TPG RE Finance Trust,
Inc. 
 888 Seventh Avenue 
 New
York, NY 10106 
 Attention: Deborah Ginsberg 

Facsimile: (212) 601-7400 

Email:       [Redacted] 

with a copy to: 
 Kirkland & Ellis LLP

 601 Lexington Avenue 
 New
York, NY 10022 
 Attention: Sophia Hudson, P.C. 

	 	  	    Michael Brueck, P.C. 

	 	  	    Marshall Shaffer 

Facsimile: (212) 446-6460 

Email:       [Redacted] 

	 	  	    [Redacted] 

	 	  	    [Redacted] 

If to Starwood to: 
 PE Holder, L.L.C. 

591 West Putnam Avenue 

Greenwich, Connecticut 06830 

	 	Attention:	 Ethan Bing 

	 	  	 Ellis Rinaldi 

	 	Phone:	 (203) 422.7700 

	 	Email:	 [Redacted] 

	 	  	 [Redacted] 

with a copy to: 
 Sidley Austin LLP 

787 Seventh Avenue 
 New York, NY
10019 

	 	Attention:	 Michael A. Gordon 

	 	  	 J. Gerard Cummins 

  
 - 27 - 

	 	Facsimile:	 (212) 839-5599 

	 	Email:	 [Redacted] 

	 	  	 [Redacted] 

If to any other Holder, to them at the address set forth in the stock record book of the Company. 

Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes
hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received,
if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (iii) two
Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

Section 4.3.    Termination and Effect of Termination. This Agreement shall terminate
upon the date on which no Holder holds any Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability
for breach or Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such
indemnification rights with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 

Section 4.4.    Permitted Transferees. The rights of a Holder hereunder may be assigned
to (i) an Affiliate of such Holder or (ii) to any other Person (but only with all related obligations as set forth below), in the case of clause (ii), in connection with a Transfer (to the extent permitted pursuant to the instruments
governing such Registrable Securities) of a total number of Warrant Shares and Warrants exercisable for at least 33% of the Warrant Shares for which Warrants issued or to be issued under the Warrant Agreement could be exercised (any such Person in
clause (i) or (ii), a “Permitted Transferee”). Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this
Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably
satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement and be subject to this Agreement as a “Holder”. A Permitted Transferee to whom rights are transferred pursuant to this
Section 4.4 may not again transfer those rights to any other Person, other than as provided in this Section 4.4. 

Section 4.5.    No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of a party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

  
 - 28 - 

 Section 4.6.    Amendments. This
Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an
agreement in writing signed by the Company and the Holders of a majority of Registrable Securities under this Agreement on such date, notice of which has been provided to all Holders of Registrable Securities not party thereto pursuant to the
provisions of Section 4.2 hereof. Each such amendment, modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing
signed by such party. 
 Section 4.7.    Governing Law. This Agreement and all claims
arising out of or based upon this Agreement or relating to the subject matter hereof will be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws
provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

Section 4.8.    Consent to Jurisdiction. Each party to this Agreement, by its execution
hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the Southern District of the State of New York in the Borough of Manhattan for the purpose of any action, claim, cause of action or
suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not
to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby
agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof
other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation
in connection with which it may assert indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this
Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by
New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual notice. 

Section 4.9.    WAIVER OF JURY TRIAL. ALL PARTIES TO THIS AGREEMENT KNOW AND UNDERSTAND
THAT THEY HAVE A CONSTITUTIONAL RIGHT TO A JURY TRIAL. THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE 

  
 - 29 - 

 
CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. THE PARTIES AGREE THAT
ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY AND THAT ANY
PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. THE PARTIES INTEND THIS WAIVER OF THE RIGHT TO A
JURY TRIAL BE AS BROAD AS POSSIBLE. 
 Section 4.10.    Merger; Binding Effect, Etc.
This Agreement (together with the Investment Agreement) constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such
subject matter, and is binding upon and will inure to the benefit of the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or any other
party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the
foregoing will be null and void. 
 Section 4.11.    Counterparts. This Agreement may
be executed by the parties to this Agreement on any number of separate counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

Section 4.12.    Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 4.13.    No Recourse. Notwithstanding anything that may be expressed or implied
in this Agreement, each party to this Agreement covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement will be had against any former, current or future,
direct or indirect director, officer, employee, agent or Affiliate of a Holder, any former, current or future, direct or indirect holder of any equity interests or securities of a Holder (whether such Holder is a limited or general partner, member,
stockholder or otherwise), any former, current or future assignee of a Holder or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder, Affiliate, controlling person,
representative or assignee of any of the foregoing (collectively, the “No Recourse Persons”), as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or
other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any No Recourse Person for any obligation of any Holder under this Agreement or any
documents or instruments delivered in 

  
 - 30 - 

 
connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

[Signature pages follow] 

  
 - 31 - 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date
first above written. 
  

											
	COMPANY:	  	 	TPG RE FINANCE TRUST, INC.
			
		  	 	By:	 	  	 	/s/ Matthew Coleman
		  				  	 	Name:	 	  	Matthew Coleman
		  				  	 	Title:	 	  	Vice President
		
	STOCKHOLDER:	  	 	PE HOLDER, L.L.C.
			
		  	 	By:	 	  	 	/s/ Ethan Bing
		  				  	 	Name:	 	  	Ethan Bing
		  				  	 	Title:	 	  	MD

 [Signature Page to Registration Rights Agreement]EX-10.3

 Exhibit 10.3 

Execution Version 
 WARRANT
AGREEMENT 
 TPG RE FINANCE TRUST, INC. 

and 
 PE HOLDER, L.L.C. 

WARRANT AGREEMENT 
 Dated as of
May 28, 2020 
 THIS WARRANT AGREEMENT (this “Agreement”), dated as of May 28, 2020, is by and between TPG RE
Finance Trust, Inc., a Maryland corporation (the “Company”), and PE Holder, L.L.C., a Delaware limited liability company (“Purchaser”). 

WHEREAS, concurrently with the execution of this Agreement, the Company and Purchaser are entering into the transactions contemplated under
that certain Investment Agreement (the “Investment Agreement”), providing for, among other things, the issuance by the Company to Purchaser of (i) 12,000,000 warrants upon the First Closing (the “First Closing
Warrants”), (ii) 1,500,000 warrants upon the Second Closing (the “Second Closing Warrants”) and (iii) 1,500,000 warrants upon the Third Closing (the “Third Closing Warrants” and together with the First
Closing Warrants and the Second Closing Warrants, as and when issued, the “Warrants”). Each Warrant entitles the holder thereof to purchase one share of common stock of the Company, par value $0.001 per share (“Common
Stock”), for $7.50 per share, subject to adjustment as described herein (such shares, the “Warrant Shares”); and 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which the Warrant Shares shall be issued
and exercised, and the respective rights, limitation of rights, and immunities of the Company and the holders of the Warrants. 
 NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1.    Warrants. 

1.1.    Form of Warrant. Each Warrant shall be issued in registered form and shall be substantially in the form of
Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chief Executive Officer, President, Chief Financial Officer, Secretary or other officer of
the Company. In the event the Person whose electronic signature has been placed upon any Warrant shall have ceased to serve in the capacity 

 
in which such Person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

1.2.    Registration. 

1.2.1.    Warrant Register. The Company shall maintain books (the “Warrant Register”) for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Company shall register the Warrants in the names and denominations of the respective holders thereof. 

1.2.2.    Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company may
deem and treat the Person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant Certificate (as defined below) made by anyone other than the Company), for the purpose of any exercise thereof, and for all other purposes, and the Company shall not be affected by any notice to the
contrary. 
 2.    Terms and Exercise of Warrants. 

2.1.    Warrant Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such
Warrant and of this Agreement, to purchase from the Company one share of Common Stock, at the price of $7.50 per share, subject to the adjustments provided in Section 3. The term “Warrant Price” as used in
this Agreement shall mean the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised. 

2.2.    Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise
Period”) commencing on the date hereof and terminating at 5:00 p.m., New York City time, on the date that is five (5) years after the date hereof (the “Expiration Date”); provided, however, that the
exercise of any Warrant shall be subject to the satisfaction of any applicable conditions set forth in this Agreement, including the conditions set forth in Section 2.4 and Section 3.8. 

2.3.    Exercise of Warrants. 

2.3.1.    Cashless Exercise. Subject to the provisions of the Warrant and this Agreement, a Warrant may be
exercised by the Registered Holder thereof in whole or in part on one or more occasions by delivering to the Company at its address set forth in Section 9.2, (i) the Warrant Certificate (in the form attached hereto as
Exhibit A, the “Warrant Certificate”) evidencing the Warrants to be exercised and (ii) an election to purchase (in the form attached hereto as Exhibit B) (the
“Election to Purchase”) any shares of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Warrant Certificate, in which event the Company shall issue to
the Registered Holder a number of shares of Common Stock computed using the following formula: 

  
 2 

							
		  	 X =
	  	Y(A-B)        	  	
		  	A    	  	

 Where: 
 X = the number of
Warrant Shares to be issued to the Registered Holder. 
 Y = the number of Warrant Shares with respect to which the Warrant is exercised. 

A = the Fair Market Value of one share of Common Stock on the date the notice of exercise is delivered (or deemed delivered) by the Registered Holder to the
Company. 
 B = the Warrant Price (as adjusted to the date of such calculation). 

2.3.2.    Issuance of Shares of Common Stock on Exercise. Within two Business Days after the exercise of any
Warrant if the Registered Holder provides the Company with at least one Business Day prior written notice of such exercise (or, if such prior written notice is not so provided, within three Business Days after the exercise of the Warrant), the
Company shall issue to the Registered Holder of such Warrant the number of full shares of Common Stock to which he, she or it is entitled, in book-entry form, registered in such name or names as may be directed by him, her or it, and if such Warrant
shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. No Warrant that has been Transferred to a Third Party Transferee in a Third Party Transfer shall be
exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of such a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the Registered Holder of such Warrants. If, for any reason, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall round down
to the nearest whole number, the number of shares to be issued to such holder. In lieu of any fractional share to which the Registered Holder would otherwise be entitled, the Company shall make a cash payment equal to the Fair Market Value of one
share of Common Stock on the payment date multiplied by such fraction. 
 2.3.3.    Date of Issuance. Each
Person in whose name any shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant Certificate and Election to Purchase was delivered to the
Company (or, if such date is not a Business Day, on the open of business on the first Business Day thereafter). 

2.4.    Limitation on Exercise Rights. 

2.4.1.    Notwithstanding anything to the contrary in this Agreement and the Warrants, subject to
Section 3.8, no shares of Common Stock will be issued or delivered upon any 

  
 3 

 
proposed exercise of any Warrant by any Registered Holder, and no Warrant of any Registered Holder will be exercised, in each case to the extent that such exercise or issuance of Common Stock
would result in such Registered Holder beneficially owning in excess of 19.9% of the Stockholder Voting Power as of the date hereof (appropriately adjusted to reflect any stock splits, stock dividends or other similar events) (the “Exercise
Restriction”); provided, however, that following a Third Party Transfer of a Warrant, no shares of Common Stock will be issued or delivered upon any proposed exercise of such Warrant by the Third Party Transferee, and no
Warrant held by any such Third Party Transferee will be exercised, in each case to the extent that such exercise or issuance of Common Stock would (1) result in such Third Party Transferee or a “person” or “group” (within
the meaning of Section 13(d)(3) of the Exchange Act) beneficially owning in excess of 19.9% of the Stockholder Voting Power as of the date hereof (appropriately adjusted to reflect any stock splits, stock dividends or other similar events) (the
“Ownership Restriction”), or (2) require the Company to obtain approval from its stockholders pursuant to the listing standards of the New York Stock Exchange (the “NYSE Limitations”), unless, in either case,
the Company has obtained any such required approval from its stockholders of the Ownership Restriction or NYSE Limitations, and, for the the purposes of determining the Exercise Restriction, the Ownership Restriction and the NYSE Limitations,
beneficial ownership and calculations of percentage ownership will be determined in accordance with the listing standards of the New York Stock Exchange, and, for the avoidance of doubt, that the beneficial ownership of a Registered Holder shall not
include any Warrant Shares relating to any then-outstanding Warrants that are not being exercised at the date of calculation. Subject to Section 2.4.2, any purported exercise of a Warrant (and delivery of shares of Common
Stock upon such exercise) will be void and have no effect to the extent that such exercise and delivery would result in the violation of the first immediately preceding sentence. 

2.4.2.    Except as otherwise provided herein, if a proposed exercise of a Warrant cannot be completed as a result of
Section 2.4.1, then the Company’s obligation to issue and deliver shares of Common Stock upon such proposed exercise will not be extinguished, and (a) the Company shall issue and deliver the maximum number of
shares of Common Stock upon such proposed exercise as is permitted under Section 2.4.1 and (b) as to any additional shares of Common Stock that are not issued and delivered as provided in clause (a) above, (i) the
Company will use its commercially reasonable efforts to obtain all necessary stockholder approvals and, as applicable, any registrations, qualifications or exemptions required under applicable state securities laws, and deliver such shares as soon
thereafter as reasonably practicable, and (ii) the Company will only be obligated to deliver such additional shares as soon as reasonably practicable after the applicable Registered Holder or Third Party Transferee provides written evidence
satisfactory to the Company that (x) such delivery will not contravene the Exercise Restriction (in the case of any Registered Holder), the Ownership Restriction (in the case of a Third Party Transferee) or the NYSE Limitations (in the case of
a Third Party Transferee), as applicable and (y) any applicable requirements of the Charter have been fulfilled as set forth therein. 

3.    Adjustments. The Warrant Price and shares of Common Stock issuable upon exercise of this Warrant shall be
subject to adjustment from time to time as follows; provided, that 

  
 4 

 
no single event shall cause an economically duplicative adjustment under more than one subsection of this Section 3. 

3.1.    Stock Dilution Events. 

3.1.1.    Split-Ups. If after the date hereof, the number of outstanding
shares of Common Stock is increased by a Split-Up Event, then, following such Split-Up Event, the number of shares of Common Stock issuable on exercise of each Warrant
shall be increased in proportion to such increase in the outstanding shares of Common Stock so that the Registered Holder immediately after such Split-Up Event shall be entitled to purchase the number of
shares of Common Stock which such Registered Holder would have owned or been entitled to receive in respect of the shares of Common Stock subject to the Warrant after such date had the Warrant been exercised in full immediately prior to such Split-Up Event. For purposes of this Section 3.1.1, if a rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be
taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion. 

3.1.2.    Other Distributions; REIT Dividend Status. 

(a)    If after the date hereof, the Company shall make any Other Distribution, then the Warrant Price shall be decreased
by the fair market value (as determined in good faith by the Company’s Board) of any securities or other assets paid on each share of Common Stock in respect of such Other Distribution. 

(b)    Notwithstanding anything herein to the contrary, if the Company and/or any of its Subsidiaries makes any REIT
Qualifying Dividends or pays the Specified Dividend, the Warrant Price and shares of Common Stock issuable upon exercise of a Warrant shall not be subject to any adjustment hereunder with respect to such REIT Qualifying Dividends and/or Specified
Dividend; provided, that, solely for purposes of determining whether a dividend or distribution (or series of related dividends or distributions) is a REIT Qualifying Dividend under this Section 3.1.2, all amounts
payable in cash shall be treated, to the fullest extent possible, as REIT Qualifying Dividends and only when such cash amounts have been exhausted shall dividends or distributions payable in shares of Common Stock be treated as a REIT Qualifying
Dividend. 
 (c)    At the time of declaring a dividend, the Company shall in good faith make a preliminary
determination whether such dividend is a REIT Qualifying Dividend and shall provide the Registered Holder with written notice thereof including a reasonably detailed description of the basis for such determination (a “Preliminary
Determination”). If the Company determines that a dividend is a Split-Up Event or an Other Distribution, the adjustment pursuant to Section 3.1.1 or this
Section 3.1.2, as applicable, shall become effective immediately after the open of business on the record date for (or, if no record date is applicable, the effective date of) such
Split-Up Event or Other Distribution. Within thirty (30) days following the end of each taxable year of the Company (i) the Company shall determine whether all dividends paid during such year were
REIT Qualifying Dividends and shall provide the Registered Holder with written notice thereof including a reasonably detailed description of the basis for such determination (a “Final Determination”); provided, that,
for purposes of such determination all income of the 

  
 5 

 
Company for the applicable fiscal year shall be allocated ratably over each fiscal quarter on the basis of the number of days in such fiscal quarter, (ii) if any dividend that was treated as
a REIT Qualifying Dividend for purposes of a Preliminary Determination is determined in the applicable Final Determination to be a Split-Up Event or an Other Distribution, then the adjustments provided for
in Section 3.1.1 or this Section 3.1.2 shall be recalculated giving retroactive effect to the Final Determination and the Company shall provide the Registered Holder with written notice thereof
including a reasonably detailed description of the basis for such calculation (a “Recalculation Notice”) and (iii) if any Warrant was exercised in whole or in part after the record date for a dividend that was treated as a REIT
Qualifying Dividend and is subsequently determined to be a Split-Up Event or an Other Distribution, the Company shall make a cash payment to the Registered Holder that exercised such Warrant in an amount equal
to the Closing Price on the date of payment of the shares of Common Stock that such Registered Holder would have received in such exercise had the recalculation occurred prior to the date of exercise. 

3.1.3.    Timing of Adjustment. Adjustments pursuant to this Section 3.1 shall become
effective immediately after the open of business on the record date for (or, if no record date is applicable, the effective date of) such Split-Up Event or Other Distribution. 

3.2.    Aggregation of Shares. If after the date hereof, the number of outstanding shares of Common Stock is
decreased by a Combination Event, then, following such Combination Event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock so that the
Registered Holder immediately after such Combination Event shall be entitled to purchase the number of shares of Common Stock which such Registered Holder would have owned had the Warrant been exercised in full immediately prior to such Combination
Event. 
 3.3.    Adjustments in Warrant Price. 

3.3.1.    Adjustment to Warrant Price Upon Split-Ups and Aggregation of
Shares. Whenever the number of shares of Common Stock issuable upon the exercise of the Warrants is adjusted, as provided in Section 3.1.1 or Section 3.2, the Warrant Price shall be adjusted
(to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Warrant Shares immediately prior to such adjustment, and (y) the denominator of
which shall be the number of Warrant Shares immediately thereafter. 
 3.3.2.    Adjustment to Warrant Price and
Number of Warrant Shares Upon Issuance of Common Stock. 
 (a)    Except as provided in
Section 3.1.1, Section 3.2 or Section 3.3.2(b) below, if, at any time or from time to time prior to the Expiration Date, the Company shall issue or sell any shares of
Common Stock (or is deemed to have issued and sold any shares of Common Stock through the issuance of Convertible Securities or Options) (including for the avoidance of doubt any shares of Common Stock paid by the Company as consideration in any
Internalization Transaction (as defined in the Articles Supplementary)), without consideration or for consideration per share less than the greater of (x) the Warrant Price in effect immediately prior to such issuance or sale (or deemed
issuance or sale) or (y) the Fair Market Value per share of the Common Stock 

  
 6 

 
immediately prior to such issuance or sale (or deemed issuance or sale), then immediately upon such issuance or sale (or deemed issuance or sale) the Warrant Price in effect immediately prior to
such issuance or sale (or deemed issuance or sale) shall be reduced (and in no event increased) to a Warrant Price equal to the product obtained by multiplying the Warrant Price in effect immediately prior to such issuance or sale (or deemed
issuance or sale), by a fraction (which shall in no event be more than one): 
 (A)    the numerator of
which shall be the sum of (i) the product obtained by multiplying the Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance or sale) by the greater of (x) the Warrant Price then in effect or
(y) the Fair Market Value per share of the Common Stock immediately prior to such issuance or sale (or deemed issuance or sale), plus (ii) the aggregate value of the consideration, if any, received by the Company upon such issuance or sale
(or deemed issuance or sale); by 
 (B)    the denominator of which shall be the product obtained by
multiplying (i) the Common Stock Deemed Outstanding immediately after such issuance or sale (or deemed issuance or sale) by (ii) the greater of (x) the Warrant Price then in effect or (y) the Fair Market Value per share of the
Common Stock immediately prior to such issuance or sale (or deemed issuance or sale). 
 (b)    If, at any time or from
time to time prior to the Expiration Date, the Company makes a rights offering to holders of Common Stock entitling them to purchase (for a period not more than 45 days from the record date for such distribution) shares of Common Stock at a
price less than the Fair Market Value on the record date for such distribution, the Warrant Price shall be decreased in accordance with the formula: 
  

 
 where: 
  

			
	R’ =	  	the Warrant Price in effect immediately after the record date for such distribution;
		
	R =	  	the Warrant Price in effect immediately prior to the record date for such distribution;
		
	O =	  	the number of shares of Common Stock Deemed Outstanding immediately prior to the record date for such distribution;
		
	N =	  	the number of additional shares of Common Stock issuable pursuant to such rights offering;
		
	P =	  	the per-share price payable to exercise or convert such rights for the additional shares; and
		
	M =	  	the Fair Market Value on the record date with respect to the distribution.

  
 7 

 (c)    Upon any and each adjustment of the Warrant Price as provided in
this Section 3.3.2 the Warrant Shares immediately prior to any such adjustment shall be increased to a number of shares of Common Stock equal to the quotient obtained by dividing: 

(A)    the product of (i) the Warrant Price in effect immediately prior to any such adjustment
multiplied by (ii) the number of Warrant Shares immediately prior to any such adjustment; by 

(B)    the Warrant Price resulting from such adjustment. 

3.4.    Merger Events. Upon the occurrence of (1) any reclassification of the outstanding shares of Common
Stock (other than a change in par value or from par value to no par value, or from no par value to par value, or as a result of a Split-Up Event), (2) any consolidation, merger, sale of all or substantially
all of the Company’s assets (other than a sale of all or substantially all of the assets of the Company in a transaction in which the holders of Common Stock immediately prior to such transaction do not receive securities, cash or other assets
of the Company or any other person or entity), or (3) a binding share exchange which reclassifies or changes the outstanding shares of Common Stock, in each case as a result of which the holders of Common Stock shall be entitled to receive
cash, securities or other property or assets with respect to or in exchange for such Common Stock (any such event, a “Merger Event”), then at the effective time of the Merger Event the right to exercise this Warrant will be changed
into a right to exercise this Warrant into the type and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock subject to this Warrant
immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property”) upon such Merger Event. If the Merger Event causes the Common Stock to be converted into, or exchanged for, the right to
receive more than a single type of consideration (including any form of stockholder election), the Reference Property to be received upon exercise will be deemed to be the weighted average of the types and amounts of Reference Property to be
received by the holders of Common Stock that affirmatively make such election. In case of any such Merger Event, the successor or acquiring corporation or, as applicable, the ultimate parent entity thereof (if other than the Company) shall expressly
assume the due and punctual observance and performance of each and every covenant and condition of this Warrant to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be
reasonably deemed appropriate (as determined by resolution of the Board of Directors of the Company) in order to provide for adjustments of any shares of the common stock of such successor or acquiring corporation for which this Warrant thus becomes
exercisable, which modifications shall be as equivalent as practicable to the adjustments provided for in this Section 3. If the Company consummates a Merger Event, the Company shall promptly provide notice to the
Registered Holders briefly describing the Merger Event and stating the type or amount of cash, securities, property or other assets that will comprise the Reference Property after any such Merger Event and any adjustment to be made with respect
thereto. The foregoing shall similarly apply to successive Merger Events. 
 3.5.    Certain Repurchases of Common
Stock. In case the Company effects a Pro Rata Repurchase of Common Stock, then the Warrant Price shall be reduced to the price determined by multiplying the Warrant Price in effect immediately prior to the Effective Date of such Pro Rata
Repurchase by a fraction of which the numerator shall be (i) the product of (x) the 

  
 8 

 
number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Closing Price of the Common Stock on the first trading day after the last date on which
tenders or exchanges may be made pursuant to such tender or exchange offer (the “Tender Date”) for such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall
be the product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (ii) the Closing Price of the Common Stock on the first
trading day after the Tender Date for such Pro Rata Repurchase. In such event, the number of shares of Common Stock issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the
number of Warrant Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the Warrant Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment by (y) the new Warrant Price
determined in accordance with the immediately preceding sentence. 
 3.6.    Form of Warrant. The form of Warrant
need not be changed because of any adjustment pursuant to this Section 3, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement. 
 3.7.    Exceptions To Adjustment Upon Issuance of Common Stock. Anything
herein to the contrary notwithstanding, there shall be no adjustment to the Warrant Price or the number of shares of Common Stock issuable upon exercise of this Warrant with respect to any Excluded Issuance (other than with respect to any Excluded
Issuance pursuant to (1) clause (iii) of the definition thereof, but only in relation to issuances of shares of Common Stock in connection with any capital raising transaction where the consideration per share is less than the greater of
(x) the Warrant Price in effect immediately prior to such issuance or sale or (y) the Fair Market Value per share of the Common Stock immediately prior to such issuance or sale; provided that, notwithstanding this clause (1), the
provisions of Section 3.4 shall apply to the extent otherwise applicable, (2) clause (vi) of the definition thereof, (3) clause (vii)(A) or clause (vii)(C) of the definition thereof, or (4) clause (viii) of
the definition thereof, except for any management fee or incentive compensation payable to the manager for the quarter ending June 30, 2020). 

3.8.    Company Charter Documents. Notwithstanding anything herein to the contrary, this Agreement, the Warrant,
exercise of the Warrant and all shares of Common Stock issuable upon exercise of this Warrant are and shall become subject to the Company Charter Documents. 

3.9.    Statement Regarding Adjustments. Subject to Section 3.1.3, whenever the Warrant
Price or the Warrant Shares into which this Warrant is exercisable shall be adjusted as provided in this Section 3, the Company shall as promptly as practicable prepare and make available to the Holder a statement showing in reasonable detail
the facts requiring such adjustment and the Warrant Price that shall be in effect and the Warrant Shares into which this Warrant shall be exercisable after such adjustment. 

3.10.    Adjustment Rules. Subject to Section 3.1.3, any adjustments pursuant to, and at
such time as provided in, this Section 3 shall be made successively whenever an event referred to herein shall occur. If an adjustment in Warrant Price made hereunder would reduce the

  
 9 

 
Warrant Price to an amount below par value of the Common Stock, then such adjustment in Warrant Price made hereunder shall reduce the Warrant Price to the par value of the Common Stock. 

3.11.    Allocations. In the event that shares of Common Stock are issued or sold together with other securities or
other assets of the Company for a consideration which covers both, the consideration received shall be allocable to such shares of Common Stock as determined in good faith by the Board. In case any Options or Convertible Securities shall be issued
or sold together with other securities or other assets of the Company, together comprising one integral transaction in which no specific consideration is allocated to the Options or Convertible Securities, the consideration allocable to such Options
or Convertible Securities shall be determined in good faith by the Board. 
 3.12.    Convertible Securities and
Options. 
 3.12.1.    In the event that the Company shall at any time following the Original Issue Date issue or
sell any Convertible Securities or issue, sell or grant any Options, then for the purpose of Section 3.3.2 above, the Company shall be deemed to have issued at that time a number of shares of Common Stock equal to the
maximum number of shares of Common Stock that are or may become issuable upon exercise of such Convertible Securities or Options for a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the
applicable consideration received for purposes of Section 3.3.2) of (x) the total amount, if any, received or receivable by the Company as consideration for the granting or sale of all such Options or Convertible
Securities, plus (y) the minimum aggregate amount of additional consideration payable to the Company upon the exercise of all such Options (or upon the conversion or exchange of all such Convertible Securities), plus (z), without duplication of
any amounts in clause (y), in the case of such Options which relate to Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable to the Company upon the issuance or sale of all such Convertible Securities and
the conversion or exchange of all such Convertible Securities, by (B) the total maximum number of shares of Common Stock issuable upon the exercise of all such Options (or upon the conversion or exchange of all Convertible Securities issuable
upon the exercise of all such Options) or upon the conversion or exchange of all such Convertible Securities. 

3.12.2.    Except as otherwise provided in following sentence, no further adjustment of the Warrant Price shall be made
upon the actual issuance of Common Stock or of Convertible Securities upon exercise of such Options or upon the actual issuance of Common Stock upon conversion or exchange of Convertible Securities issuable upon exercise of such Options. If, at any
time after any adjustment of the Warrant Price shall have been made hereunder as the result of any issuance, sale or grant of any Options or Convertible Securities, the maximum number of shares issuable upon exercise of such Options or of the rights
of conversion or exchange associated with such Convertible Securities shall increase, or the minimum amount of consideration per share receivable in connection with such exercise shall decrease, whether by operation of any anti-dilution rights
pertaining to such Options or Convertible Securities, by agreement of the parties or otherwise, the Warrant Price then in effect shall first be readjusted to eliminate the effects of the original issuance, sale or grant of such Options or
Convertible Securities on such Warrant Price and then readjusted as if such Options or Convertible Securities had been issued on the effective date of such increase in number of shares or decrease in consideration, but

  
 10 

 
only if the effect of such two-step readjustment is to reduce the Warrant Price below the Warrant Price in effect immediately prior to such increase or
decrease. 
 3.12.3.    Upon the expiration or termination of any unexercised Option (or portion thereof) or any
unconverted or unexchanged Convertible Security (or portion thereof) for which any adjustment (either upon its original issuance or upon a revision of its terms) was made pursuant to this Section 3 (including without limitation upon the
redemption or purchase for consideration of all or any portion of such Option or Convertible Security by the Company), the Warrant Price then in effect hereunder shall forthwith be changed pursuant to the provisions of this Section 3 to the
Warrant Price which would have been in effect at the time of such expiration or termination had such unexercised Option (or portion thereof) or unconverted or unexchanged Convertible Security (or portion thereof), to the extent outstanding
immediately prior to such expiration or termination, never been issued. 
 3.13.    Second Closing Warrants and Third
Closing Warrants. The Second Closing Warrants and the Third Closing Warrants shall on the date of original issuance be adjusted for any events occurring after the date of the Investment Agreement and prior to the Second Closing and the Third
Closing, as applicable. 
 3.14.    Proceedings Prior to any Action Requiring Adjustment. As a condition
precedent to the taking of any action that would require an adjustment pursuant to this Section 3, the Company shall obtain stock exchange or stockholder approvals or exemptions, as applicable, in order that the Company may thereafter validly
and legally issue as fully paid and nonassessable all shares of Common Stock that the Holder is entitled to receive upon exercise of this Warrant. 

4.    Transfer and Exchange of Warrants. 

4.1.    Transfer. The Warrants and Warrant Shares may be freely sold, assigned, disposed of, pledged, hypothecated,
encumbered or otherwise transferred (collectively, a “Transfer”), subject to the restrictions set forth in this Section 4.1. Any Transfer of the Warrants and Warrant Shares must be in compliance with the
Securities Act and applicable state securities Laws and, if requested by the Company, receipt by the Company of an opinion of counsel, reasonably satisfactory to the Company, that such Transfer is in compliance with the Securities Act and applicable
state securities Laws. Following any Transfer, any such Warrants subject to a Transfer shall at all times remain subject to the terms and restrictions set forth in this Agreement. 

4.2.    Registration on Transfer. Subject to the instructions set forth in Section 4.1,
the Company shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant by the Registered Holder to the Company for transfer, properly endorsed with signatures properly
guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Company. 

4.3.    Procedure for Surrender of Warrants. Warrants may be surrendered to the Company, together with a written
request for exchange or transfer, and thereupon the Company shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants;
provided, 

  
 11 

 
however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Company shall not cancel such Warrant and issue new Warrants in exchange thereof until
the Company has received an opinion of counsel stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

4.4.    Fractional Warrants. The Company shall not be required to effect any registration of transfer or exchange
of a Warrant which shall result in the issuance of a warrant certificate for a fraction of a Warrant. 

4.5.    Service Charges. No service charge shall be made for any exchange or registration of Transfer of Warrants.

 5.    Other Provisions Relating to Rights of Holders of Warrants. 

5.1.    No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a
stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights, to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders
or the election of directors of the Company or any other matter. 
 5.2.    Lost, Stolen, Mutilated, or Destroyed
Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company shall, on such terms as to indemnity or otherwise as the Company may in its discretion reasonably impose (which shall, in the case of a mutilated Warrant, include the
surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the
allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 

5.3.    Registration of Common Stock. Any Common Stock issuable to Purchaser upon execution of the Warrants shall
be “Registerable Securities,” as such is defined in that certain Registration Rights Agreement, dated as of the date hereof, by and among the Company and Purchaser (the “Registration Rights Agreement”), and entitled to the
registration rights provided therein. Notwithstanding anything to the contrary herein, if a Warrant is exercised in connection with the exercise of the Registered Holder’s registration rights in accordance with the Registration Rights
Agreement, such Warrant shall not be deemed to have been exercised to the extent that the applicable Warrant Shares are not sold in the applicable offering. The Company will procure, subject to issuance or notice of issuance, the listing of any
Warrant Shares issuable upon exercise of this Warrant on the principal stock exchange on which shares of Common Stock are then listed or traded. 

6.    Covenants. The Company warrants and agrees for the benefit of the Registered Holders that: 

6.1.    Due Authorization and Valid Issuance. All shares of Common Stock which may be issued upon the exercise of
the Warrants will, upon issue be duly authorized, validly issued, fully paid and non-assessable, issued without violation of any preemptive or similar rights of any

  
 12 

 
stockholder of the Company and free and clear of all liens and encumbrances, with no personal liability attaching to the ownership thereof. 

6.2.    Sufficient Number of Shares. During the Exercise Period, the Company will at all times have authorized and
reserved for the purpose of issue upon exercise of the rights evidenced by the Warrants, a sufficient number of shares of Common Stock to provide for the exercise of the Warrants. 

7.    Representations and Warranties. 

7.1.    Representation by the Company. The Company represents that (a) this Warrant is, and any Warrant issued
in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued and (b) all corporate actions on the part of the Company, its officers, directors and stockholders necessary for the issuance of the
Warrants and the Common Stock issuable upon exercise of the Warrant have been taken. 
 7.2.    Representations and
Warranties by the Registered Holder. The Registered Holder represents and warrants to the Company as follows: 

(a)    The Warrants and the shares of Common Stock issuable upon exercise thereof are being acquired for its own account,
for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). Upon exercise of the Warrants, the
Registered Holder shall, if so requested by the Company, confirm in writing, in a form satisfactory to the Company, that the Common Stock issuable upon exercise of the Warrants is being acquired for investment and not with a view toward distribution
or resale. 
 (b)    The Registered Holder understands that the Warrants and the shares of Common Stock have not been
registered under the Act by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Act pursuant to Section 4(a)(2) thereof, and that they must be held by the Registered Holder
indefinitely, and that the Registered Holder must therefore bear the economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Act or is exempted from such registration. 

(c)    The Registered Holder has such knowledge and experience in financial and business matters that it is capable of
evaluating the merits and risks of the acquisition 

  
 13 

 
of the Warrants and the shares of Common Stock purchasable pursuant to the terms of the Warrants and of protecting its interests in connection therewith. 

(d)    The Registered Holder is able to bear the economic risk of the purchase of the shares of Common Stock pursuant to
the terms of the Warrants. 
 (e)    The Registered Holder is an “accredited investor” as such term is
defined in Rule 501 of Regulation D promulgated under the Act. 
 8.    Taxes. 

8.1.    Withholding. The Company and its paying agent shall be entitled to deduct and withhold taxes on all payments
and distributions (or deemed distributions) on the Warrant and Warrant Shares to the extent required by applicable Law. To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes
of this Warrant as having been paid to the Person in respect of which such deduction or withholding was made. In the event the Company previously remitted any amounts to a governmental authority on account of such taxes required to be deducted or
withheld in respect of any payment or distribution (or deemed distribution) with respect to a Warrant or Warrant Share (or in respect of any payment or distribution (or deemed distribution) in respect thereof), the Company shall be entitled
(i) to offset any such amounts against any amounts otherwise payable in respect of such Warrant or Warrant Share or (ii) to require the Person in respect of whom such deduction or withholding was made to reimburse the Company for such
amounts (and such Person shall promptly so reimburse the Company upon demand). The Company shall take commercially reasonable steps to minimize or eliminate any withholding or deduction described in this Section 8.1,
including by giving the Person in respect of whom such deduction or withholding may be made an opportunity to provide additional information or to apply for an exemption from, or a reduced rate of, withholding. Notwithstanding anything to the
contrary in this Section 8.1, the Company shall (i) make commercially reasonable efforts to notify each holder of Warrants or Warrant Shares at least ten (10) Business Days prior to any withholding of its
intention of any such withholding (it being understood that any such notice shall include a brief written description of the basis for such withholding) and (ii) not withhold with respect to any U.S. federal withholding tax if it receives a
properly completed and duly executed IRS Form W-9 certifying its exemption from withholding from a holder of Warrants or Warrant Shares. 

8.2.    Transfer Tax. The Company shall pay any and all documentary, stamp and similar issue or transfer tax
(“Transfer Tax”) due on the issue of shares of Warrant Shares or certificates representing such shares or securities. However, the Company shall not be required to pay any Transfer Tax that may be payable in respect of the issue or
delivery (or any transfer involved in the issue or delivery) of Warrant Shares to a beneficial owner other than the beneficial owner of the Warrant Shares immediately prior to the event pursuant to which such issue or delivery is required, and no
such issue or delivery shall be made unless and until the person requesting such issue or delivery has paid to the Company the amount of any such Transfer Tax 

  
 14 

 
or has established to the satisfaction of the Company that such Transfer Tax has been paid or is not payable. 

9.    Miscellaneous Provisions. 

9.1.    Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company shall
bind and inure to the benefit of its respective successors and assigns. 
 9.2.    Notices. Any notice, statement
or demand authorized by this Agreement to be given or made by the holder of any Warrant to or on the Company shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by
overnight courier service, by email with receipt confirmed, or by registered or certified mail (postage prepaid, return receipt requested) at the following addresses (or at such other address as shall be specified in a notice given in accordance
with this Section 9.2): 
 TPG RE Finance Trust, Inc. 

888 Seventh Avenue 
 New York, NY
10106 
 Attention:      Deborah J. Ginsberg 

Bob Foley 
 Email:
     [Redacted] 
 [Redacted] 

With a copy to (which copy alone shall not constitute notice): 

TPG RE Finance Trust, Inc. 
 345
California Street, Suite 3300 
 San Francisco, CA 94104 

Attention:     Matthew Coleman 

Email:           [Redacted] 

and 
 Kirkland & Ellis
LLP 
 601 Lexington Avenue 

New York, NY 10022 
 Attention:
     Sophia Hudson, P.C. 
 Michael Brueck, P.C. 

Marshall Shaffer 

Email:      [Redacted] 

[Redacted] 

[Redacted] 
 Any notice,
statement or demand authorized by this Agreement to be given or made by the Company to the holder of any Warrant shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person,
by overnight courier 

  
 15 

 
service, by email with receipt confirmed, or by registered or certified mail (postage prepaid, return receipt requested) at the following addresses (or at such other address as shall be specified
in a notice given in accordance with this Section 9.2): 
 PE Holder, L.L.C. 

591 West Putnam Avenue 

Greenwich, Connecticut 06830 

Attn:    Ethan Bing 

Ellis Rinaldi 

Phone: (203) 422.7700 
 Email:
[Redacted] 
   [Redacted] 

With a copy to (which copy alone shall not constitute notice): 

Sidley Austin LLP 
 787 Seventh
Avenue 
 New York, NY 10019 

Email: [Redacted] 

[Redacted] 

[Redacted] 

Attention: Michael A. Gordon 

John H. Butler 

J. Gerard Cummins 

9.3.    Amendments. All modifications or amendments to this Agreement, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price pursuant to
Section 3 of this Agreement or extend the duration of the Exercise Period without the consent of the Registered Holders. 

9.4.    Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or
electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto
and delivered to the other parties hereto. 
 9.5.    Entire Agreement; No Third-Party Beneficiaries. This
Agreement, together with the Investment Agreement and Articles Supplementary, constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of
them, with respect to the subject matter hereof. No provision of this Agreement shall confer upon any Person other than the parties hereto, the Registered Holders of the Warrants and their permitted assigns any rights or remedies hereunder. This
Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may

  
 16 

 
only be made against the entities that are expressly identified as parties hereto and the Registered Holders of the Warrants. 

9.6.    Governing Law; Jurisdiction. 

9.6.1.    This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York
applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles, except where the provisions of the laws of the State of Maryland
are mandatorily applicable. 
 9.6.2.    All Actions arising out of or relating to this Agreement shall be heard and
determined in the state and federal courts located in the Borough of Manhattan, State of New York and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the
defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. The consents to jurisdiction and venue set forth in this Section 9.6.2 shall not constitute general consents to service of
process in the State of New York and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. Each party hereto agrees that service of process
upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 9.2 of this Agreement. The parties hereto agree that
a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall
restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 

9.7.    Specific Enforcement. The parties hereto agree that irreparable damage for which monetary relief, even if
available, would not be an adequate remedy, would occur in the event that the parties hereto do not perform the provisions of this Agreement in accordance with its specified terms or otherwise breach such provisions. Accordingly the parties
acknowledge and agree that the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts
without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement and this right of specific enforcement is an integral part of the transactions contemplated hereby and without that
right, the parties would not have entered into this Agreement. The parties agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, and agree not to assert that a remedy of
monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties acknowledge and agree that any party shall not be required to provide any bond or other security in connection with its
pursuit of an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof. 

9.8.    Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY 

  
 17 

 
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT AND THE WARRANTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 9.8. 

9.9.    Severability. If any term, condition or other provision of this Agreement is determined by a court of
competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such
determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible to the fullest extent permitted by applicable Law. 
 9.10.    Interpretation. When a reference is made
in this Agreement to a Section, Exhibit, such reference shall be to a Section of, or an Exhibit to this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement
unless the context requires otherwise. The words “date hereof” when used in this Agreement shall refer to the date of this Agreement. The terms “or,” “any” and “either” are not exclusive. The word
“extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” The word “will” shall be construed to have the same meaning
and effect as the word “shall.” All terms defined in this Agreement shall have the defined meanings when used in any document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement
are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. Unless otherwise specifically indicated, all references to “dollars” or “$” shall refer to the lawful
money of the United States. References to a Person are also to its permitted assigns and successors. When calculating the period of time between which, within which or following which any act is to be done or step taken pursuant to this Agreement,
the date that is the reference date in calculating 

  
 18 

 
such period shall be excluded and, unless otherwise required by Law, if the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day.

 10.    Definitions. For purposes of this Agreement and the Warrants, the following terms have the following
meanings: 
 “Action” has the meaning specified under the Investment Agreement. 

“Affiliate” has the meaning specified under the Investment Agreement. 

“Articles Supplementary” has the meaning specified under the Investment Agreement. 

“Board” has the meaning specified under the Investment Agreement. 

“Business Day” has the meaning specified under the Investment Agreement. 

“Capital Stock” means all classes or series of stock of the Company. 

“Charter” means the charter of the Company, as may be amended, restated, or amended and restated from time to time, in the
form filed with, and accepted for record by, the State Department of Assessments and Taxation of Maryland. 
 “Closing
Price” of the Common Stock on any date means the closing per-share sale price (or if no closing per-share sale price is reported, the average of the last bid
and ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) on that date as reported the principal other national or regional securities exchange on which the shares of the Common Stock
are then traded. The Closing Price will be determined without reference to after-hours or extended market trading. If the Common Stock is not so listed for trading on the relevant date, then the “Closing Price” of the Common Stock will be
the last quoted bid price for Common Stock in the over-the-counter market on the relevant date as reported by the OTC Markets Group or a similar organization. If the
Common Stock is not so quoted, then the “Closing Price” of the Common Stock will be determined by a U.S. nationally recognized independent investment banking firm selected by the Company for this purpose. 

“Combination Event” reclassification, recapitalization, exchange, reverse stock split, combination or readjustment of shares
of Common Stock. 
 “Common Stock Deemed Outstanding” means, at any given time, the number of shares of Common Stock
actually outstanding at such time; provided, that, Common Stock Deemed Outstanding at any given time shall not include shares owned or held by or for the account of the Company or any of its wholly-owned Subsidiaries. 

“Company Charter Documents” has the meaning specified under the Investment Agreement. 

“Company LTIP Awards” has the meaning specified under the Investment Agreement. 

“Company Restricted Stock” has the meaning specified under the Investment Agreement. 

  
 19 

 “Company RSU Awards” has the meaning specified under the Investment
Agreement. 
 “Company Stock Options” has the meaning specified under the Investment Agreement. 

“Convertible Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but
excluding Options. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Issuance” has the meaning specified under the Investment Agreement. 

“Fair Market Value” of one share of Common Stock as of a date of determination means: (i) with respect to
Section 2.3.1 and Section 2.3.2, if the Common Stock is publicly traded, the closing price of the Common Stock as reported on the New York Stock Exchange or such other trading market on which the
Common Stock is then listed on the last trading date ending prior to the date of determination, (ii) other than with respect to Section 2.3.1 and Section 2.3.2, if the Common Stock is publicly
traded, the volume weighted average sale price of one share of Common Stock as reported on the New York Stock Exchange or such other trading market for which the Common Stock is then listed for the ten (10) trading days ending on the third
trading day prior to such date and (iii) if the Common Stock is not so publicly traded, such fair market value as determined by the Board in good faith after receiving and reviewing the advice of a nationally recognized independent investment
banking firm retained by the Company for this purpose; provided that Registered Holder shall have a right to receive from the Board the assumptions used and calculations performed to arrive at such fair market value. Solely for the purposes
of Section 2.3.1, the date of determination shall mean the date the Warrant Certificate and Election to Purchase are delivered to the Company by a Registered Holder. 

“First Closing” has the meaning specified under the Investment Agreement. 

“Law” has the meaning specified under the Investment Agreement. 

“Options” means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities,
including the Company Stock Options, Company Restricted Stock, Company RSU Awards, and Company LTIP Awards. 
 “Other
Distributions” means any dividends or distributions paid by the Company on shares of Common Stock to the extent they are not REIT Qualifying Dividends; provided that any such dividends or distributions payable in shares of Common
Stock (or Options or Convertible Securities) shall be treated as a Split-Up Event. 

“Person” has the meaning specified under the Investment Agreement. 

“Pro Rata Repurchase” means any purchase of shares of Common Stock by the Company thereof pursuant to any tender offer or
exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder, whether for cash or shares of Capital Stock of the Company, effected while this Warrant is outstanding. The “Effective
Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase. 

  
 20 

 “REIT Qualifying Dividends” has the meaning set forth in the Articles
Supplementary. 
 “Second Closing” has the meaning specified under the Investment Agreement. 

“Specified Dividend” means the dividend declared by the Company in March 2020 that remains unpaid as of the date hereof. 

“Split-Up Event” means a reclassification, recapitalization, exchange, stock split,
Other Distribution payable in shares of Common Stock (or Options or Convertible Securities) or readjustment of shares of Common Stock, in each case, that increases the number of shares of Common Stock. 

“Stockholder Voting Power” means the aggregate number of (i) shares of the outstanding shares of any class or series of
Capital Stock or (ii) shares of Voting Stock of the Company, with the calculation of such aggregate number of shares being conclusively made for all purposes under this Agreement and the Warrants, absent manifest error, by the Company based on
the Company’s review of the Warrant Register, the Company’s other books and records, each Registered Holder’s public filings pursuant to Section 13 or Section 16 of the Exchange Act and any other written evidence
satisfactory to the Company regarding any Registered Holder’s beneficial ownership of any securities of the Company. 

“Subsidiary” has the meaning specified under the Investment Agreement. 

“Third Closing” has the meaning specified under the Investment Agreement. 

“Third Party Transfer” means a Transfer to a Third Party Transferee pursuant to Section 4. 

“Third Party Transferee” means a Person that is not an Affiliate of Purchaser that becomes the Registered Owner of a Warrant as a
result of a Transfer pursuant to Section 4. 
 “Voting Stock” means with respect to the Company, the Common Stock and
any other Capital Stock of the Company having the right to vote generally in any election of directors of the Board. 
 [Remainder
of page intentionally left blank] 

  
 21 

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

			
	TPG RE FINANCE TRUST, INC.
		
	By:	 	 /s/ Matthew Coleman

		 	Name: Matthew Coleman
		 	Title: Vice President
	
	PE HOLDER, L.L.C.
		
	By:	 	 /s/ Ethan Bing

		 	Name: Ethan Bing
		 	Title: MD

 [Signature Page to Investment Agreement] 

  

 EXHIBIT A 

[Form of Warrant Certificate] 

[FACE] 
 Number 

Warrants 
 THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ ACT ”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A
REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE SUBJECT TO RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF MAY 28,
2020, THE WARRANT AGREEMENT AND THE CHARTER (AS DEFINED HEREIN), COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. 
 THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

TPG RE FINANCE TRUST, INC. 

Incorporated Under the Laws of the State of Maryland 

Warrant Certificate 

This Warrant Certificate certifies that
                    , or registered assigns, is the Registered Holder of
                     warrants (the “Warrants”) to purchase shares of Common Stock, $0.001 par value
(“Common Stock”), of TPG RE Finance Trust, Inc., a Maryland corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to
receive from the Company that number of fully paid and nonassessable shares of Common Stock (each, a “Warrant”) as set forth below, at the warrant price (the “Warrant Price”) as determined pursuant to the Warrant
Agreement, upon surrender of this Warrant Certificate at the office of the Company subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings
given to them in the Warrant Agreement. 

  

 Each Warrant is initially exercisable for one fully paid and
non-assessable share of Common Stock. The number of shares of Common Stock issuable upon exercise of the Warrants is subject to certain limitations and adjustment upon the occurrence of certain events, in each
case as set forth in the Warrant Agreement. 
 The initial Warrant Price is equal to $7.50 per share. The Warrant Price is subject to
adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 
 Subject to the conditions set forth in the Warrant
Agreement, the Warrants may be exercised only during the Exercise Period. 
 Reference is hereby made to the further provisions of this
Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Warrant Certificate shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts
executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of Laws principles, except where the provisions of the laws of the State of Maryland are mandatorily
applicable. 
  

			
	
	TPG RE FINANCE TRUST, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of May 28, 2020
(the “Warrant Agreement”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the
holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed at the principal corporate office of the Company. In the event that upon any
exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the
number of Warrants not exercised. 
 The Warrant Agreement provides that upon the occurrence of certain events the number of shares of
Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a share of
Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant. In lieu of any fractional share to which the Registered Holder would otherwise be entitled,
the Company shall make a cash payment equal to the Fair Market Value of one share of Common Stock on the payment date multiplied by such fraction. 

Warrant Certificates, when surrendered at the principal corporate office of the Company by the Registered Holder thereof in person or by legal
representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant
Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of transfer of
this Warrant Certificate at the office of the Company a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any
notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, 

 and for all other purposes, and the Company shall not be affected by any notice to the contrary. Neither the
Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

 EXHIBIT B 

Election to Purchase 
 (To Be
Executed Upon Exercise of Warrant) 
 The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant
Certificate, to receive                      shares of Common Stock from TPG RE Finance Trust, Inc., a Maryland
corporation (the “Company”). The undersigned requests that a certificate for such shares be registered in the name of
                    , whose address is
                     and that such shares be delivered to
                     whose address is
                    . 

The number of shares that this Warrant is exercisable for shall be determined in accordance with Section 2.3.1 of
the Warrant Agreement. 
 The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through
the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the
undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered in the name of
                    , whose address is
                    , and that such Warrant Certificate be delivered to
                    , whose address is
                    . 

Date:             , 20     

 

			
		
		 	(Signature)
		
		 	(Address)
		
		 	(Tax Identification Number)
		
	Signature:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]