Document:

EX-10.14

 Exhibit 10.14 
 WHEN RECORDED, RETURN TO: 
 McKenna Long & Aldridge LLP 

303 Peachtree Street, N.E., Suite 5300 
 Atlanta,
Georgia 30308 
 Attention: Brian T. Holmes, Esq. 
 FEE AND LEASEHOLD MORTGAGE 
 AND SECURITY AGREEMENT 

HC-3873 N. PARKVIEW DRIVE, LLC, a Delaware limited liability company, 

as Grantor 
 TO

 KEYBANK NATIONAL ASSOCIATION, 
 a national banking association, as Agent, 
 as Mortgagee 

DATED: AS OF July 31, 2013 
 County: Washington 
 State: Arkansas 

THIS FEE AND LEASEHOLD MORTGAGE AND SECURITY AGREEMENT SHALL BE DEEMED TO CONSTITUTE A CONTINUOUSLY PERFECTED FIXTURE FILING TO BE FILED OF RECORD IN THE
OFFICE OF THE RECORDER OF WASHINGTON COUNTY, ARKANSAS, AND GRANTED PURSUANT TO ARK. CODE ANN. §§ 4-9-502 AND 4-9-515, AND THE TERMS AND PROVISIONS HEREOF. 

 THIS FEE AND LEASEHOLD MORTGAGE AND SECURITY AGREEMENT (this
“Instrument”) is made and entered into as of this 31st day of July, 2013, by and between HC-3873 N. PARKVIEW DRIVE, LLC, a Delaware limited liability company (“Grantor”), as mortgagor, having a mailing
address of 4211 W. Boy Scout Boulevard, Suite 500, Tampa, Florida 33607, and KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), as mortgagee, having a mailing address of 4910 Tiedeman Road, 3rd Floor, Brooklyn, Ohio 44144, Attn: Real Estate Capital Services,
with a copy to KeyBank National Association, 1200 Abernathy Road, N.E., Suite 1550, Atlanta, Georgia 30328, Attn: Daniel Stegemoeller, as Agent (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”) for itself
and each other lender (collectively, the “Lenders”) which is or may hereafter become a party to that certain First Amended and Restated Credit Agreement, dated as of November 19, 2012, by and among Carter/Validus Operating
Partnership, LP, a Delaware limited partnership (“Borrower”), KeyBank, as Agent and the Lenders, as amended by that certain First Amendment to First Amended and Restated Credit Agreement and Amendment to Unconditional Guaranty of
Payment and Performance dated as of March 15, 2013 (the “March 2013 Amendment”), and as further amended by that certain Second Amendment to First Amended and Restated Credit Agreement dated as of June 11, 2013 (as the same may be
further varied, amended, restated, renewed, consolidated, extended or otherwise supplemented from time to time, the “Credit Agreement”). Capitalized terms used herein that are not otherwise defined herein shall have the meanings set
forth in the Credit Agreement. Grantor is a Guarantor and will benefit from the Credit Agreement, as more fully set forth in the Guaranty (as hereinafter defined) executed by Grantor, and is granting this Instrument in consideration for such
benefit. 
 WITNESSETH: 
 FOR AND IN CONSIDERATION of the sum of Ten and No/100 Dollars ($10.00) and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to secure the
indebtedness and other obligations of Grantor and Borrower hereinafter set forth, Grantor does hereby mortgage, warrant, grant, bargain, sell and convey unto Agent, for the benefit of Agent and for the ratable benefit of the Lenders and the holders
of the Hedge Obligations, and their successors and assigns, all of the following described land and interests in land, estates, easements, rights, improvements, property, fixtures, equipment, furniture, furnishings, appliances, general intangibles,
and appurtenances, whether now or hereafter existing or acquired (collectively, the “Property”): 
 (a) The fee
interest in and to all those tracts or parcels of land and easements more particularly described on Exhibit “A-1” attached hereto and by this reference made a part hereof (the “Fee Premises”). 

(b) The leasehold interests, leasehold estates and all right of Grantor (including without limitation, all renewal or purchase options,
if any) in and to all those tracts or parcels of land and easements more particularly described on Exhibit “A-2” attached hereto and by this reference made a part hereof (the “Leased Premises”; the Leased Premises
together with the Fee Premises, the “Land”), created pursuant to that certain Ground Lease dated as of April 6, 2006, between Arnold Leasing Company, LLC, as landlord (“Lessor”), and Physician’s Surgery
Center of Fayetteville, LLC, as tenant, as amended by that certain First Amendment to Ground Lease 

  
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dated as of October 31, 2007 by and between Lessor and NWA Surgeon Investors Properties, LLC (“NWA LLC”), as further amended by that certain Second Amendment to Ground Lease dated
as of June 28, 2013 by and between Lessor and NWA LLC, and as assigned to Grantor by that certain Assignment and Assumption of Lease dated as of June 28, 2013 by and among Grantor, Lessor and NWA LLC (as the same may have been or may
hereafter be further assigned, amended, restated, replaced, supplemented or otherwise modified from time to time, the “Ground Lease”), and all rights, benefits, privileges, and interests of Grantor in and to the Ground Lease and all
modifications, extensions, renewals, and replacements thereof, and all deposits, credits, options, privileges, and rights of Grantor as tenant under the Ground Lease, together with all of the easements, rights, privileges, franchises, tenements,
hereditaments and appurtenances now or hereafter thereunto belonging or in any way appertaining thereto, and all of the estate, right, title, interest, claim and demand whatsoever of Grantor therein or thereto, either at law or in equity, in
possession or in expectancy, now or hereafter acquired including, but not limited to, the right, if any, to renew or extend the Ground Lease for a succeeding term or terms, and also including all the right, title, claim or demand whatsoever of
Grantor either in law or in equity, in possession or expectancy, of, in and to Grantor’s right, as tenant under the Ground Lease, to elect under Section 365(h)(1) of Title 11 U.S.C.A. §101 et seq. and the regulations adopted and
promulgated thereto (as the same may be amended from time to time, the “Bankruptcy Code”) or any other creditors rights law to terminate or treat the Ground Lease as terminated or to consent to the transfer of the Lessor’s
interest in the Land and the Improvements free and clear of the Ground Lease under Section 363 of the Bankruptcy Code or under any other creditors rights law in the event (i) of any bankruptcy or other debtor relief proceeding of the
Lessor, and (ii) (A) the rejection of the Ground Lease by such Lessor, as debtor in possession, or by a trustee for such Lessor, pursuant to Section 365 of the Bankruptcy Code or under any other creditors rights law or (B) any
attempt by such Lessor, as debtor in possession, or by a trustee for such Lessor, to transfer such Lessor’s interest in the Land and the Improvements under Section 363 of the Bankruptcy Code or under any other creditors rights law.

 (c) All present and future buildings, structures, parking areas, annexations and improvements of every nature whatsoever now
or hereafter situated on the Land (hereinafter referred to as the “Improvements”) and all materials intended for construction, reconstruction, alteration and repairs of the Improvements now or hereafter erected, all of which
materials shall be deemed to be included within the Improvements immediately upon the delivery thereof to the Land, and all gas and electric fixtures, radiators, heaters, engines and machinery, boilers, ranges, elevators and motors, plumbing and
heating fixtures, incinerating, sprinkling, and waste removal systems, carpeting and other floor coverings, fire extinguishers and any other safety equipment required by governmental regulation or law, washers, dryers, water heaters, mirrors,
mantels, air conditioning apparatus, refrigerating plants, refrigerators, cooking apparatus and appurtenances, storm windows and doors, window and door screens, awnings and storm sashes, which are or shall be owned by Grantor and attached to said
Improvements and all other furnishings, furniture, glassware, tableware, uniforms, linen, drapes and curtains and related hardware and mounting devices, wall to wall carpeting, radios, lamps, telephone systems, televisions and television systems,
computer systems, guest ledgers, vehicles, fixtures, machinery, equipment, apparatus, appliances, books and records, chattels, inventory, accounts, farm products, consumer goods, general intangibles and personal property of every kind and nature
whatsoever now or hereafter owned by Grantor and located in, on or about, or used or intended to be used with or in connection with the use, operation or enjoyment of the Property, including all extensions,

  
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additions, improvements, betterments, after-acquired property, renewals, replacements and substitutions, or proceeds from a permitted sale of any of the foregoing, together with the benefit of
any deposits or payments now or hereafter made by Grantor or on behalf of Grantor, all of which are hereby declared and shall be deemed to be fixtures and accessions to the Land and a part of the Property as between the parties hereto and all
persons claiming by, through or under them, and which shall be deemed to be a portion of the security for the indebtedness herein described and to be secured by this Instrument. 

(d) All easements, access rights, rights-of-way, strips and gores of land, vaults, streets, ways, alleys, passages, sewer rights, waters,
water courses, water rights and powers, irrigation systems (including, without limitation, underground wiring, pipes, pumps and sprinkler heads), minerals, flowers, plants, shrubs, crops, trees, timber, fences, signs, bridges, fountains, monuments
and other emblements now or hereafter located on the Land or under or above the same or any part or parcel thereof, and all estates, rights, titles, interests, privileges, liberties, servitudes, licenses, tenements, hereditaments and appurtenances,
reversion and reversions, remainder and remainders, whatsoever, in any way belonging, relating or appertaining to the Land or any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto, whether now owned or
hereafter acquired by Grantor. 
 (e) All leases and all subleases, tenancies, occupancies and licenses, whether oral or written
(collectively, the “Leases”), and all income, rents, issues, profits, room rentals, transient or guest payments, fees, charges or other payments for the use or occupancy of rooms or other facilities, and revenues of the Property
from time to time accruing (including, without limitation, all payments under Leases), all guarantees of the foregoing or letters of credit relating to the foregoing, lease termination payments, proceeds of insurance, condemnation payments, tenant
security, damage or other deposits whether held by Grantor or in a trust account, all escrow agreements relating to any of the Leases, escrow funds, including, without limitation, any funds escrowed for tenant improvements, fees, charges, rents,
license fees, accounts, royalties, security, damage or other deposits from time to time accruing, all payments under working interests, production payments, royalties, overriding royalties, operating interests, participating interest and other such
entitlements, and all the estate, right, title, interest, property, possession, claim and demand whatsoever at law, as well as in equity, of Grantor of, in and to the same (collectively, the “Revenues”); reserving only the right to
Grantor to collect the same (other than lease termination payments, insurance proceeds and condemnation payments) so long as no Event of Default has occurred and is continuing. 

(f) All insurance policies, building service, building maintenance, construction, development, management, indemnity, and other similar
agreements and contracts and subcontracts, written or oral, express or implied, now or hereafter entered into, arising or in any manner related to the purchase, construction, design, improvement, use, operation, ownership, occupation, enjoyment,
sale, conversion or other disposition (voluntary or involuntary) of the Property, or the buildings and improvements now or hereafter located thereon, or any other interest in the Property, or any combination thereof, franchise agreements, property
management agreements, cable television agreements, contracts for the purchase of supplies, telephone service agreements, yellow pages or other advertising agreements, sales contracts, construction contracts, architects agreements, general contract
agreements, design agreements, engineering agreements, technical service agreements, sewer and water and other utility agreements, service 

  
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contracts, agreements relating to the collection of receivables or use of customer lists, all bookings and reservations for space or facilities within the Property, all purchase options, option
agreements, rights of first refusal, contract deposits, earnest money deposits, prepaid items and payments due and to become due thereunder, and further including all payment and performance bonds, labor, deposits, assurances, construction
guaranties, guaranties, warranties, indemnities and other undertakings, architectural plans and specifications, drawings, surveys, soil reports, engineering reports, inspection reports, environmental audits and other technical descriptions and
reports relating to the Property, renderings and models, permits, consents, approvals, licenses, variances, agreements, contracts, building permits, purchase orders and equipment leases, personal property leases, and all causes of action relating
thereto. 
 (g) All deposit accounts, instruments, accounts receivable, documents, causes of action, claims, names by which the
Property or the improvements thereon may be operated or known, all rights to carry on business under such names, all telephone numbers or listings, all rights, interest and privileges of which Grantor may have in any capacity under any covenants,
restrictions or declarations now or hereafter relating to the Property or the Improvements, and all notes or chattel paper now or hereafter arising from or by virtue of any transactions relating to the Property or the Improvements located thereon
and all customer lists, other lists, and business information relating in any way to the Property or the Improvements or the use thereof, whether now owned or hereafter acquired; 

(h) All assets related to the ownership or operation of the Property or the Improvements now or hereafter erected thereon, including,
without limitation, accounts (including, without limitation, health-care-insurance receivables), chattel paper (whether tangible or electronic), deposit accounts, documents, general intangibles (including, without limitation, payment intangibles,
and all current and after acquired copyrights, copyright rights, advertising materials, web sites, and web pages, software and software licenses, trademarks and service marks, trademark rights, trademark applications, service mark rights, service
mark applications, trade dress rights, company names, logos, and all domain names, owned or used in connection with the Grantor’s business, and in each case all goodwill associated therewith), goods (including, without limitation, inventory,
property, possessions, equipment, fixtures and accessions), instruments (including, without limitation, promissory notes), investment property, letter-of-credit rights, letters of credit, money, supporting obligations, as-extracted collateral,
timber to be cut and all proceeds and products of anything described or referred to above in this Subsection (g), in each case as such terms are defined under the Uniform Commercial Code as in effect in the applicable jurisdiction. 

(i) All cash funds, deposit accounts and other rights and evidence of rights to cash, now or hereafter created or held by Agent pursuant
to this Instrument, the Credit Agreement or any other of the Loan Documents. 
 (j) All proceeds, products, substitutions and
accessions of the foregoing of every type. 
 TO HAVE AND TO HOLD the mortgage interest in the Property and all parts, rights,
members and appurtenances thereof, to the use, benefit and behalf of Agent for the ratable benefit of the Lenders and the holders of the Hedge Obligations and their respective successors 

  
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and assigns; and Grantor covenants that Grantor is lawfully seized and possessed of the Property as aforesaid, and has good right to mortgage the same, that the same is unencumbered except for
those matters expressly set forth in Exhibit “B” attached hereto and by this reference made a part hereof (the “Permitted Encumbrances”), and that Grantor does warrant and will forever defend the title thereto
against the claims of all persons whomsoever, except as to those matters set forth in said Exhibit “B” attached hereto, or otherwise specifically approved by Agent in writing after the date hereof. 

To secure the following described obligations (collectively, the “Secured Obligations”): 

(a) The debt evidenced by (i) those certain Term Loan Notes made by Borrower in the aggregate principal amount of Fifty-Five Million
and No/100 Dollars ($55,000,000.00) to the order of the Term Loan Lenders, each of which has been issued pursuant to the Credit Agreement and is due and payable in full on or before November 19, 2016, unless extended as provided in the Credit
Agreement, and which evidence a term loan in the initial principal amount of up to $55,000,000.00 which may be increased pursuant to Section 2.11 of the Credit Agreement, (ii) those certain Amended and Restated Revolving Credit Notes and
Revolving Credit Notes made by Borrower in the aggregate principal amount of Fifty-Five Million and No/100 Dollars ($55,000,000.00) to the order of the Revolving Credit Lenders, each of which has been issued pursuant to the Credit Agreement and is
due and payable in full on or before November 19, 2015, unless extended as provided in the Credit Agreement, and which evidence a revolving credit loan in the initial principal amount of up to $55,000,000.00 which may be increased pursuant to
Section 2.11 of the Credit Agreement, (iii) that certain Amended and Restated Swing Loan Note made by Borrower in the principal amount of Ten Million and No/100 Dollars ($10,000,000.00) to the order of KeyBank, which has been issued
pursuant to the Credit Agreement and is due and payable in full on or before November 19, 2015, unless extended as provided in the Credit Agreement, and which evidences a swing loan in the initial principal amount of up to $10,000,000.00, and
(iv) each other note as may be issued under the Credit Agreement, including, without limitation, to reflect any increase of the term loan described herein (which is due and payable on or before November 19, 2016, unless extended as
provided in the Credit Agreement), the revolving credit loan or the swing loan described herein (each of which is due and payable on or before November 19, 2015, unless extended as provided in the Credit Agreement), each as originally executed,
or if varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated from time to time as so varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated; provided, however, that the
maximum principal indebtedness under the promissory notes described in clauses (i) through (iv) above shall not exceed the aggregate amount of Two Hundred Fifty Million and no/100 Dollars ($250,000,000.00) (collectively, the
“Note”); 
 (b) The payment, performance and discharge of each and every obligation, covenant and agreement of
Grantor contained herein or of Grantor contained in that certain Unconditional Guaranty of Payment and Performance by Grantor and others in favor of KeyBank, as Agent for itself and each other Lender, dated as of March 30, 2012, as amended by
that certain First Amendment to Unconditional Guaranty of Payment and Performance, dated as of June 29, 2012, that certain Second Amendment to Unconditional Guaranty of Payment and Performance dated as of July 19, 2012, that certain
Omnibus Amendment of Loan Documents dated as of November 19, 2012 and the March 2013 Amendment (as amended, restated, modified, renewed, 

  
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supplemented or extended from time to time, the “Guaranty”), of Borrower contained in the Credit Agreement, and of Grantor and Borrower in the other Loan Documents, including, without
limitation, the obligation of Borrower to reimburse Issuing Lender for any draws under the Letters of Credit; 
 (c) Any and all
additional advances made by Agent or any Lender to protect or preserve the Property or the lien and security title hereof in and to the Property, or for taxes, assessments or insurance premiums as hereinafter provided (whether or not Grantor is the
owner of the Property at the time of such advances); 
 (d) The payment, performance and discharge of each and all of the Hedge
Obligations; 
 (e) Any and all other indebtedness now or hereafter owing by Borrower to Agent or any Lender pursuant to the
terms of the Credit Agreement, whether now existing or hereafter arising or incurred, however evidenced or incurred, whether express or implied, direct or indirect, absolute or contingent, due or to become due, including, without limitation, all
principal, interest, fees, expenses, yield maintenance amounts and indemnification amounts, and all renewals, modifications, consolidations, replacements and extensions thereof; and 

(f) All costs and expenses incurred by the Agent, the Lenders and the holders of the Hedge Obligations in connection with the enforcement
and collection of the Secured Obligations, including, without limitation, all attorneys’ fees and disbursements, and all other such costs and expenses described in and incurred pursuant to the Note, the Credit Agreement, the Guaranty, this
Instrument, and the other Loan Documents and the agreements evidencing or relating to the Hedge Obligations (the “Hedge Documents”) (collectively, the “Enforcement Costs”). 

Notwithstanding anything to the contrary contained herein, under no circumstances shall the “Secured Obligations” as defined
herein include any obligation that constitutes an Excluded Hedge Obligation of Grantor. 
 Subject to Section 2.22 hereof,
should the Secured Obligations secured by this Instrument be paid and performed according to the terms and effect thereof when the same shall become due and payable, and should Grantor perform all covenants contained herein in a timely manner and
the obligation of the Lenders to make Loans and issue Letters of Credit under the Credit Agreement has terminated, then this Instrument shall be released. 
 Grantor hereby further covenants and agrees with Agent as follows: 
 ARTICLE 1

 1.01 Payment of Secured Obligations. Grantor will pay and perform or cause to be paid and performed the Secured
Obligations according to the tenor thereof and all other sums now or hereafter secured hereby as the same shall become due. 

  
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 1.02 Funds for Impositions. After the occurrence and during the continuance of an
Event of Default, Grantor shall pay to Agent, subject to Agent’s option under Section 1.03 hereof, on the days that monthly installments of interest are payable under the Note, until the Note is paid in full, a sum (hereinafter referred to
as the “Funds”) reasonably estimated by Agent to provide an amount necessary for payment of the following items in full fifteen (15) days prior to when such items become due (hereinafter collectively referred to as the
“Impositions”): (a) the yearly real estate taxes, ad valorem taxes, personal property taxes, assessments and betterments, and (b) the yearly premium installments for the insurance covering the Property and required by the
Credit Agreement. The Impositions shall be reasonably estimated initially and from time to time by Agent on the basis of assessments and bills and estimates thereof. The Funds shall be held by Agent in a separate interest bearing account free of any
liens or claims on the part of other creditors of Grantor and as part of the security for the Secured Obligations. Grantor shall pay all Impositions prior to delinquency as required by Section 1.03 hereof. In the event Agent elects to reserve
Funds as permitted under this Section 1.02, within ten (10) days after Grantor furnishes Agent with reasonably satisfactory evidence that Grantor has paid one or more of the items comprising the Impositions, Agent shall reimburse Grantor
(or the one paying the Impositions) therefor to the extent of the Funds (plus accrued interest) then held by Agent. Alternatively, Agent shall apply the Funds to pay the Impositions with respect to which the Funds were paid to the extent of the
Funds then held by Agent and provided Grantor has delivered to Agent the assessments or bills therefor. Grantor shall be permitted to pay any Imposition early in order to take advantage of any available discounts. Agent shall make no charge for so
holding and applying the Funds or for verifying and compiling said assessments and bills. The Funds are pledged as additional security for the Secured Obligations, and may be applied, at Agent’s option and without notice to Grantor, to the
payment of the Secured Obligations upon the occurrence of any Event of Default. If at any time the amount of the Funds held by Agent shall be less than the amount reasonably deemed necessary by Agent to pay Impositions as such become due, Grantor
shall pay to Agent any amount necessary to make up the deficiency within fifteen (15) business days after notice from Agent to Grantor requesting payment thereof. Upon payment and performance in full of the Secured Obligations and termination
of the obligation of the Lenders to make Loans and of Issuing Lender to issue Letters of Credit, Agent shall promptly refund to Grantor any Funds then held by Agent. 
 1.03 Impositions, Liens and Charges. Grantor shall pay all Impositions and other charges, if any, attributable to the Property prior to delinquency, and at Agent’s option during the
continuance of an Event of Default, Grantor shall pay in the manner hereafter provided under this Section 1.03. Grantor shall, during continuance of an Event of Default, furnish to Agent all bills and notices of amounts due under
Section 1.03 as soon as received, and in the event Grantor shall make payment directly, Grantor shall, as and when available, furnish to Agent receipts evidencing such payments prior to the dates on which such payments are delinquent, subject
to Grantor’s right to contest taxes, assessments and other governmental charges as provided in the Credit Agreement. Grantor shall promptly discharge (by bonding, payment or otherwise) any lien filed against the Property or Grantor (including
federal tax liens) and will keep and maintain the Property free from the claims of all persons supplying labor or materials to the Property, subject to Grantor’s right to contest the same as provided in the Credit Agreement. Grantor shall not
claim or be entitled to any credit against the taxable value of the Property by reason of this Instrument, or any deduction in or credit on the Secured Obligations by reason of Impositions paid. 

  
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 1.04 Taxes, Liens and Other Charges. 

(a) In the event of the passage of any state, federal, municipal or other governmental law, order, rule or regulation, subsequent to the
date hereof, in any manner changing or modifying the laws now in force governing the taxation of debts secured by mortgages or the manner of collecting taxes so as to adversely affect Agent or the Lenders, Grantor will promptly pay any such tax. If
Grantor fails to make such payment promptly, or if, in the opinion of Agent, any such state, federal, municipal, or other governmental law, order, rule or regulation prohibits Grantor from making such payment or would penalize Agent or the Lenders
if Grantor makes such payment or if, in the opinion of Agent, the making of such payment could reasonably result in the imposition of interest beyond the maximum amount permitted by applicable law, then the entire balance of the principal sums
secured by this Instrument and all interest accrued thereon shall, at the option of Agent, become immediately due and payable. 

(b) Grantor will pay all taxes, liens, assessments and charges of every character including all utility charges, whether public or
private, already levied or assessed or that may hereafter be levied or assessed upon or against the Property as required under the Credit Agreement. 
 1.05 Insurance. 
 Grantor shall procure for, deliver to and maintain for
the benefit of Agent and Lenders the insurance policies described in the Credit Agreement. Grantor shall pay all premiums on such insurance policies. All proceeds of any property or casualty insurance or awards of damages on account of any taking or
condemnation for public use of or injury to the Property are hereby assigned and shall be paid to Agent, for the benefit of the Lenders, subject to Borrower’s and Grantor’s right to adjust certain claims and use such proceeds as provided
in the Credit Agreement. Any such proceeds shall be released and advanced to Borrower or Grantor in accordance with and subject to the requirements of the Credit Agreement and be applied to the cost of repairing or restoring the Property or the
remaining portion of the Property, with any balance remaining to be applied in accordance with the terms and provisions of the Credit Agreement. In the event of a foreclosure sale of all or any part of the Property pursuant to the enforcement of
this Instrument, the purchaser of such Property shall succeed to all rights of Grantor, including any rights to the proceeds of insurance and to unearned premiums, in and to all of the policies of insurance. In the event of a foreclosure sale, Agent
is hereby authorized, without the further consent of Grantor, to take such steps as Agent may deem advisable to cause the interest of such purchaser to be protected by any of such policies. In case of Grantor’s failure to keep the Property
properly insured as required herein, Agent, after notice to Grantor, at its option may (but shall not be required to) acquire such insurance as required herein at Borrower’s and Grantor’s sole expense. 

1.06 Condemnation. If all or any portion of the Property shall be damaged or taken through condemnation (which term when used in
this Instrument shall include any damage or taking by any governmental authority or any transfer by private sale in lieu thereof), either temporarily or permanently, then all compensation, awards and other payments or relief thereof, shall be paid
and applied in accordance with terms and provisions of the Credit Agreement. 

  
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 1.07 Care, Use and Management of Property. 

(a) Grantor will keep, or cause to be kept, the roads and walkways, landscaping and all other Improvements of any kind now or hereafter
erected on the Land or any part thereof in good condition and repair, will not commit or suffer any waste, impairment or deterioration (ordinary wear and tear excepted) and will not do or suffer to be done anything which will increase the risk of
fire or other hazard to the Property or any part thereof. 
 (b) Grantor will not remove or demolish nor alter the structural
character of any building located on the Land or any fixtures or personal property relating thereto except when incidental to the replacement of fixtures and personal property with items of like kind and value or customary tenant improvements
pursuant to Leases approved or deemed approved pursuant to the Credit Agreement. 
 (c) If the Property or any part thereof is
materially damaged by fire or any other cause, Grantor will give immediate written notice thereof to Agent. 
 (d) Grantor will
promptly comply with all present and future laws, ordinances, rules and regulations of any governmental authority, all restrictive covenants and other agreements affecting the Property or relating to the operation thereof affecting the Property or
any part thereof and all licenses or permits affecting the Property or any part thereof, subject to Grantor’s right to contest the same as provided in the Credit Agreement. 

(e) Grantor shall keep the Property, including the Improvements and the Personal Property (as hereinafter defined), in good order, repair
and tenantable condition and shall replace fixtures, equipment, machinery and appliances on the Property when necessary to keep such items in good order, repair, and tenantable condition (ordinary wear and tear excepted). 

(f) Grantor shall keep all franchises, trademarks, trade names, service marks and licenses and permits necessary for the Grantor’s
use and occupancy of the Property in good standing and in full force and effect. 
 (g) Unless required by applicable law or
unless Agent has otherwise agreed in writing, Grantor shall not allow changes in the nature of the occupancy or use for which the Property was intended at the time this Instrument was executed. Grantor shall not abandon the Property. Grantor shall
not initiate, fail to contest or acquiesce in a change in the zoning classification of the Property or subject the Property to restrictive or negative covenants without Agent’s written consent. Grantor shall comply with, observe and perform all
zoning and other laws affecting the Property, all agreements and restrictive covenants affecting the Property, and all licenses and permits affecting the Property, subject to Grantor’s right to contest compliance with laws to the extent
permitted in the Credit Agreement. 
 (h) To the extent permitted under the terms of the applicable Leases, Agent may, at
Grantor’s expense, make or cause to be made reasonable entries upon and inspections of the Property as permitted in the Credit Agreement during normal business hours and upon reasonable advance notice, or at any other time when necessary or
appropriate in an emergency circumstance or during the continuance of an Event of Default, in the sole reasonable discretion of Agent, to protect or preserve the Property. 

  
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 (i) If all or any part of the Property shall be damaged by fire or other casualty or loss,
then, subject to the provisions of the Credit Agreement, Grantor will promptly restore the Property to the equivalent of its original condition; and if a part of the Property shall be damaged through condemnation, Grantor will promptly restore,
repair or alter the remaining portions of the Property in a manner satisfactory to Agent. Notwithstanding the foregoing, Grantor shall not be obligated to so restore unless, in each instance, Agent agrees to make available to Grantor (subject to the
terms of the Credit Agreement) any net insurance or condemnation proceeds actually received by Agent hereunder in connection with such casualty loss or condemnation, to the extent such proceeds are required to defray the expense of such restoration;
provided, however, that, subject to the provisions of the Credit Agreement, the insufficiency of any such insurance or condemnation proceeds to defray the entire expense of restoration shall in no way relieve Grantor of its obligation to restore.

 (j) Grantor shall pay all normal and customary operating expenses for the Property as the same become due. 

1.08 Leases and other Agreements Affecting Property. 
 (a) As additional security for the Secured Obligations, Grantor presently and unconditionally assigns and transfers to Agent all of Grantor’s right, title and interest in and to the Leases and the
Revenues, including those now due, past due or to become due by virtue of any of the Leases for the occupancy or use of all or any part of the Property. Grantor hereby authorizes Agent or Agent’s agents to collect the Revenues and hereby
directs such tenants, lessees and licensees of the Property to pay the Revenues to Agent or Agent’s agents; provided, however, Grantor shall have a license (revocable upon the occurrence and during the continuance of an Event of Default) to
collect and receive the Revenues. Grantor agrees that each and every tenant, lessee and licensee of the Property may pay, and hereby irrevocably authorizes and directs each and every tenant, lessee and licensee of the Property to pay, the Revenues
to Agent or Agent’s agents on Agent’s written demand therefor (which demand may be made by Agent at any time after the occurrence and during the continuance of an Event of Default) without any obligation on the part of said tenant, lessee
or licensee to inquire as to the existence of an Event of Default and notwithstanding any notice or claim of Grantor to the contrary, and Grantor agrees that Grantor shall have no right or claim against said tenant, lessee or licensee for or by
reason of any Revenues paid to Agent following receipt of such written demand. 
 (b) Grantor hereby covenants that Grantor has
not executed any prior assignment of the Leases or the Revenues, that Grantor has not performed, and will not perform, any acts and has not executed, and will not execute, any instruments which would prevent Agent from exercising the rights of the
beneficiary of this Instrument, and that at the time of execution of this Instrument, there has been no anticipation or prepayment of any of the Revenues for more than one (1) month prior to the due dates of such Revenues. Grantor further
covenants that Grantor will not hereafter collect or accept payment of any Revenues more than one (1) month prior to the due dates of such Revenues. 

  
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 (c) Grantor agrees that neither the foregoing assignment of Leases and Revenues nor the
exercise of any of Agent’s rights and remedies under this Section or Article 2 hereof shall be deemed to make Agent a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Leases, the Property or the use,
occupancy, enjoyment or operation of all or any portion thereof, unless and until Agent, in person or by agent, assumes actual possession thereof. Grantor further agrees that the appointment of any receiver for the Property by any court at the
request of Agent or by agreement with Grantor, or the entering into possession of any part of the Property by such receiver, shall not be deemed to make Agent a
mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Leases, the Property or the use, occupancy, enjoyment or operation of all or
any portion thereof. 
 (d) If Agent exercises its rights and remedies pursuant to this Section or Article 2 hereof, all
Revenues thereafter collected shall be applied in such order as Agent may elect in its discretion to the reasonable costs of taking control of and managing the Property and collecting the Revenues, including, but not limited to, reasonable
attorneys’ fees actually incurred, fees, receiver fees, premiums on receiver’s bonds, costs of repairs to the Property, premiums on insurance policies, Impositions and other charges on the Property, and the costs of discharging any
obligation or liability of Grantor as landlord, lessor or licensor of the Property, or to the Secured Obligations. Agent or any receiver shall have access to the books and records used in the operation and maintenance of the Property and shall be
liable to account only for those Revenues actually received. Agent shall not be liable to Grantor, anyone claiming under or through Grantor or anyone having an interest in the Property by reason of anything done or left undone by Agent pursuant to
this Section or Article 2 hereof, except in the event of Agent’s gross negligence or willful misconduct. If the Revenues are not sufficient to meet the costs of taking control of and managing the Property and collecting the Revenues, any monies
reasonably expended by Agent for such purposes shall become a portion of the Secured Obligations. Unless Agent and Grantor agree in writing to other terms of payment, such amounts shall be payable upon notice from Agent to Grantor requesting payment
thereof and shall bear interest from the date of disbursement at the Default Rate stated in the Credit Agreement unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the
highest rate which may be collected from Grantor under applicable law. The entering upon and taking possession of and maintaining of control of the Property by Agent or any receiver and the application of Revenues as provided herein shall not cure
or waive any Event of Default or invalidate any other right or remedy of Agent hereunder. 
 (e) It is the intention of Agent
and Grantor that the assignment effectuated by this Instrument with respect to the Revenues shall be a direct and currently effective assignment and shall not constitute merely an obligation to grant a lien, security interest or pledge for the
purpose of securing the Secured Obligations. 
 (f) In the event that a court of competent jurisdiction determines that,
notwithstanding such expressed intent of the parties, Agent’s interest in the Revenues constitutes a lien on or security interest in or pledge of the Revenues, it is agreed and understood that the forwarding of a notice to Grantor after the
occurrence of an Event of Default advising Grantor of the revocation of Grantor’s license to collect such Revenues, shall be sufficient action by Agent to (i) perfect such lien on or security interest in or pledge of the Revenues,
(ii) take possession thereof and (iii) entitle Agent to immediate and direct payment of the Revenues, for application as provided in this Instrument, all without the necessity of any further action by Agent, including, without limitation,
any action to obtain possession of the Land, Improvements or any other portion of the Property. 

  
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 1.09 Leases of the Property. 

(a) Except as permitted in the Credit Agreement, Grantor shall not enter into any Lease of all or any portion of the Property or amend,
supplement or otherwise modify, or terminate or cancel, or accept the surrender of, or consent to the assignment or subletting of, or grant any concessions to or waive the performance of any obligations of any tenant, lessee or licensee under, any
now existing or future Lease of the Property, without the prior written consent of Agent. Grantor, at Agent’s request, shall furnish Agent with executed copies of all Leases hereafter made of all or any part of the Property. Upon Agent’s
request, Grantor shall make a separate and distinct assignment to Agent, as additional security, of all Leases hereafter made of all or any part of the Property. 
 (b) There shall be no merger of (i) the leasehold estates created by the Leases with the fee estate of the Fee Premises, or (ii) of the leasehold estates created by the Leases with the leasehold
estates of the Leased Premises without the prior written consent of Agent. Agent may at any time and from time to time by specific written instrument intended for the purpose, unilaterally subordinate the lien of this Instrument to any Lease,
without joinder or consent of, or notice to, Grantor, any tenant or any other Person, and notice is hereby given to each tenant under a Lease of such right to subordinate. No such subordination shall constitute a subordination to any lien or other
encumbrance, whenever arising, or improve the right of any junior lienholder. Nothing herein shall be construed as subordinating this Instrument to any Lease. 
 (c) Grantor hereby appoints Agent its attorney-in-fact, coupled with an interest, empowering Agent to subordinate this Instrument to any Leases. 

1.10 Security Agreement. 
 (a) Insofar as the machinery, apparatus, equipment, fittings, fixtures, building supplies and materials, general intangibles and articles of personal property either referred to or described in this
Instrument, or in any way connected with the use and enjoyment of the Property is concerned, Grantor grants unto Agent a security interest therein and this Instrument is hereby made and declared to be a security agreement, encumbering each and every
item of personal property (the “Personal Property”) included herein, in compliance with the provisions of the Uniform Commercial Code as enacted in the applicable jurisdiction as set forth in Section 3.04 below (the
“UCC”). A financing statement or statements affecting all of said personal property aforementioned, shall be appropriately filed. The remedies for any violation of the covenants, terms and conditions of the security agreement herein
contained shall be (i) as prescribed herein with respect to the Property, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory consequences now or hereafter enacted and specified in said UCC, all at
Agent’s sole election. Grantor and Agent agree that the filing of such financing statement(s) in the records normally having to do with personal property shall never be construed as in any way derogating from or impairing this declaration and
hereby stated intention of Grantor and Agent 

  
 13 

 
that everything used in connection with the production of income from the Property and/or adapted for use therein and/or which is described or reflected in this Instrument, is to the full extent
provided by law, and at all times and for all purposes and in all proceedings both legal or equitable shall be, regarded as part of the real estate irrespective of whether (i) any such item is physically attached to the Improvements,
(ii) serial numbers are used for the better identification of certain items capable of being thus identified in a recital contained herein, or (iii) any such item is referred to or reflected in any such financing statement(s) so filed at
any time. Similarly, the mention in any such financing statement(s) of the rights in and to (1) the proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain proceedings for a taking or for loss of value, or
(3) Grantor’s interest as lessor in any present or future lease or rights to income growing out of the use and/or occupancy of the Property, whether pursuant to lease or otherwise, shall never be construed as in any way altering any of the
rights of Agent as determined by this Instrument, subject to the provisions of the Credit Agreement, or impugning the priority of Agent’s lien granted hereby or by any other recorded document, but such mention in such financing statement(s) is
declared to be for the protection of Agent in the event any court shall at any time hold with respect to the foregoing (1), (2) or (3), that notice of Agent’s priority of interest to be effective against a particular class of persons, must
be filed in the UCC records. 
 (b) Grantor warrants that (i) Grantor’s (that is, “Debtor’s”) correct
legal name (including, without limitation, punctuation and spacing) indicated on the public record of Grantor’s jurisdiction of organization, identity or corporate structure, residence or chief executive office and jurisdiction of organization
are as set forth in Subsection 1.10(c) hereof; (ii) Grantor (that is, “Debtor”) has been using or operating under said name, identity or corporate structure without change for the time period set forth in Subsection 1.10(c)
hereof, and (iii) the location of the Personal Property secured by this Instrument is upon the Leased Premises or the Fee Premises, as applicable (except that the books and records related to the Property may be stored and maintained at another
site). Grantor covenants and agrees that Grantor shall not change any of the matters addressed by clauses (i) or (iii) of this Subsection 1.10(b) unless it has given Agent thirty (30) days prior written notice of any such change
and has executed or authorized at the request of Agent such additional financing statements or other instruments in such jurisdictions as Agent may deem necessary or advisable in its sole discretion to prevent any filed financing statement from
becoming misleading or losing its perfected status. 
 (c) The information contained in this Subsection 1.10(c) is provided
in order that this Instrument shall comply with the requirements of the Uniform Commercial Code, as enacted in the State of Arkansas, for instruments to be filed as financing statements. The names of the “Debtor” and the “Secured
Party”, the identity or corporate structure, jurisdiction of organization, organizational number, federal tax identification number, and residence or chief executive office of “Debtor”, and the time period for which “Debtor”
has been using or operating under said name and identity or corporate structure without change, are as set forth in Schedule 1 of Exhibit “C” attached hereto and by this reference made a part hereof; the mailing address of the
“Secured Party” from which information concerning the security interest may be obtained, and the mailing address of “Debtor”, are as set forth in Schedule 2 of Exhibit “C” attached hereto; and a statement
indicating the types, or describing the items, of Personal Property secured by this Instrument is set forth hereinabove. 

  
 14 

 (d) Exhibit “C” correctly sets forth all names and tradenames that Grantor
has used within the last five years, and also correctly sets forth the locations of all of the chief executive offices of Grantor over the last five years. 
 (e) The Grantor hereby covenants and agrees that: 
 (1) Grantor shall not merge or
consolidate into, or transfer any of the Property to, any other person or entity except as permitted under the Credit Agreement. 
 (2) Grantor shall, at any time and from time to time, take such steps as Agent may reasonably request for Agent (A) to obtain an acknowledgment, in form and substance reasonably satisfactory to
Agent, of any bailee having possession of any of the Property, stating that the bailee holds possession of such Property on behalf of Agent, (B) to obtain “control” of any investment property, deposit accounts, letter-of-credit
rights, or electronic chattel paper (as such terms are defined by the UCC with corresponding provisions thereof defining what constitutes “control” for such items of collateral), with any agreements establishing control to be in form and
substance reasonably satisfactory to Agent, and (C) otherwise to insure the continued perfection and priority of the Agent’s security interest in any of the Property and of the preservation of its rights therein. If Grantor shall at any
time, acquire a “commercial tort claim” (as such term is defined in the UCC) with respect to the Property or any portion thereof, Grantor shall promptly notify Agent thereof in writing, providing a reasonable description and summary
thereof, and shall execute a supplement to this Instrument in form and substance acceptable to Agent granting a security interest in such commercial tort claim to Agent. 
 (3) Grantor hereby authorizes Agent, its counsel or its representative, at any time and from time to time, to file financing statements, amendments and continuations that describe or relate to the
Property or any portion thereof in such jurisdictions as Agent may deem necessary or desirable in order to perfect the security interests granted by Grantor under this Instrument or any other Loan Document, and such financing statements may contain,
among other items as Agent may deem advisable to include therein, the federal tax identification number of Grantor. 
 (4)
Grantor shall not license, lease, sell or otherwise transfer any of the general intangibles to any third party during the term of this Instrument and the Credit Agreement without the prior written consent of the Agent (which consent may be withheld
in the Agent’s sole discretion); and the Grantor will continue to use all trademarks, service marks and trade names in a consistent manner and shall take all steps necessary to properly maintain any formal registrations on the general
intangibles, and to defend and enforce them, for the term of this Instrument and the Credit Agreement. 
 1.11 Further
Assurances; After-Acquired Property. At any time and from time to time, upon request by Agent, Grantor will make, execute and deliver or cause to be made, executed and delivered, to Agent and, where appropriate, cause to be recorded and/or filed
and from time to time thereafter to be rerecorded and/or refiled at such time and in such offices and places as shall be deemed desirable by Agent, any and all such other and further deeds of trust, security agreements, financing statements, notice
filings, continuation statements, instruments of further 

  
 15 

 
assurance, certificates and other documents as may, in the opinion of Agent, be necessary or desirable in order to effectuate, complete, or perfect, or to continue and preserve (a) the
obligation of Grantor under the Guaranty, this Instrument, the other Loan Documents and the Hedge Documents and (b) this Instrument as a first and prior lien upon and security interest in and to all of the Property, whether now owned or
hereafter acquired by Grantor. Upon any failure by Grantor so to do, Agent may make, execute, record, file, re-record and/or refile any and all such deeds of trust, security agreements, financing statements, continuation statements, instruments,
certificates, and documents for and in the name of Grantor and Grantor hereby irrevocably appoints Agent the agent and attorney-in-fact of Grantor so to do, which appointment is a power coupled with an interest. The lien hereof will automatically
attach, without further act, to all after acquired property attached to and/or used in the operation of the Property or any part thereof. 
 1.12 Expenses. Grantor will pay or reimburse Agent, upon demand therefor, for all reasonable attorney’s fees, costs and expenses incurred by Agent in any suit, action, legal proceeding or
dispute of any kind in which Lenders, Agent or the holders of the Hedge Obligations is made a party or appears as party plaintiff or defendant, affecting or arising in connection with the Secured Obligations secured hereby, this Instrument or the
interest created herein, or the Property, including, but not limited to, the exercise of the power of sale contained in this Instrument, any condemnation action involving the Property or any action to protect the security hereof; and any such
amounts paid by Lenders, Agent or the holders of the Hedge Obligations shall be added to the Secured Obligations secured by the lien of this Instrument. 
 1.13 Subrogation. Agent shall be subrogated to the claims and liens of all parties whose claims or liens are discharged or paid with the proceeds of the Secured Obligations secured hereby.

 1.14 Limit of Validity. If from any circumstances whatsoever fulfillment of any provision of this Instrument, the
Guaranty, the Credit Agreement, the Note, any other Loan Document or any Hedge Document, at the time performance of such provision shall be due, shall be subject to the defense of usury or otherwise transcend or violate applicable law concerning
interest or other charges, then ipso facto the obligation to be fulfilled shall be reduced to the limit, so that in no event shall any exaction be possible under this Instrument, the Guaranty, the Note, the Credit Agreement, any other Loan Document
or any Hedge Document be subject to the defense of usury or otherwise transcend or violate applicable law concerning interest or other charges that is in excess of the current limit, but such obligation shall be fulfilled to the maximum limit
permitted. The provisions of this Section 1.14 shall control every other provision of this Instrument, the Guaranty, the Note, the Credit Agreement or any other Loan Document or any Hedge Document. 

1.15 Conveyance of Property. Grantor hereby acknowledges to Agent that (a) the identity and expertise of Grantor was and
continues to be a material circumstance upon which Agent has relied in connection with, and which constitute valuable consideration to Agent for, the extending to Borrower of the loans and other extensions of credit evidenced by the Note and Credit
Agreement, and (b) any change in such identity or expertise could materially impair or jeopardize the security for the payment of the Secured Obligations granted to Agent by this Instrument. Grantor therefore covenants and agrees with Agent, as
part of the consideration for the extending to Borrower of the loans evidenced by the Note, that Grantor shall not convey, transfer, assign, further encumber or pledge any or all of its interest in the Property except as permitted under the Credit
Agreement. 

  
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 ARTICLE 2 
 2.01 Events of Default. The terms “Default” and “Event of Default” as used herein shall have the following meanings: 

“Default” shall mean any event which, with the giving of notice or the lapse of time, or both, would become an Event of
Default. 
 “Event of Default” shall mean (a) any default in the payment or performance of the obligations
of Grantor hereunder or of Borrower or any other Guarantor under any of the other Loan Documents when the same shall become due and payable which is not cured within any grace or notice and cure period provided in the Credit Agreement or such other
Loan Documents, if any, subject to any limitations in the Credit Agreement on the right of Grantor, Borrower or any other Guarantor to receive notices of default, or (b) any representation or warranty of Grantor hereunder proving to be false or
incorrect in any material respect upon the date when made or deemed to have been repeated, or (c) any default in the performance of the obligations of Grantor or Borrower or any other Person under any of the Security Documents beyond the
expiration of any applicable notice and cure period, (d) the occurrence of any “Event of Default” under the Credit Agreement or any other Loan Document, (e) any amendment to or termination of a financing statement naming Grantor
as debtor and Agent as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by, or caused by, or at the instance of Grantor or by, or caused by, or at the instance of any principal, member, general partner or
officer of Grantor (collectively, “Grantor Party”) without the prior written consent of Agent; or (f) in the event that any amendment to or termination of a financing statement naming Grantor as debtor and Agent as secured party, or
any correction statement with respect thereto, is filed in any jurisdiction by any party other than a Grantor Party or Agent or Agent’s counsel without the prior written consent of Agent and Grantor fails to use its best efforts to cause the
effect of such filing to be completely nullified to the reasonable satisfaction of Agent within ten (10) days after notice to Grantor thereof. 
 2.02 Acceleration of Maturity. If an Event of Default shall have occurred and be continuing, then the entire Secured Obligations secured hereby shall, at the option of Agent and as permitted by the
terms of the Credit Agreement, immediately become due and payable without notice or demand except as required by law, time being of the essence of this Instrument. 

  
 17 

 2.03 Right to Enter and Take Possession. 

(a) If an Event of Default shall have occurred and be continuing, Grantor, upon demand of Agent, shall forthwith surrender to Agent the
actual possession of the Property, and if and to the extent permitted by law, Agent itself, or by such officers or agents as it may appoint, may enter and take possession of all the Property (or such portion or portions as Agent may select) without
the appointment of a receiver, or an application therefor, and may exclude Grantor and its agents and employees wholly therefrom, and may have joint access with Grantor to the books, papers and accounts of Grantor. 

(b) If Grantor shall for any reason fail to surrender or deliver the Property or any part thereof after such demand by Agent, Agent may
obtain a judgment or decree conferring upon Agent the right to immediate possession or requiring Grantor to deliver immediate possession of the Property to Agent. Grantor will pay to Agent, upon demand, all expenses of obtaining such judgment or
decree, including reasonable compensation to Agent, its attorneys and agents; and all such expenses and compensation shall, until paid, be secured by the lien of this Instrument. 

(c) Upon every such entering upon or taking of possession, Agent may hold, store, use, operate, manage and control the Property and
conduct the business thereof and, from time to time, (i) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional
fixtures, personalty and other property; (ii) insure or keep the Property insured; (iii) lease, manage and operate the Property and exercise all the rights and powers of Grantor to the same extent as Grantor could in its own name or
otherwise with respect to the same; and (iv) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted Agent, all as Agent from time to time may determine to be in its best interest. Agent may
collect and receive all the rents, issues, profits and revenues from the Property, including those past due as well as those accruing thereafter, and, after deducting (1) all expenses of taking, holding, managing and operating the Property
(including compensation for the services of all persons employed for such purposes); (2) the cost of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases and acquisitions; (3) the cost of
such insurance; (4) such taxes, assessments and other similar charges as Agent may at its option pay; (5) other proper charges upon the Property or any part thereof; and (6) the reasonable compensation, expenses and disbursements of
the attorneys and agents of Agent, Agent shall apply the remainder of the monies and proceeds so received by Agent in accordance with Section 12.5 of the Credit Agreement. Agent shall have no obligation to discharge any duties of a landlord to
any tenant or to incur any liability as a result of any exercise by Agent of any rights under this Instrument or otherwise. Agent shall not be liable for any failure to collect rents, issues, profits and revenues from the Property, nor shall Agent
be liable to account for any such rents, issues, profits or revenues unless actually received by Agent. 
 (d) Whenever all that
is due upon the Secured Obligations and under any of the terms, covenants, conditions and agreements of this Instrument shall have been paid, the Lenders have no obligation to make further Loans and the Issuing Lender has no further obligation to
issue Letters of Credit, and all Events of Default cured, Agent shall surrender possession of the Property to Grantor, its successors or assigns. The same right of taking possession, however, shall exist if any subsequent Event of Default shall
occur and be continuing. 

  
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 2.04 Performance by Agent. If there shall be a Default or Event of Default in the
payment, performance or observance of any term, covenant or condition of this Instrument, Agent may, so long as such Default or Event of Default continues, at its option, pay, perform or observe the same, and all payments made or costs or expenses
incurred by Agent in connection therewith, shall be secured hereby and shall be, upon demand, immediately repaid by Grantor to Agent with interest thereon at the Default Rate. Agent shall be the sole judge of the necessity for any such actions and
of the amounts to be paid. Agent is hereby empowered to enter and to authorize others to enter upon the Land or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming
liable to Grantor or any person in possession holding under Grantor. 
 2.05 Receiver. If an Event of Default shall have
occurred and be continuing, Agent, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right without regard to the occupancy or value of any security for the Secured Obligations secured hereby or the
solvency of any party bound for its payment, to the appointment of a receiver to take possession of and to operate the Property (or such portion or portions as Agent may select) and to collect and apply the rents, issues, profits and revenues
thereof. The receiver shall have all of the rights and powers permitted under the laws of the State of Arkansas. Grantor will pay to Agent upon demand all reasonable expenses, including receiver’s fees, attorney’s fees, costs and
agent’s compensation, incurred pursuant to the provisions of this Section 2.05, and all such expenses shall be secured by this Instrument. 
 2.06 Enforcement. 
 (a) If an Event of Default shall have occurred and be
continuing, this Instrument may be foreclosed by Agent as to the Property, or any part thereof, in any manner permitted by applicable law, including the statutory remedies provided under Ark. Code Ann. §§ 18-50-101 et.seq. and any judicial
foreclosure remedies provided under Arkansas law or in equity. Any notice required by Ark. Code Ann. §§ 18-50-101 et.seq. will be directed to Grantor at the address set forth in this Instrument. Election of any remedy by Agent is not
irrevocable and Agent may at any time subsequent to commencement of any proceeding or procedure terminate such proceeding or procedure and initiate another proceeding or procedure. Agent may exercise its rights of enforcement and all other remedies
with respect to the Property under the Uniform Commercial Code as adopted in the State of Arkansas, or any other statute in force in any other state to the extent the same is applicable law. To the extent permitted by law, Agent, at its option, may
effect the foreclosure of this Instrument by selling the Property (or such portion or portions thereof as the Agent may select) at such time and place and upon such terms and conditions as may be required or permitted by applicable law. At any
foreclosure sale, such portion of the Property as is offered for sale may, at the Agent’s option, be offered for sale for one total price, and the proceeds of such sale accounted for in one account without distinction between the items of
security or without assigning to them any proportion of such proceeds, the Grantor hereby waiving the application of any doctrine of marshalling. 
 (b) If an Event of Default shall have occurred and be continuing, Agent may, in addition to and not in abrogation of the rights covered under subparagraph (a) of this Section 2.06, either with
or without entry or taking possession as herein provided or otherwise, proceed by a suit or suits in law or in equity or by any other appropriate proceeding or remedy (i) to enforce payment of the Secured Obligations or the performance of any
term, covenant, condition or agreement of this Instrument or any other right, and (ii) to pursue any other remedy available to it, all as Agent shall determine most effectual for such purposes. 

  
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 2.07 Purchase by Agent. Upon any foreclosure sale, Agent, on behalf of the Lenders
and the holders of the Hedge Obligations, may bid for and purchase the Property and shall be entitled to apply all or any part of the Secured Obligations secured hereby as a credit to the purchase price. 

2.08 Application of Proceeds of Sale. The proceeds received by Agent as a result of the foreclosure sale of the Property or the
exercise of any other rights or remedies hereunder shall be applied in the manner provided for in Section 12.5 of the Credit Agreement. 
 2.09 Grantor as Tenant Holding Over. In the event of any such foreclosure sale by Agent, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or
purchasers at such sale or be summarily dispossessed according to provisions of law applicable to tenants holding over. 
 2.10
Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws. Grantor agrees, to the full extent permitted by law, that in case of a Default or Event of Default, neither Grantor nor anyone claiming through or under it shall or will
set up, claim or seek to take advantage of any appraisement, valuation, stay, extension, homestead, exemption or redemption laws now or hereafter in force and Grantor, for itself and all who may at any time claim through or under it, hereby waives
to the full extent that it may lawfully so do, the benefit of all such laws, and any and all right to have the assets comprised in the security intended to be created hereby marshaled upon any foreclosure of the lien hereof. Grantor hereby expressly
waives any and all rights of redemption under Ark. Code Ann. §§ 16-66-502 and 18-49-106, and all acts amendatory or in replacement thereof or supplemental thereto. 
 2.11 Waiver of Homestead. Grantor hereby waives and renounces all homestead and exemption rights provided for by the Constitution and the laws of the United States and of any state, in and to the
Property as against the collection of the Secured Obligations, or any part hereof. 
 2.12 Leases; Licensees. Agent, at
its option, is authorized to foreclose this Instrument subject to the rights of any tenants and licensees of the Property, and the failure to make any such tenants or licensees parties to any such foreclosure proceedings and to foreclose their
rights will not be, nor be asserted by Grantor to be a defense to any proceedings instituted by Agent to collect the sums secured hereby. 
 2.13 Discontinuance of Proceedings and Restoration of the Parties. In case Agent shall have proceeded to enforce any right, power or remedy under this Instrument by foreclosure, entry or otherwise,
and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to Agent, then and in every such case Grantor and Agent shall be restored to their former positions and rights hereunder, and all
rights, powers and remedies of Agent shall continue as if no such proceeding had been taken. 

  
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 2.14 Remedies Cumulative. No right, power or remedy conferred upon or reserved to
Agent by this Instrument is intended to be exclusive of any other right, power or remedy, but each and every such right, power and remedy shall be cumulative and concurrent and may be exercised against Grantor as Agent may select and shall be in
addition to any other right, power and remedy given hereunder or now or hereafter existing at law or in equity or by statute. 

2.15 Waiver. 
 (a) No delay or omission of Agent, any Lender or any holder of the Hedge Obligations to exercise any right, power or remedy accruing upon any Default or Event of Default shall exhaust or impair any such
right, power or remedy or shall be construed to be a waiver of any such Default or Event of Default, or acquiescence therein; and every right, power and remedy given by this Instrument to Agent may be exercised from time to time and as often as may
be deemed expedient by Agent. No consent or waiver, expressed or implied, by Agent to or of any Default or Event of Default by Grantor in the performance of the obligations thereof hereunder shall be deemed or construed to be a consent or waiver to
or of any other Default or Event of Default in the performance of the same or any other obligations of Grantor hereunder. Failure on the part of Agent, the Lenders or any holder of the Hedge Obligations to complain of any act or failure to act or to
declare a Default or Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by Agent, any Lender or any holder of the Hedge Obligations of its rights hereunder or impair any rights, powers or remedies
consequent on any Default or Event of Default by Grantor. 
 (b) If Lenders or Agent on behalf of the Lenders, or any holder of
the Hedge Obligations (i) grant forbearance or an extension of time for the payment of any sums secured hereby; (ii) take other or additional security for the payment of any sums secured hereby; (iii) waive or do not exercise any
right granted herein or in the Note, the Credit Agreement, any other Loan Document or any Hedge Document; (iv) release any part of the Property from the lien of this Instrument or otherwise change any of the terms, covenants, conditions or
agreements of the Note, this Instrument, any other Loan Document or any Hedge Document; (v) consent to the filing of any map, plat or replat affecting the Property; (vi) consent to the granting of any easement or other right affecting the
Property; or (vii) make or consent to any agreement subordinating the lien hereof, any such act or omission shall not release, discharge, modify, change or affect the original liability under the Note, the Credit Agreement, the Guaranty, this
Instrument or any other obligation of Grantor, or any subsequent purchaser of the Property or any part thereof, or any maker, co-signer, endorser, surety or guarantor; nor shall any such act or omission
preclude Agent from exercising any right, power or privilege herein granted or intended to be granted in the event of any Default then made or of any subsequent Default; nor, except as otherwise expressly provided in an instrument or instruments
executed by Agent, shall the lien of this Instrument be altered thereby. In the event of the sale or transfer by operation of law or otherwise of all or any part of the Property, Agent, without notice, is hereby authorized and empowered to deal with
any such vendee or transferee with reference to the Property or the Secured Obligations secured hereby, or with reference to any of the terms, covenants, conditions or agreements hereof, as fully and to the same extent as it might deal with the
original parties hereto and without in any way releasing or discharging any liabilities, obligations or undertakings. 

  
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 2.16 Suits to Protect the Property. Agent shall have power (a) to institute and
maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Property by any acts which may be unlawful or in violation of this Instrument, (b) to preserve or protect its interest in the Property and in the
rents, issues, profits and revenues arising therefrom, and (c) to restrain the enforcement of or compliance with any legislation or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid, if the
enforcement of or compliance with such enactment, rule or order would impair the security hereunder or be prejudicial to the interest of Lenders or the holders of the Hedge Obligations. 

2.17 Agent May File Proofs of Claim. In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement,
adjustment, composition or other proceedings affecting Grantor, its creditors or its property, Agent, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or advisable in order to
have the claims of Agent, Lenders and the holders of the Hedge Obligations allowed in such proceedings for the entire amount due and payable by Grantor under this Instrument at the date of the institution of such proceedings and for any additional
amount which may become due and payable by Grantor hereunder after such date. 
 2.18 WAIVER OF GRANTOR’S RIGHTS. BY
EXECUTION OF THIS INSTRUMENT, GRANTOR EXPRESSLY: (A) ACKNOWLEDGES THE RIGHT OF AGENT, THE LENDERS AND/OR THE HOLDERS OF THE HEDGE OBLIGATIONS TO ACCELERATE THE SECURED OBLIGATIONS AND, TO THE EXTENT PERMITTED BY LAW, THE POWER OF AGENT TO SELL
THE PROPERTY BY NONJUDICIAL FORECLOSURE UPON DEFAULT BY GRANTOR WITHOUT ANY JUDICIAL HEARING AND WITHOUT ANY NOTICE OTHER THAN SUCH NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED TO BE GIVEN UNDER THE PROVISIONS OF THIS INSTRUMENT OR BY LAW;
(B) TO THE FULL EXTENT PERMITTED BY LAW, WAIVES ANY AND ALL RIGHTS WHICH GRANTOR MAY HAVE UNDER THE CONSTITUTION OF THE UNITED STATES (INCLUDING, WITHOUT LIMITATION, THE FIFTH AND FOURTEENTH AMENDMENTS THEREOF), THE VARIOUS PROVISIONS OF THE
CONSTITUTIONS FOR THE SEVERAL STATES, OR BY REASON OF ANY OTHER APPLICABLE LAW, TO NOTICE AND TO JUDICIAL HEARING PRIOR TO THE EXERCISE BY AGENT OF ANY RIGHT OR REMEDY HEREIN PROVIDED TO AGENT, EXCEPT SUCH NOTICE (IF ANY) AS IS SPECIFICALLY REQUIRED
TO BE PROVIDED IN THIS INSTRUMENT OR BY APPLICABLE LAW; (C) ACKNOWLEDGES THAT GRANTOR HAS READ THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND ANY AND ALL QUESTIONS REGARDING THE LEGAL EFFECT OF THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND
THEIR PROVISIONS HAVE BEEN EXPLAINED FULLY TO GRANTOR AND GRANTOR HAS CONSULTED WITH COUNSEL OF GRANTOR’S CHOICE PRIOR TO EXECUTING THIS INSTRUMENT; AND (D) ACKNOWLEDGES THAT ALL WAIVERS OF THE AFORESAID RIGHTS OF GRANTOR HAVE BEEN MADE
KNOWINGLY, INTENTIONALLY AND WILLINGLY BY GRANTOR AS PART OF A BARGAINED FOR LOAN TRANSACTION. 
 2.19 Claims Against Agent,
Lenders and Holders of Hedge Obligations. No action at law or in equity shall be commenced, or allegation made, or defense raised, by Grantor against Agent, the Lenders or any holder of the Hedge Obligations for any claim under or related to
this 

  
 22 

 
Instrument, the Note, the Credit Agreement, the Guaranty or any other instrument, document, transfer, conveyance, assignment or loan agreement given by Grantor with respect to the Secured
Obligations secured hereby, or related to the conduct of the parties thereunder, unless written notice of such claim, expressly setting forth the particulars of the claim alleged by Grantor, shall have been given to Agent within sixty (60) days
from and after the initial awareness of Grantor of the event, omission or circumstances forming the basis of Grantor for such claim. Any failure by Grantor to timely provide such written notice to Agent shall constitute a waiver by Grantor of such
claim. 
 2.20 [Intentionally Omitted]. 
 2.21 Indemnification; Subrogation; Waiver of Offset. 
 (a) Grantor shall
indemnify, defend and hold Agent, the Lenders and the holders of the Hedge Obligations harmless for, from and against any and all liability, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses (including Agent’s
reasonable attorneys’ fees, together with reasonable appellate counsel fees, if any) of whatever kind or nature which may be asserted against, imposed on or incurred by Agent, or the Lenders or the holders of the Hedge Obligations in connection
with the Secured Obligations, this Instrument, the Property, or any part thereof, or the exercise by Agent of any rights or remedies granted to it under this Instrument; provided, however, that nothing herein shall be construed to obligate Grantor
to indemnify, defend and hold harmless Agent, the Lenders or the holders of the Hedge Obligations for, from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses asserted against,
imposed on or incurred by Agent or a Lender by reason of such Person’s willful misconduct or gross negligence if a judgment is entered against Agent, a Lender or a holder of a Hedge Obligation by a court of competent jurisdiction after the
expiration of all applicable appeal periods. 
 (b) If Agent, a Lender or a holder of a Hedge Obligation is made a party
defendant to any litigation or any claim is threatened or brought against Agent, a Lender or a holder of a Hedge Obligation concerning the Secured Obligations, this Instrument, the Property, or any part thereof, or any interest therein, or the
construction, maintenance, operation or occupancy or use thereof, then Grantor shall indemnify, defend and hold such Person harmless for, from and against all liability by reason of said litigation or claims, including reasonable attorneys’
fees (together with reasonable appellate counsel fees, if any) and expenses incurred by such Person in any such litigation or claim, whether or not any such litigation or claim is prosecuted to judgment; provided, however, that nothing in this
Section 2.21(b) shall be construed to obligate Grantor to indemnify, defend and hold harmless Agent, a Lender or a holder of a Hedge Obligation for, from and against any and all liabilities or claims imposed on or incurred by such Person by
reason of such Person’s willful misconduct or gross negligence if a judgment is entered against such Person by a court of competent jurisdiction after expiration of all applicable appeal periods. If Agent commences an action against Grantor to
enforce any of the terms hereof or to prosecute any breach by Grantor of any of the terms hereof or to recover any sum secured hereby, Grantor shall pay to Agent its reasonable attorneys’ fees (together with reasonable appellate counsel, fees,
if any) and expenses. The right to such attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses shall be deemed to have accrued on the commencement of such action, and shall be enforceable whether or not such

  
 23 

 
action is prosecuted to judgment. If Grantor breaches any term of this Instrument, Agent may engage the services of an attorney or attorneys to protect its rights hereunder, and in the event of
such engagement following any breach by Grantor, Grantor shall pay Agent reasonable attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses incurred by Agent, whether or not an action is actually commenced against
Grantor by reason of such breach. All references to “attorneys” in this Subsection and elsewhere in this Instrument shall include without limitation any attorney or law firm engaged by Agent and Agent’s in-house counsel, and all
references to “fees and expenses” in this Subsection and elsewhere in this Instrument shall include without limitation any fees of such attorney or law firm and any allocation charges and allocation costs of Agent’s in-house counsel.

 (c) A waiver of subrogation shall be obtained by Grantor from its insurance carrier and, consequently, Grantor waives any and
all right to claim or recover against Agent, the Lenders, the holders of the Hedge Obligations and each of their respective officers, employees, agents and representatives, for loss of or damage to Grantor, the Property, Grantor’s property or
the property of others under Grantor’s control from any cause insured against or required to be insured against by the provisions of this Instrument. 
 (d) ALL SUMS PAYABLE BY GRANTOR HEREUNDER SHALL BE PAID WITHOUT NOTICE (EXCEPT AS MAY OTHERWISE BE PROVIDED HEREIN), DEMAND, COUNTERCLAIM, SETOFF, DEDUCTION OR DEFENSE AND WITHOUT ABATEMENT, SUSPENSION,
DEFERMENT, DIMINUTION OR REDUCTION, AND THE SECURED OBLIGATIONS AND LIABILITIES OF GRANTOR HEREUNDER SHALL IN NO WAY BE RELEASED, DISCHARGED OR OTHERWISE AFFECTED BY REASON OF: (I) ANY DAMAGE TO OR DESTRUCTION OF OR ANY CONDEMNATION OR SIMILAR
TAKING OF THE PROPERTY OR ANY PART THEREOF; (II) ANY RESTRICTION OR PREVENTION OF OR INTERFERENCE WITH ANY USE OF THE PROPERTY OR ANY PART THEREOF; (III) ANY TITLE DEFECT OR ENCUMBRANCE OR ANY EVICTION FROM THE FEE PREMISES OR THE LEASED
PREMISES, AS APPLICABLE OR THE IMPROVEMENTS THEREON OR ANY PART THEREOF BY TITLE PARAMOUNT OR OTHERWISE; (IV) ANY BANKRUPTCY, INSOLVENCY, REORGANIZATION, COMPOSITION, ADJUSTMENT, DISSOLUTION, LIQUIDATION, OR OTHER LIKE PROCEEDING RELATING TO
AGENT, THE LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS, OR ANY ACTION TAKEN WITH RESPECT TO THIS INSTRUMENT BY ANY AGENT OR BY ANY RECEIVER OF AGENT, OR BY ANY COURT, IN SUCH PROCEEDING; (V) ANY CLAIM WHICH GRANTOR HAS, OR MIGHT HAVE,
AGAINST AGENT, THE LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS; (VI) ANY DEFAULT OR FAILURE ON THE PART OF AGENT, THE LENDERS OR ANY HOLDER OF THE HEDGE OBLIGATIONS TO PERFORM OR COMPLY WITH ANY OF THE TERMS HEREOF OR OF ANY OTHER AGREEMENT
WITH GRANTOR; OR (VII) ANY OTHER OCCURRENCE WHATSOEVER, WHETHER SIMILAR OR DISSIMILAR TO THE FOREGOING, WHETHER OR NOT GRANTOR SHALL HAVE NOTICE OR KNOWLEDGE OF ANY OF THE FOREGOING. GRANTOR WAIVES ALL RIGHTS NOW OR HEREAFTER CONFERRED BY
STATUTE OR OTHERWISE TO ANY ABATEMENT, SUSPENSION, DEFERMENT, DIMINUTION, OR REDUCTION OF ANY SUM SECURED HEREBY AND PAYABLE BY GRANTOR. 

  
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 2.22 Revolving Credit/Future Advance. This Instrument secures Secured Obligations
which may provide for a variable rate of interest as well as revolving credit advances and other future advances, whether such advances are obligatory or otherwise. Advances under the Note are subject to the terms and provisions of the Credit
Agreement and the other Security Documents. Grantor acknowledges that the Secured Obligations may increase or decrease from time to time and that if the outstanding balance of the Secured Obligations is ever repaid to zero the security title and
security interest created by this Instrument shall not be deemed released or extinguished by operation of law or implied intent of the parties. This Instrument shall remain in full force and effect as to any further advances under the Credit
Agreement made after any such zero balance until the Secured Obligations are paid in full, all agreements to make further advances or issue letters of credit have been terminated and this Instrument has been canceled of record. Grantor waives the
operation of any applicable statutes, case law or regulation having a contrary effect. 
 ARTICLE 3 

3.01 Successors and Assigns. This Instrument shall inure to the benefit of and be binding upon Grantor and Agent and their
respective heirs, executors, legal representatives, successors and assigns. Whenever a reference is made in this Instrument to Grantor or Agent such reference shall be deemed to include a reference to the heirs, executors, legal representatives,
successors and assigns of Grantor or Agent. 
 3.02 Terminology. All personal pronouns used in this Instrument whether
used in the masculine, feminine or neuter gender, shall include all other genders; the singular shall include the plural, and vice versa. Titles and Articles are for convenience only and neither limit nor amplify the provisions of this Instrument
itself, and all references herein to Articles, Sections or subsections thereof, shall refer to the corresponding Articles, Sections or subsections thereof, of this Instrument unless specific reference is made to such Articles, Sections or
subsections thereof of another document or instrument. 
 3.03 Severability. If any provision of this Instrument or the
application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Instrument and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be
enforced to the greatest extent permitted by law. 
 3.04 Applicable Law. This Instrument will be governed by the
substantive laws of the State of Arkansas, without giving effect to its principles of choice of law or conflicts of law (except with respect to choice of law or conflicts of law provisions of its Uniform Commercial Code), and the laws of the United
States applicable to transactions in the State of Arkansas. Grantor acknowledges and agrees that the choice of Arkansas law to govern this Instrument shall in no event affect the choice of law for any of the other Loan Documents. Should any
obligation or remedy under this Instrument be invalid or unenforceable pursuant to the laws provided herein to govern, the laws of any other state referred to herein or of another state whose laws can validate and apply thereto shall govern.

  
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 3.05 Notices. Except as otherwise provided herein, any notice or other communication
required hereunder shall be in writing, and shall be deemed to have been validly served, given or delivered if given and delivered as provided in the Guaranty if given to Grantor or as provided in the Credit Agreement if given to Agent. 

3.06 Conflict with Credit Agreement Provisions. Grantor hereby acknowledges and agrees that, in the event of any conflict between
the terms hereof and the terms of the Credit Agreement, the terms of the Credit Agreement shall control. 
 3.07
Assignment. This Instrument is assignable by Agent, and any assignment hereof by Agent shall operate to vest in the assignee all rights and powers herein conferred upon and granted to Agent. 

3.08 Time of the Essence. Time is of the essence with respect to each and every covenant, agreement and obligation of Grantor
under this Instrument, and any and all other instruments now or hereafter evidencing, securing or otherwise relating to the Secured Obligations. 
 3.09 Grantor. Unless the context clearly indicates otherwise, as used in this Instrument, “Grantor” means the grantors named in recitals hereof or any of them. The obligations of Grantor
hereunder shall be joint and several. If any Grantor, or any signatory who signs on behalf of any Grantor, is a corporation, partnership or other legal entity, Grantor and any such signatory, and the person or persons signing for it, represent and
warrant to Agent that this instrument is executed, acknowledged and delivered by Grantor’s duly authorized representatives. 
 3.10 Place of Payment; Forum; Waiver of Jury Trial. All Secured Obligations which may be owing hereunder at any time by Borrower or Grantor shall be payable at the place designated in the Credit
Agreement (or if no such designation is made, at the address of Agent indicated at the end of this Instrument). Grantor hereby irrevocably submits generally and unconditionally for itself and in respect of its property to the non-exclusive
jurisdiction of any state court, or any United States federal court, sitting in the county in which the Secured Obligations are payable, and to the non-exclusive jurisdiction of any state court or any United States federal court sitting in the state
in which any of the Property is located, over any suit, action or proceeding arising out of or relating to this Instrument or the Secured Obligations. Grantor hereby irrevocably waives, to the fullest extent permitted by law, any objection that
Grantor may now or hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Grantor hereby agrees and consents that, in addition to any methods of service of process provided for under
applicable law, all service of process in any such suit, action or proceeding may be made by certified or registered mail, return receipt requested, directed to Grantor at its address stated in the first paragraph of this Instrument, or at a
subsequent address of Grantor of which Agent received actual notice from Grantor in accordance with the Credit Agreement, and service so made shall be completed five (5) days after the same shall have been so mailed. Nothing herein shall affect
the right of Agent to serve process in any manner permitted by law or limit the right of Agent to bring proceedings against Grantor in any other court or jurisdiction. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR AND AGENT, BY ITS
ACCEPTANCE OF THIS INSTRUMENT, 

  
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KNOWINGLY, VOLUNTARILY AND INTENTIONALLY MUTUALLY (A) WAIVE THE RIGHT TO TRIAL BY JURY IN ANY CIVIL ACTION, CLAIM, COUNTERCLAIM, CROSS-CLAIM, THIRD-PARTY CLAIM, DISPUTE, DEMAND, SUIT OR
PROCEEDING ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS INSTRUMENT, THE NOTE, ANY OF THE OTHER LOAN DOCUMENTS, OR THE LOAN EVIDENCED OR SECURED THEREBY, OR ANY RENEWAL, EXTENSION OR MODIFICATION THEREOF, OR ANY CONDUCT OF ANY PARTY RELATING
THERETO, AND (B) AGREE THAT ANY SUCH ACTION, CLAIM, SUIT OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY. GRANTOR AGREES THAT IT WILL NOT ASSERT ANY CLAIM AGAINST AGENT OR ANY OTHER PERSON INDEMNIFIED UNDER THIS INSTRUMENT ON
ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE DAMAGES. 
 ARTICLE 4—STATE SPECIFIC
PROVISIONS 
 4.01 Principles of Construction. In the event of any inconsistencies between the terms and conditions
of this Article 4 and the terms and conditions of this Instrument, the terms and conditions of this Article 4 shall control and be binding. 
 4.02 Arkansas State-Specific Provisions. 
 (a) Maturity Date. The
Secured Obligations relating to the Term Loan Notes have a final maturity date of November 19, 2016, unless extended as provided in the Credit Agreement, and all other Secured Obligations have a final maturity date of November 19, 2015,
unless extended as provided in the Credit Agreement. 
 (b) Additional Secured Obligations. This Instrument is given to
secure not only the Secured Obligations defined above, but also (a) the payment and performance of all judgments, decrees, awards and orders directly or indirectly arising from or related to any Secured Obligations, and (b) THE PAYMENT OF
ALL FUTURE AND ADDITIONAL INDEBTEDNESS, DIRECT OR INDIRECT, CREATED AFTER THE DATE OF THIS INSTRUMENT, WHICH MAY BE OWING BY BORROWER OR GRANTOR TO AGENT AT ANY TIME PRIOR TO PAYMENT IN FULL WITH INTEREST OF THE SECURED OBLIGATIONS (SUCH ADDITIONAL
INDEBTEDNESS TO BE SECURED HEREBY REGARDLESS OF WHETHER IT SHALL BE PREDICATED UPON FUTURE LOANS OR ADVANCES HEREAFTER MADE BY AGENT, OR OBLIGATIONS HEREAFTER ACQUIRED BY AGENT THROUGH ASSIGNMENT, SUBROGATION OR OTHERWISE), AND IT IS AGREED THIS
INSTRUMENT SHALL STAND AS SECURITY FOR ALL SUCH FUTURE AND ADDITIONAL INDEBTEDNESS WHETHER IT BE INCURRED FOR ANY BUSINESS OR OTHER PURPOSE THAT WAS RELATED OR WHOLLY UNRELATED TO THE PURPOSES OF THE SECURED OBLIGATIONS, OR WHETHER IT WAS INCURRED
FOR SOME PERSONAL OR NON-BUSINESS PURPOSE, OR FOR ANY OTHER PURPOSE RELATED OR UNRELATED, OR SIMILAR OR DISSIMILAR TO THE PURPOSE OF THE SECURED OBLIGATIONS. 

  
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 (c) Financing Statements. Agent is hereby authorized to execute and file on behalf of
Grantor, without the signature of Grantor, any financing statement deemed necessary or appropriate by Agent in order to further evidence, perfect or continue the security interest granted herein or in any other Loan Document. 

(d) Collection Cost Recovery. This Instrument shall secure, and Agent shall be entitled to collect from Grantor and add to the
Secured Obligations, including, without limitation, in any proceeding to enforce this Instrument or foreclose upon the Property, all expenses of any environmental site assessments, environmental audits, environmental remediation costs, appraisals,
surveys, engineering studies, wetlands delineations, flood plain studies, and any other similar testing or investigation deemed necessary or advisable by Agent incurred in preparation for, contemplation of or in connection with the enforcement of
this Instrument and/or the collection of the obligations. 
 (e) No Merger. If both any leasehold estate and the fee
estate for all or any portion of the Property at any time become vested in one owner, this Instrument and the lien created hereby shall not be merged, destroyed or terminated by application of the doctrine of merger and, in such event, Agent shall
continue to have and enjoy all of the rights and privileges of Agent as to the separate estates. In addition, upon the foreclosure of the lien of this Instrument, pursuant to the provisions hereof or applicable law, or upon any conveyance in lieu
thereof, neither the fee estate, nor any leases, subleases, or sub-subleases then existing with respect to all or any portion of the Property shall be merged, terminated or destroyed by application of the doctrine of merger, or as a result of such
foreclosure or conveyance, unless in such case Agent or any purchaser at any foreclosure sale shall elect in writing to the contrary. 
 (f) No Joint Venture. Nothing contained in this Instrument or any other Loan Document is intended to create a partnership, joint venture or association between Grantor or Borrower on the one hand
and Agent or any Lender on the other hand or in any way make Agent or any Lender a co-principal with Grantor or Borrower on the one hand with reference to the Property, and any inferences to the contrary are hereby expressly negated. 

(g) Fixture Financing Statement. It is intended that as to the fixtures, that are part of the Property, this Instrument shall be
effective as a continuously perfected financing statement filed pursuant to Ark. Code Ann. §4-9-515 as a fixture filing from the date of the filing of this Instrument for record with the Recorder of the County in which the Property is located.
In order to satisfy Ark. Code Ann. § 4-9-502, the following information is hereby provided: 
  

			
	Name of Debtor:	 	HC-3873 N. Parkview Drive, LLC
		
	Address of Debtor:	 	 4211 W. Boy Scout Boulevard, Suite 500
 Tampa, Florida 33607

		
	Type of Organization:	 	limited liability company
		
	State of Organization:	 	Delaware
		
	State Organization Number:	 	5350378
		
	Record Owner of Property:	 	3873 N. Parkview Drive, LLC

  
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 (h) Receipt of Fixture Financing Statement. Grantor hereby acknowledges receipt of a
copy of this Instrument in compliance with Agent’s obligation to deliver a copy of the Fixture Financing Statement to Grantor. 
 ARTICLE 5—COMPLIANCE WITH CREDIT AGREEMENT 
 5.01 Representations
and Warranties. In addition to the representations and warranties made by Grantor herein, Grantor hereby makes to the Agent and the Lenders the representations and warranties set forth in the Credit Agreement applicable to it, as if it were a
party thereto, including, without limitation, those contained in the following sections: Sections 6.1(c) and (d), 6.2, 6.6, 6.7, 6.8, 6.9, 6.10, 6.12, 6.14, 6.15, 6.16, 6.17, 6.20, 6.23, 6.25, 6.26, 6.27, 6.28, 6.29, 6.30 and 6.32. 

5.02 Covenants and Agreements. The Grantor covenants and agrees that so long as any Loan, Note or Letter of Credit is outstanding
that Grantor shall comply with all of the covenants and agreements set forth in the Credit Agreement applicable to it, as if it were a party thereto, including, without limitation, those contained in the following sections: Sections 7.2, 7.3,
7.4(e), 7.5(a), (b), (c), and (d), 7.6, 7.7 (to the extent required by Section 1.05 hereof), 7.8, 7.9, 7.10, 7.11, 7.12, 7.13, 7.14, 7.16, 7.19, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6, 8.8, 8.10, 8.12, 8.13, 8.14, 8.15, 18.9, 21, and 25. For purposes of
Sections 7.5(a), (b), (c) and (d) of the Credit Agreement, notice given to Agent by Borrower shall satisfy any requirement that Grantor deliver notice under the relevant section. 

ARTICLE 6—LEASEHOLD MORTGAGE PROVISIONS 
 6.01 Status of Ground Lease. Grantor hereby warrants and represents as follows: (i) the Ground Lease constitutes the sole agreement between Grantor and the Lessor with respect to the Leased
Premises and is in full force and effect in accordance with its terms, covenants and conditions, unmodified by any writing or otherwise; (ii) that the Ground Lease is a valid and subsisting lease of the Leased Premises and other property leased
pursuant to the Ground Lease; (iii) all rent, additional rent and other charges reserved therein have been paid to the extent they are payable to the date hereof; (iv) Grantor enjoys the quiet and peaceful possession of the Leased Premises
demised by the Ground Lease, subject to the terms thereof; (v) neither Grantor nor, to Grantor’s knowledge, the Lessor is in default under any of the terms of the Ground Lease and, to Grantor’s knowledge, there are no circumstances
which, with the passage of time or the giving of notice or both, would constitute a default or event of default thereunder; (vi) there are no encumbrances of the Ground Lease except as set forth on Exhibit B hereto and (v) that a
true and correct copy of the Ground Lease has been delivered by Grantor to Agent. 
 6.02 Continuation of Ground Lease.
Grantor shall not, except with the prior written consent of Agent, (i) cancel, terminate, or surrender the Ground Lease, or consent to, acquiesce in or accept any cancellation, rejection or termination thereof, or permit any condition or event
to exist which would terminate or cancel the same or permit such termination or cancellation, or (ii) consent or fail to object to any attempt by Lessor to sell or transfer its interest in the Leased Premises and the Improvements thereon free
and clear of the Ground Lease, or (iii) amend, 

  
 29 

 
modify or otherwise change any term, covenant or condition of the Ground Lease, or (iv) take any action in connection with the Ground Lease which would have the effect of materially
impairing the value of Grantor’s interest thereunder or of the Leased Premises, or of materially impairing the interest of Agent or Lenders therein, or (v) waive, excuse or discharge any of the material obligations and agreements of any
other party under the Ground Lease, or subordinate or consent to the subordination of the Ground Lease to any mortgage or deed of trust on any party’s interest in the property demised by the Ground Lease or consent to any restriction, covenant
or agreement affecting the leasehold estate created by the Ground Lease, or (vi) further assign, transfer, convey, pledge, encumber or permit the encumbrance of its interest under the Ground Lease. Any attempt on the part of Grantor to exercise
any of the forgoing rights without such written consent of Agent shall be null and void and of no effect. 
 6.03 Assignment
of Rights under Ground Lease. As further security for the payment of the Secured Obligations and for the performance of the covenants contained in this Instrument, Grantor hereby assigns to Agent, on behalf of the Lenders, all of its rights,
privileges and prerogatives to terminate, subordinate, cancel, modify, change, supplement, alter, amend, renew, consent or object to any attempted transfer of Lessor’s interest in the Leased Premises and the Improvements thereon free and clear
of the Ground Lease, extend or give consents or approvals under the Ground Lease (including, without limitation, the right to elect to accede to any rejection of the Ground Lease in any bankruptcy proceeding of the landlord thereunder), either
orally, by course of conduct or in writing, and any such termination, subordination, cancellation, modification, change, supplement, alteration, amendment, extension, consent or approval of or under the Ground Lease by the Grantor, without the prior
written consent thereto by Agent, shall be void and of no force and effect. Provided that no Event of Default has occurred and is continuing, Grantor shall be permitted to exercise its rights, privileges and prerogatives to renew or extend the
Ground Lease to the extent otherwise permitted hereunder. 
 6.04 Delivery of Notices. Grantor shall furnish to Agent
such information and evidence as Agent may reasonably require concerning the due observance, performance and compliance with the terms, covenants and provisions, of the Ground Lease including, but not limited to, any evidence of efforts to cure any
default during any applicable grace period under the Ground Lease. If, pursuant to the Ground Lease, the Lessor shall deliver to Agent a copy of any written notice of default or event of default given to Grantor, such notice shall constitute full
authority and protection to Agent for any action taken or omitted to be taken by Agent in good faith in reliance thereon to cure such default (and any such cure shall not constitute the curing of any Default or Event of Default under this
Instrument). 
 6.05 Performance of Ground Lease by Grantor. Grantor will pay or cause to be paid all rent and other
charges required under the Ground Lease as and when the same are due (without allowance for any cure or grace periods) and Grantor will keep, observe and perform, or cause to be kept, observed and performed, all of the other terms, covenants,
provisions and agreements of the Ground Lease on the part of the lessee thereunder to be kept, observed and performed (without allowance for any cure or grace periods). Grantor will enforce the obligations of the Lessor under the Ground Lease to the
end that Grantor may enjoy all of the rights granted to it under the Ground Lease. 

  
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 6.06 Cure. In the event of any default in the observance or performance of any of the
terms, covenants or conditions to be observed or performed under the Ground Lease, Agent may, at its option, cause the default or defaults to be remedied and otherwise exercise any and all of the rights of the Grantor under the Ground Lease in the
name of and on behalf of Grantor. Agent shall promptly provide to Grantor notice of any such action taken by Agent, but Agent’s right to take any such action shall not be conditioned upon giving any such notice. For the purposes of curing any
breach of Grantor’s covenants contained in this section, or in order to cure any failure of compliance, default or event of default referred to in this section, or effecting, in whole or in part, any such cure, Agent may do (but shall be under
no obligation to do) any act or execute any document in the name of Grantor or as its attorney-in-fact and, to facilitate this right of Grantor, Grantor hereby irrevocably appoints Agent, with full power of substitution, its true and lawful
attorney-in-fact in its name or otherwise to do any and all acts and to execute any and all documents which may be necessary or in the opinion of Agent desirable to effect any such cure, or preserve any rights of the Grantor under, or to effect
compliance in whole or in part with, the Ground Lease, and Agent and any person designated by Agent are hereby granted the right to enter upon the Property at any time and from time to time for the purpose of taking such action; and any and all
payments made and costs incurred by Agent in connection therewith, including reasonable attorneys’ fees, shall be secured by this Instrument and, upon demand, shall be repaid by Grantor to Lenders with interest thereon at the Default Rate.
Grantor hereby expressly agrees that any “Event of Default” under the Ground Lease shall constitute and be deemed to be an Event of Default under this Instrument, which shall not be subject to notice or right to cure prior to becoming an
“Event of Default” hereunder. 
 6.07 No Merger. So long as the Secured Obligations shall remain unpaid, unless
Agent shall otherwise give its written consent, the fee title and the leasehold estate in the property demised by the Ground Lease shall not merge but shall always be kept separate and distinct, notwithstanding the union of said estates in the
Lessor, Lenders, Grantor, or any third party, whether by purchase or otherwise. In case Grantor acquires the fee title or any other estate, title or interest in the property demised by the Ground Lease, this Instrument shall automatically attach to
and cover and be a lien upon the fee title or such other estate so acquired, and such fee title or other estate shall, without further assignment, mortgage or conveyance, become and be subject to the lien of and covered by this Instrument. Grantor
agrees to execute all instruments and documents which Agent may reasonably require to ratify, confirm and further evidence Agent’s lien and security title on the acquired estate, title or interest in respect of the Grantor and to deliver an
endorsement to the title policy for the Land insuring this Instrument as a first priority lien on Grantor’s fee simple title to the Land without additional exception. Furthermore, the Grantor hereby appoints Agent its true and lawful attorney
in fact to execute and deliver all such instruments and documents in the name and on behalf of the Grantor. This power, being coupled with an interest, shall be irrevocable as long as the Secured Obligations remains outstanding. 

6.08 No Release. No release or forbearance of any of Grantor’s obligations under the Ground Lease, pursuant to the Ground
Lease, or otherwise, shall release Grantor from any of its obligations under this Instrument, including its obligation with respect to the payment of rent as provided for in the Ground Lease and the performance of all of the terms, provisions,
covenants, conditions and agreements contained in the Ground Lease, to be kept, performed and complied with by the tenant therein. 

  
 31 

 6.09 Elections. Grantor shall not make any election or give any consent or approval
(other than the exercise of a renewal right or extension right pursuant to Section 6.11 below) for which a right to do so is conferred upon Grantor as lessee under the Ground Lease without Agent’s prior written consent, which consent shall
not be unreasonably withheld, conditioned or delayed. All such rights, together with the right of termination, cancellation, modification, change, supplement, alteration or amendment of the Ground Lease, all of which have been assigned for
collateral purposes to Agent, shall vest in and be exercisable solely by Agent. 
 6.10 Arbitration Proceedings. Grantor
will give Agent prompt written notice of the commencement of any arbitration, mediation, accounting or appraisal proceeding under and pursuant to the provisions of the Ground Lease. Agent shall have the right to intervene and participate in any such
proceeding and Grantor shall confer with Agent to the extent which Agent deems reasonably necessary for the protection of Agent. Upon the written request of Agent, Grantor will exercise all rights of arbitration, mediation, accounting or appraisal
conferred upon it by the Ground Lease. Grantor shall select an arbitrator, mediator, accountant or appraiser who is approved in writing by Agent, provided, however, that if at the time any such proceeding shall be commenced, Grantor shall be in
default in the performance or observance of any covenant, condition or other requirement of the Ground Lease, or an Event of Default exists under this Instrument, on the part of Grantor to be performed or observed, or Grantor fails to select such
Person in accordance with the terms of the Ground Lease, Agent shall have, and is hereby granted, the sole and exclusive right to designate and appoint on behalf of Grantor the arbitrator, mediator, accountant or appraiser in such proceeding.

 6.11 Exercise of Options. Grantor may exercise any right to renew or extend the term of the Ground Lease contained
therein without the prior written consent of Agent. Grantor shall give Agent simultaneous written notice of the exercise of such option or right to renew or extend, together with a copy of the instrument given to the lessor under the Ground Lease
exercising such option or right, and, thereafter, shall promptly deliver to Agent a copy of any acknowledgment by the lessor under such Ground Lease with respect to the exercise of such option or right. If such option or right has not been exercised
as aforesaid, then not more than one hundred eighty (180) and not less than one hundred fifty (150) days before the right of Grantor to exercise any option or right to renew or extend the term of the Ground Lease shall expire, Grantor
shall give Agent written notice specifying the date, term and manner for which such option or renewal is to be exercised. Within fifteen (15) business days of written demand by Agent, Grantor shall exercise any such option or renewal which is
necessary to extend the term of the Ground Lease beyond the term of this Instrument or to comply with any law affecting Grantor or Agent or which is necessary, in Agent’s reasonable judgment, to preserve the value of the security intended to be
afforded by this Instrument. Grantor shall promptly provide evidence of such exercise of such option or right to Agent’s reasonable satisfaction. In the event that Grantor fails to so exercise any such option or right or in the event of any
default hereunder which is continuing beyond the applicable cure periods, Grantor hereby agrees and grants to Agent all right and authority to exercise such option in the name of Grantor or in its own name. Notwithstanding anything herein to the
contrary, Grantor shall not exercise any purchase options, rights of first offer or rights of first refusal in the Ground Lease without the prior written consent of Agent, which consent shall not be unreasonably withheld, conditioned or delayed
including, without limitation, delivery of a mortgage on the fee interest. Nothing contained herein shall affect or limit any rights of Agent granted under the Ground Lease. 

  
 32 

 6.12 Bankruptcy. 

(a) The lien of this Instrument shall attach to all of Grantor’s rights and remedies at any time arising under or pursuant to
Subsection 365(h) of the Bankruptcy Code, 11 U.S.C. § 365(h), including, without limitation, all of Grantor’s rights to remain in possession of the Property. In the event that the Lessor should become subject to any bankruptcy proceedings,
Grantor shall not accept any rejection by such Person or trustee on behalf of such Person in bankruptcy as terminating the Ground Lease, but, instead, shall remain in possession of the premises leased pursuant to the Ground Lease to the full extent
permitted by law. Without limiting the foregoing, no such acceptance of any rejection of the Ground Lease or treatment of the Ground Lease as terminated by Grantor shall be effective unless consented to in writing by Agent. 

(b) Grantor shall not, without Agent’s prior written consent, elect to treat the Ground Lease as terminated under Subsection
365(h)(1) of the Bankruptcy Code, 11 U.S.C. § 365(h)(1). Any such election made without Agent’s consent shall be void. If the Ground Lease is rejected in any case, proceeding or other action commenced by or against the Lessor (or any
person or party constituting or having an interest in the Ground Lease) under the Bankruptcy Code or any comparable federal or state statute or law, (i) Grantor, promptly after obtaining notice thereof, shall give written notice thereof to
Agent, and (ii) this Instrument and all the liens, terms, covenants and conditions of this Instrument shall extend to and cover Grantor’s possessory rights under Subsection 365(h) of the Bankruptcy Code (including all renewal and extension
rights) and to any offsets and claim for damages due to Lessor’s rejection of the Ground Lease. In addition, Grantor hereby collaterally assigns to Agent, Grantor’s rights to remain in possession of the premises demised under the Ground
Lease and to offset rents under the Ground Lease under Subsections 365(h)(1)(A)(ii) and 365(h)(1)(B) of the Bankruptcy Code in the event any case, proceeding or other action is commenced by or against the Lessor under the Bankruptcy Code or any
comparable federal or state statute or law. Grantor hereby assigns to Agent Grantor’s right under Subsection 365(d)(4)(B) to seek an extension of the 120-day period within which Grantor must accept or reject the Ground Lease under Subsection
365(d)(4)(A) of the Bankruptcy Code or any comparable federal or state statute or law with respect to any case, proceeding or other action commenced by or against Grantor under the Bankruptcy Code or comparable federal or state statute or law.
Furthermore, if Grantor shall desire to reject the Ground Lease under the Bankruptcy Code or any comparable federal or state statute or law, Grantor shall, at Agent’s request, assign its interest in the Ground Lease to Agent in lieu of
rejecting the Ground Lease as described above, upon receipt by Grantor of written notice from Agent of such request together with the agreement of Agent to cure any existing defaults of Grantor under the Ground Lease to the extent required
thereunder. Grantor hereby waives, for the benefit of Agent, its successors and assigns only, and not enforceable by anyone else, the provisions of Section 365 of the Bankruptcy Code or of any other creditors rights law which gives or purports
to give Grantor any right of election to terminate the Ground Lease, to acquiesce in the termination of the Ground Lease or to surrender possession of the Property in the event of any bankruptcy or other debtor relief proceeding of Grantor or any
other Person including, without limitation, Lessor. 

  
 33 

 (c) In the event Lessor, as debtor in possession, or a trustee for Lessor, attempts to
transfer its interest in the Land and the Improvements free and clear of the Ground Lease pursuant to Section 363 of the Bankruptcy Code or pursuant to any other creditors rights law, Grantor shall not consent, acquiesce or fail to object to
such attempted transfer. Any such consent, acquiescence or failure to object shall be null and void. In any event, Grantor hereby waives, for the benefit of Agent, its successors and assigns only, and not enforceable by anyone else, the provisions
of Section 363 of the Bankruptcy Code or of any other creditors rights law which gives or purports to give Grantor or Lessor any right to consent to or acquiesce in the transfer of the Lessor’s interest in the Land and the Improvements
free and clear of the Ground Lease, to acquiesce in the termination of the Ground Lease or to surrender possession of the Property in the event of any bankruptcy or other debtor relief proceeding of Lessor or any other Person. 

(d) Grantor hereby unconditionally assigns, transfers and sets over to Agent all of Grantor’s claims and rights to offsets and the
payment of damages arising from any rejection of the Ground Lease by Lessor or any other fee owner of the Property under the Bankruptcy Code. Agent shall have the right to proceed in its own name or in the name of Grantor in respect of any offsets,
claim, suit, action or proceeding relating to the rejection of the Ground Lease, including, without limitation, the right to file and prosecute, either in its own name or in the name of Grantor, any proofs of claim, complaints, motions,
applications, notices and other documents, in any case in respect to the Lessor or any fee owner under the Bankruptcy Code. This assignment constitutes a present, irrevocable and unconditional assignment of the foregoing offsets, claims, rights and
remedies, and shall continue in effect until all of the Secured Obligations has been satisfied and discharged in full. Any amounts received by Agent as damages arising out of the rejection of the Ground Lease as aforesaid shall be applied first to
all costs and expenses of Agent (including, without limitation, attorneys’ fees) incurred in connection with the exercise of any of its rights or remedies under this Section and then in accordance with the provisions of the Loan Documents.
Grantor shall promptly make, execute, acknowledge and deliver, in form and substance satisfactory to Agent, a UCC Financing Statement (Form UCC 1) and all such additional instruments, agreements and other documents, as may at any time hereafter be
required by Agent to effectuate and carry out the assignment made pursuant to this Section and any other powers granted to Agent. 
 (e) If pursuant to Subsection 365(h)(1)(B) of the Bankruptcy Code, 11 U.S.C. § 365(h)(1)(B), Grantor shall seek to offset against the rent reserved in the Ground Lease the amount of any damages
caused by the nonperformance by the Lessor or any fee owner of any of their obligations under the Ground Lease after the rejection by the Lessor or any fee owner of the Ground Lease under the Bankruptcy Code, Grantor shall, prior to effecting such
offset, notify Agent in writing of its intent to do so, setting forth the amounts proposed to be so offset and the basis therefor. Agent shall have the right to object to all or any part of such offset that, in the reasonable judgment of Agent,
would constitute a breach of the Ground Lease, and in the event of such objection, Grantor shall not effect any offset of the amounts so objected to by Agent. Neither Agent’s failure to object as aforesaid nor any objection relating to such
offset shall constitute an approval of any such offset by Agent. 
 (f) If any action, proceeding, motion or notice shall be
commenced or filed in respect of the Lessor or any fee owner, the Property or the Ground Lease in connection with any case under the Bankruptcy Code, Agent shall have the option, exercisable upon written notice from Agent to Grantor, to conduct and
control any such litigation with counsel of Agent’s 

  
 34 

 
choice. Agent may proceed in its own name or in the name of Grantor in connection with any such litigation, and Grantor agrees to execute any and all powers, authorizations, consents or other
documents reasonably required by Agent in connection therewith. Grantor shall, upon demand, pay to Agent all costs and expenses (including attorneys’ fees) paid or incurred by Agent in connection with the prosecution or conduct of any such
proceedings. Any such costs or expenses not paid by Grantor as aforesaid shall be secured by the lien of this Instrument and shall be added to the principal amount of the indebtedness secured hereby. Grantor shall not commence any action, suit,
proceeding or case, or file any application or make any motion (unless such motion is for the purpose of protecting the Ground Lease and its value as security for the obligations secured by this Instrument), in respect of the Ground Lease in any
such case under the Bankruptcy Code without the prior written consent of Agent, which consent shall not be unreasonably withheld, conditioned or delayed. 
 (g) Grantor shall, after obtaining knowledge thereof, promptly notify Agent in writing of any filing by or against the Lessor or other fee owner of a petition under the Bankruptcy Code. Grantor shall
promptly deliver to Agent, following receipt, copies of any and all notices, summonses, pleadings, applications and other documents received by Grantor in connection with any such petition and any proceedings relating thereto. 

(h) If there shall be filed by or against Grantor a petition under the Bankruptcy Code and Grantor, as lessee under the Ground Lease,
shall determine to reject the Ground Lease pursuant to Section 365(a) of the Bankruptcy Code, Grantor shall give Agent not less than thirty (30) days’ prior written notice of the date on which Grantor shall apply to the Bankruptcy
Court for authority to reject the Ground Lease. Agent shall have the right, but not the obligation, to serve upon Grantor within such thirty (30) day period a notice stating that Agent demands that Grantor assume and assign the Ground Lease to
Agent pursuant to Section 365 of the Bankruptcy Code. If Agent shall serve upon Grantor the notice described in the preceding sentence, Grantor shall not seek to reject the Ground Lease and shall comply with the demand provided for in the
preceding sentence. 
 6.13 No Assumption. Notwithstanding anything to the contrary contained herein, this Instrument
shall constitute an assignment of the Ground Lease for collateral purposes only and Agent shall have no liability or obligation thereunder by reason of its acceptance of this Instrument. 

6.14 New Lease. If the Ground Lease is canceled or terminated, and if Agent or its nominee shall acquire an interest in any new
lease of the property demised thereby, Grantor shall have no right, title or interest in or to the new lease or the leasehold estate created by such new lease. 
 6.15 Estoppel. Within twenty (20) days after written demand by Agent, Grantor shall use commercially reasonable efforts to cause the Lessor deliver an estoppel certificate in a form
substantially similar to that estoppel certificate being delivered by the Lessor to Agent on or around the date hereof, among other things, setting forth (i) the name of the tenant thereunder, (ii) that the Ground Lease has not been
modified or, if it has been modified, the date of each modification (together with copies of each such modification), (iii) the basic rent payable under the Ground Lease, (iv) the date to which all rental charges have been paid by the
tenant under the Ground Lease, (v) whether there are any alleged defaults of the tenant under the Ground Lease and, if there are, setting forth the nature thereof in reasonable detail, and (vi) such other matters as may be reasonably
requested by Agent. 

  
 35 

 6.16 Liability. Agent shall be liable for the obligations of Grantor arising under
the Ground Lease for only that period of time which Agent has acquired, by foreclosure or otherwise, and is holding all of the Grantor’s right, title and interest therein. 

6.17 Liens Upon Fee. In the event any lien or encumbrance, other than those exceptions shown in the title policy in favor of Agent
insuring the lien of this Instrument, now or hereafter exists upon the fee title of Lessor under the Ground Lease or the leasehold estate, Grantor will do or cause to be done everything necessary to preserve and protect: (i) the leasehold
estate, from loss by reason of sale under or foreclosure of any such lien or encumbrance; and (ii) the title and possession of the leasehold estate so that these presents shall be and continue to be a first and prior lien on all of the
Property, subject only to those exceptions shown in the title policy in favor of Agent insuring the lien of this Instrument. 

[SIGNATURES ON NEXT PAGE] 

  
 36 

 THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
 IN WITNESS WHEREOF, Grantor has executed this Instrument as of the day and year first above written. 
  

							
	GRANTOR:
	
	HC-3873 N. PARKVIEW DRIVE, LLC, a Delaware limited liability company
		
	By:	 	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member
			
		 	By:	 	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ John E. Carter

		 		 	Name: John E. Carter
		 		 	Title: Chief Executive Officer

 [Signature Page to Arkansas Mortgage] 

 ACKNOWLEDGMENT 
 STATE OF FLORIDA         ) 

                         
                       ) 

COUNTY OF HILLSBOROUGH  ) 
 On this 30 day of July, 2013, before me, Demetra Elliott, a Notary Public (or before any officer within this State or without the State now qualified under existing law to take acknowledgments), duly
commissioned, qualified, and acting, within and for said County and State, appeared in person the within named John E. Carter (being the person authorized by said limited liability company to execute such instrument, stating his capacity in that
behalf), to me personally well known (or satisfactorily proven to be such person), who stated that he was the Chief Executive Officer of Carter Validus Mission Critical REIT, Inc., a Maryland corporation, the general partner of Carter/Validus
Operating Partnership LP, a Delaware limited partnership, the sole member of HC-3873 N. Parkview Drive, LLC, a Delaware limited liability company, and was duly authorized in his capacity to execute the foregoing instrument(s) for and in the name and
behalf of said limited liability company, and further stated and acknowledged that he had so signed, executed, and delivered said foregoing instrument for the consideration, uses, and purposes therein mentioned and set forth. 

IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this 30 day of July, 2013. 

 

	
	/s/ Demetra Elliott
	Notary Public

 My Commission Expires: 02/11/2015 
 [Signature Page to Arkansas Mortgage] 

 EXHIBIT “A” 

LEGAL DESCRIPTION 

TRACT 1 
 LOTS THIRTEEN
(13), FOURTEEN (14) AND FIFTEEN (15), VANTAGE SQUARE, UNIT 2, A SUBDIVISION TO THE CITY OF FAYETTEVILLE, ARKANSAS, AS SHOWN ON THE PLAT OF RECORD IN PLAT BOOK 10, AT PAGES 79-80, PLAT RECORDS OF WASHINGTON COUNTY, ARKANSAS. 

ALSO BEING DESCRIBED AS FOLLOWS: 
 BEGINNING AT
THE NORTHEAST CORNER OF LOT THIRTEEEN (13), VANTAGE SQUARE, UNIT 2, SUBDIVISION TO THE CITY OF FAYETTEVILLE, ARKANSAS, SAID POINT BEING A SET 1/2” IRON REBAR; THENCE S01°12’54”E 415.40 FEET ALONG THE EAST LINE OF LOTS THIRTEEN
(13), FOURTEEN (14) AND FIFTEEN (15) OF SAID VANTAGE SQUARE, UNIT 2 TO A CHISELED ‘X’ IN CONCRETE AT THE SOUTHEAST CORNER OF SAID LOT FIFTEEN (15); THENCE S88°57’05”W 149.93 FEET TO AN EXISTING IRON REBAR AT THE
SOUTHWEST CORNER OF SAID LOT FIFTEEN (15); THENCE N01°13’12”W 415.13 FEET ALONG THE WEST LINE OF SAID LOTS FIFTEEN (15), FOURTEEN (14) AND THIRTEEN (13) TO AN EXISTING IRON REBAR AT THE NORTHWEST CORNER OF SAID LOT THIRTEEN
(13); THENCE N88°50’47”E 149.97 FEET TO THE POINT OF BEGINNING, CONTAINING 1.43 ACRES, MORE OR LESS. 
 TRACT 2

 A PART OF LOT 4L OF THE REPLAT OF LOTS 4B & 4C, VANTAGE SQUARE, UNIT 2, A SUBDIVISION TO THE CITY OF FAYETTEVILLE,
WASHINGTON COUNTY, ARKANSAS, AS SHOWN ON THE PLAT OF RECORD IN PLAT BOOK 23A, AT PAGE 292, AND PLAT BOOK 23A, AT PAGE 310, PLAT RECORDS OF WASHINGTON COUNTY, ARKANSAS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER
OF SAID LOT 4L, ALSO BEING A POINT ON THE EASTERLY RIGHT-OF-WAY LINE OF NORTH PARKVIEW DRIVE; THENCE ALONG SAID RIGHT-OF-WAY LINE, N02°13’53”E 236.65 FEET; THENCE LEAVING SAID RIGHT-OF-WAY, S87°40’39”E 188.97 FEET; THENCE
S02°13’53”W 122.17 FEET; THENCE S87°46’07”E 20.50 FEET; THENCE S02°13’53”W 54.00 FEET; THENCE N87°46’07”W 20.50 FEET; THENCE S02°13’53”W 10.90 FEET; THENCE
S87°32’25”E 6.60 FEET; THENCE S02°28’41”W 22.58 FEET; THENCE N87°31’19”W 10.00 FEET; THENCE S02°28’41”W 27.52 FEET; THENCE N87°31’19”W 185.36 FEET TO THE POINT OF BEGINNING,
CONTAINING 45,926 SQUARE FEET OT 1.05 ACRES, MORE OR LESS. SUBJECT TO ALL EASEMENTS, RIGHTS-OF-WAY OR COVENANTS OF RECORD OR FACT. 
 ALSO BEING
DESCRIBED AS: 
 A PART OF LOT 4L OF THE REPLAT OF LOTS 4B & 4C, VANTAGE SQUARE, UNIT 2, A SUBDIVISION TO THE CITY OF FAYETTEVILLE,
WASHINGTON COUNTY, ARKANSAS, AS SHOWN ON THE PLAT OF RECORD IN PLAT BOOK 23A, AT PAGE 292, AND PLAT BOOK 23A, AT PAGE 310, PLAT RECORDS OF WASHINGTON COUNTY, ARKANSAS, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER
OF SAID LOT 4L, ALSO BEING A POINT ON THE EASTERLY RIGHT-OF-WAY LINE OF NORTH PARKVIEW DRIVE; THENCE ALONG SAID RIGHT-OF-WAY LINE, N01°12’50”W 236.65 FEET; THENCE LEAVING SAID RIGHT-OF-WAY, N88°52’38”E 188.97 FEET;
THENCES01°12’50”E 122.17 FEET; THENCE N88°47’10”E 20.50 FEET; THENCE S01°12’50”E 54.00 FEET; THENCES88°47’10”W 20.50 FEET; THENCE S01°12’50”E 10.90 FEET; THENCE
N89°00’52”E 6.60 FEET; THENCE S00°58’02”E 22.58 FEET; THENCE S89°01’58”W 10.00 FEET; THENCE S00°58’02”E 27.52 FEET; THENCE S89°02’04”W 185.36 FEET TO THE POINT OF BEGINNING,
CONTAINING 45,926 SQUARE FEET OT 1.05 ACRES, MORE OR LESS. 

  
 EXHIBIT
“A” - PAGE 1 

 EXHIBIT “B” 

Permitted Encumbrances 
 Permitted Encumbrances are such matters as are shown on Schedule B to the Pro Forma Loan Title Insurance Policy File No. 1304379-959 issued by First American Title Insurance Company to the Agent in
connection with this Instrument. 

  
 EXHIBIT
“B” - PAGE 1 

 EXHIBIT “C” 

Schedule 1 

(Description of “Debtor” and “Secured Party”) 

 

	A.	Debtor: 

  

	 	1.	HC-3873 N. Parkview Drive, LLC, a limited liability company organized under the laws of the State of Delaware. Debtor has been using or operating under said name and
identity or corporate structure without change since June 12, 2013. 

 Names and Tradenames used within last
five years: 
 None 
 Location of all chief executive offices over last five years: 
 4211 W. Boy Scout
Boulevard, Suite 500, Tampa, Florida 33607. 
 State Organizational Number: 5350378 

 

	B.	Secured Party: 

 KEYBANK
NATIONAL ASSOCIATION, a national banking association, as Agent. 

  
 EXHIBIT
“C” - PAGE 1 

 Schedule 2 
 (Notice Mailing Addresses of “Debtor” and “Secured Party”) 
  

	A.	The mailing address of Debtor is: 

HC-3873 N. Parkview Drive, LLC 
 4211 W. Boy Scout Boulevard 
 Suite 500 

Tampa, Florida 33607 
 Attn: Todd Sakow, Chief Financial Officer 
  

	B.	The mailing address of Secured Party is: 

 KeyBank National Association, as Agent 
 4910 Tiedeman Road,
3rd Floor 

Brooklyn, Ohio 44144 
 Attn: Real Estate Capital Services 

  
 Schedule 2 -
Page 1EX-10.4

 Exhibit 10.4 

Execution Version 

May 8, 2013 
 Paul Sohmer, MD 

2125 Quaker Ridge Road 
 Croton On Hudson, NY
10520 
  

	 	Re:	Employment Agreement 

 Dear Paul:

 On behalf of BG Medicine, Inc. (the “Company”), and the entire Board of Directors of the Company (the
“Board”), I am delighted to offer you employment with the Company. This offer letter agreement (the “Agreement”) describes the terms and conditions of such employment. 

1. Position. 
 a. Position and Responsibilities. Your position shall be President and Chief Executive Officer (“CEO”), reporting to the Board. We anticipate that your employment shall start effective
May 8, 2013 (the “Start Date”). During your employment with the Company you shall be expected to perform such other and/or different services for the Company, including broader corporate responsibilities, as may be assigned to you
from time to time by the Board, and which are commensurate with the position for which you are being hired. You agree to discharge such duties faithfully and diligently and shall dedicate your full business time to the business and affairs of the
Company. While your duties are subject to modification from time to time by the Board, your position cannot be changed without your written consent. 
 b. Board Membership. Subject to Board approval and any other applicable procedural requirement, you shall be elected to serve as a member of the Board, effective as of the Start Date. Your services
as a Board member shall be without further compensation. Upon a termination of your employment with the Company for any reason, whether voluntary or involuntary, you shall resign as a member of the Board. 

c. Limitation on Outside Activities. While you are employed hereunder, you shall not undertake any other
employment, consultancy, directorship or other work engagement with any person or entity without the prior written consent of the Board, provided that nothing contained in this paragraph shall prevent or limit your right to manage your
personal investments on your own personal time, including, without limitation the right to make passive investments in the securities of: (i) any entity which you do not control, directly or indirectly, and which does not compete with
the Company, or (ii) any publicly held entity so long as your aggregate direct and indirect interest does not exceed two percent (2%) of the issued and outstanding securities of any class of securities of such publicly held entity.
Additionally, so long as such activities do not interfere with your performance of your duties hereunder 

  
 1 

 
(including the devotion of business time and energies to the business and affairs of the Company, as described above), you also may participate in civic and charitable activities, but shall not
serve in any official capacity, including as a member of a board, without the prior written approval of the Board. 
 d. At-Will Employment. This Agreement and the accompanying documents and agreements summarize and set forth important terms about your employment with the Company. No provision of this Agreement
shall be construed to create an express or implied promise of employment for any specific period of time. As is generally true for Company employees, you shall be employed on an at-will basis, which means that neither you nor the Company is
guaranteeing this employment relationship for any specific period of time. Either of the parties hereto may choose to end the employment relationship at any time, for any reason, with or without notice, subject to the provisions hereof. Other than
the terms of this Agreement, the Company reserves the right to alter, supplement or rescind its employment procedures, benefits or policies (other than the employment at-will policy) at any time in its sole and absolute discretion and without
notice. 
 2. Compensation. 
 a. Salary. Your initial base pay shall be at a rate of $16,666.66 on a semi-monthly basis ($400,000 on an annualized basis), minus customary deductions for federal and state taxes and the like,
payable in periodic installments in accordance with the Company’s normal payroll practices. Your salary shall be subject to annual performance review, and any upward adjustment shall be in the Company’s sole discretion. The Company shall
not have the right to reduce your annual base salary without your written consent. Setting forth the annual total of your salary in no way changes or impacts your status as an at-will employee. 

b. Annual Performance Bonus. You shall be eligible to receive an annual bonus of up to fifty
percent (50%) of your annual base salary (the “Annual Bonus”), payable upon the achievement by the Company of its annual corporate goals, as determined by the Board. You shall be eligible for a pro-rata Annual Bonus for 2013. The
Board agrees to review the Company’s previously approved corporate goals for 2013 with you, obtain your input on the same, and confirm such goals with you by June 30, 2013. Following fiscal 2013, the Board agrees to obtain your input with
respect to the determination of the Company’s annual corporate goals by the end of the first quarter of each fiscal year. The Annual Bonus, if any, shall be paid to you no later than March 15th of the calendar year immediately following the calendar year in
which it was earned. You must be employed by the Company at the time that any such Annual Bonus is paid in order to be eligible for and have earned any such Annual Bonus. The Company shall deduct from the Annual Bonus any customary deductions for
federal and state taxes and the like. 

  
 2 

 c. Stock Options. Subject to Board approval, which shall take place
as soon as practicable after the Start Date, and to the terms of and contingent upon your execution of certain stock option agreements and/or restricted stock unit agreements (each a “Stock Agreement”): 

(i) In connection with the commencement of your employment hereunder, the Company shall grant you a total of
700,000 options to purchase shares of common stock of the Company (the “Aggregate Option Number”) as follows: 
 (a) Subject to your commencement of employment hereunder and following the close of trading on the second trading day after the release of the Company’s 2013 first quarter earnings, the
Company shall grant you an incentive stock option to purchase the portion of the Aggregate Option Number that is equal to the maximum number of shares of common stock of the Company that could vest under the rules of the Internal Revenue Code
relating to incentive stock options during the four-year vesting period (the “ISO Option Number,” which actual number shall be determined based on the closing price of the Company’s common stock on the grant date), at an exercise
price equal to the Fair Market Value (as defined in the Company’s 2010 Employee, Director and Consultant Stock Plan, the “Stock Plan”) of the Company’s common stock on the date of grant. The option shall vest 25% on the first
anniversary of the Start Date and thereafter the remaining 75% shall vest in equal installments on a quarterly basis on the last day of each quarter over a period of three years following such first anniversary, provided that you remain
employed by the Company on the vesting date. The aforesaid shall be subject to the specific terms and conditions of the applicable plan document, which in the case of inconsistency, shall govern. 

(b) Subject to your commencement of employment hereunder and following the close of trading on the second trading
day after the release of the Company’s 2013 first quarter earnings, the Company shall also grant you a non-qualified stock option to purchase the portion of the Aggregate Option Number that is equal to the Aggregate Option Number minus the ISO
Option Number, at an exercise price equal to the closing price of the Company’s common stock on the date of grant. The option shall vest 25% on the first anniversary of the Start Date and thereafter the remaining 75% shall vest in equal
installments on a quarterly basis on the last day of each quarter over a period of three years following such first anniversary, provided that you remain employed by the Company on the vesting date. The option described in this
Section 2(c)(i)(b) is intended as an inducement grant pursuant to the parameters set forth in Nasdaq Rule 5635(c)(4), which, in this case, provides an exception to the stockholder approval requirements for the grant of non-qualified stock
options outside the Stock Plan. The aforesaid shall be subject to the specific terms and conditions of the applicable Stock Agreement. 
 (ii) In addition, when the Company first achieves $10,000,000 in net sales (calculated consistent with the Company’s past practices and as certified by the Company’s Chief Financial
Officer after review and confirmation by the Company’s Audit Committee) during a twelve-month period (calculated at the end of the twelfth calendar month, based on the trailing twelve months of sales) and you are providing services hereunder at
such time, the Company shall grant you 350,000 restricted stock units of the Company as soon as practicable, but not later than 60 days following the conclusion of the above-referenced twelve-month period. The restricted stock units shall vest 25%
on the first anniversary of the twelfth calendar month end that marked the achievement of the above-referenced performance milestone, and thereafter the remaining 75% shall vest in equal installments on a quarterly basis on the last day of each
quarter over a period of three years following such first anniversary, provided that 

  
 3 

 
you remain employed by the Company on the vesting date. The aforesaid shall be subject to the specific terms and conditions of the applicable plan document, which in the case of inconsistency,
shall govern. 
 (iii) In addition, when the Company first achieves $30,000,000 in net sales (calculated
consistent with the Company’s past practices and as certified by the Company’s Chief Financial Officer after review and confirmation by the Company’s Audit Committee) during a twelve-month period (calculated at the end of the twelfth
calendar month, based on the trailing twelve months of sales) and you are providing services hereunder at such time, the Company shall grant you an additional 350,000 restricted stock units of the Company as soon as practicable, but not later than
60 days following the conclusion of the above-referenced twelve-month period. The restricted stock units shall vest 25% on the first anniversary of the twelfth calendar month end that marked the achievement of the above-referenced performance
milestone, and thereafter the remaining 75% shall vest in equal installments on a quarterly basis on the last day of each quarter over a period of three years following such first anniversary, provided that you remain employed by the Company on the
vesting date. The aforesaid shall be subject to the specific terms and conditions of the applicable plan document, which in the case of inconsistency, shall govern. 

(iv) Notwithstanding any provisions to the contrary in this Agreement or any other agreement or plan, if the
Company consummates a Change of Control (as defined in Section 3.d. below), your then-outstanding but unvested restricted stock units and stock options shall become fully vested and immediately exercisable as to all remaining then-unvested
shares issuable thereunder, immediately prior to, and subject to the consummation of, the Change of Control. 

d. Benefits. You shall be eligible to participate in the Company’s benefit plans to the same extent as, and
subject to the same terms, conditions and limitations applicable to, other Company employees of similar rank and tenure. Summaries of each of the Company’s benefit plans are available to you. Any descriptions of benefits and other compensation
arrangements set forth herein are meant to be summary in form and may be subject to change. If any benefit is subject to a benefit plan, the terms of that plan shall control. Each calendar year you shall be eligible to receive four
(4) weeks’ vacation and up to twelve (12) holidays, as set forth by the Company and subject to the Company’s vacation and holiday policies as in effect from time to time. Such time off should be scheduled to minimize disruption
to the Company’s operations. These benefits, of course, may be modified, changed or eliminated from time to time at the sole discretion of the Company, and the provision of such benefits to you in no way changes or impacts your status as an
at-will employee. 
 e. Relocation Expenses. You acknowledge and agree that you shall perform the services
hereunder at the Company’s principal place of business in Waltham, Massachusetts beginning on the Start Date. Between the Start Date and July 31, 2014, you shall be entitled to reimbursement of reasonable and ordinary course travel
expenses from your home in Croton on Hudson, New York to the Waltham, Massachusetts vicinity, agreed to in advance, by you and the Company. Such expenses shall include the cost of the rental of an apartment or use of a hotel room in the Waltham,
Massachusetts vicinity; the cost of travel to and from your home to 

  
 4 

 
the Waltham, Massachusetts vicinity; expenses related to the search for a permanent residence in the Waltham, Massachusetts vicinity; and the cost of moving your family and tangible possessions
to the Waltham, Massachusetts vicinity. 
 f. Reimbursements. The Company shall reimburse you for all
ordinary, reasonable and documented out-of-pocket business expenses incurred by you in furtherance of the Company’s business and the performance of your job duties in accordance with the Company’s policies with respect thereto as in effect
from time to time. You must submit any request for reimbursement no later than forty five (45) days following the date that such business expense is incurred. As further described in Section 8.d. below, all reimbursements provided
under this Agreement shall be made or provided in accordance with the requirements of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended, and any successor statute, regulation and guidance thereto
(collectively, the “Code”). 
 3. Severance Pay and Benefits upon Termination of Employment. 

a. Termination Other Than for Cause, Death or Disability. Should the Company involuntarily
terminate your employment for reasons other than for “Cause” or “Disability” (as these terms are defined in the Stock Plan, subject to the modification described in Section 3.e. below) or death, and conditioned upon both
your execution and non-revocation of a separation agreement (which shall contain, among other things, a full and general release of claims to the Company and its affiliates and their respective directors, officers, agents and employees, in a form
satisfactory to the Company) and upon your compliance with your obligations set forth in your Non-Competition, Confidentiality and Intellectual Property Agreement (the “Confidentiality Agreement,” as described in Section 6 below),
then the Company shall provide you with: (i) payments equal to twelve (12) months of your then current base salary, payable in periodic installments over twelve (12) months, in accordance with the Company’s normal payroll
practices; (ii) (x) if the Company is subject to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) or similar state law, (y) the premium subsidy described below is not illegal or discriminatory under the
Code, the Patient Protection and Affordable Care Act or the Health Care and Education Reconciliation Act, and (z) if you properly elect to receive benefits under COBRA, twelve (12) months of your COBRA premiums at the Company’s normal
rate of contribution for employees for your coverage at the level in effect immediately prior to your termination; and (iii) payment of any unpaid Annual Bonus if your termination without “Cause” takes place on or after
December 31st of any calendar year in which you
worked, but before the Annual Bonus for that year is paid. If you are entitled to the payments and benefits described in this Section 3.a. then you shall not be entitled to the payments and benefits described in Section 3.b. below.

 b. Termination upon a Change of Control. Should the Company involuntarily terminate your employment
within twelve (12) months following the consummation of a Change of Control for reasons other than for “Cause” or “Disability” (as these terms are defined in the Stock Plan, subject to the modification described in
Section 3.e. below) or death, and conditioned upon your execution of a separation agreement (which shall contain, among other things, a full and general release of claims to the Company and its affiliates and their respective directors,
officers, agents and employees, in a form satisfactory to the Company) and upon your 

  
 5 

 
compliance with your obligations set forth in the Confidentiality Agreement, then the Company shall provide you with: (i) payments equal to twelve (12) months of your then
current base salary, payable in periodic installments over twelve (12) months, in accordance with the Company’s normal payroll practices; and (ii) (x) if the Company is subject to COBRA or similar state law, (y) the
premium subsidy described below is not illegal or discriminatory under the Code, the Patient Protection and Affordable Care Act or the Health Care and Education Reconciliation Act, and (z) if you properly elect to receive benefits under COBRA
twelve (12) months of your COBRA premiums at the Company’s normal rate of contribution for employees for your coverage at the level in effect immediately prior to your termination; and (iii) payment of your Annual Bonus if your
termination without “Cause” takes place on or after December 31st of any calendar year but before the Annual Bonus for that year is paid. If you are entitled to the payments and benefits described in this Section 3.b., then you shall not be entitled to the
payments and benefits described in Section 3.a. above. For purposes of clarification, if you are terminated without “Cause” following the conclusion of the 12-month period referenced in this Section 3.b., you shall be entitled to
payments and benefits described in Section 3.a. above (rather than those described in this Section 3.b), provided that you otherwise meet the eligibility requirements stated therein. 

c. Any severance payments paid under this Section 3 shall commence on the sixtieth
(60th) day following your separation from service,
provided that: (i) you sign and do not revoke the above-referenced separation agreement (which shall be provided to you within five (5) days following a qualifying separation from employment), and (ii) you
continue to comply with the Confidentiality Agreement. 
 d. For purposes of this Agreement, “Change
of Control” means: 
 (i) Ownership. Any “Person” (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the
Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its Affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related
transactions which the Board does not approve; or 
 (ii) Merger/Sale of Assets. (A) A merger
or consolidation of the Company whether or not approved by the Board, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of
such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring
stockholder approval. 

  
 6 

 “Change of Control” shall be interpreted, if applicable, in a
manner, and limited to the extent necessary, so that it shall not cause adverse tax consequences under Section 409A of the Code. 
 e. For purposes of interpreting any of the provisions of this Agreement, “Cause” shall be as defined in the Stock Plan, except as modified as follows: (i) in the event the
Company believes it has “Cause” to terminate your employment, it shall provide you with detailed written notice of the basis for such belief and afford you the opportunity to discuss the matter with, and to present any mitigating factors
or defenses to, the Board within ten (10) business days following your receipt of such written notice; (ii) the word “material” shall be inserted before the word “provision” in sub–section (d) of the
definition of “Cause”; and (iii) the last sentence of “Cause” as defined in the Stock Plan shall not apply to the determination of “Cause”. The parties expressly acknowledge and agree that the modifications
described herein apply only for the purposes of determining entitlement to the severance payments and benefits described in this Section 3, and that such modifications shall not modify or in any way impact any term of the Stock Plan.

 f. Should you voluntarily terminate your employment for any reason, you shall not be entitled to any
severance payments or benefits described in Sections 3.a. or 3.b. Nothing in this Section 3 shall alter your status as an at-will employee. 
 4. Certifications by You. By signing this Agreement, you are certifying to the Company that: (a) your employment with the Company does not, and shall not, to the best of your
knowledge and understanding, require you to breach any agreement entered into by you prior to employment with the Company (e.g., you have not entered into any agreements with previous employers, including, without limitation, confidentiality,
non-competition and non-solicitation agreements, that are in conflict with your obligations to the Company); (b) to the extent you are subject to any such restrictive agreements that may affect your employment with the Company (e.g.,
confidentiality, non-competition and non-solicitation agreements that are in conflict with your obligations to the Company), you have provided the Company with a copy of any such agreements; (c) your employment with the Company does not
violate any order, judgment or injunction applicable to you, and you have provided the Company with a copy of any such order, judgment, injunction or agreement which may be applicable to you; and (d) all facts you have presented or shall
present to the Company are accurate and true, including, but not limited to, all oral and written statements you have made to the Company pertaining to your education, training, qualifications, licensing and prior work experience on any job
application, resume or c.v., or in any interview or discussion with the Company. Please understand that the Company does not want you to disclose any confidential information belonging to a previous employer or to incorporate the proprietary
information of any previous employer into the Company’s proprietary information, and expects that you shall abide by restrictive covenants to prior employers. 
 5. Required I-9 Documentation. For purposes of completing the INS I-9 form, you must provide the Company with sufficient documentation to demonstrate your eligibility to work in the United States
on or before your first day of employment. If you have any questions about what documentation you must provide, please contact me. Your employment with the Company is conditioned on your eligibility to work in the United States. 

  
 7 

 6. Non-Competition, Confidentiality and Intellectual Property and Other Obligations by
You. The Company considers the protection of its confidential information, proprietary materials and goodwill to be extremely important. Moreover, as part of your employment with the Company, you have been, and shall be, exposed to, and provided
with, valuable confidential and/or trade secret information concerning the Company and its present and prospective clients. As a result, in order to protect the Company’s legitimate business interests, you agree, as a condition of your
employment, to enter into the enclosed Confidentiality Agreement. You must sign and return the Confidentiality Agreement before beginning your employment with the Company. Prior to accepting employment with any subsequent employer, you shall inform
any such employer of any restrictions set forth herein which apply in any way to your activities for or employment by such employer. 
 7. Certain Events. In the event you receive payment pursuant to this Agreement and the Company (or its successor) is later required to restate its financial statements due in whole or in part to
the fraud or misconduct attributed to you, then you shall promptly repay to the Company (or its successor) any such amounts you received that were based in whole or part on the financial statements that were required to be restated and you shall not
be entitled to any further payments that are based in whole or part on the financial statements that were required to be restated. In addition, your bonuses and other incentive–based compensation and profits on stock sales shall be subject to
potential disgorgement pursuant to Section 304 of the Sarbanes–Oxley Act of 2002. 
 8. Compliance with
Section 409A and 280G of the Code. 
 a. Notwithstanding any other provision of this Agreement to
the contrary, if any amount (including imputed income) to be paid to you pursuant to this Agreement as a result of your termination of employment is “deferred compensation” subject to Section 409A of the Code, and if you are a
“Specified Employee” (as defined under Section 409A of the Code) as of the date of your termination of employment hereunder, then, to the extent necessary to avoid the imposition of excise taxes or other penalties under
Section 409A of the Code, the payment of benefits, if any, scheduled to be paid by the Company to you hereunder during the first six (6)-month period following the date of a termination of employment hereunder shall not be paid until the date
which is the first business day after six (6) months have elapsed since your termination of employment for any reason other than death. Any deferred compensation payments delayed in accordance with the terms of this Section 8.a.
shall be paid in a lump sum on the first business day after six (6) months have elapsed since your termination of employment. Any other payments shall be made according to the original schedule provided for herein. 

b. If any of the benefits set forth in this Agreement are “deferred compensation” under Section 409A
of the Code, then any termination of employment triggering payment of such benefits must constitute a “separation from service” under Section 409A of the Code before distribution of such benefits can commence. To the extent that the
termination of your employment does not constitute a “separation from service” under Section 409A of the Code (as the result of further services that are reasonably anticipated to be provided by you to the Company at the time your
employment terminates), any benefits payable under this Agreement that constitute “deferred compensation” under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a “separation from
service” 

  
 8 

 
under Section 409A of the Code. For purposes of clarification, this Section 8.b. shall not cause any forfeiture of benefits on your part, but shall only act as a delay until such time
as a “separation from service” occurs. 
 c. It is intended that each installment of the
payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code. Neither the Company nor you shall have the right to accelerate or defer the delivery of any such
payments or benefits except to the extent specifically permitted or required by Section 409A of the Code. 

d. Any reimbursements or direct payment of your expenses subject to Section 409A of the Code shall be for
expenses incurred during your lifetime (or during a shorter period of time specified in this Agreement), and shall be made no later than the end of the calendar year following the calendar year in which such expense is incurred by you. Any
reimbursement or right to direct payment of your expense in one calendar year shall not affect the amount that may be reimbursed or paid for in any other calendar year, and any reimbursement or payment of your expense (or right thereto) may not be
exchanged or liquidated for another benefit or payment. 
 e. Notwithstanding any other provision of this
Agreement to the contrary, the Agreement shall be interpreted and at all times administered in a manner that avoids the inclusion of compensation in income under Section 409A(a)(1) of the Code. Any provision inconsistent with Section 409A
of the Code shall be read out of the Agreement. For purposes of clarification, this Section 8.e. shall be a rule of construction and interpretation and nothing in this Section 8.e. shall cause a forfeiture of benefits on the part of you.

 f. If any payment or benefit you would receive under this Agreement, when combined with any other
payment or benefit you receive pursuant to a Change of Control (for purposes of this section, a “Payment”) would: (i) constitute a “parachute payment” within the meaning of Section 280G (“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 either: (A) the full amount of such Payment; or
(B) such lesser amount (with cash payments being reduced before stock option compensation) as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the
applicable federal, state and local employments taxes, income taxes, and the Excise Tax, results in your receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. 
 g. The parties intend this Agreement to be in compliance with Section 409A and
Section 280G of the Code. Notwithstanding any other provision of this Agreement, you acknowledge and agree that the Company does not guarantee any specific tax treatment or tax consequences associated with any payment or benefit arising under
this Agreement or otherwise with respect to your employment or termination thereof, including but not limited to consequences related to Section 409A or Section 280G of the Code, and that you shall be solely responsible for same.

  
 9 

 9. General. 

a. Integration. This Agreement, together with the Confidentiality Agreement, the Stock Plan and the Option
Agreement and any other agreements specifically referred to herein, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and
understandings relating to the subject matter hereof. 
 b. Modification; Amendment; Waiver. The terms and
provisions of this Agreement may be modified or amended only by written agreement executed by the parties hereto. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not
similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent. 

c. Confidentiality. Because our employment discussions and the terms of your employment are confidential, it is
understood that you shall not disclose the fact or terms of such discussions or the terms of your employment with the Company to anyone other than your immediate family and your legal or financial advisor at any time, absent prior written consent
from the Company. 
 d. Assignment. The Company may assign its rights and obligations hereunder to any
person or entity that succeeds to all or substantially all of the Company’s business. You may not assign your rights and obligations hereunder without the prior written consent of the Company and any such attempted assignment by you without the
prior written consent of the Company shall be void. This Agreement shall inure to the benefit of, and be binding on, the parties’ respective heirs, successors and assigns. 

e. Choice of Law; Jurisdiction; Waiver of Jury Trial. This Agreement and the rights and obligations of the parties
hereunder shall be construed in accordance with and governed by the law of the Commonwealth of Massachusetts, without giving effect to the conflict of law principles thereof. By accepting this Agreement and offer of employment, you agree that any
action, demand, claim or counterclaim in connection with any aspect of your employment with the Company, or any separation of employment (whether voluntary or involuntary) from the Company, shall be brought in the courts of the Commonwealth of
Massachusetts or of the United States of America for the District of Massachusetts, and shall be resolved by a judge alone, and you waive and forever renounce your right to a trial before a civil jury. In the event of any litigation, the Court shall
have the discretion to award the prevailing party reasonable costs and attorney’s fees. 
 f.
Notices. Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when
delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or
registered mail, return receipt requested, upon verification of receipt. Notices to you shall be sent to your last 

  
 10 

 
known address in the Company’s records or such other address as you may specify in writing. Notices to the Company shall be sent to Attention: Chair, Board of Directors, BG Medicine,
Inc., 610N Lincoln Street, Waltham, MA 02451, or to such other Company representative as the Company may specify in writing, with a copy to Linda Rockett, Esq., Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., One Financial Center,
Boston, MA 02111. 
 g. Counterparts. This Agreement may be executed in two or more counterparts, and
by different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. For all purposes a signature by fax shall be treated as an original. 

The offer of employment contained in this Agreement shall remain open, unless sooner revoked by the Company, through May 8, 2013.

 [Signature Page to Follow] 

  
 11 

 Please acknowledge acceptance of this Agreement by signing, dating, and indicating your
start date below. Keep one copy for your files and return one executed copy to me. We forward to having you join the BG Medicine team. 
  

			
	Very truly yours,
	
	BG Medicine, Inc.
		
	By:	 	 /s/ Stéphane Bancel

	Stéphane Bancel
	Executive Chairman, Board of Directors,
	BG Medicine, Inc.

  

	
	Accepted and Agreed to:
	
	 /s/ Paul Sohmer

	Paul Sohmer, MD
	
	 May 8, 2013

	Start Date

  
 12

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