Document:

Exhibit

Exhibit 10.1
April 18, 2017
Mr. H. James Knuppe and  
Mrs. Barbara J. Knuppe 
5601 Jensen Road 
Castro Valley, CA 94552-5013
		
	Re:  
	Letter Agreement to Amend the Promissory Note and Irrevocable Waiver 
of a Portion of the Series A Preferred Priority Return

Dear Sirs:
This letter agreement (this “Letter Agreement”) is being entered into by and between Extra Space Storage LP, a Delaware limited partnership (the “Partnership”), ESS Holdings Business Trust I, a Massachusetts business trust (the “General Partner”), as general partner of the Partnership, and H. James Knuppe and Barbara J. Knuppe (collectively, the “Knuppes”), as limited partners of the Partnership pursuant to the Third Amended and Restated Agreement of Limited Partnership of Extra Space Storage LP (the “Partnership Agreement”) dated as of November 22, 2013, as amended from time to time.  
This Letter Agreement amends certain provisions of that certain Promissory Note dated as of June 25, 2007 made by the Knuppes in favor of the Partnership (the “Promissory Note”), as amended from time to time.  Paragraph 1 of the Promissory Note, as amended, currently provides that the outstanding balance of the amount due under the Promissory Note shall bear interest at the rate of four and eighty-five one hundredths percent (4.85%) per annum (the “Interest Rate”).  Paragraph 2 of the Promissory Note, as amended by the letter agreement entered into by and between the Partnership, the General Partner, and the Knuppes dated as of November 22, 2013 (the “2013 Letter Agreement”), provides the Knuppes (as “Borrowers”) shall pay to the Partnership (as “Lender”) all principal and other amounts due and unpaid under the Promissory Note on June 25, 2020 (the “Maturity Date”).   
Now the Partnership, the General Partner, and the Knuppes agree to the following modifications of the Promissory Note:
		
	1.
	Reduction of the Interest Rate.  The reference in Paragraph 1 of the Promissory Note, as amended, to “four and eighty-five one hundredths percent (4.85%)” is hereby deleted  and replaced by “two and one hundred twenty-five thousandths percent (2.125%), and subject to adjustment after nine years following the effective date of this Letter Agreement to the applicable Federal mid-term rate, compounded annually, for April 2026 as published by the U.S. Treasury Department.”

		
	2.
	Extension of Maturity Date of Promissory Note.  Reference to “June 25, 2017” in Paragraph 2 of the Promissory Note, as amended by the 2013 Letter Agreement, is hereby deleted and replaced by “the last to die of H. James Knuppe and Barbara J. Knuppe.” 

In consideration for the above modifications to the Promissory Note and subject to the Condition Precedent defined herein, the Knuppes, in their capacity as holders of Series A Preferred Units of the Partnership, agree to the following:
		
	1.
	Irrevocable Waiver of a Portion of the Series A Preferred Priority Return.  Section 16.2(A) of the Partnership Agreement entitles the Knuppes, as holders of the Series A Preferred Units, to receive, at least quarterly to the extent of Available Cash, an amount equal to the Series A Preferred Priority Return.  The Series A Preferred Priority Return means, with respect to each Series A Preferred Unit, an amount equal to the sum of (a) 5.00% per annum on the Series A Preferred Stated Value per Series A Preferred Unit, commencing on the date of original issuance of the Series A Preferred Units and (b) the Series A Preferred Return.

The Knuppes hereby agree to irrevocably waive the portion of the Series A Preferred Priority Return in an amount equal to 2.75% per annum on the Series A Preferred Stated Value per Series A Preferred Unit in perpetuity while the Knuppes remain holders of Series A Preferred Units of the Partnership (the “Irrevocable Waiver”).  For the avoidance of doubt, from the effective date of this Letter Agreement, the Irrevocable Waiver shall entitle the Knuppes, as holders of the Series A Preferred Units, to receive quarterly distributions pursuant to Section 16.2(A) of the Partnership Agreement as a Series A Preferred Priority Return in an amount equal to the sum of (a) 2.25% per annum on the Series A Preferred Stated Value per Series A Preferred Unit and (b) the Series A Preferred Return.
		
	2.
	The Series A Preferred Units Held by a Trust.  The Knuppes currently hold their Series A Preferred Units in the Partnership through a revocable trust and agree that such units will continue to be held by either the current revocable trust or a successor revocable or irrevocable trust until the death of the last to die of H. James Knuppe and Barbara Knuppe, after which the Series A Preferred Units may no longer be held by a trust.  The parties acknowledge that the purpose of this requirement is to ensure that the Series A Preferred Units will not be subject to the jurisdiction of a probate court upon the deaths of either H. James Knuppe or Barbara Knuppes, and this Letter Agreement shall be interpreted in order to conform with such intent.

		
	3.
	Redemption of the Series A Preferred Units.  It is the parties’ intention that upon the last to die of H. James Knuppe and Barbara J. Knuppe, the Series A Preferred Units may be redeemed pursuant to a Series A Preferred Redemption as described in Section 16.4(A) of the Partnership Agreement by offsetting the Series A Preferred Redemption Amount against the amount due and payable on the Promissory Note, provided that the aggregate Series A Preferred Redemption Amount equals or exceeds the amount due and payable on the Promissory Note, with the excess balance of the Series A Preferred Redemption Amount to be paid by the Partnership to the holders of the Series A Preferred Units in full satisfaction of the Series A Preferred Units.  This provision does not release or alter the Knuppes’ obligations under the Promissory Note but instead provides a manner for repayment of the amounts due and payable on the Promissory Note following the last to die of the Knuppes.

As a condition for entering into this Letter Agreement (the “Condition Precedent”), the General Partner and the Knuppes (along with any related parties which own the Knuppe Properties, as defined herein) agree to execute a right of first offer agreement (the “ROFO Agreement”) within 

Page 2

60 days of the effective date of this Letter Agreement whereby upon the date of death of the last to die of the Knuppes, the Partnership will be given a right of first offer to acquire from the Knuppes' estate the properties commonly referred to as: i) AAAAA Rent-A-Space-Moraga, Ltd. Limited Partnership, ii) AAAAA Rent-A-Space, Foster City, Ltd. Limited Partnership, and iii) AAAAA Rent-A-Space, Maui Limited Partnership (“Knuppe Properties”).
Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Partnership Agreement.
This Letter Agreement may be executed in any number of counterparts with the same effect as if all the signatories had signed the same document.  All counterparts shall be construed together and shall constitute one agreement.
***Remainder of this page left intentionally blank***

Page 3

If the foregoing meets with your approval, kindly countersign this Letter Agreement below to indicate your acceptance and agreement to its terms.
Sincerely,
EXTRA SPACE STORAGE LP, a Delaware limited partnership
		
	By:
	ESS HOLDINGS BUSINESS TRUST I, a Massachusetts business trust, its sole general partner

	
		
	By:
	/s/ Gwyn G McNeal

	Name:
	Gwyn G McNeal

	Title:
	Trustee

Accepted and agreed as of the date first above written.

ESS HOLDINGS BUSINESS TRUST I, a Massachusetts business trust
	
		
	By:
	/s/ Gwyn G McNeal

	Name:
	Gwyn G McNeal

	Title:
	Trustee

H. JAMES KNUPPE
	
	
	/s/ H. James Knuppe

BARBARA J. KNUPPE
	
	
	/s/ Barbara J. Knuppe

Page 4Exhibit

                                                                                            Exhibit 10.1
Regulus Therapeutics Inc.

Joseph P. Hagan Yearly Discretionary Base Salary Increase

The Board of Directors (the “Board”) of Regulus Therapeutics Inc., upon the recommendation of the Compensation Committee of the Board, approved the increase of Mr. Hagan’s annual base salary to $427,450, effective January 1, 2017.Exhibit

                         Exhibit 10.2
Regulus Therapeutics Inc.
Timothy Wright, Ph.D. Yearly Discretionary Base Salary Increase

The Board of Directors (the “Board”) of Regulus Therapeutics Inc., upon the recommendation of the Compensation Committee of the Board, approved the increase of Dr. Wright’s annual base salary to $453,366, effective January 1, 2017.Exhibit

           Exhibit 10.3

Regulus Therapeutics Inc.

Paul C. Grint, M.D. Yearly Discretionary Base Salary Increase

The Board of Directors (the “Board”) of Regulus Therapeutics Inc., upon the recommendation of the Compensation Committee of the Board, approved the increase of Dr. Grint’s annual base salary to $545,900, effective January 1, 2017.Exhibit

Exhibit 4.8
EXECUTION VERSION

This Fifth Supplemental Indenture, dated as of April 13, 2017 (the “Fifth Supplemental Indenture”), among Apollo Management Holdings, L.P., a limited partnership duly organized and existing under the laws of the State of Delaware (the “Company”), the Guarantors party hereto, Apollo Principal Holdings XII, L.P., an exempted limited partnership duly formed and existing under the laws of the Cayman Islands (the “New Guarantor”), and Wells Fargo Bank, National Association, a national banking association, as Trustee under the Indenture (as hereinafter defined) and hereunder (the “Trustee”), supplements that certain Indenture, dated as of May 30, 2014, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture”), as supplemented by the first supplemental indenture, dated as of May 30, 2014, (the “First Supplemental Indenture”), as further supplemented by the second supplemental indenture, dated as of January 30, 2015, (the “Second Supplemental Indenture”), as further supplemented by the third supplemental indenture, dated as of February 1, 2016, and as further supplemented by the fourth supplemental indenture, dated as of May 27, 2016, (as so supplemented, the “Indenture”).  Capitalized terms used herein without definitions shall have the meaning assigned to them in the Indenture.
RECITALS OF THE COMPANY 
The Company and the Guarantors party thereto have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time to time of one or more series of the Company’s senior unsecured debt securities.
The  Company and the Guarantors party thereto have heretofore executed and delivered to the Trustee (a) the First Supplemental Indenture providing for the issuance and the terms of a series of Securities designated as the Company’s “4.000% Senior Notes due 2024” and (b) the Fourth Supplemental Indenture providing for the issuance and the terms of a series of Securities designated as the Company’s “4.400% Senior Notes due 2026”.
The Company and the Guarantors party thereto have heretofore executed and delivered to the Trustee the Second Supplemental Indenture and the Third Supplemental Indenture pursuant to which APO X and APO XI, respectively, (i) agreed to become a party to the Indenture as a Guarantor and (ii) to fully and unconditionally Guarantee to each Holder of the Notes and the Trustee the obligations of the Company pursuant to and as set forth in Article XIV of the Base Indenture.
Section 1402 of the Indenture provides that the Company and each Guarantor shall cause each New Apollo Operating Group Entity (other than a Non-Guarantor Entity) to become a Guarantor pursuant to the Indenture and provide a Guarantee in respect of the Notes.
The New Guarantor is a New Apollo Operating Group Entity and is not a Non-Guarantor Entity under the terms and conditions set forth under the Indenture.
Pursuant to Section 901 of the Indenture, the Company, the Guarantors and the Trustee may, without the consent of any Holders, enter into this Fifth Supplemental Indenture for the purpose of adding the New Guarantor as a Guarantor under the Indenture.
Pursuant to Sections 901 and 1413 of the Indenture, the Trustee is authorized to execute and deliver this Fifth Supplemental Indenture.
This Fifth Supplemental shall not result in a material modification of the Notes for purposes of the Foreign Account Tax Compliance Act.
Section 1.1    Agreement to be Bound. The New Guarantor hereby agrees to become a party to the Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.
Section 1.2    Guarantee. The New Guarantor agrees, on a joint and several basis, with the existing Guarantors, to fully and unconditionally Guarantee to each Holder of the Notes and the Trustee the obligations of the Company pursuant to and as set forth in Article XIV of the Base Indenture.
Section 1.3    Notices.  All notices or other communications to the New Guarantor shall be given as provided in Section 105 of the Base Indenture.
Section 1.4    Execution as Supplemental Indenture.  This Fifth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental Indenture, and, as provided in the Base Indenture, forms part thereof. 
Section 1.5    Not Responsible for Recitals.  The recitals contained herein shall be taken as the statements of the Company, the Guarantors party hereto and the New Guarantor, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture or of the Guarantees. 
Section 1.6    Separability Clause.  In case any provision in this Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
Section 1.7    Successors and Assigns.  All covenants and agreements in this Fifth Supplemental Indenture by the Company and the Guarantors shall bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Fifth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 
Section 1.8    Execution and Counterparts.  This Fifth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  This exchange of copies of this Fifth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Fifth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fifth Supplemental Indenture and signature pages for all purposes. 
Section 1.9    Governing Law.  This Fifth Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of law. 
[Signature page to follow.] 

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed all as of the day and year first above written.
Apollo Management Holdings, L.P., as Issuer
		
	By:
	Apollo Management Holdings GP, LLC, its general partner

		
	By:
	/s/ Jessica L. Lomm      
Name:    Jessica L. Lomm 
Title:    Vice President

Apollo Principal Holdings I, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings I GP, LLC, its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings II, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings II GP, LLC, its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings III, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings III GP, Ltd., its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings IV, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings IV GP, Ltd., its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings V, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings V GP, LLC, its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings VI, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings VI GP, LLC, its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings VII, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings VII GP, Ltd., its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings VIII, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings VIII GP, Ltd., its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings IX, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings IX GP, Ltd., its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings X, L.P., as Guarantor
		
	By:
	 Apollo Principal Holdings X GP, Ltd., its general partner

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

AMH Holdings (Cayman), L.P., as Guarantor
		
	By:
	 AMH Holdings GP, Ltd., its general partner

		
	By:
	 Apollo Management Holdings GP, LLC, its sole director

		
	By:
	/s/ Jessica L. Lomm     
Name:    Jessica L. Lomm Title:    Vice President

Apollo Principal Holdings XI, LLC, as Guarantor
		
	By:
	/s/ Dominic Fry     
Name:     Dominic Fry      Title:    Manager

Apollo Principal Holdings XII, L.P., as Guarantor
		
	By:
	Apollo Principal Holdings XII GP, LLC., its general partner

		
	By:
	/s/ John J. Suydam     
Name:    John J. Suydam   Title:    Authorized Signatory

Wells Fargo Bank, National Association,  
as Trustee
		
	By:
	 /s/ Raymond Delli Colli                             
Name: Raymond Delli Colli  
Title:   Vice President     

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