Document:

Exhibit 10.3

     

    

    Execution Version

    

    

    THIRD AMENDED AND RESTATED EXCHANGE AGREEMENT

     

    

    THIRD AMENDED AND RESTATED EXCHANGE AGREEMENT (this “Agreement”), dated as
      of January 1, 2020, among KKR Group Partnership L.P., KKR Holdings L.P., KKR & Co. Inc. and KKR Group Holdings Corp.

     

    

    WHEREAS, the original Exchange Agreement among KKR Management Holdings L.P., KKR Fund Holdings L.P., KKR Holdings L.P. and KKR & Co. L.P. was
      executed as of July 14, 2010 in order to provide the parties with certain rights and obligations with respect to the exchange of certain Group Partnership Units (as defined therein) for certain partnership interests in KKR & Co. L.P. by certain
      persons;

     

    

    WHEREAS, KKR Management Holdings L.P., KKR Fund Holdings L.P., KKR Holdings L.P., KKR & Co. L.P., KKR Group Holdings L.P., KKR Subsidiary Partnership
      L.P., and KKR Group Limited executed and delivered an Amended and Restated Exchange Agreement, dated as of November 2, 2010, as amended by the Amendment and Joinder Agreement, dated as of August 5, 2014, to which KKR International Holdings L.P.
      became a party thereto as a Group Partnership (as defined therein) (the “Amended and Restated Exchange Agreement”);

     

    

    WHEREAS, in connection with an internal reorganization involving, among other things, the conversion of KKR & Co. L.P. into KKR & Co. Inc. and
      the dissolution of KKR Group Holdings L.P. and KKR Group Limited, and the succession thereto by KKR Group Holdings Corp., the parties to the Amended and Restated Exchange Agreement and KKR Group Holdings Corp. entered into a Second Amended and
      Restated Exchange Agreement, dated as of May 3, 2018 and effective as of July 1, 2018 (the “Second Amended and Restated Exchange Agreement”); and

    

    

    WHEREAS, in connection with an internal reorganization being effectuated as of the date hereof involving, among other things, the merger of each of KKR
      Management Holdings L.P. and KKR International Holdings L.P. into KKR Fund Holdings L.P. and the renaming of KKR Fund Holdings L.P. as KKR Group Partnership L.P., KKR Group Partnership L.P., KKR Holdings L.P., KKR & Co. Inc. and KKR Group
      Holdings Corp. desire to enter into this Agreement to amend and restate the Second Amended and Restated Exchange Agreement.

     

    

    NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

     

    

    ARTICLE I.

    DEFINITIONS

     

    

    Section 1.1         Definitions.

     

    

    The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

     

    

    “Agreement” has the meaning set forth in the preamble of this Agreement.

     

    

    “Business Day” means each day that is not a Saturday, Sunday or other day on
      which banking institutions in New York, New York are authorized or required by law to close.

     

    

    “Class A Common Stock” means the Class A Common Stock, $0.01 par value per
      share, of the Issuer having the terms set forth in the Issuer Certificate of Incorporation.

     

    

    “Code” means the Internal Revenue Code of 1986, as amended.

     

    

    
      
        

    

    
    “Conflicts Committee” means a committee of the Board of Directors of the
      Issuer comprised of directors having no financial interest (within the meaning of Section 144 of the Delaware General Corporation Law) in any material respect in the transactions contemplated by this Agreement.

     

    “Delaware Arbitration Act” has the meaning set forth in Section 3.8(c).

     

    “Exchange” has the meaning set forth in Section 2.1(a) of this Agreement.

     

    “Exchange Rate” means the number of shares of Class A Common Stock for which
      a Group Partnership Unit is entitled to be exchanged. On the date of this Agreement, the Exchange Rate shall be 1 for 1, which Exchange Rate shall be subject to modification as provided in Section 2.4.

     

    “Fair Market Value” means, as of a given time, (i) if shares of Class A
      Common Stock are traded on a securities exchange, then the volume-weighted average price of a share of Class A Common Stock based on the trades during the most recent completed trading day as reported by the principal securities exchange on which
      shares of Class A Common Stock are traded and (ii) if shares of Class A Common Stock are not traded on a securities exchange, the fair market value of such asset as reasonably determined by the Conflicts Committee.

     

     “Group Partnership” means, initially, KKR Group Partnership L.P., a Cayman
      limited partnership, and any successor thereto, and shall also include any future partnership designated as a Group Partnership pursuant to Section 3.1.

     

    “Group Partnership Agreement” means, with respect to KKR Group Partnership
      L.P., the Third Amended and Restated Limited Partnership Agreement of Group Partnership, as may be amended, supplemented or restated from time to time and, with respect to any future Group Partnership, the limited partnership agreement of such future
      Group Partnership.

     

    “Group Partnership General Partner” means, with respect to KKR Group
      Partnership L.P., KKR Group Holdings Corp., a Delaware corporation, and any successor thereto and, with respect to any future Group Partnership,  the general partner of such future Group Partnership).

     

    “Group Partnership Units” means, with respect to KKR Group Partnership L.P.,
      the Class A partnership units of KKR Group Partnership L.P. and, with  respect to any future Group Partnership, the Class A partnership units of such future Group Partnership.

     

    “Insider Trading Policy” means the insider trading policy of the Issuer
      applicable to the employees of the Issuer or the Issuer’s Subsidiaries, as such insider trading policy may be amended, supplemented or restated from time to time.

     

    “Issuer” means KKR & Co. Inc., a Delaware corporation, and any successor
      thereto.

     

    “Issuer Certificate of Incorporation” means the Certificate of Incorporation
      of the Issuer, dated May 3, 2018 and effective as of July 1, 2018, as it may be amended, supplemented or restated from time to time.

     

    “KKR Holdings” means KKR Holdings L.P., a limited partnership formed under
      the laws of the Cayman Islands, and any successor thereto, and its Subsidiaries.

     

    
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    “KKR Holdings Affiliated Person” means each Person that is as of the date of
      this Agreement or becomes from time to time (i) a general partner or a limited partner of KKR Holdings pursuant to the terms of the KKR Holdings Partnership Agreement or (ii) a general partner, limited partner or holder of any other type of equity
      interest of any Person included in clause (i) above.

     

    “KKR Holdings Partnership Agreement” means the Amended and Restated Limited
      Partnership Agreement of KKR Holdings, as amended, supplemented or restated from time to time.

     

    “Notice Date” means, with respect to each Quarter, the date set by the
      Issuer by which KKR Holdings or a KKR Holdings Affiliated Person is required to provide notice of an Exchange for that Quarter.

     

    “Person” means an individual, corporation, limited liability company,
      partnership, joint venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state, county, or any other governmental or
      political subdivision, agency or instrumentality thereof) or other entity (or series thereof).

     

    “Public Offering” means a public offering of shares of Class A Common Stock
      pursuant to an effective registration statement under the United States Securities Act of 1933, as amended, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

     

    “Quarter” means, unless the context requires otherwise, a fiscal quarter of
      the Issuer.

     

    “Quarterly Exchange Date” means, unless the Issuer cancels such Quarterly
      Exchange Date pursuant to either Section 2.2(c) or 2.9 hereof, the date set by the Issuer that is (i) at least 60 days after the Notice Date in respect of that Quarter and (ii) (unless otherwise required by Section 409A of the Code) no earlier than
      the first day following the end of the Quarter that is immediately prior to the day that employees of the Issuer or the Issuer’s Subsidiaries would be permitted to trade under the Issuer’s Insider Trading Policy.

     

    “Sale Transaction” has the meaning set forth in Section 2.8 of this
      Agreement.

     

    “Subsidiaries” means, with respect to any Person, any corporation,
      partnership, joint venture or other legal entity of which such Person (either alone or through or together with any other subsidiary), owns, directly or indirectly, 50% or more of the stock or other equity interests.

     

     “Transfer Agent” means such bank, trust company or other Person as shall be
      appointed from time to time by the Issuer pursuant to the Issuer Certificate of Incorporation to act as registrar and transfer agent for the Class A Common Stock.

     

    ARTICLE II.

    EXCHANGE OF GROUP PARTNERSHIP UNIT

     

    Section 2.1         Exchange of Group Partnership Unit.

     

    (a)           Subject to the provisions of the Group Partnership Agreement and the Issuer Certificate of Incorporation and to the provisions of Section
      2.2 hereof, KKR Holdings or a KKR Holdings Affiliated Person shall be entitled on any Quarterly Exchange Date to surrender Group Partnership Units to the Group Partnership in exchange for either (at the option of the Group Partnership) (x) the
      delivery (which, to the extent there is more than

     

    
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    one Group Partnership, shall be on a pro rata basis (determined by reference to
      the relative fair market values of the respective Group Partnership Units)) by the Group Partnership of a number of shares of Class A Common Stock (acquired from the Issuer) equal to the number of Group Partnership Units surrendered multiplied by the Exchange Rate or (y) cash in an amount equal to the Fair Market Value on the date of such exchange of the shares of Class A Common Stock that KKR Holdings or a
      KKR Holdings Affiliated Person would receive pursuant to clause (x) (any such exchange, an “Exchange”). Simultaneous with any such Exchange pursuant to clause (x) above,
      Group Partnership Units shall be issued to Group Partnership General Partner in an amount equal to the number of Group Partnership Units surrendered to the Group Partnership. Any election by the Group Partnership to deliver cash to KKR Holdings or a
      KKR Holdings Affiliated Person, as the case may be, pursuant to clause (y) above, shall be subject to the prior approval of the Conflicts Committee.

     

    (b)          Where KKR Holdings or a KKR Holdings Affiliated Person has exercised its right to surrender its Group Partnership Units to the Group
      Partnership in an Exchange, Group Partnership General Partner shall have a superseding right to acquire such interests for an amount of cash or shares of Class A Common Stock equal to the amount of cash or shares of Class A Common Stock (provided by
      the Issuer) that would be received pursuant to the Exchange.

     

    (c)          On the date the Exchange of the Group Partnership Units is effective, all rights of KKR Holdings or a KKR Holdings Affiliated Person as
      holder of such Group Partnership Units shall cease, and KKR Holdings or such KKR Holdings Affiliated Person shall be treated for all purposes as having become the Record Holder (as defined in the Issuer Certificate of Incorporation) of the shares of
      Class A Common Stock that are the subject of the Exchange.

     

    (d)          Immediately prior to the time Group Partnership Units are surrendered for Exchange by a KKR Holdings Affiliated Person, KKR Holdings shall
      assign its rights together with its obligations hereunder in connection with an Exchange to such KKR Holdings Affiliated Person beneficially owning such Group Partnership Units.

     

    (e)          For the avoidance of doubt, any Exchange of Group Partnership Units shall be subject to the provisions of the Group Partnership Agreement.

     

    Section 2.2         Exchange Procedures.

     

    (a)          KKR Holdings or a KKR Holdings Affiliated Person may exercise the right to Exchange Group Partnership Units set forth in Section 2.1(a)
      above by providing written notice of the Exchange no later than the applicable Notice Date to the Group Partnership General Partner and the Issuer substantially in the form of Exhibit
          A hereto. Such notice shall be duly executed by such holder or such holder’s duly authorized attorney in respect of the Group Partnership Units to be exchanged and delivered during normal business hours at the principal executive
      offices of the Group Partnership General Partner and/or the registered office of the Issuer, as applicable.

     

    (b)          A KKR Holdings Affiliated Person may irrevocably revoke any such notice in writing on or before the applicable Quarterly Exchange Date but
      in no event earlier than the fourth trading day prior to such Quarterly Exchange Date, provided that the average of the mean between high and low trading prices on the New
      York Stock Exchange for the two trading days immediately preceding the fourth trading day prior to the Quarterly Exchange Date is at least 15% below the average of the mean between the high and low trading prices on the New York Stock Exchange for
      the two trading days immediately preceding the Notice Date in respect of such Quarterly Exchange Date, provided further that (i) no KKR Holdings Affiliated Person may make more than one such revocation with respect to any Quarterly Exchange Date that is within a  twelve (12) month period of the Quarterly Exchange Date with respect to
      which such revocation was made and (ii) no KKR Holdings Affiliated Person that

     

    
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    makes any such revocation in respect of a Quarterly Exchange Date may exercise the right to Exchange Group Partnership Units set forth in Section 2.1(a) in respect of the
      following Quarterly Exchange Date.

     

    (c)          In respect of each Quarterly Exchange Date:

     

    (i)         No later than two (2) weeks following the Notice Date, KKR Holdings may determine a maximum number of Group Partnership
      Units that may be exchanged for shares of Class A Common Stock on the Quarterly Exchange Date. If the number of Group Partnership Units that KKR Holdings and any KKR Holdings Affiliated Persons have elected to Exchange on such Quarterly Exchange Date
      pursuant to Section 2.1(a) above exceeds such maximum number, then the number of Group Partnership Units that KKR Holdings and each such KKR Holdings Affiliated Person will be permitted to Exchange on such Quarterly Exchange Date will be reduced by
      proration or similar equitable criteria determined by KKR Holdings in its discretion so that the number of Group Partnership Units that KKR Holdings and all such KKR Holdings Affiliated Persons will be permitted to Exchange on such Quarterly Exchange
      Date is equal to such maximum number.

     

    (ii)        If at any time after the Notice Date and prior to a Quarterly Exchange Date, the Issuer commences a Public Offering or
      determines that it is reasonably likely to commence a Public Offering within ninety (90) days following such Quarterly Exchange Date, the Issuer and the Group Partnership may cancel, at their option, all Exchanges in respect of such Quarterly
      Exchange Date.

     

    (iii)       If a registration statement in respect of shares of Class A Common Stock to be issued in any Exchanges in respect of a
      Quarterly Exchange Date is not effective on the day prior to such Quarterly Exchange Date, the Issuer and the Group Partnership may cancel, at their option, all Exchanges that are contemplated to be made pursuant to such registration statement in
      respect of such Quarterly Exchange Date.

     

    (iv)       If the Issuer undertakes to effect an underwritten offering of any shares of Class A Common Stock to be issued in any
      Exchanges in respect of a Quarterly Exchange Date and the Issuer reasonably determines prior to such Quarterly Exchange Date that such underwritten offering will not occur, the Issuer and the Group Partnership may cancel, at their option, all
      Exchanges in respect of such Quarterly Exchange Date.

     

    (d)          Each KKR Holdings Affiliated Person beneficially owning the Group Partnership Units that are subject to Exchange pursuant to Section 2.1(a)
      above shall execute a written assignment and acceptance agreement with respect to such Group Partnership Units prior to such Exchange, which assignment and acceptance agreement shall be delivered during normal business hours at the registered office
      of KKR Holdings.

     

    (e)          As promptly as practicable following the surrender for Exchange of Group Partnership Units in the manner provided in this Article II, the
      Group Partnership shall deliver or cause to be delivered at the principal executive offices of the Group Partnership or at the office of the Transfer Agent the number of shares of Class A Common Stock issuable upon such Exchange, issued in the name
      of the KKR Holdings Affiliated Person or KKR Holdings or its designee, as applicable.

     

    Section 2.3         Blackout Periods and Ownership Restrictions.
      Notwithstanding anything to the contrary, KKR Holdings or a KKR Holdings Affiliated Person shall not be entitled to Exchange Group Partnership Units, and the Issuer and the Group Partnership shall have the right to refuse to honor any request for
      Exchange of Group Partnership Units, (i) at any time or during any period if the Issuer or the Group Partnership shall determine, based on the advice of counsel (which may be inside counsel), that there may be material non-public information that may

     

    
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    affect the trading price per share of Class A Common Stock at such time or during such period, (ii) if such Exchange would be prohibited under applicable law or regulation,
      (iii) to the extent such KKR Holdings Affiliated Person would be prohibited from holding shares of Class A Common Stock under the Issuer Certificate of Incorporation, or (iv) to the extent such Exchange would not be permitted under the policies and
      procedures established by the general partner of KKR Holdings.

     

    Section 2.4         Splits, Distributions and Reclassifications. The
      Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the Group
      Partnership Units that is not accompanied by an identical subdivision or combination of the shares of Class A Common Stock; or (2) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse
      split, reclassification, recapitalization or otherwise) of the shares of Class A Common Stock that is not accompanied by an identical subdivision or combination of the Group Partnership Units. In the event of a reclassification or other similar
      transaction as a result of which the shares of Class A Common Stock are converted into another security, then KKR Holdings or a KKR Holdings Affiliated Person, as the case may be, shall be entitled to receive upon Exchange the amount of such security
      that KKR Holdings or such KKR Holdings Affiliated Person would have received if such Exchange had occurred immediately prior to the effective date of such reclassification or other similar transaction. Except as may be required in the immediately
      preceding sentence, no adjustments in respect of distributions shall be made upon the Exchange of any Group Partnership Unit.

     

    Section 2.5         Shares of Class A Common Stock to be Issued. The Issuer
      covenants that if any shares of Class A Common Stock require registration with or approval of any governmental authority under any foreign, U.S. federal or state law before such shares of Class A Common Stock may be issued upon Exchange pursuant to
      this Article II, the Issuer shall use commercially reasonable efforts to cause such shares of Class A Common Stock to be duly registered or approved, as the case may be. The Issuer shall use commercially reasonable efforts to list the shares of Class
      A Common Stock required to be delivered upon Exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding shares of Class A Common Stock may be listed or traded at the time of such
      delivery. Nothing contained herein shall be construed to preclude the Issuer or the Group Partnership from satisfying their obligations in respect of the Exchange of the Group Partnership Units by delivery of shares of Class A Common Stock which are
      held in the treasury of the Issuer or the Group Partnership or any of their subsidiaries.

     

    Section 2.6         Taxes. The delivery of shares of Class A Common Stock
      upon Exchange of Group Partnership Units shall be made without charge to KKR Holdings or a KKR Holdings Affiliated Person for any stamp or other similar tax in respect of such issuance.

     

    Section 2.7         Restrictions. The provisions of Section 7.05 of the
      Group Partnership Agreement shall apply, mutatis mutandis, to any shares of Class A Common Stock issued upon Exchange of Group Partnership Units.

     

    Section 2.8         Subsequent Offerings. The Issuer may from time to time
      provide the opportunity for KKR Holdings or a KKR Holdings Affiliated Person to sell its Group Partnership Units to the Issuer, the Group Partnership or any of their subsidiaries on terms no more beneficial than an Exchange (a “Sale Transaction”); provided that no Sale Transaction shall occur unless the Issuer cancels the
      nearest Quarterly Exchange Date scheduled to occur in the same fiscal year of the Issuer as such Sale Transaction. In connection with a Sale Transaction, KKR Holdings or such KKR Holdings Affiliated Person must provide notice to Issuer at least
      thirty (30) days prior to the cash settlement of such Sale Transaction in respect of the Group Partnership Units to be sold or within such shorter period of time as may be agreed by the parties hereto. Such notice shall be delivered during normal
      business hours at the principal executive offices of the Issuer. For the avoidance of doubt, the total aggregate number of Quarterly Exchange Dates and Sale Transactions occurring during any fiscal year of the Issuer shall not exceed four (4).

     

    
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    ARTICLE III.

     GENERAL PROVISIONS

     

    Section 3.1         Amendment. The provisions of this Agreement may be
      amended by the affirmative vote or written consent of each of the Issuer, the Group Partnership and KKR Holdings. No amendment to this Agreement shall be required (i) to the extent any entity becomes a successor of any of the foregoing parties or
      (ii) to reflect the addition of a future Group Partnership, which addition may be effectuated through the execution by such entity of an addendum to this Agreement pursuant to which such entity agrees to be bound hereby as a Group Partnership.

     

    

    Section 3.2         Addresses and Notices. All notices, requests, claims,
      demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by
      registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 3.2):

     

    
      
        	

              	(a)	
                If to Group Partnership General Partner to:

              

      

    

     

    9 West 57th Street, Suite 4200

    New York, NY 10019

    Attention: Chief Financial Officer

    Fax: 212-750-0003

     

    
      	 	
              (b)

            	
              If to Group Partnership to:

            

    

     

    9 West 57th Street, Suite 4200

    New York, NY 10019

    Attention: Chief Financial Officer

    Fax: 212-750-0003

     

    
      	 	
              (c)

            	
              If to KKR Holdings, to:

            

    

     

    9 West 57th Street, Suite 4200

    New York, NY 10019

    Attention: Chief Financial Officer

    Fax: 212-750-0003

     

    
      	 	
              (d)

            	
              If to the Issuer, to:

            

    

     

    9 West 57th Street, Suite 4200

    New York, NY 10019

    Attention: Chief Financial Officer

    Fax: 212-750-0003

     

    Section 3.3         Further Action. The parties shall execute and deliver
      all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

     

    
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    Section 3.4         Binding Effect. This Agreement shall be binding upon
      and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. KKR Holdings may enforce the terms of this agreement in the name of
      or on behalf of any KKR Holdings Affiliated Person. Other than as expressly provided herein, nothing in this Agreement will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy, or claim under
      or with respect to this Agreement or any provision of this Agreement.

     

    Section 3.5         Severability. If any term or other provision of this
      Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
      substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to
      modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent
      possible.

     

    Section 3.6         Integration. This Agreement constitutes the entire
      agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

     

    Section 3.7         Waiver. No failure by any party to insist upon the
      strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

     

    Section 3.8         Submission to Jurisdiction; Waiver of Jury Trial.

     

    (a)          Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in
      connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted
      by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the
      receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings.

     

    (b)          Notwithstanding the provisions of Section 3.8(a), in the case of matters relating to an Exchange, KKR Holdings may cause the Group
      Partnership to bring, on behalf of the Issuer or the Group Partnership or on behalf of any KKR Holdings Affiliated Person, an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate,
      seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph.

     

    (c)          Notwithstanding any provision of this Agreement to the contrary, this Section 3.8 shall be construed to the maximum extent possible to
      comply with the laws of the State of Delaware, including the Delaware Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless,
      it shall be determined by a court of competent jurisdiction that any provision or wording of this Section 3.8, including any rules of the International Chamber of Commerce, shall be invalid or unenforceable under the Delaware Arbitration Act, or
      other applicable law, such invalidity shall not invalidate all of this Section 3.8. In that case, this Section 3.8 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the Delaware
      Arbitration Act or other applicable law, and, in the event such term or provision cannot be so limited, this Section 3.8 shall be construed to omit such invalid or unenforceable provision.

     

    
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    Section 3.9         Counterparts. This Agreement may be executed and
      delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together
      shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.9.

     

    Section 3.10       Tax Treatment. To the extent this Agreement imposes
      obligations upon the Group Partnership or the Group Partnership General Partner, this Agreement shall be treated as part of the Group Partnership Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of
      the Treasury Regulations. The parties shall report any Exchange consummated hereunder (pursuant to which shares of Class A Common Stock are delivered pursuant to Section 2.1(a) or Section 2.1(b) hereof) as a taxable sale of Group Partnership Units by
      KKR Holdings or a KKR Holdings Affiliated Person to Group Partnership General Partner, and no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority.

     

    Section 3.11       Applicable Law. This Agreement shall be governed by, and
      construed in accordance with, the law of the State of Delaware.

     

    [Signature Page Follows]

     

    
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    IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all as of the date first set forth above.

     

    	 	
            KKR & CO. INC.

          
	 	 

    	 	
            By:

          	
            /s/ David J. Sorkin

          	 

    	 	
            Name: David J. Sorkin

          
	 	
            Title: General Counsel and Secretary

            

          
	 	 
	 	
            KKR GROUP PARTNERSHIP L.P.

          
	 	 
	 	
            By: KKR Group Holdings Corp., its general partner

          
	 	 
	 	
            By:

          	
            /s/ Christopher Lee

          	 
	 	
            Name:  Christopher Lee

          
	 	
            Title:   Assistant Secretary

            

          
	 	 
	 	
            KKR HOLDINGS L.P.

          
	 	 
	 	
            By: KKR Holdings GP Limited, its general partner

          
	 	 
	 	
            By:

          	
            /s/ David J. Sorkin

          	 
	 	
            Name:  David J. Sorkin

          
	 	
            Title:   Director

          
	 	 
	 	
            KKR GROUP HOLDINGS CORP.

          
	 	 
	 	
            By:

          	
            /s/ Christopher Lee

          	 
	 	
            Name: Christopher Lee

          
	 	
            Title: Assistant Secretary

          

     

    
      
        

    

    EXHIBIT A

     

    

    [FORM OF]

    NOTICE OF EXCHANGE

     

    KKR Group Partnership L.P.

    KKR Group Holdings Corp.

    KKR & Co. Inc.

    KKR Holdings L.P.

    9 West 57th Street, Suite 4200

    New York, NY 10019

     

    Reference is hereby made to the Third Amended and Restated Exchange Agreement (the “Exchange

          Agreement”), among KKR Group Partnership L.P., KKR Holdings L.P., KKR & Co. Inc. and KKR Group Holdings Corp. as amended from time to time, and to the First Amended and Restated Limited Partnership Agreement (the “Holdings LPA”) of KKR Holdings L.P., as amended from time to time.

     

    The undersigned (the “Exchanging KKR Holdings Affiliated Person”) desires to
      exchange the number of units of KKR Holdings L.P. set forth on line B of the notice related hereto (the “Exchange Holdings Units”) for units of KKR Group Partnership L.P.
      (the “Exchange Group Partnership Units”) and to exchange such Exchange Group Partnership Units for shares of Class A Common Stock of KKR & Co. Inc. (“Class A Common Stock”) pursuant to an Exchange (as defined in the Exchange Agreement). Accordingly, the Exchanging KKR Holdings Affiliated Person hereby (i) gives notice to KKR
      Holdings L.P. of its election to transfer Exchange Holdings Units in exchange for Exchange Group Partnership Units pursuant to Section 9.2 of the Holdings LPA (the “Group Exchange”)

      and (ii) gives notice to KKR Group Partnership L.P. and KKR & Co. Inc. of its election to exchange such Exchange Group Partnership Units for shares of Class A Common Stock in an Exchange pursuant to Section 2.2 of the Exchange Agreement. The
      Exchanging KKR Holdings Affiliated Person acknowledges that the number of units of KKR Holdings L.P. to be exchanged pursuant to clause (i) in the preceding sentence shall be equal to the lesser of (x) the number of Exchange Holdings Units set forth
      on line B of the notice related hereto, (y) the number of Exchange Holdings Units that the general partner of KKR Holdings L.P. shall determine that the Exchanging KKR Holdings Affiliated Person is permitted to exchange pursuant to Section 9.2(b) of
      the Holdings LPA and (z) the number of Exchange Holdings Units corresponding to the number of units of KKR Group Partnership L.P. that the Exchanging KKR Holdings Affiliated Person is permitted to exchange taking into account any limitations imposed
      pursuant to Section 2.2(c) of the Exchange Agreement.

     

    Pursuant to the foregoing, the Exchanging KKR Holdings Affiliated Person hereby (1) represents that such Exchange Holdings Units shall immediately prior
      to the Group Exchange be owned by it, (2) irrevocably constitutes and appoints any officer of the general partner of KKR Holdings L.P. as its attorney, with full power of substitution, to exchange the Exchange Holdings Units on the books of KKR
      Holdings L.P. for the Exchange Group Partnership Units on the books of KKR Group Partnership L.P., with full power of substitution in the premises and (3) irrevocably constitutes and appoints any officer of the general partner of KKR Group
      Partnership L.P. as its attorney, with full power of substitution, to exchange the Exchange Group Partnership Units on the books of KKR Group Partnership L.P. for shares of Class A Common Stock on the books of KKR & Co. Inc., with full power of
      substitution in the premises.EX-10.1

 Exhibit 10.1 

Execution Version 

LIQUIDATING TRUST AGREEMENT 

This Liquidating Trust Agreement (the “Agreement”), dated as of January 1, 2020, by and among Spirit MTA REIT, a
Maryland real estate investment trust (the “Company”), and Steven G. Panagos, Steven H. Shepsman, Richard J. Stockton and Thomas J. Sullivan (each in his capacity as a trustee of the Liquidating Trust (as defined herein), a
“Trustee” and collectively, the “Trustees”), executed in connection with the Plan (as defined herein). 
 W
I T N E S S E T H 
 WHEREAS, the Company’s Board of Trustees (the “Board”) adopted a Plan of Voluntary Liquidation on
July 11, 2019 (as amended, modified and supplemented from time to time, the “Plan”); 
 WHEREAS, on September 4,
2019, holders of a majority of the outstanding Shares (as hereinafter defined) approved the Plan and the actions and transactions contemplated thereby, including, among other things, the winding-up and
complete liquidation of the Company, and the dissolution and termination of the Company (such dissolution and termination, the “Termination”) and the creation of the Liquidating Trust (as hereinafter defined) and the transfer and
assignment of the remaining assets of the Company to the Liquidating Trust; 
 WHEREAS, the Liquidating Trust is hereby created pursuant to,
and to effectuate certain provisions of, the Plan and to hold the Liquidating Trust Assets (as hereinafter defined) until such time as such assets may be distributed or sold and proceeds distributed in accordance with the terms of this Agreement;

 WHEREAS, the Liquidating Trust is intended to qualify as a liquidating trust within the meaning of Treasury Regulations Section 301.7701-4(d); and 
 WHEREAS, the Liquidating Trust is established for the sole purpose of
liquidating its assets for the benefit of the Beneficiaries, in accordance with Treasury Regulations Section 301.7701-4(d), with no objective or authority to continue or engage in the conduct of a trade
or business. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Plan,
the Company and the Trustees agree as follows: 
 ARTICLE 1 

NAME AND DEFINITIONS 
 1.1.
Name. The trust, which is formed as a Maryland express common law trust upon the terms and conditions set forth in this Agreement, shall be known as the “SMTA Liquidating Trust” (the “Liquidating Trust”). 

1.2. Defined Terms. For all purposes of this Agreement, the following terms shall have the following meanings: 

“Act” shall mean the Maryland Trust Act. 

 “Beneficiary” shall mean each Initial Beneficiary and each transferee of a
Liquidating Trust Interest transferred pursuant to and in accordance with the terms and conditions of this Agreement. 

“Board” has the meaning set forth in the Recitals. 

“Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time. 

“Company” has the meaning set forth in the Preamble. 

“Contingency Reserve” has the meaning set forth in Section 6.1. 

“Indemnified Person” and “Indemnified Persons” shall have the meanings set forth in
Section 9.2. 
 “Initial Beneficiaries” has the meaning set forth in
Section 3.1(a). 
 “Liabilities” shall mean all of the Company’s unsatisfied debts, damages,
losses, claims, liabilities, commitments, suits and other obligations, whether known or unknown, contingent or fixed or otherwise (including, without limitation, any costs and expenses incurred or to be incurred in connection with the winding-up and complete liquidation of Company, and the Termination). 
 “Liquidating
Trust” has the meaning set forth in Section 1.1. 
 “Liquidating Trust Assets” shall
mean all the rights, assets and property (real, personal, tangible or intangible) held from time to time by the Liquidating Trust and administered by the Trustees under this Agreement, which initially shall consist of the Transferred Assets, and in
addition, shall thereafter include all dividends, distributions, rents, royalties, income, payments and recoveries of claims, proceeds and other receipts of, from or attributable to any rights, assets or property held by the Liquidating Trust, less
any of the foregoing utilized by the Trustees to pay expenses of the Liquidating Trust, satisfy Liabilities or make distributions to the Beneficiaries pursuant to the terms and conditions hereof. 

“Liquidating Trust Interest” shall mean, as to each Beneficiary, the proportionate undivided share of the Liquidating Trust
Assets allocated to such Beneficiary, initially determined by the ratio of the aggregate number of Units assigned to a Beneficiary divided by the total number of Units assigned in the aggregate to all Beneficiaries. 

“Person” shall mean an individual, a corporation, a partnership, an association, a joint stock company, a limited liability
company, a trust, a joint venture, any unincorporated organization or a government or political subdivision thereof. 

“Plan” has the meaning set forth in the Recitals. 

  
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 “Shareholder List” has the meaning set forth in
Section 3.1(a). 
 “Shareholders” shall mean the holders of record of the outstanding Shares as
of the Transfer Time (or, with respect to Shares traded prior to the Transfer Time, the holders of record as of any later time that any such trade settles). 

“Shares” shall mean the common shares of beneficial interest of the Company. 

“Termination” has the meaning set forth in the Recitals. 

“Termination Date” shall mean January 1, 2020. 

“Transfer Date” shall mean the Termination Date. 

“Transfer Time” shall mean 12:01 A.M., Eastern Time, on the Transfer Date (or such other time on the Transfer Date as shall
be determined by the Board). 
 “Transferred Assets” shall mean all of the Company’s right, title and interest in and
to the direct and indirect equity of its subsidiaries, and all other rights, assets and properties of the Company, in each case as of the Transfer Time, including any accounts receivable, cash, securities, claims, causes of action, contingent claims
and reserves. 
 “Treasury Regulations” means the regulations, including temporary regulations, promulgated under the Code,
as such regulations are amended from time to time. 
 “Trustee” and “Trustees” have the meanings set forth
in the Preamble. 
 “Units” has the meaning set forth in Section 3.1(a). 

ARTICLE 2 
 ESTABLISHMENT OF THE
LIQUIDATING TRUST 
 2.1. Establishment of Liquidating Trust. Pursuant to the Plan, the Company and the Trustees hereby establish the
Liquidating Trust on behalf of the Beneficiaries. The Trustees hereby agree to accept and hold the Liquidating Trust Assets in trust for the Beneficiaries subject to the terms of this Agreement. 

2.2. Purpose of the Liquidating Trust. 

(a) It is expected that the Company shall liquidate and the Termination shall occur prior to fully winding up its affairs. The Liquidating
Trust hereby is organized for the sole purpose of winding up the affairs of the Company as promptly as reasonably possible and with no objective to continue or engage in the conduct of a trade or business. 

  
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 (b) The Transferred Assets to be transferred, assigned and delivered to the Trustees as of
the Transfer Time and in accordance with Section 2.3 of this Agreement will be held in the Liquidating Trust, and the Trustees will: (i) further liquidate the Liquidating Trust Assets as the Trustees deem necessary to carry out the purpose
of the Liquidating Trust and facilitate the distribution of the Liquidating Trust Assets; (ii) allocate, protect, conserve and manage the Liquidating Trust Assets in accordance with the terms and conditions hereof; and (iii) distribute the
Liquidating Trust Assets in accordance with the terms and conditions hereof. 
 (c) It is intended that the transfer, assignment and
delivery of the Transferred Assets by the Company to the Trustees pursuant to the terms hereof shall be treated for federal, state and local income tax purposes as if the Company made such distributions directly to the Initial Beneficiaries and the
Initial Beneficiaries transferred the Transferred Assets to the Liquidating Trust in exchange for Liquidating Trust Interests for the benefit of such Initial Beneficiaries in accordance with the Plan. It is further intended for federal, state and
local income tax purposes that the Liquidating Trust shall be treated as a liquidating trust under Treasury Regulations Section 301.7701-4(d) and any analogous provision of state or local law, and the
Beneficiaries shall be treated as the owners of their respective share of the Liquidating Trust pursuant to Sections 671 through 679 of the Code and any analogous provision of state or local law and shall be taxed on their share of the Liquidating
Trust’s taxable income (including both ordinary income and capital gains) pursuant to Section 671 of the Code and any analogous provision of state or local law. 

2.3. Transfer of Assets and Rights to the Trustees. 

(a) Effective as of the Transfer Time, the Company hereby transfers, assigns and delivers to the Trustees to be held in the Liquidating Trust
(i) all of its legal and beneficial right, title and interest in, to and under the Transferred Assets, for the uses and purposes stated herein, subject to the terms and provisions set out herein, and the Trustees hereby accept such Transferred
Assets, subject to the terms and conditions hereof, and (ii) all of its rights with respect to the Transferred Assets including attorney-client privilege and work product, and hereby waives its right and the right of any legal, financial or
other advisors to assert such rights as a defense or otherwise, and the Trustees hereby accept such Transferred Assets, subject to the terms and conditions in this Agreement. 

(b) At any time and from time to time on and after the date hereof, the Company agrees (i) at the reasonable request of the Trustees to
execute and deliver any instruments, documents, books and records (including those maintained in electronic format and original documents as may be needed) and (ii) to take, or cause to be taken, all such further action as the Trustees may
reasonably request in order to evidence or effectuate the transfer of the Transferred Assets to the Trustees to be held in the Liquidating Trust and consummation of the transactions contemplated hereby and by the Plan and to otherwise carry out the
intent of the parties hereunder and under the Plan. 

  
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 (c) Notwithstanding anything to the contrary contained in this Agreement, to the extent that
the transfer, assignment or delivery or attempted transfer, assignment or delivery to the Trustees of any right or asset that is a Transferred Asset is prohibited by any applicable law, rule or regulation or would require any governmental or third
party authorizations, approvals, consents or waivers, and such authorizations, approvals, consents or waivers shall not have been obtained prior to the Transfer Time, the transfer, assignment and delivery of the Transferred Assets shall proceed
without the transfer, assignment or delivery of such right or asset and following the Transfer Time, the Company and the Trustees shall use their reasonable best efforts, and cooperate with each other, to promptly obtain such authorizations,
approvals, consents or waivers, to the extent that the Trustees determine in their reasonable judgment that seeking and obtaining such authorizations, approvals, consents or waivers is practicable. Pending, or in the absence of, such authorization,
approval, consent or waiver, the Company and the Trustees shall cooperate with each other in any mutually agreeable, reasonable and lawful arrangements designed to provide to the Trustees the benefits of such right or asset. If authorization,
approval, consent or waiver for the transfer, assignment or delivery of any such asset not transferred, assigned or delivered at the Transfer Time is obtained, the Company shall transfer, assign and deliver such right or asset to the Trustees at no
cost. To the extent that any such right or asset is not transferred or the full benefits of such right and asset cannot be provided to the Trustees following the Transfer Time pursuant to this Section 2.3(c), then the
Company shall remit to the Trustees upon receipt thereof, all income, proceeds and other monies received by the Company in connection with, or in respect of, such right or asset. 

2.4. Title to Liquidating Trust Assets. The transfer, assignment and delivery of the Transferred Assets to the Trustees to be held in
the Liquidating Trust shall be made by the Company for the benefit and on behalf of the Beneficiaries. In this regard, the Transferred Assets will be treated for tax purposes as being transferred by the Company to the Initial Beneficiaries, and then
by such Initial Beneficiaries to the Liquidating Trust in exchange for Liquidating Trust Interests for the benefit of such Initial Beneficiaries in accordance with the Plan. Upon the transfer, assignment and delivery of the Transferred Assets, the
Trustees shall succeed to all of the Company’s right, title and interest in the Transferred Assets and the Company will have no further interest in or with respect to the Transferred Assets or the Liquidating Trust Assets or this Liquidating
Trust. 
 2.5. Assumption of Liabilities. As of the Transfer Time, the Trustees, in their capacity as Trustees of the Liquidating
Trust and not in their individual capacities, hereby assume all Liabilities and agree thereafter to cause the Liquidating Trust to pay, discharge and perform when due all of the Liabilities. Should any Liability be asserted against the Trustees as
the transferees of the Transferred Assets or as a result of the assumption made in this Section 2.5, the Trustees may use such part of the Liquidating Trust Assets as may be necessary in contesting any such Liability or in
payment thereof, but in no event shall any Trustee, Beneficiary or employee or agent of the Liquidating Trust or of any of its subsidiaries be personally liable, nor shall resort be had to the private property of such Persons, in the event that the
Liquidating Trust Assets are not sufficient to satisfy the Liabilities. 
 2.6. No Reversion to the Company. In no event shall any
part of the Transferred Assets or other Liquidating Trust Assets revert to or be distributed to the Company. 

  
 5 

 2.7. Instruments of Further Assurance. Such Persons as shall have the right and power
to so act, shall, upon reasonable request of the Trustees, execute, acknowledge and deliver such further instruments and do such further acts as may be necessary or proper to carry out effectively the purposes of this Agreement, to confirm or
effectuate the transfer to the Trustees of any property and/or the assumption by the Trustees of any Liabilities intended to be covered hereby, and to vest in the Trustees and their successors and assigns, the estate, powers, instruments or funds in
trust hereunder. 
 2.8. Governance of the Liquidating Trust. The Liquidating Trust shall be governed by the Trustees. The
Trustees’ powers are exercisable solely in a fiduciary capacity consistent with, and in furtherance of, the purposes of this Agreement and the Liquidating Trust and not otherwise. 

2.9. Funding of the Liquidating Trust. The Trustees may from time to time make withdrawals from the Liquidating Trust Assets in amounts
and at times that the Trustees, in their sole discretion, deem necessary or appropriate to fund any and all costs and expenses that the Trustees and the Liquidating Trust incur subsequent to the Transfer Time in accordance with this Agreement and
the Plan. 
 ARTICLE 3 

LIQUIDATING TRUST BENEFICIARIES 

3.1. Identification of Beneficiaries. 

(a) The initial Beneficiaries (the “Initial Beneficiaries”) of the Liquidating Trust shall be the Shareholders as of the
Transfer Time (or, with respect to Shares traded prior to the Transfer Time, the Shareholder as of any later time that any such trade settles), as determined by the Trustees in accordance with a certified copy of the list of the Shareholders as of
the Transfer Time (or, with respect to Shares traded prior to the Transfer Time, the Shareholder as of any later time that any such trade settles) (the “Shareholder List”). The Company will cause its transfer agent to
deliver a certified copy of the Shareholder List to the Trustees promptly after the Transfer Time. If any of the Shareholders cannot be located, the Trustees will provide due notice to such Shareholders in accordance with Maryland law. For ease of
administration, the Trustees shall express the Liquidating Trust Interest of each Beneficiary in terms of units of common beneficial interest (“Units”). Each Initial Beneficiary shall be allocated one Unit for each Share owned by it
as of the Transfer Time (or, with respect to Shares traded prior to the Transfer Time, the Shareholder as of any later time that any such trade settles) in its capacity as a Shareholder. 

(b) The Units and the rights of the Beneficiaries in, to and under the Liquidating Trust Assets and the Liquidating Trust shall not be
represented by any form of certificate or other instrument, and no Beneficiary shall be entitled to any certificate. The Trustees shall maintain or cause to be maintained a record of the name and address of each Beneficiary as well as the aggregate
number of Units held by, and Liquidating Trust Interest of, each Beneficiary. All references in this Agreement to the Beneficiaries or the holders of Liquidating Trust Interests shall be read to mean holders of record of Units as set forth in the
official register maintained by the Trustees and shall not mean any beneficial owner not recorded on such official register. Unless expressly provided herein, the Trustees may establish a record date that they deem practicable for determining the
Beneficiaries from time to time for any purpose. 

  
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 3.2. Limitation on Transfer of Liquidating Trust Interests. The Liquidating Trust
Interests shall not be assignable or transferable, provided, that the Liquidating Trust Interests shall be assignable or transferable by will, intestate succession or operation of law and that the executor or administrator of the estate of a
holder of a Liquidating Trust Interest may mortgage, pledge, grant a security interest in, hypothecate or otherwise encumber the Liquidating Trust Interests held by the estate of such holder if such transaction (i) does not constitute a sale,
exchange or disposition for federal income tax purposes and (ii) is necessary in order to obtain money to pay estate, succession or inheritance taxes or the expenses of administering the estate of the holder, upon written notice to, and written
consent of, the Trustees, which consent may not be unreasonably withheld. For all federal income tax purposes, any assignee or transferee that receives a Liquidating Trust Interest in compliance with this Section 3.2 shall
be treated as a grantor and owner of the Liquidating Trust pursuant to Treasury Regulations Section 1.671-2(e)(3). 

3.3. Conflicting Claims. If any conflicting claims or demands are made or asserted with respect to certain Liquidating Trust Interests,
or if there is any disagreement between the transferees, assignees, heirs, representatives or legatees succeeding to all or part of the Liquidating Trust Interests of any Beneficiary resulting in adverse claims or demands being made in connection
with such Liquidating Trust Interests, then, in any of such events, the Trustees shall be entitled, at their sole election, to refuse to comply with any such conflicting claims or demands. In so refusing, the Trustees may elect not to make any
payment or distribution with respect to such Liquidating Trust Interests, or to make such payment to a court of competent jurisdiction or an escrow agent, and in so doing, none of the Trustees shall be or become liable to any of such parties for
their failure or refusal to comply with any of such conflicting claims or demands or to take any other action with respect thereto, nor shall the Trustees be liable for interest on any funds which they may so withhold. Notwithstanding anything to
the contrary set forth in this Section 3.3, the Trustees shall be entitled to refrain and refuse to act until either (i) the rights of the adverse claimants have been adjudicated by a final judgment of a court of
competent jurisdiction, (ii) all differences have been adjusted by valid written agreement between all of such parties, and the Trustees shall have been furnished with an executed counterpart of such agreement or (iii) there is furnished
to the Trustees a surety bond or other security satisfactory to the Trustees, as they shall deem appropriate, to fully indemnify the Trustees as between all conflicting claims or demands. 

3.4. Limitation on Suits by Beneficiaries. No Beneficiary shall have the right by virtue of any provision of this Agreement to
institute any action or proceeding at law or in equity against any Person other than the Trustees upon or under or with respect to any Liquidating Trust Assets or the agreements relating to or forming a part of any Liquidating Trust Assets, and the
Beneficiaries do hereby waive any such right in consideration of receipt of each such Beneficiary’s respective Units. 

  
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 3.5. Evidence of Action by Beneficiaries. Whenever in this Agreement it is provided
that the Beneficiaries may take any action (including the making of any demand or request, the giving of any notice, consent or waiver, the removal of a Trustee, the appointment of a successor Trustee, or the taking of any other action), the fact
that at the time of taking any action such Beneficiaries have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by Beneficiaries in person or by agent or attorney appointed in writing
or (ii) by the record of the Beneficiaries voting in favor thereof at any meeting of Beneficiaries duly called and held in accordance with the provisions of ARTICLE 13. Subject to the provisions of Section 13.1
relating to the limitations of Beneficiaries taking action by written consent without a meeting, such meeting or writing may take any form permitted under Maryland law. 

ARTICLE 4 
 THE TRUSTEES 

4.1. Number and Qualification of Trustees. Subject to the provisions of Section 8.2 relating to the period
pending the appointment of a successor Trustee, there shall initially be four (4) Trustees of the Liquidating Trust, each of which shall be a citizen and resident of, or a corporation or other entity which is incorporated or formed under the
laws of, a state of the United States and, if a corporation, it shall be authorized to act as a corporate fiduciary under the laws of the State of Maryland. The number of Trustees may be increased or decreased from time to time by the Trustees. 

4.2. Appointment and Acceptance of Trustees. Pursuant to an appointment by the Board, each of Steven G. Panagos, Steven H. Shepsman,
Richard J. Stockton and Thomas J. Sullivan is hereby named, constituted and appointed as a Trustee, to act and serve as a Trustee of the Liquidating Trust and to perform the powers and functions of a Trustee to accomplish the objective of the
Liquidating Trust as provided in this Agreement. Each Trustee is willing and able to so act, and does hereby accept the appointment to act and serve as a Trustee of the Liquidating Trust and to hold the Liquidating Trust Assets and administer the
Liquidating Trust pursuant to the terms of this Agreement. 
 4.3. Role of the Trustees. 

(a) In furtherance of and consistent with the purpose of the Liquidating Trust and the Plan, the Trustees shall, for the benefit of the
Beneficiaries, have the power and authority to hold, manage and distribute the Liquidating Trust Assets in accordance with the provisions of this Agreement. In all circumstances, the Trustees shall act in good faith. 

(b) In the event of a disagreement among the Trustees as to whether or not any action should be taken, the decision of a majority of the
Trustees shall prevail. The foregoing does not in any way require the Trustees to formally vote on any matter. 

  
 8 

 4.4. Authority of Trustees. In connection with the administration of the Liquidating
Trust, except as set forth in this Agreement, the Trustees are hereby authorized to perform any and all acts necessary or desirable to accomplish the purposes of the Liquidating Trust. Without limiting, but subject to, the express purpose of the
Liquidating Trust and to Section 4.5 hereof, the Trustees shall be expressly authorized, but shall not be required, to: 

(a) hold legal title to any and all rights of the Beneficiaries in or arising from the Liquidating Trust Assets, including, without limitation,
collecting and receiving any and all money and other property belonging to the Liquidating Trust; 
 (b) protect and enforce the rights to
the Liquidating Trust Assets by any method deemed appropriate including, without limitation, by judicial proceedings or pursuant to any applicable bankruptcy, insolvency, moratorium or similar law and general principles of equity; 

(c) incur or assume liabilities, and pledge Liquidating Trust Assets on behalf of the Liquidating Trust in furtherance of or in connection
with the Trustees’ or the Liquidating Trust’s duties, powers, authority and obligations under this Agreement, and determine and satisfy any and all liabilities created, incurred or assumed by the Liquidating Trust; 

(d) file, if necessary, any and all tax and information returns with respect to the Liquidating Trust, pay taxes, if any, properly payable by
the Liquidating Trust, and provide tax reports to the Beneficiaries as required by law; 
 (e) pay all expenses and make all other payments
relating to the Liquidating Trust Assets; 
 (f) obtain reasonable insurance coverage with respect to their liabilities and obligations as
Trustees under this Agreement (in the form of an errors and omissions policy or otherwise); 
 (g) retain and pay such manager as the
Trustees in their sole discretion may select to assist the Trustees in their duties, on such terms as the Trustees deem appropriate. The Trustees may commit the Liquidating Trust to and shall pay such manager such compensation for services rendered
and expenses incurred, as the Trustees in their sole discretion shall determine to be appropriate, as well as commit the Liquidating Trust to indemnify any such manager in connection with the performance of services; 

(h) retain and pay such counsel and other professionals as the Trustees in their sole discretion may select to assist the Trustees in their
duties, on such terms as the Trustees deem appropriate. The Trustees may commit the Liquidating Trust to and shall pay such counsel and other professionals such compensation for services rendered and expenses incurred, as the Trustees in their sole
discretion shall determine to be appropriate. A law firm or professional shall not be disqualified from serving the Trustees solely because of its current or prior retention as counsel or professional to the Company or to the independent trustees of
the Board; 
 (i) retain and pay an independent public accounting firm to perform such reviews and/or audits of the financial books and
records of the Company and/or the Liquidating Trust as may be appropriate in the Trustees’ sole discretion and to prepare and file any tax returns or informational returns for the Liquidating Trust as may be required. The Trustees may

  
 9 

 
commit the Liquidating Trust to and shall pay such independent public accounting firm such compensation for services rendered and expenses incurred, as the Trustees in their sole discretion shall
determine to be appropriate, as well as commit the Liquidating Trust to indemnify any such independent public accounting firm in connection with the performance of services; 

(j) retain and pay such other third parties as the Trustees, in their sole discretion, may deem necessary or appropriate to assist the
Trustees in carrying out their powers and duties under this Agreement. The Trustees may commit the Liquidating Trust to and shall pay all such persons or entities such compensation for services rendered and expenses incurred, as the Trustees in
their sole discretion shall determine to be appropriate, as well as commit the Liquidating Trust to indemnify any such parties in connection with the performance of services; 

(k) employ such employees as the Trustees, in their sole discretion and as consistent with the purposes of the Liquidating Trust, may deem
necessary or appropriate to assist the Trustees in carrying out their powers and duties under this Agreement. The Trustees may commit the Liquidating Trust to and shall pay all such employees compensation in the amounts the Trustees shall determine
to be appropriate and any employee benefits it may establish pursuant to Section 4.4(l) hereof. If the Trustees determine to employ employees pursuant to this
Section 4.4(k), the Trustees shall establish payroll procedures and pay any and all federal, state or local tax withholding required under applicable law with respect to any such employees, and it will take
all other actions it deems necessary to effectuate the provisions of this Section 4.4(k); 
 (l)
establish and adopt or cease to provide such employee benefits for the benefit of any employees described in Section 4.4(k) hereof as the Trustees, in their sole discretion and as consistent with the purposes
of the Liquidating Trust, may deem necessary or appropriate, including, without limitation, the adoption of any group health plan; 
 (m)
assert or waive any privilege or defense on behalf of the Liquidating Trust or, with respect to the Liquidating Trust Assets, the Company; 

(n) compromise, adjust, arbitrate, sue on or defend, pursue, prosecute abandon, exercise rights, powers and privileges with respect to, or
otherwise deal with or settle, in accordance with the terms set forth herein, all Liabilities or claims and all causes of action in favor of or against the Liquidating Trust as the Trustees shall deem advisable; 

(o) in the Trustees’ sole discretion (subject to ARTICLE 7 hereof and this Section 4.4), take all appropriate
action with respect to the Liquidating Trust Assets consistent with the purpose of the Liquidating Trust, including without limitation the avoidance of any transfer or obligation, and the filing, prosecution, settlement or other resolution of claims
and causes of action; 
 (p) establish and maintain bank, brokerage and other accounts in the name of the Trustees or the Liquidating Trust
and invest any moneys held as part of the Liquidating Trust in accordance with the terms of Section 4.13, limited, however, to such investments that are consistent with the Liquidating Trust’s status as a liquidating
trust within the meaning of Treasury Regulations Section 301.7701-4(d); 

  
 10 

 (q) request any appropriate tax determination with respect to the Liquidating Trust; and

 (r) take or refrain from taking any and all actions the Trustees reasonably deem necessary or convenient for the continuation, protection
and maximization of the Liquidating Trust Assets or to carry out the purposes hereof. 
 4.5. Limitation of Trustees’ Authority.

 (a) Notwithstanding anything herein to the contrary, the Trustees shall not take (nor refrain from taking) any action that would cause
the Liquidating Trust not to be taxed as a liquidating trust for purposes of Treasury Regulations Section 301.7701-4(d), shall not be authorized to cause the Liquidating Trust to engage in any trade or
business, and shall not take such actions inconsistent with the orderly liquidation of the Liquidating Trust Assets as are required or contemplated by applicable law, the Plan and this Agreement. 

(b) The Liquidating Trust shall not receive (i) transfers of any listed stocks or securities, any readily-marketable assets or any
operating assets of a going business, (ii) unlisted stock of any entity that is treated as a corporation for federal income tax purposes that represents 80% or more of the stock (in either vote or value) of such entity, or (iii) any
interest in an entity that is treated as a partnership for federal income tax purposes provided that, the Liquidating Trust may hold more than 80% of the stock of a corporation and/or any interest in any entity that is treated as a partnership or a
disregarded entity for federal income tax purposes, that in each case holds directly or indirectly certain real estate and related assets for the purpose of having the Trustees sell, as promptly as reasonably practical, all of the assets of any such
entity and distribute to the Beneficiaries all proceeds from such sales, less any proceeds necessary to satisfy liabilities of such entity or the Liquidating Trust. 

4.6. Books and Records. The Trustees shall maintain in respect of the Liquidating Trust and the Beneficiaries, books and records
relating to the Liquidating Trust Assets, income and liabilities of the Liquidating Trust in such detail and for such period of time as may be necessary to enable it to make full and proper accounting in respect thereof in accordance with this
Agreement and to comply with applicable law. Such books and records shall be maintained on a basis or bases of accounting necessary to facilitate compliance with the tax reporting requirements of the Liquidating Trust and the reporting obligations
of the Trustee under Section 10.1. Except as otherwise may be expressly provided by this Agreement, nothing in this Agreement requires the Trustees to file any accounting or seek approval of any court with respect to the
administration of the Liquidating Trust or as a condition for managing any payment or distribution out of the Liquidating Trust Assets. Beneficiaries shall have the right upon 30 days’ prior written notice delivered to the Trustees to inspect
during normal business hours such books and records (including financial statements) for any proper cause as determined in good faith by the Trustees; provided, that, if so requested, such Beneficiaries shall have entered into a
confidentiality agreement satisfactory in form and substance to the Trustees. 

  
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 4.7. Additional Powers. Except as otherwise set forth in this Agreement or in the
Plan, and subject to the Treasury Regulations governing liquidating trusts and as provided for in the Plan, but without prior or further authorization, the Trustees may control and exercise authority over the Liquidating Trust Assets and over the
protection, conservation and disposition thereof. No Person dealing with the Liquidating Trust shall be obligated to inquire into the authority of the Trustees in connection with the protection, conservation or disposition of the Liquidating Trust
Assets. 
 4.8. Tax and Reporting Duties of the Trustees. The Trustees shall be responsible for all tax and other matters as set
forth in ARTICLE 5 hereof. 
 4.9. Compliance with Laws. Any and all distributions of Liquidating Trust Assets and proceeds of
borrowings, if any, shall be in compliance with applicable laws, including, without limitation, applicable federal and state securities laws. 

4.10. Costs and Expenses of the Trustees. The costs and expenses of the Liquidating Trust, including the fees and expenses of the
Trustees and any retained manager, professionals or other third parties, shall be paid first out of the Liquidating Trust Assets. Fees and expenses incurred in connection with the prosecution and settlement of any claims shall be considered costs
and expenses of the Liquidating Trust. 
 4.11. Compensation of the Trustees. The Trustees shall be entitled to compensation for
their services hereunder and for their services as trustees of the Company, as they shall determine in good faith. 
 4.12. Reliance by
Trustees. Except as otherwise provided in ARTICLE 9 hereof: 
 (a) a Trustee may rely, and shall be protected in relying upon, any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order or other paper or document believed by him to be genuine and to have been signed or presented by the proper party or parties; and 

(b) persons dealing with the Trustees shall look only to the Liquidating Trust Assets to satisfy any liability incurred by the Trustees to
such person in carrying out the terms of this Agreement, and no Trustee shall have any personal obligation to satisfy any such liability. 

4.13. Investment and Safekeeping of Trust Assets. The right and power of the Trustees to invest Liquidating Trust Assets, the proceeds
thereof or any income earned by the Liquidating Trust shall be limited to the right and power that a liquidating trust, within the meaning of Treasury Regulations Section 301.7701-4(d), is permitted to
hold, pursuant to the Treasury Regulations, or any modification in the IRS guidelines, whether set forth in IRS rulings, other IRS pronouncements or otherwise (including, for the avoidance of doubt, Revenue Procedure
82-58, as amplified by Revenue Procedure 91-15), and in accordance with such requirements, the Trustees’ investment powers shall be limited to powers to invest in
demand and time deposits in banks and savings institutions, or temporary investments such as short-term certificates of deposit or Treasury bills. The Trustees may expend the cash of the Liquidating Trust (a) as reasonably necessary to meet
contingent liabilities and to maintain the value of the respective assets of the Liquidating Trust during liquidation, (b) to pay the reasonable costs and expenses (including, without limitation, any taxes imposed on the Liquidating Trust) and
(c) to satisfy other respective liabilities incurred by the Liquidating Trust in accordance with this Agreement or the Plan. 

  
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 4.14. Authorization to Expend Liquidating Trust Assets. The Trustees may expend the
Liquidating Trust Assets (a) as they in good faith believe to be reasonably necessary or appropriate to maintain the value of the Liquidating Trust Assets during liquidation, (b) to pay all costs and expenses of the Liquidating Trust
(including, without limitation, any taxes imposed on the Liquidating Trust) and (c) to satisfy the Liabilities or any other liabilities incurred or assumed by the Liquidating Trust (or to which the Liquidating Trust Assets are otherwise
subject) in accordance with this Agreement and the Plan. 
 4.15. Right of Trustees to Own Liquidating Trust Interests and to Engage in
Other Business. 
 (a) Each Trustee, in its individual capacity, or through persons that it controls or in which it has an interest, may
own, hold and (to the extent permitted hereunder) dispose of Liquidating Trust Interests for its individual account, and may exercise all rights thereof and thereunder to the same extent and in the same manner as if it were not a Trustee. 

(b) Subject to applicable law and its obligations under this Agreement, each Trustee, in such Trustee’s individual capacity, or through
persons that such Trustee controls or in which such Trustee has an interest, may directly or indirectly engage in or possess any interest in any business venture, including, but not limited to, the ownership, financing, management of or the
investment in securities, or the provision of any services in connection with such activities, whether or not such activities are similar or in addition to its responsibilities under this Agreement. No Trustee has any duty to present any business
opportunity to the Liquidating Trust before taking advantage of such opportunity either in such Trustee’s individual capacity or through participation in any person. 

4.16. Representative of a Beneficiary. No Trustee shall serve as a representative of a Beneficiary. 

ARTICLE 5 
 TAX MATTERS 

5.1. Federal Income Tax Treatment of the Trust for the Liquidating Trust Assets. 

(a) Liquidating Trust Assets Treated as Owned by Beneficiaries. For all federal income tax purposes, all parties (including, without
limitation, the Company, the Trustees and the Beneficiaries) shall treat the transfer of the Transferred Assets and the Liabilities to the Liquidating Trust for the benefit of the Beneficiaries, pursuant to Section 2.2(c),
Section 2.4 and Section 2.5 and in accordance with the Plan, as (A) a transfer of the Transferred Assets and the Liabilities directly to the Initial Beneficiaries followed by (B) the
transfer by the Initial Beneficiaries to the Liquidating Trust of the Transferred Assets and the Liabilities in exchange for common beneficial interests in the Liquidating Trust. Accordingly, the Beneficiaries shall be treated for federal income tax
purposes as the grantors and owners of their respective common beneficial interests of the Liquidating Trust Assets. 

  
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 (b) Tax Reporting. 

(i) The Trustees shall file or cause to be filed returns for the Liquidating Trust as a grantor trust pursuant to Treasury Regulations Section 1.671-4(a) and in accordance with this ARTICLE 5. The Trustees shall also annually send or cause to be sent to each holder of a Liquidating Trust Interest a separate statement setting forth the
holder’s share of items of income, gain, loss, deduction or credit and will instruct all such holders to report such items on their federal income tax returns. The Liquidating Trust’s taxable income, gain, loss, deduction or credit will be
allocated to the Beneficiaries in proportion to the Liquidating Trust Interests of each Beneficiary. 
 (ii) The Company shall file such
forms as it is required to file in connection with its liquidation (including any Forms 1099-DIV and Form 966) and, in connection with such filings, shall make a good faith valuation of its assets. Such
valuation shall be used consistently by all parties (including, without limitation, the Company, the Trustees and the Beneficiaries) for all federal income tax purposes. The Trustees shall also file (or cause to be filed) any other statements,
returns or disclosures relating to the Liquidating Trust that are required by any governmental unit. 
 (iii) The Trustees shall be
responsible for payments, out of the Liquidating Trust Assets, of any taxes imposed on the Liquidating Trust or its assets. 
 (iv) The
Trustees may request an expedited determination of taxes of the Liquidating Trust, for one or more returns filed for, or on behalf of, the Liquidating Trust for any or all taxable periods through the dissolution of the Liquidating Trust. 

ARTICLE 6 
 LIQUIDATING TRUST
CONTINGENCY RESERVE 
 6.1. Creation of Reserve. Notwithstanding anything in this Agreement to the contrary, at and after the
Transfer Time, the Trustees shall have the right to establish and maintain a reserve of sufficient funds (the “Contingency Reserve”) as the Trustees shall determine are reasonably necessary or appropriate for the Liquidating Trust:
(i) to meet, pay, discharge and perform all of the Liabilities; (ii) to maintain the value of the Liquidating Trust Assets during the term of the Liquidating Trust (including taxes imposed or which may be imposed on the Liquidating Trust
or in respect of Liquidating Trust Assets); and (iii) to make the payments and satisfy the existing and anticipated future obligations, costs, expenses and liabilities of the Liquidating Trust. The Contingency Reserve shall be in cash or cash
equivalents in the form of instruments or deposits in bank, brokerage or other accounts in the name of the Trustees or the Liquidating Trust as permitted under Section 4.4(o) and
Section 4.13, or other as determined by the Trustees in their sole discretion, and no payments or withdrawals from the Contingency 

  
 14 

 
Reserve shall be made except for purposes set forth in clauses (i) and (ii) in the preceding sentence or to transfer the interest earned or other sums realized on the Contingency Reserve to
other accounts or instruments of the Liquidating Trust. In no event shall the Liquidating Trust receive or retain cash in excess of a reasonable amount to meet, pay, discharge and perform all of the Liabilities and any other claims, causes of action
and contingent liabilities. 
 6.2. Withholding Pending Allowance of Claims. The Trustees shall withhold from any property (including
cash) to be distributed under this Agreement any Liquidating Trust Assets as are reasonably necessary or appropriate, in the sole discretion of the Trustees, to fund and maintain the Contingency Reserve and shall hold such assets in trust pending
resolution of all unknown or contingent Liabilities. 
 ARTICLE 7 

DISTRIBUTIONS 
 7.1. Interim
Distributions. In a timely manner as may be determined by the Trustees in their sole discretion, the Trustees shall distribute, or cause to be distributed to the Beneficiaries, in proportion to the Liquidating Trust Interests of each Beneficiary
on the record date fixed for such distribution as determined by the Trustees, such cash or other property (including proceeds from the sale of assets or income from investments) comprising a portion of the Liquidating Trust Assets as the Trustees,
in their sole discretion, determine may be distributed without detriment to the conservation and protection of the Liquidating Trust Assets, including compliance with ARTICLE 6 hereof and applicable law. 

7.2. Final Distribution. If the Trustees, in their sole discretion, determine that the Liabilities and all other claims, expenses,
charges and obligations of the Liquidating Trust have been paid or discharged or if the existence of the Liquidating Trust shall terminate pursuant to Section 11.1, the Trustees shall, as expeditiously as is consistent with
the conservation and protection of the Liquidating Trust Assets, distribute the remaining Liquidating Trust Assets, if any, to the Beneficiaries in proportion to the Liquidating Trust Interests of each Beneficiary on the record date fixed for such
distribution as determined by the Trustees. The Trustees shall hold in the Liquidating Trust and thereafter make disposition of all liquidating distributions and other payments due any Beneficiaries who have not been located following due notice, in
accordance with Maryland law, subject to applicable state laws regarding escheat and abandoned property. In addition, if the term of the Liquidating Trust is extended pursuant to Section 11.1 with respect to certain
installment obligations held by the Liquidating Trust, then on the third (3rd) anniversary of the Transfer Date the Trustees shall distribute, in accordance with this
Section 7.2, all Liquidating Trust Assets other than those installment obligations with respect to which the term of the Liquidating Trust has been extended. 

7.3. Manner of Payment or Distribution. All distributions made by the Trustees to Beneficiaries pursuant to this Agreement shall be
payable to the Beneficiaries as of the record date fixed for each such distribution as determined by the Trustees in their sole discretion. If any distribution shall be in cash, the Trustees shall cause to be distributed such cash by wire, check or
such other method as the Trustees deem appropriate under the circumstances. 

  
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 7.4. Delivery of Liquidating Trust Distributions. All distributions under this
Agreement to any Beneficiary shall be made at the address of such Beneficiary as set forth on the books and records of the Liquidating Trust, the Company or either of their agents, unless the Trustees have been notified in writing of a change of
address, including, without limitation, by the filing of a proof of claim or interest by such Beneficiary that contains an address for such Beneficiary different from the address reflected on the record for such Beneficiary. In the event that any
distribution to any Beneficiary is returned as undeliverable, the Trustees shall use reasonable efforts to determine the current address of such Beneficiary, but no distribution to such Beneficiary shall be made unless and until the Trustees have
determined the then current address of such Beneficiary, at which time such distribution shall be made to such Beneficiary without interest; provided, however, that such undeliverable or unclaimed distributions shall be deemed
unclaimed property at the expiration of one year from the date of distribution. The Trustees shall reallocate the undeliverable and unclaimed distributions for the benefit of the other Beneficiaries. 

ARTICLE 8 
 SUCCESSOR TRUSTEES 

8.1. Resignation and Removal. Any Trustee may resign and be discharged from the Liquidating Trust by giving written notice thereof to
any remaining Trustee or Trustees or, if there are no remaining Trustees, by publicly disclosing (by means of a press release or filing with the Securities and Exchange Commission) such resignation. Such resignation shall become effective on the day
specified in such notice or such public disclosure or upon the appointment of such Trustee’s successor and such successor’s acceptance of such appointment, whichever is earlier. Any Trustee may be removed at any time, with or without
cause, by Beneficiaries holding Units representing an aggregate of at least two-thirds of the total Liquidating Trust Interests. All obligations of a Trustee hereunder shall cease and terminate on the
effective date of such Trustee’s resignation or removal; provided, that, in the case of any resignation in circumstances in which there are no remaining Trustees, then such resigning Trustee’s sole responsibility thereafter
shall be to hold the Liquidating Trust Assets for a period of ninety (90) days following the effective date of resignation, at which time, if a successor Trustee shall have been appointed and have accepted such appointment in a writing to the
Beneficiaries, then the resigning Trustee shall deliver the Liquidating Trust Assets to the successor Trustee. If a successor Trustee shall not have been appointed within such ninety (90) day period from the predecessor Trustee’s
resignation, for any reason whatsoever, the resigning Trustee shall deliver the Liquidating Trust Assets to a court of competent jurisdiction and give written notice of the same to the Beneficiaries by means of a press release or filing with the
Securities and Exchange Commission. 
 8.2. Appointment of Successor. Should at any time a Trustee resign or be removed, die, unless
any remaining Trustees shall decrease the number of Trustees of the Liquidating Trust pursuant to Section 4.1 hereof or should the number of Trustees be increased by the Trustees pursuant to
Section 4.1 hereof, a vacancy(ies) shall be deemed to exist and a successor(s) shall be appointed by any remaining Trustees; provided that, solely in the event at any time there are no remaining Trustees,
(i) Beneficiaries holding Units representing an 

  
 16 

 
aggregate of at least 10% of the total Liquidating Trust Interests may call a meeting of Beneficiaries to appoint successor Trustees, or Beneficiaries holding Units representing a majority of the
total Liquidating Trust Interests may act by written consent to appoint successor Trustees. Any such meeting of the Beneficiaries to be held at such time and at such place as the Beneficiaries holding Units representing an aggregate of at least 10%
of the total Liquidating Trust Interests shall determine. Written notice of any such meeting of the Beneficiaries shall be given by the Beneficiaries holding Units representing an aggregate of at least 10% of the total Liquidating Trust Interests,
which written notice will set forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting, and shall be mailed not more than ninety (90) nor less than ten (10) days before such meeting is
to be held to all of the Beneficiaries as of the record date fixed by the Beneficiaries holding Units representing an aggregate of at least 10% of the total Liquidating Trust Interests in their sole discretion. The notice shall be directed to the
Beneficiaries at their respective addresses as they appear in the records of the Liquidating Trust. At such meeting, any Beneficiary shall be entitled to nominate candidates for appointment to serve as successor Trustee(s). At any such meeting,
successor Trustee(s) shall be appointed by a plurality vote of the Beneficiaries present in person or by proxy at such meeting. 
 8.3.
Acceptance of Appointment by Successor Trustee. Any successor Trustee appointed hereunder shall execute an instrument accepting such appointment hereunder and shall file such acceptance with the Liquidating Trust records. Thereupon, such
successor Trustee shall, without any further act, become vested with all the estates, properties, rights, powers, trusts and duties of its predecessor in the Liquidating Trust with like effect as if originally named herein; provided,
however, that a resigning Trustee shall, nevertheless, when requested in writing by the successor Trustee, execute and deliver an instrument or instruments conveying and transferring to such successor Trustee under the Liquidating Trust all
the estates, properties, rights, powers and trusts of such predecessor Trustee. 
 8.4. Notice to Beneficiaries of Successor Trustee.
Upon a successor Trustee becoming vested with all the estates, properties, rights, powers, trusts and duties of its predecessor in the Liquidating Trust, the Beneficiaries shall be notified of such pursuant to, and in accordance with, Section 14.5-813(b) of the Act. 
 ARTICLE 9 

LIMITATION ON LIABILITY; INDEMNIFICATION 

9.1. Generally. In no event shall any Trustee be subject to any personal liability whatsoever to any person in connection with the
Liquidating Trust Assets or the affairs of the Liquidating Trust, except to the extent this Section 9.1 is unenforceable pursuant to Section 14.5-906 of the Act or except for misconduct intentionally
committed in bad faith; and provided, further that: 
 (a) no Trustee shall be required to perform any duties or obligations
except for the performance of such duties and obligations as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against any Trustee; 

  
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 (b) in the absence of bad faith on the part of a Trustee, each Trustee may conclusively
rely, as to the truth, accuracy and completeness thereof, on the statements and certificates or opinions furnished to such Trustee and conforming to the requirements of this Agreement; 

(c) no Trustee shall be liable for any error of judgment made in good faith; 

(d) a Trustee may rely, and shall be fully protected in relying on, the books and records of the Company or the Liquidating Trust and upon
such information, opinions, reports or statements presented by another Trustee, any Beneficiary or any employee of the Liquidating Trust or any other person as to matters the Trustee believes are within such other person’s professional or
expert competence, including information, opinions, reports and statements as to the value or amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay Liabilities or claims and obligations of the
Liquidating Trust or to make reasonable provisions to pay such Liabilities, claims and obligations, or any other facts pertinent to the existence and amounts from which distributions to Beneficiaries or creditors might be properly paid; 

(e) no Trustee shall be liable with respect to any action taken or omitted to be taken in good faith by it at the written direction of the
Beneficiaries where such direction has been approved by the affirmative vote of or written consents of Beneficiaries holding Units representing a majority of the Liquidating Trust Interests; and 

(f) no Trustee shall be responsible for the acts or omissions of any successor Trustee, nor shall any successor Trustee be responsible for the
acts or omission of a predecessor Trustee. 
 9.2. Indemnification of Trustee. Each Trustee and each of the employees and agents
appointed or employed by the Trustees pursuant to this Agreement, if any (each an “Indemnified Person” and collectively, the “Indemnified Persons”) shall be indemnified out of all Liquidating Trust Assets against
all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and all costs and expenses, including, but not limited to, reasonable counsel fees and disbursements paid or incurred in
investigating or defending against any such claim, demand, action, suit or proceeding by the Indemnified Persons in connection with the defense or disposition of any action, suit or other proceeding by the Liquidating Trust or any other Person,
whether civil or criminal, in which the Indemnified Person may be involved or with which the Indemnified Person may be threatened while in office or thereafter, by reason of its or his or her being or having been such a Trustee, employee or agent;
provided, however, that the Indemnified Person shall not be entitled to such indemnification to the extent that the Indemnified Person shall have been finally adjudicated to have engaged in misconduct intentionally committed in bad
faith. The rights accruing to any Indemnified Person under these provisions shall not exclude any other right to which the Indemnified Person may be lawfully entitled. The Trustees shall cause the Liquidating Trust to make advance payments in
connection with indemnification under this Section 9.2, provided, that the Indemnified Person shall have given a written undertaking to repay any amount advanced to the Indemnified Person and to reimburse the
Liquidating Trust in the event it is 

  
 18 

 
subsequently determined in a final adjudication by a court of law that the Indemnified Person is not entitled to such indemnification. The Trustees may purchase with the Liquidating Trust Assets
such insurance as they believe, in the exercise of their sole discretion, adequately insures that each Indemnified Person shall be indemnified against any such loss, liability or damage pursuant to this Section 9.2. The
rights accruing to any Indemnified Person by reason of the foregoing shall not be deemed to exclude any other right to which he, she or it may legally be entitled nor shall anything else contained herein restrict the right of the Trustees to
indemnify or reimburse such Indemnified Person in any proper case even though not specifically provided for herein, nor shall anything contained herein restrict the right of any such Indemnified Person to contribution under applicable law. As
security for the timely and full payment and satisfaction of all of the present and future obligations of the parties to the Trustees under this Agreement, including, without limitation, the indemnity obligations hereunder, whether joint or several,
the Liquidating Trust (and by accepting distributions hereunder, each Beneficiary) hereby grants to the Trustees, as to the Beneficiaries, a continuing security interest in and to any and all of the Liquidating Trust Assets, whether now existing or
hereafter acquired or created, together with the products and proceeds thereof, all payments and other distributions with respect thereto, and any and all investments, renewals, substitutions, modifications and extensions of any and all of the
foregoing. In addition, in the event any Trustee has not received any payment, indemnity, reimbursement or other amount due it under this Agreement, then, notwithstanding any other term or provision of this Agreement, such Trustee may, in its
discretion, set off and apply any of the Liquidating Trust Assets as is required to pay and satisfy those obligations. Promptly after the receipt by the Trustees of notice of any demand or claim or the commencement of any action, suit or proceeding,
the Trustees shall, if a claim in respect thereof is to be made against any of the other parties hereto, notify such other parties thereof in writing; but the failure by the Trustees to give such notice shall not relieve any party from any liability
which such party may have to the Trustees hereunder. Notwithstanding any obligation to make payments and deliveries hereunder, the Trustees may retain and hold for such time as they reasonably deem necessary such amount of the Liquidating Trust
Assets as the Trustees shall from time to time, in their sole discretion, reasonably deem sufficient to indemnify the Trustees for any such loss or expense and for any amounts due to the Trustees hereunder. Except as required by law or as expressly
provided herein, the Trustees shall be under no duty to institute any suit, or to take any remedial procedures under this Agreement, or to enter any appearance or in any way defend any suit in which any Trustee may be made a defendant hereunder
until the Trustees shall be indemnified as provided above, except as expressly set forth herein. 
 ARTICLE 10 

REPORTS TO BENEFICIARIES 
 10.1.
Securities Laws, Tax and Other Reports to Beneficiaries. 
 (a) Securities Laws. The issuance of Liquidating Trust Interests
under the Plan shall be exempt from registration under the Securities Act of 1933, as amended, and applicable state and local laws requiring registration of securities. To extent the Liquidating Trust is required to comply with the reporting
requirements of the Securities Exchange Act of 1934, as amended, the Trustees shall take any and all actions to comply with such reporting 

  
 19 

 
requirements. The Liquidating Trust may disclose annual financial statements, which need not be audited, to the Beneficiaries (which statements, if prepared and distributed, shall be filed under
cover of Form 10-K under the Company’s Securities and Exchange Commission file number to the extent the Liquidating Trust is eligible to do so) but need not prepare or distribute any quarterly financial
statements. 
 (b) Reports to Beneficiaries. 

(i) Within 120 days after the end of each taxable year of the Liquidating Trust and after termination of the Liquidating Trust, the Trustees
shall publicly disclose by filing with the Securities and Exchange Commission or otherwise a written report to the Beneficiaries of the Liquidating Trust’s property, liabilities, receipts, and disbursements, including the source and amount of
the compensation of the Trustees, a listing of the trust assets, and, if feasible, the respective market values of the Liquidating Trust’s assets. at the end of such taxable year or upon termination, to the extent known to the Trustees. The
Trustees may submit similar reports for such interim periods during the taxable year as they deem advisable. The taxable year of the Liquidating Trust shall end on December 31 of each year unless the Trustees deem it advisable to establish some
other date as the date on which the taxable year of the Liquidating Trust shall end, to the extent permitted by applicable law. 
 (ii) The
Trustees shall submit, pursuant to, and in accordance with, Section 14.5-813(c) of the Act, such other report(s) to the Beneficiaries as may be required from time to time. 

(c) Federal Income Tax Information. As soon as practicable after the close of each taxable year and after the termination of the
Liquidating Trust, the Trustees shall submit to each Beneficiary appearing on its records during such year a separate statement setting forth the Beneficiary’s share of items of income, gain, loss, deduction or credit and will instruct all such
holders to report such items on their federal income tax returns. The Liquidating Trust’s taxable income, gain, loss, deduction and credit will be allocated to the Beneficiaries in proportion to the Liquidating Trust Interests of each
Beneficiary. The Trustees shall file (or cause to be filed) any other statements, returns or disclosures relating to the Liquidating Trust that are required by any governmental authority. In addition, after receipt of a written request in good
faith, or in the Trustees’ discretion without such request or if required by applicable law, the Trustees shall furnish to any person who has been a Beneficiary at any time during the preceding taxable period a statement containing such further
information as is reasonably available to the Trustees, which shall be helpful in determining the amount of taxable income which such person should include in such person’s federal income tax return. In the event that any Liquidating Trust
Asset includes one or more obligations that are payable over a period that ends after the third (3rd) anniversary of the Transfer Time, the Trustees annually will compile and disseminate to each
Beneficiary all available tax return information with respect to interest (stated or unstated) and otherwise necessary or useful in reporting under the installment method. 

  
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 ARTICLE 11 

DURATION AND TERMINATION OF LIQUIDATING TRUST 

11.1. Termination of Liquidating Trust. The Liquidating Trust will terminate on the earlier of (a) the date of the final
distribution of all of the Liquidating Trust Assets in accordance with the terms of this Agreement, the Plan and applicable law; and (b) the third (3rd) anniversary of the Transfer Time.
Notwithstanding the foregoing, to the extent any Liquidating Trust Asset includes one or more obligations that are payable over a period that ends after the third (3rd) anniversary of the Transfer
Time, the Trustee may extend the term of the Liquidating Trust for multiple fixed-term periods as is reasonably necessary to collect on such obligations and make distributions in respect thereof, but only with respect to such obligations. The
aggregate of all such extensions shall not exceed three (3) years, unless the Trustees receive a favorable ruling from the IRS that any further extension would not adversely affect the status of the Liquidating Trust as a liquidating trust
within the meaning of Treasury Regulations Section 301.7701-4(d) for federal income tax purposes. The Trustees shall not unduly prolong the duration of the Liquidating Trust and shall at all times
endeavor to resolve, settle or otherwise dispose of all claims that constitute Liquidating Trust Assets and to effect the timely distribution of the Liquidating Trust Assets to the Beneficiaries in accordance with the terms hereof and terminate the
Liquidating Trust as soon as reasonably practicable. 
 ARTICLE 12 

AMENDMENT AND WAIVER 
 12.1. No
Right to Revoke Liquidating Trust or Withdraw Assets. Except as provided by Section 12.2(a), this Agreement is irrevocable and all transfers of Transferred Assets made to the Liquidating Trust may not be revoked or
withdrawn by the Company or by any shareholder or creditor of the Company. 
 12.2. Amendment and Waiver. 

(a) Prior to the Transfer Time, the Company reserves the right to modify the Plan, reserves the right to withhold assigning to the Liquidating
Trust any or all of the assets contemplated as being assigned to the Liquidating Trust by the Plan and reserves the right, by written instrument approved by Board and executed by an authorized officer of the Company, to amend terms of this
Agreement. 
 (b) Except as provided by Section 12.1, after the Transfer Time, with the consent of Beneficiaries
holding aggregate Units representing at least a majority of the total Liquidating Trust Interests present in person or by proxy at a meeting of the Beneficiaries, the Trustees may make and execute a declaration amending this Agreement for the
purpose of adding any provisions to or changing or eliminating provisions of this Agreement or amendments thereto; provided, however, that no change may be made to this Agreement that would adversely affect the federal income
status of the Liquidating Trust as a “liquidating trust” (in accordance with Section 2.2 hereof); and provided, further that no consent of the Beneficiaries shall be required with respect to any
amendment made for any of the following purposes, each such amendment requiring only the approval of the Trustees: 
 (i) for the purpose of
complying with applicable laws, including tax laws; 

  
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 (ii) to evidence the removal, resignation or discharge or appointment of a Trustee in
accordance with Section 4.1 and ARTICLE 8; 
 (iii) to cure any ambiguity, to correct or supplement any provision
herein that may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Agreement; or 

(iv) as may be necessary or appropriate in the sole discretion of the Trustees to ensure that the Liquidating Trust Interests or the
Liquidating Trust are not subject to registration or the reporting requirements under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any state or local laws requiring registration. 

Notwithstanding this Section 12.2, any amendments to this Agreement shall not be inconsistent with the purpose and
intention of the Liquidating Trust to liquidate in an expeditious but orderly manner the Liquidating Trust Assets in accordance with Treasury Regulations Section 301.7701-4(d) and
Section 2.2 hereof. 
 ARTICLE 13 

MEETING OF BENEFICIARIES 
 13.1.
Purpose of Meetings. A meeting of the Beneficiaries may be called at any time and from time to time pursuant to the provisions of this ARTICLE 13 for the purposes of taking any action which the terms of this Agreement permit Beneficiaries
having aggregate Units representing a specified percentage of Liquidating Trust Interests to take. Any action proposed to be taken by the Beneficiaries shall be taken solely at a meeting of the Beneficiaries called pursuant to the provisions of this
ARTICLE 13 and may not be taken by the Beneficiaries by written consent without a meeting, except in accordance with Section 8.2. 

13.2. Meeting Called by the Trustees. The Trustees may at any time call a meeting of the Beneficiaries to be held at such time and at
such place as the Trustees shall determine. Written notice of every meeting of the Beneficiaries shall be given by the Trustees, which written notice will set forth the time and place of such meeting and in general terms the action proposed to be
taken at such meeting, and shall be mailed not more than ninety (90) nor less than ten (10) days before such meeting is to be held to all of the Beneficiaries as of the record date fixed by the Trustees in their sole discretion. The notice
shall be directed to the Beneficiaries at their respective addresses as they appear in the records of the Liquidating Trust. 

  
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 13.3. Meeting Called on Request of Beneficiaries. Within forty five (45) days
after written request to the Trustees by Beneficiaries holding Units representing at least a majority of the aggregate Liquidating Trust Interests to call a meeting of all of the Beneficiaries, which written request shall specify in reasonable
detail the action proposed to be taken, the Trustees shall mail the notice, fix the record date and otherwise proceed under the provisions of Section 13.2 of this Agreement to call a meeting of the Beneficiaries.
Beneficiaries may call a meeting of Beneficiaries in accordance with Section 8.2. 
 13.4. Persons Entitled to Vote at Meeting of
Beneficiaries. Each Beneficiary shall be entitled to vote at a meeting of the Beneficiaries either in person or by his, her or its proxy duly authorized in writing. The signature of the Beneficiary on such written authorization need not be
witnessed or notarized. The number of votes of each Beneficiary shall be equal to the number of Units held by such Beneficiary as of the record date for such action or meeting, determined pursuant to the official register maintained by the Trustees
under Section 3.1. 
 13.5. Quorum. At any meeting of Beneficiaries, the presence in person or by proxy of
Beneficiaries holding Units representing at least a 33% of the aggregate Liquidating Trust Interests shall constitute a quorum; but if less than a quorum be present, Beneficiaries having a majority of the Liquidating Trust Interests so present and
so represented may adjourn such meeting with the same effect and for all intents and purposes as though a quorum had been present. 
 13.6.
Adjournment of Meeting. Subject to Section 13.5 of this Agreement, any meeting of Beneficiaries may be adjourned from time to time and a meeting may be held at such adjourned time and place without further notice.

 13.7. Conduct of Meeting. With respect to each meeting of the Beneficiaries, the Trustees (or, there are then no remaining
Trustees, Beneficiaries present or represented by proxy) may adopt such rules for the conduct of such meeting as they shall deem appropriate, provided that such rules shall not be inconsistent with the provisions of this Agreement. 

ARTICLE 14 
 MISCELLANEOUS
PROVISIONS 
 14.1. Documents. The Trustees, in their discretion, may elect to file or record this Agreement in offices, and in such
office or offices as the Trustees may determine to be necessary or desirable. A copy of this Agreement and all amendments thereof shall be maintained at http://www.spiritmastertrust.com (or any other public website selected by the Trustees) and 2727
North Harwood Street, Suite 300, Dallas, TX 75201 or in such other office as shall be identified on such website by the Trustees from time to time and be available at all times during regular business hours for inspection by the Beneficiaries or
such person’s duly authorized representative. The Trustees shall file or record any amendment of this Agreement in the same places where the original Agreement is filed or recorded. The Trustees shall file or record any instrument which relates
to any change in the office of the Trustees in the same places, if any, where the original Agreement is filed or recorded. 

  
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 14.2. Intention of Parties to Establish Liquidating Trust. This Agreement is not
intended to create and shall not be interpreted as creating an association, partnership, corporation or joint venture of any kind. This Agreement is intended to create a liquidating trust to be governed and construed in all respects as a trust. It
is intended that the Liquidating Trust be classified for federal income tax purposes as a liquidating trust within the meaning of Treasury Regulations Section 301.7701-4(d), and any ambiguity herein shall
be construed consistent with the foregoing and, if necessary, this Agreement may be amended to comply with such federal income tax laws, which amendments may apply retroactively. 

14.3. Preservation of Privilege and Defenses. In connection with the rights, claims and causes of action that constitute the
Liquidating Trust Assets, any attorney-client privilege, work-product privilege or other privilege or immunity attaching to any documents or communications (whether written or oral) transferred to the Liquidating Trust shall vest in the Trustees,
and the Trustees, their representatives and the Company are authorized to take all necessary actions to effectuate the transfer of such privileges and available defenses. 

14.4. Beneficiaries Have No Rights or Privileges as Shareholders; Third Party Beneficiaries. Except as expressly provided in this
Agreement or under applicable law, the Beneficiaries shall have no rights or privileges as Beneficiaries attributable to their former status as Shareholders. 

14.5. Laws as to Construction. This Agreement, the internal affairs of the Liquidating Trust and the rights and obligations of the
Trustees as trustees and the Beneficiaries as holders of Liquidating Trust Interests, shall be governed by and construed in accordance with the laws of the State of Maryland, without giving effect to rules governing the conflict of laws, including,
but not limited to, Section 14.5-105 of the Act. In the event of any conflict between the terms of this Agreement and the Plan, this Agreement shall control. 

14.6. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall be finally
determined by a court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such provision to Persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby, and such provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

14.7. Notices. Any notice or other communication hereunder shall be in writing (including by facsimile transmission or by e-mail) and shall be deemed to have been sufficiently given, for all purposes, if deposited, postage prepaid, in a post office or letter box addressed to the person for whom such notice is intended (or, in the case
of notice by facsimile transmission or email, when received and telephonically or electronically confirmed), addressed as follows (provided, however, that only one notice or other communication hereunder need be sent to holders sharing
the same address): 
 If to the Company, to: 

Spirit MTA REIT 
 2727 North
Harwood Street, Suite 300, 
 Dallas, TX 75201 

  
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 Attention: Ricardo J. Rodriguez, President and Chief Executive Officer 

Phone: (972) 476-1997 

Fax: (800) 973-0850 

Email: 
 If to the Trustees, to:

 Trustees 
 SMTA Liquidating
Trust 
 2727 North Harwood Street, Suite 300, 

Dallas, TX 75201 
 Attention:
Steven G. Panagos, Steven H. Shepsman, Richard J. Stockton and 
 Thomas J. Sullivan 

Phone: (972) 476-1997 

Fax: (800) 973-0850 

Email: 
 With a copy to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 
 New York, NY
10004 
 Attention: Philip Richter and Erica Jaffe 

Phone: (212) 859-8000 

Fax: (212) 859-4000 

Email: philip.richter@friedfrank.com; erica.jaffe@friedfrank.com 

14.8. Headings. The section headings contained in this Agreement are solely for convenience of reference and shall not affect the
meaning or interpretation of this Agreement or of any term or provision hereof. 
 14.9. Counterparts. This Agreement may be executed
in any number of counterparts, each of which shall be deemed to be an original instrument, but all together shall constitute one agreement. 

14.10. Relationship to the Plan. The principal purpose of this Agreement is to aid in the implementation of the Plan and therefore this
Agreement incorporates the provisions of the Plan. To that end, the Trustees shall have full power and authority to take any action consistent with the purpose and provisions of the Plan. If any provisions of this Agreement are found to be
inconsistent with the provisions of the Plan, the provisions of this Agreement shall control. 
 14.11. No Bond. No bond shall be
required of the initial Trustees appointed hereunder, unless so required pursuant to Section 14.5-702 of the Act or other applicable law. Unless a bond is required by
Section 14.5-702 of the Act or other applicable law, and such requirement cannot be waived by the remaining Trustees (if any) or the Beneficiaries, no bond shall be required of any successor Trustee
hereunder. If a bond is required pursuant to Section 14.5-702 

  
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of the Act or other applicable law, no surety or security with respect to such bond shall be required unless required by law and such requirement cannot be waived by the remaining Trustees (if
any) or the Beneficiaries. In the event a surety or security is required, the remaining Trustees (if any) or the Beneficiaries shall, to the extent permitted by law, determine the extent and amount of such surety or security with respect to such
bond. The cost of any such bond shall be borne by the Liquidating Trust. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the undersigned have executed and acknowledged this Agreement, all as of
the date first above written. 
  

			
	SPIRIT MTA REIT

 
			
		
	By:	 	/s/ Ricardo Rodriguez

 
			
	Name: Ricardo Rodriguez
	Title: Chief Executive Officer, President, Chief Financial Officer and Treasurer
	
	TRUSTEES
	
	/s/ Steven G. Panagos
	Steven G. Panagos
	
	/s/ Steven H. Shepsman
	Steven H. Shepsman
	
	/s/ Richard J. Stockton
	Richard J. Stockton
	
	/s/ Thomas J. Sullivan
	Thomas J. Sullivan

 [Liquidating Trust Agreement - Signature Page]

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