Document:

EX-10.5

 Exhibit 10.5 
 REPURCHASE AGREEMENT 
 This REPURCHASE AGREEMENT (this
“Agreement”) is made and entered into as of January 18, 2012 by and between Thor Industries, Inc., a Delaware corporation (the “Company”), and CPVI Coinvest, L.L.C. a Delaware Limited Liability Company
(“Stockholder”). 
 RECITALS 
 WHEREAS, Stockholder is the owner of record and beneficially of Fifteen Thousand (15,000) shares of common stock, $0.10 par value, of the Company (the “Common Stock”); and

 WHEREAS, Stockholder desires to sell to the Company, and the Company is willing to purchase from Stockholder, 15,000 shares
(the “Repurchased Shares”) of Common Stock at $28.50 per share, for an aggregate purchase price of $427,500.00 (the “Aggregate Cash Consideration”), subject to the terms and conditions set forth in this Agreement.

 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties hereto agree as follows: 

1. Repurchase. Subject to the terms and conditions set forth in this Agreement, Stockholder hereby sells, assigns, transfers,
conveys and delivers all its right, title and interest in and to the Repurchased Shares to the Company free and clear of all liens, encumbrances, pledges, options, warrants, rights of first refusal, claims, charges, restrictions or claims or rights
of third parties of any kind or nature (collectively, “Liens”). The Company hereby purchases and accepts delivery of the Repurchased Shares in exchange for the payment of the Aggregate Cash Consideration. Stockholder hereby
acknowledges and agrees that receipt of the Aggregate Cash Consideration shall constitute complete satisfaction of all obligations or any other sums due to such Stockholder with respect to the purchase of the Repurchased Shares. 

2. Closing. The closing of the purchase provided for herein (the “Closing”) shall take place at the offices of
Akin Gump Strauss Hauer & Feld LLP, counsel to the Company, located at One Bryant Park, New York, New York 10036 on the date hereof (or at such other place upon which the parties hereto may mutually agree). At the Closing, the following
shall occur: 
 a. Stockholder Deliveries. Stockholder shall surrender to the Company the stock certificates (if any)
representing the Repurchased Shares owned by Stockholder and shall deliver all other documents and instruments reasonably necessary for the transfer of the Repurchased Shares to the Company, including an appropriate stock power, duly endorsed in
blank. With respect to the Repurchased Shares that are to be delivered through the facilities of The Depository Trust Company that are credited to or otherwise held in a securities account maintained by Stockholder, Stockholder shall take such
actions necessary to provide appropriate instruction to the relevant financial institution or other entity with which Stockholder’s account is maintained to effect the transfer of the Repurchased Shares from Stockholder’s account to an
account at a financial institution designated by the Company for the receipt of the Repurchased Shares so transferred. In connection with any account to which the Repurchased Shares are credited or otherwise held, Stockholder shall execute and
deliver such other and further documents or instruments necessary, in the reasonable opinion of the Company, to effect a legally valid transfer to the Company hereunder. 

 b. Company Deliveries. The Company shall deliver to Stockholder the Aggregate Cash
Consideration by wire transfer of immediately available funds to an account designated in writing by Stockholder to the Company prior to the Closing. 
 3. No Further Ownership Interest. From and after the Closing, Stockholder shall have no further right or title to or interest in the Repurchased Shares or any dividends (other than those declared
and not yet paid prior to the Closing), distributions, equity interests or other rights in respect thereof. 
 4.
Representations and Warranties of Stockholder. Stockholder represents and warrants to the Company as follows: 
 a.
Title to Shares. Stockholder owns good and marketable title to and is the record and beneficial owner of the Repurchased Shares and such Repurchased Shares are free and clear of all Liens. Except for this Agreement and the other agreements
listed on Schedule 4(a) hereto, Stockholder has not entered into or agreed to be bound by any other arrangements or agreements of any kind with any other person or entity with respect to the Repurchased Shares, including, but not limited to,
arrangements or agreements with respect to the acquisition or disposition thereof or any interest therein or the voting of any such Repurchased Shares. 
 b. Authority; Binding Effect. Stockholder is a Limited Liability Company validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority and
has taken all necessary action required for the due authorization, execution, delivery and performance by Stockholder of this Agreement and the consummation of the transactions contemplated herein. This Agreement is a legal, valid and binding
obligation of Stockholder, enforceable against Stockholder in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws relating to or
affecting enforcement of creditors’ rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

c. No Violation. Neither the execution and delivery of this Agreement by Stockholder, nor the sale of the Repurchased Shares owned
by Stockholder pursuant to this Agreement, will (i) result in a breach of its organizational documents, (ii) result in a default (or give rise to any right of termination, cancellation or acceleration) under any of the terms, conditions or
provisions of any material agreement, lease or other instrument or obligation to which Stockholder is a party, except for such defaults (or rights of termination, cancellation or acceleration) as to which requisite waivers or consents have been
obtained and are in full force and effect or which would not impair Stockholder’s ability to consummate the transactions contemplated by this Agreement, or (iii) violate any order, writ, injunction or decree applicable to Stockholder or
any of Stockholder’s material assets. 
 d. Governmental Authorization; Third Party Consent. No approval, consent,
compliance, exemption, authorization, or other action by or notice to, or filing with, any governmental authority or any other person or entity in respect of any requirements of law or otherwise is necessary or required by Stockholder in connection
with the execution, delivery or performance by Stockholder of this Agreement, except for such approval, consent, compliance, exemption, authorization, or other action which, if not obtained or made, would not reasonably be likely to prevent or
materially delay Stockholder from performing its obligations under this Agreement in all material respects. 
 e. Brokers or
Finders. Stockholder has not employed or entered into any agreement with, nor is Stockholder subject to, any valid claim of any broker, finder, consultant, or other intermediary in connection with the transactions contemplated by this
Agreement who might be entitled to a fee or commission in connection with such transactions. 

  
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 f. Legal Proceedings. There are no legal proceedings pending or, to the knowledge of
Stockholder, threatened, to which Stockholder is or may be a party, that (i) challenge the validity or enforceability of Stockholder’s obligations under this Agreement or (ii) seek to prevent, delay or otherwise would reasonably be
expected to materially adversely affect the consummation by Stockholder of the transactions contemplated hereby. 
 5.
Representations and Warranties of the Company. The Company represents and warrants to Stockholder as follows: 
 a.
Authority; Binding Effect. The Company is a corporation validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority and has taken all necessary action required for the due
authorization, execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated herein. This Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws relating to or affecting enforcement of creditors’ rights generally
and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 
 b. No Violation. Neither the execution and delivery of this Agreement by the Company, nor the purchase of the Repurchased Shares owned by Stockholder pursuant to this Agreement, will
(i) result in a breach of its organizational documents, (ii) result in a default (or give rise to any right of termination, cancellation or acceleration) under any of the terms, conditions or provisions of any material agreement, lease or
other instrument or obligation to which the Company is a party, except for such defaults (or rights of termination, cancellation or acceleration) as to which requisite waivers or consents have been obtained and are in full force and effect or which
would not impair the Company’s ability to consummate the transactions contemplated by this Agreement, or (iii) violate any order, writ, injunction or decree applicable to the Company or any of the Company’s material assets.

 c. Governmental Authorization; Third Party Consent. No approval, consent, compliance, exemption, authorization, or
other action by or notice to, or filing with, any governmental authority or any other person or entity in respect of any requirements of law or otherwise is necessary or required by the Company in connection with the execution, delivery or
performance by the Company of this Agreement, except for such approval, consent, compliance, exemption, authorization, or other action which, if not obtained or made, would not reasonably be likely to prevent or materially delay the Company from
performing its obligations under this Agreement in all material respects. 
 d. Brokers or Finders. The Company
has not employed or entered into any agreement with, nor is the Company subject to, any valid claim of any broker, finder, consultant, or other intermediary in connection with the transactions contemplated by this Agreement who might be entitled to
a fee or commission in connection with such transactions. 
 e. Exchange Act Reports. The Company’s reports filed
with the Securities and Exchange Commission (the “Commission”) pursuant to Section 13(a), 13(c) or 15(d) of the Securities Exchange Act of 1934, as amended, since August 1, 2009 and any amendment or supplement thereto, did
not, when filed with the Commission (or, if amended or supplemented prior to the date of this Agreement, as of the date of such amendment or supplement), and do not, as of the date hereof, contain an untrue statement of material fact or omit to
state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 

  
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 6. Miscellaneous. 

a. Amendment. This Agreement may not be amended or waived in any respect except by a written agreement signed by each of the
parties hereto. 
 b. Survival. Each of the representations, warranties, covenants and agreements contained in this
Agreement shall survive the Closing and continue in full force and effect in accordance with its terms, but is subject to all applicable statutes of limitation, statutes of repose and other similar defenses provided in law or equity. 

c. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and thereof and shall supersede all previous negotiations, commitments, agreements and understandings (both oral and written) with respect to such subject matter. 
 d. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of
an executed counterpart of a signature page of this Agreement by facsimile transmission or electronic image scan shall be effective as delivery of a manually executed counterpart of this Agreement. 

e. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 f. Expenses. Each party shall bear its own expenses and fees in connection with the execution of this Agreement and
the consummation of the transactions contemplated hereby. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

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

									
	THOR INDUSTRIES, INC.
		
	By:	 	 /s/ Peter Orthwein

		 	Name:  Peter Orthwein
		 	Title:  Chairman, President and CEO
	
	CPVI Coinvest, L.L.C.
		
		 	        By:  Catterton Management Company, L.L.C.
		 	        Its:  Manager
		
	By:	 	 /s/ Scott A. Dahnke

	Name:	 	Scott A. Dahnke
	Title:	 	Authorized Person

 [Signature page to Repurchase Agreement – Catterton] 

 Schedule 4(a) 
 Agreements Relating to Repurchased Shares 
 Stock Purchase Agreement dated as of
September 16, 2010 by and among the Company, Heartland RV Holdings, L.P., a Delaware limited partnership, Towable Holdings, Inc., a Delaware corporation, Heartland Recreational Vehicles, LLC, an Indiana limited liability company, and the other
parties listed on the signature pages hereto. 
 Letter from Heartland RV Holdings, L.P. to the Company dated October [12], 2011 relating to the
aforementioned Stock Purchase Agreement. 
 Registration Rights Agreement dated as of September 16, 2010, by and among the Company and
certain holders of shares of capital stock of the Company whose names are listed on the signature pages thereto, as amended by that certain letter agreement dated July 8, 2011 by and among the Company, Catterton Partners VI, L.P., Catterton
Partners VI Offshore, L.P., CP6 Interest Holdings, LLC, CPVI Coinvest, LLC and the other parties signatory thereto.Second Amendment to Amended and Restated Senior Revolving Credit Agreement

 Exhibit 10.1 
 SECOND AMENDMENT TO AMENDED AND 
 RESTATED SENIOR REVOLVING CREDIT
AGREEMENT 
 This Second Amendment to Amended and Restated Senior Revolving Credit Agreement (this
“Amendment”) is made as of January 19, 2012 (the “Amendment Effective Date”), by and among Terreno Realty LLC, a limited liability company organized under the laws of the State of Delaware (the
“Borrower”), KeyBank National Association, a national banking association, both individually as a “Lender” and as “Administrative Agent”, Terreno Realty Corporation, a corporation organized under
the laws of the State of Maryland, certain subsidiaries of Borrower which are signatories hereto and the financial institutions which are signatories hereto (together with KeyBank National Association in its individual capacity, collectively the
“Lenders”). Any capitalized terms used in this Amendment and not otherwise defined, are defined in the Credit Agreement described below. 
 RECITALS 
 WHEREAS, the Administrative Agent, KeyBanc Capital Markets, as lead
arranger, the Lenders and the Borrower entered into that certain Amended and Restated Senior Revolving Credit Agreement dated as of December 30, 2010, as amended by that certain First Amendment to Amended and Restated Senior Revolving Credit
Agreement dated as of June 30, 2011 (as amended, the “Credit Agreement”); 
 WHEREAS, Borrower has
requested that the Administrative Agent and the Lenders agree to make certain modifications to the Credit Agreement; 
 WHEREAS,
the Administrative Agent and the Lenders are willing to make such modifications provided that certain other modifications to the Credit Agreement are also made; 
 NOW THEREFORE in consideration of the foregoing and the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Amendment Effective Date. This Amendment shall become effective
upon the Amendment Effective Date, which is the date on which this Amendment has been executed by all of the parties hereto and delivered to the Administrative Agent. 
 2. Additional Commitment Fee. Borrower agrees to pay to the Administrative Agent for the benefit of the Lenders on the Amendment Effective Date a commitment fee of thirty-five hundredths of one
percent (0.35%) of the Aggregate Commitment. 
 3. Replacement of Defined Terms. Article 1 of the Credit Agreement shall
be amended as of the Amendment Effective Date by deleting the existing definitions of “Borrowing Base Value”, “Capitalization Rate”, “Facility Termination Date”, and “Unused Fee Percentage” in their entirety
and replacing them with the following: 
 “Borrowing Base Value” means, as of any date, the sum of (x) the
Borrowing Base NOI attributable to all Borrowing Base Properties owned by a Subsidiary Guarantor as of such date of determination which have been owned by such Subsidiary Guarantor for the most

 
recent four (4) full fiscal quarters for which financial results of Borrower have been reported, divided by the Capitalization Rate plus (y) the aggregate cost value basis of all
Borrowing Base Properties owned by a Subsidiary Guarantor as of such date of determination which were not so owned for such period of four (4) consecutive full fiscal quarters, provided that notwithstanding the foregoing, the Warm Springs
Borrowing Base Property shall be valued at fifty percent (50%) of its cost value basis until the Occupancy Percentage of such Borrowing Base Property reaches the level required under clause (b) of the definition of “Qualifying
Borrowing Base Property.” 
 “Capitalization Rate” means eight percent (8.0%). 

“Facility Termination Date” means January 19, as such date may be extended pursuant to Section 2.23 hereof.

 “Unused Fee Percentage” means, with respect to any calendar quarter, (i) 0.25% per annum, if the daily
average of the sum of the Advances and Facility Letter of Credit Obligations outstanding during such quarter is 50% or more of the daily average Aggregate Commitment during such quarter or (ii) 0.35% per annum if the average of the sum of
the Advances and Facility Letter of Credit Obligations outstanding during such quarter is less than 50% of the daily average Aggregate Commitment during such quarter. 
 4. Modification of Defined Terms. Article 1 of the Credit Agreement shall be amended as of the Amendment Effective Date by replacing the first sentence of the definition of “Consolidated Gross
Asset Value” with the following: 
 “Consolidated Gross Asset Value” means, as of any date, (i) the aggregate
Net Operating Income for the four (4) most recent full fiscal quarters of Borrower for which financial results have been reported attributable to Projects owned by Borrower or another member of the Consolidated Group as of the last day of such
period (excluding both Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for such four (4) most recent full fiscal quarters), divided by the Capitalization Rate, plus (ii) the
cost basis value for any such Projects first acquired by Borrower or a member of the Consolidated Group during such four (4) consecutive full fiscal quarters, plus (iii) Cash and Cash Equivalents owned by the Consolidated Group on the last
day of such most recent fiscal quarter, plus (iv) the Consolidated Group’s Pro Rata Share of the aggregate Net Operating Income for the four (4) most recent full fiscal quarters of Borrower for which financial results have been
reported attributable to Projects owned by Investment Affiliates on the last day of such period (excluding Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for such four (4) most
recent full fiscal quarters) divided by the Capitalization Rate, plus (v) the Consolidated Group Pro Rata Share of such the cost value basis of any Projects not so owned for such four (4) most recent full fiscal quarters by an Investment
Affiliate, plus (vi) the cost value basis of all Development 

  
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Projects of Borrower or any other member of the Consolidated Group, as of the last day of such most recent fiscal quarter, plus (vii) the cost value basis of any Unimproved Land owned by
Borrower or any other member of the Consolidated Group as of the last day of such most recent fiscal quarter.” 
 5.
Generally. Section 2.1 of the Credit Agreement shall be amended as of the Amendment Effective Date by replacing clause (ii) in its entirety with the following: 

“(ii) cause the then-current Outstanding Facility Amount to exceed sixty percent (60%) of the then-current Borrowing Base
Value;” 
 6. Applicable Margins. Section 2.3 of the Credit Agreement shall be amended as of the Amendment
Effective Date by replacing the “Leverage Ratio”, “LIBOR Applicable Margin” and “Base Rate Applicable Margin” chart in its entirety with the following: 

 

					
	 Leverage Ratio
	  	 LIBOR Applicable Margin
	 	 Base Rate

Applicable Margin

	> 55% but < 60%	  	3.50%	 	0
	> 50% but < 55%	  	3.00%	 	0
	> 45% but < 50%	  	2.75%	 	0
	<45%	  	2.50%	 	0

 7. Borrowing Base Metropolitan Statistical Area. Section 2.22(i)(c) of the Credit Agreement
shall be amended as of the Amendment Effective Date by replacing the second bullet point in its entirety with the following: 

“No one “Metropolitan Statistical Area” (as determined from time to time by the United States Office of Management and
Budget) (“MSA”) may contain Qualifying Borrowing Base Properties that constitute in the aggregate 40% or more of total Borrowing Base Value, except that during the following periods, the New Jersey MSA may constitute a greater
percentage of total Borrowing Base Value, provided that such percentage attributable to the New Jersey MSA does not exceed the following percentages of total Borrowing Base Value: 

 

			
	 Period
	  	 New Jersey MSA as
 percentage of total Borrowing

Base Value

	Prior to 6/30/13	  	55%
	7/1/13 to 6/30/14	  	45%
	7/1/14 and after	  	40%

 8. Eligible Borrowing Base Property. Section 2.22(ii) of the Credit Agreement shall be
amended as of the Amendment Effective Date by replacing the last paragraph of the subsection in its entirety with the following: 
 “If at any time the Administrative Agent shall determine that it does not have all of the Eligible Borrowing Base Property Qualification Documents, it shall promptly notify Borrower and request with
specificity any missing documents. The Administrative Agent shall notify Borrower in 

  
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writing within twenty (20) Business Days after it receives notice thereof and delivery of the Eligible Borrowing Base Property Qualification Documents related thereto if the Administrative
Agent has approved the proposed Qualifying Borrowing Base Property and determined that it is an Eligible Borrowing Base Property. If the Administrative Agent notifies Borrower that such Project has been so approved to become a Qualifying Borrowing
Base Property, then, as a condition precedent to such Project actually becoming a Qualifying Borrowing Base Property and being included in the Collateral, Borrower shall satisfy, or shall cause the applicable Subsidiary Guarantor owning such Project
to satisfy, the following conditions (the “Collateral Inclusion Conditions”) with respect to such Project: (i) the applicable Subsidiary Guarantor owning such Project shall execute and deliver a Joinder Agreement with respect
to the Subsidiary Guaranty, if such Subsidiary Guarantor has not already executed a Subsidiary Guaranty, together with the organizational documents and good standing and foreign qualification certificates referenced in Sections 4.1(b)(ii) and
4.1(b)(iii) with respect to any such new Subsidiary Guarantor, (ii) Borrower shall execute and deliver (and shall cause any intervening Subsidiaries owning, directly or indirectly, any Equity Interests in such the Subsidiary Guarantor
owning such Project to execute and deliver) to the Administrative Agent all instruments, documents, or agreements, including a Collateral Assignment with respect to the Pledged Equity Interests in such owning Subsidiary Guarantor in substantially
the same form as the Collateral Assignment attached as Exhibit G, consents and acknowledgments with respect to such Collateral Assignment from such owning Subsidiary Guarantor, membership, partnership and stock certificates, as applicable and
blank transfer powers, as the Administrative Agent on behalf of the Lenders shall deem reasonably necessary or desirable to obtain and perfect a first priority security interest in, or Lien on, the Pledged Equity Interests in such owning Subsidiary
Guarantor, and the other Collateral with respect thereto as described in the Collateral Assignment, if such documents have not previously been executed and delivered, (iii) cause the following documents with respect to such Substitute
Collateral to be delivered, executed and/or filed: (A) a written opinion of the Borrower’s counsel addressed to the Lenders in a form reasonably satisfactory to the Administrative Agent regarding the documents described in clause
(ii) above, (B) evidence that the applicable title company has committed to issue a title insurance policy insuring such Subsidiary Guarantor’s title to the real property constituting the Project in a form, and with such coverages and
endorsements, as are all reasonably satisfactory to the Administrative Agent, including without limitation a so-called “mezzanine endorsement” in favor of the Administrative Agent for the benefit of the Lenders in an amount not less than
60% of the Borrowing Base Value attributable to such Substitute Collateral to the extent such an endorsement is authorized to be issued in the state in which such Project is located; provided, however, Administrative Agent may waive
the mezzanine endorsement requirement if such proposed Qualifying Borrowing Base Property is located in a state in which the cost of issuing such mezzanine endorsement is more than nominal (in Administrative Agent’s sole discretion), and
(C) UCC-1 financing statements evidencing and perfecting the security interest granted in the applicable Pledged Equity Interests, and (iv) execute and deliver to the Administrative Agent on behalf of the Lenders a written confirmation
that, as of the date such additional Collateral is included in Collateral, all of the representations and warranties contained in Section 5.20 hereof are true and correct in all material respects with respect to such Qualifying Borrowing
Base Property as if it were an Initial Borrowing Base Property. Administrative Agent and Borrower shall cooperate in good faith to document and satisfy the Collateral Inclusion Conditions as soon as reasonable possible after approval of
Administrative Agent has been obtained. 

  
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 9. Minimum Borrowing Base Size. Section 2.22(iii) of the Credit Agreement shall
be amended as of the Amendment Effective Date by replacing the last sentence with the following: 
 “Notwithstanding anything to the
contrary in this Section 2.22(iii), no Qualifying Borrowing Base Property shall be released from the Borrowing Base Pool without Required Lender approval if such release will cause the Borrowing Base Pool to have fewer than five
(5) Qualifying Borrowing Base Properties remaining or if it would reduce the Borrowing Base Value below $75,000,000.” 

10. Extension of Maturity Date. The following shall be added as Section 2.23 to the Credit Agreement: 

“2.23. Extension of Maturity Date. Borrower shall have one (1) option to extend the Facility Termination Date for a
period of twelve (12) months, upon satisfaction of the following conditions precedent: 
 (i) As of the date
of Borrower’s delivery of notice of its intent to exercise such option, and as of the initial Facility Termination Date, no Event of Default shall have occurred and be continuing and Borrower shall so certify in writing; 

(ii) As of the date of Borrower’s delivery of notice of its intent to exercise such option, and as of the initial
Facility Termination Date, all representations and warranties of Borrower are true and correct and Borrower shall so certify in writing; 
 (iii) Borrower shall provide Administrative Agent with written notice of the Borrower’s intent to exercise such option not more than ninety (90) or less than sixty (60) days prior to the
initial Facility Termination Date; and 
 (iv) Borrower shall pay to the Administrative Agent for the account of
the Lenders, along with Borrower’s notice of exercise of such option, an extension fee equal to one fifth of one percent (0.20%) of the then-current Outstanding Facility Amount. 

11. Subsidiaries; Investment Affiliates. Section 5.7 of the Credit Agreement shall be amended as of the Amendment Effective
Date by replacing it in its entirety with the following: 
 “Direct Subsidiaries; Investment Affiliates. Schedule
1 hereto contains, an accurate list of all direct Subsidiaries of Parent Guarantor, setting forth their respective jurisdictions of incorporation or formation and the percentage of their respective capital stock or partnership or membership
interest owned by Parent Guarantor. All of the issued and outstanding shares of capital stock of such direct Subsidiaries that are corporations have been duly authorized and issued and are fully paid and non-assessable. There are no outstanding
subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding
securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such direct Subsidiary. Schedule 6 hereto contains an accurate list of all Investment Affiliates
of the Consolidated Group, including the correct legal name of such Investment Affiliate, the type of legal entity which each such Investment Affiliate is, and the type and amount of all equity interests in such Investment Affiliate held directly or
indirectly by members of the Consolidated Group.” 

  
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 12. Borrowing Base Leverage Ratio. Section 6.21(i) of the Credit Agreement shall
be amended as of the Amendment Effective Date by replacing it in its entirety with the following: 
 “(i) the Borrowing
Base Leverage Ratio to be greater than sixty percent (60%) at any time, unless Borrower cures such event as described and within the time period permitted under Section 2.8(b);” 

13. Subsidiary Schedule. Schedule 1 of the Credit Agreement shall be amended as of the Amendment Effective Date by adding the
following language after “Terreno Realty LLC”: 
 “, a Delaware limited liability company, 100% owned by Parent
Guarantor” 
 14. References. Each of the parties hereby consents to all of the changes made to the Credit Agreement
pursuant to this Amendment and agrees that each reference in the Loan Documents to the Credit Agreement shall deemed to be a reference to the Credit Agreement as amended by this Amendment. 

15. Representations and Warranties. Borrower hereby remakes, as of the Amendment Effective Date, all of the representations and
warranties of Borrower in Article 5 of the Credit Agreement and each reference therein to “the date hereof” or “the Agreement Execution Date” shall be deemed to be a reference to the Amendment Effective Date. Borrower hereby
further represents and warrants to Administrative Agent and Lenders as follows: 
 a) This Amendment constitutes
the legal, valid and binding obligation of Borrower, and is enforceable in accordance with its terms; 
 b)
Except as expressly modified hereby, the Loan Documents are ratified and confirmed hereby, are in full force and effect, and Borrower has no defenses or offsets to the enforcement thereof or counterclaims which relate thereto; 

c) Upon execution and delivery of this Amendment and satisfaction of the conditions to the effectiveness of this
Amendment, to the best of Borrower’s knowledge, information and belief, no Default shall exist under the Loan Documents; and 
 d) Borrower and Guarantors all have full power and authority to execute this Amendment. 
 16. Governing Law. This Amendment shall be construed in accordance with the internal laws (and not the law of conflicts) of the State of New York, but giving effect to Federal laws applicable to
national banks. 
 17. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be
deemed to be an original, and all of which together shall constitute a single agreement. 
 18. Continued Effect. Other
than as expressly amended herein, Borrower and Guarantors all agree that the Credit Agreement and all other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 

(Remainder of page intentionally left blank.) 

  
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 IN WITNESS WHEREOF, Borrower and the Lenders have executed this Amendment as of the date
first above written. 
  

					
	TERRENO REALTY LLC, a Delaware limited
liability company
		
	By:	 	TERRENO REALTY CORPORATION, a
		 	Maryland corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name: Jaime J. Cannon
		 	Title: Senior Vice President
	
	Address for Notices:
	
	16 Maiden Lane, Fifth Floor
	San Francisco, CA 94108

 
					
		 	KEYBANK NATIONAL ASSOCIATION,
		 	Individually and as Administrative Agent
			
		 	By:	 	 /S/ Joshua K. Mayers

		 	Print Name: Joshua K. Mayers
		 	Title: Vice President
		
		 	127 Public Square, 8th Floor
		 	OH-01-27-0839
		 	Cleveland, Ohio 44114
		 	Phone: 216-689-0213
		 	Facsimile: 216-689-5819
		 	Attention: Joshua Mayers
		 	Joshua_Mayers@KeyBank.com
		
	With a copy to:  	 	KeyBank Real Estate Capital
		 	Mailcode: OH-01-49-0424
		 	4900 Tiedeman Rd.; 4th Floor NE Corner
		 	Brooklyn, Ohio 44144-2302
		 	Phone: 216-813-1603
		 	Facsimile: 216-370-6206
		 	Attention: John Hyland

  
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	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /S/ Nicolas Zitelli

	Print Name: Nicolas Zitelli
	Title: Assistant Vice President
	
	500 First Avenue, MSP7-PFSC-04-V
	Pittsburgh, Pennsylvania 15219
	Phone: 412-768-5361
	Facsimile: 412-705-2125
	Attention: Anna M. Stepnick
	Email: anna.stepnick@pnc.com

  
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	UNION BANK, N.A.
		
	By:	 	 /S/ Jack Kissane

	Print Name: Jack Kissane
	Title:Vice President
	
	145 South State College Boulevard, Suite 600
	MC 4-35A-379
	Brea, California 92821
	Phone: 714-990-7467
	Facsimile: 949-752-8372
	Attention: Cassandra Schraff
	Email: cassandra.schraff@unionbank.com

  
 -4-

 
			
	The undersigned, being the Parent Guarantor under the Credit Agreement, hereby consents to and approves of this Amendment and agrees that the Parent Guaranty shall
continue in full force and effect.
	
	TERRENO REALTY CORPORATION a Maryland corporation
		
	By:	 	 /S/ Jaime J. Cannon

	Print Name: Jaime J. Cannon
	Title: Senior Vice President
	
	Terreno Realty Corporation
	16 Maiden Lane, Fifth Floor
	San Francisco, CA 94108
	Attention: Jaime Cannon
	Telephone: (415) 655-4593
	Facsimile: (415) 655-4599
	
	The undersigned, being all of the Subsidiary Guarantors under the Credit Agreement immediately prior to the Amendment Effective Date hereby consent to and approve of
this Amendment and agree that the Subsidiary Guaranty shall continue in full force and effect.

  

							
	TERRENO RIALTO LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name: Jaime J. Cannon
		 		 	Title: Senior Vice President

  
 -5-

 
							
	TERRENO INTERSTATE LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name: Jaime J. Cannon
		 		 	Title: Senior Vice President
	
	TERRENO MALTESE LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name: Jaime J. Cannon
		 		 	Title: Senior Vice President

  

							
	TERRENO FORTUNE/QUME LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name: Jaime J. Cannon
		 		 	Title: Senior Vice President

  
 -6-

 
							
	TERRENO WARM SPRINGS I/II LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name: Jaime J. Cannon
		 		 	Title: Senior Vice President

  

							
	TERRENO 630 GLASGOW LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name: Jaime J. Cannon
		 	Title: Senior Vice President

  

							
	TERRENO AHERN LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
				
		 	By:	 		 	TERRENO REALTY
		 		 		 	CORPORATION, a Maryland
		 		 		 	corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name: Jaime J. Cannon
		 	Title: Senior Vice President

  
 -7-

 
							
	TERRENO 70TH AVENUE LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name: Jaime J. Cannon
		 	Title: Senior Vice President

  

					
	TERRENO DELL LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name: Jaime J. Cannon
		 	Title: Senior Vice President

  

					
	TERRENO 8730 BOLLMAN LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name: Jaime J. Cannon
		 	Title: Senior Vice President

  
 -8-

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