Document:

Exhibit 10.1

 

INVESTOR AGREEMENT

 

By and Among

 

GROVE ENERGY CAPITAL LLC,

 

SK HOLDINGS CO., LTD.,

 

SK E&S CO., LTD.

 

and

 

PLUG POWER INC.

 

Dated as of February 24, 2021

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	1.     Definitions	1
	2.     Registration Rights	6
	2.1     Required Registration	6
	2.2     Revocation of Required Registration	6
	2.3     Continuous Effectiveness of Registration Statement	7
	2.4     Obligations of the Company	7
	2.5     Information; Investor Covenants	9
	2.6     Expenses	9
	2.7     Indemnification	10
	2.8     SEC Reports	12
	2.9     Legend Removal	12
	3.     Restrictions on Beneficial Ownership	12
	3.1     Standstill	12
	4.     Restrictions on Dispositions	14
	4.1     Lock-Up	14
	4.2     Certain Dispositions During Lock-Up	15
	4.3     Certain Dispositions and Indirect Transfers	15
	4.4     Effect of Prohibited Disposition	16
	4.5     Compliance with Laws	16
	4.6     Legends	16
	4.7     Offering Lock-Up	17
	5.     Voting Agreement	17
	5.1   Voting of Securities	17
	6.     Board Composition	18
	7.     Miscellaneous	20
	7.1     Governing Law; Submission to Jurisdiction	20
	7.2     Waiver	21
	7.3     Notices	21
	7.4     Entire Agreement	21
	7.5     Amendments	21
	7.6     Interpretation	21
	7.7     Severability	22
	7.8     Assignment	22
	7.9     Successors and Assigns	22
	7.10   Counterparts	22
	7.11   Fees and Expenses	22
	7.12   Third Party Beneficiaries	22
	7.13   Performance of the Investor and Affiliates	23
	7.14   Remedies	23

 

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	7.15   Specific Performance	23
	7.16   Confidentiality	24

 

Exhibit A – Form of Irrevocable Proxy

 

Exhibit B – Notices

 

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INVESTOR AGREEMENT

 

THIS INVESTOR AGREEMENT (this “Agreement”)
is made as of February 24, 2021, by and among Grove Energy Capital LLC, a Delaware limited liability company (“Investor”),
SK Holdings, Co., Ltd. a company organized under the laws of the Republic of Korea (“SK Holdings”), SK E&S
Co., Ltd. a company organized under the laws of the Republic of Korea (“SK E&S”), and Plug Power Inc., a
Delaware corporation (the “Company”).

 

WHEREAS, the Stock Purchase Agreement, dated
as of January 6, 2021, by and among the Investor, Plutus Capital NY, Inc., a Delaware corporation (“Plutus”),
SK E&S Americas, Inc., a Delaware corporation (“SK E&S Americas”), and the Company (the “Purchase
Agreement”) provides for the issuance and sale by the Company to the Investor, and the purchase by the Investor, of a
number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), equal
to the Share Amount (as defined in the Purchase Agreement) (the “Purchased Shares”); and

 

WHEREAS, as a condition to consummating
the transactions contemplated by the Purchase Agreement, the Investor, SK Holdings, SK E&S and the Company have agreed upon
certain rights and restrictions as set forth herein with respect to the Purchased Shares and other securities of the Company beneficially
owned by the Investor and its Affiliates, and it is a condition to the closing of the transactions contemplated by the Purchase
Agreement that this Agreement be executed and delivered by the Investor, SK Holdings, SK E&S and the Company.

 

NOW, THEREFORE, in consideration of the
premises and mutual agreements hereinafter set forth, and for other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.                 
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

(a)              
“Acquisition Proposal” shall have the meaning set forth in Section 3.1(d).

 

(b)               “Affiliate”
means, with respect to any Person, another Person which controls, is controlled by or is under common control with such
Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power
to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting
securities, by contract or otherwise. Without limiting the generality of the foregoing, a Person shall be deemed to control
another Person if any of the following conditions is met: (i) if such other Person is a corporate entity, such first Person
has direct or indirect ownership of more than fifty percent (50%) of the stock or shares having the right to vote for the
election of directors of such corporate entity, and (ii) if such other Person is a non-corporate entity, such first Person
has direct or indirect ownership of more than fifty percent (50%) of the equity interest with the power to direct the
management and policies of such non-corporate entity. Notwithstanding anything to the contrary (except as otherwise expressly
provided in Sections 6(f) and 7.13(a)), the Affiliates of the Investor, Plutus, SK E&S Americas, SK Holdings and SK
E&S shall only mean the SK Parties. For purposes of this Agreement, in no event shall the Investor or any of its
Affiliates be deemed Affiliates of the Company or any of its Affiliates, nor shall the Company or any of its Affiliates be
deemed Affiliates of the Investor or any of its Affiliates.

 

    

     

    

 

(c)              
“Affiliate Proxy” shall have the meaning set forth in Section 5.1 of this Agreement.

 

(d)              
“Agreement” shall have the meaning set forth in the Preamble to this Agreement, including all
Exhibits attached hereto.

 

(e)              
 “beneficial owner,” “beneficially owns,” “beneficial ownership”
and terms of similar import used in this Agreement shall, with respect to a Person, have the meaning set forth in Rule 13d-3 under
the Exchange Act (i) assuming the full conversion into, and exercise and exchange for, shares of Common Stock of all Common Stock
Equivalents beneficially owned by such Person and (ii) determined without regard for the number of days within which such Person
has the right to acquire such beneficial ownership.

 

(f)               
“Board” means the Board of Directors of the Company.

 

(g)              
“Business Combination” shall have the meaning set forth in Section 3.1(g).

 

(h)              
“Business Day” means a day on which commercial banking institutions in New York, New York and
Seoul, the Republic of Korea are open for business.

 

(i)                
“Change of Control” means, with respect to the Company, any of the following events: (i) any Person
is or becomes the beneficial owner (except that a Person shall be deemed to have beneficial ownership of all shares that any such
Person has the right to acquire, whether such right which may be exercised immediately or only after the passage of time), directly
or indirectly, of a majority of the total voting power represented by all shares of Common Stock then issued and outstanding; (ii)
the Company consolidates with or merges into another corporation or entity, or any corporation or entity consolidates with or merges
into the Company, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent thereof) a majority of the combined voting power of the voting securities
of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B)
a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person becomes
the beneficial owner, directly or indirectly, of a majority of the total voting power of all shares of Common Stock then issued
and outstanding or (iii) the Company conveys, transfers or leases all or substantially all of its assets to any Person other than
a wholly owned Affiliate of the Company.

 

(j)                
“Closing Date” shall have the meaning set forth in the Purchase Agreement.

 

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(k)              
 “Common Stock” shall have the meaning set forth in the Preamble to this Agreement.

 

(l)                
“Common Stock Equivalents” means any options, warrants or other securities or rights convertible
into or exercisable or exchangeable for, whether directly or following conversion into or exercise or exchange for other options,
warrants or other securities or rights, shares of Common Stock.

 

(m)            
“Company” shall have the meaning set forth in the Preamble to this Agreement.

 

(n)              
“Competitor” means any Person that, directly or indirectly, including through one or more Affiliates,
(i) engages in a business that is competitive with the business, services and/or products of the Company or (ii) owns a controlling
equity interest in any Person described under clause (i) hereof, in each case, as determined by the Board (excluding the Investor
Designee, if any) acting in good faith. Notwithstanding any provision herein to the contrary, solely for any Indirect Transfer,
a Person who is primarily engaged in the business of making investments shall not be considered a Competitor.

 

(o)              
“Derivative” shall have the meaning set forth in Section 3.1(a).

 

(p)              
“Director Conditions” shall have the meaning set forth in Section 6(b).

 

(q)              
“Director Period” means the period commencing on the Closing Date and ending on the earlier
of (i) the date immediately following a period of forty-five (45) consecutive days during which
the Investor and its Affiliates beneficially own shares of Common Stock representing less than four percent (4.0%) of the shares
of Common Stock then issued and outstanding, (ii) the second anniversary of the Closing
Date if the Joint Venture Agreement has not been executed and delivered by all parties thereto by such date, and (iii) any expiration
or termination of the Joint Venture Agreement in accordance with the terms thereof.

 

(r)               
“Disposition” or “Dispose of” means any (i) offer, sale, contract to sell,
sale of any option or contract to purchase, purchase of any option or contract to sell, grant of any option, right or warrant for
the sale of, or other disposition of or transfer of any shares of Common Stock, or any Common Stock Equivalents, including, without
limitation, any “short sale” or similar arrangement, or (ii) hedge, swap or any other agreement or transaction that
transfers, in whole or in part, directly or indirectly, any of the economic consequence of ownership of shares of Common Stock,
whether any such hedge, swap, agreement or transaction is to be settled by delivery of Common Stock, other securities, in cash
or otherwise.

 

(s)               
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the SEC promulgated thereunder.

 

(t)                
“Free Writing Prospectus” shall have the meaning set forth in Section 2.4(c).

 

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(u)              
 “Governmental Authority” means any court, agency, authority, department, regulatory body or other
instrumentality of any government or country or of any national, federal, state, provincial, regional, county, city or other political
subdivision of any such government or country or any supranational organization of which any such country is a member.

 

(v)              
“Indirect Transfer” or “Indirectly Transfer” means any transfer, sale or other
disposition of any equity interests in the Investor, Plutus, SK E&S Americas or any other Affiliate of the Investor that, directly
or indirectly, controls the Investor (other than SK Holdings and SK E&S).

 

(w)            
“Investor” shall have the meaning set forth in the Preamble to this Agreement.

 

(x)              
“Investor Designee” shall have the meaning set forth in Section 6(a).

 

(y)              
“Irrevocable Proxy” shall have the meaning set forth in Section 5.1.

 

(z)              
“Joint Venture Agreement” means the definitive joint venture agreement and the definitive stockholder
agreement (or similar agreements) establishing the joint venture contemplated by the Nonbinding Asia JV Framework Agreement dated
January 6, 2021.

 

(aa)           
“Law” or “Laws” means all laws, statutes, rules, regulations, orders, judgments,
injunctions and/or ordinances of any Governmental Authority.

 

(bb)          
“Lock-Up Term” shall have the meaning set forth in Section 4.1(a).

 

(cc)           
“Offeror” shall have the meaning set forth in Section 3.1(d).

 

(dd)          
“Partial Lock-Up Term” shall have the meaning set forth in Section 4.1(b).

 

(ee)           
“Permitted Purchases” means purchases of Common Stock by the Investor and/or, subject to compliance
with Section 5.1, its Affiliates, to the extent necessary to reverse any decrease in the aggregate percentage of the issued and
outstanding Common Stock beneficially owned by the Investor and its Affiliates that results solely from a net increase in the number
of issued and outstanding shares of Common Stock, provided that, immediately after giving effect to any such purchase, the Investor
and its Affiliates do not beneficially own, in the aggregate, more than 9.9% of the then issued and outstanding Common Stock.

 

(ff)             
“Person” means any individual, partnership, firm, corporation, association, trust, unincorporated
organization, government or any department or agency thereof or other entity, as well as any syndicate or group that would be deemed
to be a Person under Section 13(d)(3) of the Exchange Act.

 

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(gg)          
 “Plutus” shall have the meaning set forth in the Preamble to this Agreement.

 

(hh)          
“Prospectus Supplement” shall have the meaning set forth in Section 2.1.

 

(ii)             
“Purchase Agreement” shall have the meaning set forth in the Preamble to this Agreement, and shall
include all Exhibits attached thereto.

 

(jj)             
“Purchased Shares” shall have the meaning set forth in the Preamble to this Agreement, and shall
be adjusted for (i) any stock split, stock dividend, share exchange, merger, consolidation or similar recapitalization and (ii)
any Common Stock issued as (or issuable upon the exercise of any warrant, right or other security that is issued as) a dividend
or other distribution with respect to, or in exchange or in replacement of, the Purchased Shares.

 

(kk)          
“registers,” “registered,” and “registration” refer to a
registration effected by preparing and filing a Registration Statement or similar document in compliance with the Securities Act,
and the declaration or ordering of effectiveness of such Registration Statement or document by the SEC.

 

(ll)             
“Registrable Securities” means (i) the Purchased Shares, together with any shares of Common Stock
issued in respect thereof as a result of any stock split, stock dividend, share exchange, merger, consolidation or similar recapitalization,
(ii) any shares of Common Stock purchased in Permitted Purchases, and (iii) any Common Stock issued as (or issuable upon the exercise
of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or
in replacement of, the shares of Common Stock described in clauses (i) and (ii) of this definition, provided, however,
that shares of Common Stock shall cease to be Registrable Securities when either (A) such shares have been disposed of in accordance
with the Registration Statement, or (B) such shares may be sold under Rule 144 of the Securities Act without any limitation as
to time, volume or manner of sale and without the need for the Company to comply with the current public information requirement
under Rule 144(c)(1) of the Securities Act.

 

(mm)        
“Registration Statement” shall have the meaning set forth in Section 2.1.

 

(nn)          
“Representatives” shall mean, with respect to any Person, its officers, directors, principals,
partners, managers, members, employees, consultants, agents, financial advisors, investment bankers, attorneys, accountants, potential
debt and equity financing sources (excluding any co-investors and any purchasers in an Indirect Transfer), and other representatives.
For the avoidance of doubt, potential debt and equity financing sources are Representatives, whether or not the Investor contacts
any one of them before or after the Closing Date.

 

(oo)          
“Required Period” shall have the meaning set forth in Section 2.3.

 

(pp)          
“Required Registration” shall have the meaning set forth in Section 2.1.

 

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(qq)          
 “SEC” means the United States Securities and Exchange Commission.

 

(rr)             
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of
the SEC promulgated thereunder.

 

(ss)            
 “SK E&S” shall have the meaning set forth in the Preamble to this Agreement.

 

(tt)             
“SK E&S Americas” shall have the meaning set forth in the Preamble to this Agreement.

 

(uu)          
“SK Holdings” shall have the meaning set forth in the Preamble to this Agreement.

 

(vv)          
 “SK Parties” means the Investor, Plutus, SK E&S Americas, SK Holdings, SK E&S and any
subsidiaries of SK E&S in which SK E&S owns more than fifty percent (50%) of the equity interest.

 

(ww)      
“Standstill Term” shall have the meaning set forth in Section 3.1.

 

(xx)          
“Third Party” means any Person other than the Investor, Plutus, SK E&S Americas, SK Holdings,
SK E&S, the Company or any of their respective Affiliates.

 

(yy)          
 “Violation” shall have the meaning set forth in Section 2.7(a).

 

2.                 
Registration Rights.

 

2.1             
Required Registration. On or prior to the expiration of the Lock-Up Term, the Company shall prepare and file
with the SEC, at its discretion, either (a) a Registration Statement on Form S-3ASR (or a Registration Statement on Form S-3 if
it is no longer eligible to file a Registration Statement on Form S-3ASR) or (b) a prospectus supplement pursuant to Rule 424(b)(7)
under the Act (the “Prospectus Supplement”) relating to the Company’s then-effective Registration Statement
on Form S-3 ASR or Form S-3, in either such case covering the resale of the Registrable Securities as a secondary offering to be
made on a continuous basis pursuant to Rule 415 (the “Required Registration”). The applicable Registration Statement
(including any preliminary or final prospectus or prospectus supplement contained therein (including the Prospectus Supplement))
referenced in clause (a) or (b) is referred to herein as the “Registration Statement.”

 

2.2             
Revocation of Required Registration. With respect to the Required Registration, the Investor may, at any time
prior to the effective date of such Registration Statement, waive the requirement to have all or any of the Registrable Securities
owned by the Investor included therein by providing a written notice to the Company, in which case such Registrable Securities
will not be included in such Registration Statement.

 

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2.3              Continuous
Effectiveness of Registration Statement. The Company will use its reasonable efforts to cause the Registration Statement
filed pursuant to this Section 2 to be declared effective by the SEC or to become effective under the Securities Act as
promptly as practicable and to keep such Registration Statement that has been declared or becomes effective continuously
effective until the Investor no longer holds any Registrable Securities (the “Required Period”).

 

2.4             
Obligations of the Company. In connection with the Registration Statement and during the Required Period,
the Company shall:

 

(a)              
prepare and file with the SEC a Registration Statement with respect to the Registrable Securities; provided
that at least ten (10) Business Days prior to filing the Registration Statement or any prospectus or any amendments or supplements
thereto, the Company shall furnish to the Investor and its counsel copies of all such documents proposed to be filed, and the Investor
shall have the opportunity to comment on any information that is contained therein and the Company shall consider all such comments
in good faith and shall make the corrections reasonably requested by the Investor with respect to any information pertaining solely
to the Investor and the plan of distribution prior to filing the Registration Statement or other documents;

 

(b)              
prepare and file with the SEC such amendments, including post-effective amendments to the Registration Statement
and/or replacement shelf registration statements and supplements to the Registration Statement and any prospectus used in connection
therewith as may be necessary to keep the Registration Statement effective for the Required Period, and cause the prospectus to
be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities
Act, to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered
by such Registration Statement for the Required Period; provided that at least ten (10) Business Days prior to filing any
such amendments and post-effective amendments or supplements thereto, the Company shall furnish to the Investor and its counsel
copies of all such documents proposed to be filed, and promptly incorporate into a Registration Statement, prospectus supplement
or post-effective amendment such information as the Investor reasonably requests 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 or post-effective
amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such prospectus supplement
or post-effective amendment;

 

(c)              
furnish to the Investor such numbers of conformed copies of such Registration Statement, and of each amendment and
supplement thereto, such number of copies of the prospectus contained in or deemed part of such Registration Statement (including
each preliminary prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities
Act) (a “Free Writing Prospectus”) utilized in connection therewith and any other prospectus filed under Rule
424 under the Securities Act ) in conformity with the requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities;

 

(d)               notify
the Investor promptly the filing of the Registration Statement, any amendment thereto, the prospectus or any prospectus
supplement related thereto or post-effective to the Registration Statement and/or replacement shelf registration statement or
any Free Writing Prospectus utilized in connection therewith;

 

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(e)              
notify the Investor, promptly after the Company shall receive notice thereof, of the time when the Registration Statement
becomes or is declared effective or when any amendment or supplement or any prospectus forming a part of such Registration Statement
has been filed;

 

(f)               
notify the Investor promptly of any comment letter from the SEC or any request by the SEC or any other U.S. or state
Governmental Authority for the amending or supplementing of the Registration Statement or prospectus or for additional information
and promptly deliver to the Investor copies of any comments received from the SEC and any correspondence from and to the SEC and
respond as promptly as reasonably practicable to such comments;

 

(g)              
notify the Investor promptly of any stop order suspending the effectiveness of the Registration Statement or Prospectus
or the initiation of any proceedings for that purpose, and use all reasonable efforts to obtain the withdrawal of any such order
or the termination of such proceedings;

 

(h)              
use all reasonable efforts to register and qualify the Registrable Securities covered by the Registration Statement
under such other securities or blue sky Laws of such jurisdictions as shall be reasonably requested by the Investor, use all reasonable
efforts to keep each such registration or qualification effective, including through new filings, or amendments or renewals, during
the Required Period, and notify the Investor of the receipt of any written notification with respect to any suspension of any such
qualification or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction at the earliest reasonable practicable date; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions, except as may be required by the Securities Act;

 

(i)                
promptly notify the Investor at any time when a prospectus relating thereto is required to be delivered under the
Securities Act of the happening of any event as a result of which the prospectus included in the Registration Statement or any
offering memorandum or other offering document includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing, and promptly prepare a supplement or amendment to such prospectus or file any other required document so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of material fact
or omit to state any fact necessary to make the statements therein not misleading;

 

(j)                 use
all reasonable efforts to comply with all applicable rules and regulations of the SEC relating to such registration and make
generally available to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities
Act, provided that the Company will be deemed to have complied with this Section 2.4(j) with respect to such earning
statements if it has satisfied the provisions of Rule 158 promulgated under the Securities Act;

 

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(k)              
maintain a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from
and after a date no later than the effective date of such Registration Statement;

 

(l)                
notify the Investor promptly upon the happening of any event that makes any statement made in such Registration Statement
or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in such Registration Statement, prospectus or documents so that, in the case of the
Registration Statement, it will 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, and that in the case of the prospectus, it will not
contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided, that such notice need not include the nature
or details concerning such event;

 

(m)              
if reasonably requested by counsel to the Investor, (i) promptly incorporate in a prospectus supplement or post-effective
amendment to the Registration Statement such information as the Company reasonably agrees (upon advice of counsel) is required
to be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment promptly
after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment
and has agreed to their inclusion in the Registration Statement; and

 

(n)              
cause the Registrable Securities covered by such Registration Statement to be listed on each securities exchange,
if any, on which equity securities issued by the Company are then listed.

 

2.5             
Information; Investor Covenants. It shall be a condition precedent to the obligations of the Company to take
any action pursuant to this Section 2 with respect to the Registrable Securities that the Investor furnish to the Company such
information regarding itself and the Registrable Securities held by it as is required by Regulation S-K Item 507 or as shall be
necessary to effect the registration of the Registrable Securities. The Investor agrees that, upon receipt of any notice from the
Company of the happening of an event pursuant to Section 2.4(i) hereof, the Investor will immediately discontinue disposition of
Registrable Securities pursuant to any Registration Statement covering such Registrable Securities, until the Investor is advised
by the Company that such dispositions may again be made. The Investor covenants and agrees that it will comply with the prospectus
delivery requirements of the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable
Securities pursuant to any Registration Statement.

 

2.6              Expenses.
The Company will pay all expenses associated with the preparation and filing of a Registration Statement, including, without
limitation, filing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the
Registrable Securities for sale under applicable state securities Laws and listing fees. In no event shall the Company be
responsible for any discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities
industry professionals with respect to the Registrable Securities being sold.

 

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2.7             
Indemnification. In the event any Registrable Securities are included in a Registration Statement under this
Agreement:

 

   (a)              
The Company shall indemnify and hold harmless the Investor, any underwriter (as defined in the Securities Act) for
the Investor and each Person, if any, who controls the Investor or underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act and the officers, directors, owners, agents and employees of such controlling Persons, against
any and all losses, claims, damages or liabilities (joint or several) to which they may become subject under any securities Laws
including, without limitation, the Securities Act, the Exchange Act, or any other statute or common law of the United States or
any other country or political subdivision thereof, or otherwise, including the amount paid in settlement of any litigation commenced
or threatened (including any amounts paid pursuant to or in settlement of claims made under the indemnification or contribution
provisions of any underwriting or similar agreement entered into by the Investor in connection with any offering or sale of securities
covered by this Agreement), and shall promptly reimburse them, as and when incurred, for any legal or other expenses incurred by
them in connection with investigating any claims and defending any actions, insofar as any such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each,
a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in or incorporated
by reference into such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any
free writing prospectus or any amendments or supplements thereto, or in any offering memorandum or other offering document relating
to the offering and sale of such securities, (ii) the omission or alleged omission to state therein a material fact required to
be stated therein, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the
Company (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities Law, or any rule or
regulation promulgated under any state securities Law, in each case arising from such Registration Statement; provided, however,
the Company shall not be liable in any such case for any such loss, claim, damage, liability or action to the extent that it (A)
arises out of or is based upon a Violation which occurs solely in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by the Investor; or (B) is caused by the Investor’s disposition of
Registrable Securities after notice from the Company pursuant to Section 2.4(g) during any period during which the Investor is
obligated to discontinue any disposition of Registrable Securities as a result of any stop order suspending the effectiveness of
any Registration Statement or prospectus with respect to Registrable Securities. The Company shall pay, as incurred, any legal
or other expenses reasonably incurred by any Person intended to be indemnified pursuant to this Section 2.7(a), in connection with
investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained
in this Section 2.7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed.

 

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(b)              
 The Investor shall indemnify and hold harmless the Company, each of its directors, each of its officers who has
signed the Registration Statement, each Person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act and the officers, directors, owners, agents and employees of such controlling Persons, any
underwriter, any other Investor selling securities in such Registration Statement and any controlling Person of any such underwriter
or other Investor, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons
may become subject, under liabilities (or actions in respect thereto) which arise out of or are based upon any Violation, in each
case to the extent (and only to the extent) that such Violation: (i) arises out of or is based upon a Violation which occurs solely
in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by
the Investor; or (ii) is caused by the Investor’s disposition of Registrable Securities after notice from the Company pursuant
to Section 2.4(g) during any period during which the Investor is obligated to discontinue any disposition of Registrable Securities
as a result of any stop order suspending the effectiveness of any Registration Statement or prospectus with respect to Registrable
Securities. The Investor shall pay, as incurred, any legal or other expenses reasonably incurred by any Person intended to be indemnified
pursuant to this Section 2.7(b), in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this Section 2.7(b) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability or action if such settlement is effected without consent of the Investor, which consent
shall not be unreasonably withheld.

 

(c)              
Promptly after receipt by an indemnified party under this Section 2.7 of notice of the commencement of any action
(including any action by a Governmental Authority), such indemnified party shall, if a claim in respect thereof is to be made against
any indemnifying party under this Section 2.7, deliver to the indemnifying party a written notice of the commencement thereof and
the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with
any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party shall have the right to retain its own counsel, with the reasonable fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party
would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of
the commencement of any such action, if prejudicial in a material respect to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 2.7, but the omission so to deliver written notice
to the indemnifying party shall not relieve it of any liability that it may have to any indemnified party otherwise than under
this Section 2.7.

 

(d)               In
order to provide for just and equitable contribution to joint liability in any case in which a claim for indemnification is
made pursuant to this Section 2.7 but it is judicially determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case notwithstanding the fact that this Section 2.7 provided for indemnification
in such case, the Company and the Investor shall contribute to the aggregate losses, claims, damages or liabilities to which
they may be subject (after contribution from others) in proportion to the relative fault of the Company, on the one hand, and
the Investor, on the other hand; provided, however, that in any such case, 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; provided further, however, that in no event shall any contribution under this
Section 2.7(d) on the part of any Investor exceed the net proceeds received by the Investor from the sale of Registrable
Securities giving rise to such contribution obligation, except in the case of willful misconduct or fraud by the
Investor.

 

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(e)              
The obligations of the Company and the Investor under this Section 2.7 shall survive the completion of any offering
of Registrable Securities in a Registration Statement under this Agreement and otherwise.

 

2.8             
SEC Reports. With a view to making available to the Investor the benefits of Rule 144 under the Securities
Act and any other rule or regulation of the SEC that may at any time permit the Investor to sell Registrable Securities of the
Company to the public without registration, the Company agrees to at any time that it is a reporting company under Section 13 or
15(d) of the Exchange Act:

 

(a)              
file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act;
and

 

(b)              
furnish to the Investor, so long as the Investor owns any Registrable Securities, forthwith upon request (i) a written
statement by the Company that it has complied with the reporting requirements of the Exchange Act, (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information
as may be reasonably requested in availing the Investor of any rule or regulation of the SEC (exclusive of Rule 144A) which permits
the selling of any Registrable Securities without registration.

 

2.9             
Legend Removal. After the expiration of the Lock-Up Term, the Company shall cause the legends set forth in
Section 4.6 to be removed from the Purchased Shares, no later than two (2) Business Days from receipt of a written request from
the Investor pursuant to this Section 2.9, if (a) such shares have been resold under an effective Registration Statement, (b) such
shares have been or will be transferred in compliance with Rule 144 under the Securities Act, (c) such shares are eligible for
resale pursuant to Rule 144(b)(1)(i) under the Securities Act without the requirement for the Company to be in compliance with
the current public information required under Rule 144(c)(1) under the Securities Act as to such shares and without volume or manner-of-sale
restrictions or (d) the Investor shall have provided the Company with an opinion of counsel, reasonably satisfactory to the Company,
stating that such securities may lawfully be transferred without registration under the Securities Act.

 

3.             
Restrictions on Beneficial Ownership.

 

3.1              Standstill.
During the period (such period, the “Standstill Term”) commencing as of the Closing and continuing until
the later of (A) the second (2nd) anniversary of the Closing Date, (B) the expiration of the Director Period, and
(C) the date on which the Investor and its Affiliates beneficially own less than five percent (5.0%) of the shares of Common
Stock then issued and outstanding, the Investor, SK Holdings and SK E&S shall not (and shall cause their respective
Affiliates not to), except as expressly approved or invited in writing by the Company:

 

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(a)              
other than Permitted Purchases, directly or indirectly, acquire beneficial ownership of Common Stock and/or Common
Stock Equivalents and/or any instrument that gives the Investor or any of its Affiliates the economic equivalent of ownership of
an amount of securities of the Company (a “Derivative”);

 

(b)              
make a tender, exchange or other offer to acquire Common Stock and/or Common Stock Equivalents;

 

(c)              
directly or indirectly, (i) seek to have called any meeting of the stockholders of the Company or propose any matter
to be voted upon by the stockholders of the Company, or (ii) propose or nominate for election to the Board any person whose nomination
has not been approved by a majority of the Board (excluding the Designated Director, if any);

 

(d)              
directly or indirectly, encourage, accept or support a tender, exchange or other offer or proposal by any other Person
or group (an “Offeror”) for securities of the Company (if such offer or proposal would, if consummated, result
in a Change of Control of the Company, such offer or proposal is referred to as an “Acquisition Proposal”);
provided, however, that from and after the filing of a Schedule 14D-9 (or successor form of Tender Offer Solicitation/Recommendation
Statement under Rule 14d-9 of the Exchange Act) by the Company recommending that stockholders accept any such offer filed after
such offer has commenced, the Investor shall not be prohibited from taking any of the actions otherwise prohibited by this Section
3.1(d) for so long as the Board maintains and does not withdraw such recommendation;

 

(e)              
directly or indirectly, solicit proxies or consents or propose or seek or become a participant in a solicitation
(as such terms are defined in Regulation 14A under the Exchange Act), or seek to advise or influence any Person, with respect to
voting of any securities of the Company;

 

(f)               
deposit any securities of the Company in a voting trust or subject any securities of the Company to any arrangement
or agreement with respect to the voting of such securities, including the granting of any proxy;

 

(g)              
propose (i) any merger, consolidation, business combination, tender or exchange offer, purchase of the Company’s
assets or businesses, purchase of any securities of the Company or any Derivative, or any similar transaction involving the Company
or (ii) any recapitalization, restructuring, liquidation or other extraordinary transaction with respect to the Company, in each
case without the prior written consent of the Board (a transaction described in clauses (i) and (ii) that would result in a Change
of Control, is referred to as a “Business Combination”);

 

(h)               act
in concert with any Third Party to take any action in clauses (a) through (g) above, or, directly or indirectly, form, join
or in any way participate in a “partnership, limited partnership, syndicate, or other group” as terms are used in
the rules of the SEC with respect to the Company or any securities of the Company;

 

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(i)                
request or propose to the Board or the Company (or any of its officers, directors, Affiliates employees, attorneys,
accountants, financial advisors and other professional representatives), directly or indirectly, any amendment or waiver of any
provision of this Section 3.1 (including this clause (i));

 

(j)                
make any public announcement regarding, or take any action that could require the Company to make a public announcement
regarding, a potential Business Combination or any of the matters set forth in clauses (a) through (i) above; or

 

(k)              
enter into discussions, negotiations, arrangements or agreements with any Person relating to the foregoing actions
referred to in (a) through (i) above;

 

provided, however, that nothing contained in this
Section 3.1 shall prohibit the Investor or any of its Affiliates from making confidential, non-public proposals to the Board for
a transaction involving a Business Combination following the public announcement by the Company after the Closing that it has entered
into a definitive agreement with a Third Party for a transaction involving a Business Combination.

 

4.             
Restrictions on Dispositions.

 

4.1             
Lock-Up.

 

(a)       For
the period commencing as of the Closing and continuing until the second (2nd) anniversary of the Closing Date (the “Lock-Up
Term”), the Investor, SK Holdings and SK E&S shall not, and shall cause their respective Affiliates not to, (x) Dispose
of any of the Purchased Shares, any shares of Common Stock purchased in Permitted Purchases or any other shares of Common Stock
beneficially owned by them as of the date of this Agreement, together with any shares of Common Stock issued in respect thereof
as a result of any stock split, stock dividend, share exchange, merger, consolidation or similar recapitalization, or (y) Dispose
of any Common Stock issued as (or issuable upon the exercise of any warrant, right or other security that is issued as) a dividend
or other distribution with respect to, or in exchange or in replacement of, the shares of Common Stock described in clause (x)
of this sentence, in each case except (1) with the prior consent of a majority of the Board (excluding the Investor Designee, if
any) which consent may be granted or withheld in the Board’s sole discretion, or (2) as provided in Section 4.2 below.

 

(b)
       If, as of the day immediately following the expiration of the Lock-Up Term, either
(i) the Director Period remains in effect or (ii) the Joint Venture Agreement has been executed and remains in effect, then,
for the period commencing on such day and continuing until the third (3rd) anniversary of the Closing Date (the
 “Partial Lock-Up Term”), the Investor, SK Holdings and SK E&S shall not, and shall cause their
respective Affiliates not to, (x) Dispose of any of the Purchased Shares, any shares of Common Stock purchased in Permitted
Purchases or any shares of Common Stock beneficially owned by them as of the date of this Agreement, together with any shares
of Common Stock issued in respect thereof as a result of any stock split, stock dividend, share exchange, merger,
consolidation or similar recapitalization, (y) Dispose of any Common Stock issued as (or issuable upon the exercise of any
warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or in
replacement of, the shares of Common Stock described in clause (x) of this sentence, except (1) with the prior consent of a
majority of the Board (excluding the Investor Designee, if any) which consent may be granted or withheld in the Board’s
sole discretion, (2) as provided in Section 4.2 below, or (3) subject to Section 4.3, Dispositions of Common Stock that do
not exceed, in the aggregate in any 90-day period, a number of shares equal to two percent (2.0%) of the number of shares of
Common Stock issued and outstanding as of the first date in such 90-day period; provided that such Dispositions under this
clause (3) shall not exceed, in the aggregate during the Partial Lock-Up Term, a number of shares equal to eight percent
(8.0%) of the shares of Common Stock issued and outstanding as of the first date of the Partial Lock-Up Term. From and after
expiration of the Partial Lock-Up Term, the Investor, SK Holdings, SK E&S and their respective Affiliates may transfer or
dispose of any amount of Common Stock.

 

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(c)        If, as of the day immediately following the expiration
of the Lock-Up Term, both (i) the Director Period has ended and (ii) the Joint Venture Agreement has not been executed or otherwise
is not in effect, then from and after such day and subject to Section 4.3, the Investor, SK Holdings, SK E&S and their respective
Affiliates may transfer or dispose of any amount of Common Stock. 

 

4.2             
Certain Dispositions During Lock-Up.

 

(a)       Disposition
in Tender Offer. Notwithstanding Section 4.1, the Investor and its Affiliates may, at any time, Dispose of Common Stock into
(i) a tender offer by a Third Party which is not opposed by the Board (but only after the Company’s filing of a Schedule
14D-9, or any amendment thereto, with the SEC disclosing the recommendation of the Board with respect to such tender offer), unless
Investor, SK Holdings or SK E&S is then in breach of its obligations pursuant to Section 3.1 with respect to the tender offer
or (ii) an issuer tender offer by the Company.

 

(b)Required Disposition. Notwithstanding Section
4.1 but subject to Section 4.3, the Investor and its Affiliates may, at any time, Dispose of any of the Purchased Shares, any shares
of Common Stock purchased in Permitted Purchases or any other shares of Common Stock beneficially owned by them to the extent the
Investor or its Affiliates is ordered or otherwise required to do so by any Law or Governmental Authority. The Company shall use
its reasonable best efforts to cooperate with the Investor and its Affiliates to facilitate any such disposition described in this
Section 4.2(b).

 

4.3              Certain
Dispositions and Indirect Transfers. Notwithstanding Section 4.1, in no event shall the Investor, SK Holdings or SK
E&S (and the Investor, SK Holdings and SK E&S shall cause their respective Affiliates not to), at any time, Dispose
of any Common Stock to (a) any Competitor or (b) any Person that, to the knowledge of Investor after reasonable inquiry,
after giving effect to such Disposition, would, together with such Person’s Affiliates, beneficially own five percent
(5.0%) or more of the shares of Common Stock issued and outstanding at the time of such Disposition; provided, however, that
the restrictions in this sentence shall not apply to any Disposition of Common Stock in an unsolicited open market
transaction. Notwithstanding anything herein to the contrary, the Investor, SK Holdings and SK E&S shall not (and the
Investor, SK Holdings and SK E&S shall cause their respective Affiliates not to), at any time, effect an Indirect
Transfer unless (i) the Indirect Transfer is to a Person that is not a Competitor (as defined for purposes of an Indirect
Transfer), and (ii) after giving effect to such Indirect Transfer, (x) SK Holdings and/or SK E&S (together with their
respective wholly-owned Affiliates) own at least a majority of the outstanding equity interests in the Investor, and (y) SK
Holdings and/or SK E&S (together with their respective wholly-owned Affiliates) control the Investor to make decisions
with respect to its investment in the Company. The Investor shall provide advance notice of each Indirect Transfer to the
Company, including the identity of each Person acquiring an interest in the Investor or the relevant Affiliate.

 

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4.4             
Effect of Prohibited Disposition. If any Disposition or Indirect Transfer is made or attempted contrary to
the provisions of this Agreement, (a) such purported Disposition shall be void ab initio, (b) the Company shall have, in addition
to all other legal or equitable remedies that it may have, the right to injunctive relief and specific performance to enforce the
provisions of this Agreement, and (c) the Company shall have the right to refuse to recognize any transferee in a Disposition as
a stockholder for any purpose.

 

4.5             
Compliance with Laws.

 

(a)     Notwithstanding
any other provision of this Article 4, the Investor, SK Holdings and SK E&S acknowledges and agrees that the Purchased Shares
may be disposed of only (1) pursuant to an effective registration statement under, and in compliance with the requirements of,
the Securities Act, or (2) pursuant to an available exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act, and in compliance with any applicable state and federal securities Laws.

 

(b)       In
connection with any Disposition of Common Stock other than (1) pursuant to an effective registration statement, (2) to the Company
or (3) pursuant to Rule 144 (provided that the Investor provides the Company with reasonable assurances (in the form of seller
and, if applicable, broker representation letters) that the shares may be sold pursuant to such rule), the Company may require
the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to
the Company, in form and substance reasonably satisfactory to the Company, to the effect that such transfer does not require registration
of such Common Stock under the Securities Act.

 

4.6             
Legends. The Purchased Shares will bear restrictive instructions in substantially the following form (and
a stop-transfer order may be placed against transfer of the book entries for such Purchased Shares):

 

THE SECURITIES REPRESENTED BY THIS BOOK ENTRY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND ARE SUBJECT TO THE
INVESTOR AGREEMENT, DATED AS OF FEBRUARY 24, 2021 AMONG THE COMPANY, GROVE ENERGY CAPITAL LLC, SK HOLDINGS CO., LTD., AND SK
E&S CO., LTD. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, TRANSFERRED OR ASSIGNED EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS. IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT, THE COMPANY SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY AND ITS TRANSFER AGENT THAT SUCH REGISTRATION IS NOT REQUIRED.

 

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4.7             
Offering Lock-Up. Until the end of the Director Period, the Investor shall, if requested by the Company and
an underwriter of an offering of Common Stock or other securities of the Company, agree not to Dispose of any Common Stock and/or
Common Stock Equivalents for a specified period of time, such period of time not to exceed forty-five (45) days; provided that
the foregoing restriction shall apply only (a) if and to the extent that all directors and executive officers of the Company and
any stockholder of the Company with a board seat are subject to the same restriction for that underwritten offering by the Company
and (b) if the Company has notified the Investor of any such proposed offering as soon as reasonably practicable. Such agreement
shall be in writing in a form satisfactory to the Company and the underwriter(s) in such offering. The Company may impose stop
transfer instructions with respect to the shares of Common Stock and/or Common Stock Equivalents subject to the foregoing restrictions
until the end of the specified period of time.

 

5.            
Voting Agreement.

 

5.1             
Voting of Securities. During the Standstill Term, in any vote or action by written consent of the stockholders
of the Company (including, without limitation, with respect to the election of directors), the Investor shall, and shall cause
its Affiliates to, vote or execute a written consent with respect to all Common Stock and other voting securities of the Company
held of record or with respect to which they are entitled to vote or execute a written consent, in accordance with the recommendation
of the Board. During the Standstill Term, the Investor shall, and SK Holdings and SK E&S shall cause any of their respective
Affiliates that may from time to time beneficially own any Common Stock or other voting securities of the Company to, be the record
holder of all shares of Common Stock and other voting securities of the Company beneficially owned by the Investor or such Affiliate,
as applicable. 

 

In furtherance of this Section 5.1,
the Investor hereby irrevocably appoints the Company and any individuals designated by the Company, and each of them
individually, as the attorneys, agents and proxies, with full power of substitution and re-substitution in each of them, for
the Investor, and in the name, place and stead of the Investor, to vote (or cause to be voted) or, if applicable, to give
consent, in such manner as each such attorney, agent and proxy or his substitute shall in its, his or her sole discretion
deem appropriate or desirable with respect to all matters, with respect to all Common Stock and other voting securities of
the Company held of record by the Investor or with respect to which the Investor is or may be entitled to vote at any meeting
of the Company held after the date hereof, whether annual or special and whether or not an adjourned meeting or, if
applicable, to give written consent with respect thereto (the “Irrevocable Proxy”).  This Irrevocable
Proxy is coupled with an interest, shall be irrevocable and binding on any successor in interest of the Investor and shall
not be terminated by operation of Law upon the occurrence of any event.  This Irrevocable Proxy shall operate to revoke
and render void any proxy as to the Common Stock or any other voting securities of the Company previously granted by the
Investor. Notwithstanding the foregoing, the Irrevocable Proxy shall be effective if, at any annual or special meeting of the
stockholders of the Company (or any consent in lieu thereof) and at any adjournments or postponements of any such meetings,
the Investor (A) fails to appear or otherwise fails to cause any Common Stock or other voting securities of the Company which
the Investor holds of record or may be entitled to vote to be counted as present for purposes of calculating a quorum, or (B)
fails to vote any Common Stock or other voting securities of the Company in accordance with this Section 5.1, in each case at
least ten (10) days prior to the date of such stockholders’ meeting (or within ten (10) days prior to the effective
time of an action to be taken by written consent in lieu of such stockholders’ meeting), provided that the Company
provides notice of any meeting of stockholders of the Company at least twenty (20) days prior to the date of such stockholder
meeting, which notice requirement shall be deemed to be satisfied by the filing of a Form 8-K or definitive proxy statement
by the Company disclosing such stockholder meeting. This Irrevocable Proxy shall terminate upon the expiration of the
Standstill Term.

 

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In the event that SK Holdings or SK E&S
or any of their Affiliates (other than Investor) from time to time own of record any Common Stock or other voting securities of
the Company, SK Holdings or SK E&S (as the case may be) shall, and SK Holdings and SK E&S shall cause any such Affiliate
to, promptly execute and deliver to the Company an irrevocable proxy, substantially in the form of Exhibit A attached hereto
together with any changes requested by the Company as may be required by the Company’s transfer agent or inspector of elections,
and irrevocably appoint the Company and any individuals designated by the Company, and each of them individually, with full power
of substitution and resubstitution, as its attorney, agent and proxy to vote (or cause to be voted) or to give consent with respect
to, all of the Common Stock and other voting securities of the Company which such party is entitled to vote, in such manner as
each such attorney, agent and proxy or his substitute shall in its, his or her sole discretion deem appropriate or desirable with
respect to the matters set forth in this Section 5.1 (the “Affiliate Proxy”). SK Holdings and SK E&S acknowledge,
and shall cause their Affiliates to acknowledge, that each Affiliate Proxy executed and delivered shall be coupled with an interest,
shall constitute, among other things, an inducement for the Company to enter into this Agreement, shall be irrevocable and binding
on any successor in interest and shall not be terminated by operation of Law upon the occurrence of any event. Such Affiliate Proxy
shall operate to revoke and render void any proxy as to the Common Stock or any other voting securities of the Company previously
granted by the party granting such proxy. The Investor, SK Holdings and SK E&S acknowledge and agree that it shall be a condition
to any Permitted Purchase by any Affiliate of the Investor that such Affiliate execute and deliver to the Company an Affiliate
Proxy, and that any purported Permitted Purchase shall be in violation of Section 3 of this Agreement if such Affiliate Proxy is
not so executed and delivered upon or prior to such Permitted Purchase. Such Affiliate Proxy shall terminate upon the expiration
of the Standstill Term.

 

6.             
Board Composition.

 

(a)               Subject
to the terms of this Section 6, effective as of the Closing, the Board will appoint a designee of the Investor (the
 “Investor Designee”), reasonably acceptable to the Board, as a director of the Company for a term expiring
at the Company’s 2023 annual meeting of stockholders or such Investor Designee’s earlier death, disability,
resignation or removal. The Company and the Investor agree that Kyungyeol Song shall be the initial Investor Designee. The
Company agrees that, during the Director Period, the Board shall nominate the individual serving as such Investor Designee
(or any individual subsequently designated by the Investor to serve as the Investor Designee) for election or re-election, as
the case may be, as a director at each subsequent meeting of the Company’s stockholders at which directors are to be
elected, and use commercially reasonable efforts to cause the Investor Designee to be elected or re-elected, including
providing the same level of support as is provided for other nominees. Upon the end of the Director Period, the Investor
shall cause the Investor Designee to tender to the Board, as soon as practicable and in any event within five (5) days
following the end of the Director Period, his or her resignation from the Board. During the Director Period, the Company will
not decrease the size of the Board if such decrease would require the resignation of the Investor Designee.

 

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(b)              
As a condition to any appointment or nomination for election to the Board, each Investor Designee shall (i) meet
the qualifications required of all directors of the Company by the Company’s Corporate Governance and Nominating Committee
and those mandated by applicable Law, (ii) agree, in writing, to be bound by the terms and conditions of all of the Company’s
policies applicable to its directors, (iii) make such acknowledgements and enter into such agreements as the Company requires of
all directors, including, without limitation, with respect to confidentiality, the Company’s code of ethics, insider trading
policy and Section 16 reporting procedures, and (iv) be able to dedicate sufficient time and resources for the diligent performance
of the duties required of a member of the Board (the “Director Conditions”). Without limiting the foregoing,
each proposed Investor Designee shall be subject to satisfaction of the criteria for Board membership established by the Company’s
Corporate Governance Guidelines, including the director qualification criteria thereof, as determined in the reasonable and good
faith discretion of the Corporate Governance and Nominating Committee of the Board and the Board in the same manner as the Corporate
Governance and Nominating Committee of the Board and the Board would consider any candidate for Board membership. The Board or
the Corporate Governance and Nominating Committee of the Board will evaluate the Investor Designee for potential roles on the committees
of the Board, consistent with evaluations of other directors for such positions and subject to applicable Law and the listing rules
and requirements of The Nasdaq Stock Market.

 

(c)              
 If an Investor Designee resigns from the Board (whether pursuant to the Company’s Majority Voting Policy or
otherwise), is removed, or refuses or is unable to serve or fulfill his or her duties as a director because of death or disability,
in each case prior to the expiration of the Director Period, the Investor shall have the right to select a replacement Investor
Designee, reasonably acceptable to the Board and subject to compliance with the Director Conditions, and shall provide the Company
with the name of and relevant background information for such replacement Investor Designee. Subject to the terms of this Section
6, within fifteen (15) days following receipt of such information and compliance with the Director Conditions, the Board will appoint
such replacement Investor Designee to the Board to replace the departing Investor Designee to serve the remaining term of the departing
Investor Designee, and the replacement Investor Designee shall be considered an Investor Designee for all purposes of this Section
6.

 

(d)               All
confidential or proprietary information and data relating to the Company and its Affiliates provided by the Company to the
Investor Director shall be deemed confidential information and will be kept confidential and not disclosed to any Person
outside of the Company. Notwithstanding the confidentiality obligations set forth in Section 6(b)(iii) and the foregoing, and
subject to Section 7.16, the Investor Designee shall be permitted to disclose such confidential information to the executive
officers and members of the Board of Directors of the Investor, Plutus, SK E&S Americas, SK Holdings and SK E&S, and
their respective advisers (such as legal counsel) having a duty of confidentiality to the Investor, Plutus, SK E&S
Americas, SK Holdings and SK E&S, as the case may be, provided (i) such disclosure is made on a need-to-know basis solely
for the purposes of, and to the extent necessary to, monitor and make decisions regarding the Investor’s investment in
the Company, and (ii) that the Investor will be liable for any breach by any of such Persons of the confidentiality
obligations applicable to the Investor Designee. Upon the resignation or removal of the Investor Designee from the Board and
written request (including via email) from the Company, such Investor Designee shall either promptly (x) destroy all
confidential information of the Company that he or she received in his or her capacity as a director in his or her possession
or control and any copies thereof or (y) return to the Company all confidential information of the Company that he or she
received in his or her capacity as a director in his or her possession or control and any copies thereof (but the Investor
Designee need not purge electronic archives and backups), and, in either case, confirm in writing (which may be via email) to
the Company that all such material has been destroyed or returned, as applicable, in compliance with this Section 6.

 

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(e)              
If any Investor Designee is an employee of, or otherwise compensated by, the Investor, SK Holdings, SK E&S or
any of their respective Affiliates, such Investor Designee shall not be entitled to any compensation from the Company in connection
with his or her role as a director or service on the Board or any committee. The Investor Designee will be entitled to reimbursement
from the Company of out of pocket expenses in connection with his or her role as a director consistent with other directors on
the Board.

 

(f)               
Notwithstanding anything contained herein to the contrary, if the Board (or any committee thereof) shall consider
(i) a proposed contract, transaction or other arrangement between the Investor, SK Holdings, SK E&S (or any of their respective
Affiliates (disregarding for such purposes the penultimate sentence of the definition of “Affiliate” in Section 1(b)
of this Agreement)), on the one hand, and the Company or any of its Affiliates, on the other hand, (ii) the enforcement or waiver
of the rights of the Company or any of its Affiliates under any agreement between the Investor, SK Holdings, SK E&S (or any
of their respective Affiliates (disregarding for such purposes the penultimate sentence of the definition of “Affiliate”
in Section 1(b) of this Agreement)), on the one hand, and the Company or any of its Affiliates, on the other hand, or (iii) a matter
which the Board determines in good faith presents an actual or potential conflict of interest for the Investor Designee, then the
Investor Designee will, if directed by the Board Chair or the remaining directors, be excluded from participation in such Board
or committee meeting (or portion thereof, as applicable) at which such matters are to be discussed, and the Investor Designee will
not be entitled to receive copies of the materials or other documents relating to such matter or meeting (or portion thereof, as
applicable).

 

7.            
Miscellaneous.

 

7.1              Governing
Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the Laws of the
State of New York, without regard to the conflict of laws principles thereof that would require the application of the Law of
any other jurisdiction. Each party hereby irrevocably and unconditionally submits to the exclusive jurisdiction of the New
York state and federal courts sitting in the Borough of Manhattan in the City of New York (or, if such courts lack subject
matter jurisdiction, in any appropriate New York state or federal court) for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by
Law.

 

    20

     

    

 

7.2             
Waiver. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other
right or power. Any agreement on the part of any party to any such waiver shall be valid only if set forth in a written instrument
executed and delivered by a duly authorized officer on behalf of such party.

 

7.3             
Notices. All notices, instructions and other communications hereunder or in connection herewith shall be in
writing, shall be sent to the address of the relevant party set forth on Exhibit B attached hereto and shall be deemed duly
given (a) on the date of delivery if delivered personally, or if by facsimile or e mail, upon written confirmation of receipt by
facsimile, e mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day
service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date
of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. Any party may change its address
by giving notice to the other parties in the manner provided above.

 

7.4             
Entire Agreement. This Agreement and the Purchase Agreement (including all exhibits hereto and thereto) constitute
the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous
arrangements or understandings, whether written or oral, with respect hereto and thereto.

 

7.5             
Amendments; Waivers. No provision in this Agreement shall be modified or amended except in a writing executed
by an authorized representative of each of the parties hereto.

 

7.6              Interpretation.
When a reference is made in this Agreement to a Section, Article, Exhibit or Schedule such reference shall be to a Section,
Article, Exhibit or Schedule of this Agreement unless otherwise indicated. The table of contents and headings contained in
this Agreement or in any Exhibit or Schedule are for convenience of reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or
number as the circumstances require. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein
shall have the meaning as defined in this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are
hereby incorporated in and made a part of this Agreement as if set forth herein. The word “including” and words
of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise
specified. 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 in this Agreement. The
term “or” is not exclusive. The word “will” shall be construed to have the same meaning and effect as
the word “shall.” References to days mean calendar days unless otherwise specified.

 

    21

     

    

 

7.7             
Severability. If any provision of this Agreement is invalid or unenforceable under any applicable Law, then
such provision will be deemed modified in order to conform with such Law. Any provision hereof that may prove invalid or unenforceable
under any Law will not affect the validity or enforceability of any other provision hereof.

 

7.8             
Assignment. Neither this Agreement nor any rights or duties of a party hereto may be assigned by such party,
in whole or in part, without (a) the prior written consent of the Company in the case of any assignment by the Investor, SK Holdings
or SK E&S, or (b) the prior written consent of the Investor in the case of an assignment by the Company, provided that no such
consent shall be required from the Investor in connection with any acquisition of the Company or a majority of the outstanding
shares of Common Stock, in each case in a single or series of related transactions.

 

7.9             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

 

7.10           
Counterparts. This Agreement may be executed in two or more counterparts, and by facsimile, pdf or other electronic
format, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

 

7.11           
Fees and Expenses. Except as otherwise provided herein and therein, all fees and expenses incurred in connection
with or related to this Agreement and the Purchase Agreement and the transactions contemplated hereby and thereby shall be paid
by the party incurring such fees or expenses, whether or not such transactions are consummated.

 

7.12           
Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable
by any Third Party. No Third Party shall obtain any right under any provision of this Agreement or shall by reason of any such
provision make any claim in respect of any debt, liability or obligation (or otherwise) against any party hereto.

 

    22

     

    

 

 

7.13         
Performance of the Investor and Affiliates.

 

(a)       SK
Holdings and SK E&S (i) shall each cause the Investor and each other Affiliate to comply with all of the obligations,
covenants, terms, conditions and undertakings of the Investor and each such Affiliate under this Agreement in accordance with
the terms hereof, and (ii) shall not, and shall cause the Investor and each other Affiliate, and each of its and their
respective Representatives not to, directly or indirectly, cause, direct or knowingly encourage any Affiliate (disregarding
for such purposes the penultimate sentence of the definition of “Affiliate” in Section 1(b) of this Agreement) to
take or fail to take any action that, if taken by any of the SK Parties, would constitute or could reasonably be expected to
constitute a breach of this Agreement.

 

(b)       Each
of SK Holdings and SK E&S hereby unconditionally and irrevocably guarantee to the Company, on a several and not joint basis,
the full and punctual performance of and compliance with all covenants, agreements and other obligations of the Investor, now or
hereafter existing, under the terms of this Agreement.

 

(c)       Notwithstanding
anything to the contrary, the Company acknowledges that each of SK Holdings and SK E&S’ liability under this Section
7.13 is limited to one-half (1/2) of the obligations of the Investor under this Agreement and/or Section 3.2(c) of the Purchase
Agreement, as the case may be. Each of SK Holdings and SK E&S acknowledge and agree that upon any breach or default by the
Investor, the Company shall not be obligated to first attempt enforcement against the Investor. Each of SK Holdings and SK E&S
hereby waive any and all defenses to enforcement of the guaranty set forth in this Section 7.13, now existing or hereafter arising,
which may be available to such party, sureties and other secondary parties at law or in equity.

 

7.14         
Remedies. The rights, powers and remedies of the parties under this Agreement are cumulative and not exclusive
of any other right, power or remedy which such parties may have under any other agreement or Law. No single or partial assertion
or exercise of any right, power or remedy of a party hereunder shall preclude any other or further assertion or exercise thereof.

 

7.15         
Specific Performance. Each party hereto agrees that irreparable damage would occur in the event that any of
the applicable provisions of this Agreement is not performed in accordance with their specific terms or is otherwise breached,
the amount of which would be difficult to ascertain or estimate and the remedies at law for which would not be reasonable or adequate
compensation. Accordingly, each party hereto shall be entitled to specific performance of the terms hereof, including an injunction
or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in
any New York state or federal court sitting in the Borough of Manhattan in the City of New York (or, if such courts lack subject
matter jurisdiction, in any appropriate New York state or federal court), this being in addition to any other remedy to which such
party is entitled at law or in equity. Each party hereto hereby further waives (a) any defense in any action for specific performance
that a remedy at law would be adequate and (b) any requirement under any Law to post security as a prerequisite to obtaining equitable
relief.

 

    23

     

    

 

7.16          Confidentiality.
The Investor, SK Holdings and SK E&S shall, and shall cause their respective Affiliates and Representatives to, keep
confidential any information (including oral, written and electronic information) concerning the Company, its subsidiaries or
its Affiliates that may be furnished to the Investor, SK Holdings, SK E&S or their respective Affiliates or
Representatives by or on behalf of the Company or any of its Representatives pursuant to this Agreement (the “Confidential
Information”) and to use the Confidential Information solely in connection with the Investor’s investment in
the Company; provided that the Confidential Information will not include information that (a) is, was or becomes available to
the public (other than as a result of a breach of any confidentiality obligation by the Investor, SK Holdings, SK E&S or
their respective Affiliates), (b) is or has been independently developed or conceived by the Investor or its Affiliates
without use of the Confidential Information or (c) is or has been made known or disclosed to the Investor or its Affiliates
by a Third Party without a breach of any confidentiality obligations such Third Party has to the Company that is known to the
Investor or its Affiliates; provided further that, the Investor may disclose the Confidential Information (i) to its
Representatives in connection with its investment in the Company, (ii) to any prospective purchaser of any shares of Common
Stock from the Investor or any prospective co-investor or purchaser in connection with any Indirect Transfer and their
respective Representatives provided that (A) to the knowledge of the Investor, SK Holdings or SK E&S, as the case may be,
upon reasonable inquiry, such prospective co-investor or purchaser is not a Competitor (as defined for purposes of an
Indirect Transfer) or otherwise a party to whom the Investor is not permitted to transfer Common Stock pursuant to Section
4.3 of this Agreement, (B) such prospective co-investor or purchaser agrees to be bound by a customary confidentiality or
non-disclosure agreement with the Investor, SK Holdings or SK E&S, as the case may be, and agrees to bind each of its
Representatives who receives any Confidential Information to also be subject to customary confidentiality or non-disclosure
agreements, and (C) within seven (7) days of providing any Confidential Information to any such prospective co-investor or
purchaser, the Investor, SK Holdings or SK E&S, as the case may be, provides notice to the
Company identifying such prospective co-investor or purchaser, (iii) to any SK Party and their respective Representatives, in
each case in the ordinary course of business (provided that the recipients of such Confidential Information are subject to a
customary confidentiality and non-disclosure obligation), (iv) as may be reasonably determined by the Investor to be
necessary in connection with the Investor’s enforcement of its rights in connection with this Agreement, or (v) as may
otherwise be required by law or legal, judicial or regulatory process, provided that (X) the Investor takes reasonable steps
to minimize the extent of any required disclosure described in this clause (v) and (Y) such disclosure requirement does not
arise from a breach of Section 3 of this Agreement; and provided, further, that the acts and omissions of any Person to whom
the Investor may disclose the Confidential Information (and such Person’s Representatives who receive any such
Confidential Information) pursuant to clauses (i), (ii) and (iii) of the preceding proviso shall be attributable to the
Investor for purposes of determining the Investor’s compliance with this Section 7.16, except those who have entered
into a separate confidentiality or non-disclosure agreement or obligation with the Company. 

 

(Signature Page Follows)

 

    24

     

    

 

IN WITNESS WHEREOF, the parties have executed
and delivered this Agreement as of the date first above written.

 

	 	GROVE ENERGY CAPITAL LLC

 

		By:	/s/ Hyungkyun Kwon

	 	 	Name:	Hyungkyun Kwon
	 	 	Title:	President and CEO

  

	 	SK HOLDINGS CO., LTD.

  

		By:	/s/ Jang, Dong-Hyun

	 	 	Name:	Jang, Dong-Hyun
	 	 	Title:	President & CEO

  

	 	SK E&S CO., LTD.

  

		By:	/s/ Hyeongwook Choo

		 	Name:	 Hyeongwook Choo
		 	Title:	President & CEO

 

Signature Page
to Investor Agreement

 

     

     

    

 

	 	PLUG POWER INC.

  

		By:	/s/ Paul B. Middleton

		 	Name:	Paul B. Middleton
		 	Title:	Chief Financial Officer

 

Signature Page to Investor Agreement 

 

    

     

    

  

EXHIBIT A

 

FORM OF IRREVOCABLE PROXY

 

In order to secure the performance of the
undersigned pursuant to Section 5.1 of the Investor Agreement, dated as of February 24, 2021 (the “Agreement”),
by and among Grove Energy Capital LLC, SK Holdings Co., Ltd., SK E&S Co., Ltd. and Plug Power Inc. (the “Company”),
the undersigned hereby irrevocably appoints the Company and any individual designated by the Company, and each of them individually,
as the attorneys, agents and proxies, with full power of substitution and resubstitution in each of them, for the undersigned,
and in the name, place and stead of the undersigned, to vote (or cause to be voted) or, if applicable, to give consent, in such
manners as each such attorney, agent and proxy or his substitute shall in its, his or her sole discretion deem proper to record
such vote (or consent) with respect to such matters as set forth in Section 5.1 of the Agreement, with respect to all voting securities
(whether Common Stock, par value $0.01 per share, or other voting securities of the Company), which the undersigned holds of record
or may be entitled to vote at any and all meetings of the stockholders of the Company held after the date hereof, whether annual
or special and whether or not an adjourned or postponed meeting or, if applicable, to give written consent with respect thereto.
This proxy is coupled with an interest, shall be irrevocable and binding on any successor in interest of the undersigned and shall
not be terminated by operation of law upon the occurrence of any event. This proxy shall operate to revoke and render void any
prior proxy as to common stock or other voting securities of the Company previously granted by the undersigned. Notwithstanding
the foregoing, this irrevocable proxy shall be effective if, at any annual or special meeting of the stockholders of the Company
(or any consent in lieu thereof) and at any adjournments or postponements of any such meetings, the undersigned (A) fails to appear
or otherwise fails to cause any common stock or other voting securities of the Company which the undersigned holds of record or
is or may be entitled to vote to be counted as present for purposes of calculating a quorum, or (B) fails to vote any of such common
stock or other voting securities in accordance with Section 5.1 of the Agreement, in each case at least ten (10) days prior to
the date of such stockholders’ meeting (or within ten (10) days prior to the effective time of an action to be taken by written
consent in lieu of such stockholders’ meeting), provided that the Company provides notice of any meeting of stockholders
of the Company at least twenty (20) days prior to the date of such stockholder meeting, which notice requirement shall be deemed
to be satisfied by the filing of a Form 8-K or definitive proxy statement by the Company disclosing such stockholder meeting This
proxy shall terminate upon the expiration of the Standstill Term as set forth in the Agreement.

 

	 	[___________________________]

  

		By:	

		 	Name:	
		 	Title:	

 

    A-1

     

    

 

EXHIBIT B

 

NOTICES

 

(a)           If to the Investor,
SK Holdings or SK E&S:

 

Grove Energy Capital LLC

55 East 59th St. 11th Fl.

New York, NY 10022

Attention: Hyungkyun Kwon

Email Address: hk.kwon@sk.com

 

with a copy (which shall not constitute
notice) to:

 

SK Holdings Co., Ltd.

26 Jongno, Jongno-gu

Seoul, The Republic of Korea

Attention: Yoo Sub Soh

Email Address: ys.soh@sk.com

 

and

 

SK E&S Co., Ltd.

26 Jongno, Jongno-gu

Seoul, The Republic of Korea

Attention: Jin-Wook Kim

Email Address: jin-wook.kim@sk.com

 

and

 

Simpson Thacher & Bartlett

35/F ICBC Tower

3 Garden Road

Central, Hong Kong

Attention: Jin Hyuk Park

Email Address: jpark@stblaw.com

 

and

 

Simpson Thacher & Bartlett

35/F ICBC Tower

3 Garden Road

Central, Hong Kong

Attention: Joongwon Park

Email Address: joongwon.park@stblaw.com

 

    B-1

     

    

 

(b)            If to the Company:

 

Plug Power Inc.

968 Albany Shaker Road, 

Latham, New York 12110

Attention: Gerard L. Conway, Jr., General Counsel

Email: gconway@plugpower.com

 

with a copy (which shall not constitute notice) to:

 

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 02210

Attention: Robert P. Whalen, Jr.

Email: rwhalen@goodwinlaw.com

Fax: (617) 801-8906

 

    B-2Document

Exhibit 4.10 

															
					

FOURTH SUPPLEMENTAL INDENTURE

among

DIVERSIFIED HEALTHCARE TRUST

THE SUBSIDIARY GUARANTORS NAMED HEREIN

and

U.S. BANK NATIONAL ASSOCIATION,
as Trustee

Dated as of February 8, 2021

SUPPLEMENTAL TO THE INDENTURE DATED AS OF FEBRUARY 18, 2016

________________________

DIVERSIFIED HEALTHCARE TRUST

4.375% Senior Notes due 2031

________________________

															
					

This FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of February 8, 2021 among Diversified Healthcare Trust, a real estate investment trust organized and existing under the laws of the State of Maryland (the “Company”) having its principal office at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458, the other entities (other than the Trustee (as defined below)) listed on the signature pages hereto (the “Initial Subsidiary Guarantors”) and U.S. Bank National Association, a national banking organization organized and existing under the laws of the United States, as Trustee (the “Trustee”).
RECITALS OF THE COMPANY

The Company (then known as Senior Housing Properties Trust) and the Trustee are parties to an Indenture, dated as of February 18, 2016 (as from time to time hereafter amended, supplemented or otherwise modified in so far as it applies to the Notes (as defined herein), the “Base Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”) to be issued from time to time in one or more series, including any such Securities that may have the benefit of guarantees; and 
Pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities, to be known as its 4.375% Senior Notes due 2031, the form and substance of such Securities and the terms, provisions and conditions thereof, including the guarantees thereof by the Subsidiary Guarantors (as defined herein), to be set forth as provided in the Indenture; 
NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 
ARTICLE 1
DEFINED TERMS
Section 1.1    Terms Defined in Indenture.  Capitalized terms used herein and not defined herein have the meanings ascribed to such terms in the Base Indenture.
Section 1.2    Supplemental Definitions.  The following definitions supplement, and, to the extent inconsistent with, replace the definitions in Section 101 of the Base Indenture: 
“Acquired Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition.  Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary.
“Adjusted Total Assets” has the meaning provided in clause (i) of Section 3.1(a) of this Supplemental Indenture.
“Annual Debt Service” as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries, excluding amortization of debt discounts and deferred financing costs.
“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York or in the city in which the Corporate Trust Office is located are required or authorized to close.
“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participation or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options to purchase any thereof.
“Cash Equivalents” means demand deposits, certificates of deposit or repurchase agreements with banks or other financial institutions, marketable obligations issued or directly and fully guaranteed as to timely payment by the United States of America or any of its agencies or instrumentalities, or any commercial paper or other obligation rated, at time of purchase, “P-2” (or its equivalent) or better by Moody’s or “A-2” (or its equivalent) or better by Standard & Poor’s.
“Change of Control” means the occurrence of one or more of the following events:
(i)any direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets 
1

of the Company and its Subsidiaries taken as a whole to any “person” or “group” (as such terms are defined in Sections 13(d) and 14(d) of the Exchange Act), other than the Company or any of its Subsidiaries or one or more Permitted Holders; 
(ii)a “person” or “group” (as such terms are defined in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act, except that such person or group will be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of more than 50% of the total voting power of the Voting Stock of the Company on a fully diluted basis; 
(iii)the approval by the holders of common shares of beneficial interest of the Company of any plan or proposal for the liquidation or dissolution of the Company; or
(iv)RMR or any of its subsidiaries ceases for any reason to act as the sole business manager for the Company.
Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control solely as a result of the Company becoming a direct or indirect wholly owned subsidiary of a holding company if (A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction, no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but other than a holding company satisfying the requirements of this sentence), other than one or more Permitted Holders, is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of Voting Stock representing more than 50% of the voting power of the Voting Stock of such holding company. 
“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest or distributions on Debt of the Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries based on income, (iii) amortization of debt premiums/discounts and deferred debt issuance costs, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges.
“Debt” of the Company or any Subsidiary means, without duplication, any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of:
(i)borrowed money or evidenced by bonds, notes, debentures or similar instruments;
(ii)borrowed money secured by any Encumbrance existing on property owned by the Company or any Subsidiary, to the extent of the lesser of (x) the amount of indebtedness so secured or (y) the fair market value of the property subject to such Encumbrance;
(iii)the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Company or any Subsidiary otherwise reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement;
(iv)the principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or other repurchase of any Disqualified Stock; or
(v)any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with generally accepted accounting principles,
to the extent, in the case of items of indebtedness under (i) through (v) above, that any such items (other than letters of credit) would be properly classified as a liability on the Company’s consolidated balance sheet in accordance with generally accepted 
2

accounting principles.  Debt also (1) excludes any indebtedness (A) with respect to which a defeasance or covenant defeasance or discharge has been effected (or an irrevocable deposit is made with a trustee in an amount at least equal to the outstanding principal amount of such indebtedness, the remaining scheduled payments of interest thereon to, but not including, the applicable maturity date or redemption date, and any premium or otherwise as provided in the terms of such indebtedness) in accordance with the terms thereof or which has been repurchased, retired, repaid, redeemed, irrevocably called for redemption (and an irrevocable deposit is made with a trustee in an amount at least equal to the outstanding principal amount of such indebtedness, the remaining scheduled payments of interest thereon to, but not including, such redemption date, and any premium) or otherwise satisfied or (B) that is secured by cash or Cash Equivalents irrevocably deposited with a trustee in an amount, in the case of this clause (B), at least equal to the outstanding principal amount of such indebtedness and the remaining scheduled payments of interest thereon and (2) includes, to the extent not otherwise included, any obligation by the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Company or any Subsidiary) (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof).  
“Depositary” has the meaning provided in Section 2.1(d) of this Supplemental Indenture.
“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), (ii) is convertible into or exchangeable or exercisable for Debt, other than Subordinated Debt, or Disqualified Stock, or (iii) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the Stated Maturity of the principal of the Notes.
“Domestic Subsidiary” means any Subsidiary of the Company that was organized under the laws of the United States or any state of the United States or the District of Columbia (excluding, for the avoidance of doubt, any Subsidiary organized under U.S. possessions such as Puerto Rico).
“Earnings from Operations” for any period means net earnings excluding gains and losses on sales of investments, gains or losses on early extinguishment of debt, extraordinary items and property valuation losses, in each case as reflected in the financial statements of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with generally accepted accounting principles.
“Encumbrance” means any mortgage, lien, charge, pledge, security interest or other encumbrance of any kind.
“Excluded Subsidiary” means any Subsidiary of the Company (i) that is a Pledged Subsidiary, (ii) that is not a Wholly Owned Subsidiary or that holds no material assets other than the Capital Stock of one or more Subsidiaries that are not Wholly Owned Subsidiaries, or (iii)(a) holding title to or beneficially owning Properties which are subject to an Encumbrance securing Debt of such Subsidiary, or being a beneficial owner of a Subsidiary of the Company holding title to or beneficially owning such Properties (but having no material assets other than such beneficial ownership interests or the Capital Stock of a Subsidiary of the Company having no material assets other than such beneficial ownership interests) and (b) which (x) is, or is expected to be, prohibited from Guaranteeing the indebtedness of any other Person pursuant to any document, instrument or agreement evidencing such Secured Debt or (y) is prohibited from Guaranteeing the indebtedness of any other Person pursuant to a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition or anticipated condition to the extension of such Secured Debt; for purposes of this subsection (iii), any Subsidiary which is a lessee under a lease with a Subsidiary which is an Excluded Subsidiary under this subsection (iii) shall also be deemed to be an Excluded Subsidiary. In addition, (i) RSA Healthcare, Inc., a Tennessee corporation, a Wholly Owned Subsidiary that does not own any Property or other assets, and (ii) any Subsidiary that is an “Excluded Subsidiary” as defined under the Existing Credit and Term Loan Agreements shall be deemed to be an Excluded Subsidiary for purposes of this definition.
“Existing Credit and Term Loan Agreements” means, collectively, (i) that certain Amended and Restated Credit Agreement, dated August 1, 2017, by and among the Company, Wells Fargo Bank, National Association, as administrative agent, and the lenders and the other parties thereto, and (ii) that certain Amended and Restated Term Loan Agreement, dated August 1, 2017, by and among the Company, Wells Fargo Bank, National Association, as administrative agent, and the lenders and the other parties thereto, in each case, as amended, restated, supplemented, modified, renewed, refunded, increased, 
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extended, replaced in any manner (whether upon or after termination or otherwise) or refinanced in whole or in part from time to time.
“Foreign Subsidiary” means (a) any Real Foreign Subsidiary, (b) any Domestic Subsidiary that has no material assets (with the determination of materiality to be made in good faith by the Company) other than Capital Stock of one or more Real Foreign Subsidiaries, and (c) any Subsidiary (including any Subsidiary that would otherwise be a Domestic Subsidiary) of the Company that owns any Capital Stock of a Real Foreign Subsidiary if the provision of a subsidiary guarantee by such Subsidiary could reasonably be expected, in the good faith judgment of the Company, cause any earnings of such Real Foreign Subsidiary, as determined for U.S. federal income tax purposes, to be treated as a deemed dividend to such Real Foreign Subsidiary’s United States parent for U.S. federal income tax purposes. 
“generally accepted accounting principles” means generally accepted accounting principles in the United States of America, which were in effect on December 20, 2001. 
“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
(1) to purchase or pay (or advance or supply funds for the purchase or payment of) such indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or 
(2) entered into for purposes of assuring in any other manner the obligee of such indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
provided, however, that the term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.
“Interest Payment Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(e) of this Supplemental Indenture.
“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by Standard & Poor’s, or if Moody’s or Standard & Poor’s ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade rating from any other Rating Agency.
“Issue Date” means February 8, 2021.
“Joint Venture Interests” means assets of the Company and its Subsidiaries constituting an equity investment in real estate assets or other properties, or in an entity holding real estate assets or other properties, jointly owned by the Company and its Subsidiaries, on the one hand, and one or more other Persons not constituting Affiliates of the Company, on the other hand, excluding any entity or properties (i) which is a Subsidiary or are properties if the co-ownership thereof (if in a separate entity) would constitute or would have constituted a Subsidiary, or (ii) to which, at the time of determination, the Company’s manager at such time or an Affiliate of the Company’s manager at such time provides management services.  In no event shall Joint Venture Interests include equity securities that are part of a class of equity securities that are traded on a national or regional securities exchange or a recognized over-the-counter market or any investments in debt securities, mortgages or other Debt.
“Make-Whole Amount” means, in connection with any redemption of any Notes prior to September 1, 2030, the excess, if any, of (i) the aggregate present value as of the applicable Redemption Date of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued to the Redemption Date) that would have been payable in respect of such dollar if such redemption had been made on September 1, 2030, determined by discounting, on a semiannual basis, such principal and interest at the Reinvestment Rate (determined on the third (3rd) Business Day preceding the date the notice of redemption relating to such redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had been made on September 1, 2030, over (ii) the aggregate principal amount of the Notes being redeemed. In the case of any redemption of the Notes on or after September 1, 2030, the Make-Whole Amount means zero. The Make-Whole Amount shall be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be entitled to rely on said Officer’s Certificate.
“Mid-BBB Investment Grade Rating” means a rating equal to or higher than Baa2 (or the equivalent) by Moody’s or BBB (or the equivalent) by Standard & Poor’s, or if Moody’s or Standard & Poor’s ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade rating from any other Rating Agency.
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“Moody’s” means Moody’s Investors Service, Inc., or any successor thereof.
“Notes” means the Company’s 4.375% Senior Notes due 2031, issued under this Supplemental Indenture and the Indenture, as amended or supplemented from time to time.
“Permitted Holder” means (i) RMR or any Person to which RMR or its subsidiaries provide management services, in each case, so long as one or more Principal Parties together, directly or indirectly, control RMR, (ii) a Principal Party and (iii) any Person, directly or indirectly, controlled by a Principal Party. 
“Pledged Subsidiary” means a Subsidiary the Capital Stock of which has been pledged as collateral to secure amounts outstanding under the Existing Credit and Term Loan Agreements.
“Principal Party” means the individual who, as of the Issue Date, is the ultimate controlling stockholder of RMR, and his immediate family members and his and their lineal descendants.
“Property” means any parcel of real property, together with all improvements thereon.
“Rating Agencies” means (1) each of Moody’s and Standard & Poor’s; and (2) if either Moody’s or Standard & Poor’s ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) of the Exchange Act, selected by the Company as a replacement agency for Moody’s or Standard & Poor’s, or either of them, as the case may be.
“Real Foreign Subsidiary” means a Subsidiary of the Company that is not a Domestic Subsidiary.
“Regular Record Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(e) of this Supplemental Indenture.
“Reinvestment Rate” means a rate per annum equal to the sum of 0.50% (fifty one hundredths of one percent) and the arithmetic mean of the yields on treasury securities at constant maturity displayed for each of the five (5) most recent days published in the Statistical Release under the caption “Treasury constant maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity (which, in the case of maturities corresponding to the principal and interest due on the Notes at their maturity, shall be deemed to be September 1, 2030), as of the Redemption Date of the Notes being redeemed. If no maturity exactly corresponds to such remaining life to maturity, yields for the two published maturities most closely corresponding to such remaining life to maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used.
“RMR” means The RMR Group Inc. or its successors and assigns.
“Secured Debt” means Debt of the Company or its Subsidiaries secured by an Encumbrance on the property of the Company or its Subsidiaries.
“Significant Subsidiary” means any Subsidiary which is a “significant subsidiary” (within the meaning of Regulation S-X, promulgated by the Commission under the Securities Act) of the Company.
“Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or any successor thereof.
“Statistical Release” means the statistical release designated “H.15” or any successor publication which is published daily by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release (or any successor publication) is not published at the time of any determination under the Indenture, then any publicly available source of similar market data used for this purpose in accordance with customary market practice which shall be designated by the Company.
“Subordinated Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest and premium, if any, on the Notes.
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“Subsidiary” means any corporation or other Person of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests of which are owned, directly or indirectly, by the Company or one or more other Subsidiaries of the Company, and which is required to be consolidated in accordance with generally accepted accounting principles. For the purposes of this definition, “voting equity securities” means equity securities having voting power for the election of directors or persons serving comparable functions as directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency.
“Subsidiary Guarantee” means, individually, any Guarantee of payment of the Notes by a Subsidiary Guarantor pursuant to the terms of Article 6 of this Supplemental Indenture.
“Subsidiary Guarantor” means each Initial Subsidiary Guarantor and any other Subsidiary of the Company that provides a Subsidiary Guarantee of the Notes in accordance with the Indenture; provided that upon the release or discharge of such Person from its Subsidiary Guarantee in accordance with the Indenture, such Person ceases to be a Subsidiary Guarantor. 
“Total Assets” as of any date means the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined in accordance with generally accepted accounting principles (but excluding accounts receivable and intangibles).
“Total Unencumbered Assets” as of any date means the sum of (i) Undepreciated Real Estate Assets not securing any portion of Secured Debt and (ii) the amount of all other assets of the Company and its Subsidiaries not securing any portion of Secured Debt, in each case on such date determined on a consolidated basis in accordance with generally accepted accounting principles (but excluding accounts receivable and intangibles); provided that, in determining Total Unencumbered Assets as a percentage of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis for purposes of the covenant set forth in Section 3.1(b) of this Supplemental Indenture, Joint Venture Interests shall be excluded from Total Unencumbered Assets to the extent such Joint Venture Interests would otherwise be included therein. 
“Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate and associated tangible personal property used in connection with the real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance with generally accepted accounting principles. 
“Unsecured Debt” means any Debt of the Company or its Subsidiaries which is not Secured Debt.
“Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, trustees, managers or other voting members of the governing body of such Person.
“Wholly Owned Subsidiary” means any Subsidiary of the Company of which all the outstanding Voting Stock of such Subsidiary (other than directors’ qualifying shares and other than an immaterial amount of Voting Stock required to be owned by other Persons pursuant to applicable law or regulation) is owned by the Company and/or one or more Subsidiaries of the Company.
ARTICLE 2
TERMS OF THE NOTES
Section 2.1    Terms of the Notes.  Pursuant to Section 301 of the Base Indenture, the Notes shall have the following terms and conditions:
(a)Title.  The Notes shall be in registered form under the Indenture and shall be known as the Company’s “4.375% Senior Notes due 2031.”
(b)Aggregate Principal Amount.  Except (i) as provided in this Section and (ii) for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered hereunder, the Notes will be limited to an aggregate principal amount of $500,000,000, subject to the right of the Company to reopen such series for issuances of additional Notes having the same terms and conditions as the Notes issued on the Issue Date except for issue date, issue price and, if applicable, the first Interest Payment Date thereon and related interest accrual date.  
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(c)Form of Notes.  The Notes (together with the Trustee’s certificate of authentication) shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and made a part of this Supplemental Indenture.  
(d)Registered Securities in Book Entry Form.   The Notes shall be initially issued in the form of one or more registered Global Securities without coupons (each, a “Global Note”) and shall be deposited with, or on behalf of, The Depository Trust Company (“DTC” and, together with any successor depositary with respect to the Global Notes appointed under the Indenture, the “Depositary”) and registered in the name of DTC’s nominee, Cede & Co.  Unless and until it is exchanged in whole or in part for the individual Notes represented thereby under the circumstances described below, a Global Note may not be transferred except as a whole by a Depositary to its nominee, by a nominee of a Depositary to such Depositary or another nominee of such Depositary, or by a Depositary or its nominee to a successor Depositary or a nominee of such successor.
So long as a Depositary or its nominee is the Holder of a Global Note, such Depositary or its nominee, as the case may be, will be considered the sole owner or Holder of the Notes represented by such Global Note for all purposes under the Indenture.  Except as provided below, owners of a beneficial interest in Notes evidenced by a Global Note will not be entitled to have any of the individual Notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of any such Notes in definitive form and will not be considered the owners or Holders thereof under the Indenture for any purpose, including with respect to giving of any direction, instructions or approvals to the Trustee hereunder.
A Global Note may be exchanged in whole or in part for individual Notes represented thereby only if (i) the Depositary (A) has notified the Company that it is unwilling or unable to continue as a depositary for such Global Note or (B) has ceased to be a clearing agency registered under the Exchange Act, and in either case a successor depositary shall not have been appointed by the Company within ninety (90) days after such notice is received by the Company or the Company becomes aware of such cessation, respectively, or (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Note and the Security Registrar has received a written request from an owner of beneficial interest in such Global Note to receive registered Notes.  In any such case, the Company will issue individual Notes in exchange for such Global Note representing such Notes in authorized denominations.
Notwithstanding any provisions of Section 2.1(e) or Section 2.1(f) of this Supplemental Indenture to the contrary, payments of principal, premium, if any, and interest on any Global Note shall be made in accordance with the procedures of the Depositary and its participants in effect from time to time.
(e)Interest and Interest Rate.  The Notes will bear interest at a rate of 4.375% per annum, from February 8, 2021 (or, in the case of Notes issued after February 8, 2021, from the date designated by the Company in connection with such issuance), or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2021 (each of which shall be an “Interest Payment Date”), or if such day is not a Business Day, on the next succeeding Business Day, to the Persons in whose names the Notes are registered in the Security Register at the close of business on the Regular Record Date for such interest, which shall be February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date (each, a “Regular Record Date”).
(f)Principal Repayment; Currency.  The Stated Maturity of the principal of the Notes is March 1, 2031; provided, however, the Notes may be earlier redeemed at the option of the Company as provided in Section 2.1(g) of this Supplemental Indenture and the Company may be obligated to repurchase the Notes prior to the Stated Maturity of the principal of the Notes as provided in Section 3.1(f) of this Supplemental Indenture. The principal of each Note payable at its Maturity shall be paid against presentation and surrender thereof at the Corporate Trust Office, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public or private debts.  
(g)Redemption at the Option of the Company. The Notes will be subject to redemption in whole at any time or in part from time to time prior to their maturity at the option of the Company upon not less than fifteen (15) nor more than sixty (60) days’ notice to each Holder of Notes to be redeemed at its address appearing in the Security Register, or, in the case of any Global Note, in accordance with the procedures of the Depositary and its participants in effect from time to time, at a Redemption Price equal to the sum of (i) the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the applicable Redemption Date and (ii) the Make-Whole Amount, if any (it being understood that if the Notes are redeemed on or after September 1, 2030, the Make-Whole Amount equals zero).
On or before 11:00 a.m. Eastern Time on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 
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1003 of the Base Indenture) an amount of money sufficient to pay the Redemption Price of, and accrued and unpaid interest on, all the Notes which are to be redeemed on such Redemption Date. If the Company instructs the Trustee in writing to send the notice of redemption in the name of and at the expense of the Company as provided in Section 1104 of the Base Indenture, the Company shall provide the Trustee with such written instruction at least five (5) Business Days (or such shorter time as the Trustee may agree) prior to the date such notice of redemption is to be sent.
(h)Notices.  Notices to the Company or any Subsidiary Guarantor shall be directed to it at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, fax number (617) 796-8349, Attention: President; notices to the Trustee shall be directed to it at One Federal Street, 3rd Floor, Boston, Massachusetts 02110, email: david.doucette@usbank.com, fax number (617) 603-6683, Attention: Corporate Trust Department, re: Diversified Healthcare Trust 4.375% Senior Notes due 2031, or as to any party, at such other address as shall be designated by such party in a written notice to the other parties. All notices and communications (other than those sent to Holders of the Notes) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee); when receipt is acknowledged, if sent by e-mail or facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.
(i)Legal Holidays.  If any Interest Payment Date, Redemption Date or Change of Control Payment Date for the Notes or the Stated Maturity for the principal of the Notes falls on a day that is not a Business Day, the payment otherwise payable on such day will be due and payable on the next succeeding Business Day, and no interest will accrue thereon for the period from and after such Interest Payment Date, Redemption Date, Change of Control Payment Date or Stated Maturity, as the case may be, through such next succeeding Business Day. The provisions of this Section 2.1(i) shall supersede and replace Section 113 of the Base Indenture with respect to the Notes.
ARTICLE 3
ADDITIONAL COVENANTS
Section 3.1    Additional Covenants.  In addition to the covenants of the Company set forth in Article Eight and Article Ten of the Base Indenture, Holders of the Notes shall have the benefit of the following covenants:
(a)Limitations on Incurrence of Debt.
(i)The Company will not, and will not permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of such additional Debt and the application of the proceeds therefrom, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 60% of the sum of (without duplication):
(A) the Total Assets of the Company and its Subsidiaries as of the end of the fiscal quarter covered by the Company’s Annual Report on Form 10-K, or its Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted or required under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt; and 
(B)the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such fiscal quarter, including those proceeds obtained in connection with the incurrence of such additional Debt.
For purposes of this Supplemental Indenture, “Adjusted Total Assets” means the sum of (A) and (B) above.
(ii)The Company will not, and will not permit any Subsidiary to, incur any Secured Debt if, immediately after giving effect to the incurrence of such additional Secured Debt and the application of the proceeds therefrom, the aggregate principal amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 40% of Adjusted Total Assets.
(iii)The Company will not, and will not permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of such additional Debt and on a pro forma basis, including the application of the 
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proceeds therefrom, the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, calculated on the assumptions that:
(A)such Debt and any other Debt incurred by the Company and its Subsidiaries on a consolidated basis since the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had occurred at the beginning of such period;
(B)the repayment, retirement or other discharge of any other Debt by the Company and its Subsidiaries on a consolidated basis since the first day of such four-quarter period had occurred at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during such period);
(C)in the case of Acquired Debt or Debt incurred in connection with or in contemplation of any acquisition, including any Person becoming a Subsidiary, since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and
(D)in the case of any acquisition or disposition by the Company and its Subsidiaries on a consolidated basis of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.
If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating interest rate, then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entirety of such four-quarter period had been the applicable rate for the entirety of such period.
(b)Maintenance of Total Unencumbered Assets.  The Company and its Subsidiaries will at all times maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis in accordance with generally accepted accounting principles.
(c)Provision of Financial Information.  Whether or not the Company is subject to Section 13 or 15(d) of the Exchange Act, it will, within fifteen (15) days after each of the respective dates by which it would have been required to file annual reports, quarterly reports and other documents with the Commission if it were so subject, (1) transmit by mail to all Holders, as their names and addresses appear in the Security Register, without cost to such Holders, copies of the annual reports, quarterly and other reports, financial statements and other documents which it would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, if it were subject to such Sections, (2) file with the Trustee copies of the annual reports, quarterly or other reports, financial statements and other documents which it would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, if it was subject to such Sections, and (3) promptly upon written request and payment of the reasonable cost of duplication and delivery, supply copies of such documents to any prospective Holder; provided that, the foregoing requirements shall be deemed satisfied if the foregoing materials are available on the Commission’s EDGAR system or on the Company’s website within the applicable time period.  The Trustee shall have no liability or responsibility for the filing, timeliness or content of any such reports, financial statements, documents or information filed by the Company and delivery of such reports, financial statements, documents or information to the Trustee is for informational purposes only and receipt of such shall not constitute constructive notice thereof or any information contained therein.
Notwithstanding the foregoing, if at any time the Notes are guaranteed by any direct or indirect parent company of the Company, the Company may satisfy its obligations under this Section 3.1(c) with respect to financial information relating to the Company by furnishing financial information relating to such direct or indirect parent company; provided, however, that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent company and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the information relating to the Company and its Subsidiaries on a standalone basis, on the other hand.
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(d)Additional Subsidiary Guarantees.  If at any time (i) any Subsidiary (whether existing at the Issue Date or acquired or created after the Issue Date) becomes (including on the date of acquisition or creation) a Subsidiary that is not an Excluded Subsidiary or a Foreign Subsidiary or (ii) any Subsidiary ceases to be an Excluded Subsidiary or a Foreign Subsidiary, then the Company will cause such Subsidiary to execute and deliver to the Trustee, within thirty (30) days from the date such Subsidiary became a Subsidiary that is not an Excluded Subsidiary or a Foreign Subsidiary or ceased to be an Excluded Subsidiary or a Foreign Subsidiary, as the case may be, a supplemental indenture in a form reasonably satisfactory to the Trustee pursuant to which such Subsidiary will fully and unconditionally guarantee the Notes, jointly and severally with all other Subsidiary Guarantors, and deliver an Officer’s Certificate and Opinion of Counsel reasonably satisfactory to the Trustee.
The covenant in this Section 3.1(d) will automatically and permanently terminate and the Company will be automatically and permanently released from all its obligations under this Section 3.1(d) on and after the date on which (a) the Notes have received an Investment Grade Rating from both Rating Agencies and one of such Investment Grade Ratings is a Mid-BBB Investment Grade Rating, and (b) no Default or Event of Default has occurred and is continuing.
(e)Subsidiary Guarantor May Consolidate, Etc., Only on Certain Terms; Successor Substituted. A Subsidiary Guarantor may not consolidate with or merge into any other Person or convey, transfer or lease all or substantially all of its properties and assets to any other Person (other than the Company or another Subsidiary Guarantor), and a Subsidiary Guarantor may not permit any other Person (other than the Company or another Subsidiary Guarantor) to consolidate with or merge into it, unless:
(i)either (1) the Subsidiary Guarantor is the surviving entity or (2) the Person formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor) or to which such conveyance, transfer or lease has been made  is an entity organized and validly existing under the laws of the United States, any state thereof or the District of Columbia and expressly assumes, by a supplemental indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the Subsidiary Guarantor’s obligations under its Subsidiary Guarantee and the Indenture;
(ii)immediately after giving effect to such transaction, and treating any indebtedness which becomes an obligation of the Subsidiary Guarantor, any other Subsidiary or the Company as a result of such transaction as having been incurred by the Subsidiary Guarantor, such Subsidiary or the Company at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default shall have happened and be continuing; and
(iii)the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Section 3.1(e) and that all conditions precedent provided for in the Indenture relating to such transaction have been complied with;
provided that this Section 3.1(e) shall not apply to a transaction pursuant to which such Subsidiary Guarantor shall be released from its obligations under its Subsidiary Guarantee and the Indenture in accordance with Section 6.4 of this Supplemental Indenture.
Upon any consolidation of a Subsidiary Guarantor with, or merger of a Subsidiary Guarantor into, any other Person or any conveyance, transfer or lease all or substantially all of the properties and assets of a Subsidiary Guarantor in accordance with this Section 3.1(e), the successor Person formed by such consolidation or into which such Subsidiary Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, such Subsidiary Guarantor under the Indenture with the same effect as if such successor Person had been named as a Subsidiary Guarantor in the Indenture, and thereafter, except in the case of a lease, the predecessor Subsidiary Guarantor shall be relieved of all obligations and covenants under the Indenture and its Subsidiary Guarantee.
(f)Repurchase of Notes upon Change of Control.  If a Change of Control occurs, each Holder of Notes will have the right to require the Company to repurchase some or all (in minimum principal amounts of $2,000 or an integral multiple of $1,000, provided that the remaining principal amount of any Note repurchased in part must not be less than $2,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, up to, but not including, the date of repurchase (the “Change of Control Payment”).
Within ten (10) Business Days following a Change of Control, the Company will mail a notice to each Holder of Notes (with a copy to the Trustee) describing the transaction or transactions that constitute, or are expected to constitute, the Change of Control and offering to repurchase Notes on a specified date (the “Change of Control Payment Date”), at a purchase price 
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equal to the Change of Control Payment (the “Change of Control Offer”). The Change of Control Payment Date will be no earlier than 30 days and no later than sixty (60) days from the date such notice is mailed (or in the case of Global Notes, given pursuant to applicable procedures of the Depositary).
On the Change of Control Payment Date, the Company will, to the extent lawful:
(i)accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer;
(ii)deposit with the Paying Agent for the Notes an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so accepted; and
(iii)deliver or cause to be delivered to the Trustee the Notes accepted and an Officer’s Certificate stating the aggregate principal amount of all Notes purchased by the Company.
The Paying Agent for the Notes will promptly mail to each Holder of Notes properly tendered (or in the case of Global Notes, will promptly pay to the Depositary or its nominee) the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail to each Holder a new Note in principal amount equal to any unpurchased portion of the Notes surrendered; provided that such new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.
The Company will comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations to the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities laws or regulations conflict with the provisions of this Section 3.1(f), the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 3.1(f) by virtue of that compliance.
The Company will not be obligated to make or consummate a Change of Control Offer if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 3.1(f) applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. In addition, the Company will not be obligated to make or consummate a Change of Control Offer with respect to the Notes, if it has irrevocably elected to redeem all of the Notes under Section 2.1(g) of this Supplemental Indenture and has not defaulted on its redemption obligations. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, subject to one or more conditions precedent, including, but not limited to, the consummation of such Change of Control. The Change of Control Payment Date may be delayed until such time (including more than sixty (60) days after the notice is mailed or delivered, including by electronic transmission) as such Change of Control is consummated. The Company may rescind or amend the Change of Control Offer in the event that the Company shall determine that the Change of Control will not occur by the Change of Control Payment Date, or by the Change of Control Payment Date as so delayed. A Change of Control Offer made in advance of the Change of Control may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver of the Indenture. Prior to the occurrence of a Change of Control, the provisions of this Section 3.1(f) relating to the Company’s obligation to make a Change of Control Offer may be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes then outstanding.
ARTICLE 4
SUPPLEMENTAL INDENTURES
Section 4.1    Restatement of Section 901 of the Base Indenture.  The provisions of Section 901 of the Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:
“Section 901       Supplemental Indentures Without Consent of Holders
Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:
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(a)to evidence the succession of another Person to the Company or a Subsidiary Guarantor and the assumption by any such successor of the covenants of the Company herein and in the Securities or the covenants of such Subsidiary Guarantor herein and in its Subsidiary Guarantee; or
(b)to add to the covenants of the Company or any Subsidiary Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company or any Subsidiary Guarantor; or
(c)to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or
(d)to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities of any series in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of any series of Securities in uncertificated form; or
(e)to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or
(f)to add guarantees of or to secure all or any series of the Securities or any guarantees thereof; or
(g)to evidence the release of any Subsidiary Guarantor or any guarantor of the Securities of any  series; or
(h)to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or
(i)to establish the forms or terms of Securities of any series as permitted by Sections 201 and 301 or to provide for the issuance of additional Securities of any series; or
(j)to cure any ambiguity, to correct or supplement any provision contained herein or in any indenture supplemental hereto which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture or to conform the terms hereof, as amended and supplemented, that are applicable to the Securities of any series to the description of the terms of such Securities in the offering memorandum, prospectus supplement or other offering document applicable to such Securities at the time of initial sale thereof; or
(k)to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance (whether legal or covenant defeasance) or satisfaction and discharge of any series of Securities; provided that any such action shall not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in any material respect; or
(l)to prohibit the authentication and delivery of additional series of Securities; or
(m)to add to or change or eliminate any provision of this Indenture as shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act;
(n)to comply with the rules of any applicable Depositary; or
(o)to make any other provisions with respect to matters or questions arising under the Indenture, provided that such action pursuant to this clause (n) shall not adversely affect the interests of the Holders of Securities of any series in any material respect.”
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Section 4.2    Restatement of Section 902 of the Base Indenture.  The provisions of Section 902 of the Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:  
“Section 902       Supplemental Indentures With Consent of Holders
With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,
(a)change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon, or reduce the amount (including the amount of any premium) due upon the  redemption thereof, or reduce the amount of the principal of a Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the date on which any Security may be subject to redemption, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of a Change of Control Offer, on or after the Change of Control Payment Date (or Change of Control Payment Date as may be delayed, as the case may be)), or
(b)reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or
(c)release any Subsidiary Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture except in accordance with the terms of this Indenture; or 
(d)amend, supplement, waive or modify the Company’s obligation to make a Change of Control Offer, or reduce the premium payable upon any repurchase of Notes pursuant to a Change of Control Offer or change the time at which any Notes may be repurchased pursuant to Section 3.1(f) of the Supplemental Indenture, whether through an amendment, supplement, waiver or modification of provisions in Section 3.1(f) of the Supplemental Indenture or any definitions or other provisions in this Indenture or otherwise, unless such amendment, supplement waiver or modification shall be in effect prior to the occurrence of the applicable Change of Control; or
(e)modify any of the provisions of this Section, Section 513 or Section 1006, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1006, or the deletion of this proviso, in accordance with the requirements of Section 611 and clause (h) of Section 901.
A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.
It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.”
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ARTICLE 5
OTHER PROVISIONS
Section 5.1    Restatement of Section 101 of the Base Indenture.    (a) The provisions of Section 101(a) of the Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:
“(a)         the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular, and the terms “Change of Control,” “Change of Control Offer,” “Change of Control Payment Date,” “Notes,” “Subsidiary Guarantee” and “Subsidiary Guarantor” have the meanings assigned to them in the Supplemental Indenture and include the plural as well as the singular;”
(b) Section 101 of the Base Indenture, as applied to the Notes, is further amended by adding the following defined term in its appropriate alphabetical position:
““Supplemental Indenture” means the Fourth Supplemental Indenture to this Indenture, dated as of February 8, 2021, by and among the Company, the subsidiary guarantors named therein, and the Trustee, as the same may be amended or supplemented from time to time.”

Section 5.2    Restatement of Section 501(a) of the Base Indenture.  The provisions of Section 501(a) of the Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:
“(a)         default in the payment of principal of or any premium on any Security of that series at its Maturity (including, in the case of the Notes, a default in making a payment to purchase Notes pursuant to a Change of Control Offer); or”
Section 5.3    Sinking Funds not Applicable.  Section 501(c) of the Base Indenture shall not be applicable to the Notes.
Section 5.4    Restatement of Section 501(d) of the Base Indenture. The provisions of Section 501(d) of the Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:
“(d)         default in the performance of, or breach of, any covenant of the Company or any Subsidiary Guarantor in this Indenture (other than a default under Section 501(a) or Section 501(b) or which has been expressly included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default or breach for a period of sixty (60) days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of more than 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or”
Section 5.5    Restatement of Section 501(e) of Base Indenture. The provisions of Section 501(e) of the Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:
“(e)         the Company or one of its Significant Subsidiaries, if any, pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, or (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property; or”
Section 5.6    Restatement of Section 501(f) of Base Indenture. The provisions of Section 501(f) of the Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:
“(f)          a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the Company or one of its Significant Subsidiaries in an involuntary case, (ii) appoints a Custodian of the 
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Company or such Significant Subsidiary or for all or substantially all of its property, or (iii) orders the liquidation of the Company or such Significant Subsidiary, and the order or decree remains unstayed and in effect for ninety (90) days; or”
Section 5.7    Additional Events of Default.  In accordance with Section 501(g) of the Base Indenture, each of the following shall also constitute an “Event of Default” with respect to the Notes:  
(1)  default under any bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company (including a default with respect to Securities issued under the Indenture other than the Notes) under which there may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $50,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have resulted in such indebtedness in an aggregate principal amount exceeding $50,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled,  within a period of ten (10) days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of more than 25% in aggregate principal amount of the Outstanding Notes, a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” under the Indenture; and
(2)  any Subsidiary Guarantee of a Subsidiary Guarantor that is a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors that taken together would constitute a Significant Subsidiary denies or disaffirms its or their, as the case may be, obligations under the Indenture or its or their Subsidiary Guarantees, as the case may be.
Section 5.8    No Premium or Make-Whole Amount Upon Acceleration.  Notwithstanding any provisions to the contrary in the Base Indenture, upon any acceleration of the Notes under Section 502 of the Base Indenture (other than, with respect to an Event of Default under Section 501(a) of the Base Indenture arising out of a default in the payment of the Redemption Price of the Notes involving a premium or Make-Whole Amount or the payment of a Change of Control Payment, any such acceleration as it relates to the Notes in respect of which such payments were not made) the amount immediately due and payable in respect of the Notes shall equal the outstanding principal amount thereof, plus accrued and unpaid interest thereon; it being understood that nothing in this Section 5.8 shall deprive any Holder of Notes in respect of which the Company defaults in paying the Redemption Price or Change of Control Payment thereof of such Holder’s right to any premium or Make-Whole Amount that is part of the Redemption Price or Change of Control Payment in respect of such Notes.
Section 5.9    Applicability of Satisfaction and Discharge.  Article Four of the Base Indenture applies to the Notes, except for the proviso at the end of Section 401(a).  For the avoidance of doubt, upon satisfaction and discharge of the Indenture with respect to the Notes pursuant to Article Four of the Base Indenture, the Subsidiary Guarantees will automatically terminate, all other obligations of the Subsidiary Guarantors under the Indenture will automatically terminate and the Subsidiary Guarantors will be automatically released from their obligations under their Subsidiary Guarantees and their other obligations under the Indenture. 
Section 5.10    Applicability of Defeasance and Covenant Defeasance Provisions.  Article Thirteen of the Base Indenture, including provisions for Defeasance and Covenant Defeasance, applies to the Notes, except for the proviso at the end of the first sentence of Section 1304(a).  For the avoidance of doubt, upon Defeasance or Covenant Defeasance with respect to the Notes, the Subsidiary Guarantees will automatically terminate, all other obligations of the Subsidiary Guarantors under the Indenture will automatically terminate and the Subsidiary Guarantors will be automatically released from their obligations under their Subsidiary Guarantees and their obligations under the Indenture. 
ARTICLE 6
SUBSIDIARY GUARANTEES
Section 6.1    Subsidiary Guarantee.  Subject to this Article 6, each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees on a senior unsecured basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company under the Indenture or the Notes, that: (a) the principal of and interest on the Notes 
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shall be promptly paid in full when due, whether at Stated Maturity, upon redemption or repurchase, by acceleration or otherwise, and interest on the overdue principal of, and overdue premium and interest on, the Notes, if any, if lawful, and all other obligations of the Company to  Holders of the Notes or the Trustee under the Indenture or the Notes shall be promptly paid in full or promptly performed, as the case may be, all in accordance with the terms of the Indenture and the Notes; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, upon redemption or repurchase, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or failing performance of any other obligation so guaranteed for whatever reason, each Subsidiary Guarantor shall be obligated to pay, or to perform or cause the performance of, the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.
Each of the Subsidiary Guarantors hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions of the Indenture or the Notes, the release of any other Subsidiary Guarantor, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor. Each Subsidiary Guarantor hereby waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Subsidiary Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture.
Unless and until released with respect to any Subsidiary Guarantor in accordance with Section 6.4 of this Supplemental Indenture, this Subsidiary Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a custodian, trustee, liquidator or other similar official be appointed for all or any part of the Company’s assets. If any Holder of the Notes or the Trustee is required by any court or governmental authority or is otherwise required to return to the Company, any Subsidiary Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to the Company or such Subsidiary Guarantor, any amount paid by the Company or such Subsidiary Guarantor to the Trustee or such Holder, the Notes and this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Subsidiary Guarantor further agrees (to the fullest extent permitted by law) that, as between it, on the one hand, and the Holders of the Notes and the Trustee, on the other hand, (a) subject to this Article 6, the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five of the Base Indenture, as supplemented by this Supplemental Indenture, for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (b) in the event of any acceleration of such obligations as provided in such Article Five, such obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary Guarantee.
Section 6.2    Limitation on Subsidiary Guarantor Liability. Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder of the Notes, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or state law to the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing intention, the Trustee, the Holders of the Notes and the Subsidiary Guarantors hereby irrevocably agree that the obligations of each Subsidiary Guarantor under its Subsidiary Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 6, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee and the Indenture not constituting a fraudulent transfer or conveyance under such laws. Each Subsidiary Guarantor that makes a payment under its Subsidiary Guarantee is entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount based on the adjusted net assets of each Subsidiary Guarantor, so long as the exercise of such right does not impair the rights of the Holders of the Notes under this Subsidiary Guarantee.
Section 6.3    Execution and Delivery of Subsidiary Guarantee. To evidence its Subsidiary Guarantee set forth in Section 6.1 of this Supplemental Indenture, each Subsidiary Guarantor hereby agrees that this Supplemental Indenture or a supplemental indenture entered into by such Subsidiary Guarantor pursuant to Section 3.1(d) of this Supplemental Indenture, as the case may be, shall be executed on behalf of such Subsidiary Guarantor by an officer or other authorized signatory of such Subsidiary Guarantor.
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Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 6.1 of this Supplemental Indenture shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Subsidiary Guarantee on the Notes.
If an officer or other authorized signatory of any Subsidiary Guarantor whose signature is on this Supplemental Indenture or a supplemental indenture entered into by such Subsidiary Guarantor pursuant to Section 3.1(d) of this Supplemental Indenture, as the case may be, no longer holds that office or is no longer such an authorized signatory at the time the Trustee authenticates any Note, the Subsidiary Guarantee of such Subsidiary Guarantor shall be valid nevertheless with respect to such Note.
The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set forth in the Indenture on behalf of the Subsidiary Guarantors.
Section 6.4    Release of a Subsidiary Guarantor.  The Subsidiary Guarantee of a Subsidiary Guarantor will automatically terminate and be released, all other obligations of such Subsidiary Guarantor under the Indenture will automatically terminate and such Subsidiary Guarantor will be automatically released from its obligations under its Subsidiary Guarantee and its other obligations under the Indenture:
(a)in the event of a sale or other disposition of all or substantially all of the properties or assets of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary;
(b)in the event of a sale or other disposition (including through merger or consolidation) of Capital Stock of such Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary and such Subsidiary Guarantor ceases to be a Subsidiary as a result of the sale or other disposition;
(c)upon such Subsidiary Guarantor becoming an Excluded Subsidiary or a Foreign Subsidiary;
(d)upon the satisfaction and discharge, Defeasance or Covenant Defeasance of the Notes in accordance with Article Four or Article Thirteen of the Base Indenture;
(e)upon the liquidation or dissolution of such Subsidiary Guarantor, provided no Default or Event of Default has occurred that is continuing;
(f)upon the merger of such Subsidiary Guarantor into, or the consolidation of such Subsidiary Guarantor with, (a) a Subsidiary if the surviving or resulting entity is an Excluded Subsidiary or a Foreign Subsidiary or (b) the Company or another Subsidiary Guarantor; or
(g)on and after the date on which (a) the Notes have received an Investment Grade Rating from both Rating Agencies and one of such Investment Grade Ratings is a Mid-BBB Investment Grade Rating, and (b) no Default or Event of Default has occurred and is continuing.
At the request of the Company, and upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel each stating that all conditions provided for in this Supplemental Indenture to the release of a Subsidiary Guarantor from its Subsidiary Guarantee have been complied with (provided that the legal counsel delivering such Opinion of Counsel may rely as to matters of fact on one or more Officer’s Certificates of the Company), the Trustee shall execute and deliver an appropriate instrument evidencing such release (it being understood that the failure to obtain any such instrument shall not impair any release pursuant to this Section 6.4).
Section 6.5    Benefits Acknowledged.  Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Supplemental Indenture and that the guarantee and waivers made by it pursuant to its Subsidiary Guarantee are knowingly made in contemplation of such benefits.
Section 6.6    Waiver of Subrogation.  Until all of the Notes are discharged and paid in full, each Subsidiary Guarantor hereby irrevocably waives and agrees not to exercise any claim or other rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement of the Company’s obligations under the Notes or the Indenture and such Subsidiary Guarantor’s obligations under this Subsidiary Guarantee and the Indenture, in any such instance including, without limitation, any right of subrogation, reimbursement, exoneration, contribution,  indemnification, and any right to participate in any claim or remedy of the Holders of the Notes against the Company, whether 
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or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company, directly or indirectly, in cash or other assets or by set off or in any other manner, payment or security on account of such claim or other rights. If any amount shall be paid to any Subsidiary Guarantor in violation of the preceding sentence and any amounts owing to the Trustee or the Holders of the Notes under the Notes or the Indenture, shall not have been paid in full, such amount shall have been deemed to have been paid to such Subsidiary Guarantor for the benefit of, and held in trust for the benefit of, the Trustee or the Holders of the Notes and shall forthwith be paid to the Trustee for the benefit of itself or such Holders to be credited and applied to the obligations in favor of the Trustee or such Holders, as the case may be, whether matured or unmatured, in accordance with the terms of the Indenture.
Section 6.7    Same Currency; No Set Off.   Each payment to be made by a Subsidiary Guarantor under its Subsidiary Guarantee shall be payable in the currency in which corresponding payment obligations of the Company under the Notes or the Indenture are denominated, and shall be made without set off, counterclaim, reduction or diminution of any kind or nature.
Section 6.8    Guarantee Obligations Continuing.  The obligations of each Subsidiary Guarantor under the Indenture shall be continuing and shall remain in full force and effect until all such obligations have been paid and satisfied in full. Each Subsidiary Guarantor agrees with the Trustee that, to the fullest extent permitted by applicable law, it will from time to time deliver to the Trustee suitable acknowledgments of this continued liability in such form as counsel to the Trustee may reasonably request and as will prevent any action brought against it in respect of any default under the Indenture being barred by any statute of limitations now or hereafter in force and, in the event of the failure of a Subsidiary Guarantor so to do, it hereby irrevocably appoints the Trustee the attorney and agent of such Subsidiary Guarantor to make, execute and deliver such written acknowledgment or acknowledgments or other instruments as may from time to time become necessary or reasonably advisable, in the judgment of the Trustee on the advice of counsel, to fully maintain and keep in force the liability of such Subsidiary Guarantor under the Indenture.
Section 6.9    No Merger or Waiver; Cumulative Remedies.  To the fullest extent permitted by applicable law, no Subsidiary Guarantee shall operate by way of merger of any of the obligations of a Subsidiary Guarantor under any other agreement. To the fullest extent permitted by applicable law, no failure to exercise and no delay in exercising, on the part of the Trustee or the Holders of the Notes, any right, remedy, power or privilege under the Indenture or the Notes, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under the Indenture or the Notes preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. To the fullest extent permitted by applicable law, the rights, remedies, powers and privileges in the Indenture, the Notes and any other document or instrument between a Subsidiary Guarantor and/or the Company and the Trustee and the Holders of the Notes are cumulative and not exclusive of any rights, remedies, powers and privilege provided by law.
Section 6.10    Dealing with the Company and Others.  The Holders and the Trustee, without releasing, discharging, limiting or otherwise affecting in whole or in part the obligations and liabilities of any Subsidiary Guarantor under the Indenture and without the consent of or notice to any Subsidiary Guarantor, may to the fullest extent permitted by applicable law:
(a)grant time, renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Company or any other Person;
(b)take or abstain from taking security or collateral from the Company or from perfecting security or collateral of the Company;
(c)release, discharge, compromise, realize, enforce or otherwise deal with or do any act or thing in respect of (with or without consideration) any and all collateral, mortgages or other security given by the Company or any third party with respect to the obligations or matters contemplated by the Indenture or the Notes;
(d)accept compromises or arrangements from the Company;
(e)apply all monies at any time received from the Company or from any security upon such part of the obligations of the Subsidiary Guarantors under Section 6.1 of this Supplemental Indenture as the Holders may see fit or change any such application in whole or in part from time to time as the Holders may see fit; and
(f)otherwise deal with, or waive or modify their right to deal with, the Company and all other Persons and any security as the Holders or the Trustee may see fit.
18

Section 6.11    Enforcement; Expenses.  If any Subsidiary Guarantor defaults in performing any of its obligations under the Indenture, the Trustee may proceed in its name as trustee under the Indenture in the enforcement of such obligations against such Subsidiary Guarantor by any remedy provided by law, whether by legal proceedings or otherwise. Each of the Subsidiary Guarantors, jointly and severally, agree to pay all costs, fees and expenses (including, without limitation, reasonable fees and expenses of legal counsel) incurred by the Trustee, any Holder of the Notes, or the agent, advisor or counsel of the Trustee or any Holder, in enforcing the performance by any Subsidiary Guarantor of its obligations under the Indenture.
ARTICLE 7
EFFECTIVENESS
This Supplemental Indenture shall be effective for all purposes as of the date and time this Supplemental Indenture has been executed and delivered by the Company, the Initial Subsidiary Guarantors and the Trustee in accordance with Article Nine of the Base Indenture.  As supplemented hereby, the Base Indenture is hereby confirmed as being in full force and effect.
ARTICLE 8
MISCELLANEOUS
Section 8.1    Separability.  In the event any provision of this Supplemental Indenture shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof or any provision of the Indenture.
Section 8.2    Construction of Terms.  To the extent that any terms of this Supplemental Indenture or the Notes are inconsistent with the terms of the Base Indenture, the terms of this Supplemental Indenture or the Notes shall govern and supersede such inconsistent terms.
Section 8.3    Effect of Headings. The section headings herein are for convenience only and shall not affect the construction hereof.
Section 8.4    Governing Law.  This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. 
Section 8.5    Counterparts.  This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. The words “execution,” “signed,” “signature,” and words of like import in this Supplemental Indenture or in any other certificate, agreement or document related to this Supplemental Indenture or the Notes shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. The Company and the Subsidiary Guarantors agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.
[Signature Page Follows]

19

IN WITNESS WHEREOF, the Company, the Initial Subsidiary Guarantors and the Trustee have caused this Supplemental Indenture to be executed as an instrument under seal in their respective corporate names as of the date first above written.
									
	COMPANY:

			
	DIVERSIFIED HEALTHCARE TRUST

			
	By:		/s/ Richard W. Siedel, Jr.
			Name:  Richard W. Siedel, Jr.

			Title:    Chief Financial Officer and Treasurer

			
	INITIAL SUBSIDIARY GUARANTORS:

	CCC ALPHA INVESTMENTS TRUST

	CCC DELAWARE TRUST

	CCC FINANCING I TRUST

	CCC INVESTMENTS I, L.L.C.

	CCC LEISURE PARK CORPORATION

	CCC PUEBLO NORTE TRUST

	CCC RETIREMENT PARTNERS TRUST

	CCC RETIREMENT TRUST

	CCDE SENIOR LIVING LLC

	CCOP SENIOR LIVING LLC

	CRESTLINE VENTURES LLC

	CSL GROUP, INC.

	DHC HOLDINGS LLC

	ELLICOTT CITY LAND I, LLC

	HRES1 PROPERTIES TRUST

	HRES2 PROPERTIES TRUST

	MSD POOL 1 LLC

	MSD POOL 2 LLC

	O.F.C. CORPORATION

	SNH 30 NEWCROSSING INC.

	SNH AL AIMO II, INC.

	SNH AL AIMO TENANT II, INC.

	SNH AL AIMO TENANT, INC.

	SNH AL AIMO, INC.

	SNH AL CRIMSON TENANT INC.

	SNH AL CUMMING LLC

	SNH AL CUMMING TENANT LLC

	SNH AL GEORGIA HOLDINGS LLC

	SNH AL GEORGIA LLC

	SNH AL GEORGIA TENANT LLC

	SNH AL PROPERTIES LLC

	SNH AL PROPERTIES TRUST

	SNH AL TRS, INC.

	SNH AL WILMINGTON TENANT INC.

[Signature Page to Fourth Supplemental Indenture]

									
	SNH ALT LEASED PROPERTIES TRUST

	SNH AZ TENANT LLC

	SNH BAKERSFIELD LLC

	SNH BAMA TENANT LLC

	SNH BATON ROUGE (NORTH) LLC

	SNH BATON ROUGE (REALTORS) LLC

	SNH BRFL PROPERTIES LLC

	SNH BRFL TENANT LLC

	SNH BRIDGEWATER LLC

	SNH CAL TENANT LLC

	SNH CALI TENANT LLC

	SNH CCMD PROPERTIES BORROWER LLC

	SNH CCMD PROPERTIES LLC

	SNH CCMD TENANT LLC

	SNH CHS PROPERTIES TRUST

	SNH CO TENANT LLC

	SNH CONCORD LLC

	SNH DEL TENANT LLC

	SNH DENHAM SPRINGS LLC

	SNH DERBY TENANT LLC

	SNH FLA TENANT LLC

	SNH FM FINANCING LLC

	SNH FM FINANCING TRUST

	SNH GEORGIA TENANT LLC

	SNH GP VALENCIA LLC

	SNH GRANITE GATE LANDS TENANT LLC

	SNH GRANITE GATE LANDS TRUST

	SNH GROVE PARK TENANT LLC

	SNH GROVE PARK TRUST

	SNH IL JOPLIN INC.

	SNH IL PROPERTIES TRUST

	SNH INDY TENANT LLC

	SNH JACKSON LLC

	SNH KENT PROPERTIES LLC

	SNH LINCOLN TENANT LLC

	SNH LONGHORN TENANT LLC

	SNH LTF PROPERTIES LLC

	SNH MASS TENANT LLC

	SNH MD TENANT LLC

	SNH MEZZCO SAN ANTONIO LLC

	SNH MO TENANT LLC

	SNH MODESTO LLC

	SNH NC TENANT LLC

	SNH NEB TENANT LLC

	SNH NJ TENANT GP LLC

	SNH NJ TENANT LLC

	SNH NM TENANT LLC

[Signature Page to Fourth Supplemental Indenture]

									
	SNH NORTHWOODS LLC

	SNH NORTHWOODS TENANT LLC

	SNH NS PROPERTIES TRUST

	SNH OHIO TENANT LLC

	SNH OMISS TENANT LLC

	SNH PARKVIEW PROPERTIES TRUST

	SNH PENN TENANT LLC

	SNH PLAQUEMINE LLC

	SNH PLFL PROPERTIES LLC

	SNH PLFL TENANT LLC

	SNH PRAIRIEVILLE LLC

	SNH PROJ LINCOLN TRS LLC

	SNH REDMOND PROPERTIES LLC

	SNH REIT VICTORIA LLC

	SNH RMI FOX RIDGE MANOR PROPERTIES LLC

	SNH RMI JEFFERSON MANOR PROPERTIES LLC

	SNH RMI MCKAY MANOR PROPERTIES LLC

	SNH RMI NORTHWOOD MANOR PROPERTIES LLC

	SNH RMI OAK WOODS MANOR PROPERTIES LLC

	SNH RMI PARK SQUARE MANOR PROPERTIES LLC

	SNH RMI PROPERTIES HOLDING COMPANY LLC

	SNH RMI SMITH FARMS MANOR PROPERTIES LLC

	SNH RMI SYCAMORE MANOR PROPERTIES LLC

	SNH SC TENANT LLC

	SNH SE ASHLEY RIVER LLC

	SNH SE ASHLEY RIVER TENANT LLC

	SNH SE BARRINGTON BOYNTON LLC

	SNH SE BARRINGTON BOYNTON TENANT LLC

	SNH SE BURLINGTON LLC

	SNH SE BURLINGTON TENANT LLC

	SNH SE DANIEL ISLAND LLC

	SNH SE DANIEL ISLAND TENANT LLC

	SNH SE HABERSHAM SAVANNAH LLC

	SNH SE HABERSHAM SAVANNAH TENANT LLC

	SNH SE HOLLY HILL LLC

	SNH SE HOLLY HILL TENANT LLC

	SNH SE KINGS MTN LLC

	SNH SE KINGS MTN TENANT LLC

	SNH SE MOORESVILLE LLC

	SNH SE MOORESVILLE TENANT LLC

	SNH SE N. MYRTLE BEACH LLC

	SNH SE N. MYRTLE BEACH TENANT LLC

	SNH SE PROPERTIES LLC

	SNH SE PROPERTIES TRUST

	SNH SE SG LLC

	SNH SE SG TENANT LLC

	SNH SE TENANT 2 TRS, INC.

[Signature Page to Fourth Supplemental Indenture]

									
	SNH SE TENANT TRS, INC.

	SNH SOMERFORD PROPERTIES TRUST

	SNH TEANECK PROPERTIES LLC

	SNH TEANECK TENANT LLC

	SNH TELLICO TENANT LLC

	SNH TELLICO TRUST

	SNH TEMPE LLC

	SNH TENN TENANT LLC
	SNH TOTO TENANT LLC

	SNH TRS INC.

	SNH TRS LICENSEE HOLDCO LLC

	SNH VA TENANT LLC

	SNH VIKING TENANT LLC

	SNH WARD AVE. PROPERTIES I INC.

	SNH WELL PROPERTIES GA-MD LLC

	SNH WELL PROPERTIES TRUST

	SNH WILMINGTON LLC

	SNH WIS TENANT LLC

	SNH WY TENANT LLC

	SNH YONKERS PROPERTIES TRUST

	SNH YONKERS TENANT INC.

	SNH/CSL PROPERTIES TRUST

	SNH/LTA PROPERTIES GA LLC

	SNH/LTA PROPERTIES TRUST

	SNH/LTA SE HOME PLACE NEW BERN LLC

	SNH/LTA SE MCCARTHY NEW BERN LLC

	SNH/LTA SE WILSON LLC

	SPTGEN PROPERTIES TRUST

	SPTIHS PROPERTIES TRUST

	SPTMISC PROPERTIES TRUST

	SPTMNR PROPERTIES TRUST

	SPTMRT PROPERTIES TRUST

	SPTSUN II PROPERTIES TRUST
			
	By:		/s/ Richard W. Siedel, Jr.
			Name:  Richard W. Siedel, Jr.
			Title:    Chief Financial Officer and Treasurer
			
			
	LEXINGTON OFFICE REALTY TRUST

	SNH MEDICAL OFFICE REALTY TRUST

			
	By:		/s/ Richard W. Siedel, Jr.
			Richard W. Siedel, Jr.,
			as Trustee and not individually
			
			
			

[Signature Page to Fourth Supplemental Indenture]

									
	CCC FINANCING LIMITED, L.P.

			
	By:		CCC RETIREMENT TRUST,

			its general partner
			
	By:		/s/ Richard W. Siedel, Jr.
			Name:  Richard W. Siedel, Jr.
			Title:    Chief Financial Officer and Treasurer
			
			
	CCC RETIREMENT COMMUNITIES II, L.P.

			
	By:		CRESTLINE VENTURES LLC,

			its general partner
			
	By:		/s/ Richard W. Siedel, Jr.
			Name:  Richard W. Siedel, Jr.
			Title:    Chief Financial Officer and Treasurer
			
			
	LEISURE PARK VENTURE LIMITED PARTNERSHIP

			
	By:		CCC LEISURE PARK CORPORATION,

			its general partner
			
	By:		/s/ Richard W. Siedel, Jr.
			Name:  Richard W. Siedel, Jr.
			Title:    Chief Financial Officer and Treasurer
			
			
	SNH NJ TENANT LP

			
	By:		SNH NJ TENANT GP LLC,

			its general partner
			
	By:		/s/ Richard W. Siedel, Jr.
			Name:  Richard W. Siedel, Jr.
			Title:    Chief Financial Officer and Treasurer
			
	TRUSTEE:

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee

			
	By:		/s/ David W. Doucette
			Name:  David W. Doucette

			Title:    Vice President
			

[Signature Page to Fourth Supplemental Indenture]

EXHIBIT A
FORM OF NOTE
[Form of Face of Security]
[Insert Applicable Legends]
DIVERSIFIED HEALTHCARE TRUST
4.375% Senior Notes due 2031
No. ____                                            $ ___________
Diversified Healthcare Trust, a real estate investment trust duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to _____________________________, or registered assigns, the principal sum of ___________________ Dollars ($_____________) [(as the same may be revised from time to time on the Schedule of Exchanges of Interests in the Global Security attached hereto)] on March 1, 2031, and to pay interest thereon from ____________, 20__ or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 1 and September 1 in each year, commencing September 1, 2021 at the rate of 4.375% per annum, until the principal hereof is paid or made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained for that purpose in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts or, in the case of any Note that is a Global Security, in accordance with the procedures of The Depository Trust Company (“DTC”), or  any successor depositary with respect to the Global Notes appointed under the Indenture, the “Depositary”), and its participants in effect from time to time; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
THE AMENDED AND RESTATED DECLARATION OF TRUST ESTABLISHING DIVERSIFIED HEALTHCARE TRUST, DATED SEPTEMBER 20, 1999, AS AMENDED AND SUPPLEMENTED, AS FILED WITH THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF DIVERSIFIED HEALTHCARE TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, DIVERSIFIED HEALTHCARE TRUST. ALL PERSONS DEALING WITH DIVERSIFIED HEALTHCARE TRUST IN ANY WAY SHALL LOOK ONLY TO THE ASSETS OF DIVERSIFIED HEALTHCARE TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.
A-1

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
Dated:
									
	DIVERSIFIED HEALTHCARE TRUST

			
	By:		
			Name: 

			Title:

CERTIFICATE OF AUTHENTICATION
Dated:

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

			
	By:		
			Name:
			Title:

A-2

[Form of Reverse of Security]
1.    General.  This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),  issued and to be issued in one or more series under an Indenture, dated as of February 18, 2016 (the “Base Indenture”), between the Company and U.S. Bank National Association (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), as supplemented by a Fourth Supplemental Indenture, dated as of February 8, 2021 (as amended, supplemented or otherwise modified from time to time, the “Supplemental Indenture” and the Base Indenture, as supplemented by such Supplemental Indenture, the “Indenture”), among the Company, the Initial Subsidiary Guarantors and the Trustee, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Subsidiary Guarantors, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof (such series, the “Notes”). Capitalized terms used but not defined herein have the meaning given to them in the Indenture.
2.    Optional Redemption.  The Notes will be subject to redemption in whole at any time or in part from time to time prior to their maturity at the option of the Company upon not less than fifteen (15) nor more than sixty (60) days’ notice to each Holder of Notes to be redeemed at its address appearing in the Security Register or, in the case of any Note that is a Global Security, in accordance with the procedures of the Depositary and its participants in effect from time to time, at a Redemption Price equal to the sum of (i) the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the applicable Redemption Date and (ii) the Make-Whole Amount, if any (it being understood that if the Notes are redeemed on or after September 1, 2030, the Make-Whole Amount equals zero).
As used herein the term “Make-Whole Amount” means, in connection with any redemption of any Notes prior to September 1, 2030, the excess, if any, of (i) the aggregate present value as of the applicable Redemption Date of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued to the Redemption Date) that would have been payable in respect of such dollar if such redemption had been made on September 1, 2030, determined by discounting, on a semiannual basis, such principal and interest at the Reinvestment Rate (determined on the third (3rd) Business Day preceding the date the notice of redemption relating to such redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had been made on September 1, 2030, over (ii) the aggregate principal amount of the Notes being redeemed. In the case of any redemption of the Notes on or after September 1, 2030, the Make-Whole Amount means zero. The Make-Whole Amount shall be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be entitled to rely on said Officer’s Certificate.
As used herein the term “Reinvestment Rate” means a rate per annum equal to the sum of 0.50% (fifty one hundredths of one percent) and the arithmetic mean of the yields on treasury securities at constant maturity displayed for each of the five (5) most recent days published in the Statistical Release under the caption “Treasury constant maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity (which, in the case of maturities corresponding to the principal and interest due on the Notes at their maturity, shall be deemed to be September 1, 2030), as of the Redemption Date of the Notes being redeemed. If no maturity exactly corresponds to such remaining life to maturity, yields for the two published maturities most closely corresponding to such remaining life to maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used.
As used herein the term “Statistical Release” means the statistical release designated “H.15” or any successor publication which is published daily by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release (or any successor publication) is not published at the time of any determination under the Indenture, then any publicly available source of similar market data used for this purpose in accordance with customary market practice which shall be designated by the Company.
The Company shall not be required to make sinking fund or redemption payments with respect to the Notes. However, under certain circumstances in connection with the occurrence of a Change of Control, the Company may be required to offer to the repurchase the Notes as provided for under Section 3.1(f) of the Supplemental Indenture.
In the event of redemption of this Security in part only, a new Note or Notes and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.
A-3

3.    Discharge and Defeasance.  The Indenture contains provisions for discharge or defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.
4.    Defaults and Remedies.  If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes, plus accrued and unpaid interest thereon, may be declared due and payable in the manner and with the effect provided in the Indenture.
5.    Actions of Holders.  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or this Security or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than a majority in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
6.    Payments Not Impaired.  No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
7.    Denominations, Transfer, Exchange.  As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
8.    Persons Deemed Owners.  Prior to due presentment of this Security for registration of transfer, the Company, the Subsidiary Guarantors, the Trustee and any agent of the Company, any Subsidiary Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Subsidiary Guarantors, the Trustee nor any such agent shall be affected by notice to the contrary.
9.    Subsidiary Guarantees.  The Notes will be entitled to the benefits of certain Subsidiary Guarantees made for the benefit of the Holders of the Notes. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Subsidiary Guarantors, the Trustee and the Holders.
A-4

10.    Defined Terms.  All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
A-5

[ASSIGNMENT FORM]
ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:
																					
	TEN COM	—	as tenants in common		UNIF GIFT MIN ACT   --	__________Custodian________
	TEN ENT	—	as tenants by the entireties			(Cust)                                 (Minor)
	JT TEN	—	as joint tenants with right of survivorship			Under Uniform Gifts to Minors Act
			and not as tenants in common			                                       

						(State)
							

Additional abbreviations may also be used though not in the above list.
______________________________________
FOR VALUE RECEIVED, the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
			
	

                                                         
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

the within security and all rights thereunder, hereby irrevocably constituting and appointing

Attorney to transfer said security on the books of the Company with full power of substitution in the premises.
																		
	Dated:
	                                              				Signed:                             

						Notice:  The signature to this assignment must correspond with the name as it
						appears upon the face of the within security in every particular, without
						alteration or enlargement or any change whatever.
						
						Signature Guarantee*:___________________
						*  Participant in a recognized Signature Guarantee Medallion Program (or
						other signature guarantor acceptable to the Trustee).
						
						

A-6

OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Security purchased by the Company pursuant to a Change of Control Offer, check the box below:
									
	☐		Change of Control Offer

If you want to elect to have only part of this Security purchased by the Company pursuant to a Change of Control Offer, state the amount you elect to have purchased (must be a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof; provided that the remaining principal amount of this Security after such partial purchase must not be less than $2,000 in principal amount):  $___________ 
																		
	Date:
	                                              				Your Signature:                                         

						(Sign exactly as your name appears on the Note)
						
						Tax Identification No.:                           

						
	Signature Guarantee*:___________________
	*  Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee)

A-7

[Include this Schedule only for a Global Security]
SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY
The initial principal amount of this Global Security is $[●].
The following exchanges, transfers or cancellations of this Global Security have been made:
																											
	Date of Exchange
		Amount of Decrease in Principal Amount of this Global Security
		Amount of Increase in Principal Amount of this Global Security
		Principal Amount of this Global Security Following Such Decrease (or Increase)
		Signature of Authorized Officer of Trustee

									

A-8

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