Document:

Exhibit

Exhibit 10.1
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS
THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS (this “Amendment”), dated as of June 16, 2017, by and among CYRUSONE LP, a Maryland limited partnership (“Borrower”), CYRUSONE INC., a Maryland corporation (“REIT”), CYRUSONE GP, a Maryland statutory trust (“General Partner”), CYRUSONE LLC, a Delaware limited liability company (“LLC”), CYRUSONE TRS INC., a Delaware corporation (“TRS”), CYRUSONE FOREIGN HOLDINGS LLC, a Delaware limited liability company (“Foreign Holdings”), CYRUSONE FINANCE CORP., a Maryland corporation (“Finance”), CERVALIS HOLDINGS LLC, a Delaware limited liability company (“Cervalis Holdings”), CERVALIS LLC, a Delaware limited liability company (“Cervalis”), CYRUSONE-NJ LLC, a Delaware limited liability company (“CyrusOne-NJ”), CYRUSONE-NC LLC, a Delaware limited liability company (“CyrusOne-NC”; REIT, General Partner, LLC, TRS, Foreign Holdings, Finance, Cervalis Holdings, Cervalis, CyrusOne-NJ and CyrusOne-NC are sometimes hereinafter referred to individually as “Guarantor” and collectively as “Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), CAPITAL ONE, NATIONAL ASSOCIATION (“New Lender”),  and the other Lenders party hereto (collectively, with New Lender, the “Lenders”), and KeyBank as Agent for itself and the other Lenders from time to time party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”).
W I T N E S S E T H:
WHEREAS, the Borrower, Agent and the Lenders (other than New Lender) are parties to that certain Second Amended and Restated Credit Agreement dated as of November 21, 2016 (as the same may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Credit Agreement”);
WHEREAS, certain of the Guarantors executed and delivered to Agent and the Lenders that certain Second Amended and Restated Guaranty dated as of November 21, 2016 (as the same may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or amended from time to time, the “Guaranty”);
WHEREAS, CyrusOne-NJ and CyrusOne-NC have become a party to the Guaranty pursuant to that certain Joinder Agreement dated March 17, 2017; and 
WHEREAS, the Borrower and the Guarantors have requested that the Agent and the Lenders make certain modifications to the Credit Agreement and Agent and the undersigned Lenders have consented to such modifications, subject to the execution and delivery of this Amendment.
NOW, THEREFORE, for and in consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

1.Definitions.  Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall have the respective meanings given thereto in the Credit Agreement.
2.    Modifications of the Credit Agreement.  The Borrower, Agent and the Lenders do hereby modify and amend the Credit Agreement as follows:
(a)    By deleting the amount “$1,850,000,000” appearing in the second “WHEREAS” paragraph on page 1 of the Credit Agreement, and inserting in lieu thereof the amount “$2,300,000,000".
(b)    By deleting in their entirety the definitions of “Commitment Increase”, “Controlled Joint Venture”, “Material Subsidiary”, “Revolving Credit Loan or Loans”, “Senior Notes”, “Senior Notes Documents”, “Senior Notes Indenture”, “Term Loan A or Term Loans A”, “Total Commitment”, “Total Revolving Credit Commitment”, “Total Term Loan A Commitment”, and “Unencumbered Net Operating Income” appearing in §1.1 of the Credit Agreement, and inserting in lieu thereof the following:
“Commitment Increase.  An increase in the Total Revolving Credit Commitment, Total Term Loan A Commitment and/or Total Term Loan B Commitment to an aggregate Total Commitment of not more than $2,300,000,000.00 pursuant to §2.11.
Controlled Joint Venture.  Any Person that is not a Wholly Owned Subsidiary of Borrower in which the Borrower or any of its Wholly Owned Subsidiaries (i) holds at least fifty percent (50%) of the economic and voting interests of such Person, (ii) is the sole general partner or managing member, as applicable, of such Person, (iii) controls day-to-day management and operational decisions of the assets of such Person, (iv) controls all material decisions of such Person, including without limitation the operations, investments, financing, refinancing, encumbrancing and disposition of the assets of such Person (provided that the Borrower or any of its Wholly Owned Subsidiaries shall be deemed to control all material decisions of such Person if the Borrower or such Wholly Owned Subsidiary has, in the event of a disagreement regarding any material decisions (including any of the foregoing matters), the right and ability to exercise either (A) a buy-sell right with respect to the ownership interests in the joint venture or (B) a right to offer for sale the assets of the joint venture, and pursuant to the exercise of either such right cause such assets to be fully owned or ground leased directly by the Borrower or a Wholly Owned Subsidiary of Borrower or sold for cash at a price reasonably satisfactory to the Borrower, provided further that to the extent Borrower is relying upon a buy-sell right or offer to sell right pursuant to this clause (iv) to be deemed to have control over all material decisions of such Person, (1) the applicable joint venture agreement shall provide that any buy-sell or sale process must be consummated within one hundred twenty (120) days of the exercise thereof and (2) there shall be no restriction, lock-out or other limitation on when such buy-sell or sale process can be invoked or exercised, (v) is not subject to any contractual provision or agreement with the holder of the balance of the interests in such Person that provides such holder with the right (x) to change or replace management of such Person (other than as a result of fraud or willful misconduct by the Borrower or its applicable Wholly Owned Subsidiary that is acting as the general partner or managing member of such Person), (y) to obtain additional consent or approval rights, or (z) to acquire the direct or indirect interest of Borrower in 

2

such Person upon non-payment of any distributions to it or other default by Borrower or such other Wholly Owned Subsidiary of Borrower, and (vi) no event has occurred which would permit the holder of the balance of the interests in such Person to change or replace Borrower or its Wholly Owned Subsidiary as the sole general partner or managing member of such Person.
Material Subsidiary.  Any Subsidiary of REIT (a) which is a direct or indirect owner of an asset included in determining the Unencumbered Asset Value (including, subject to §5.2, any Controlled Joint Venture), (b) which is a guarantor of or is otherwise liable with respect to any other Unsecured Indebtedness of the REIT, the Borrower or any of their respective Subsidiaries, or (c) that owns assets that account for greater than five percent (5%) of the Gross Asset Value and is not an Excluded Subsidiary.  Notwithstanding the foregoing, Subsidiaries that are not Domestic Subsidiaries and joint ventures that are not Controlled Joint Ventures which own or lease Unencumbered Controlled Joint Venture Properties will not be required to act as Guarantors.
Revolving Credit Loan or Loans.  An individual Revolving Credit Loan or the aggregate Revolving Credit Loans, as the case may be, in the maximum principal amount of $1,100,000,000.00 (subject to increase as provided in §2.11) to be made by the Revolving Credit Lenders hereunder as more particularly described in §2.  Without limiting the foregoing, Revolving Credit Loans shall also include Revolving Credit Loans made pursuant to §2.10(f).
Senior Notes.  Borrower’s 5.000% Senior Notes Due 2024 in the aggregate principal amount of up to $500,000,000 and 5.375% Senior Notes due 2027 in the aggregate principal amount of up to $300,000,000, issued by Borrower under the Senior Notes Documents from time to time, and the Indebtedness represented thereby, including Senior Notes into which such notes may be exchanged in accordance with the provisions of the Senior Notes Documents.
Senior Notes Documents.  Each of the Senior Notes Indentures and all other instruments, agreements and other documents evidencing or governing the Senior Notes or providing for any guarantee or other right in respect thereof, in each case as the same may be amended, restated, supplemented, substituted, replaced, refinanced or otherwise modified from time to time.
Senior Notes Indenture.  Each of (i) that certain Indenture dated as of March 17, 2017 among Borrower and CyrusOne Finance Corp., as Issuers, the guarantors a party thereto, Wells Fargo Bank, N.A., as Trustee relating to the issuance by Borrower of the 5.000% Senior Notes due 2024 and (ii) that certain Indenture dated as of March 17, 2017 among Borrower and CyrusOne Finance Corp., as Issuers, the guarantors a party thereto, Wells Fargo Bank, N.A., as Trustee relating to the issuance by Borrower of the 5.375% Senior Notes due 2027.
Term Loan A or Term Loans A.  An individual Term Loan A or the aggregate Term Loans A, as the case may be, in the maximum principal amount of $650,000,000.00 (subject to increase as provided in §2.11) made by the Term Loan A Lenders hereunder.

3

Total Commitment.  The sum of the Total Revolving Credit Commitment, the Total Term Loan A Commitment and the Total Term Loan B Commitment.  As of June 16, 2017, the Total Commitment is Two Billion and No/100 Dollars ($2,000,000,000.00).  The Total Commitment may increase in accordance with §2.11.
Total Revolving Credit Commitment.  The sum of the Revolving Credit Commitments of the Revolving Credit Lenders, as in effect from time to time.  As of June 16, 2017, the Total Revolving Credit Commitment is One Billion One Hundred Million and No/100 Dollars ($1,100,000,000.00).  The Total Revolving Credit Commitment may increase in accordance with §2.11.
Total Term Loan A Commitment.  The sum of the Term Loan A Commitments of the Term Loan A Lenders, as in effect from time to time.  As of June 16, 2017, the Total Term Loan A Commitment is Six Hundred Fifty Million and No/100 Dollars ($650,000,000.00).  The Total Term Loan A Commitment may increase in accordance with §2.11.
Unencumbered Net Operating Income.  For any period of determination, Net Operating Income from Unencumbered Properties; provided, however, that if the Net Operating Income (i) attributable to Leased Properties would exceed fifteen percent (15%) of the aggregate Unencumbered Net Operating Income, (ii) attributable to Development Properties would exceed fifteen percent (15%) of the aggregate Unencumbered Net Operating Income, (iii) attributable to International Investments would exceed ten percent (10.0%) of the aggregate Unencumbered Net Operating Income, (iv) attributable to Unencumbered Properties which are on Ground Leases would exceed thirty-five percent (35%) of the aggregate Unencumbered Net Operating Income, (v) attributable to Unencumbered Properties which are owned or leased by Controlled Joint Ventures would exceed ten percent (10%) of the aggregate Unencumbered Net Operating Income, or (vi) attributable to Ground Leases, Leased Properties, Land Assets, International Investments and properties owned or leased by Controlled Joint Ventures would exceed forty percent (40%) of the aggregate Unencumbered Net Operating Income, then in each case such excess shall be excluded.”
(c)    By deleting the words “Leased Property or” appearing in the second (2nd) and third (3rd) lines of clause (iii) of the definition of Gross Asset Value, which appears in §1.1 of the Credit Agreement.
(d)    By deleting the words and numbers “twenty percent (20%)” appearing in the tenth (10th) line of the last paragraph of the definition of “Gross Asset Value”, which appears in §1.1 of the Credit Agreement, and inserting in lieu thereof the words and numbers “thirty percent (30%)”.
(e)    By deleting the words “Leased Property or” appearing in the third (3rd) line of clause (c) of the definition of Unencumbered Asset Value, which appears in §1.1 of the Credit Agreement.

4

(f)    By deleting in its entirety the last paragraph of the definition of “Unencumbered Asset Value”, which appears in §1.1 of the Credit Agreement, and inserting in lieu thereof the following.
“Unencumbered Asset Value may be adjusted as provided in §8.6.  Without limiting or affecting any other provision hereof, Unencumbered Asset Value shall not include any income or value associated with Real Estate which is not operated or intended to be operated principally as a Data Center Property.  For purposes of this definition, to the extent that Unencumbered Asset Value (i) attributable to Leased Properties would exceed fifteen percent (15%) of the Unencumbered Asset Value, (ii) attributable to Development Properties would exceed fifteen percent (15%) of the Unencumbered Asset Value, (iii) attributable to International Investments would exceed ten percent (10%) of the Unencumbered Asset Value, (iv) attributable to Unencumbered Properties which are on Ground Leases would exceed thirty-five percent (35%) of the Unencumbered Asset Value, (v) attributable to Unencumbered Properties which are owned or leased by Controlled Joint Ventures would exceed ten percent (10%) of the Unencumbered Asset Value, or (vi) attributable to Ground Leases, Leased Properties, Land Assets, International Investments and properties owned or leased by Controlled Joint Ventures would exceed forty percent (40%) of Unencumbered Asset Value, then in each case such excess shall be excluded.  With respect to any Unencumbered Controlled Joint Venture Property, only the Controlled Joint Venture Value shall be included in determining Unencumbered Asset Value.”
(g)    By deleting the amount “$1,850,000,000” appearing in the eleventh (11th) line of §2.11(a) of the Credit Agreement, and by inserting in lieu thereof the amount “$2,300,000,000”.
(h)    By deleting in its entirety §5.2(a) of the Credit Agreement, and inserting in lieu thereof the following:
“In the event that Borrower shall request that certain Real Estate of a Subsidiary of Borrower (including a Controlled Joint Venture) be included as an Unencumbered Property for purposes of calculation of the Unencumbered Asset Value, Borrower shall as a condition thereto, in addition to the requirements of §7.22, cause each such Subsidiary (including a Controlled Joint Venture), subject to the terms of §7.22(a)(x), not already constituting a Subsidiary Guarantor hereunder (and any other Subsidiary of Borrower having an ownership interest in such Subsidiary of Borrower) to execute and deliver to Agent a Joinder Agreement, and such Subsidiary (and any such other Subsidiary having an ownership interest in such Subsidiary) shall thereby become a Subsidiary Guarantor hereunder.  In addition, in the event any Subsidiary of the REIT shall constitute a Material Subsidiary within the meaning of clause (b) of the definition thereof, the Borrower shall cause such Subsidiary, as a condition to such Subsidiary’s becoming a guarantor or other obligor with respect to such other Unsecured Indebtedness described therein (unless such Indebtedness was incurred prior to such Subsidiary becoming a Subsidiary Guarantor and not in contemplation of such Subsidiary becoming a Subsidiary Guarantor, in which case such Subsidiary shall promptly execute and deliver to Agent a Joinder Agreement), cause each such Subsidiary to execute and deliver to Agent a Joinder Agreement, and such Subsidiary shall thereby become a Subsidiary Guarantor hereunder.  In addition, in the event any Subsidiary of the Borrower shall constitute a Material Subsidiary pursuant to clause (c) of the definition thereof, 

5

Borrower shall cause such Subsidiary (other than any Controlled Joint Venture to the extent the organizational agreements of such Controlled Joint Venture do not permit it to guarantee the Obligations), within thirty (30) days (or such later date as agreed to by Agent) of such Subsidiary becoming a Material Subsidiary pursuant to clause (c) of the definition thereof, to execute and deliver to Agent a Joinder Agreement, and such Subsidiary shall become a Subsidiary Guarantor hereunder.  Each such Subsidiary shall be specifically authorized, in accordance with its respective organizational documents and applicable law, to be a Guarantor hereunder.  Without limiting the terms of this agreement, Borrower shall cause all representations in the Loan Documents that apply to the Guarantors to be true and correct in all material respects, with respect to such new Subsidiary Guarantor, at the time each such Subsidiary becomes a Subsidiary Guarantor (unless such representations apply to any earlier date).  Without limiting the terms of this Agreement, Borrower shall cause all covenants in the Loan Documents that apply to the Guarantors to be true and correct, with respect to such new Subsidiary Guarantor, at the time each such Subsidiary becomes a Subsidiary Guarantor.  In connection with the delivery of any Joinder Agreement, Borrower shall deliver to the Agent such organizational agreements, resolutions, consents, opinions and other documents and instruments as the Agent may reasonably require.  Each Subsidiary of Borrower (including any Controlled Joint Venture, whether or not a Guarantor) that owns or leases Real Estate included as an Unencumbered Property (and each other Subsidiary of Borrower having an interest in such Subsidiary of Borrower) shall be organized under the laws of a State and shall have its principal place of business in a State, consistent with the requirements of §7.2.”
(i)    By inserting the words “(including without limitation pursuant to §7.22(a)(x)(1))” following the words “as a result of such release” appearing in the third (3rd) and fourth (4th) lines of §5.2(b) of the Credit Agreement.
(j)    By deleting in its entirety §7.4(g) of the Credit Agreement, and inserting in lieu thereof the following:
“(g)    Promptly upon the request of Agent copies of the applicable joint ventures agreements for the Controlled Joint Ventures that own Unencumbered Controlled Joint Venture Properties;”.
(k)    By deleting the word “and” appearing at the end of §7.22(a)(viii) of the Credit Agreement, by deleting the period appearing at the end of §7.22(a)(ix) of the Credit Agreement, and inserting in lieu thereof “; ”, and by inserting the following as §7.22(a)(x) and (xi) of the Credit Agreement:
“(x)    each Controlled Joint Venture owning or leasing an Unencumbered Property included in the calculation of Unencumbered Asset Value shall be a Guarantor unless the organizational agreements of such Controlled Joint Venture do not permit it to guarantee the Obligations, provided further that (1) at all times the Guarantors must own or lease Unencumbered Properties having an aggregate Unencumbered Asset Value of not less than ninety percent (90%) of the aggregate Unencumbered Asset Value as of any date of determination, and (2) if the Unencumbered Asset Value of the Unencumbered Properties owned or leased by the Guarantors would be less than such ninety percent (90%) threshold, then any 

6

Unencumbered Asset Value attributable to Unencumbered Properties owned or leased by Controlled Joint Ventures that are not Guarantors shall be excluded from the calculation of Unencumbered Asset Value to the extent necessary to cause such ninety percent (90%) threshold to be met; and
(xi)    in the event any buy-sell or offer to sell right contained in the agreements relating to a Controlled Joint Venture that owns or leases an Unencumbered Controlled Joint Venture Property is exercised, triggered or otherwise invoked and the Borrower or its applicable Subsidiary fails to perform its obligations in accordance with such provision, then the Real Estate of such Controlled Joint Venture shall no longer be eligible for inclusion as an Unencumbered Property.”
(l)    By deleting the words “1649 W. Frankford Road, Carrollton, Texas  75007” in §7.2 of the Credit Agreement, and by inserting in lieu thereof the words “2101 Cedar Springs Road, Suite 900, Dallas, Texas 75201”.
(m)    By deleting the words “1649 West Frankford Road, Carrollton, Texas  75007” in §19 of the Credit Agreement, and by inserting in lieu thereof the words “2101 Cedar Springs Road, Suite 900, Dallas, Texas 75201”.
3.    Modification of the Guaranty.  Guarantors, Agent and Lenders do hereby modify and amend the Guaranty by (i) deleting the words “1649 West Frankford Road, Carrollton, Texas  75007” in §13 thereof and inserting in lieu thereof the words “2101 Cedar Springs Road, Suite 900, Dallas, Texas 75201” and (ii) inserting the following sentence immediately after the first (1st) sentence of Paragraph A of the Guaranty, appearing on page 1 thereof:  
“On June 16, 2017, the Credit Agreement was amended by an agreement whereby the Lenders agreed to make the Loan available to Borrower in the maximum aggregate amount at any time outstanding not to exceed the sum of Two Billion and No/100 Dollars ($2,000,000,000.00), increasable to Two Billion Three Hundred Million and No/100 Dollars ($2,300,000,000.00)."
4.    Commitments.
(a)    As of the “Effective Date” (as hereinafter defined) of this Amendment and following satisfaction of all conditions thereto as provided herein, the amount of each Term Loan A Lender’s including New Lender’s Term Loan A Commitment and the amount of each Revolving Credit Lender’s including New Lender’s Revolving Credit Commitment shall be the amount set forth on Schedule 1.1 attached hereto.  In connection with the increase of the Total Term Loan A Commitments and the Total Revolving Credit Commitment, each Term Loan A Lender and Revolving Credit Lender that is increasing its Term Loan A Commitment and/or Revolving Credit Commitment shall be issued a replacement Term Loan A Note and/or Revolving Credit Note, as applicable, in the principal face amount of its Term Loan A Commitment or Revolving Credit Commitment, as applicable, which will be a “Term Loan A Note” or “Revolving Credit Note” under the Credit Agreement.  Each such Term Loan A Note and Revolving Credit Note shall be a replacement Term Loan A Note or Revolving Credit Note, as applicable, and each increasing Lender will promptly return to Borrower its existing Term Loan A Note and/or Revolving Credit Note that 

7

is being replaced marked “Replaced”.  Each Revolving Credit Lender shall receive a Bid Loan Note in the principal face amount of the Bid Loan Sublimit, which will be a Bid Loan Note under the Credit Agreement.  Each such Bid Loan Note shall be a replacement Bid Loan Note, and each Revolving Credit Lender will promptly return to Borrower its existing Bid Loan Note that is being replaced marked “Replaced”.
(b)    In connection with the increase of the Total Commitment and pursuant to this Amendment and §2.11 of the Credit Agreement, New Lender shall on the Effective Date be issued a Term Loan A Note and a Revolving Credit Note in the principal face amount of its Term Loan A Commitment and Revolving Credit Commitment, respectively, which will be a “Term Loan A Note” and a “Revolving Credit Note” under the Credit Agreement, and on the Effective Date New Lender shall be a Lender under the Credit Agreement.  New Lender makes and confirms to the Agent and the other Lenders all of the representations, warranties and covenants of a Lender under the Credit Agreement as if it were an original party to the Credit Agreement.  Without limiting the foregoing, New Lender (a) represents and warrants that it is legally authorized to, and has full power and authority to, enter into this Amendment and perform its obligations under this Amendment, the Credit Agreement and the other Loan Documents; (b) confirms that it has received copies of such documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and become a party to the Credit Agreement; (c) agrees that it has made its own decision to become a Lender under the Credit Agreement without reliance upon any Lender, Agent, any Titled Agent or any affiliate or subsidiary of any thereof, and has and will, independently and without reliance upon any Lender, the Agent, any Titled Agent or any affiliate or subsidiary of any thereof and based upon such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in evaluating the Loans, the Loan Documents, the creditworthiness of the Borrower and the Guarantors and the value of any collateral and any other assets of the Borrower and the Guarantors, and taking or not taking action under the Loan Documents; (d) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers as are reasonably incidental thereto pursuant to the terms of the Loan Documents; (e) agrees that, by this Amendment, New Lender has become a party to and will perform in accordance with their terms all the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender; (f) represents and warrants that New Lender is not a Person controlling, controlled by or under common control with, or which is not otherwise free from influence or control by, the Borrower or any Guarantor and is not a Defaulting Lender or an Affiliate of a Defaulting Lender and (g) New Lender has a net worth or unfunded capital commitment as of the date hereof of not less than $100,000,000.00 unless waived in writing by Borrower and Agent.
(c)    By its signature below, New Lender hereby agrees from and after the Effective Date to perform all obligations as a Lender and with respect to its Term Loan A Commitment and Revolving Credit Commitment as set forth in this Amendment, the Credit Agreement and the other Loan Documents, as if New Lender were an original Lender and signatory to the Credit Agreement, which obligations shall include, but shall not be limited to, with respect to its Revolving Credit Commitment the obligation to make Revolving Credit Loans to the Borrower with respect to its Revolving Credit Commitment as required under the Credit Agreement, the obligation to pay amounts due in respect of Swing Loans as set forth in §2.5 of the Credit Agreement, and the obligation to pay amounts due in respect of draws under Letters of Credit as required under §2.10 of the Credit Agreement, and in any case the obligation to indemnify the Agent as provided therein.  New Lender 

8

acknowledges and confirms that its address for notices and LIBOR Lending Office for Loans is as set forth on the signature pages hereto.
(d)    On the Effective Date of this Amendment the outstanding principal balance of the Revolving Credit Loans shall be reallocated among the Revolving Credit Lenders such that the outstanding principal amount of Revolving Credit Loans owed to each Revolving Credit Lender shall be equal to such Revolving Credit Lender's Revolving Credit Commitment Percentage of the outstanding principal amount of all Revolving Credit Loans.  The participation interests of the Revolving Credit Lenders in Swing Loans and Letters of Credit shall be similarly adjusted.  On the Effective Date, each of those Revolving Credit Lenders whose Revolving Credit Commitment Percentage is increasing shall advance the funds to the Agent and the funds so advanced shall be distributed among the Revolving Credit Lenders whose Revolving Credit Commitment Percentage is decreasing as necessary to accomplish the required reallocation of the outstanding Revolving Credit Loans.
(e)    On the Effective Date of this Amendment, the Term Loan A Lenders whose Term Loan A Commitment is increasing shall advance to Agent for further advance to Borrower, in accordance with the terms of the Credit Agreement, the amount of the increase in its Term Loan A Commitment, which shall then be Term Loans A under the Credit Agreement.
5.    References to Credit Agreement and Guaranty.  All references in the Loan Documents to the Credit Agreement and Guaranty shall be deemed a reference to the Credit Agreement and Guaranty as modified and amended herein.
6.    Consent of Guarantors.  By execution of this Amendment, Guarantors hereby expressly consent to the modifications and amendments relating to the Credit Agreement as set forth herein and the execution and delivery of the Term Loan A Notes, Revolving Credit Notes and Bid Loan Notes and any other agreements contemplated hereby, and Borrower and Guarantors hereby acknowledge, represent and agree that the Credit Agreement and the Guaranty, as modified and amended herein, and the other Loan Documents remain in full force and effect and constitute the valid and legally binding obligation of Borrower and Guarantors, respectively, enforceable against such Persons in accordance with their respective terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity, and that the Guaranty extends to and applies to the foregoing documents as modified and amended and to the Term Loan A Notes, Revolving Credit Notes and Bid Loan Notes delivered pursuant hereto.
7.    Representations.  Borrower and Guarantors represent and warrant to Agent and the Lenders as follows as of the date of this Amendment:
(a)    Authorization.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment, the Term Loan A Notes, the Revolving Credit Notes and the Bid Loan Notes and any other agreements contemplated hereby and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii) have been duly authorized by all necessary proceedings on the part of such Persons, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any of such Persons is subject or any judgment, order, writ, injunction, license or permit applicable to such Persons, (iv) do not and will not conflict with or constitute a default 

9

(whether with the passage of time or the giving of notice, or both) under any provision of the partnership agreement or certificate, certificate of formation, operating agreement, articles of incorporation or other charter documents or bylaws of, or any material agreement or other material instrument binding upon, any of such Persons or any of its properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of such Persons, and (vi) do not require any material approval or consent of any Person other than those already obtained and as are in full force and effect.
(b)    Enforceability.  This Amendment and the Term Loan A Notes, the Revolving Credit Notes and the Bid Loan Notes delivered pursuant hereto are the valid and legally binding obligations of Borrower and Guarantors enforceable in accordance with the respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.
(c)    Approvals.  The execution, delivery and performance by the Borrower and the Guarantors of this Amendment, the Term Loan A Notes, the Revolving Credit Notes and the Bid Loan Notes delivered pursuant hereto and any other agreements contemplated hereby and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other than those already obtained and other than any disclosure filings with the SEC as may be required with respect to this Amendment.
(d)    Reaffirmation.  Borrower and the Guarantors reaffirm and restate as of the date hereof each and every representation and warranty made by the Borrower, the Guarantors and their respective Subsidiaries in the Loan Documents except for representations or warranties that expressly relate to an earlier date.  Each of the representations and warranties made by or on behalf of Borrower, Guarantors or any of their respective Subsidiaries contained in this Amendment, the Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Credit Agreement or this Amendment are true in all material respects as of the date as of which they were made and are true in all material respects as of the date hereof, with the same effect as if made at and as of that time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date).
(e)    No Default.  By execution hereof, the Borrower and Guarantors certify that the Borrower and Guarantors are and will be in compliance with all covenants under the Loan Documents immediately after the execution and delivery of this Amendment and the other documents executed in connection herewith, and that no Default or Event of Default has occurred and is continuing.
8.    Waiver of Claims.  Borrower and Guarantors acknowledge, represent and agree that Borrower and Guarantors as of the date hereof have no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or Letters of Credit or with respect to any acts or omissions of Agent or any Lender, or any past or present officers, agents or employees of Agent or any Lender, 

10

and each of Borrower and Guarantors does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
9.    Ratification.  Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement, the Guaranty and the other Loan Documents remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement, the Guaranty and the other Loan Documents.  Nothing in this Amendment or any other document executed in connection herewith shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents (including without limitation the Guaranty).  This Amendment shall constitute a Loan Document.
10.    Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.
11.    Miscellaneous.  THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement.
12.    Effective Date.  This Amendment shall be deemed effective and in full force and effect (the “Effective Date”) upon confirmation by the Agent of the satisfaction of the following conditions:
(a)    the execution and delivery of this Amendment by Borrower, Guarantors, Agent, the Majority Lenders, New Lender, each Term Loan A Lender whose Term Loan A Commitment is increasing pursuant to this Amendment and each Revolving Credit Lender whose Revolving Credit Commitment is increasing pursuant to this Amendment;
(b)    the delivery to Agent of an opinion of counsel to the Borrower and the Guarantors addressed to the Agent and the Lenders covering such matters as the Agent may reasonably request;
(c)    the delivery to Agent for each requesting Lender of a Term Loan A Note or Revolving Credit Note, as applicable, duly executed by the Borrower in favor of each Lender whose Term Loan A Commitment and/or Revolving Credit Commitment is increasing in the amount set forth next to such Lender’s name on Schedule 1.1 attached hereto, and Bid Loan Note in favor of each Revolving Credit Lender in the amount of the new Bid Loan Sublimit;
(d)    receipt by Agent of evidence that the Borrower shall have paid all fees due and payable with respect to this Amendment and the increase of the Total Term Loan A Commitment and Total Revolving Credit Commitment; and
(e)    delivery to Agent of a Compliance Certificate, adjusted to give pro forma effect to the advance of the Term Loans A and any Revolving Credit Loans to be made on or about the date thereof, and evidencing compliance with the covenants described in §7.4(c) of the Credit Agreement;

11

(f)    receipt by Agent of such other resolutions, certificates, documents, instruments and agreements as the Agent may reasonably request; and
(g)    the Borrower shall have paid the reasonable fees and expenses of Agent in connection with this Amendment and the transactions contemplated hereby.
13.    Titles.  From and after the Effective Date, the following Lenders shall be documentation agents:  TD Securities (USA) LLC, New York Branch, Barclays Bank PLC, Citizens Bank, N.A., SunTrust Bank, PNC Bank, National Association, Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, Goldman Sachs Bank USA, Bank of America, N.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd., and Deutsche Bank AG New York Branch.
[CONTINUED ON NEXT PAGE]

12

IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly authorized officers and/or other representatives, have duly executed this Amendment under seal as of the day and year first above written.
BORROWER:
CYRUSONE LP, a Maryland limited partnership
By:    CYRUSONE GP, a Maryland statutory trust, its general partner
By:    CyrusOne Inc., a Maryland corporation, as its sole trustee
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
GUARANTORS:
CYRUSONE INC., a Maryland corporation
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CYRUSONE GP, a Maryland statutory trust
By:    CyrusOne Inc., a Maryland corporation, as its sole trustee
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CYRUSONE LLC, a Delaware limited liability company
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CYRUSONE TRS INC., a Delaware corporation
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CYRUSONE FOREIGN HOLDINGS LLC, a Delaware limited liability company
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement]

CYRUSONE FINANCE CORP., a Maryland corporation
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CERVALIS HOLDINGS LLC, a Delaware limited liability company
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CERVALIS LLC, a Delaware limited liability company
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CYRUSONE-NJ LLC, a Delaware limited liability company
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
CYRUSONE-NC LLC, a Delaware limited liability company
By:    /s/ Diane M. Morefield        
Name:    Diane M. Morefield
Title:    Chief Financial Officer
LENDERS:
KEYBANK NATIONAL ASSOCIATION, individually and as Agent
By:         /s/ Jason Weaver
Name:         Jason Weaver
Title:           Senior Vice President

JPMORGAN CHASE BANK, N.A.
By:         /s/ Alexander Vardaman
Name:         Alexander Vardaman
Title:           Authorized Signer

THE TORONTO-DOMINION BANK, NEW YORK BRANCH
By:         /s/ Annie Dorval    
Name:         Annie Dorval    
Title:           Authorized Signatory    

[Signature Page to First Amendment to Credit Agreement]

BARCLAYS BANK PLC
By:         /s/ May Huang    
Name:         May Huang    
Title:           Assistant Vice President

ROYAL BANK OF CANADA
By:         /s/ Sheena Lee    
Name:         Sheena Lee    
Title:           Authorized Signatory    

SUNTRUST BANK
By:         /s/ Nancy B. Richards    
Name:         Nancy B. Richards    
Title:           Senior Vice President    

CITIZENS BANK, N.A.
By:         /s/ Michelle M. Dawson    
Name:         Michelle M. Dawson    
Title:           Vice President    

CITIBANK, N.A.
By:         /s/ John C. Rowland    
Name:         John C. Rowland    
Title:           Vice President    

PNC BANK, NATIONAL ASSOCIATION
By:         /s/ Brandon K. Fiddler    
Name:         Brandon K. Fiddler    
Title:           Senior Vice President    

COBANK, ACB
By:         /s/ Andy Smith    
Name:         Andy Smith    
Title:           Vice President    

BANK OF AMERICA, N.A.
By:         /s/ Dennis Kwan    
Name:         Dennis Kwan    
Title:           Vice President    
 

[Signature Page to First Amendment to Credit Agreement]

GOLDMAN SACHS BANK USA
By:         /s/ Annie Carr    
Name:         Annie Carr    
Title:           Authorized Signatory    

SYNOVUS BANK
By:         /s/ David W. Bowman    
Name:         David W. Bowman    
Title:           Director    

DEUTSCHE BANK AG NEW YORK BRANCH
By:         /s/ J.T. Johnston Coe    
Name:         J.T. Johnston Coe    
Title:           Managing Director    

By:         /s/ James Rolison    
Name:         James Rolison    
Title:           Managing Director    

MORGAN STANLEY BANK, N.A.
By:         /s/ Michael King    
Name:         Michael King    
Title:           Authorized Signatory    

RAYMOND JAMES BANK, N.A.
By:         /s/ Matt Stein    
Name:         Matt Stein    
Title:           Vice President    

WOODFOREST NATIONAL BANK
By:         /s/ Jacob McGee    
Name:         Jacob McGee    
Title:           Vice President    

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
By:         /s/ Matthew Antioco    
Name:         Matthew Antioco    
Title:           Vice President

MORGAN STANLEY SENIOR FUNDING, INC.
By:         /s/ Michael King    
Name:         Michael King    
Title:           Vice President

[Signature Page to First Amendment to Credit Agreement]

CAPITAL ONE, NATIONAL ASSOCIATION
By:         /s/ Barbara Heubner    
Name:         Barbara Heubner    
Title:           Vice President

Capital One, National Association
1680 Capital One Drive, 10th Floor
McLean, Virginia 22102
Attn:  Barbara Heubner

LIBOR Lending Office
Same as Above

[Signature Page to First Amendment to Credit Agreement]

SCHEDULE 1.1
LENDERS AND COMMITMENTS
REVOLVING CREDIT LOAN

	
			
	Name and Address
	Revolving Credit Commitment
	Revolving Credit Commitment Percentage*

	KEYBANK NATIONAL ASSOCIATION
127 Public Square, 8th Floor
Cleveland, Ohio  44114
Attention:  Jason Weaver

	$72,971,410.00
	6.633764545000%

	LIBOR Lending Office
Same as Above

	 
	 

	DEUTSCHE BANK AG NEW YORK BRANCH 
60 Wall Street
New York, NY  10005-2836
Attention:  Dusan Lazarov

	$125,000,000.00
	11.363636360000%

	LIBOR Lending Office
Same as Above

	 
	 

	BARCLAYS BANK PLC
745 7th Avenue, 25th Floor
New York, NY  10019
Attention:  Sean Duggan

	$73,700,000.00
	6.700000000000%

	LIBOR Lending Office
Same as Above

	 
	 

	JPMORGAN CHASE BANK, N.A.
2200 Ross Avenue, 8th Floor
Dallas, TX  75201
Attention:  Brooke Tankersley

	$72,971,409.00
	6.633764455000%

	LIBOR Lending Office
Same as Above

	 
	 

	THE TORONTO-DOMINION BANK, NEW YORK BRANCH
31 West 52nd Street
New York, NY 10019
Attention:  Christopher Wong

	$72,971,409.00
	6.633764455000%

	LIBOR Lending Office
Same as Above

	 
	 

SCHEDULE 1.1 - PAGE 1

	
			
	Name and Address
	Revolving Credit Commitment
	Revolving Credit Commitment Percentage*

	CITIZENS BANK, N.A.
1215 Superior Avenue
Cleveland, Ohio  44114
Attention:  David R. Jablonowski

	$67,805,292.00
	6.164117455000%

	LIBOR Lending Office
Same as Above

	 
	 

	SUNTRUST BANK 
8330 Boone Blvd., 7th Floor
Vienna, VA  22182
Attention:  Nancy B. Richards

	$67,805,292.00
	6.164117455000%

	LIBOR Lending Office
Same as Above

	 
	 

	GOLDMAN SACHS BANK USA
c/o Goldman, Sachs & Co.
30 Hudson Street, 5th Floor
Jersey City, NY  07302
Attention:  Michelle Latzoni

	$66,695,903.00
	6.063263909000%

	LIBOR Lending Office
Same as Above

	 
	 

	BANK OF AMERICA, N.A.
555 California Street, 6th Floor
CA5-705-06-01
San Francisco, CA  94104
Attention:  Dennis Kwan

	$61,347,646.00
	5.577058727000%

	LIBOR Lending Office
Same as Above

	 
	 

	CITIBANK, N.A.
388 Greenwich Street, 23rd Floor
New York, NY  10013
Attention:  Bryce Hong

	$61,347,646.00
	5.577058727000%

	LIBOR Lending Office
Same as Above

	 
	 

SCHEDULE 1.1 - PAGE 2

	
			
	Name and Address
	Revolving Credit Commitment
	Revolving Credit Commitment Percentage*

	ROYAL BANK OF CANADA
Global Loans Administration
20 King Street West, 4th Floor
Toronto, Ontario, Canada
M5H1C4
Attention:  Manager, Loans Administration

	$61,347,646.00
	5.577058727000%

	LIBOR Lending Office
Same as Above

	 
	 

	PNC BANK, NATIONAL ASSOCIATION
1200 Smith Street
Houston, TX  77002
Attention:  Christian Brown

	$61,347,645.00
	5.577058636000%

	LIBOR Lending Office
Same as Above

	 
	 

	CAPITAL ONE, NATIONAL ASSOCIATION 
6200 Chevy Chase Drive
Laurel, MD  20707
Attn:  Tri Truong
	$50,000,000.00
	4.545454545000%

	LIBOR Lending Office
Same as Above
	 
	 

	THE BANK OF TOKYO – MITSUBISHI UFJ, LTD.
1251 Avenue of the Americas
New York, NY  10020-1104
Attn:  Matthew Antioco

	$48,432,351.00
	4.402941000000%

	LIBOR Lending Office
Same as Above

	 
	 

	MORGAN STANLEY BANK, N.A.
1300 Thames Street, Thames Street Wharf 
4th Floor
Baltimore, MD  21231
Attention:  Morgan Stanley Loan Servicing

	$41,974,705.00
	3.815882273000%

	LIBOR Lending Office
Same as Above

	 
	 

	RAYMOND JAMES BANK, N.A.
710 Carillon Parkway
St. Petersburg, FL  33716
Attention:  James Armstrong

	$32,934,000.00
	2.994000000000%

SCHEDULE 1.1 - PAGE 3

	
			
	Name and Address
	Revolving Credit Commitment
	Revolving Credit Commitment Percentage*

	LIBOR Lending Office
Same as Above

	 
	 

	COBANK, ACB
900 Circle 75 Parkway, Suite 1400
Atlanta, GA  30339-5946
Attention:  Charles Smith

	$22,601,764.00
	2.054705818000%

	LIBOR Lending Office
Same as Above

	 
	 

	MORGAN STANLEY SENIOR FUNDING, INC.
1300 Thames Street, Thames Street Wharf
4th Floor
Baltimore, MD  21231
Attn:  Morgan Stanley Loan Servicing

	$19,372,941.00
	1.761176455000%

	LIBOR Lending Office
Same as Above
	 
	 

	SYNOVUS BANK 
800 Shades Creek Parkway 
Birmingham, AL  35209 
Attention:  David Bowman

	$19,372,941.00
	1.761176455000%

	LIBOR Lending Office
Same as Above

	 
	 

	TOTAL

	$1,100,000,000.00
	100%

*Percentages may not add up to 100% due to rounding.

SCHEDULE 1.1 - PAGE 4

TERM LOAN A

	
			
	Name and Address
	Term Loan A Commitment
	Term Loan A Commitment Percentage*

	KEYBANK NATIONAL ASSOCIATION
127 Public Square, 8th Floor
Cleveland, Ohio  44114
Attention:  Jason Weaver

	$35,883,077.50
	5.520473462000%

	LIBOR Lending Office
Same as Above

	 
	 

	THE BANK OF TOKYO – MITSUBISHI UFJ, LTD.
1251 Avenue of the Americas
New York, NY  10020-1104
Attn:  Matthew Antioco

	$64,964,168.00
	9.994487385000%

	LIBOR Lending Office
Same as Above

	 
	 

	CAPITAL ONE, NATIONAL ASSOCIATION 
6200 Chevy Chase Drive
Laurel, MD  20707
Attn:  Tri Truong 

	$50,000,000.00
	7.692307692000%

	LIBOR Lending Office
Same as Above

	 
	 

	PNC BANK, NATIONAL ASSOCIATION
1200 Smith Street
Houston, TX  77002
Attention:  Christian Brown

	$48,954,613.00
	7.531478923000%

	LIBOR Lending Office
Same as Above

	 
	 

	BANK OF AMERICA, N.A.
555 California Street, 6th Floor
CA5-705-06-01
San Francisco, CA  94104
Attention:  Dennis Kwan

	$48,954,612.00
	7.531478769000%

	LIBOR Lending Office
Same as Above
	 
	 

	ROYAL BANK OF CANADA
Global Loans Administration
20 King Street West, 4th Floor
Toronto, Ontario, Canada
M5H1C4
Attention:  Manager, Loans Administration

	$48,954,612.00
	7.531478769000%

SCHEDULE 1.1 - PAGE 5

	
			
	Name and Address
	Term Loan A Commitment
	Term Loan A Commitment Percentage*

	LIBOR Lending Office
Same as Above

	 
	 

	GOLDMAN SACHS BANK USA
c/o Goldman, Sachs & Co.
30 Hudson Street, 5th Floor
Jersey City, NY  07302
Attention:  Michelle Latzoni

	$43,606,355.00
	6.708670000000%

	LIBOR Lending Office
Same as Above

	 
	 

	CITIZENS BANK, N.A.
1215 Superior Avenue
Cleveland, Ohio  44114
Attention:  David R. Jablonowski

	$40,949,835.00
	6.299974615000%

	LIBOR Lending Office
Same as Above

	 
	 

	SUNTRUST BANK
8330 Boone Blvd., 7th Floor
Vienna, VA  22182
Attention:  Nancy B. Richards

	$40,949,835.00
	6.299974615385

	LIBOR Lending Office
Same as Above

	 
	 

	MORGAN STANLEY SENIOR FUNDING, INC.
1300 Thames Street, Thames Street Wharf
4th Floor
Baltimore, MD  21231
Attn:  Morgan Stanley Loan Servicing

	$35,985,667.00
	5.536256462000%

	LIBOR Lending Office
Same as Above
	 
	 

	JPMORGAN CHASE BANK, N.A.
2200 Ross Avenue, 8th Floor
Dallas, TX  75201
Attention:  Brooke Tankersley

	$35,883,077.50
	5.520473462000%

	LIBOR Lending Office
Same as Above

	 
	 

SCHEDULE 1.1 - PAGE 6

	
			
	Name and Address
	Term Loan A Commitment
	Term Loan A Commitment Percentage*

	THE TORONTO-DOMINION BANK, NEW YORK BRANCH
31 West 52nd Street
New York, NY  10019
Attention:  Christopher Wong

	$34,546,013.00
	5.314771231000%

	LIBOR Lending Office
Same as Above

	 
	 

	BARCLAYS BANK PLC
745 7th Avenue, 25th Floor
New York, NY  10019
Attention:  Sean Duggan

	$31,300,000.00
	4.815384615000%

	LIBOR Lending Office
Same as Above

	 
	 

	RAYMOND JAMES BANK, N.A.
710 Carillon Parkway
St. Petersburg, FL  33716
Attention:  James Armstrong

	$24,175,633.00
	3.719328154000%

	LIBOR Lending Office
Same as Above

	 
	 

	WOODFOREST NATIONAL BANK
25231 Grogan Mills Road
Suite 450
The Woodlands, TX  77380
Attn:  Laurie Blanton

	$20,000,000.00
	3.076923077000%

	LIBOR Lending Office
Same as Above

	 
	 

	CITIBANK, N.A.
388 Greenwich Street, 23rd Floor
New York, NY  10013
Attention:  Bryce Hong

	$18,954,612.00
	2.916094154000%

	LIBOR Lending Office:
1615 Brett Road, Building III
New Castle, DE  19720

	 
	 

	MORGAN STANLEY BANK, N.A.
1300 Thames Street, Thames Street Wharf, 4th Floor
Baltimore, MD  21231
Attention:  Morgan Stanley Loan Servicing

	$12,968,945.00
	1.995222308000%

SCHEDULE 1.1 - PAGE 7

	
			
	Name and Address
	Term Loan A Commitment
	Term Loan A Commitment Percentage*

	LIBOR Lending Office
Same as Above

	 
	 

	COBANK, ACB
900 Circle 75 Parkway, Suite 1400
Atlanta, GA  30339-5946
Attention:  Charles Smith

	$6,983,278.00
	1.074350462000%

	LIBOR Lending Office
Same as Above

	 
	 

	SYNOVUS BANK
800 Shades Creek Parkway
Birmingham, AL  35209
Attention:  David Bowman

	$5,985,667.00
	0.920871846200%

	LIBOR Lending Office
Same as Above

	 
	 

	TOTAL

	$650,000,000.00
	100%

*Percentages may not add up to 100% due to rounding.

SCHEDULE 1.1 - PAGE 8

TERM LOAN B

	
			
	Name and Address
	Term Loan B Commitment
	Term Loan B Commitment Percentage*

	KEYBANK NATIONAL ASSOCIATION
127 Public Square, 8th Floor
Cleveland, Ohio  44114
Attention:  Jason Weaver

	$21,145,512.50
	8.458205000000%

	LIBOR Lending Office
Same as Above

	 
	 

	JPMORGAN CHASE BANK, N.A.
2200 Ross Avenue, 8th Floor
Dallas, TX  75201
Attention:  Brooke Tankersley

	$21,145,513.50
	8.458205400000%

	LIBOR Lending Office
Same as Above

	 
	 

	BARCLAYS BANK PLC
745 7th Avenue, 25th Floor
New York, NY  10019
Attention:  Sean Duggan

	$20,000,000.00
	8.000000000000%

	LIBOR Lending Office
Same as Above

	 
	 

	WOODFOREST NATIONAL BANK
25231 Grogan Mills Road
Suite 450
The Woodlands, TX  77380
Attn:  Laurie Blanton

	$20,000,000.00
	8.000000000000%

	LIBOR Lending Office
Same as Above

	 
	 

	THE TORONTO-DOMINION BANK, NEW YORK BRANCH
31 West 52nd Street
New York, NY 10019
Attention:  Christopher Wong

	$17,482,578.00
	6.993031200000%

	LIBOR Lending Office
Same as Above

	 
	 

SCHEDULE 1.1 - PAGE 9

	
			
	Name and Address
	Term Loan B Commitment
	Term Loan B Commitment Percentage*

	CITIZENS BANK, N.A.
1215 Superior Avenue
Cleveland, Ohio  44114
Attention:  David R. Jablonowski

	$16,244,873.00
	6.497949200000%

	LIBOR Lending Office
Same as Above

	 
	 

	SUNTRUST BANK
8330 Boone Blvd., 7th Floor
Vienna, VA  22182
Attention:  Nancy B. Richards

	$16,244,873.00
	6.497949200000%

	LIBOR Lending Office
Same as Above

	 
	 

	BANK OF AMERICA, N.A.
555 California Street, 6th Floor
CA5-705-06-01
San Francisco, CA  94104
Attention:  Dennis Kwan

	$14,697,742.00
	5.879096800000%

	LIBOR Lending Office
Same as Above

	 
	 

	CITIBANK, N.A.
388 Greenwich Street, 23rd Floor
New York, NY  10013
Attention:  Bryce Hong

	$14,697,742.00
	5.879096800000%

	LIBOR Lending Office:
1615 Brett Road, Building III
New Castle, DE  19720

	 
	 

	GOLDMAN SACHS BANK USA
c/o Goldman, Sachs & Co.
30 Hudson Street, 5th Floor
Jersey City, NY  07302
Attention:  Michelle Latzoni

	$14,697,742.00
	5.879096800000%

	LIBOR Lending Office
Same as Above

	 
	 

SCHEDULE 1.1 - PAGE 10

	
			
	Name and Address
	Term Loan B Commitment
	Term Loan B Commitment Percentage*

	PNC BANK, NATIONAL ASSOCIATION
1200 Smith Street
Houston, TX  77002
Attention:  Christian Brown

	$14,697,742.00
	5.879096800000%

	LIBOR Lending Office
Same as Above

	 
	 

	ROYAL BANK OF CANADA
Global Loans Administration
20 King Street West, 4th Floor
Toronto, Ontario, Canada
M5H1C4
Attention:  Manager, Loans Administration
	$14,697,742.00
	5.879096800000%

	LIBOR Lending Office
Same as Above

	 
	 

	THE BANK OF TOKYO – MITSUBISHI UFJ, LTD.
1251 Avenue of the Americas
New York, NY  10020-1104
Attn:  Matthew Antioco

	$11,603,481.00
	4.641392400000%

	LIBOR Lending Office
Same as Above

	 
	 

	MORGAN STANLEY BANK, N.A.
1300 Thames Street, Thames Street Wharf, 4th Floor
Baltimore, MD  21231
Attention:  Morgan Stanley Loan Servicing

	$10,056,350.00
	4.022540000000%

	LIBOR Lending Office
Same as Above

	 
	 

	RAYMOND JAMES BANK, N.A.
710 Carillon Parkway
St. Petersburg, FL  33716
Attention:  James Armstrong

	$7,890,367.00
	3.156146800000%

	LIBOR Lending Office
Same as Above

	 
	 

	COBANK, ACB
900 Circle 75 Parkway, Suite 1400
Atlanta, GA  30339-5946
Attention:  Charles Smith

	$5,414,958.00
	2.165983200000%

SCHEDULE 1.1 - PAGE 11

	
			
	Name and Address
	Term Loan B Commitment
	Term Loan B Commitment Percentage*

	LIBOR Lending Office
Same as Above

	 
	 

	MORGAN STANLEY SENIOR FUNDING, INC.
1300 Thames Street, Thames Street Wharf
4th Floor
Baltimore, MD  21231
Attn:  Morgan Stanley Loan Servicing

	$4,641,392.00
	1.856556800000%

	LIBOR Lending Office
Same as Above

	 
	 

	SYNOVUS BANK
800 Shades Creek Parkway
Birmingham, AL  35209
Attention:  David Bowman

	$4,641,392.00
	1.856556800000%

	LIBOR Lending Office
Same as Above

	 
	 

	TOTAL

	$250,000,000.00
	100%

*Percentages may not add up to 100% due to rounding.

SCHEDULE 1.1 - PAGE 12

TOTAL COMMITMENTS

	
			
	LENDER
	TOTAL COMMITMENT
	TOTAL COMMITMENT PERCENTAGE*

	KEYBANK NATIONAL ASSOCIATION
	$130,000,000.00
	6.500000000000%

	JPMORGAN CHASE BANK, N.A.
	$130,000,000.00
	6.500000000000%

	THE TORONTO-DOMINION BANK, NEW YORK BRANCH
	$125,000,000.00
	6.250000000000%

	BARCLAYS BANK PLC
	$125,000,000.00
	6.250000000000%

	CITIZENS BANK, N.A.
	$125,000,000.00
	6.250000000000%

	SUNTRUST BANK
	$125,000,000.00
	6.250000000000%

	PNC BANK, NATIONAL ASSOCIATION
	$125,000,000.00
	6.250000000000%

	ROYAL BANK OF CANADA
	$125,000,000.00
	6.250000000000%

	GOLDMAN SACHS BANK USA
	$125,000,000.00
	6.250000000000%

	BANK OF AMERICA, N.A.
	$125,000,000.00
	6.250000000000%

	THE BANK OF TOKYO – MITSUBISHI UFJ, LTD.
	$125,000,000.00
	6.250000000000%

	DEUTSCHE BANK AG NEW YORK BRANCH
	$125,000,000.00
	6.250000000000%

	CAPITAL ONE, NATIONAL ASSOCIATION
	$100,000,000.00
	5.000000000000%

	CITIBANK, N.A.
	$95,000,000.00
	4.750000000000%

	MORGAN STANLEY BANK, N.A.
	$65,000,000.00
	3.250000000000%

	RAYMOND JAMES BANK, N.A.
	$65,000,000.00
	3.250000000000%

	MORGAN STANLEY SENIOR FUNDING, INC.
	$60,000,000.00
	3.000000000000%

	WOODFOREST BANK
	$40,000,000.00
	2.000000000000%

	COBANK, ACB
	$35,000,000.00
	1.750000000000%

SCHEDULE 1.1 - PAGE 13

	
			
	LENDER
	TOTAL COMMITMENT
	TOTAL COMMITMENT PERCENTAGE*

	SYNOVUS BANK
	$30,000,000.00
	1.500000000000%

	TOTAL
	$2,000,000,000.00
	100%*

*Percentages may not add up to 100% due to rounding.

SCHEDULE 1.1 - PAGE 14Exhibit 10.1

 

EXECUTION COPY

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the "Agreement"), is effective
as of June 16, 2017 (the “Effective Date”), between Aytu BioScience, Inc., a Delaware corporation headquartered at
373 Inverness Parkway, Suite 206, Englewood, CO 80112 USA, hereinafter referred to as the "Company"), and Gregory A.
Gould (“Employee").

 

RECITALS

 

WHEREAS, the Company is a duly organized
Delaware corporation, with its principal place of business within the State of Colorado, and is in the business of developing and
marketing pharmaceutical products; and

 

WHEREAS, the Company desires assurance
of the continued association and services of the Employee in order to continue to retain the Employee’s experience, skills,
abilities, background and knowledge, and is willing to continue to engage the Employee’s services on the terms and conditions
set forth in this Agreement; and

 

WHEREAS, Employee desires to be
in the continued employ of the Company, and is willing to accept such continued employment on the terms and conditions set forth
in this Agreement.

 

NOW, THEREFORE, the parties hereto agree to the terms
and conditions of this Agreement as follows:

 

1. Employment for Term. The Company hereby agrees to
employ Employee and Employee hereby accepts such employment with the Company for the period of 24 months beginning on the Effective
Date. The term of this Agreement (the "Term") shall continue until the termination of Employee's employment in accordance
with the provisions of this Agreement. The termination of Employee's employment under this Agreement shall end the Term but shall
not terminate Employee's or the Company's other obligations that are intended to survive the termination of this Agreement (including
without limitation, the payments under Section 7 and 8 and Employee’s obligations under Section 9).

 

2. Position and Duties. During the Term, Employee shall
serve as Chief Financial Officer (CFO) of the Company, and perform such duties as are consistent with this position. The Employee
shall report to the Chairman and Chief Executive Officer of the Company. During the Term, Employee shall also hold such additional
positions and titles as the Chairman and Chief Executive Officer of the Company may determine from time to time. During the Term,
Employee shall devote as much time as is necessary to satisfactorily perform his duties as CFO of the Company. Employee may engage
in any civic and not-for-profit activities so long as such activities do not materially interfere with the performance of his duties
hereunder or present a conflict of interest with the Company. During the Term of this Agreement, Employee agrees not to acquire,
assume or participate in, directly or indirectly, any position, investment or interest known by the Employee to be adverse or antagonistic
to the Company, its business or prospects, its financial position, or otherwise or in any company, person or entity that is, directly
or indirectly, in competition with the business of the Company or any of its affiliates. This provision shall encompass any advisory
boards of which Employee is or becomes a member of during the term hereof. Employee shall provide written disclosure to the Compensation
Committee of the Company’s Board of Directors as to all advisory boards on which Employee sits, and will provide the Company
with written notice within 10 business days of Employee agreeing to sit on any additional advisory boards. On termination of Employee’s
employment, regardless of the reason for such termination, Employee shall immediately (and with contemporaneous effect) resign
any directorships, offices or other positions that Employee may hold in the Company or any affiliate, unless otherwise agreed in
writing by the parties.

 

    	 	1	 

     

    

 

3. Compensation. 

 

(a) Base Salary. The Company shall
pay Employee a base salary of $250,000 per annum, payable at least monthly on the Company's regular pay cycle for professional
employees (the “Base Salary”). Except as specifically otherwise provided herein, the Base Salary may be increased only
by recommendation of the Compensation Committee of the Board and ratified by the Compensation Committee or a majority of the independent
members of the Board.

 

(b) Annual Review. The Base Salary
shall be reviewed at the end of each fiscal year (the first such review to occur at the end of fiscal year 2018).

 

(c) Equity Compensation. In connection
with the execution of this Agreement, the Company hereby agrees to grant on or promptly after August 1, 2017 equity compensation
to Employee in the form of options to purchase shares of Company Common Stock. These options shall vest in accordance with the
terms and schedule set forth in Exhibit A hereto. Such vesting schedule will be accelerated, to the extent provided in Section
8 of this agreement. Equity grants will be made annually during the Term of this Agreement in the amount approved by the Compensation
Committee and commensurate with the performance level of the Employee.

 

(d) Other and Additional Compensation.
Subsections (a) and (c) above establish Employee’s compensation during the Term which shall not preclude the Board from awarding
Employee a higher salary or any bonuses or stock options, restricted stock or other forms of additional equity awards in the discretion
of the Board during the Term at any time. The Employee shall be eligible for an annual discretionary bonus (hereinafter referred
to as the “Bonus”) with a target amount of one hundred and twenty five percent (125%) of the Base Salary, subject
to standard deductions and withholdings, based on the Compensation Committee’s determination, in good faith, and based upon
the Employee’s individual achievement and company performance objectives as set by the Board or the Compensation Committee,
of whether the Employee has met such performance milestones as are established for the Employee by the Board or the Compensation
Committee, in good faith, in consultation with the Employee (hereinafter referred to as the “Performance Milestones”).
The Performance Milestones will be based on certain factors including, but not limited to, the Employee’s performance and
the Company’s financial and operational performance. The Employee’s Bonus target will be reviewed annually and may
be adjusted by the Board or the Compensation Committee in its discretion, provided however, that the Bonus target may only be reduced
upon Employee’s written consent. The Employee must be employed on the date the Bonus is awarded to be eligible for the Bonus,
subject to the termination provisions hereof. Bonuses shall be paid during the calendar quarter following the calendar quarter
for which such Bonus was earned when Performance Milestones are met during a calendar quarter. Fourth quarter Bonuses and Bonuses
calculated on the basis of partial Performance Milestone satisfaction shall be paid within 75 days of fiscal year-end.

 

4. Employee Benefits. During the Term, Employee shall
be entitled to participate at the same level as other senior executive officers of the Company in any group insurance, hospitalization,
medical, health and accident, disability, fringe benefit and tax-qualified retirement plans or programs of the Company now existing
or hereafter established to the extent that he is eligible under the general provisions thereof. For the term of this Agreement,
Employee shall be entitled to paid time off at the rate of (5) weeks per annum. In accordance with Company policy, unused paid
time off may not be carried over from year to year.

    	 	2	 

     

    

 

5. Expenses. The Company shall reimburse Employee for
actual, reasonable out-of-pocket expenses incurred by him in the performance of his services for the Company upon the receipt of
appropriate documentation of such expenses which shall be submitted in such form, and with such supporting documentation, as called
for or required by Company policy.

 

6. Termination. 

 

(a) General. The Term shall end immediately
upon Employee's death. Employee’s employment may also be terminated by the Company with or without Cause or as a result of
Employee’s Disability, as defined in Section 7 or by Employee with or without Good Reason (as such terms are defined below).

 

(b) Notice of Termination. Either
party shall give written notice of termination to the other party.

 

(c) Notification of New Employer.
In the event that Employee leaves the employ of the Company, Employee grants consent to notification by the Company to Employee’s
new employer about his rights and obligations under this Agreement and the PIA (hereinafter defined).

 

7. Severance Benefits. 

 

(a) Cause Defined. "Cause"
means (i) willful malfeasance or willful misconduct by Employee in connection with his employment; (ii) Employee's gross negligence
in performing any of his duties under this Agreement; (iii) Employee's conviction of, or entry of a plea of guilty to, or entry
of a plea of nolo contendere with respect to, any crime other than a traffic violation or infraction which is a misdemeanor;
(iv) Employee’s willful and deliberate violation of a Company policy, (v) Employee's unintended but material breach of any
written policy applicable to all employees adopted by the Company which is not cured to the reasonable satisfaction of the Board
of Directors within thirty (30) business days after notice thereof; (vi) the Employee’s unauthorized use or disclosure of
any proprietary information or trade secrets of the Company or any other party as to which the Employee owes an obligation of nondisclosure
as a result of the Employee’s relationship with the Company, (vii) the Employee’s willful and deliberate breach of
his obligations under this Agreement, or (viii) any other material breach by Employee of any of his obligations in this Agreement
which is not cured to the reasonable satisfaction of the Board of Directors within thirty (30) business days after notice thereof.

 

(b) Disability Defined. "Disability"
shall mean (i) Employee's incapacity due to a physical or mental condition and, if reasonable accommodation is required by law,
after any reasonable accommodation, that results in Employee being substantially unable to perform his duties hereunder for six
consecutive months (or for six months out of any nine month period) or (ii) a qualified independent physician mutually acceptable
to the Company and Employee determines that Employee is incapacitated due to a physical or mental condition and, if reasonable
accommodation is required by law, after any reasonable accommodation so as to be unable to regularly perform the duties of his
position and such condition is expected to be of a permanent or near-permanent duration. Until such time as Employee is terminated
for Disability under this paragraph (b), Employee shall continue to receive his Base Salary hereunder, provided that if the Company
provides Employee with disability insurance coverage, payments of Employee's Base Salary shall be reduced by the amount of any
disability insurance payments received by Employee due to such coverage. The Company shall give Employee written notice of termination
due to Disability which shall take effect sixty (60) days after the date it is sent to Employee unless Employee shall have returned
to the performance of his duties hereunder during such sixty (60) day period (whereupon such notice shall become void). In the
event that the Company terminates Employee’s employment as a result of his Disability, Employee shall be entitled to the
same benefits as if his employment had been terminated by the Company without Cause.

 

    	 	3	 

     

    

 

(c)
Good Reason Defined. For purposes of this
Agreement, “Good Reason” shall mean, without Employee’s written consent: (i) there is a material reduction of
the level of Employee’s compensation (excluding any bonuses) (except where there is a general reduction applicable to the
management team generally, provided, however, that in no case may the Base Salary be reduced below the amount stated in Section
3(a)), (ii) there is a material reduction in Employee’s overall responsibilities or authority, or scope of duties (it being
understood that the occurrence of a Change in Control shall not, by itself, necessarily constitute a reduction in Employee’s
responsibilities or authority); or (iii) there is a material change in the principal geographic location at which Employee must
perform his services (it being understood that the relocation of Employee to a facility or a location within forty (40) miles of
the State Capitol Building in Denver, Colorado shall not be deemed material for purposes of this Agreement). No event shall be
deemed to be “Good Reason” if the Company has cured the event (if susceptible to cure) within 30 days of receipt of
written notice from Employee specifying the event or events which, absent cure, would constitute “Good Cause.”

 

(d) Accrued Compensation Defined. Accrued
Compensation shall mean an amount which shall include all amounts earned or accrued by Employee through the date of termination
of this Agreement but not paid as of such date, including (i) Base Salary, (ii) reimbursement for business expenses incurred by
the Employee on behalf of the Company, pursuant to the Company’s expense reimbursement policy in effect at such time, (iii)
any expense allowance pursuant to Company policy, (iv) accrued but unused vacation pay per Company policy, and (v) bonuses and
incentive compensation earned and awarded prior to the date of termination. Accrued Compensation shall be paid on the first regular
pay date after the date of termination (or earlier, if required by applicable law).

 

(e) Termination.

 

(i) Cause; Without Good Reason;
Death; Disability. If the Company ends the Term for Cause, if Employee resigns as an employee of the Company for reasons other
than an event of Good Reason, the Employee dies or Disability occurs , then the Company shall pay to Employee the Accrued Compensation
but shall have no obligation to pay Employee any amount, whether for salary, benefits, bonuses, or other compensation or expense
reimbursements of any kind, accruing after the end of the Term, and such rights shall, except as otherwise required by law or pursuant
to the applicable award agreement or plan, be forfeited immediately upon the end of the Term. For the sake of clarity, any stock
options, restricted stock or other equity compensation shall, to the extent vested on the date of resignation without Good Reason,
the date the Company ends the Term for Cause, or the date of Employee’s death, remain outstanding and exercisable to the
extent provided in the applicable award agreement or plan, by the Employee or his personal representative or executor.

 

(ii) Without Cause; Good Reason.
In the event that the Company terminates Employee’s employment hereunder without Cause, or the Employee terminates his employment
with Good Reason, he shall be entitled to the Accrued Compensation and, subject to Section 21 and 22 below,

 

    	 	4	 

     

    

 

(A) A lump sum payment equal to
two times his Base Salary in effect at the date of termination, less applicable withholding.

 

(B) Continued participation (via state or federal insurance
continuation laws such as COBRA, to the extent available) in the health and welfare plans (or comparable plans, if continued participation
in the Company’s plans is not available) provided by the Company to Employee at the time of termination for a period of two
years from the date of termination or, if earlier, until he is eligible for comparable coverage with a subsequent employer. The
Company agrees to reimburse the payments Employee makes for such coverage, whether via continuation or separate comparable policy.
Premium reimbursements shall be made by the Company to Employee consistent with the Company’s normal expense reimbursement
policy, provided that Employee submits documentation to the Company substantiating his payments for insurance coverage. Employee
shall give the Company prompt notice of his eligibility for comparable coverage.

 

(C)
All vested stock options shall remain exercisable from the date of termination until the expiration date of the applicable award.
So long as the Section 8 below does not apply, then all options
which are unvested at the date of termination Without Cause or for Good Reason shall be accelerated as of the date of termination
such that the number of option shares equal to 1/24th the number of option shares multiplied by the number of
full months of Employee’s employment hereunder shall be deemed vested and immediately exercisable by the Employee. Any unvested
options over and above the foregoing shall be cancelled and of no further force or effect, and shall not be exercisable by the
Employee. 

 

(D) Any severance payments and/or other separation benefits
contemplated by this Agreement are conditional on Employee: (i) continuing to comply with the terms of this Agreement and the PIA
(as defined herein); (ii) delivering prior to or contemporaneously with any such severance payments, and not revoking, (x) a customary
general release of claims relating to Employee’s employment and/or this Agreement against the Company or its successor, its
subsidiaries and their respective directors, officers and stockholders and (y) a customary affirmation of Employee’s continuing
obligations hereunder and under the PIA.

 

Unless otherwise required by law, no severance payments and/or
benefits under this Agreement will be paid and/or provided until after the expiration of any relevant revocation period. Subject
to the effectiveness of the release, the severance payments shall be paid on the first payroll date that begins 30 days after Employee’s
termination of employment.

 

8. Change in Control Payments. The provisions of this
paragraph 8 set forth the terms of an agreement reached between Employee and the Company regarding Employee's rights and obligations
upon the occurrence of a "Change in Control" (as hereinafter defined) of the Company during the Term. These provisions
are intended to assure and encourage in advance Employee's continued attention and dedication to his assigned duties and his objectivity
during the pendency and after the occurrence of any such Change in Control. The following provisions shall apply in the event of
a Change in Control, in addition to any payment or benefit that may be required pursuant to Section 7.

 

(a) Equity. Upon the occurrence of
a Change in Control, all stock options, restricted stock and other stock-based grants to Employee by the Company or that may be
granted in the future shall, irrespective of any provisions of his award agreements, immediately and irrevocably vest and become
exercisable and any restrictions thereon shall lapse. All stock options shall remain exercisable from the date of the Change in
Control until the expiration of the term of such stock options.

 

(b) Definitions. For purposes of
this paragraph 8, the following terms shall have the following meanings:

 

    	 	5	 

     

    

 

"Change in Control" shall mean any of the following:

 

(1) the acquisition
by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (the "Acquiring
Person"), other than the Company, or any of its Subsidiaries, of beneficial ownership (within the meaning of Rule 13d-3- promulgated
under the Exchange Act) of 50% or more of the combined voting power or economic interests of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (excluding any issuance of securities by the Company in
a transaction or series of transactions made principally for bona fide equity financing purposes; or

 

(2) the acquisition of the Company by another
entity by means of any transaction or series of related transactions to which the Company is party (including, without limitation,
any stock acquisition, reorganization, merger or consolidation but excluding any issuance of securities by the Company in a transaction
or series of transactions made principally for bona fide equity financing purposes) other than a transaction or series of related
transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or
series of related transactions retain, immediately after such transaction or series of related transactions, as a result of shares
in the Company held by such holders prior to such transaction or series of related transactions, at least a majority of the total
voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if
the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its
parent); or

 

(3) the sale or other disposition of all
or substantially all of the assets of the Company in one transaction or series of related transactions.

 

9. Proprietary Information and Inventions Agreement.
As a condition of Employee’s employment with the Company, Employee agrees to sign the Company’s standard form of Proprietary
Information and Inventions Agreement (“PIA”).

 

10. Successors and Assigns. 

 

(a) Employee. This Agreement is a
personal contract, and the rights and interests that the Agreement accords to Employee may not be sold, transferred, assigned,
pledged, encumbered, or hypothecated by him. All rights and benefits of Employee shall be for the sole personal benefit of Employee,
and no other person shall acquire any right, title or interest under this Agreement by reason of any sale, assignment, transfer,
claim or judgment or bankruptcy proceedings against Employee. Except as so provided, this Agreement shall inure to the benefit
of and be binding upon Employee and his personal representatives, distributees and legatees.

 

(b) The Company. This Agreement shall
be binding upon the Company and inure to the benefit of the Company and of its successors and assigns, including (but not limited
to) any Company that may acquire all or substantially all of the Company's assets or business or into or with which the Company
may be consolidated or merged. Any such successor of the Company will be deemed substituted for the Company under the terms of
this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business
entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of
the assets or business of the Company.

 

11. Entire Agreement. This Agreement (together with the
equity award agreements referred to herein) represents the entire agreement between the parties concerning Employee's employment
with the Company and supersedes all prior negotiations, discussions, understanding and agreements, whether written or oral, between
Employee and the Company relating to the subject matter of this Agreement.

 

    	 	6	 

     

    

 

12. Amendment or Modification, Waiver. No provision of
this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing signed by Employee and by a duly
authorized officer of the Company. No waiver by any party to this Agreement or any breach by another party of any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or
provision at the same time, any prior time or any subsequent time.

 

13. Notices. Any notice to be given under this Agreement
shall be in writing and delivered personally or sent by overnight courier or registered or certified mail, postage prepaid, return
receipt requested, addressed to the party concerned at the address indicated below, or to such other address of which such party
subsequently may give notice in writing:

 

	If
    to Employee:	824
    Diamond Ridge Circle
	 	Castle
    Rock, CO 80108

 

To the address specified in the
payroll records of the Company.

 

	If to the Company:	Aytu BioScience, Inc.
	 	373 Inverness Parkway
	 	Suite 206
	 	Englewood, Colorado 80112

 

Any notice delivered personally or by overnight courier shall
be deemed given on the date delivered and any notice sent by registered or certified mail, postage prepaid, return receipt requested,
shall be deemed given on the date mailed.

 

14. Severability. If any provision of this Agreement
or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction
or arbitrator acting pursuant to Section 19 below to be invalid and unenforceable to any extent, the remainder of this Agreement
or the application of such provision to such person or circumstances other than those to which it is so determined to be invalid
and unenforceable shall not be affected, and each provision of this Agreement shall be validated and shall be enforced to the fullest
extent permitted by law. If for any reason any provision of this Agreement containing restrictions is held to cover an area or
to be for a length of time that is unreasonable or in any other way is construed to be too broad or to any extent invalid, such
provision shall not be determined to be entirely null, void and of no effect; instead, it is the intention and desire of both the
Company and Employee that, to the extent that the provision is or would be valid or enforceable under applicable law, any court
of competent jurisdiction or arbitrator acting pursuant to Section 19 below shall construe and interpret or reform this Agreement
to provide for a restriction having the maximum enforceable area, time period and such other constraints or conditions (although
not greater than those contained currently contained in this Agreement) as shall be valid and enforceable under the applicable
law.

 

15. Survivorship. The respective rights and obligations
of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of
such rights and obligations.

    	 	7	 

     

    

 

16. Headings. All descriptive headings of sections and
paragraphs in this Agreement are intended solely for convenience of reference, and no provision of this Agreement is to be construed
by reference to the heading of any section or paragraph.

 

17. Withholding Taxes. All salary, benefits, reimbursements
and any other payments to Employee under this Agreement shall be subject to all applicable payroll and withholding taxes and deductions
required by any law, rule or regulation of and federal, state or local authority.

 

18. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original but all of which together constitute one and same instrument.
The parties agree that facsimile signatures shall have the same force and effect as original signatures.

 

19. Applicable Law; Arbitration. The validity, interpretation
and enforcement of this Agreement and any amendments or modifications hereto shall be governed by the laws of the State of Colorado,
as applied to a contract executed within and to be performed in such State. The parties agree that any disputes shall be definitively
resolved by binding arbitration before the American Arbitration Association in Denver, Colorado in accordance with its rules of
arbitration procedure then in effect. The parties consent to the jurisdiction to the federal courts of the District of Colorado
or, if there shall be no jurisdiction, to the state courts located in Arapahoe County, Colorado, to enforce any arbitration award
rendered with respect thereto. Each party shall choose one arbitrator and the two arbitrators shall choose a third arbitrator.
All costs and fees related to such arbitration (and judicial enforcement proceedings, if any) shall be borne by the Company unless
Employee’s claim is deemed to be frivolous by the arbitrator(s) or judge.

 

20. Legal Fees. The Company shall pay the reasonable
expenses of Employee’s counsel in negotiating this Agreement.

 

21. Section 409A. 

 

(a) Anything in this Agreement to the contrary
notwithstanding, if at the time of Employee’s separation from service within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), the Company determines that Employee is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that Employee becomes entitled
to under this Agreement on account of Employee’s separation from service would be considered deferred compensation otherwise
subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section
409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the
earlier of (A) six months and one day after Employee’s separation from service, or (B) Employee’s death. If any such
delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering
amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance
of the installments shall be payable in accordance with their original schedule.

 

(b) All in-kind benefits provided and expenses
eligible for reimbursement under this Agreement shall be provided by the Company or incurred by Employee during the time periods
set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any
reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The
amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits
to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate
limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange
for another benefit.

 

    	 	8	 

     

    

 

(c) To the extent that any payment or benefit
described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to
the extent that such payment or benefit is payable upon Employee’s termination of employment, then such payments or benefits
shall be payable only upon Employee’s “separation from service.” The determination of whether and when a separation
from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A 1(h).

 

(d) The parties intend that this Agreement
will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous
as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder
comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for
purposes of Treasury Regulation Section 1.409A 2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested
by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in
order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

22. Application of Internal Revenue Code Section 280G.
If any payment or benefit Employee would receive pursuant to a Change in Control from the Company or otherwise (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but
for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion
of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Employee’s
receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so
that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic benefit for
Employee. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro
rata.

 

In the event it is subsequently determined by the Internal Revenue
Service that some portion of the Reduced Amount as determined pursuant to clause (x) in the preceding paragraph is subject
to the Excise Tax, Employee agrees to promptly return to the Company a sufficient amount of the Payment so that no portion of the
Reduced Amount is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount is determined pursuant to clause
(y) in the preceding paragraph, Employee will have no obligation to return any portion of the Payment pursuant to the preceding
sentence.

 

Unless Employee and the Company agree on an alternative accounting
firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date
of the Change in Control shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving
as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally
recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder.

 

    	 	9	 

     

    

 

The Company shall use commercially reasonable efforts to cause
the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to the Employee and the Company within fifteen (15) calendar days after the date on which Employee’s
right to a Payment is triggered (if requested at that time by the Employee or the Company) or such other time as requested by Employee
or the Company.

 

23.Indemnification. As a condition to the effectiveness
of this Agreement, the Company and Employee shall enter into a mutually acceptable indemnification agreement.

 

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

 

	AYTU BIOSCIENCE, INC.	 	EMPLOYEE
	 	 	 	 
	By:  	/s/ Gary V. Cantrell	 	/s/ Gregory A. Gould
	Name: GARY V. CANTRELL	 	Name:  GREGORY A. GOULD
	 	 	 
	Chairman of the Compensation Committee	 	Chief Financial Officer
	Board of Directors	 	 

 

    	 	10	 

     

    

 

EXHIBIT A

 

Terms of Compensation

 

Management equity grant:

		·	A quantity of options to purchase shares of the company’s common
stock as agreed upon by Employee and the Company and commensurate with Employee’s role as a senior executive at the Company.
The strike price for all options will be the last sale price of the Company’s common stock as reported during the period
immediately preceding the date of grant and in accordance with the terms of the Company’s Stock and Incentive Plan.

		·	All options fully vest upon change in control, death, disability,
termination with or without cause, termination for good reason

		·	50% of the options are fully vested on the Effective Date of this
agreement

		·	25% of the options vest 365 days thereafter

		·	25% of the options vest 730 days thereafter

 

    	 	11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]