Document:

Document

Exhibit 99.1

SEPARATION AND RELEASE AGREEMENT
This Separation and Release Agreement (the “Agreement”) is entered into between INNOVATE Corp. (the “Employer” or the “Company”) and Joseph Ferraro (“Employee”) (the Employer and Employee will be collectively referred to hereinafter as the “Parties”).
WHEREAS, Employee and the Company are parties to that certain Employment Agreement dated as of September 11, 2017 (the “Employment Agreement”);
WHEREAS, in light of changes in the nature of the Company’s business, the Company has determined to eliminate the position of Chief Legal Officer, which position is currently held by Employee, and to treat Employee’s separation as a termination “without Cause” under the Employment Agreement;
WHEREAS, Employee is a participant under the Company’s Executive Severance Guidelines as of October 21, 2021 (the “Guidelines”); 
WHEREAS, in recognition of Employee’s years of service, dedication, and unique knowledge concerning the Company’s legal and regulatory matters, the Company desires to enter into a consulting arrangement with Employee; and
WHEREAS, the Parties seek to fully and finally settle all existing claims, whether or not now known, arising out of Employee’s employment and termination of employment on the terms set forth herein.
NOW THEREFORE, the Parties mutually understand and agree as follows:
1.Notice; Transition Period.  This Agreement shall serve as thirty (30) days of advance written notice of Employee’s termination of employment in accordance with and pursuant to the Employment Agreement.  As of September 14, 2022, Employee shall cease to serve as the Chief Legal Officer and Corporate Secretary of the Company.  Provided that Employee (a) complies with Company polices and (b) timely delivers an executed version of this Agreement to the Company, and the Revocation Period (defined in Paragraph 14 below) expires without revocation of this Agreement by Employee, Employee shall remain employed through October 14, 2022 (the “Termination Date”), Employee shall cease performing any and all services to the Company and its affiliates effective as of September 14, 2022, unless otherwise requested by the Company prior to the Termination Date.
2.Payments and Benefits.  
(a)Regardless of whether Employee timely executes or re-executes this Agreement and whether this Agreement becomes effective or becomes re-effective in accordance with its terms, Employee shall receive the amounts in accordance with Section 5(b) of the Employment Agreement.  
(b)If (x) Employee has complied with Company polices through the Termination Date and (y) Employee timely delivers a re-executed version of this Agreement to the Company, and the Re-execution Revocation Period (defined in Paragraph 14(b) below) expires without revocation of this Agreement by Employee, then in full satisfaction of Section 5(c) of the Employment Agreement and the Guidelines, the Company will provide Employee with:
(i)a gross amount of cash equal to $488,750 (the “Severance Payment”), paid in twenty-four (24) bi-weekly payments commencing on the first payroll date following the Termination Date, subject to deductions and withholdings authorized or required by applicable law; 

(ii)the COBRA premium cost of the continued healthcare insurance coverage under the Company’s group health insurance plan pursuant to the requirements of the Internal Revenue Code of 1986, as amended, and the Employee Retirement Income Security Act of 1974, as amended (commonly referred to as “COBRA”) paid by the Company on behalf of Employee for a period of twelve (12) months; provided, that Employee (and/or dependents) properly and timely elects continued insurance coverage pursuant to COBRA (the “COBRA Benefit”); provided, that after expiration of the COBRA Benefit, the monthly COBRA premiums are Employee’s responsibility (and/or Employee’s dependents if they elect coverage) and the Company is not obligated to make any further payments toward COBRA premiums after that date; 
(iii)a gross amount of cash equal to $10,000 in respect of outplacement services suitable to Employee’s position for a period of twelve (12) months following the Termination Date (the “Outplacement Benefit”), paid in twenty-four (24) bi-weekly payments commencing on the first payroll date following the Termination Date, subject to deductions and withholdings authorized or required by applicable law; 
(iv)full vesting of outstanding unvested equity awards held by Employee as of the Termination Date and the exercise period of outstanding stock options held by Employee as of the Termination Date will be extended to the earlier of twelve (12) months following the Termination Date or the expiration date (collectively, the “Equity Award Benefit”); provided, that Employee’s equity awards shall be net-settled at the time of vesting or exercise, as applicable; provided, further, that the shares in respect of Employee’s equity awards shall be issued as soon as reasonably practicable following vesting or exercise, as applicable; and
(v)a consulting arrangement as set forth in Paragraph 2(d) below (the “Consulting Arrangement”).
(c)If Employee timely delivers an executed version of this Agreement to the Company, and the Revocation Period expires without revocation of this Agreement by Employee, then the Company will provide Employee with a gross amount of cash for Employee’s 2022 annual bonus equal to $690,625 (the “2022 Bonus”).  The 2022 Bonus will be paid in lump sum at the same time bonuses are paid to the named executive officers of the Company, but no later than March 15, 2023, subject to deductions and withholdings authorized or required by applicable law.
(d)Consulting Arrangement. 
(vi)Employee will serve as an outside consultant providing legal advice to the Company and its affiliates for a three-month period commencing on the Termination Date, subject to additional three-month extensions mutually agreed upon by Employee and the Company in writing (the “Consulting Period”).  Employee shall provide such consulting services during the Consulting Period as may be requested by the Company from time to time.  The Consulting Period may be terminated by either Employee or the Company at any time for any or no reason.  The Company will pay Employee a monthly consulting fee of $25,000 (the “Consulting Fee”), which will be prorated for any partial month in which services are rendered, payable no later than ten (10) days following the end of the month with respect to which such Consulting Fee relates; provided, that if the Company terminates the Consulting Period for any reason prior to the expiration of the then-current Consulting Period, the remaining unpaid Consulting Fees for such Consulting Period shall be paid no later than twenty (20) days following such termination.  Employee will be responsible for the payment of all taxes relating to the Consulting Fee and the Consulting Fee will not be subject to withholding for taxes.  In respect of the Consulting Fee, the Company will not make any social security, workers compensation, or unemployment insurance payments on your behalf.  The Company will reimburse Employee in accordance with Company policies for actual and reasonable out-of-

pocket business expenses incurred in performing the consulting services during the Consulting Period with such reimbursement not to exceed $1,500 during the then-current Consulting Period, which shall be paid within thirty (30) days of receipt of an invoice. 
(vii)Employee will be acting as an independent contractor to the Company.  Employee will not be considered an employee of the Company or any of its subsidiaries, affiliates, or joint ventures for any reason.  Employee will not be eligible for Company health and welfare benefits, retirement benefits, vacation or paid holidays or other benefits or conditions of employment available to employees of the Company, except as otherwise provided under Paragraph 2(b)(ii) above.  Nothing in this Agreement shall be interpreted or construed as creating or establishing a relationship of employer and employee during the Consulting Period between Employee and the Company. 
(viii)During the Consulting Period, Employee shall not have any authority to act as an agent of the Company, and Employee shall not represent to the contrary to any person.  Under no circumstances shall Employee have or claim to have power of decision hereunder in any activity on behalf of the Company, nor shall Employee have the power or authority hereunder to obligate, bind or commit the Company in any respect.  The consulting services being provided by Employee during the Consulting Period are on a non-exclusive basis, and Employee shall be entitled to perform or engage in any activity not inconsistent with or otherwise prohibited by this Agreement or by the surviving provisions of the Employment Agreement.
3.Consideration; Acknowledgement.  Employee acknowledges and agrees that (i) the continued employment, the 2022 Bonus, the Severance Payment, the COBRA Benefit, the Outplacement Benefit, the Equity Award Benefit and the Consulting Arrangement (collectively, the “Severance Package”) set forth in Paragraph 2 above exceed any amount to which Employee would otherwise be entitled upon termination of employment without providing a release of claims; (ii) the Severance Package is in full satisfaction of the Company’s obligations under the Employment Agreement and the Guidelines; and (iii) Employee has continuing obligations under the Employment Agreement (including, but not limited to Section 7 of the Employment Agreement) which are not in any way superseded by the terms of this Agreement and for the avoidance of doubt, the number of months referenced in Section 7(a)(i) of the Employment Agreement is twelve.  It is also understood and agreed that the Company will not seek to disqualify Employee from receiving unemployment compensation benefits for which he may otherwise be entitled and that for purposes of such unemployment benefits, Employee’s separation from employment shall be treated as a termination without cause.  The Company does not control the ultimate determination for an award of unemployment benefits, and it will respond truthfully to requests for information from the appropriate state agency.  The Company will not appeal any award of unemployment compensation to Employee.
4.Waiver and Release.  For valuable consideration from the Employer, the sufficiency of which Employee hereby acknowledges, Employee, on behalf of Employee and Employee’s executors, administrators, successors and assigns (collectively, “Releasors”) waives, releases, and forever discharges the Employer and its current and former affiliates and subsidiaries, together with each of their respective owners, investors, board members, officers, attorneys, partners, representatives, agents, and employees, and together with each of their respective affiliates, estates, predecessors, successors and assigns (collectively, the “Employer Releasees”) from any and all rights, causes of action, claims or demands, whether express or implied, known or unknown, that arise on or before the date that Employee executes or re-executes this Agreement, which Employee has or may have against the Employer and/or the other Employer Releasees, including, but not limited to, any rights, causes of action, claims, or demands relating to or arising out of the following:

(a)anti-discrimination, anti-harassment, and anti-retaliation laws, including, without limitation, the Age Discrimination in Employment Act of 1967 and the Older Worker Benefit Protection Act, which prohibit discrimination on the basis of age; Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Equal Pay Act, and Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Genetic Information Nondiscrimination Act, which prohibits discrimination on the basis of genetic information; the Americans With Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; the New York State Human Rights Law, as amended, and the New York City Human Rights Law, as amended, which prohibit discrimination based on age, disability, race, color, national origin, citizenship, religion, pregnancy, sex, sexual orientation, and marital status; and any other federal, state, or local laws prohibiting employment or wage discrimination, or retaliation; 
(b)other employment laws, including, without limitation, the Worker Adjustment and Retraining Notification Act, which requires that advance notice be given of certain workforce reductions; the Employee Retirement Income Security Act of 1974, which, among other things, protects employee benefits; the Family and Medical Leave Act, which requires employers to provide leaves of absence under certain circumstances; the New York Labor Law, as amended; the New York Civil Rights Law, as amended and any other federal, state, or local laws relating to employment;
(c)tort, contract, and quasi-contract claims, including, without limitation, claims for wrongful discharge, physical or personal injury, intentional or negligent infliction of emotional distress, fraud, fraud in the inducement, negligent misrepresentation, defamation, invasion of privacy, interference with contract or with prospective economic advantage, breach of express or implied contract, unjust enrichment, promissory estoppel, breach of covenants of good faith and fair dealing, negligent hiring, negligent supervision, negligent retention, and similar or related claims; and
(d)all remedies of any type, including, without limitation, damages and injunctive relief, in any action that may be brought on Employee’s behalf against the Employer and/or the Employer Releasees by any government agency or other entity or person.
Employee understands that Employee is releasing claims about which Employee may not know anything at the time Employee executes or re-executes this Agreement.  Employee acknowledges that it is Employee’s intent to release such unknown claims, even though Employee recognizes that someday Employee might learn new facts relating to Employee’s employment or learn that some or all of the facts Employee currently believes to be true are untrue, and even though Employee might then regret having executed or re-executed this Agreement.  Nevertheless, Employee acknowledges Employee’s awareness of that risk and agrees that this Agreement shall remain effective in all respects in any such case.  Employee expressly waives all rights Employee might have under any laws intended to protect Employee from waiving unknown claims.  
5.Excluded Claims.  Notwithstanding anything to the contrary in this Agreement, the waiver and release contained in this Agreement shall exclude any rights or claims that (a) may arise after the date on which Employee executes or re-executes this Agreement; (b) cannot be released under applicable law (such as worker’s compensation benefits and unemployment compensation claims); or (c) any rights Employee may have to bring any claim for indemnification or legal defense under any applicable directors and officers liability insurance policy, prior agreements or policies, by-laws or applicable common, state or federal law in accordance with the terms and conditions of the Indemnification Agreement, dated September 6, 2017, between Employee and the Company.  Moreover, nothing in this Agreement shall prevent or preclude Employee from challenging in good faith the validity of this Agreement, nor does it impose any conditions precedent, penalties, or costs for doing so, unless specifically authorized by applicable law. 

6.No Other Claims.  Except to the extent previously disclosed by Employee in writing to the Employer, Employee represents and warrants that Employee has (a) filed no claims, lawsuits, charges, grievances, or causes of action of any kind against the Employer and/or the other Employer Releasees and, to the best of Employee’s knowledge, Employee possesses no claims (including Fair Labor Standards Act “FLSA” and worker’s compensation claims); (b) received any and all compensation (including overtime compensation), meal periods, and rest periods to which Employee may have been entitled, and Employee is not currently aware of any facts or circumstances constituting a violation by the Employer and/or the other Employer Releasees of the FLSA or other applicable wage, hour, meal period, and/or rest period laws; and (c) not suffered any work-related injury or illness while employed by the Employer, and Employee is not currently aware of any facts or circumstances that would give rise to any worker’s compensation claim against the Employer and/or the other Employer Releasees; provided, however, that nothing in this Paragraph 6 shall be interpreted as requiring Employee to disclose any complaints he has made, or information he has disclosed, to government regulatory agencies concerning actual or suspected violations of law.
7.Wage Deduction Orders.  Employee represents and warrants that Employee is not subject to any wage garnishment or deduction orders that would require payment to a third party of any portion of the Severance Package.  Any exceptions to the representation and warranty contained in this Paragraph 7 must be described in writing and attached to the executed or re-executed copy of this Agreement that Employee submits to the Employer.  Such disclosure shall not disqualify Employee from receiving the Severance Package under this Agreement; provided, however, that the amount of the Severance Package described in Paragraph 2 shall be reduced in accordance with any such wage garnishment or deduction order as required by applicable law.    
8.Company Release.  If (x) Employee has complied with Company polices through the Termination Date and (y) Employee timely delivers a re-executed version of this Agreement to the Company, and the Re-execution Revocation Period (defined in Paragraph 14(b) below) expires without revocation of this Agreement by Employee, the Company agrees to fully and forever release, remise and discharge Employee from any and all claims which the Company had, may have had, or now has against Employee for or by reason of any matter, cause or thing whatsoever, including any claim arising out of or attributable to Employee’s employment or the termination of Employee’s employment with the Company; provided, that any potential claims with respect to the services provided during the Consulting Period shall be excluded from the foregoing. 
9.Non-Admission of Liability.  The Parties agree that nothing contained in this Agreement is to be construed as an admission of liability, fault, or improper action on the part of either of the Parties.
10.Confidentiality.  Employee represents and warrants that Employee has not communicated any aspect of the terms or substance of any negotiations leading up to this Agreement (the “Separation Negotiations”) to anyone other than Employee’s immediate family, Employee’s attorneys, and/or Employee’s financial advisor.  Employee agrees that Employee will keep the terms and substance of the Separation Negotiations and this Agreement confidential, and that Employee will not disclose such information to anyone outside of Employee’s immediate family, Employee’s attorneys, and/or Employee’s financial advisor, except as may be required by law.  If Employee advises anyone in Employee’s immediate family and/or Employee’s financial advisor about the Separation Negotiations or this Agreement, Employee agrees to advise that person of the confidentiality of the Separation Negotiations and this Agreement and to instruct that person not to disclose the terms, conditions, or substance of them to anyone.  If Employee is asked about the Separation Negotiations or this Agreement, then, subject to applicable law, Employee agrees to limit any response to the following statement only: “The matter has been settled and that is all that I can say about it.”  Notwithstanding the foregoing, nothing in this Agreement shall prohibit Employee from disclosing the underlying 

facts or circumstances relating to claims of discrimination, in violation of laws prohibiting discrimination, against the Company.
11.DTSA and Permitted Disclosures.  
(a)Pursuant to 18 U.S.C. § 1833(b), Employee will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Employer that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Employee’s attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  If Employee files a lawsuit for retaliation by the Employer for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney and use the trade secret information in the court proceeding, if Employee (i) files any document containing the trade secret under seal, and (ii) does not disclose the trade secret, except pursuant to court order.  Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.
(b)Further, nothing in this Agreement or any other agreement by and between the Company and Employee shall prohibit or restrict Employee from (i) voluntarily communicating with an attorney retained by Employee, (ii) voluntarily communicating with any law enforcement, government agency, including the Securities and Exchange Commission (“SEC”), the Equal Employment Opportunity Commission, the New York State Division of Human Rights or a local commission on human rights, or any self-regulatory organization regarding possible violations of law, in each case without advance notice to the Company, or otherwise initiating, testifying, assisting, complying with a subpoena from, or participating in any manner with an investigation conducted by such government agency, (iii) recovering a SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, (iv) disclosing any confidential information to a court or other administrative or legislative body in response to a subpoena, provided that Employee first promptly notifies and provides the Company with the opportunity to seek, and join in its efforts at the sole expense of the Company, to challenge the subpoena or obtain a protective order limiting its disclosure, or other appropriate remedy, or (v) filing or disclosing any facts necessary to receive unemployment insurance, Medicaid or other public benefits to which Employee is entitled.
12.Return of Employer Property.  Employee represents and warrants that Employee will, no later than the Termination Date or at such earlier date requested by the Employer, return all property belonging to the Employer, including, but not limited to, all keys, access cards, office equipment, cellular telephones, notebooks, documents, records, files, written materials, electronically stored information, credit cards bearing the Employer’s name, and other Employer property (originals or copies in whatever form) in Employee’s possession or under Employee’s control, with the exception of Employee’s computer, this Agreement and compensation documents concerning Employee.  To the extent that any of the electronically stored information belonging to the Employer could not be returned by Employee in its entirety as of the Termination Date, Employee agrees that Employee has permanently deleted such information.
13.Consultation With Legal Counsel.  The Employer hereby advises Employee to consult with an attorney prior to executing or re-executing this Agreement.  
14.Review and Revocation Periods.  
(e)Execution.  
(i)Employee acknowledges that Employee has been given at least twenty-one (21) calendar days from the date that Employee was first given this Agreement to consider 

the terms of this Agreement, including the release set forth in Paragraph 4, although Employee acknowledges that Employee may execute it sooner.  Employee agrees that changes to the terms of this Agreement, whether material or immaterial, do not restart the running of the twenty-one (21) calendar day consideration period.   
(ii)Employee understands that, in order to be entitled to the payments and benefits described in Paragraph 2(c) above, Employee must execute this Agreement within twenty-one (21) days of his receipt of this Agreement.  Employee understands that Employee shall have seven (7) calendar days from the date that Employee executes this Agreement (the “Revocation Period”) to revoke Employee’s acceptance of the Agreement by delivering an electronic notice of revocation within the seven (7)-calendar-day period to the following e-mail address: wbarr@innovatecorp.com.  If Employee does not revoke acceptance, Employee’s execution of this Agreement will become effective and irrevocable by Employee on the eighth (8th) calendar day after Employee has executed it.

(c)Re-execution.
(iii)Employee understands that, in order to be entitled to the payments and benefits described in Paragraph 2(b) above, Employee must re-execute this Agreement within twenty-one (21) days after the Termination Date.  Employee acknowledges that Employee has been given at least twenty-one (21) calendar days from the Termination Date to consider the terms of this Agreement, including the release set forth in Paragraph 4, although Employee acknowledges that Employee may re-execute it sooner (but in no event prior to the Termination Date).  Employee agrees that changes to the terms of this Agreement, whether material or immaterial, do not restart the running of the twenty-one (21) calendar day consideration period.   
(iv)Employee understands that Employee shall have seven (7) calendar days from the date that Employee re-executes this Agreement (the “Re-execution Revocation Period”) to revoke Employee’s acceptance of the Agreement by delivering an electronic notice of revocation within the seven (7)-calendar-day period to the following e-mail address: wbarr@innovatecorp.com.  If Employee does not revoke acceptance, Employee’s re-execution of this Agreement will become effective and irrevocable by Employee on the eighth (8th) calendar day after Employee has re-executed it.
15.Cooperation.  Employee agrees that, upon reasonable notice and without the necessity of the Company obtaining a subpoena or court order, Employee shall provide reasonable cooperation in connection with any suit, action or proceeding (or any appeal from any suit, action or proceeding), or the decision to commence on behalf of the Company any suit, action or proceeding, and any investigation and/or defense of any claims asserted against any of the Company’s or its Affiliates’ current or former directors, officers, employees, shareholders, partners, members, agents or representatives of any of the foregoing, which relates to events occurring during Employee’s employment by the Company or during the Consulting Period, in each case, as to which Employee may have relevant information (including but not limited to furnishing relevant information and materials to the Company or its designee and/or providing testimony at depositions and at trial); provided, that the Company shall reimburse Employee for expenses reasonably incurred in connection therewith and shall schedule such cooperation to the extent reasonably practicable so as not to unreasonably interfere with Employee’s business or personal affairs.  Notwithstanding anything to the contrary, in the event the Company requests cooperation from Employee at a time following the later of the first anniversary of the Termination Date or the expiration of the Consulting Period, Employee shall not be required to devote more than forty (40) hours of his time per year with respect to this Section 15, except that such forty (40) hour cap shall not include or apply to any time spent testifying at a deposition or at trial, or spent testifying before or being interviewed by any administrative or regulatory agency.  

16.Choice of Law.  This Agreement is made and entered into in the State of New York and, to the extent the interpretation of this Agreement is not governed by applicable federal law, shall be interpreted and enforced under and shall be governed by the laws of the State of New York.  Any action or proceeding by either of the Parties to enforce this Agreement shall be brought in any state or federal court located in the state of New York. The Parties irrevocably submit to the exclusive jurisdiction of these courts and waive the defense of inconvenient forum to the maintenance of any action or proceeding in such venue.  
17.Severability; Waiver.  Should any provision of this Agreement be held to be illegal, void or unenforceable, such provision shall be of no force and effect.  However, the illegality or unenforceability of any such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement. No term, covenant or representation in this Agreement or any breach thereof shall be deemed waived, except with the written consent of the Party against whom the waiver is claimed, and any waiver of any such term, covenant, representation or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, representation or breach.
18.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. A signed counterpart delivered as a PDF by email or by facsimile shall be as valid and binding as an original.
19.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of Employee, the Employer, and the Employer Releasees, and their respective representatives, predecessors, heirs, and successors, and the assigns of the Employer.  This Agreement may not be assigned by Employee, and any assignment by Employee shall be null and void ab initio.
20.Entire Agreement.  This Agreement contains the complete understanding between the Parties as to the subject matter contained herein, and no other promises or agreements shall be binding unless signed by both an authorized representative of the Employer and Employee provided, however, that this Agreement shall not supersede or otherwise affect the validity of Sections 5(b), 5(f), and 6 through 14 of the Employment Agreement.  In signing this Agreement, the Parties are not relying on any fact, statement, understanding or assumption not set forth in this Agreement.    
21.Section 409A.  The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything contained in this Agreement to the contrary, Employee shall not be considered to have terminated employment with the Employer for purposes of any payments under this Agreement which are subject to Section 409A until Employee would be considered to have incurred a “separation from service" from the Employer within the meaning of Section 409A. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate and distinct payment for purposes of Section 409A. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement or any other arrangement between Employee and the Employer during the six (6) month period immediately following Employee's separation from service shall instead be paid on the first business day after the date that is six (6) months following Employee's separation from service (or, if earlier, Employee's date of death). To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, (i) amounts reimbursable to Employee under this Agreement shall be paid to Employee on or before the last day of the year following the year in which the expense was incurred and the amount of 

expenses eligible for reimbursement (and in-kind benefits provided to Employee) during one year may not affect amounts reimbursable or provided in any subsequent year and (ii) in no event shall the timing of Employee’s execution of a release result, directly or indirectly, in Employee designating the calendar year of any payment hereunder, and, to the extent required by Section 409A, if a payment hereunder that is subject to execution of a release could be made in more than one taxable year, payment shall be made in the later taxable year. The Employer makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. Employee understands and agrees that Employee shall be solely responsible for the payment of any taxes, penalties, interest or other expenses incurred by Employee on account of non-compliance with Section 409A.
22.Representation and Warranty of Understanding.  By signing below, Employee represents and warrants that Employee: (a)  has been informed that Employee has at least twenty-one (21) calendar days from the date that Employee receives this Agreement or from the Termination Date, as applicable, to consider whether to execute or re-execute this Agreement, as applicable, but may, in Employee’s sole discretion, execute or re-execute it, as applicable, before the end of the twenty-one (21) calendar day period (but in no event prior to the Termination Date); (b) has been informed that Employee must execute or re-execute this Agreement, as applicable, to be entitled to the payments and benefits set forth in Paragraph 2 above; (c) has carefully read and understands the terms of this Agreement, including the release set forth in Paragraph 4; (d) has been given an opportunity to review this Agreement with an attorney of Employee’s choosing; (e) is receiving payments and benefits to which Employee would not otherwise be entitled unless Employee executed or re-executed this Agreement, as applicable; (f) is entering into the Agreement knowingly, voluntarily and of Employee’s own free will; (g) understands its terms and significance and intends to abide by its provisions without exception; (h) has not made any false statements or representations in connection with this Agreement; and (i) has not transferred or assigned to any private third party any claim or right released hereunder, and Employee agrees to indemnify the Employer and hold it harmless against any claim (including claims for attorneys’ fees or costs actually incurred, regardless of whether litigation has commenced) based on or arising out of any alleged assignment or transfer of a claim by Employee.

[Signature Page to Follow]

IN WITNESS WHEREOF, the Parties have executed or re-executed and delivered this Agreement as of the respective dates set forth below.

									
	INNOVATE CORP.		
			
	/s/ Wayne Barr, Jr.		/s/ Joseph Ferraro
	By:   Wayne Barr, Jr.		Joseph Ferraro
	         President and CEO		Date:  September 13, 2022
	Date:  September 13, 2022		
			
	RE-EXECUTION		
			
			
	Joseph Ferraro		
	Date:Document

EXECUTION VERSION

FIRST MODIFICATION AGREEMENT

THIS FIRST MODIFICATION AGREEMENT (this “Agreement”) is dated as of September 15, 2022, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as administrative agent (in such capacity, collectively with its successors and assigns, “Administrative Agent”), for and on behalf of the lenders from time to time a party to that certain Fourth Amended and Restated Credit Agreement, dated as of December 21, 2021 (as heretofore amended and as the same may be further amended, restated, modified, supplemented or replaced from time to time, the “Existing Credit Agreement”), by and among Borrower, Administrative Agent, the aforementioned lenders (each, a “Lender” and, collectively, “Lenders”), and HUDSON PACIFIC PROPERTIES, L.P., a Maryland limited partnership (“Borrower”).  Each capitalized term used and not otherwise defined herein shall have the meaning given to such term in the Existing Credit Agreement.

RECITALS

A.Pursuant to the terms of the Existing Credit Agreement and other Loan Documents, the Lenders have provided Revolving Commitments to Borrower in an aggregate amount equal to one billion dollars ($1,000,000,000.00), which Loans borrowed pursuant to such Revolving Commitments may bear interest, and are permitted to incur fees, commissions or other amounts, based on LIBOR in accordance with the terms of the Existing Credit Agreement and the other applicable Loan Documents.  

B.An Early Opt-In Election has occurred with respect to LIBOR and the applicable parties to the Existing Credit Agreement have determined, in accordance with the Existing Credit Agreement, that LIBOR should be replaced with Term SOFR (together with the applicable Benchmark Replacement Adjustment) as the Benchmark Replacement therefor, in accordance with the definition thereof, for purposes of the Existing Credit Agreement and the other Loan Documents, including for settings of Benchmark rates that occur on or after the Benchmark Transition Start Date (which date shall be the Transition Date as defined below), pursuant to a Benchmark Replacement amendment being implemented in accordance with the Benchmark Replacement provisions set forth in Section 5.2(b) of the Existing Credit Agreement.

NOW THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, Administrative Agent and the Lenders hereby agree as follows:

1.AMENDMENT.  Notwithstanding anything to the contrary contained in the Existing Credit Agreement or in any other Loan Document, the Existing Credit Agreement and each other applicable Loan Document are each hereby amended and modified to give effect to the LIBOR to SOFR Replacement (defined below) on and as of the First Modification Effective Date (defined below).

2.NOTICE.  This Agreement shall constitute all required notices pursuant to the Existing Credit Agreement from Administrative Agent to Borrower and Lenders of, relating to or in connection with the LIBOR to SOFR Replacement, including, without limitation, (i) the Early Opt-In Election, (ii) the Benchmark Replacement Date and the Benchmark Transition Start Date, (iii) the implementation of Term SOFR as a Benchmark Replacement, (iv) the implementation of the SOFR Adjustment as the Benchmark Replacement Adjustment and (v) certain Benchmark Replacement Conforming Changes, in each such case, in connection with the adoption and implementation of Term SOFR 

(including any applicable Benchmark Replacement Adjustment), the use and administration thereof and/or otherwise to effect the LIBOR to SOFR Replacement.

3.DISCONTINUATION OF LIBOR.  Notwithstanding any provision of the Existing Credit Agreement or any other Loan Document to the contrary, whether or not LIBOR is operational, reported, published on a synthetic basis or otherwise available in the market as of the Transition Date, subject to Section 7 of this Agreement:  (a) pursuant to clause (1) of the definition of “Benchmark Replacement” in the Existing Credit Agreement, Adjusted Term SOFR (defined below) constitutes the Benchmark Replacement for LIBOR for all purposes under the Existing Credit Agreement and the other Loan Documents, and Daily Simple SOFR (defined below) constitutes the replacement for the LIBOR Market Index Rate for all purposes under the Existing Credit Agreement and the other Loan Documents (such replacements, collectively, the “LIBOR to SOFR Replacement”); (b) the SOFR Adjustment (defined below) constitutes the Benchmark Replacement Adjustment in connection with such LIBOR to SOFR Replacement; (c) no Loans shall, from and after the First Modification Effective Date, bear interest based on LIBOR or the LIBOR Market Index Rate; (d) any request for a disbursement of any Loans that are to bear interest based on LIBOR or the LIBOR Market Index Rate shall be ineffective, to the extent that any such disbursement would, but for the provisions of this Agreement, reference a setting of LIBOR or the LIBOR Market Index Rate on or after the Transition Date; and (e) any right or option the Borrower may have to request Loans denominated in Dollars at a rate of interest based on LIBOR or the LIBOR Market Index Rate shall be of no further force or effect.

4.LIBOR TO SOFR REPLACEMENT.  Following the Transition Date, subject to Section 7 of this Agreement, (a) the “Benchmark” with respect to any Obligations (other than interest accruing on Base Rate Loans borrowed pursuant to Section 2.1(b)(ii), with respect to which the “Benchmark” means Adjusted Daily Simple SOFR), interest, fees, commissions or other amounts denominated in Dollars or calculated with respect thereto, means Adjusted Term SOFR, provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to any such benchmark rate (i.e., Adjusted Term SOFR or Adjusted Daily Simple SOFR), then the “Benchmark” with respect to Obligations, interest, fees, commissions or other amounts denominated in Dollars means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate (as applicable to the foregoing) pursuant to Section 5.2(b)(i) of the Existing Credit Agreement, (b) the use of “LIBOR” in Section 2.6(a)(ii) of the Existing Credit Agreement is hereby deleted and replaced with “Adjusted Term SOFR”, (c) references in the existing Credit Agreement to (i) conversions to or from LIBOR to another rate shall be deemed to be references to conversions to or from Adjusted Term SOFR to such other rate and (ii) continuations of LIBOR shall be deemed to be references to continuations of Adjusted Term SOFR, (d) unless the context otherwise requires, references to “LIBOR” in the Existing Credit Agreement shall be deemed to be references to Adjusted Term SOFR (provided that references to “LIBOR” in Sections 5.2(a) and 5.2(b) of the Existing Credit Agreement shall be deemed to be references to “Adjusted Term SOFR or Adjusted Daily Simple SOFR”), (e) unless the context otherwise requires, references to “LIBOR Market Index Rate” in the Existing Credit Agreement shall be deemed to be references to “Adjusted Daily Simple SOFR”, and (f) Exhibit C, Exhibit D and Exhibit E to the Existing Credit Agreement are each updated to give effect to the LIBOR to SOFR Replacement with respect to Notices of Borrowings, Notices of Continuations and Notices of Conversions, each as applicable.

5.NEW SOFR BENCHMARKS.

5.1Availability of Adjusted SOFR Credit Events.  To the extent that, immediately prior to giving effect to the provisions of this Agreement, the Existing Credit Agreement required or permitted the request, making and maintenance of any type of Credit Event based on (a) LIBOR on and after the Transition Date, such type of Credit Event shall be available, and may be requested, made and maintained, as a Credit Event based on Adjusted Term SOFR from and after the Transition Date, subject to satisfaction of the applicable provisions (including conditions precedent to Credit Events of such type) of the Existing Credit Agreement, and (b) LIBOR Market Index Rate on and after the Transition Date, such type of Credit Event shall be available, and may be requested, made and maintained, as a Credit Event based on Adjusted Daily Simple SOFR from and after the Transition Date, subject to satisfaction of the applicable provisions (including conditions precedent to Credit Events of such type) of the Existing Credit Agreement.

5.2LIBOR Converted to Adjusted Term SOFR.  Any term or provision of the Existing Credit Agreement or any other Loan Documents that refers or is applicable to a Credit Event based on (a) LIBOR immediately prior to giving effect to the provisions of this Agreement on the Transition Date shall be deemed to refer to and be applicable to a Credit Event based on Adjusted Term SOFR from and after the Transition Date, unless, and to the extent that, such term or provision is superseded or otherwise modified by this Agreement, in which case, such term or provision shall to such extent be construed as so superseded or otherwise modified as set forth in this Agreement, and (b) LIBOR Market Index Rate immediately prior to giving effect to the provisions of this Agreement on the Transition Date shall be deemed to refer to and be applicable to a Credit Event based on Adjusted Daily Simple SOFR from and after the Transition Date, unless, and to the extent that, such term or provision is superseded or otherwise modified by this Agreement, in which case, such term or provision shall to such extent be construed as so superseded or otherwise modified as set forth in this Agreement. 

5.3SOFR Conventions and Provisions.  Notwithstanding any provision of the Existing Credit Agreement or any other Loan Document to the contrary, subject to this Agreement, the Existing Credit Agreement and each other applicable Loan Document are each hereby amended and modified from and after the Transition Date to incorporate such provisions therein: 

(a)Regulation D.  Any provision in the Existing Credit Agreement or any other Loan Document that constitutes a requirement for the Borrower to compensate any Lender for any increased cost incurred as a result of a change of law, or any interpretation thereof, or any other analogous or similar yield maintenance provision shall be modified mutatis mutandis to include, as a cost or expense subject to such provisions, without limitation, any cost or expense incurred by such Lender with respect to the Loan under the Loan Documents in compliance with regulations issued from time to time by the Board of Governors of the Federal Reserve System of the United States for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the Board of Governors of the Federal Reserve System of the United States, as in effect from time to time and all official rulings and interpretations thereunder or thereof).

(b)LIBOR Loan.  Each reference in the Existing Credit Agreement or any other Loan Document to a “LIBOR Loan” shall refer to a SOFR Loan (as defined below.  

(c)Treatment of Adjusted Daily Simple SOFR in Certain Circumstances.   Notwithstanding the definition of “SOFR Loan” below or any other provision of the Existing Credit Agreement or any other Loan Document to the contrary, for the purposes of Sections 5.1(c), 5.2(a), 5.3 and 5.5 of the Existing Credit Agreement (as modified by this Agreement), (i) Base Rate Loans borrowed pursuant to Section 2.1(b)(ii) of the Existing Credit Agreement, at Adjusted Daily Simple SOFR (as in effect from time to time), shall be deemed to be SOFR Loans, (ii) each use of “Base Rate” in such Sections shall be deemed to exclude clause (c) of the definition thereof, and (iii) each use of “Base Rate Loan” in such Sections shall be deemed to mean a Loan (or any portion thereof) bearing interest at a rate based on the Base Rate excluding clause (c) of the definition thereof.

(d)London Interbank Market.  Any reference in the Existing Credit Agreement or any other Loan Document to the London interbank market, London interbank eurodollar market or other analogous or similar term shall be disregarded and, to the extent that such reference operates as a limitation on, or qualification of, the applicability of another provision, such limitation or qualification will be deemed removed.

(e)Voluntary Prepayment.  Each prepayment notice required under Section 2.9 of the Existing Credit Agreement shall be given to and received by Administrate Agent not later than (i) 1:00 P.M. (Pacific Time) on the date three (3) U.S. Government Securities Business Days’ prior to the date of repayment with respect to each repayment of Loans accruing interest at the time of repayment based on Term SOFR (or such shorter period as may be acceptable to the Administrative Agent in its sole discretion) and (ii) 1:00 P.M. (Pacific Time) on the date of repayment with respect to each repayment of Loans accruing interest at the time of repayment based on Daily Simple SOFR.

6.Benchmark Replacement Conforming Changes for Term SOFR Benchmark.  In connection with the use or administration of SOFR, Term SOFR, Daily Simple SOFR, or any rates derived from the foregoing or in connection with the foregoing or any Benchmark Replacement Adjustment, Administrative Agent in its reasonable discretion in consultation the Borrower will have the right to make further Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any of the other Loan Documents, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to any of the Loan Documents.  Administrative Agent will promptly notify Borrower and Lenders of the effectiveness of any further Benchmark Replacement Conforming Changes in connection with the use or administration of SOFR, Term SOFR, Daily Simple SOFR, or any rates derived from the foregoing or in connection with the foregoing or otherwise.  Nothing in this Agreement shall restrict or impact the ability or right of the Administrative Agent to make any future modifications, supplements, amendments, technical, administrative or operational changes or other conforming changes that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of Term SOFR or Daily Simple SOFR (in each such case, as may be adjusted by the applicable Benchmark Replacement 

Adjustment) and to permit the use and administration thereof by the Administrative Agent to the extent permitted pursuant to the Existing Credit Agreement and the other Loan Documents.

7.Delayed Transition for Prior Interest Period.  The provisions in Sections 3 through 6 of this Agreement shall not apply with respect to any (i) period or determination of LIBOR that (I) is or was set prior to the Transition Date and (II) is held constant for a specifically designated period (e.g., an Interest Period in effect as of the date hereof) and is not reset on a daily or substantially daily basis (disregarding day count, weekend or holiday conventions), and (ii) any retroactive margin, yield, fee or commission increases available to the Administrative Agent or the Lenders as a result of any inaccuracy in any financial statement or compliance certificate that, if corrected, would have led to the application of a higher interest margin or yield with respect to any Loan accruing interest based on the LIBOR or any higher fee or commission for any applicable period, and in each case, the defined terms used therein and provisions with respect thereto (in each case, as in effect immediately prior to giving effect to the provisions of this Agreement on the Transition Date) shall continue in effect solely for such purpose; provided that, with respect to any such LIBOR applicable to the Loans described in clause (i) of this Section 7, such LIBOR shall only continue in effect in accordance with its terms until the then-current Interest Period therefor has concluded.

8.CERTAIN DEFINED TERMS.  For the purposes of this Agreement, each of the following capitalized terms shall have the meaning given to such term below: 

“Adjusted Daily Simple SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Daily Simple SOFR for such calculation plus (b) the SOFR Adjustment; provided that if Adjusted Daily Simple SOFR as so determined shall ever be less than the Floor, then Adjusted Daily Simple SOFR shall be deemed to be the Floor. 
“Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.
“SOFR Adjustment” means a percentage equal to 0.10% per annum.
“SOFR Loan” means a Revolving Loan or a Term Loan (or any portion of any of the foregoing) (other than a Base Rate Loan) bearing interest at a rate based on Term SOFR.
“Transition Date” means September 15, 2022.
9.RATES.  Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Term SOFR, Daily Simple SOFR or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 5.2(b) of the Credit Agreement (as amended hereby), will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Term SOFR, Daily Simple SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation 

or composition of any Benchmark Replacement Conforming Changes.  Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference Rate, Term SOFR, Daily Simple SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to Borrower.  Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate, Term SOFR, Daily Simple SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof, or any Benchmark Replacement Adjustment, in each case pursuant to the terms of this Agreement or the Existing Credit Agreement, and shall have no liability to Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.  

10.CONDITIONS TO EFFECTIVENESS.  Pursuant to the Existing Credit Agreement, this Agreement shall be effective as of the first date all of the following conditions are satisfied (the first date of such satisfaction, the “First Modification Effective Date”):
(a)Agreement.  The Administrative Agent shall have received (i) this Agreement executed and delivered by a duly authorized officer of (A) the Borrower, (B) each Lender in existence on and as of the First Modification Effective Date and (C) the Administrative Agent and (ii) the Consent and Ratification of Guarantor duly executed by the Guarantor.
(b)Representations and Warranties.  The representations and warranties made pursuant to Section 11 of this Agreement shall be true and correct on and as of such date with the same force and effect as if made on and as of such date.
(c)No Event of Default.  No Default or Event of Default exists on and as of such date.
11.REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Administrative Agent and Lenders as of the date hereof and the First Modification Effective Date that: 

11.1ORGANIZATION; POWER; QUALIFICATION.  Each of the Borrower, the other Loan Parties and the other Subsidiaries is a corporation, limited liability company, partnership or other legal entity (as applicable), duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, limited liability company, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect.  

11.2AUTHORIZATION.  The Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform this Agreement in accordance with its terms and to consummate the transactions contemplated hereby.  This Agreement has been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in 

accordance with its  terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally.

11.3COMPLIANCE WITH LAWS.  The execution, delivery and performance of this Agreement in accordance with its terms do not and will not, by the passage of time, the giving of notice, or both:  (i) require any material Governmental Approval not already obtained or violate in any material respect any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of any Loan Party, (iii) conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound, which could reasonably be expected to have a Material Adverse Effect; or (iv) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties.

11.4NO DEFAULT.  The execution, delivery and performance of this Agreement will not result in any Loan Party or any of their respective Subsidiaries being in default under its certificate or articles of incorporation or formation, bylaws, partnership agreement, limited liability company agreement or other similar organizational documents which has not been remedied, cured or waived. 

11.5INCORPORATION OF REPRESENTATIONS AND WARRANTIES.  The representations and warranties of the Borrower and each other Loan Party set forth in the Existing Credit Agreement and in any other Loan Document are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of the date hereof and the First Modification Effective Date (or, in the case of any such representation or warranty expressly stated to have been made as of a specific date, as of such specific date).

11.6REPRESENTATION BY INDEPENDENT COUNSEL.  The Borrower and each other Loan Party (i) has been represented by independent legal counsel of its choice (or has had the opportunity to consult with independent legal counsel of its choice) in connection with this Agreement, (ii) has reviewed this Agreement and understands the agreements contained herein and their impact on the terms of the Existing Credit Agreement and each other Loan Document and the Borrower’s or such other Loan Party’s rights and obligations thereunder and (iii) has knowingly and voluntarily agreed to execute and deliver this Agreement without duress.
    
12.NON-IMPAIRMENT AND FULL FORCE AND EFFECT.  Except as expressly provided herein, nothing in this Agreement shall alter or affect any provision, condition, or covenant contained in any of the Loan Documents or affect or impair any rights, powers, or remedies of Administrative Agent or Lenders, it being the intent of the parties hereto that the provisions of the Loan Documents shall continue in full force and effect except as expressly modified hereby. This Agreement is a modification of an existing obligation and is not a novation and all existing obligations remain in full force and effect after giving effect to this Agreement.

13.MISCELLANEOUS PROVISIONS. 

13.1Lender Direction:  Each Lender party hereto hereby (i) irrevocably consents to the terms of this Agreement and the modifications contained herein and (ii) directs the Administrative Agent to execute and deliver this Agreement.

13.2No Waiver.  No previous waiver and no failure or delay by Administrative Agent or any Lender in acting with respect to the terms of the Loan Documents shall constitute a waiver of any breach, default, or failure of condition under the Loan Documents.  A waiver of, or consent to deviate from, any term of the Loan Documents must be made in writing and shall be limited to the express written terms of such waiver or consent. 

13.3Severability.  If any provision of this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never been part of the Loan Documents, provided, however, that if the rate of interest or any other amount payable under any Note, this Agreement, the Existing Credit Agreement or any other Loan Document, or the right of collectability therefore, are declared to be or become invalid, illegal or unenforceable, Lenders’ obligations to make advances under the Loan Documents shall not be enforceable by Borrower.

13.4Time.  Time is of the essence of each and every term herein.

13.5Governing Law and Consent to Jurisdiction.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.  Section 13.5 of the Existing Credit Agreement is incorporated herein by this reference.

13.6Further Assurances.  The Borrower and each other Loan Party each agrees to execute such other documents, instruments and agreements and take such further actions reasonably requested by the Administrative Agent to effectuate the provisions of this Agreement.

13.7Headings.  The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation.

13.8Counterparts.  To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means).  It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.  All counterparts shall collectively constitute a single document.  It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.  The words “execution,” “signed,” “signature,” and words of like import in or related to this Agreement, any other Loan Document or any other document to be signed in connection herewith or the 

transactions contemplated hereby shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures from any Person in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.  Each of the parties hereto hereby (i) agrees that, for all purposes, electronic images of this Agreement and each other Loan Document (including, in each case, signature pages thereto) shall have the same legal effect, validity, admissibility into evidence and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity, admissibility into evidence or enforceability of this Agreement or any other Loan Document based solely on the lack of paper original copies hereof, including with respect to any of the signatures thereto.

13.9Defined Terms.  Unless otherwise defined herein, capitalized terms used in this Agreement shall have the meanings attributed to such terms in the Existing Credit Agreement.

13.10Notices.  All notices relating to this Agreement shall be delivered in the manner and subject to the provisions set forth in the Existing Credit Agreement.

13.11Expenses and Indemnities.  Sections 13.2 and 13.10 of the Existing Credit Agreement are incorporated herein by this reference.  

13.12Exhibits, Schedules and Riders.  All exhibits, schedules, riders and other items attached hereto are incorporated into this Agreement by such attachment for all purposes.  

13.13Inconsistencies.  In the event of any inconsistencies between the terms of this Agreement and the terms of any of the other Loan Documents, the terms of this Agreement shall prevail.  

13.14Binding Effect, Beneficiaries.  This Agreement shall be binding upon and inure to the benefit of the parties to the Existing Credit Agreement and each other applicable Loan Document and their respective heirs, executors, administrators, successors, legal representatives and assigns, and no other party shall derive any rights or benefits herefrom.

13.15Reference to and Effect on the Existing Credit Agreement and the Other Loan Documents.  On and after the First Modification Effective Date, each reference in any Loan Document to such Loan Document, “hereunder”, “herein” or words of like import referring to such Loan Document, and each reference in the other Loan Documents to another Loan Document, “thereunder”, “thereof” or words of like import referring to such Loan Document shall mean and be a reference to such Loan Document as amended by this Agreement.  This Agreement shall be deemed to be a “Loan Document” for purposes of the Existing Credit Agreement (as amended hereby) and the other Loan Documents.

13.16Integration; Interpretation.  This Agreement, the Existing Credit Agreement (as amended hereby), and the other Loan Documents contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein and supersede all prior negotiations or agreements, written or oral.  None of these documents shall be modified except as set forth in Section 13.7 of the Existing Credit Agreement and any other applicable Loan Document.  Any reference to the Loan Documents includes any amendments, renewals or extensions now or hereafter approved by Administrative Agent in writing.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

IN WITNESS WHEREOF, Borrower and Administrative Agent have caused this Agreement to be duly executed and delivered as of the date first above written.

ADMINISTRATIVE AGENT:

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and a Lender

By:     /s/ Cristina Johnnie        
Name:  Cristina Johnnie
Title:    Vice President

			
	

(signatures continue on the following page)

[Signature Page to First Modification Agreement]

BANK OF AMERICA, N.A.,
as a Lender

By:     /s/ Helen Chan            
Name:  Helen Chan
Title:    Vice President

(signatures continue on the following page)

[Signature Page to First Modification Agreement]

KEYBANK NATIONAL ASSOCIATION,
as a Lender

By:     /s/ Jason R. Weaver        
Name:  Jason R. Weaver
Title:    Senior Vice President

(signatures continue on the following page)
[Signature Page to First Modification Agreement]

ROYAL BANK OF CANADA,
as a Lender

By:     /s/ Jake Sigmund        
Name:  Jake Sigmund
Title:    Authorized Signatory

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

U.S. BANK NATIONAL ASSOCIATION,
as a Lender

By:     /s/ Michael F. Diemer        
Name:  Michael F. Diemer
Title:    Senior Vice President

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

BARCLAYS BANK PLC,
as a Lender

By:     /s/ Koruthu Mathew        
Name:  Koruthu Mathew
Title:    Vice President

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

FIFTH THIRD BANK, NATIONAL ASSOCIATION, a federally charted institution,
as a Lender

By:     /s/ Dave Robinson        
Name:  Dave Robinson
Title:    Assistant Vice President

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

GOLDMAN SACHS BANK USA,
as a Lender

By:     /s/ Keshia Leday        
Name:  Keshia Leday
Title:    Authorized Signatory

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

MORGAN STANLEY BANK, N.A.,
as a Lender

By:     /s/ Jack Kuhns            
Name:  Jack Kuhns
Title:    Authorized Signatory

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

BMO HARRIS BANK N.A.,
as a Lender

By:     /s/ Lloyd Baron        
Name:  Lloyd Baron
Title:    Managing Director

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

REGIONS BANK,
as a Lender

By:     /s/ William Chalmers        
Name:  William Chalmers
Title:    Senior Vice President

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

ASSOCIATED BANK, NATIONAL ASSOCIATION,
as a Lender

By:     /s/ Mitchell Vega        
Name:  Mitchell Vega
Title:    Senior Vice President

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

CITY NATIONAL BANK,
as a Lender

By:     /s/ David Boggs        
Name:  David Boggs
Title:    Vice President Relationship Manager

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

FIRST HAWAIIAN BANK,
as a Lender

By:     /s/ Christopher M. Yasuma    
Name:  Christopher M. Yasuma
Title:    Vice President

(signatures continue on the following page)
[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

BORROWER:

BORROWER:

HUDSON PACIFIC PROPERTIES, L.P.
a Maryland limited partnership

By: HUDSON PACIFIC PROPERTIES, INC.,
a Maryland corporation, its general partner 

By:    /s/ Mark T. Lammas        
     Name: Mark T. Lammas
     Title: President and Treasurer

[Consent and Ratification of Guarantor (First Modification Agreement)]
			
	

CONSENT AND RATIFICATION OF GUARANTOR

The undersigned, as Guarantor under the Guaranty dated as of December 21, 2021 (the “Guaranty”) and referenced in the First Modification Agreement to which this Consent and Ratification of Guarantor is attached (the “First Modification Agreement”), hereby unconditionally and irrevocably:  (a) confirms it has received a copy of the First Modification Agreement and consents to Borrower’s execution and delivery of, and performance under, the First Modification Agreement and the Credit Agreement as amended thereby; (b) affirms its obligations under the Guaranty after giving effect to the First Modification Agreement; and (c) agrees that the execution and delivery of the First Modification Agreement shall not operate to release, discharge, serve as a defense to, or in any way alter or amend the obligations of the undersigned under the Guaranty.
Executed as of the date of the First Modification Agreement.
“GUARANTOR”

HUDSON PACIFIC PROPERTIES, INC.,
a Maryland corporation

By:           /s/ Mark T. Lammas        
Name:  Mark T. Lammas
Title:   President and Treasurer

[Consent and Ratification of Guarantor (First Modification Agreement)]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]