Document:

EX-4.2

 Exhibit 4.2 
  

 
 INSEEGO
CORP. 
 AS COMPANY 

5.50% CONVERTIBLE SENIOR NOTES DUE 2022 
  

 
 INDENTURE

 DATED AS OF JANUARY 9, 2017 

 
  

WILMINGTON TRUST, NATIONAL ASSOCIATION 

AS TRUSTEE 
  

 
  

 

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	Indenture Section
	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.03, 7.08, 7.10
	      (c)	  	N.A.
	311(a)	  	7.12
	      (b)	  	7.12
	      (c)	  	N.A.
	312(a)	  	2.08
	      (b)	  	12.19
	      (c)	  	12.19
	313(a)	  	7.06
	      (b)(1)	  	7.06
	      (b)(2)	  	7.06
	      (c)	  	7.06, 12.02
	      (d)	  	7.06
	314(a)	  	4.03, 4.05, 12.03, 12.04
	      (b)	  	N.A.
	      (c)(1)	  	12.03
	      (c)(2)	  	12.03
	      (c)(3)	  	N.A.
	      (d)	  	N.A.
	      (e)	  	12.04
	      (f)	  	N.A.
	315(a)	  	7.01, 7.02
	      (b)	  	7.05, 12.02
	      (c)	  	7.01
	      (d)	  	7.01(c)
	      (e)	  	6.12
	316(a)(1)(A)	  	6.06
	      (a)(1)(B)	  	6.05
	      (a)(2)	  	N.A.
	      (a)(last sentence)	  	2.14
	      (b)	  	6.08
	      (c)	  	1.05
	317(a)(1)	  	6.09
	      (a)(2)	  	6.10
	      (b)	  	2.07

  

	* 	This Cross-Reference Table shall not, for any purpose, be deemed a part of the Indenture. 

  
 i 

			
	318(a)	  	12.20
	      (b)	  	N.A.
	      (c)	  	12.20

 N.A. means not applicable. 

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.01
	 	Definitions	  	 	1	  
	 Section 1.02
	 	Other Definitions	  	 	18	  
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	 	20	  
	 Section 1.04
	 	Rules of Construction	  	 	20	  
	 Section 1.05
	 	Acts of Holders	  	 	21	  
		
	 ARTICLE 2 THE NOTES
	  	 	22	  
			
	 Section 2.01
	 	Designation, Amount and Issuance of Notes	  	 	22	  
	 Section 2.02
	 	Form of Notes	  	 	22	  
	 Section 2.03
	 	Denomination of Notes	  	 	24	  
	 Section 2.04
	 	Payments	  	 	24	  
	 Section 2.05
	 	Execution and Authentication	  	 	26	  
	 Section 2.06
	 	Registrar, Paying Agent and Conversion Agent	  	 	27	  
	 Section 2.07
	 	Money and Securities Held in Trust	  	 	29	  
	 Section 2.08
	 	Holder Lists	  	 	29	  
	 Section 2.09
	 	Restrictive Legends	  	 	30	  
	 Section 2.10
	 	Transfer and Exchange; Transfer Restrictions	  	 	30	  
	 Section 2.11
	 	Replacement Notes	  	 	36	  
	 Section 2.12
	 	Temporary Notes	  	 	36	  
	 Section 2.13
	 	Cancellation	  	 	37	  
	 Section 2.14
	 	Outstanding Notes	  	 	37	  
	 Section 2.15
	 	Persons Deemed Owners	  	 	37	  
	 Section 2.16
	 	Repurchases	  	 	38	  
	 Section 2.17
	 	CUSIPs	  	 	38	  
		
	 ARTICLE 3 REPURCHASE AT THE OPTION OF THE HOLDER
	  	 	38	  
			
	 Section 3.01
	 	Fundamental Change Permits Holders to Require the Company to Repurchase the Notes	  	 	38	  
	 Section 3.02
	 	Fundamental Change Notice	  	 	39	  
	 Section 3.03
	 	Fundamental Change Repurchase Notice	  	 	40	  
	 Section 3.04
	 	Withdrawal of Fundamental Change Repurchase Notice	  	 	41	  
	 Section 3.05
	 	Effect of Fundamental Change Repurchase Notice	  	 	42	  
	 Section 3.06
	 	Repurchase of Notes by the Company at the Option of the Holder	  	 	43	  
	 Section 3.07
	 	Optional Repurchase Right Notice	  	 	43	  
	 Section 3.08
	 	Optional Repurchase Notice	  	 	44	  
	 Section 3.09
	 	Withdrawal of Optional Repurchase Notice	  	 	45	  
	 Section 3.10
	 	Effect of Optional Repurchase Notice	  	 	46	  
	 Section 3.11
	 	Notes Repurchased in Part	  	 	47	  

  
 i 

							
	 Section 3.12
	 	Covenant to Comply With Securities Laws Upon Repurchase of Notes	  	 	47	  
	 Section 3.13
	 	Deposit of Fundamental Change Repurchase Price or Optional Repurchase Price	  	 	47	  
	 Section 3.14
	 	Covenant Not to Repurchase Notes Upon Certain Events of Default	  	 	47	  
		
	 ARTICLE 4 COVENANTS
	  	 	48	  
			
	 Section 4.01
	 	Payment of Notes	  	 	48	  
	 Section 4.02
	 	Rule 144A Information	  	 	48	  
	 Section 4.03
	 	Reports	  	 	49	  
	 Section 4.04
	 	Additional Interest	  	 	49	  
	 Section 4.05
	 	Compliance Certificate	  	 	50	  
	 Section 4.06
	 	Restriction on Purchases by the Company and by Affiliates of the Company	  	 	51	  
	 Section 4.07
	 	Corporate Existence	  	 	51	  
	 Section 4.08
	 	Par Value Limitation	  	 	51	  
	 Section 4.09
	 	Stay, Extension and Usury Laws	  	 	52	  
	 Section 4.10
	 	Further Instruments and Acts	  	 	52	  
	 Section 4.11
	 	Certain Covenants	  	 	52	  
		
	 ARTICLE 5 CONSOLIDATION, MERGER AND SALE OF ASSETS
	  	 	56	  
			
	 Section 5.01
	 	Company May Consolidate, Merge or Sell Its Assets Only on Certain Terms	  	 	56	  
	 Section 5.02
	 	Successor Substituted	  	 	56	  
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	57	  
			
	 Section 6.01
	 	Events of Default	  	 	57	  
	 Section 6.02
	 	Acceleration	  	 	59	  
	 Section 6.03
	 	Other Remedies	  	 	59	  
	 Section 6.04
	 	Sole Remedy for Failure to Report	  	 	60	  
	 Section 6.05
	 	Waiver of Past Defaults	  	 	61	  
	 Section 6.06
	 	Control by Majority	  	 	61	  
	 Section 6.07
	 	Limitation on Suits	  	 	61	  
	 Section 6.08
	 	Rights of Holders To Receive Payment	  	 	62	  
	 Section 6.09
	 	Collection Suit by Trustee	  	 	62	  
	 Section 6.10
	 	Trustee May File Proofs of Claim	  	 	62	  
	 Section 6.11
	 	Priorities	  	 	63	  
	 Section 6.12
	 	Undertaking for Costs	  	 	63	  
		
	 ARTICLE 7 TRUSTEE
	  	 	63	  
			
	 Section 7.01
	 	Duties of Trustee	  	 	63	  
	 Section 7.02
	 	Rights of Trustee	  	 	64	  
	 Section 7.03
	 	Individual Rights of Trustee	  	 	66	  

  
 ii 

							
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	66	  
	 Section 7.05
	 	Notice of Defaults	  	 	66	  
	 Section 7.06
	 	Reports by Trustee to Holders	  	 	66	  
	 Section 7.07
	 	Compensation and Indemnity	  	 	66	  
	 Section 7.08
	 	Replacement of Trustee	  	 	67	  
	 Section 7.09
	 	Successor Trustee by Merger	  	 	68	  
	 Section 7.10
	 	Eligibility; Disqualification	  	 	69	  
	 Section 7.11
	 	Trustee’s Application for Instructions from the Company	  	 	69	  
	 Section 7.12
	 	 Preferential Collection of Claims Against the Company
	  	 	69	  
		
	 ARTICLE 8 SATISFACTION AND DISCHARGE
	  	 	69	  
			
	 Section 8.01
	 	Discharge of Liability on Notes	  	 	69	  
	 Section 8.02
	 	Repayment to the Company	  	 	70	  
		
	 ARTICLE 9 AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	 	70	  
			
	 Section 9.01
	 	Without Consent of Holders	  	 	70	  
	 Section 9.02
	 	With Consent of Holders	  	 	71	  
	 Section 9.03
	 	Execution of Supplemental Indentures	  	 	72	  
	 Section 9.04
	 	Notices of Supplemental Indentures	  	 	72	  
	 Section 9.05
	 	Effect of Supplemental Indentures	  	 	72	  
	 Section 9.06
	 	Compliance with Trust Indenture Act	  	 	73	  
	 Section 9.07
	 	Revocation and Effect of Consents, Waivers and Actions	  	 	73	  
	 Section 9.08
	 	Notation on, or Exchange of, Notes	  	 	73	  
	 Section 9.09
	 	Trustee to Sign Amendments	  	 	73	  
		
	 ARTICLE 10 CONVERSIONS
	  	 	74	  
			
	 Section 10.01
	 	Right To Convert	  	 	74	  
	 Section 10.02
	 	Conversion Procedures	  	 	77	  
	 Section 10.03
	 	Settlement Upon Conversion	  	 	79	  
	 Section 10.04
	 	Common Stock Issued Upon Conversion	  	 	81	  
	 Section 10.05
	 	Adjustment of Conversion Rate	  	 	82	  
	 Section 10.06
	 	Voluntary Adjustments	  	 	91	  
	 Section 10.07
	 	Adjustments Upon Certain Fundamental Changes	  	 	92	  
	 Section 10.08
	 	Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale	  	 	94	  
	 Section 10.09
	 	No Responsibility of Trustee or Conversion Agent	  	 	96	  
		
	 ARTICLE 11 REDEMPTION AT THE OPTION OF THE COMPANY
	  	 	97	  
			
	 Section 11.01
	 	No Sinking Fund	  	 	97	  
	 Section 11.02
	 	Right To Redeem the Notes	  	 	97	  
	 Section 11.03
	 	Redemption Notice	  	 	98	  
	 Section 11.04
	 	Effect of Redemption Notice	  	 	99	  
	 Section 11.05
	 	Deposit of Redemption Price	  	 	99	  
	 Section 11.06
	 	Effect of Deposit	  	 	99	  

  
 iii 

							
	 Section 11.07
	 	Covenant Not to Redeem Notes Upon Certain Events of Default	  	 	100	  
	 Section 11.08
	 	Repayment to the Company	  	 	100	  
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	100	  
			
	 Section 12.01
	 	Qualification of the Indenture	  	 	100	  
	 Section 12.02
	 	Notices	  	 	100	  
	 Section 12.03
	 	Certificate and Opinion as to Conditions Precedent	  	 	102	  
	 Section 12.04
	 	Statements Required in Certificate or Opinion	  	 	102	  
	 Section 12.05
	 	Separability Clause	  	 	102	  
	 Section 12.06
	 	Rules by Trustee	  	 	102	  
	 Section 12.07
	 	Governing Law and Waiver of Jury Trial	  	 	103	  
	 Section 12.08
	 	No Recourse Against Others	  	 	103	  
	 Section 12.09
	 	Calculations	  	 	103	  
	 Section 12.10
	 	Successors	  	 	103	  
	 Section 12.11
	 	Multiple Originals	  	 	103	  
	 Section 12.12
	 	Table of Contents; Headings	  	 	103	  
	 Section 12.13
	 	Force Majeure	  	 	104	  
	 Section 12.14
	 	Submission to Jurisdiction	  	 	104	  
	 Section 12.15
	 	Legal Holidays	  	 	104	  
	 Section 12.16
	 	No Security Interest Created	  	 	104	  
	 Section 12.17
	 	Benefits of Indenture	  	 	104	  
	 Section 12.18
	 	U.S.A. Patriot Act	  	 	104	  
	 Section 12.19
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	105	  
	 Section 12.20
	 	Trust Indenture Act Controls	  	 	105	  

  

					
	 Form of Note
	  	 	A-1	  
	 Form of Restricted Stock Legend
	  	 	B-1	  
	 Form of Certificate of Transfer
	  	 	C-1	  
	 Form of Certificate from Transferee Qualified Institutional Buyer or Accredited Investor
	  	 	D-1	  

  
 iv 

 INDENTURE, dated as of January 9, 2017, between Inseego Corp., a Delaware corporation
(“Company”), and Wilmington Trust, National Association, a national banking association, as trustee (“Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the
Company’s 5.50% Convertible Senior Notes due 2022: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

“Accredited Investor Global Note” means a Global Note that is an Accredited Investor Note. 

“Accredited Investor Note” means a Note that, on the Issue Date or other original issue date thereof, as applicable, was
issued and sold in reliance upon Section 4(a)(2) of the Securities Act or Rule 506, and not in reliance upon Rule 144A, and each Note issued in exchange therefor or substitution thereof, in each case until such time as such Note is transferred to,
or exchanged for, a Note that does not bear the Restricted Note Legend or that is a Rule 144A Note. 
 “Accredited Investor Physical
Note” means a Physical Note that is an Accredited Investor Note. 
 “Acquired Debt” means unsecured Indebtedness
of a Person existing at the time such Person becomes a Subsidiary or assumed in connection with the acquisition of assets from such Person. 

“Acquired Secured Debt” means secured Indebtedness of a Person existing at the time such Person becomes a Subsidiary or
assumed in connection with the acquisition of assets from such Person. 
 “Affiliate” of any specified Person means any
other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified
Person, means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Affiliate
Note” means each Physical Note, if any, originally issued hereunder to, and initially registered in the name of, an Affiliate of the Company, and each Note issued in exchange of, or in substitution for, the foregoing Notes; provided,
however, that a Note that is an Affiliate Note will cease to be an Affiliate Note at such time, if any, that such Note ceases to be a Transfer-Restricted Security. The Trustee shall have no obligation to determine or verify whether a Note is an
Affiliate Note. 

  
 - 1 - 

 “Applicable Procedures” means, with respect to any transfer or transaction
involving a Global Note or any beneficial interest therein, the rules and procedures of the Depositary for such Note, in each case to the extent applicable to such transfer or transaction and as in effect from time to time. 

“Asset Acquisition” means (a) an investment by the Company or any of its Subsidiaries in any other Person pursuant to which
such Person shall become a Subsidiary of the Company, or shall be merged with or into the Company or any of its Subsidiaries or (b) the acquisition by the Company or any of its Subsidiaries of the assets of any Person which constitute all or
substantially all of the assets of such Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business and consistent with past practices. 

“Asset Sale” means any transfer, conveyance, sale, lease or other disposition (including, without limitation, dispositions
pursuant to any consolidation or merger) by the Company or any of its Subsidiaries to any Person (other than to the Company or one or more of its Subsidiaries) in any single transaction or series of transactions (a) that results in a Subsidiary of
the Company ceasing to be a Subsidiary of the Company or (b) that constitutes the disposition of assets constituting a business unit, line of business or division of, or all or substantially all of the assets of, a Person. 

“Authorized Denomination” means, with respect to a Note, a principal amount thereof equal to $1,000 or any integral multiple
of $1,000 in excess thereof. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. federal, state or
non-U.S. law for the relief of debtors. 
 “Bid Solicitation Agent” means the Person who shall solicit and obtain bids for
the Trading Price in accordance with Section 10.01(b)(ii) and the definition of Trading Price set forth herein. The initial Bid Solicitation Agent shall be the Company, and the Company shall have the right to thereafter appoint any other Person
to be the Bid Solicitation Agent without prior notice. 
 “Board of Directors” means the board of directors of the Company
or a committee of such board duly authorized to act for it. 
 “Board Resolution” means a written copy of one or more
resolutions certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or be closed. 
 “Capital Lease” means, as applied to any Person,
any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person; provided that

  
 - 2 - 

 
all leases of any Person that are or would be characterized as operating leases in accordance with GAAP immediately prior to the Issue Date (whether or not such operating leases were in effect on
such date) shall continue to be accounted for as operating leases (and not as Capital Leases) for purposes of this Indenture regardless of any change in GAAP following the Issue Date that would otherwise require such leases to be recharacterized as
Capital Leases. 
 “Capital Lease Obligations” means, at the time any determination thereof is to be made, the amount of
the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP; provided that all
obligations of any Person that are or would be characterized as operating lease obligations in accordance with GAAP immediately prior to the Issue Date (whether or not such operating lease obligations were in effect on such date) shall continue to
be accounted for as operating lease obligations (and not as Capital Lease Obligations) for purposes of this Indenture regardless of any change in GAAP following the Issue Date that would otherwise require such obligations to be recharacterized as
Capital Lease Obligations. 
 “Capital Stock” means, for any Person, any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of, or interests in (however designated), the equity of such Person, but excluding any debt securities convertible into such equity. 

“Close of Business” means 5:00 p.m., New York City time. 

“Common Stock” means the shares of the common stock of the Company, $0.001 par value per share. 

“Company” means the party named as such in the first paragraph of this Indenture until a successor or assignee replaces it
pursuant to the applicable provisions hereof and, thereafter, means the successor or assignee. 
 “Company Order” means a
written request or order signed in the name of the Company by any Officer. 
 “Consolidated EBITDA” means, for any period,
an amount equal to Consolidated Net Income for such period plus: 
 (a) the following (other than clause (8) below) to the extent deducted in
calculating such Consolidated Net Income: 
 (1) Consolidated Interest Expenses for such period; 

(2) provision for taxes based on income or profits or capital, including, without limitation, U.S. federal, state, non- U.S., franchise,
excise, value added, and similar taxes and foreign withholding taxes of the Company and its Subsidiaries paid or accrued during such period, including any penalties and interest related to such taxes or arising from any tax examinations, deducted
(and not added back) in computing Consolidated Net Income; 
 (3) depreciation and amortization expense; 

  
 - 3 - 

 (4) non-cash expenses and amortization expenses, in each case, related to the granting of stock
appreciation or similar rights, stock options, restricted shares or restricted stock units pursuant to equity-incentive programs of the Company and its Subsidiaries; 

(5) any other non-cash charges, expenses or losses, including any non-cash expense relating to non-cash asset retirement costs and any write
offs, write downs, expenses, losses, or items to the extent the same were deducted (and not added back) in computing Consolidated Net Income (provided, that if any such non-cash charges represent an accrual or reserve for potential cash items
in any future period, (x) the Company may determine not to add back such non-cash charge in the current period and (y) to the extent the Company does decide to add back such non-cash charge, the cash payment in respect thereof in such future period
shall be deducted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); 

(6) any net loss from disposed, abandoned, transferred, closed or discontinued operations (excluding held for sale discontinued operations
until actually disposed of); 
 (7) restructuring expenses and charges and any costs, charges, fees and expenses incurred in connection with
any acquisition, investment or any non-ordinary course disposition of assets; 
 (8) the amount of cost savings, operational improvements and
other synergies projected by the Company in good faith to be realized as a result of actions taken or expected to be taken (including, without limitation, actions taken or expected to be taken in connection with Asset Sales, Asset Acquisitions,
investments and discontinued operations for which pro forma adjustments are required in connection with the calculation of any ratio contained herein) during such period (calculated on a pro forma basis as though such cost savings, operational
improvements and other synergies had been realized on the first day of such period), but not including the amount of actual benefits realized during such period from such actions; provided that (w) such cost savings, operational improvements
and other synergies are reasonably identifiable and factually supportable, (x) such cost savings, operational improvements and other synergies are expected to be realized within 12 months of the date thereof in connection with such actions, (y) the
aggregate amount of cost savings, operational improvements and other synergies added pursuant to this clause (8) shall not exceed 10.0% of Consolidated EBITDA on a consolidated basis for the Company’s and its Subsidiaries’ most recently
ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of determination for any four consecutive quarter period and (z) such cost savings, operational improvements and other synergies are
set forth in an Officers’ Certificate certifying that such cost savings, operational improvements and other synergies comply with the requirements of this clause (8); 

(9) fees and costs incurred in connection with the Transactions; 

(10) with respect to any investment or Asset Acquisition, (a) purchase accounting adjustments, including, without limitation, a dollar for
dollar adjustment for that portion of revenue that would have been recorded in the relevant period had the balance of deferred revenue (unearned income) recorded on the closing balance sheet and before application of purchase accounting not been
adjusted downward to fair value to be recorded on the opening 

  
 - 4 - 

 
balance sheet in accordance with GAAP purchase accounting rules and (b) non-cash adjustments in accordance with GAAP purchase accounting rules under FASB Statement No. 141 and EITF Issue No. 01-3
(as the same may be amended), in the event that such an adjustment is required by the Company’s independent auditors, in each case, as determined in accordance with GAAP; 

(11) expenses and losses arising from patent suits or litigation; and 

(12) impairment charges, including the write down of investments, and minus 

(b) the following to the extent included in calculating such Consolidated Net Income: 

(1) Federal, state, local and foreign income tax credits of the Company and its Subsidiaries for such period; and 

(2) all non-cash items increasing Consolidated Net Income for such period. 

“Consolidated Interest Expenses” means, with respect to the Company for any period, without duplication, the sum of: 

(1) consolidated cash interest expense of the Company and its Subsidiaries for such period, to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (x) all commissions, discounts, and other fees and charges owed with respect to letters of credit or bankers acceptances, (y) capitalized interest to the extent paid in cash, and (z) net
payments (over payments received), if any, made pursuant to interest rate Hedging Obligations with respect to Indebtedness); plus 
 (2) any
cash payments made during such period in respect of the accretion or accrual of discounted liabilities referred to in clause (f) of the proviso below that were amortized or accrued in a previous period; less 

(3) cash interest income for such period; 

provided, however that the following shall in all cases be excluded from Consolidated Interest Expense: 

(a) any one-time cash costs associated with breakage in respect of Hedging Obligations to the extent such costs would be otherwise included in
Consolidated Interest Expense; 
 (b) deferred financing costs, debt issuance costs, commissions, fees (including amendment and contract
fees) and expenses and, in each case, the amortization and write-off thereof; 
 (c) annual agency fees paid to any agent or trustee under
any Credit Facilities or other debt instruments or documents; 
 (d) costs associated with obtaining Hedging Obligations; 

(e) the accretion or accrual of discounted liabilities; and 

  
 - 5 - 

 (f) any prepayment premium or penalty. 

For purposes of this definition, cash interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by such Person to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Total Indebtedness to (y)
the aggregate amount of Consolidated EBITDA for the most recently ended Test Period, in each case on a pro forma basis. 

“Consolidated Net Income” means, for any period, the consolidated net income (or loss) of the Company and its Subsidiaries
for such period as determined in accordance with GAAP, adjusted to the extent included in calculating such consolidated net income, by excluding, without duplication: 

(1) all extraordinary, non-recurring or unusual gains or losses, charges or expenses; 

(2) any gain or loss realized as a result of the cumulative effect of a change in accounting principles; 

(3) any unrealized gains or losses in respect of Hedging Obligations; 

(4) any gains or losses resulting from non-ordinary course dispositions of assets or discontinued operations; 

(5) any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to
intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation or in connection with any disposition of assets, in each case, pursuant to GAAP, and the amortization of intangibles
arising pursuant to GAAP; 
 (6) any gain or loss due solely to fluctuations in currency values and the related tax effects determined in
accordance with GAAP; and 
 (7) any loss, charge and expense, to the extent covered by insurance or indemnification and actually reimbursed,
or, so long as, in the case of reimbursements or indemnifications not yet received, the Company has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only
to the extent that such amount is (a) not denied by the applicable carrier or indemnifying party in writing within 180 days and (b) in fact reimbursed within 365 days of the date of such determination (with a deduction for any amount so added back
to the extent not so reimbursed within 365 days). 
 “Consolidated Total Indebtedness” means, as at any date of
determination, an amount equal to the aggregate principal amount of all outstanding Indebtedness of the Company and its Subsidiaries that would be reflected on a consolidated balance sheet prepared as of such date on a consolidated basis in
accordance with GAAP. 

  
 - 6 - 

 “Conversion Price” means, at any time, (i) $1,000 divided by (ii) the
Conversion Rate in effect at such time. 
 “Conversion Rate” means, initially, 212.7660 shares of Common Stock per $1,000
principal amount of Notes, subject to adjustment as provided herein. 
 “Corporate Trust Office” means the corporate trust
office of the Trustee at which the trust created by this Indenture will be administered, which office, as of the Issue Date, is located at Wilmington Trust, National Association, Global Corporate Capital Markets, 50 South Sixth Street, Suite 1290,
Minneapolis, MN 55402, Attention: Inseego Corp. Administrator, and may later be located at such other address as the Trustee, upon delivering notice to the Holders, the Paying Agent, the Conversion Agent, the Registrar and the Company, designates.

 “Credit Facility” means, with respect to the Company or any of its Subsidiaries, one or more debt or credit facilities,
indentures or other arrangements (including commercial paper facilities and overdraft facilities), in each case, with one or more banks, other financial institutions, lenders or investors providing for revolving credit loans, term loans, notes,
receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow from such institutions against such receivables or the creation of any Liens in respect of such receivables in
favor of such institutions), letters of credit or other Indebtedness, in each case, as amended, restated, amended and restated, supplemented or otherwise modified or renewed, refunded, replaced, restructured, refinanced, repaid, increased or
extended in whole or in part from time to time (and whether in whole or in part and whether or not with the original administrative agent and lenders or another administrative agent or agents or other banks or institutions and whether provided under
the original credit agreement or one or more other credit agreements, indentures, financing agreements or otherwise) and in each case including all agreements, instruments and documents executed and delivered pursuant to or in connection with the
foregoing (including any notes, any letters of credit and reimbursement obligations related thereto, any guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other guarantees,
pledges, agreements, security agreements and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facility” shall include any agreement or instrument (a) changing the maturity of any Indebtedness
incurred thereunder or contemplated thereby, (b) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (c) increasing the amount of Indebtedness incurred thereunder or available to be borrowed thereunder or (d)
otherwise altering the terms and conditions thereof. 
 “Custodian” means any receiver, trustee, assignee, liquidator,
custodian or similar official under any Bankruptcy Law. 
 “Daily Conversion Value” means, for any VWAP Trading Day during
the Observation Period, (1) the product of (x) the Conversion Rate on such VWAP Trading Day and (y) the Daily VWAP on such VWAP Trading Day, divided by (2) forty (40). 

“Daily Settlement Amount” means, with respect to each of the 40 consecutive VWAP Trading Days during an Observation Period
for a conversion of Notes, (i) cash equal to the lesser of (x) the Specified Dollar Amount applicable to such conversion, divided by forty (40) (such 

  
 - 7 - 

 
quotient, the “Daily Measurement Value”); and (y) the Daily Conversion Value on such VWAP Trading Day (the lesser of such preceding clauses (x) and (y), the “Daily Cash
Amount”); and (ii) if such Daily Conversion Value exceeds such Daily Measurement Value, a number of shares of Common Stock (such number, the “Daily Share Amount”) equal to (x) the difference between such Daily Conversion
Value and such Daily Measurement Value, divided by (y) the Daily VWAP for such VWAP Trading Day. 
 “Daily VWAP”
means, for any VWAP Trading Day during the Observation Period, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “INSG <equity> AQR” (or its equivalent successor
if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or if such volume-weighted average price is unavailable, the
market value of one share of Common Stock on such VWAP Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The Daily VWAP will
be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 

“Default” means any event which is (or after notice, passage of time or both would be) an Event of Default. 

“Depositary” means DTC; provided that the Company may at any time, upon delivering notice to the Holders, the Trustee,
the Registrar, the Paying Agent and the Conversion Agent, appoint a successor Depositary. 
 “Disqualified Equity
Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or
is mandatorily redeemable (other than solely for Equity Interests that are not Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale or casualty or condemnation
event so long as any rights of the holders thereof upon the occurrence of a change of control, asset sale or casualty or condemnation event shall be subject to the prior repayment in full of the Notes), (b) is redeemable at the option of the holder
thereof (other than solely for Equity Interests that are not Disqualified Equity Interests and other than as a result of a change of control, asset sale or casualty or condemnation event so long as any rights of the holders thereof upon the
occurrence of a change of control, asset sale or casualty or condemnation event shall be subject to the prior repayment in full of the Notes) or (c) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that
would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the maturity date of the Notes. 

“DTC” means The Depository Trust Company. 

“Equity Interests” means, with respect to any Person, all of the shares, interests, rights, participations or other
equivalents (however designated) of capital stock of (or other ownership or profit interests or units in, including any limited or general partnership interest and any limited liability company membership interest) such Person and all of the
warrants, options or other 

  
 - 8 - 

 
rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities, but excluding debt securities). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Offer” means that certain offer pursuant to which the Company offered to issue and exchange $120 million aggregate
principal amount of the Notes for up to $120 million aggregate principal amount of the Novatel Wireless Notes. 
 “Free Trade
Date” means, with respect to a Note, the date that is one year after the Last Original Issue Date of such Note. 
 “Freely
Tradable” means, with respect to any Notes or any shares of the Common Stock issuable upon conversion of the Notes, that such Notes or such shares of Common Stock, as applicable, (i) are eligible to be offered, sold or otherwise transferred
pursuant to Rule 144 (or any successor thereto) or otherwise by a Person that is not an “affiliate” (as defined in Rule 144) of the Company and that has not been an “affiliate” (as defined in Rule 144) of the Company during the
immediately preceding three-month period without any volume or manner of sale restrictions under the Securities Act; (ii) in the case of the Notes, do not bear the Restricted Note Legend and, in the case of shares of the Common Stock, do not bear
the Restricted Stock Legend; and (iii) with respect to Global Notes only, are identified by an unrestricted CUSIP number in the facilities of the applicable depositary. 

“Fundamental Change” means an event that will be deemed to occur if any of the following occurs: 

(a) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company or the
Subsidiaries, has become the direct or indirect “beneficial owner” (as defined below) of shares of the Company’s common equity representing more than 50% of the voting power of the Company’s common equity; 

(b) the consummation of: 
 (i)
any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and the Subsidiaries to any person, other than the Sale; or 

(ii) any transaction or series of related transactions in connection with which (whether by means of exchange, liquidation, consolidation,
merger, combination, reclassification, recapitalization, acquisition or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, other property, assets or cash,
but excluding any merger, consolidation, share exchange or acquisition of the Company with or by another Person pursuant to which the Persons that “beneficially owned” (as defined below), directly or indirectly, the shares of the
Company’s Voting Stock immediately prior to such transaction beneficially own, directly or indirectly, immediately after such transaction, shares of the surviving, continuing or acquiring corporation’s Voting Stock representing more than
50% of the total outstanding voting power of all outstanding classes of 

  
 - 9 - 

 
Voting Stock of the surviving, continuing or acquiring corporation in substantially the same proportions vis-à-vis each other as immediately prior to such transaction; 

(c) the Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or 

(d) the Common Stock (or other common stock or depositary shares or receipts in respect thereof into which the Notes are then convertible,
assuming Physical Settlement) ceases to be listed or quoted on any of the NASDAQ Stock Market or the New York Stock Exchange (or any of their respective successors). 

A transaction or event described in clause (a) or (b) above will not constitute a Fundamental Change, however, if at least 90% of the
consideration received or to be received by the holders of the Common Stock, excluding cash payments for fractional shares or dissenters rights, in connection with the transaction or transactions, consists of shares of common stock traded on any of
the NASDAQ Stock Market or the New York Stock Exchange (or any of their respective successors) or which will be so traded or quoted when issued or exchanged in connection with such transaction or event and as a result of such transaction or event,
the Notes become convertible or exchangeable (assuming Physical Settlement) solely into such consideration (excluding cash payable in lieu of any fractional share) in accordance with Section 10.08 hereof. 

For the purposes of this definition of “Fundamental Change,” whether a person is a “beneficial owner” or whether
shares are “beneficially owned” will be determined in accordance with Rule 13d-3 under the Exchange Act. 

“GAAP” means generally accepted accounting principles in the United States, consistently applied, as set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, or in such other statements by such other entity
as may be approved by a significant segment of the accounting profession of the United States, as in effect on the Issue Date. 

“Global Note” means a Note represented by a certificate substantially in the form set forth in Exhibit A that is duly
executed by the Company and authenticated by the Trustee as provided herein and deposited with the Trustee, as custodian for the Depositary. 

“Global Note Legend” means the legend identified as such in Exhibit A hereto. 

“Hedging Obligations” means, with respect to any Person, the obligations of such person under (1) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed

  
 - 10 - 

 
by or subject to any master agreement, and (2) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a
“Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “Holder”
or “Holders” means a Person or Persons in whose name a Note is registered in the Register. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following: 

(1) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments or letters of credit (or reimbursement agreements in respect thereof); 
 (2) all obligations of such Person
with respect to Capital Lease Obligations or Purchase Money Obligations; and 
 (3) all guarantees of such Person in respect of any of the
foregoing. 
 “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the terms
hereof. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 “Issue Date” means January 9, 2017. 

“Last Original Issue Date” means, with respect to any Note, the last date of original issuance of such Note. For
purposes of this definition, (i) the “Last Original Issue Date” of Notes issued on the Issue Date (and any Notes issued in exchange therefor or in substitution thereof) is the Issue Date; and (ii) the “Last Original Issue Date”
of any other Notes (and any Notes issued in exchange therefor or in substitution thereof) issued pursuant to this Indenture will be the date such Notes are originally issued (or, if later, the last date any Notes are originally issued as part of the
same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase additional Notes). 

“Last Reported Sale Price” of the Common Stock on any date means the closing sale or trading price (or, if no closing sale or
trading price is reported, the average of the last bid and ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) per share on such date as reported in composite transactions for the
principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on such date, the “Last Reported Sale Price”
of the Common Stock will be the last quoted bid price per share for the Common Stock in the over-the-counter market on such date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the
“Last Reported 

  
 - 11 - 

 
Sale Price” will be the average of the mid-point of the last bid and ask prices per share for the Common Stock on the relevant date from each of at least three nationally recognized
independent investment banking firms selected by the Company for this purpose. The “Last Reported Sale Price” will be determined without regard to after-hours trading or any other trading outside of regular trading session hours. 

“Lien” means, with respect to any asset, any mortgage, pledge, security interest, encumbrance, lien or charge of any kind in
respect of such asset, including any conditional sale or other title retention agreement, and any lease in the nature thereof; provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Market Disruption Event” means the occurrence or existence during the one-half hour period ending on the scheduled close of
trading on the principal U.S. national or regional securities exchange on which the Common Stock is listed for trading of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the
stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. 

“Non-Affiliate Legend” means the legend identified as such in Exhibit A hereto. 

“Notes” means any of the Company’s 5.50% Convertible Senior Notes due 2022 issued under this Indenture. 

“Novatel Wireless” means Novatel Wireless, Inc., a Delaware corporation and wholly owned subsidiary of the Company. 

“Novatel Wireless Notes” means any of the 5.50% Convertible Senior Notes due 2020 issued by Novatel Wireless. 

“Observation Period” means, with respect to any Note surrendered for conversion, (i) subject to the immediately following
clause (ii), if the Conversion Date for such conversion occurs before the 45th Scheduled Trading Day immediately preceding the Maturity Date, the forty (40) consecutive VWAP Trading Days beginning on, and including, the third VWAP Trading Day after
such Conversion Date; (ii) if such Conversion Date occurs on or after the date the Company has issued a Redemption Notice and before the related Redemption Date, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty
second (42nd) Scheduled Trading Day immediately preceding the Redemption Date; and (iii) subject to the immediately preceding clause (ii), if the relevant Conversion Date occurs on or after the 45th Scheduled Trading Day immediately preceding the
Maturity Date, the forty (40) consecutive VWAP Trading Days beginning on, and including, the 42nd Scheduled Trading Day immediately preceding the Maturity Date. 

“Officer” means the Chairman of the Board, the Vice Chairman, the Chief Executive Officer, the President, the Chief Financial
Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Treasurer or the Secretary of the Company. 

“Officers’ Certificate” means a written certificate containing the information specified in Sections 12.03 and 12.04
hereof, signed in the name of the Company by any two Officers, and 

  
 - 12 - 

 
delivered to the Trustee; provided, that, if such certificate is given pursuant to Section 4.05 hereof, (i) one of the Officers signing such certificate must be the principal financial or
accounting Officer of the Company and (ii) such certificate need not contain the information specified in Sections 12.03 and 12.04 hereof. 

“Open of Business” means 9:00 a.m., New York City time. 

“Opinion of Counsel” means a written opinion containing the information specified in Sections 12.03 and 12.04 hereof, from
legal counsel. The counsel may be an employee of, or counsel to, the Company who is satisfactory to the Trustee. 

“Participant” means, with respect to the Depositary a Person who has an account with the Depositary. 

“Permitted Refinancing Secured Indebtedness” means any Indebtedness of the Company or any of its Subsidiaries that may (but
is not required to be) secured by a Lien on any of the assets of the Company or any of its Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other secured
Indebtedness of the Company or any of its Subsidiaries; provided, that: 
 (1) the aggregate principal amount (or accreted value, if
applicable) of such Permitted Refinancing Secured Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on
the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 
 (2) such Permitted
Refinancing Secured Indebtedness has a final maturity date on or after the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged; and 
 (3) such Indebtedness is incurred either by the Company or by any of its
Subsidiaries or the real property who is the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged and is guaranteed only by Persons who were obligors on the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged. 
 “Permitted Refinancing Unsecured Indebtedness” means any unsecured
Indebtedness of the Company or any of its Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other unsecured Indebtedness of the Company or any of its Subsidiaries;
provided, that: 
 (1) the aggregate principal amount (or accreted value, if applicable) of such Permitted Refinancing Unsecured
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and
expenses, including premiums, incurred in connection therewith); 

  
 - 13 - 

 (2) such Permitted Refinancing Unsecured Indebtedness has a final maturity date on or after the
final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 

(3) such Indebtedness is incurred either by the Company or by any of its Subsidiaries who is the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged and is guaranteed only by Persons who were obligors on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, or government or any agency or political subdivision thereof. 
 “Physical
Note” means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth in Exhibit A that is duly executed by the Company and authenticated by the Trustee as provided herein and
registered in the name of the Holder of such Note. 
 “Prospectus” means the Prospectus relating to the offering of the
Notes dated January 4, 2017. 
 “Purchase Money Obligations” means any Indebtedness to finance or refinance the
acquisition, leasing, construction or improvement of property (real or personal) or assets. 
 “Restricted Note Legend”
means the legend identified as such set forth in Exhibit A hereto, or any other similar legend indicating the restricted status of the Notes under Rule 144. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interest of the Company or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance,
acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Company’s or any of its Subsidiaries’ stockholders, partners or members (or the equivalent Persons thereof). 

“Restricted Stock Legend” means a legend in the form set forth in Exhibit B hereto or any other similar legend
indicating the restricted status of the Common Stock under Rule 144. 
 “Rule 144” means Rule 144 under the Securities Act
(or any successor provision), as it may be amended from time to time. 
 “Rule 144A” means Rule 144A under the Securities
Act (or any successor provision), as it may be amended from time to time. 
 “Rule 144A Global Note” means a Global Note
that is a Rule 144A Note. 

  
 - 14 - 

 “Rule 144A Note” means a Note that, on the Issue Date or other original issue
date thereof, as applicable, was issued and sold in reliance upon Rule 144A, and each Note issued in exchange therefor or substitution thereof, in each case until such time as such Note is transferred to, or exchanged for, a Note that does not bear
the Restricted Note Legend or that is an Accredited Investor Note. 
 “Rule 144A Physical Note” means a Physical Note that
is a Rule 144A Note. 
 “Rule 506” means Rule 506 of Regulation D under the Securities Act (or any successor provision), as
it may be amended from time to time. 
 “Sale” means the sale by the Company of all outstanding shares of Novatel Wireless
pursuant to the terms of that certain Stock Purchase Agreement dated September 21, 2016 by and between the Company (formerly Vanilla Technologies, Inc.) and Novatel Wireless, on the one hand, and T.C.L. Industries Holdings (H.K.) Limited and Jade
Ocean Global Limited (collectively, the “Purchasers”), on the other hand, as such agreement is in effect on the Issue Date. 

“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional
securities exchange or market on which the Common Stock is listed or admitted for trading; provided, however, that if the Common Stock is not so listed or admitted for trading, then “Scheduled Trading Day” means a Business
Day. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” means any Subsidiary that is a “significant subsidiary” of the Company within the meaning
of Rule 1-02(w) of Regulation S-X promulgated under the Exchange Act. 
 “Specified Dollar Amount” means, with respect to
the conversion of any Note with respect to which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note being converted to be received upon such conversion (excluding cash in lieu of any fractional share of
Common Stock), as specified in the notice specifying the Company’s elected Settlement Method for such conversion or as otherwise deemed to have been specified by the Company pursuant to Section 10.03(a)(i)(D) or 10.03(a)(i)(E). 

“Stock Price” means, for any Make-Whole Fundamental Change, (i) if the holders of the Common Stock receive only cash in
consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is of the type described in clause (b) of the definition of Fundamental Change, the amount of cash paid per share of the
Common Stock in such Make-Whole Fundamental Change, and (ii) otherwise, the average of the Last Reported Sale Price per share of the Common Stock over the five consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the Make-Whole Fundamental Change Effective Date for such Make-Whole Fundamental Change. 

  
 - 15 - 

 “Subordinated Indebtedness” means Indebtedness incurred by the Company that is
contractually subordinated in right of payment to the prior payment of amounts owed by the Company with respect to the Notes. 

“Subsidiary” means a Person, more than 50% of the outstanding Voting Stock of which is owned, directly or indirectly, by the
Company or by one or more other Subsidiaries of the Company, or by the Company and one or more other Subsidiaries of the Company. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall
refer to a Subsidiary or Subsidiaries of the Company. 
 “Test Period” means, for any determination hereunder, the four
consecutive fiscal quarters of the Company then last ended for which the Company has financial statements that are available. 

“Trading Day” means a day on which (i) trading in the Common Stock (or other security for which a Last Reported Sale Price
must be determined) generally occurs on the NASDAQ Stock Market or, if the Common Stock (or such other security) is not then listed on the NASDAQ Stock Market, on the principal other U.S. national or regional securities exchange on which the Common
Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such other security) is
then listed or admitted for trading; and (ii) there is no Market Disruption Event; provided, however, that if the Common Stock (or such other security) is not so listed or traded, then “Trading Day” means a Business Day. 

“Trading Price” means, with respect to the Notes on any date of determination, the average of the secondary market bid
quotations obtained by the Bid Solicitation Agent for $2,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers selected by the
Company; provided, however, that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be
obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $2,000,000 principal amount of the Notes from a nationally recognized securities dealer on any
Trading Day, then the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than 98% of the product of the Last Reported Sale Price per share of the Common Stock and the Conversion Rate on such Trading
Day. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not, when the Company is required to, instruct the Bid Solicitation Agent in writing to obtain bids, or if the Company gives such written instruction to the
Bid Solicitation Agent, and the Bid Solicitation Agent fails to make such determination or (y) the Company is acting as Bid Solicitation Agent, and the Company fails to make such determination, then, in either case, the Trading Price per $1,000
principal amount of Notes will be deemed to be less than 98% of the product of the Last Reported Sale Price per share of the Common Stock and the Conversion Rate on each Trading Day of such failure. 

“Transactions” means, collectively, any or all of the following: (a) the Sale, (b) the Exchange Offer, (c) the issuance of
the Notes and the entry into this Indenture in connection with 

  
 - 16 - 

 
the Exchange Offer, (d) the amendment of the indenture governing the Novatel Wireless Notes in connection with the Exchange Offer and (e) all other transactions relating to any of the foregoing
(including payment of fees and expenses related to any of the foregoing). 
 “Transfer Agent” means, initially,
Computershare Trust Company, in its capacity as the transfer agent for the Common Stock, and any successor entity acting in such capacity. 

“Transfer-Restricted Security” means any Note or share of Common Stock issued upon conversion thereof that constitutes a
“restricted security” (as defined in Rule 144); provided, however, that such Note or share will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: 

(A) such Note or share is sold or otherwise transferred pursuant to a registration statement that was effective under the Securities Act at the
time of such sale or transfer; 
 (B) such Note or share is sold or otherwise transferred pursuant to an available exemption (including Rule
144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such Note or share ceases to constitute a “restricted security” (as
defined in Rule 144); and 
 (C) (x) such Note or share becomes eligible for resale, by a Person that is not an Affiliate of the Company and
that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or notice; and (y) in
the case of an Affiliate Note, the Company has received such certificates or other documentation or evidence as the Company may reasonably require in order to establish that the Holder of such Note is not, and was not at any time during the
preceding three (3) months, an Affiliate of the Company. 
 For the avoidance of doubt, the Notes issued on the Issue Date are not
Transfer-Restricted Securities. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Trust Officer” means any officer within the corporate trust department of the Trustee (or any successor group of the
Trustee) with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter with respect to this Indenture, any other officer of the Trustee to whom such matter is referred because
of his or her knowledge of and familiarity with the particular subject. 
 “Trustee” means the party named as the
“Trustee” in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, means such successor. The foregoing sentence will likewise apply to any such
subsequent successor or successors. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code as in effect on
the Issue Date. 

  
 - 17 - 

 “Voting Stock” of a Person means Capital Stock of such Person of the class or
classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time Capital
Stock of any other class or classes will have or might have voting power by reason of the happening of any contingency). 
 “VWAP
Market Disruption Event” means (A) a failure by the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (B)
the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading
(by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options, contracts or futures contracts relating to the Common Stock. 

“VWAP Trading Day” means a day on which (A) there is no VWAP Market Disruption Event and (B) trading in the Common Stock
generally occurs on the NASDAQ Stock Market or, if the Common Stock is not then listed on the NASDAQ Stock Market, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock
is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “VWAP
Trading Day” means a Business Day. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at
any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of each then
remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse
between such date and the making of such payment; by 
 (2) the then outstanding principal amount of such Indebtedness. 

Section 1.02 Other Definitions. 
  

			
	 Term:
	  	 Section Defined in:

	“Act”	  	1.05
	“Additional Interest”	  	4.04(a)
	“Additional Shares”	  	10.07(a)
	“Agent Members”	  	2.02(c)
	“Averaging Period”	  	10.05(e)
	“Cash Settlement”	  	10.03(a)(i)
	“Combination Settlement”	  	10.03(a)(i)
	“Common Stock Change Event”	  	10.08(a)
	“Conversion Agent”	  	2.06(a)

  
 - 18 - 

			
	 Term:
	  	 Section Defined in:

	“Conversion Consideration”	  	10.03(a)(ii)
	“Conversion Date”	  	10.02(a)
	“Conversion Notice”	  	10.02(a)
	“Defaulted Amount”	  	2.04(d)
	“Default Interest”	  	2.04(d)
	“Effective Date”	  	10.05(m)(i)(II)
	“Event of Default”	  	6.01(a)
	“Ex-Dividend Date”	  	10.05(m)(i)(III)
	“Expiration Date”	  	10.05(e)
	“Expiration Time”	  	10.05(e)
	“Fundamental Change Notice”	  	3.02(a)
	“Fundamental Change Notice Date”	  	3.02(a)
	“Fundamental Change Repurchase Date”	  	3.01(c)
	“Fundamental Change Repurchase Notice”	  	3.03(a)(A)
	“Fundamental Change Repurchase Price”	  	3.01(b)
	“Initial Notes”	  	2.01(a)
	“Interest Payment Date”	  	2.04(a)(ii)
	“Make-Whole Fundamental Change”	  	10.07(a)
	 “Make-Whole Fundamental Change Effective Date”
	  	 10.07(b)

	“Maturity Date”	  	2.04(a)(i)
	“Measurement Period”	  	10.01(b)(ii)
	“Optional Repurchase Date”	  	3.06(c)
	“Optional Repurchase Notice”	  	3.08(a)(A)
	“Optional Repurchase Price”	  	3.06(b)
	“Optional Repurchase Right Notice”	  	3.07(a)
	“Optional Repurchase Right Notice Date”	  	3.07(a)
	“Paying Agent”	  	2.06(a)
	“Permitted Secured Debt”	  	4.11(a)
	“Permitted Unsecured Debt”	  	4.11(b)
	“Physical Settlement”	  	10.03(a)(i)
	“Redemption”	  	11.02(a)
	“Redemption Date”	  	11.02(c)
	“Redemption Notice”	  	11.03
	“Redemption Notice Date”	  	11.03
	“Redemption Price”	  	11.02(b)
	“Reference Property”	  	10.08(a)
	“Reference Property Unit”	  	10.08(a)
	“Register”	  	2.06(a)
	“Registrar”	  	2.06(a)
	“Regular Record Date”	  	2.04(a)(ii)
	“Reorganization Event”	  	5.01
	“Reorganization Successor Corporation”	  	5.01(a)(ii)
	“Reporting Event of Default”	  	6.04(a)
	“Settlement Method”	  	10.03(a)(i)

  
 - 19 - 

			
	 Term:
	  	 Section Defined in:

	“Special Interest”	  	6.04(a)
	“Special Regular Record Date”	  	2.04(d)(i)
	“Spin-Off”	  	10.05(c)(ii)
	“Successor Person”	  	10.08(a)
	“Temporary Notes”	  	2.12
	“Trading Price Condition”	  	10.01(b)(ii)
	“Valuation Period”	  	10.05(c)(ii)

 Section 1.03 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers
to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. 
 The following
Trust Indenture Act terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes;

 “indenture security holder” means a Holder; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes means the Company, and any successor obligor upon the Notes. 

All other terms used in this Indenture that are defined by the Trust Indenture Act, reference to another statute or defined by any rule of the
SEC under the Trust Indenture Act have the meanings so assigned to them. 
 Section 1.04 Rules of Construction. In this
Indenture: 
 (1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it and will be construed in accordance with U.S. generally accepted
accounting principles; 
 (3) “or” is not exclusive; 

(4) “including” means including, without limitation; 

(5) words in the singular include the plural, and words in the plural include the singular, unless the context requires otherwise; 

(6) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision of this Indenture, unless the context requires otherwise; 

  
 - 20 - 

 (7) all references to $, dollars, cash payments or money refer to United States currency; 

(8) unless the context requires otherwise, all references to interest on the Notes (a) will include any Additional Interest payable pursuant to
Section 4.04 hereof and any Special Interest payable pursuant to Section 6.04 hereof, (b) but, for the avoidance of doubt, will not include any Default Interest payable on a Defaulted Amount pursuant to the terms of Section 2.04 hereof; and 

(9) references to sections of or rules under the Securities Act, Exchange Act and the Trust Indenture Act will be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC, as applicable, from time to time. 
 Section 1.05 Acts of
Holders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action will become effective when such instrument or instruments are delivered to the Trustee and to the
Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent will be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.05. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where
such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit will also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note will bind every future Holder of
the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company, the Paying Agent, the
Conversion Agent or the Registrar in reliance thereon, whether or not notation of such action is made upon such Note. 
 If the Company will
solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company will have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such 

  
 - 21 - 

 
record date, but only the Holders of record at the Close of Business on such record date will be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion
of outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and, for that purpose, the outstanding Notes will be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders on such record date will be deemed effective unless it will become effective pursuant to the provisions of this Indenture not later than six months after the record
date. 
 ARTICLE 2 

THE NOTES 
 Section 2.01
Designation, Amount and Issuance of Notes. 
 (a) The Notes will be designated as “5.50% Convertible Senior Notes due
2022.” The initial aggregate principal amount of Notes to be issued, authenticated and delivered on the Issue Date under this Indenture is $119,750,000 (the “Initial Notes”). From time to time, the Company may issue
and execute, and the Trustee may authenticate, Notes delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.10, 2.11, 2.12, 3.11 and 10.02 hereof. In addition, the Company may issue an
unlimited aggregate principal amount of additional Notes in accordance with clause (b) of this Section 2.01. 
 (b) Without the consent of
any Holder, and notwithstanding anything to the contrary in Sections 2.01(a) or 2.05 hereof, but subject to the provisions of Section 4.11, the Company may increase the aggregate principal amount of the Notes issued under this Indenture by issuing
additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the issue date, the issue price, the date as of which interest shall begin to accrue (including, without limitation, pre-issuance accrued
interest) on such additional Notes and as to the Last Original Issue Date with respect to such additional Notes), which Notes will, subject to the foregoing, be considered to be part of the same series of Notes as those initially issued hereunder;
provided, however, that if any such additional Notes are not fungible with other Notes (other than the Affiliate Notes) issued hereunder for federal income tax purposes or under federal securities laws, then such additional Notes shall
have a separate CUSIP number. Prior to issuing any such additional Notes, the Company will deliver to the Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, which Officers’ Certificate and Opinion of Counsel
will address any matters required to be addressed under Section 12.04 hereof. 
 Section 2.02 Form of Notes. 

(a) General. The Notes will be substantially in the form of Exhibit A hereto, but may include any notations, legends or
endorsements required by any applicable law (or regulation promulgated thereunder), stock exchange rule or usage, or any insertions, omissions or other variations otherwise permitted or required by this Indenture. Whenever any such notation,
legend or endorsement, or any such insertion, omission or other variation is applicable to a Note, the Company will provide such notation, legend or endorsement, or such insertion, omission or other variation to the Trustee in writing. 

  
 - 22 - 

 Each Note will bear a Trustee’s certificate of authentication substantially in the form set
forth in Exhibit A hereto. 
 Notes will bear the legends, if any, required by Section 2.09. 

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent that any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture will govern and control. 
 (b) Initial and Subsequent Notes. The
Notes initially will be issued in global form, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee, as custodian for the Depositary. Except to the extent provided in Section 2.10 hereof,
all Notes (other than the Affiliate Notes) will be represented by one or more Global Notes. All Affiliate Notes, if any, will initially be issued as Physical Notes. 

(c) Global Notes. Each Global Note will represent the aggregate principal amount of then outstanding Notes endorsed thereon
and provide that it represents such aggregate principal amount of then outstanding Notes, which aggregate principal amount may, from time to time, be reduced or increased to reflect transfers, exchanges, conversions, redemptions or repurchases by
the Company. 
 Only the Trustee, or the custodian holding such Global Note for the Depositary, at the direction of the Trustee, may endorse
a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of then outstanding Notes represented thereby, and whenever the Holder of a Global Note delivers instructions to the Trustee to increase or decrease
the aggregate principal amount of then outstanding Notes represented by a Global Note in accordance with Section 2.10 hereof, the Trustee, or the custodian holding such Global Note for the Depositary, at the direction of the Trustee, will endorse
such Global Note to reflect such increase or decrease in the aggregate principal amount of then outstanding Notes represented thereby. None of the Trustee, the Company or any agent of the Trustee or the Company will have any responsibility or
bear any liability for any aspect of the records relating to, or payments made on account of, the ownership of any beneficial interest in a Global Note or with respect to maintaining, supervising or reviewing any records relating to such beneficial
interest. 
 Neither any member of, or participant in, the Depositary (collectively, the “Agent Members”) nor any other
Person on whose behalf an Agent Member may act will have any rights under this Indenture with respect to any Global Note or under such Global Note, and the Company, the Trustee and any agent of the Company or the Trustee, may, for all purposes,
treat the Depositary, or its nominee, if any, as the absolute owner and Holder of such Global Note. 
 The Holder of a Global Note may grant
proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that such Holder is entitled to take under this Indenture or the Notes with respect to such Global
Note, and, notwithstanding the foregoing, nothing herein will prevent the Company, the Trustee, the Paying Agent or any agent of the Company, the Trustee or the Paying Agent 

  
 - 23 - 

 
from giving effect to any written certification, proxy or other authorization furnished by such Holder or impair, as between the Depositary, its Agent Members and any other Person on whose behalf
an Agent Member may act, the operation of their respective customary practices governing the exercise of the rights of a Holder of any interest in any Global Note. 

Section 2.03 Denomination of Notes. The Notes will be issuable in registered form without coupons in denominations of any
Authorized Denomination. 
 Section 2.04 Payments. 

(a) General. 
 (i)
Payment at Maturity. Unless earlier paid or deemed paid pursuant to any of Sections 3.05, 3.10, 10.03 or 11.06 hereof, the Notes will mature on June 15, 2022 (the “Maturity Date”) and, on the Maturity Date, the Company
will pay each Holder of Notes $1,000 in cash for each $1,000 principal amount of Notes held, together with accrued and unpaid interest to, but not including, the Maturity Date on such Notes (with such interest to be payable to the Holder of such
Notes as of the Close of Business on the Regular Record Date immediately preceding the Maturity Date). 
 (ii) Payment of
Interest. Each Note will accrue interest at a rate equal to 5.50% per annum from, and including, the most recent date to which interest has been paid or duly provided for (or, if no interest has been paid or duly provided for,
December 15, 2016 (or such other date provided for in Section 2.01(b) with respect to Notes issued in accordance with such Section)) until, subject to the provisions of clause (d) of this Section 2.04, the date the principal amount of such Note is
paid or deemed paid, as the case may be, pursuant to clause (i) of this Section 2.04(a) or any of Sections 3.05, 3.10, 10.03 or 11.06 hereof. 
 Except as
otherwise provided herein, interest will be payable semi-annually in arrears on June 15 and December 15 of each year (each, an “Interest Payment Date”), beginning June 15, 2017 (or such other date provided for in Section
2.01(b) with respect to Notes issued in accordance with such Section), to the Holder of each such Note as of the Close of Business on the June 1 and December 1, as the case may be, and whether or not on a Business Day, immediately preceding the
applicable Interest Payment Date (each such date, a “Regular Record Date”), regardless of whether such Note is converted, repurchased or redeemed after such Regular Record Date. Interest will be computed on the basis of a
360-day year comprised of twelve 30-day months (which, in the case of a partial month, will, for the avoidance of doubt, be computed as the number of days elapsed over a 30-day month). 

(iii) Method of Payment. The Company will pay, or cause the Paying Agent to pay, the principal of, the Fundamental Change
Repurchase Price, the Optional Repurchase Price or the Redemption Price for, and the interest due on, any Global Note to the Depositary by wire transfer of immediately available funds on the relevant payment date. 

The Company will pay, or cause the Paying Agent to pay, the principal of, the Fundamental Change Repurchase Price, the Optional Repurchase
Price or the Redemption Price for, and any interest due on the Maturity Date on, any Physical Note in cash to the applicable Holder of such Note at the office of the Paying Agent on the relevant payment date. 

  
 - 24 - 

 The Company will pay, or cause the Paying Agent to pay, interest due, on an Interest Payment
Date, on any Physical Note (except interest due on the Maturity Date) to the applicable Holder of such Note (i) if such Holder holds $5,000,000 or less aggregate principal amount of Notes, by check mailed to such Holder’s registered address,
and (ii) if such Holder holds more than $5,000,000 aggregate principal amount of Notes, (A) by check mailed to such Holder’s registered address or (B) if such Holder delivers, not later than the Regular Record Date relating to such Interest
Payment Date, a written request to the Registrar that the Company make such payments by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account, which request shall remain
in effect until such Holder notifies the Registrar, in writing, to the contrary. 
 (b) Interest Rights Preserved. Subject to the
provisions of Section 2.04(d) hereof, and, to the extent applicable, Sections 2.10 and 2.11 hereof, each Note delivered under this Indenture upon registration of transfer of, or in exchange for, or in lieu of, any other Note will carry any rights to
the payment and accrual of interest that were carried by the relevant surrendered Note, Notes, or portion(s) thereof. 
 (c) Additional
Interest; Special Interest. Pursuant to Section 4.04 hereof, in certain circumstances, Additional Interest will accrue on the Notes. Pursuant to Section 6.04 hereof, in certain circumstances, the Company may, at its election, be obligated to pay
Holders Special Interest. Unless the context requires otherwise, all references in this Indenture to interest on the Notes will include such Additional Interest and Special Interest, but will not include any Default Interest payable pursuant to
Section 2.04(d) hereof. 
 (d) Defaulted Amounts. Whenever any amount payable on a Note (including, the principal of, the
Fundamental Change Repurchase Price, the Optional Repurchase Price or Redemption Price for, and interest on, such Note) has become due and payable, but the Company fails to punctually pay or duly provide for such amount (any such amount, a
“Defaulted Amount”), such Defaulted Amount will forthwith cease to be payable to the Holder of such Note on the relevant payment date by virtue of its having been due such payment on such payment date, but will instead, to the
extent permitted under applicable law, accrue interest (“Default Interest”) at a rate equal to 5.50% per annum plus 100 basis points from, and including, such payment date and to, but excluding, the date on which such Defaulted
Amount is paid by the Company in accordance with either clause (i) or (ii) below. 
 (i) The Company may elect to pay any Defaulted Amount
and Default Interest on such Defaulted Amount to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the Close of Business on a special record date for the payment of such Defaulted Amount and Default
Interest (a “Special Regular Record Date”) fixed in accordance with the following procedures: 
 (A) At
least 25 days before the date on which the Company proposes to pay such Defaulted Amounts and Default Interest thereon, the Company will deliver to the Trustee written notice of (I) the proposed payment date for such Defaulted Amounts and Default
Interest thereon and (II) the aggregate amount of such Defaulted Amounts and Default Interest thereon. 

  
 - 25 - 

 (B) Upon delivering such notice to the Trustee, the Company will either (I)
deposit with the Trustee an amount of money, in immediately available funds, equal to the aggregate amount of such Defaulted Amounts and Default Interest thereon, or (II) take other actions as are necessary to ensure that an amount of money, in
immediately available funds, equal to the aggregate of such Defaulted Amounts and Default Interest thereon will be deposited with the Trustee by 11:00 a.m., New York City time, on or prior to the proposed payment date, and in either case, upon
receipt of such money, the Trustee will hold such money in trust for the benefit of the Persons entitled to such Defaulted Amounts and Default Interest pursuant to this Section 2.04(d)(i). 

(C) Upon (i) receipt of such notice and (ii) the Company’s depositing such money or taking such other actions reasonably
satisfactory to the Trustee, the Company will promptly fix a Special Regular Record Date for the payment of such Defaulted Amounts and Default Interest thereon, which Special Regular Record Date will be not more than 15 calendar days and not less
than 10 calendar days prior to the proposed payment date, and notify the Trustee and the Holders of the Special Regular Record Date and the date on which such Defaulted Amounts and Default Interest thereon will be paid by the Company. 

(D) After such notice has been delivered by the Company, such Defaulted Amounts and Default Interest thereon will be paid to
the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the Close of Business on the Special Regular Record Date specified in such notice and such Defaulted Amounts and Default Interest thereon will no longer
be payable pursuant to the following clause (ii) of this Section 2.04(d). 
 (ii) The Company may pay any Defaulted Amounts and Default
Interest on such Defaulted Amounts in any other lawful manner that is not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes are then listed (or, if applicable, have been approved for
listing) or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment
will be deemed practicable by the Trustee. The Trustee will not have any duty or responsibility to any Holder to determine whether any Default Interest is payable, or, if any Default Interest is payable, the amount of such Default Interest that
is payable. 
 Section 2.05 Execution and Authentication. 

(a) In General. A Note will be valid only if executed by the Company and authenticated by the Trustee. 

(b) Execution. A Note will be deemed to have been executed by the Company when an Officer signs such Note on behalf of the
Company. The Officer’s signature may be manual or facsimile (including .pdf), and such Officer’s signature will be valid whether or not such signatory remains an Officer at the time the Trustee authenticates such Note. 

  
 - 26 - 

 (c) Authentication. A Note will be deemed authenticated when an authorized signatory
of the Trustee manually signs the certificate of authentication on such Note. An authorized signatory of the Trustee will manually sign the certificate of authentication on a Note only if (i) the Company delivers such Note to the Trustee, (ii)
such Note is validly executed by the Company in accordance with Section 2.05(b) hereof, (iii) the Company delivers an Officers’ Certificate and an Opinion of Counsel to the Trustee and (iv) the Company delivers, before or with such Note, a
Company Order setting forth (A) a request that the Trustee authenticate such Note; (B) the principal amount of such Note; (C) the name of the Holder of such Note, (D) the date on which such Note is to be authenticated; and (E) any insertions,
omissions or other variations, notations, legends or endorsements permitted under Section 2.02 hereof and applicable to such Note. The Company Order shall specify that the Trustee shall deliver such Note to the Holder or the Depositary, and the
Trustee will promptly deliver such Note at the Company’s expense in accordance with such Company Order. 
 The Trustee or the Company
may appoint an authenticating agent. If the Trustee appoints an authenticating agent and such authenticating agent is reasonably acceptable to the Company, such authenticating agent may authenticate a Note whenever the Trustee may authenticate
such Note. For purposes of this provision, each reference in this Indenture to authentication by the Trustee will be deemed to include authentication by an authenticating agent, and an authenticating agent will have the same rights to deal with
the Company as the Trustee would have if it were performing the duties that the authentication agent was validly appointed to undertake. 

Section 2.06 Registrar, Paying Agent and Conversion Agent. 

(a) General. The Company will maintain an office or agency in the continental United States where Notes may be presented for
registration of transfer or for exchange (the “Registrar”), an office or agency where the Notes may be presented for payment, repurchase or redemption (the “Paying Agent”), an office or agency where the Notes may be
presented for conversion (the “Conversion Agent”) and an office or agency where notices and demands to, or upon, the Company with respect to the Notes and this Indenture may be made. 

The Registrar will keep a register for the recordation of, and will record, the names and addresses of Holders, the Notes held by each Holder
and the transfer, exchange, repurchase, redemption and conversion of Notes (the “Register”). Absent manifest error, the entries in the Register will be conclusive and the parties may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Holder hereunder for all purposes of this Indenture. The Register will be in written form or in any form capable of being converted into written form within a reasonably prompt period of time. 

The Company may have one or more Registrars, one or more Paying Agents, one or more Conversion Agents and one or more places where notices and
demands to, or upon, the Company with respect to the Notes and this Indenture may be made. Before appointing any Registrar, Paying Agent or Conversion Agent that is not otherwise a party to this agreement, the Company will enter into an
appropriate agency agreement with such Registrar, Paying Agent or Conversion Agent, as the case may be, which agency agreement will implement the provisions of this Indenture that relate to such replacement or additional registrar, paying agent or
conversion 

  
 - 27 - 

 
agent, as the case may be. The term Registrar includes any additional registrars named pursuant to this Indenture. The term Paying Agent includes any additional paying agent named
pursuant to this Indenture. The term Conversion Agent includes any additional conversion agent named pursuant to this Indenture. Upon the occurrence of any Event of Default under Section 6.01(a)(ix) or 6.01(a)(x) with respect to the Company,
the Trustee shall be the Paying Agent. 
 (b) Initial Designations. The Company initially appoints the Trustee as each of
the Registrar, the Paying Agent, and Conversion Agent, and the Notes initially may be presented for registration of transfer or for exchange, payment, repurchase, redemption and conversion to the Trustee, in its capacity as the Registrar, Paying
Agent or Conversion Agent, as the case may be, at the Corporate Trust Office. Notices and demands to, or upon, the Company with respect to the Notes and this Indenture may be made at the office of the Company identified in Section 12.02. 

(c) Removal, Resignation and Replacement. The Company may remove any Registrar, Paying Agent or Conversion Agent by delivering
written notice to the Trustee and to such Registrar, Paying Agent or Conversion Agent; provided, however, that no such removal will become effective unless (i) after such removal, at least one Registrar, Paying Agent and Conversion
Agent will remain; (ii) a successor has accepted appointment as Registrar, Paying Agent or Conversion Agent, as the case may be, the Company and such successor have entered into an agency agreement in accordance with Section 2.06(a) hereof, and the
Company has delivered written notice of such appointment and a copy of such agency agreement to the Trustee, or (iii) the Company has delivered written notice to the Trustee that the Trustee will serve as the successor Registrar, Paying Agent or
Conversion Agent, as the case may be, in accordance with Section 2.06(d) hereof; and provided, further, that the right to effect any such change or removal in no way relieves the Company of its obligation to maintain a Registrar,
Paying Agent and Conversion Agent in the continental United States. The Company may also change the place where notices and demands to, or upon, the Company with respect to the Notes and this Indenture may be made, or reduce the number of such
places; provided, however, that the right to effect any such change or reduction in no way relieves the Company of its obligation to maintain a place in the continental United States where notices and demands to, or upon, the Company
with respect to the Notes and this Indenture may be made. 
 In addition, the Registrar, Paying Agent or Conversion Agent may resign at any
time by delivering written notice of such resignation to each of the Company and the Trustee; provided, however, that if the Trustee is serving as Registrar, Paying Agent or Conversion Agent, the Trustee may resign from such capacity
only if it also resigns as Trustee in accordance with Section 7.08 hereof. If, after any such resignation, at least one Registrar, Paying Agent and Conversion Agent does not remain, the Trustee will immediately be deemed to serve such empty
office or agency in accordance with Section 2.06(d) hereof. 
 (d) Failure to Maintain an Office or Agency. If the Company fails
to maintain in the continental United States, a Registrar, Paying Agent, Conversion Agent or place where notices and demands to, or upon, the Company with respect to the Notes and this Indenture may be made, the Trustee will act as the Registrar,
Paying Agent, Conversion Agent, or place, as the case may be, and the office where the Notes may be presented for registration of transfer or for exchange, presented for payment, repurchase or redemption or surrendered for conversion will

  
 - 28 - 

 
be the Corporate Trust Office. In each such case, the Trustee will be entitled to compensation for such action pursuant to Section 7.07 hereof. 

(e) Notices. Promptly upon the effectiveness of any removal or appointment of a Registrar, Paying Agent or Conversion Agent, or
upon any change in the location of the office of any Registrar, Paying Agent or Conversion Agent, or of the place where notices and demands to, or upon, the Company with respect to the Notes and this Indenture may be made, the Company will deliver
to each Holder, with a copy to the Trustee, notice of such removal, appointment or change in location, as the case may be, which notice will include a brief description of the removal, appointment or change in location, as the case may be, and list
the name and address of each continuing (and newly appointed, if applicable) Registrar, Paying Agent and Conversion Agent and place where notices and demands to, or upon, the Company with respect to the Notes and this Indenture may be made. 

Section 2.07 Money and Securities Held in Trust. Except as otherwise provided herein, by no later than 11:00 a.m., New York City time,
on each due date for a payment on any Note, the Company will deposit with the Paying Agent an amount of money in immediately available funds, if deposited on the due date sufficient to make such payment when due. 

The Company will require that each Paying Agent (other than the Trustee, if the Trustee is a Paying Agent) agree in writing that it will (i)
segregate all money and securities it holds for making payments with respect to the Notes; (ii) hold such money and securities in trust for the benefit of Holders; and (iii) notify the Trustee, in writing, as promptly as practicable, if the Company
defaults in making any payment on the Notes. 
 If any such default has occurred and is continuing, the Paying Agent will, upon receiving a
written request from the Trustee, promptly pay to the Trustee all of the money and securities it holds in trust. In addition, at any time, the Company may require a Paying Agent to pay all money and securities that it holds for making payments
with respect to the Notes to the Trustee and to account for any money and securities it has disbursed. After delivering all of such money and securities to the Trustee pursuant to this Section 2.07, the Paying Agent (in its capacity as such)
will have no further liability for such money and securities. 
 Section 2.08 Holder Lists. The Trustee will preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with Section 312(a) of the Trust Indenture Act. If the Trustee is not the Registrar, the Company will
furnish to the Trustee, (i) within five Business Days after each Regular Record Date, a list of the names and addresses of Holders as of such Regular Record Date, and (ii) at such other times as the Trustee may request in writing, within 30 days
after receipt by the Company of such request, a list of the names and addresses of Holders as of no more than 15 days immediately prior to the date such list is furnished, in each case, in such form as the Trustee may reasonably require. The
Company shall otherwise comply with Section 312(a) of the Trust Indenture Act. 

  
 - 29 - 

 Section 2.09 Restrictive Legends. 

(a) Global Note Legend. Each Global Note will bear the Global Note Legend. 

(b) Non-Affiliate Legend. Each Note that is not an Affiliate Note will bear the Non-Affiliate Legend. 

(c) Restricted Note Legend. Each Affiliate Note and each Note that is a Transfer-Restricted Security will bear the Restricted Note
Legend. If a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being referred to as the “old Note” for purposes of this Section 2.09), including pursuant to Section
2.10(b), Section 2.10(c), Section 2.11 or Section 10.02(c), then, unless the Company determines otherwise in its reasonable discretion, such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of
such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a
Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. 
 (d)
Acknowledgement and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder’s acknowledgement of, and agreement to comply with, the restrictions
set forth in such legend. 
 (e) Restricted Stock Legend. 

(i) Each share of Common Stock issued upon conversion of any Note will bear the Restricted Stock Legend if such Note was (or
would have been had it not been converted) a Transfer-Restricted Security at the time such share was issued; provided, however, that such share need not bear the Restricted Stock Legend if the Company determines, in its reasonable
discretion, that such share need not bear the Restricted Stock Legend. 
 (ii) Notwithstanding anything to the contrary in
this Section 2.09(e), a share of Common Stock issued upon conversion of any Note need not bear a Restricted Stock Legend if such share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company
takes measures (including the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend. 

Section 2.10 Transfer and Exchange; Transfer Restrictions. 

(a) Provisions Applicable to All Transfers and Exchanges. 

(i) Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from
time to time and the Registrar will record each such transfer or exchange in the Register. 
 (ii) Each Note issued upon
transfer or exchange of any other Note (such other 

  
 - 30 - 

 
Note being referred to as the “old Note” for purposes of this clause (ii)) or portion thereof in accordance herewith will be the valid obligation of the Company, evidencing the same
indebtedness, and entitled to the same benefits hereunder, as such old Notes or portion thereof, as applicable. 
 (iii) None
of the Company, the Trustee, the Registrar, the Paying Agent and the Conversion Agent will impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion
Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges or transfers pursuant to Section 2.12,
Article 3, Article 10, Article 11 or Section 9.08 not involving any transfer. 
 (iv) Notwithstanding anything to the
contrary herein or in the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (1) has been surrendered for conversion, except to the extent that any portion of such Note is not
subject to conversion; (2) is subject to a Fundamental Change Repurchase Notice validly delivered pursuant to Section 3.03, except to the extent that any portion of such Note is not subject to a Fundamental Change Repurchase Notice or the Company
fails to pay the applicable Fundamental Change Repurchase Price when due; (3) is subject to an Optional Repurchase Notice validly delivered pursuant to Section 3.08, except to the extent that any portion of such Note is not subject to an Optional
Repurchase Notice or the Company fails to pay the applicable Optional Repurchase Price when due or (4) has been selected for Redemption pursuant to a Redemption Notice that has been sent pursuant to Section 11.03, except to the extent that any
portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. 

(v) The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer
restrictions imposed hereunder or under applicable law with respect to any Note, other than to require the delivery of such certificates or other documentation or evidence as expressly required hereby and to examine the same to determine substantial
compliance as to form with the requirements hereof. 
 (vi) Each Note issued upon transfer of, or in exchange for, another
Note will bear each legend, if any, required by Section 2.09. 
 (vii) Upon satisfaction of the requirements hereof to effect
a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the third (3rd) Business Day after the date of such satisfaction. 

(viii) Neither the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the
Depositary. 

  
 - 31 - 

 (b) Transfers and Exchanges of Global Notes. 

(i) Subject to clause (ii) below, no Global Note may be transferred or exchanged in whole except (x) by the Depositary to a
nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

(ii) No Global Note (or portion thereof) may be transferred to, or exchanged for, a Physical Note; provided,
however, that a Global Note will be exchanged, pursuant to customary procedures, for Physical Notes if: 
 (A) (x) the
Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange
Act and, in each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation; 

(B) an Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written
request from any owner of a beneficial interest in such Global Note to exchange such beneficial interest for one or more Physical Notes; or 

(C) the Company, in its sole discretion, by delivering a written request to the Registrar, the Trustee and the owner(s) of
beneficial interest(s) in such Global Note, permits the exchange of any such beneficial interest for one or more Physical Notes at the request of such owner(s). 

(iii) Upon satisfaction of the requirements hereof to effect a transfer or exchange of any Global Note (or portion thereof):

 (A) the Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the
“Schedule of Increases and Decreases of Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, the Company may (but is not required to) instruct the Trustee to
cancel such Global Note pursuant to Section 2.13); 
 (B) if required to effect such transfer or exchange, then the Company
will reflect any resulting increase of the principal amount of any other Global Note by notation on the “Schedule of Increases and Decreases of Global Note” forming part of such other Global Note; 

(C) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will
authenticate, in each case in accordance with Section 2.05, a new Global Note bearing each legend, if any, required by Section 2.09; and 

(D) if such Global Note (or portion thereof) is to be exchanged for one or more Physical Notes, then the Company will issue,
execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.05, one or more Physical 

  
 - 32 - 

 
Notes registered in such name(s) and in Authorized Denominations (not to exceed, in the aggregate, the principal amount of such Global Note (or portion thereof)) as the Depositary specifies, or
as otherwise determined pursuant to customary procedures, and bearing each legend, if any, required by Section 2.09. 
 (iv)
Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Applicable Procedures. 
 (c)
Transfers and Exchanges of Physical Notes. 
 (i) Subject to this Section 2.10, a Holder of a Physical Note may (x)
transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes in
Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be exchanged; and (z) if then permitted by the Applicable Procedures, transfer such Physical Note (or
any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in a Global Note; provided, however, that, to effect any such transfer or exchange, such Holder must: 

(A) surrender such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements
or instruments of transfer reasonably required by the Company, the Trustee or the Registrar; and 
 (B) deliver such
certificates, documentation or evidence as may be required pursuant to Section 2.10(d). 
 (ii) Upon the satisfaction of the
requirements hereof to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(c)(ii)) of a Holder (or any portion of such old Physical Note in
an Authorized Denomination): 
 (A) such old Physical Note will be promptly cancelled pursuant to Section 2.13; 

(B) if such old Physical Note is to be transferred or exchanged only in part, then the Company will issue, execute and deliver,
and the Trustee will authenticate, in each case in accordance with Section 2.05, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not
to be transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09; 

(C) in the case of a transfer (including the transfer of a Physical Note (or any portion thereof in an Authorized Denomination)
to the Depositary or a nominee thereof that will hold such Note in the form of one or more Global Notes), the Company will issue, execute and deliver, and, in the case of Global Notes, upon the Registrar’s receipt of (1) a written order from a
Participant or an Indirect Participant given to the 

  
 - 33 - 

 
Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in such Global Note in an amount equal to the interest to
be transferred and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be so credited, or, in lieu of the foregoing, such other instructions or documentation as the
Registrar may reasonably require in order to comply with the Applicable Procedures in connection with such transfer, the Trustee will authenticate, in each case in accordance with Section 2.05, one or more Physical Notes or Global Notes, as
applicable, that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of the Person to whom such old Physical Note (or such portion thereof) is
to be transferred (which Person will, for the avoidance of doubt, be the Depositary or a nominee thereof in the case of a Global Note); and (z) bear each legend, if any, required by Section 2.09; and 

(D) in the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in
accordance with Section 2.05, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old
Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. 
 (d) Requirement to Deliver Documentation and
Other Evidence. If a Holder of any Note that is identified by a “restricted” CUSIP number or that bears a Restricted Note Legend, or is a Transfer-Restricted Security or an Affiliate Note, requests to: 

(i) cause such Note to be identified by an “unrestricted” CUSIP number; 

(ii) remove such Restricted Note Legend; or 

(iii) register the transfer of such Note to the name of another Person, 

then the Company and the Trustee may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company and
the Trustee such certificates or other documentation or evidence as the Company or the Trustee may reasonably require in order to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and other
applicable securities laws (which may include, without limitation, certifications in the forms set forth in Exhibit C and Exhibit D hereto with such revisions as the Company or the Trustee reasonably deems appropriate);
provided, however, that no such certificates, documentation or evidence need be so delivered on and after the Free Trade Date with respect to such Note unless either (x) such Note is an Affiliate Note or (y) the Company determines,
upon advice of counsel, that such Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements as to volume, manner of sale, availability of current public information or notice under
the Securities Act. 

  
 - 34 - 

 (e) Special Transfer Restrictions. 

(i) Affiliate Notes. No Affiliate Note may be issued in the form of a Global Note. For the avoidance of doubt, nothing in the foregoing
sentence will prohibit a Note (or portion thereof) that is an Affiliate Note (or a portion thereof) from being transferred to, or exchanged for, one or more Global Notes after such time as such Note has ceased to be an Affiliate Note. 

(ii) Transfers of Interests from a Rule 144A Note to an Accredited Investor Note. A Rule 144A Physical Note or a beneficial
interest in a Rule 144A Global Note may not be transferred to a Person who takes delivery thereof in the form of an Accredited Investor Physical Note or a beneficial interest in an Accredited Investor Global Note unless: 

(A) in the case such Person is to take such delivery in the form of an Accredited Investor Global Note, the transferor of such
beneficial interest delivers to the Registrar (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in such Accredited Investor Global Note in an amount equal to the interest to be transferred and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be
so credited, or, in lieu of the foregoing, such other instructions or documentation as the Registrar may reasonably require in order to comply with the Applicable Procedures in connection with such transfer; 

(B) without limiting the generality of Section 2.10(d), such transferor delivers to the Registrar a certificate substantially
in the form set forth in Exhibit C hereto, including the certification set forth in Item 4 thereof; and 
 (C) without
limiting the generality of Section 2.10(d), such transferee Person delivers to the Registrar a certificate substantially in the form set forth in Exhibit D hereto, including the certification set forth in Item 1(b) thereof. 

(iii) Transfers of Interests from an Accredited Investor Note to a Rule 144A Note. An Accredited Investor Physical Note or a
beneficial interest in an Accredited Investor Global Note may not be transferred to a Person who takes delivery thereof in the form of a Rule 144A Physical Note or a beneficial interest in a Rule 144A Global Note unless: 

(A) in the case such Person is to take such delivery in the form of a Rule 144A Global Note, the transferor of such beneficial
interest delivers to the Registrar (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial
interest in such Accredited Investor Global Note in an amount equal to the interest to be transferred and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be so credited,
or, in lieu of the foregoing, such other instructions or documentation as the Registrar may reasonably require in order to comply with the Applicable Procedures in connection with such transfer; 

  
 - 35 - 

 (B) without limiting the generality of Section 2.10(d), such transferor delivers
to the Registrar a certificate substantially in the form set forth in Exhibit C hereto, including the certification set forth in Item 3 thereof; and 

(C) without limiting the generality of Section 2.10(d), such transferee Person delivers to the Registrar a certificate
substantially in the form set forth in Exhibit D hereto, including the certification set forth in Item 1(a) thereof. 
 Section 2.11
Replacement Notes. If (a)(i) a mutilated Note is surrendered to the Registrar or (ii) the Holder of a Note claims that such Note has been lost, destroyed or stolen and provides the Company and the Trustee with (A) evidence of such loss, theft
or destruction that is reasonably satisfactory to the Company and the Trustee and (B) any amount or kind of security or indemnity that the Trustee requests to protect itself and the Company requests to protect itself, the Trustee and the Registrar,
from any loss that it may suffer upon replacement of such Note, and, in either case, (b) such Holder satisfies any other reasonable requirements of the Company and the Trustee, including the payment of any tax or other governmental charge that may
be imposed in connection with the replacement of such Note, then, unless the Company or the Trustee receives notice that such Note has been acquired by a bona fide purchaser, the Company will, in accordance with Section 2.05 hereof, promptly execute
and deliver to the Trustee, and the Trustee, upon receipt of a Company Order, in accordance with Section 2.05 hereof, and the documents required by Sections 12.03 and 12.04 hereof, will promptly authenticate and deliver, in the name of such Holder,
a replacement Note having the same aggregate principal amount as the Note that was mutilated or claimed to be lost, destroyed or stolen, bearing any restrictive legends required by Section 2.09 hereof and with a certificate number not
contemporaneously outstanding. 
 Every new Note issued pursuant to this Section 2.11 in exchange for any mutilated Note, or in lieu of any
destroyed, lost or stolen Note, will constitute an original contractual obligation of the Company and any other obligor upon the Notes, regardless of whether the mutilated, destroyed, lost or stolen Note will be at any time enforceable by anyone,
and will be entitled to all benefits of (and will be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

Section 2.12 Temporary Notes. Until Physical Notes are ready for delivery, the Company may execute and the Trustee or an
authenticating agent appointed by the Trustee will, upon receipt of a Company Order, authenticate and deliver temporary Notes (printed or lithographed) (“Temporary Notes”). Temporary Notes will be issuable in any Authorized
Denomination, and substantially in the form of Physical Notes, but with such omissions, insertions and variations as may be appropriate for Temporary Notes, all as may be determined by the Company. Every such Temporary Note will be executed by
the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay the Company will prepare,
execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all Temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each 

  
 - 36 - 

 
office or agency maintained by the Company pursuant to Section 2.06 hereof and the Trustee or such authenticating agent will authenticate and deliver in exchange for such Temporary Notes Physical
Notes having an aggregate principal amount equal to such Temporary Notes. Such exchange will be made by the Company at its own expense and without any charge therefor. Until so exchanged, the Temporary Notes will, in all respects, be
entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder. 

Section 2.13 Cancellation. At any time, the Company may deliver Notes to the Trustee for cancellation. Whenever any Note is
surrendered to the Registrar, Conversion Agent or Paying Agent for registration of transfer, exchange, conversion, repurchase, redemption or payment, the Registrar, Conversion Agent or Paying Agent, as the case may be, will promptly forward such
Note to the Trustee. Upon receipt of any such Note, the Trustee, in its customary manner, will promptly cancel and dispose of such Note. The Company may not issue new Notes to replace Notes that it has repurchased, redeemed, paid or
delivered to the Trustee for cancellation or that a Holder has converted pursuant to Article 10 hereof. 
 Section 2.14 Outstanding
Notes. At any time, Notes outstanding are limited to all Notes authenticated by the Trustee except (i) those cancelled by it, (ii) those delivered to it for cancellation and (iii) those deemed not outstanding under Sections 3.05, 3.10,
10.02 and 11.06 hereof and clauses (a) and (b) of this Section 2.14. 
 (a) If a Note is replaced pursuant to Section 2.11 hereof, such Note
will cease to be outstanding at the time of its replacement unless the Trustee and the Company receive proof satisfactory to them that such Note is held by a bona fide purchaser. 

(b) In addition, any Notes that are owned by Affiliates of the Company (including the Affiliate Notes) will be disregarded and deemed not to be
outstanding for purposes of determining whether the Holders of the requisite aggregate principal amount of Notes have given or concurred in any request, demand, authorization, direction, notice, consent, waiver or other action hereunder, except
that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Trust Officer of the Trustee actually knows to be so owned shall be so
disregarded. Subject to the foregoing, only Notes outstanding at the time of any such determination will be considered in such determination (including determinations pursuant to Article 6 and Article 9 hereof). 

Section 2.15 Persons Deemed Owners. Prior to due presentment of a Note for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name such Note is registered in the Register as the owner of such Note for the purpose of receiving the payment of the principal, Fundamental Change Repurchase Price, Optional
Repurchase Price or Redemption Price of, and interest, if any, on, such Note, for the purpose of conversion of such Note and for all other purposes whatsoever with respect to such Note, and none of the Company, the Trustee or any agent of the
Company or the Trustee will be affected by any notice to the contrary. 

  
 - 37 - 

 Section 2.16 Repurchases. The Company may, from time to time, repurchase Notes in
open market purchases or in negotiated transactions without delivering prior notice to Holders. 
 Section 2.17 CUSIPs. 

(a) Whenever “CUSIP” and “ISIN” numbers are generally in use, the Company will use CUSIP and ISIN numbers with respect to
the Notes, which CUSIP and ISIN numbers (i) for Notes that are Transfer-Restricted Securities, will be restricted numbers (which CUSIP number will be distinct from the CUSIP number for the Affiliate Notes), and (ii) for Notes that are not
Transfer-Restricted Securities, will be unrestricted numbers. Whenever the Company uses CUSIP and ISIN numbers, the Trustee will also use CUSIP and ISIN numbers in each notice it delivers to the Holders; provided, that neither the
Company nor the Trustee will be responsible for any defect in any CUSIP or ISIN number that appears on any Note, check, advice of payment or notice, including any notice delivered pursuant to Section 11.03. The Company will promptly notify the
Trustee in writing in the event of any change in the CUSIP or ISIN numbers. Any Affiliate Note identified by a “CUSIP” number shall bear a distinct CUSIP number from all other notes until such time as such Affiliate Note is
transferred pursuant to Section 2.10(c). 
 (b) In addition, if, when any shares of Common Stock are issued upon conversion of a Note, CUSIP
and ISIN numbers are generally in use, the Company will use CUSIP and ISIN numbers with respect to such shares of Common Stock, which CUSIP and ISIN numbers (i) for shares of Common Stock to which the restrictions on transfer set forth in the
Restricted Stock Legend apply, will be restricted numbers, and (ii) for shares of Common Stock to which the restrictions on transfer set forth in the Restricted Stock Legend do not apply, will be unrestricted numbers. 

(c) Whenever any of the CUSIP or ISIN numbers with respect to the Notes or the shares of Common Stock issuable upon conversion of the Notes
change, cease to be used, or begin to be used, the Company will deliver prompt written notice of such change, cessation, or beginning to each of the Trustee and the Holders. 

(d) Notwithstanding anything to the contrary herein or in the Notes, no Affiliate Note may be identified by an “unrestricted” CUSIP
number or by a CUSIP number by which any Rule 144A Global Note or Accredited Investor Global Note is identified. 
 ARTICLE 3 

REPURCHASE AT THE OPTION OF THE HOLDER 

Section 3.01 Fundamental Change Permits Holders to Require the Company to Repurchase the Notes. 

(a) General. If a Fundamental Change occurs at any time prior to the Maturity Date, each Holder will have the right, at its option,
to require the Company to repurchase all of the Holder’s Notes, or any portion thereof in an Authorized Denomination, on the Fundamental Change Repurchase Date for such Fundamental Change for an amount of cash equal to the Fundamental Change
Repurchase Price for such Fundamental Change Repurchase Date and such Notes. 

  
 - 38 - 

 (b) Fundamental Change Repurchase Price. The “Fundamental Change Repurchase
Price” means, for any Notes to be repurchased on any Fundamental Change Repurchase Date, a price equal to 100% of the principal amount of such Notes, plus accrued and unpaid interest, if any, on such Notes to, but excluding, such
Fundamental Change Repurchase Date; provided, however, that if such Fundamental Change Repurchase Date occurs after a Regular Record Date, but on or prior to the Interest Payment Date corresponding to such Regular Record Date, the
Fundamental Change Repurchase Price for such Notes will be 100% of the principal amount of such Notes, and accrued and unpaid interest, if any, on such Notes to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that
such Notes remained outstanding through such Interest Payment Date) will be payable, on such Fundamental Change Repurchase Date, to the Holder of such Notes at the Close of Business on such Regular Record Date. 

(c) Fundamental Change Repurchase Date. The “Fundamental Change Repurchase Date” means, for any Fundamental
Change, the date specified by the Company in the Fundamental Change Notice for such Fundamental Change, which date will be not less than 20 Business Days, nor more than 35 Business Days, immediately following the Fundamental Change Notice Date for
such Fundamental Change. 
 Section 3.02 Fundamental Change Notice. 

(a) General. On or before the 5th Business Day immediately following the effective date of a Fundamental Change, the Company will
deliver to each Holder, the Trustee, the Conversion Agent and the Paying Agent (in compliance with the Applicable Procedures, if applicable) written notice of such Fundamental Change and of the resulting repurchase right (the “Fundamental
Change Notice,” and the date of such delivery, the “Fundamental Change Notice Date”). Simultaneously with delivering any Fundamental Change Notice to the Holders, the Trustee, the Conversion Agent and the Paying Agent,
the Company will publish a notice containing the same information as the Fundamental Change Notice in a newspaper of general circulation in the City of New York and on its website or through such other public medium as the Company may use at such
time. 
 For any Fundamental Change, the Fundamental Change Notice corresponding to such Fundamental Change will specify, as applicable:

 (A) briefly, the events causing such Fundamental Change; 

(B) the effective date of such Fundamental Change; 

(C) the last date on which a Holder may exercise its right to require the Company to repurchase its Notes as a result of such
Fundamental Change under this Article 3; 
 (D) the procedures that a Holder must follow to require the Company to repurchase
a Note; 
 (E) the Fundamental Change Repurchase Price for each $1,000 principal amount of Notes for such Fundamental Change;

  
 - 39 - 

 (F) the Fundamental Change Repurchase Date for such Fundamental Change; 

(G) that the Fundamental Change Repurchase Price for any Note for which a Fundamental Change Repurchase Notice has been duly
tendered and not validly withdrawn will be paid promptly following the later of the Fundamental Change Repurchase Date and the time such Note is surrendered for repurchase; 

(H) the name and address of the Paying Agent and of the Conversion Agent; 

(I) the Conversion Rate in effect on the Fundamental Change Notice Date for such Fundamental Change and the Last Reported Sale
Price of the Common Stock on the Trading Day immediately preceding the Fundamental Change Notice Date; 
 (J) if applicable,
any adjustments that will be made to the Conversion Rate as a result of such Fundamental Change, including any Additional Shares by which the Conversion Rate will be increased pursuant to Section 10.07 hereof for a Holder that converts a Note
“in connection with” such Fundamental Change; 
 (K) that any Notes with respect to which a Fundamental Change
Repurchase Notice has been delivered by a Holder may be converted only if such Holder withdraws such Fundamental Change Repurchase Notice in accordance with the terms of this Indenture or to the extent any portion of such Notes are not subject to
such Fundamental Change Repurchase Notice; 
 (L) the procedures for withdrawing a Fundamental Change Repurchase Notice; 

(M) that if a Note or portion of a Note is subject to a validly delivered Fundamental Change Repurchase Notice, unless the
Company defaults in paying the Fundamental Change Repurchase Price for such Note or portion of a Note, interest, if any, on such Note or portion of a Note will cease to accrue on and after the Fundamental Change Repurchase Date; and 

(N) the CUSIP and ISIN number(s) of the Notes. 

(b) Failure or Defect. Notwithstanding anything provided elsewhere in this Indenture, neither the failure of the Company to deliver
a Fundamental Change Notice nor a defect in a Fundamental Change Notice delivered by the Company will limit the repurchase rights of any Holder under this Article 3 or impair or otherwise affect the validity of any proceedings relating to the
repurchase of any Note pursuant to this Article 3. 
 Section 3.03 Fundamental Change Repurchase Notice. 

(a) General. To exercise its repurchase rights under Section 3.01(a) hereof with respect to any Notes pursuant to a Fundamental
Change, the Holder thereof must deliver to the Paying Agent, by the Close of Business on the Business Day immediately preceding the Fundamental Change Repurchase Date, subject to extension to comply with applicable law: 

  
 - 40 - 

 (A) a duly completed “Fundamental Change Repurchase Notice,”
substantially in the form set forth in Exhibit A hereto (a “Fundamental Change Repurchase Notice”) setting forth that such Holder is tendering such Notes for repurchase; and 

(B) such Notes (A) by book-entry transfer if such Notes are Global Notes, or (B) by physical delivery, if such Notes are
Physical Notes, in each case, together with any endorsements or other documents reasonably requested by the Paying Agent, the Trustee or the Company. 

(b) Contents of Fundamental Change Repurchase Notice. The Fundamental Change Repurchase Notice for any Note must state: 

(i) if such Note is to be repurchased in part, the portion of the principal amount of such Note to be repurchased, which principal amount must
equal an Authorized Denomination; 
 (ii) that such Note will be repurchased by the Company pursuant to the provisions of the Note and this
Article 3; and 
 (iii) if such Note is a Physical Note, the certificate number of such Note. 

If the Notes to be repurchased are Global Notes, the Fundamental Change Repurchase Notice for such Notes must instead comply with the
Applicable Procedures. 
 (c) Notice to Company. If any Holder validly delivers to the Paying Agent a Fundamental Change
Repurchase Notice with respect to a Note or any portion of a Note, the Paying Agent will promptly deliver to the Company a copy of such Fundamental Change Repurchase Notice. 

(d) Effect of Improper Notice. Unless and until the Paying Agent receives a validly endorsed and delivered Fundamental Change
Repurchase Notice with respect to a Note, together with such Note, in a form that conforms in all material respects with the description contained in such Fundamental Change Repurchase Notice, the Holder submitting the Notes will not be entitled to
receive the Fundamental Change Repurchase Price for such Note. 
 Section 3.04 Withdrawal of Fundamental Change Repurchase Notice.

 (a) General. After a Holder delivers a Fundamental Change Repurchase Notice with respect to a Note, such Holder may withdraw
such Fundamental Change Repurchase Notice (in whole or in part) with respect to such Note or any portion of such Note in principal amount equal to an Authorized Denomination by delivering to the Paying Agent a written notice of withdrawal prior to
the Close of Business on the Business Day immediately preceding the Fundamental Change Repurchase Date. Any such withdrawal notice must state: 

(A) the principal amount of the Notes with respect to which such notice of withdrawal pertains, which must equal an Authorized
Denomination; 

  
 - 41 - 

 (B) the principal amount of the Notes, if any, that remains subject to the
Fundamental Change Repurchase Notice, which principal amount must equal an Authorized Denomination; and 
 (C) if the Notes
subject to such Fundamental Change Repurchase Notice are Physical Notes, the certificate numbers of the Notes to be withdrawn. 
 If the
Notes to be withdrawn are Global Notes, a Holder must instead deliver its notice of withdrawal in compliance with the Applicable Procedures. 

(b) Return of Note. Upon receipt of a validly delivered withdrawal notice, the Paying Agent will promptly (i) if such notice
pertains to a Physical Note or a portion of a Physical Note, return such Note or portion of a Note to such Holder, in the amount specified in such withdrawal notice; and, (ii) if such notice pertains to a beneficial interest in a Global Note, in
compliance with the Applicable Procedures, cancel any instructions for book-entry transfer of such beneficial interest, in the amount specified in such withdrawal notice. 

(c) Notice to Company. If any Holder validly delivers to the Paying Agent a notice of withdrawal with respect to a Note or any
portion of a Note, the Paying Agent will promptly deliver to the Company a copy of such notice of withdrawal. 
 Section 3.05 Effect of
Fundamental Change Repurchase Notice. 
 (a) General. If a Holder validly delivers to the Paying Agent a Fundamental Change
Repurchase Notice (together with all necessary endorsements) with respect to a Note, such Holder may no longer convert such Note unless and until such Holder validly withdraws such Fundamental Change Repurchase Notice in accordance with Section 3.04
hereof. 
 (b) Timing of Payment. Upon the Paying Agent’s receipt of (i) a valid Fundamental Change Repurchase Notice
(together with all necessary endorsements) and (ii) the Notes to which such Fundamental Change Repurchase Notice pertains, the Holder of the Notes to which such Fundamental Change Repurchase Notice pertains will be entitled, except to the extent
such Holder has validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 3.04 hereof, to receive the Fundamental Change Repurchase Price with respect to such Notes on the later of the following (subject to extension to
comply with applicable law) (A) the Fundamental Change Repurchase Date and (B)(x) if such Notes are Physical Notes, the date of delivery of such Notes to the Paying Agent, duly endorsed, or (y) if such Notes are Global Notes, the date of
book-entry transfer of such Notes to the Paying Agent, or, if such later date is not a Business Day, the Business Day immediately following such later date. 

(c) Effect of Deposit. If, as of 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date for any Fundamental
Change, the Company, in accordance with Section 3.13 hereof, has deposited with the Paying Agent money sufficient to pay the Fundamental Change Repurchase Price for every Note subject to a Fundamental Change Repurchase Notice validly delivered in
accordance with Section 3.03 hereof and not validly withdrawn in accordance with Section 3.04 hereof, at the Close of Business on the Fundamental Change Repurchase Date: 

  
 - 42 - 

 (A) the Notes to be repurchased will cease to be outstanding and interest (except
Default Interest) will cease to accrue on such Notes (whether or not book-entry transfer of such Notes is made or whether or not such Notes are delivered to the Paying Agent), except to the extent provided in the proviso to Section 3.01(b); and 

(B) all other rights of the Holders of such Notes with respect to such Notes (other than the right to receive payment of the
Fundamental Change Repurchase Price upon delivery or transfer of such Notes and any Defaulted Amounts or Default Interest with respect to the Notes, and other than as provided in the proviso to Section 3.01(b)) will terminate. 

Section 3.06 Repurchase of Notes by the Company at the Option of the Holder. 

(a) General. Each Holder will have the right, at its option, to require the Company to repurchase all of the Holder’s Notes,
or any portion thereof in an Authorized Denomination, on the Optional Repurchase Date for an amount of cash equal to the Optional Repurchase Price for such Notes. 

(b) Optional Repurchase Price. The “Optional Repurchase Price” means, for any Notes to be repurchased on the
Optional Repurchase Date, a price equal to 100% of the principal amount of such Notes. For the avoidance of doubt, accrued and unpaid interest, if any, on any Note to be repurchased on an Optional Repurchase Date to, but excluding, the Interest
Payment Date falling on such Optional Repurchase Date will be payable, on such Interest Payment Date, to the Holder of such Note at the Close of Business on the immediately preceding Regular Record Date. 

(c) Optional Repurchase Date. The “Optional Repurchase Date” means June 15, 2020. 

Section 3.07 Optional Repurchase Right Notice. 

(a) General. On or prior to the date that is 20 Business Days before the Optional Repurchase Date, the Company will deliver to each
Holder, the Trustee, the Conversion Agent and the Paying Agent (in compliance with the Applicable Procedures, if applicable) written notice of such optional repurchase right (the “Optional Repurchase Right Notice,” and the date of
such delivery, the “Optional Repurchase Right Notice Date”). Simultaneously with delivering any Optional Repurchase Right Notice to the Holders, the Trustee, the Conversion Agent and the Paying Agent, the Company will publish a
notice containing the same information as the Optional Repurchase Right Notice in a newspaper of general circulation in the City of New York and on its website or through such other public medium as the Company may use at such time. 

The Optional Repurchase Right Notice will specify, as applicable: 

(A) the last date on which a Holder may exercise its right to require the Company to repurchase its Notes pursuant to Section
3.06 above; 

  
 - 43 - 

 (B) the procedures that a Holder must follow to require the Company to repurchase
a Note; 
 (C) the Optional Repurchase Price for each $1,000 principal amount of Notes; 

(D) that the regular interest due on the Optional Repurchase Date on the Notes to be repurchased will be paid to the Holder of
such Notes on the Close of Business on the immediately preceding Record Date; 
 (E) that the Optional Repurchase Price for
any Note for which an Optional Repurchase Notice has been duly tendered and not validly withdrawn will be paid promptly following the later of the Optional Repurchase Date and the time such Note is surrendered for repurchase; 

(F) the name and address of the Paying Agent and of the Conversion Agent; 

(G) the Conversion Rate in effect on the Optional Repurchase Right Notice Date and the Last Reported Sale Price of the Common
Stock on the Trading Day immediately preceding the Optional Repurchase Right Notice Date; 
 (H) that any Notes with respect
to which an Optional Repurchase Notice has been delivered by a Holder may be converted only if such Holder withdraws such Optional Repurchase Notice in accordance with the terms of this Indenture or to the extent any portion of such Notes are not
subject to such Optional Repurchase Notice; 
 (I) the procedures for withdrawing an Optional Repurchase Notice; 

(J) that if a Note or portion of a Note is subject to a validly delivered Optional Repurchase Notice, unless the Company
defaults in paying the Optional Repurchase Price for such Note or portion of a Note, interest, if any, on such Note or portion of a Note will cease to accrue on and after the Optional Repurchase Date; and 

(K) the CUSIP and ISIN number(s) of the Notes. 

(b) Failure or Defect. Notwithstanding anything provided elsewhere in this Indenture, neither the failure of the Company to deliver
an Optional Repurchase Right Notice nor a defect in an Optional Repurchase Right Notice delivered by the Company will limit the repurchase rights of any Holder under this Article 3 or impair or otherwise affect the validity of any proceedings
relating to the repurchase of any Note pursuant to this Article 3. 
 Section 3.08 Optional Repurchase Notice. 

(a) General. To exercise its repurchase rights under Section 3.06(a) hereof with respect to any Notes, the Holder thereof must
deliver to the Paying Agent, before the Close of Business on the Business Day immediately preceding the Optional Repurchase Date (or such later time as may be required by law), subject to extension to comply with applicable law: 

  
 - 44 - 

 (A) a duly completed “Optional Repurchase Notice,” substantially in the
form set forth in Exhibit A hereto (a “Optional Repurchase Notice”) setting forth that such Holder is tendering such Notes for repurchase; and 

(B) such Notes (x) by book-entry transfer if such Notes are Global Notes, or (y) by physical delivery, if such Notes are
Physical Notes, in each case, together with any endorsements or other documents reasonably requested by the Paying Agent, the Trustee or the Company. 

(b) Contents of Optional Repurchase Notice. The Optional Repurchase Notice for any Note must state: 

(i) if such Note is to be repurchased in part, the portion of the principal amount of such Note to be repurchased, which principal amount must
equal an Authorized Denomination; 
 (ii) that such Note will be repurchased by the Company pursuant to the provisions of the Note and this
Article 3; and 
 (iii) if such Note is a Physical Note, the certificate number of such Note. 

If the Notes to be repurchased are Global Notes, the Optional Repurchase Notice for such Notes must instead comply with the Applicable
Procedures. 
 (c) Notice to Company. If any Holder validly delivers to the Paying Agent an Optional Repurchase Notice with
respect to a Note or any portion of a Note, the Paying Agent will promptly deliver to the Company a copy of such Optional Repurchase Notice. 

(d) Effect of Improper Notice. Unless and until the Paying Agent receives a validly endorsed and delivered Optional Repurchase
Notice with respect to a Note, together with such Note, in a form that conforms in all material respects with the description contained in such Optional Repurchase Notice, the Holder submitting the Notes will not be entitled to receive the Optional
Repurchase Price for such Note. 
 Section 3.09 Withdrawal of Optional Repurchase Notice. 

(a) General. After a Holder delivers an Optional Repurchase Notice with respect to a Note, such Holder may withdraw such Optional
Repurchase Notice (in whole or in part) with respect to such Note or any portion of such Note in principal amount equal to an Authorized Denomination by delivering to the Paying Agent a written notice of withdrawal prior to the Close of Business on
the Business Day immediately preceding the Optional Repurchase Date. Any such withdrawal notice must state: 
 (A) the
principal amount of the Notes with respect to which such notice of withdrawal pertains, which must equal an Authorized Denomination; 

  
 - 45 - 

 (B) the principal amount of the Notes, if any, that remains subject to the
Optional Repurchase Notice, which principal amount must equal an Authorized Denomination; and 
 (C) if the Notes subject to
such Optional Repurchase Notice are Physical Notes, the certificate numbers of the Notes to be withdrawn. 
 If the Notes to be withdrawn
are Global Notes, a Holder must instead deliver its notice of withdrawal in compliance with the Applicable Procedures. 
 (b) Return of
Note. Upon receipt of a validly delivered withdrawal notice, the Paying Agent will promptly (i) if such notice pertains to a Physical Note or a portion of a Physical Note, return such Note or portion of a Note to such Holder, in the amount
specified in such withdrawal notice; and, (ii) if such notice pertains to a beneficial interest in a Global Note, in compliance with the Applicable Procedures, withdraw any instructions for book-entry transfer of such beneficial interest, in the
amount specified in such withdrawal notice. 
 (c) Notice to Company. If any Holder validly delivers to the Paying Agent a notice
of withdrawal with respect to a Note or any portion of a Note, the Paying Agent will promptly deliver to the Company a copy of such notice of withdrawal. 

Section 3.10 Effect of Optional Repurchase Notice. 

(a) General. If a Holder validly delivers to the Paying Agent an Optional Repurchase Notice (together with all necessary
endorsements) with respect to a Note, such Holder may no longer convert such Note unless and until such Holder validly withdraws such Optional Repurchase Notice in accordance with Section 3.09 hereof. 

(b) Timing of Payment. Upon the Paying Agent’s receipt of (i) a valid Optional Repurchase Notice (together with all necessary
endorsements) and (ii) the Notes to which such Optional Repurchase Notice pertains, the Holder of the Notes to which such Optional Repurchase Notice pertains will be entitled, except to the extent such Holder has validly withdrawn such Optional
Repurchase Notice in accordance with Section 3.09 hereof, to receive the Optional Repurchase Price with respect to such Notes on the later of the following (subject to extension to comply with applicable law) (i) the Optional Repurchase Date and
(ii)(A) if such Notes are Physical Notes, the date of delivery of such Notes to the Paying Agent, duly endorsed, or (B) if such Notes are Global Notes, the date of book-entry transfer of such Notes to the Paying Agent, or, if such later date is not
a Business Day, the Business Day immediately following such later date. 
 (c) Effect of Deposit. If, as of 11:00 a.m., New York
City time, on the Optional Repurchase Date, the Company, in accordance with Section 3.13 hereof, has deposited with the Paying Agent money sufficient to pay the Optional Repurchase Price for every Note subject to an Optional Repurchase Notice
validly delivered in accordance with Section 3.08 hereof and not validly withdrawn in accordance with Section 3.09 hereof, at the Close of Business on the Optional Repurchase Date: 

  
 - 46 - 

 (A) the Notes to be repurchased will cease to be outstanding and interest (except
Default Interest) will cease to accrue on such Notes (whether or not book-entry transfer of such Notes is made or whether or not such Notes are delivered to the Paying Agent), except to the extent provided in the second sentence of Section 3.06(b);
and 
 (B) all other rights of the Holders of such Notes with respect to such Notes (other than the right to receive payment
of the Optional Repurchase Price upon delivery or transfer of such Notes and any Defaulted Amounts or Default Interest with respect to the Notes, and other than as provided in the second sentence of Section 3.06(b)) will terminate. 

Section 3.11 Notes Repurchased in Part. If any Physical Note is to be repurchased only in part, the Holder must surrender such
Note at the office of the Paying Agent, whereupon the Company, in accordance with Section 2.05 hereof, will promptly execute, and the Trustee, in accordance with Section 2.05 hereof, will promptly authenticate and deliver, to the surrendering
Holder, a new Note or Notes of any authorized denomination or denominations equal to the portion of the principal amount of the Note so surrendered which is not repurchased. If any Global Note is repurchased in part, the Company will instruct
the Trustee to decrease the principal amount of such Global Note by the principal amount repurchased. Any Notes that are repurchased or owned by the Company, whether or not in connection with a Fundamental Change, will be submitted to the
Trustee for cancellation and will be duly retired by the Company. 
 Section 3.12 Covenant to Comply With Securities Laws Upon Repurchase
of Notes. In connection with any repurchase offer pursuant to a Fundamental Change Notice or Optional Repurchase Right Notice under this Article 3, the Company will, to the extent applicable, (i) comply with Rule 13e-4 and any other tender
offer rules under the Exchange Act that may be applicable at the time of the offer to repurchase the Notes, (ii) file the related Schedule TO (or any successor schedule, form or report) or any other required schedule under the Exchange Act, and
(iii) otherwise comply with any applicable United States federal and state securities laws so as to permit Holders to exercise their rights and obligations under Section 3.01 or Section 3.06 hereof in the time and in the manner specified in Sections
3.01 and 3.03 or Sections 3.06 and 3.08 hereof, respectively. 
 Section 3.13 Deposit of Fundamental Change Repurchase Price or
Optional Repurchase Price. Prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date or Optional Repurchase Date, as applicable, the Company will deposit with the Trustee or with the Paying Agent (or, if the Company
or a Subsidiary or an Affiliate of either of them is acting as the Paying Agent, will segregate and hold in trust as provided in Section 2.07 hereof) an amount of immediately available funds sufficient to pay the Fundamental Change Repurchase Price
or Optional Repurchase Price, as applicable, of all the Notes or portions thereof that the Company is required to repurchase on such Fundamental Change Repurchase Date or Optional Repurchase Date, as applicable. 

Section 3.14 Covenant Not to Repurchase Notes Upon Certain Events of Default. 

(a) General. Notwithstanding anything to the contrary in this Article 3, the Company will not purchase any Notes under this Article
3 if, as of any Fundamental Change Repurchase 

  
 - 47 - 

 
Date or the Optional Repurchase Date, the principal amount of the Notes has been accelerated, such acceleration has not been rescinded and such acceleration did not result from a Default that
would be cured by the Company’s payment of the related Fundamental Change Repurchase Price or Optional Repurchase Price. 
 (b)
Deemed Withdrawals. If, on any Fundamental Change Repurchase Date or the Optional Repurchase Date, (i) a Fundamental Change Repurchase Notice or Optional Repurchase Notice, as applicable, for a Note has been validly tendered in
accordance with Section 3.03 or Section 3.08 hereof, respectively, and has not been validly withdrawn in accordance with Section 3.04 or Section 3.09 hereof, respectively, and (ii) pursuant to this Section 3.14, the Company is not permitted to
purchase Notes, the Paying Agent, upon receipt of written notice from the Company stating that the Company, pursuant to this Section 3.14, is not permitted to purchase Notes, will deem such Fundamental Change Repurchase Notice or Optional Repurchase
Notice, as applicable, withdrawn and will cause the Notes tendered therewith to be returned to the Holder pursuant to Section 3.14(c) hereof. 

(c) Return of Notes. If a Holder tenders a Note for purchase pursuant to this Article 3 and, on any Fundamental Change Repurchase
Date or the Optional Repurchase Date, pursuant to this Section 3.14, the Company is not permitted to purchase such Note, the Paying Agent will (i) if such Note is a Physical Note, return such Note to such Holder, and (ii) if such Note is held in
book-entry form, cause such Note to be returned to such Holder in compliance with the Applicable Procedures. 
 ARTICLE 4 

COVENANTS 
 Section 4.01
Payment of Notes. The Company will pay or cause to be paid the principal of, Fundamental Change Repurchase Price, Optional Repurchase Price or Redemption Price for, and any accrued and unpaid interest on, the Notes on the dates and in
the manner required under this Indenture. Any principal of, Fundamental Change Repurchase Price, Optional Repurchase Price or Redemption Price for, or interest on, a Note will be considered paid on the date due if the Paying Agent, if other
than the Company or a Subsidiary thereof, holds, as of 11:00 a.m. New York City time on the due date, money deposited by the Company in immediately available funds and designated for, and sufficient to pay, such principal, Fundamental Change
Repurchase Price, Optional Repurchase Price, Redemption Price or interest then due. To the extent lawful, the Company will also pay Default Interest on any Defaulted Amounts in accordance with Section 2.04 hereof. 

Section 4.02 Rule 144A Information. Whenever the Company is not subject to Section 13 or Section 15(d) of the Exchange Act, if
any Notes or shares of Common Stock, if any, issuable upon the conversion of the Notes constitute “restricted securities” within the meaning of Rule 144, the Company will, upon the request of a Holder or beneficial owner of the Notes, or a
holder or beneficial owner of the Common Stock, if any, issuable upon the conversion of the Notes, promptly furnish or cause to be furnished to the applicable Holder, beneficial owner, or any prospective purchaser designated by the applicable Holder
or beneficial owner, of the Notes, or any holder, beneficial owner, or any prospective purchaser designated by the applicable holder or beneficial owner, of the Common Stock, as applicable, all of the information that a prospective purchaser of the
Notes or the Common Stock, as applicable, is required to receive 

  
 - 48 - 

 
under Rule 144A(d)(4) of the Securities Act for the Notes or shares of Common Stock, as applicable, to be resold to such prospective purchaser pursuant the exemption from registration provided by
Rule 144A. 
 Section 4.03 Reports. The Company will deliver to Holders, with a copy to the Trustee, copies of all quarterly and
annual reports that the Company is required to deliver to the SEC on Forms 10-Q and 10-K, respectively, and any other documents, information or other reports that the Company is required to file with the SEC under Sections 13 or 15(d) of the
Exchange Act within 15 days of the date that the Company is required to file such quarterly and annual reports, other documents, information or other reports with the SEC (after giving effect to any grace period provided by Rule 12b-25 under the
Exchange Act). Any document filed by the Company with the SEC via the EDGAR system (or any successor thereto) will be deemed to be delivered to Holders and the Trustee at the time such document is filed via the EDGAR system (or such successor);
provided, however, that the Trustee will have no responsibility whatsoever to determine whether the Company has made any filing via the EDGAR system (or any successor thereto). Notwithstanding anything to the contrary in the foregoing, nothing
in this paragraph shall require the Company to deliver to any Holder or the Trustee any material for which the Company has sought and received, or is seeking and has not been denied, confidential treatment by the SEC. The Company will also
comply with its other obligations under Section 314(a)(1) of the Trust Indenture Act. 
 Delivery under this Section 4.03 of reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

Section 4.04 Additional Interest. Notwithstanding anything to the contrary in this Indenture, the provisions of this Section 4.04 only
apply to Notes that are Transfer-Restricted Securities at the time such Notes are originally issued under this Indenture. 
 (a)
General. If, at any time during the period beginning on, and including, the date that is six months after the Last Original Issue Date for any Note that is a Transfer-Restricted Security at the time it is originally issued under this
Indenture and ending on, but not including, the Free Trade Date for such Note, the Company fails to timely file (other than reports on Form 8-K) (after giving effect to any grace period provided by Rule 12b-25) any document or report that it is
required to file with the SEC pursuant to Sections 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder), the Company will pay additional interest (the “Additional Interest”)
on the principal amount of such Note. The Additional Interest will accrue on such Note from the due date of each such missed filing until the earlier of (i) the Free Trade Date for such Note and (ii) the date such failure to file is corrected.

 In addition, if any Note or the Common Stock, if any, issued upon the conversion of such Note is not Freely Tradable at all times as of
the Free Trade Date for such Note, the Company will pay Additional Interest on such Note. Such Additional Interest will accrue on each day during such period on which such Note or Common Stock is not Freely Tradable. The accrual of

  
 - 49 - 

 
Additional Interest will be the exclusive remedy available to Holders for the failure of the Notes or the Common Stock, if any, issued upon the conversion of the Notes to become Freely Tradable.

 In each case, the Additional Interest will be payable on the same dates and in the same manner as the stated interest on the Notes and
will initially accrue at the rate of 0.25% per annum on the principal amount of then outstanding Notes. If the Additional Interest accrues for more than 90 consecutive days, the rate at which the Additional Interest accrues will increase to
0.50% per annum on the principal amount of the applicable Note beginning on the 91st consecutive day on which it accrues and ending on the last consecutive day on which it continues to
accrue. The Company shall provide written notice to the applicable Holders (with a copy to the Trustee) of the commencement of any period on which Additional Interest shall accrue. 

Notwithstanding anything to the contrary herein or in the Notes, in no event will any Additional Interest that may accrue pursuant to the
immediately preceding paragraph, together with any Special Interest, accrue, in the aggregate, at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest
and/or Special Interest. 
 Notwithstanding anything to the contrary herein or in the Notes, Additional Interest will not be payable on the
Affiliate Notes pursuant to this Section 4.04(a). 
 (b) Notice to Trustee. If the Company is required to pay Additional Interest
on any Note, no later than five Business Days prior to the date on which such Additional Interest is scheduled to be paid, the Company will provide to the Trustee (and if the Trustee is not the Paying Agent, to the Paying Agent) an Officers’
Certificate, which Officers’ Certificate will state (i) that the Company is obligated to pay Additional Interest pursuant to this Section 4.04, (ii) the amount of such Additional Interest that the Company is required to pay under this Section
4.04, (iii) the amount of such Additional Interest that the Company will pay, (iv) the scheduled date on which such Additional Interest will be paid to Holders and (v) a direction that the Trustee (or, if the Trustee is not the Paying Agent, the
Paying Agent) pay such Additional Interest to the extent it receives funds from the Company to do so, on the scheduled payment date for such Additional Interest. The Trustee will not have any duty or responsibility to any Holder to determine
whether any Additional Interest is payable, or, if any Additional Interest is payable, the amount of such Additional Interest that is payable. 

Section 4.05 Compliance Certificate. 

(a) Annual Compliance Certificate. Within 90 days after the end of each fiscal year of the Company, beginning with the fiscal year
ending on December 31, 2017, the Company will deliver to the Trustee an Officers’ Certificate, which Officers’ Certificate will state (i) that the Officers signing such Officers’ Certificate have supervised a review of the activities
of the Company and the Subsidiaries with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture during the preceding fiscal year, and (ii) to the best knowledge of each of the
Officers signing such Officers’ Certificate, (A) whether the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the

  
 - 50 - 

 
terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided under this Indenture) or, if one or more Defaults or Events of Default
have occurred, what events triggered such Defaults or Events of Default and what actions the Company is taking or proposes to take with respect to such Defaults or Events of Default, and (B) whether any event has occurred and remains in existence by
reason of which any payment of the principal of, the Fundamental Change Repurchase Price, the Optional Redemption Price or the Redemption Price for, or interest on, or any delivery of any of the consideration due upon conversion of, a Note is
prohibited, and, if any such event has occurred and remains in existence, a description, in reasonable detail, of such event or events and what actions the Company is taking or proposes to take with respect to such event or events. 

(b) Certificate of Default or Event of Default. Within 30 days after a Default or Event of Default occurs, the Company will
deliver to the Trustee an Officers’ Certificate describing such Default or Event of Default, its status and a description, in reasonable detail, of what action the Company is taking or proposes to take with respect to such Default or Event of
Default. 
 Section 4.06 Restriction on Purchases by the Company and by Affiliates of the Company. Neither the Company
nor any Subsidiary will purchase or otherwise acquire any Notes without canceling such Notes. In addition, the Company will use commercially reasonable efforts to prevent any affiliate of the Company (as defined in Rule 144) from selling any
Note or any beneficial interest therein it has acquired (other than the Affiliate Notes) and will insure that the Affiliate Notes will not trade with the other Notes until such time, if any, as they are not Transfer-Restricted Securities. 

Section 4.07 Corporate Existence. Subject to Article 5 hereof, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect: 
 (a) its corporate existence, and the corporate, partnership or other existence of each of the
Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 

(b) the material rights (charter and statutory), licenses and franchises of the Company and the Subsidiaries; 

provided, however, that the Company will not be required to preserve or keep in full force and effect any such right, license or franchise, or the
corporate, partnership or other existence of any of the Subsidiaries, if the Board of Directors determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and the Subsidiaries, taken as a whole, and
that the loss thereof is not adverse in any material respect to the Holders. 
 Section 4.08 Par Value Limitation. The Company will
not take any action that, after giving effect to any adjustment pursuant to Section 10.05 or 10.07, would result in the Conversion Price becoming less than the par value of one share of Common Stock. In addition, the Company will not engage in
any transaction that would require an adjustment to the Conversion Rate pursuant to Section 10.06 that would cause the Conversion Price to be less than the par value of one share of Common Stock. 

  
 - 51 - 

 Section 4.09 Stay, Extension and Usury Laws. The Company covenants that, to the
extent that it may lawfully do so, it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Company, to the extent that it may lawfully do so, hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Trustee, but will instead suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.10 Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the terms of this Indenture. 

Section 4.11 Certain Covenants. Notwithstanding anything to the contrary in this Indenture or the Notes, the covenants set forth
in this Section 4.11 shall cease to apply from and after June 15, 2020. 
 (a) Limitation on Incurrence of Secured
Indebtedness. 
 (i) The Company will not, nor will it permit any of its Subsidiaries to, directly or indirectly, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly liable with respect to (collectively, “incur”) any Indebtedness that is secured by a Lien on the assets of the Company or any such Subsidiary, except for Permitted
Secured Debt. 
 (ii) Clause (i) above will not prohibit the incurrence of any of the following items of Indebtedness that is secured by a
Lien on the assets of the Company and/or any of its Subsidiaries (collectively, “Permitted Secured Debt”): 

(A) Indebtedness under any Credit Facility entered into by the Company and/or any of its Subsidiaries in an aggregate principal
amount outstanding at any time not to exceed $48.0 million; 
 (B) Indebtedness in respect of Capital Lease Obligations,
mortgage financings or Purchase Money Obligations, in an aggregate principal amount, including all Permitted Refinancing Secured Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to
this clause (B), not to exceed $15.0 million at any time outstanding; 
 (C) secured Indebtedness of any of the
Company’s Subsidiaries in existence on December 7, 2016; 
 (D) Acquired Secured Debt incurred by the Company or any of
its Subsidiaries prior to the time that such Subsidiary was acquired or merged into the Company or a Subsidiary of the Company or such assets that are subject to such Acquired Secured Debt were acquired; provided that such secured
Indebtedness was not incurred in connection with, or in contemplation of, such acquisition or merger; 

  
 - 52 - 

 (E) guarantees by the Company or any of its Subsidiaries secured by Liens on the
assets of the Company or such Subsidiary of secured Indebtedness of the Company or any of its Subsidiaries, so long as the incurrence of such secured Indebtedness is permitted under this Section 4.11(a); 

(F) secured Indebtedness of the Company or any of the Company’s Subsidiaries incurred to repurchase the Notes that could
be put to the Company on the Optional Repurchase Date pursuant to Section 3.06; provided, that such Indebtedness has a final maturity date that is after December 15, 2020 and, provided further, that any funds raised be put into escrow
until June 16, 2020, and that any funds remaining in escrow after satisfaction of any such repurchases of Notes on the Optional Repurchase Date may be released from escrow and used by the Company or its Subsidiaries for general corporate purposes;
and 
 (G) the incurrence by the Company or any of its Subsidiaries of Permitted Refinancing Secured Indebtedness in exchange
for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any secured Indebtedness that is permitted by this Indenture to be incurred under clauses (B), (C), (D) or (E) or this clause (G) under the
definition of Permitted Secured Debt. 
 (iii) The accrual of interest, the accretion or amortization of original issue discount and the
payment of interest on any secured Indebtedness in the form of additional Indebtedness with the same terms will not be deemed to be an incurrence of secured Indebtedness for purposes of this Section 4.11(a). Notwithstanding any other provision of
this Section 4.11(a), the maximum amount of secured Indebtedness that the Company or any of its Subsidiaries may incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency
values. 
 (b) Limitation on Incurrence of Unsecured Indebtedness. 

(i) the Company will not, nor will it permit any of its Subsidiaries to, directly or indirectly, incur any additional unsecured Indebtedness
other than Permitted Unsecured Debt; provided, however, that the Company may, and may permit any of its Subsidiaries to, incur additional unsecured Indebtedness if: 

(A) to the extent such Indebtedness is not Subordinated Indebtedness, after giving pro forma effect to such incurrence and the
receipt and application of the proceeds therefrom, the Consolidated Leverage Ratio would not exceed 4.00 to 1.00; 
 (B) to
the extent such Indebtedness is Subordinated Indebtedness, after giving pro forma effect to such incurrence and the receipt and application of the proceeds therefrom, the Consolidated Leverage Ratio would not exceed 5.00 to 1.00; and 

(C) in each case, such additional Indebtedness has a maturity date that is on or after September 13, 2022. 

  
 - 53 - 

 (ii) Clause (i) above will not prohibit the incurrence of any of the following items of unsecured
Indebtedness of the Company or any of its Subsidiaries (collectively, “Permitted Unsecured Debt”): 
 (A)
the Notes; 
 (B) intercompany Indebtedness among the Company and/or any of its Subsidiaries; 

(C) unsecured Indebtedness of the Company or any of its Subsidiaries in existence on December 7, 2016, including, without
limitation, the Novatel Wireless Notes; 
 (D) Acquired Debt incurred by the Company or any of its Subsidiaries prior to the
time that such Subsidiary was acquired or merged into the Company or a Subsidiary or such assets that are subject to such Acquired Debt were acquired; provided that such Indebtedness was not incurred in connection with, or in contemplation
of, such acquisition or merger; 
 (E) unsecured guarantees by the Company or any of its Subsidiaries of unsecured
Indebtedness of the Company or any of its Subsidiaries so long as the incurrence of such unsecured Indebtedness is permitted under this Section 4.11(b); 

(F) unsecured Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease
of discharge any Permitted Secured Debt; 
 (G) unsecured Indebtedness of the Company or any of the Company’s
Subsidiaries incurred to repurchase the Notes that could be put to the Company on the Optional Repurchase Date pursuant to Section 3.06; provided, that such Indebtedness has a final maturity date that is after December 15, 2020 and,
provided further, that any funds raised be put into escrow until June 16, 2020, and that any funds remaining in escrow after satisfaction of any such repurchases of Notes on the Optional Repurchase Date may be released from escrow and used by
the Company or its Subsidiaries for general corporate purposes; and 
 (H) Permitted Refinancing Unsecured Indebtedness in
exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness that is permitted by this Indenture to be incurred under clause (i) above or clauses (A), (C), (D), (E) or (F) or this
clause (H) under the definition of Permitted Unsecured Debt. 
 (iii) The accrual of interest, the accretion or amortization of original
issue discount and the payment of interest on any unsecured Indebtedness in the form of additional Indebtedness with the same terms will not be deemed to be an incurrence of unsecured Indebtedness for purposes of this Section 4.11(b).
Notwithstanding any other provision of this Section 4.11(b), the maximum amount of unsecured Indebtedness that the Company or any of its 

  
 - 54 - 

 
Subsidiaries may incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 

(c) Limitation on Restricted Payments. 

(i) the Company shall not, and shall not permit any of its Subsidiaries to declare or make, directly or indirectly, any Restricted Payment,
except: 
 (A) each Subsidiary may make Restricted Payments to the Company and its other Subsidiaries (and, in the case of a
Restricted Payment by a non-wholly owned Subsidiary, to the Company and any other Subsidiaries of the Company and to each other owner of Equity Interests of such Subsidiary based on their relative ownership interests of the relevant class of Equity
Interests); 
 (B) the Company and each of its Subsidiaries may declare and make dividend payments or other distributions
payable solely in the Equity Interests (other than Disqualified Equity Interests) of such Person; 
 (C) the Company and each
of its Subsidiaries may make Restricted Payments with respect to any Equity Interests of the Company by conversion into, or by or in exchange for, Equity Interests (other than Disqualified Equity Interests), or out of net cash proceeds of the sale
(other than to a Subsidiary of the Company) of Equity Interests (other than Disqualified Equity Interests) of the Company occurring within 120 days prior to the making of such Restricted Payments out of the net cash proceeds of the sale (other than
to a Subsidiary of the Company) of Equity Interests (other than Disqualified Equity Interests) of the Company occurring within 120 days prior to such Restricted Payment; 

(D) the Company or any of its Subsidiaries may pay cash in lieu of fractional Equity Interests in connection with any dividend,
split or combination thereof or any exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests; 

(E) the Company or any of its Subsidiaries may redeem, repurchase, retire or otherwise acquire Equity Interests (i) deemed to
occur on the exercise of options by the delivery of Equity Interests in satisfaction of the exercise price of such options or (ii) in consideration of withholding or similar taxes payable by any of the Company’s or any of its Subsidiaries’
present or former officers, employees, directors, members of management or consultants (or their respective estates, spouses, former spouses, domestic partners and former domestic partners), including deemed repurchases in connection with the
exercise of stock options; 
 (F) the Company or any of its Subsidiaries may pay cash to satisfy the outstanding payment
obligations to the former stockholders of R.E.R. Enterprises, Inc. (d/b/a Feeney Wireless); 

  
 - 55 - 

 (G) the Company or any of its Subsidiaries may repurchase Equity Interests of any
non-wholly owned Subsidiary in accordance with contractual arrangements to which the Company or any of its Subsidiaries is a party; and 

(H) in addition to the foregoing Restricted Payments and so long as no Event of Default shall have occurred and be continuing
or would result therefrom, the Company and its Subsidiaries may make additional Restricted Payments in an aggregate amount not to exceed $5.0 million. 

ARTICLE 5 

CONSOLIDATION, MERGER AND SALE OF ASSETS 

Section 5.01 Company May Consolidate, Merge or Sell Its Assets Only on Certain Terms. The Company will not (1) consolidate with or
merge with or into, or (2) sell, lease or otherwise transfer all or substantially all of the consolidated assets of the Company and its Subsidiaries to, another Person (other than in connection with the Sale) (any such transaction, a
“Reorganization Event”), unless: 
 (a) either: 

(i) the Company is the surviving corporation; or 

(ii) the resulting, surviving or transferee Person (if other than the Company) of such Reorganization Event (the “Reorganization
Successor Corporation”): 
 (I) is a corporation organized and validly existing under the laws of the United States of America, any
State thereof or the District of Columbia; and 
 (II) expressly assumes, by executing and delivering a supplemental indenture to the
Trustee in accordance with Section 9.01 and subject to Section 9.03 hereof, all of the obligations of the Company under the Notes and this Indenture; 

(b) immediately after giving effect to such Reorganization Event, no Default will have occurred and be continuing; and 

(c) prior to the effective date of such Reorganization Event, the Company delivers to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that: 
 (i) such Reorganization Event and such supplemental indenture comply with Section 5.01(a) hereof; and 

(ii) all conditions precedent to such Reorganization Event provided in this Indenture have been satisfied. 

Section 5.02 Successor Substituted. If any Reorganization Event occurs that complies with Sections 5.01(a)(ii) and 5.01(b) hereof,
and the Company has complied with Section 5.01(c) hereof: 

  
 - 56 - 

 (a) from and after the date of such Reorganization Event, the Reorganization Successor
Corporation for such Reorganization Event will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Reorganization Successor Corporation had been named as the
Company herein; and 
 (b) except in the case of a Reorganization Event that is a conveyance, transfer or lease of all or substantially all
of the Company’s assets, the Person named as the “Company” in the first paragraph of this Indenture or any successor (other than such Reorganization Successor Corporation that will thereafter have become such in the manner prescribed
in this Article 5) will be discharged from its obligations under the Notes and this Indenture and may be dissolved, wound up and liquidated at any time. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.01 Events of Default. 

(a) General. Each of the following events will be an “Event of Default”: 

(i) the Company fails to pay the principal of the Notes (including any Fundamental Change Repurchase Price, Optional Repurchase Price or
Redemption Price) when due at maturity, upon Redemption, on a Fundamental Change Repurchase Date, on the Optional Repurchase Date, upon declaration of acceleration or otherwise; 

(ii) the Company fails to pay any interest on the Notes when due and such failure continues for a period of 30 days after the applicable due
date; 
 (iii) the Company fails to give any Fundamental Change Notice, Optional Repurchase Right Notice or notice of a Make-Whole
Fundamental Change, in each case, when due, and such failure continues for a period of five days; 
 (iv) the Company fails to comply with
its obligation to convert a Note in accordance with Article 10 hereof upon a Holder’s exercise of its conversion rights with respect to such Note; 

(v) the Company fails to comply with its obligations under Article 5 hereof; 

(vi) the Company fails to perform or observe any of its covenants or warranties in this Indenture or in the Notes (other than a covenant or
agreement specifically addressed in clauses (i) through (v) above) and such failure continues for a period of 60 days after (A) the Company receives notice of such failure from the Trustee on behalf of Holders or (B) the Company and the Trustee
receive notice of such failure from Holders of at least 25% of the aggregate principal amount of then outstanding Notes; 
 (vii) the default
by the Company or any Subsidiary with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed by the Company

  
 - 57 - 

 
and/or any Subsidiary in excess of $5,000,000 in the aggregate, whether such indebtedness exists as of the Issue Date or is later created, if that default: 

(A) results in such indebtedness becoming or being declared due and payable (prior to its express maturity); or 

(B) constitutes a failure to pay the principal of, or interest on, such indebtedness when due and payable at its stated
maturity, upon required repurchase, upon declaration or otherwise, and after the expiration of any applicable grace period; 
 (viii) a final
judgment for the payment of in excess of $5,000,000 (excluding any amounts covered by insurance) is rendered against the Company or any Subsidiary, and such judgment is not discharged or stayed within 60 days after (i) the date on which all rights
to appeal such judgment have expired if no appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 

(ix) the Company or any Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case; 

(B) consents to the entry of an order for relief against it in an involuntary case; 

(C) consents to the appointment of a Custodian of it or for any substantial part of its property; 

(D) makes a general assignment for the benefit of its creditors; 

(E) takes any comparable action under any foreign laws relating to insolvency; or 

(F) generally is not paying its debts as they become due; or 

(x) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against Company or any Significant Subsidiary in an involuntary case or proceeding; 

(B) appoints a Custodian of the Company or any Significant Subsidiary, or for any substantial part of the property of the
Company or any Significant Subsidiary; 
 (C) orders the winding up or liquidation of the Company or any Significant
Subsidiary; or 

  
 - 58- 

 (D) grants any similar relief under any foreign laws; 

and, in each such case, the order or decree remains unstayed and in effect for 60 days. 

(b) Cause Irrelevant. Each of the events enumerated in Section 6.01(a) hereof will constitute an Event of Default whatever the
cause and regardless of whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

Section 6.02 Acceleration. 

(a) Automatic Acceleration in Certain Circumstances. If an Event of Default specified in Sections 6.01(a)(ix) or 6.01(a)(x) hereof
occurs with respect to the Company, the principal amount of, and all accrued and unpaid interest, if any, on, all of the then outstanding Notes will immediately become due and payable without any further action or notice by any party. 

(b) Optional Acceleration. If any Event of Default other than an Event of Default specified in Sections 6.01(a)(ix) or 6.01(a)(x)
hereof occurs and is continuing, the Trustee, by delivering a written notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by delivering a written notice to the Company with a copy to the
Trustee, may declare the principal amount of, and all accrued and unpaid interest, if any, on all then outstanding Notes immediately due and payable, and upon such declaration, the principal amount of, and all accrued and unpaid interest, if any, on
all then outstanding Notes will immediately become due and payable. 
 (c) Rescission of Acceleration. Notwithstanding anything
to the contrary in this Indenture, the Holders of a majority of the aggregate principal amount of the then outstanding Notes may, on behalf of the Holders of all of the then outstanding Notes, rescind any acceleration of the Notes and its
consequences hereunder by delivering a written notice to the Trustee if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of Default (other than the nonpayment of the
principal of, interest, if any, on, or the Fundamental Change Repurchase Price, Optional Repurchase Price or the Redemption Price for, the Notes that has become due solely as a result of acceleration) have been cured or waived. No such
rescission will affect any subsequent Default or impair any right consequent thereto. 
 Section 6.03 Other Remedies. If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, accrued and unpaid interest, if any, or payment of the Fundamental Change Repurchase Price, Optional Repurchase Price or
Redemption Price for, the Notes or to enforce the performance of any provision of the Notes or this Indenture regarding any other matter. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of the Notes in the
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default will not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No
remedy is exclusive of any other remedy. All available remedies are cumulative. 

  
 - 59 - 

 Section 6.04 Sole Remedy for Failure to Report. 

(a) General. Notwithstanding anything to the contrary in the Notes or in this Indenture, the Company may elect that the sole remedy
for any Event of Default specified in Section 6.01(a)(vi) hereof relating to the Company’s failure to comply with Section 4.03 hereof (a “Reporting Event of Default”) will, for the period beginning on the date on which such
Reporting Event of Default first occurred and ending on the earlier of (A) the date on which such Reporting Event of Default (i) is cured, or (ii) is validly waived in accordance with Section 6.05 hereof and (B) the 60th calendar day immediately
following the date on which such Reporting Event of Default first occurred, consist exclusively of the right to receive additional interest (the “Special Interest”) on the Notes at a rate equal to 0.50% per annum on the principal
amount of the outstanding Notes. Any Special Interest will be payable in the same manner and on the same dates as the stated interest payable on the Notes and will accrue in addition to any Additional Interest that the Company is obligated to
pay under Section 4.04 hereof, subject to the limitations set forth in Section 4.04(a) and Section 6.04(d). The Trustee will not have any duty or responsibility to any Holder to determine whether the Special Interest is payable, or, if the
Special Interest is payable, the amount of such Special Interest that is payable. 
 (b) Limitation on Remedy. If (i) a Reporting
Event of Default occurs and the Company elects that the sole remedy with respect to such Reporting Event of Default will be the Special Interest and (ii) on the 61st day immediately following, and including, the date on which such Reporting Event of
Default first occurred, such Reporting Event of Default has not been cured or validly waived in accordance with Section 6.05 hereof, then the Notes will become subject to acceleration under Section 6.02(a) hereof on account of such Reporting Event
of Default. 
 (c) Company Election Notice. To elect to pay the Special Interest as the sole remedy for a Reporting Event of
Default, the Company must deliver written notice of such election to the Holders, the Paying Agent and the Trustee prior to the date on which such Reporting Event of Default first occurs. Any such notice must include a brief description of the
report that the Company failed, or will fail, to file, a statement that the Company is electing to pay the Special Interest and the date on which such Reporting Event of Default will occur. 

If a Reporting Event of Default occurs and the Company fails to timely deliver such notice for such Reporting Event of Default or fails to pay
the Special Interest, the Notes will be subject to acceleration under Section 6.02(a) hereof on account of such Reporting Event of Default. 

(d) Other Events of Default. Notwithstanding anything to the contrary herein, if the Company elects to pay Special Interest with
respect to any Reporting Event of Default, the Company’s election will not affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default; provided, that, for
the avoidance of doubt, in no event will the Company be obligated to pay Special Interest at a rate greater than 0.50% per annum on the principal amount of then outstanding Notes. 

Notwithstanding anything to the contrary herein or in the Notes, in no event will the sum of Special Interest together with any Additional
Interest that may accrue pursuant to Section 

  
 - 60 - 

 
4.04(a) at any time exceed a rate in excess of 0.50% per annum on the principal amount of the Notes. 

Section 6.05 Waiver of Past Defaults. If an Event of Default described in Sections 6.01(a)(i), 6.01(a)(ii), 6.01(a)(iv) or
6.01(a)(vi) (which, in the case of Section 6.01(a)(vi) only, relates to a covenant that cannot be amended without the consent of each affected Holder) or a Default that would lead to such an Event of Default occurs and is continuing, such Event of
Default or Default may be waived only with the consent of each affected Holder. Every other Event of Default or Default may be waived by the Holders of a majority of the aggregate principal amount of then outstanding Notes (including consents
obtained in connection with a repurchase of, or tender offer or exchange offer for, Notes). Whenever any Event of Default is so waived, it will cease to exist, and whenever any Default is so waived, it will be deemed cured and any Event of
Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any consequent right. 

Section 6.06 Control by Majority. At any time, the Holders of a majority of the aggregate principal amount of then outstanding
Notes may direct the time, method and place of conducting any proceedings for any remedy available to the Trustee or for exercising any trust or power conferred on the Trustee, subject to the limitations specified in this Indenture. However,
the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01 hereof, that the Trustee determines to be unduly prejudicial to the rights of a Holder or to the Trustee, or that would potentially
involve the Trustee in personal liability unless the Trustee is offered indemnity or security satisfactory to it against any loss, liability or expense to the Trustee that may result from the Trustee’s instituting such proceeding as the
Trustee. Prior to taking any action hereunder, the Trustee will be entitled to indemnification satisfactory to it against all losses, liabilities and expenses caused by taking or not taking such action. 

Section 6.07 Limitation on Suits. Except to enforce (i) its rights to receive the principal of, the Fundamental Change Repurchase
Price, the Optional Repurchase Price or the Redemption Price for, or the interest, if any, on, a Note, or (ii) the failure of the Company to comply with its obligations under Article 10 to convert any Note, no Holder may pursue a remedy with respect
to this Indenture or the Notes unless: 
 (a) such Holder has previously delivered to the Trustee written notice that an Event of Default has
occurred and is continuing; 
 (b) the Holders of at least 25% of the aggregate principal amount of then-outstanding Notes deliver to the
Trustee a written request that the Trustee pursue a remedy with respect to such Event of Default; 
 (c) such Holder or Holders have offered
and, if requested, provided, to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or other expense of compliance with such written request; 

(d) the Trustee has not complied with such written request within 60 days after receipt of such written request and offer of security or
indemnity; and 

  
 - 61 - 

 (e) during such 60-day period, the Holders of a majority of the aggregate principal amount of
then outstanding Notes did not deliver to the Trustee a direction inconsistent with such written request. 
 A Holder may not use this
Indenture to prejudice the rights of any other Holder or to obtain a preference or priority over any other Holder, it being understood that the Trustee does not have any affirmative duty to ascertain whether any usage of this Indenture by a Holder
is unduly prejudicial to such other Holders. 
 Section 6.08 Rights of Holders To Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of the principal of, the Fundamental Change Repurchase Price, the Optional Repurchase Price or the Redemption Price for, accrued and unpaid interest, if any, on, and any
consideration due under Article 10 upon conversion of, its Note, on or after the respective due date expressed or provided for in this Indenture, or to bring suit for the enforcement of any such payment and/or delivery on or after the respective due
dates, will not be impaired or affected without the consent of such Holder and will not be subject to the requirements of Section 6.07 hereof. 

Section 6.09 Collection Suit by Trustee. If an Event of Default specified in Sections 6.01(a)(i), 6.01(a)(ii), or 6.01(a)(iv)
hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, the Fundamental Change Repurchase Price, the Optional
Repurchase Price or the Redemption Price for, interest, if any, on, and the Conversion Consideration, if any, due upon conversion of, the Notes, and, to the extent lawful, any Default Interest on any Defaulted Amounts, and such further amount as is
sufficient to cover the costs and expenses of collection provided for under Section 7.07 hereof. 
 Section 6.10 Trustee May File Proofs
of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company,
its creditors or its property and, unless prohibited by law or applicable regulations, will be entitled to collect, receive and distribute any money or other property payable or deliverable on any such claims, and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, will be denied for any reason, payment of the same will be secured by a lien on, and will be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained will be deemed to authorize the Trustee to authorize or consent to, or to accept or to adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any 

  
 - 62 - 

 
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.11 Priorities. If the Trustee collects any money or property pursuant to this Article 6, it will pay out the money or
property in the following order: 
 FIRST: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof,
including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

SECOND: to the Holders, for any amounts due and unpaid on the principal of, the Fundamental Change Repurchase Price, the Optional
Repurchase Price or the Redemption Price for, accrued and unpaid interest on, and any Conversion Consideration due upon the conversion of, any Note, without preference or priority of any kind, according to such amounts due and payable on all of the
Notes; and 
 THIRD: the balance, if any, to the Company or to such other party as a court of competent jurisdiction directs. 

The Trustee may fix a record date and payment date for any payment to the Holders pursuant to this Section 6.11. If the Trustee so fixes
a record date and a payment date, at least 15 days prior to such record date, the Company will deliver to each Holder and the Trustee a written notice, which notice will state such record date, such payment date and the amount of such payment. 

Section 6.12 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.12 does not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.08 hereof or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 

ARTICLE 7 
 TRUSTEE

 Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee will exercise the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

  
 - 63 - 

 (i) the Trustee undertakes to perform such duties, and only such duties, as are specifically set
forth in this Indenture and the Trust Indenture Act, and no implied covenants or obligations will be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of Section 7.01(b)
hereof; 
 (ii) the Trustee will not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee will not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.06, 12.03 or 12.04 hereof. 
 (d) Whether
herein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.01. 

(e) The Trustee will not be liable for interest on any money received by it or risk or expend any of its own funds. 

(f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) No provision of this Indenture will require the Trustee to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (h) Every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee will be subject to the provisions of this Article 7, and the provisions of this Article 7 will apply to the Trustee, Registrar, Paying Agent and Conversion
Agent. 
 (i) The Trustee will not be deemed to have notice of a Default or an Event of Default unless (i) a Trust Officer of the Trustee has
received written notice at its Corporate Trust Office thereof from the Company or any Holder or (ii) a Trust Officer has actual knowledge thereof. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the document. The Trustee may, however, in its 

  
 - 64 - 

 
discretion make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee determines to make such further inquiry or investigation, it will be
entitled to examine the books, records and premises of the Company, personally or by agent or attorney and at the expense of the Company, and will incur no liability of any kind by reason of such inquiry or investigation. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents, attorneys or custodians and will not be responsible for the misconduct or negligence of any agent,
attorney or custodian appointed with due care. 
 (d) So long as the Trustee’s conduct does not constitute willful misconduct or
negligence, the Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e) The Trustee may consult with counsel of its own selection, and the advice or Opinion of Counsel with respect to legal matters relating to
this Indenture and the Notes will be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in reliance upon the advice or opinion of such counsel. 

(f) The permissive rights of the Trustee to do things enumerated in this Indenture will not be construed as a duty unless so specified herein.

 (g) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with
such request or direction. 
 (h) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or
duties hereunder. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be
indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder, including the Registrar, Paying Agent and Conversion Agent. 

(j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded. 

  
 - 65 - 

 (k) In no event will the Trustee be responsible or liable for any special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. However, if the Trustee acquires any conflicting interest (within the meaning of Section 310(b) of the Trust Indenture
Act) it must eliminate the conflict within 90 days or resign. Any Paying Agent, Registrar, Conversion Agent or co-registrar may do the same with like rights. However, the Trustee must comply with Section 7.10 hereof. 

Section 7.04 Trustee’s Disclaimer. The Trustee will not be responsible for and makes no representation as to
the validity, priority or adequacy of this Indenture or the Notes, it will not be accountable for the Company’s use of the proceeds from the Notes, and it will not be responsible for any statement of the Company in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 

Section 7.05 Notice of Defaults. If a Default occurs and is continuing and is actually known to a Trust Officer, the Trustee will
send to each Holder notice of the Default within 90 days after such Default first occurs, or, if it is not known to the Trustee at such time, promptly (and in any event within 10 Business Days) after it is known to a Trust Officer; provided,
however, that except in the case of a Default that is, or would lead to, an Event of Default described in Sections 6.01(a)(i), 6.01(a)(ii) or 6.01(a)(iv) hereof, the Trustee may withhold the notice if and so long as it determines in good
faith that withholding the notice is in the interests of Holders. 
 Section 7.06 Reports by Trustee to Holders. Within 60 days after
each January 1, beginning with the January 1 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall send to the Holders of the Notes all reports, if any, required by, and in accordance with, Section
313 of the Trust Indenture Act. 
 Section 7.07 Compensation and Indemnity. 

(a) The Company will pay to the Trustee, from time to time, such compensation as will be agreed upon, from time to time, in writing for its
services. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable fees and expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services. Such expenses will include the reasonable compensation, fees and out-of-pocket expenses, disbursements and advances of the Trustee’s agents, counsel,
accountants and experts. The Company will fully indemnify the Trustee and hold it harmless against any and all loss, liability, claims (including those between the parties to this Indenture), damages or expenses (including reasonable

  
 - 66 - 

 
attorneys’ fees and expenses) incurred by it in connection with the acceptance and administration of this trust and the performance of its duties hereunder, including the costs and expenses
of defending itself against any claim (whether asserted by the Company, any Holder or any other Person). The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company of any claim for which it may seek indemnity of which a Trust Officer has actually received written notice will not relieve the Company of its obligations hereunder except to the extent such failure is adjudicated by a court of competent
jurisdiction to have materially prejudiced the Company. The Company will defend the claim and the Trustee will cooperate in the defense. If the Trustee is advised by counsel that it may have available to it defenses that are in conflict
with the defenses available to the Company or that there is an actual or potential conflict of interest, then the Trustee may have separate counsel, and the Company will pay the reasonable fees and expenses of such counsel. The Company will pay
the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such defense and/or conflict exists. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee
through the Trustee’s own willful misconduct or gross negligence. The Company need not pay for any settlement made by the Trustee without the Company’s consent, such consent not to be unreasonably withheld. All indemnifications
and releases from liability granted hereunder to the Trustee will extend to its officers, directors, employees, agents, attorneys, custodians, successors and assigns. In no event shall the Company have the right, without the related
Trustee’s written consent, to settle any such claim if such settlement (i) arises from or is part of any criminal action, suit or proceeding, (ii) contains a stipulation to, confession of judgment with respect to, or admission or
acknowledgement of, any liability or wrongdoing on the part of such the Trustee, (iii) provides for injunctive relief or specific performance on the part of the Trustee or any other relief other than monetary damages payable in full by the Company
or (iv) does not contain an unconditional release of the Trustee from all liability on all claims that are the subject matter of the related dispute or proceeding. 

(b) To secure the Company’s payment obligations under this Section 7.07, the Trustee will have a lien prior to the Notes on all money or
property held or collected by the Trustee, other than money or property held in trust to pay the principal, accrued and unpaid interest, if any, on particular Notes. 

(c) The Company’s payment obligations pursuant to this Section 7.07 will survive the resignation or removal of the Trustee and the
discharge of this Indenture. If the Trustee incurs expenses after the occurrence of a Default specified in Sections 6.01(a)(ix) or 6.01(a)(x) hereof with respect to the Company, the expenses are intended to constitute expenses of administration
under the Bankruptcy Law. 
 Section 7.08 Replacement of Trustee. 

(a) The Trustee may resign at any time by notifying the Company, in writing, at least 30 days prior to the proposed resignation. The
Holders of a majority in aggregate principal amount of then outstanding Notes may remove the Trustee by notifying the Trustee, in writing. The Company may remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10 hereof; 

  
 - 67 - 

 (ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns, is removed by the Company or by the Holders of a majority in aggregate principal amount of the Notes then
outstanding, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company will promptly appoint a successor Trustee. 

(c) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send a notice of its succession to
Holders. The retiring Trustee will, upon payment of all of its costs and the costs of its agents and counsel, promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07
hereof. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder, fails to comply with Section 7.10 hereof, such Holder may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of
the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger. 

(a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act will be the successor Trustee. 

(b) In case at the time such successor or successors by merger, conversion or consolidation to the Trustee succeeds to the trusts created by
this Indenture, any of the Notes have been authenticated, but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Notes so authenticated; and, in case at that time
any of the Notes have not been authenticated, any such successor to the Trustee may authenticate such Notes, either in the name of any predecessor Trustee hereunder or in the name of the successor to the Trustee. 

  
 - 68 - 

 Section 7.10 Eligibility; Disqualification. The Trustee will have (or, in the case of
a corporation included in a bank holding company system, the related bank holding company will have) a combined capital and surplus of at least $100,000,000, as set forth in its (or its related bank holding company’s) most recent published
annual report of condition. This Indenture shall always have a Trustee who satisfies the requirements of Section 310(a)(1), (2) and (5) of the Trust Indenture Act. The Trustee is subject to Section 310(b) of the Trust Indenture Act. 

Section 7.11 Trustee’s Application for Instructions from the Company. Any application by the Trustee for
written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action will be taken or such
omission will be effective. The Trustee will not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which
date will not be less than three Business Days after the date the Company is deemed to have received such application pursuant to Section 12.02 hereof, unless any such Officer has consented in writing to any earlier date), unless prior to taking any
such action (or the effective date in the case of any omission), the Trustee has received written instructions in response to such application specifying the action to be taken or omitted. 

Section 7.12 Preferential Collection of Claims Against the Company. The Trustee is subject to Section 311(a) of the Trust Indenture
Act, excluding any creditors relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent provided therein. 

ARTICLE 8 
 SATISFACTION
AND DISCHARGE 
 Section 8.01 Discharge of Liability on Notes. When (a)(i) the Company delivers to the Trustee all
outstanding Notes (other than Notes replaced pursuant to Section 2.11 hereof) for cancellation or (ii) all outstanding Notes have become due and payable, and the Company irrevocably deposits with the Trustee or delivers to the Holders, as
applicable, cash (or, solely to satisfy amounts due and owing as a result of conversions of the Notes, Conversion Consideration), sufficient to pay all amounts due and owing on all outstanding Notes (other than Notes replaced pursuant to Section
2.11 hereof), (b) the Company pays all other sums payable by it under this Indenture and (c) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all of the applicable conditions precedent to
the discharge of this Indenture described in this section have been satisfied, then, subject to Section 7.07 hereof, this Indenture will cease to be of further effect with respect to the Notes and the Holders and the Trustee will acknowledge the
satisfaction and discharge of this Indenture with respect to the Notes. 
 Notwithstanding the satisfaction and discharge of this Indenture,
(i) any obligation of the Company to any Holder under Article 10 hereof with respect to the conversion of any Note or to the Trustee under Article 7 hereof with respect to compensation or indemnity, and (ii) any obligation of the Trustee with
respect to money deposited with the Trustee under this Article 8 and Section 12.02 hereof will survive. 

  
 - 69 - 

 Section 8.02 Repayment to the Company. Subject to any applicable unclaimed property
law, the Trustee and the Paying Agent, upon receiving a written request from the Company, will promptly turn over to the Company any cash, Conversion Consideration or other property held for payment on the Notes that remains unclaimed two years
after the date on which such payment was due. After the Trustee and the Paying Agent return such cash, Conversion Consideration or other property to the Company, the Trustee and the Paying Agent will have no further liability to any Holder with
respect to such cash, Conversion Consideration or other property, and any Holder entitled to the payment of such cash, Conversion Consideration or other property under the Notes or this Indenture must look to the Company for payment as a general
creditor of the Company. 
 ARTICLE 9 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01 Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Notes without
the consent of any Holder: 
 (a) to add guarantees with respect to the Company’s obligations under this Indenture or the Notes; 

(b) to secure the Notes; 
 (c) to
provide for the assumption of the Company’s obligations under this Indenture and under the Notes by a Reorganization Successor Corporation as set forth in Article 5 hereof; 

(d) to provide for the assumption of the Company’s obligations under this Indenture and under the Notes by a Successor Person as set forth
in Section 10.08 or to modify the conversion rights of the Holders in accordance with Section 10.08 hereof upon the occurrence of a Common Stock Change Event; 

(e) to surrender any right or power conferred upon the Company under this Indenture; 

(f) to add to the Company’s covenants or Events of Default for the benefit of the Holders; 

(g) to cure any ambiguity or correct any inconsistency or defect in this Indenture or in the Notes; 

(h) make or change any provisions with respect to questions arising under this Indenture, provided that such action, individually or in
the aggregate with all other such actions, shall not adversely affect the rights and interests of the Holders in any material respect, as determined in good faith by the Board of Directors and evidenced by resolutions of the Board of Directors; 

(i) make any amendment to the provisions of this Indenture relating to the transfer and legending of the Notes as permitted by this Indenture,
including to facilitate the issuance and administration of Notes; provided, however, that (i) compliance with this Indenture as so 

  
 - 70 - 

 
amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment, individually or in the aggregate with all other
such amendments, does not adversely affect the rights and interests of the Holders to transfer Notes in any material respect; 
 (j) to
provide for or confirm the issuance of additional Notes in accordance with this Indenture; 
 (k) to enter into supplemental indentures
hereto in connection with a Common Stock Change Event pursuant to Section 10.08(a) hereof; 
 (l) to modify or amend this Indenture to effect
or maintain the qualification of this Indenture or any supplemental indenture under the Trust Indenture Act; 
 (m) to irrevocably elect a
Settlement Method or a Specified Dollar Amount; 
 (n) to evidence the acceptance of appointment by a successor Trustee with respect to this
Indenture; 
 (o) to comply with the rules of any applicable Depositary; 

(p) to conform the provisions of this Indenture and the form or terms of the Notes to the “Description of Notes” section of the
Prospectus; or 
 (q) to make any other change to this Indenture and the form or terms of the Notes; provided that no such change
individually, or in the aggregate with all other such changes, shall adversely affect the rights and interests of the Holders in any material respect. 

Section 9.02 With Consent of Holders. With the written consent of the Holders of at least a majority of the aggregate principal
amount of the Notes then outstanding (including consents obtained in connection with a repurchase of, or tender offer or exchange offer for, Notes), by Act of such Holders delivered to the Company and the Trustee, the Company, when authorized by a
Board Resolution, may amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes; provided, however, that, without the consent of each affected Holder, no amendment or
supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may: 
 (a) reduce the principal amount
of, or change the Maturity Date of, any Note; 
 (b) reduce the rate of, or extend the stated time for payment of, interest on any Note; 

(c) reduce the Fundamental Change Repurchase Price, the Optional Repurchase Price or the Redemption Price of any Note or change the time at
which, or the circumstances under which, the Notes may, or will be, redeemed or repurchased; 
 (d) impair the right of any Holder to receive
payment on any Note, including with respect to any consideration due upon conversion of a Note, on the respective due dates therefor, 

  
 - 71 - 

 
or to bring suit for the enforcement of any such payment or delivery on or after such respective due dates; 

(e) make any Note payable in a currency other than that stated in the Note; 

(f) make any change that impairs or adversely affects the conversion rights of any Holder under Article 10 hereof or otherwise reduces the
number of shares of Common Stock, amount of cash or any other property receivable by a Holder upon conversion; 
 (g) change the ranking of
the Notes; 
 (h) make any change to any amendment, modification or waiver provision of this Indenture that requires the consent of each
affected Holder; or 
 (i) reduce the percentage of the aggregate principal amount of then outstanding Notes whose Holders must consent to an
amendment or modification of this Indenture or a waiver of a past Default. 
 It will not be necessary for the consent of the Holders under
this Section 9.02 to approve the particular form of any proposed amendment or modification, but it will be sufficient if such consent approves the substance of such proposed amendment or modification. 

Section 9.03 Execution of Supplemental Indentures. Upon the request of the Company and subject to Section 9.09 hereof, the Trustee
will sign any supplemental indenture authorized pursuant to this Article 9 if the amendment contained therein does not affect the rights, duties, liabilities or immunities of the Trustee under this Indenture. If the supplemental indenture
adversely affects the Trustee’s rights, duties, liabilities or immunities under this Indenture, then the Trustee may, but need not, sign such supplemental indenture. 

Section 9.04 Notices of Supplemental Indentures. After an amendment or supplement to this Indenture or the Notes pursuant to Sections
9.01 or 9.02 hereof becomes effective, the Company will promptly deliver notice, or the Trustee, at the direction and expense of the Company, will promptly deliver the notice prepared by the Company, to each Holder, of such amendment or supplement,
which notice will briefly describe the substance of such amendment or supplement to this Indenture in reasonable detail and state the effective date of such amendment or supplement. The failure to deliver such notice to each Holder and the
Trustee, or any defect in such notice, will not impair or otherwise affect the validity of such amendment or supplement to this Indenture. 

Section 9.05 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article 9: 

(a) this Indenture will be modified in accordance therewith; 

(b) such supplemental indenture will form a part of this Indenture for all purposes; and 

  
 - 72 - 

 (c) every Holder of Notes theretofore, or thereafter, authenticated and delivered hereunder will
be bound thereby. 
 Section 9.06 Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture or the Notes
will be set forth in an amended or supplemental indenture that complies with the Trust Indenture Act as then in effect. 
 Section 9.07
Revocation and Effect of Consents, Waivers and Actions. 
 (a) Revocation. Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder is a continuing consent by the Holder, and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is
not made on any Note. However, any such Holder, or subsequent Holder, may revoke the consent as to its Note or portion of a Note if a Trust Officer receives the notice of revocation before the date the amendment, supplement or waiver becomes
effective. 
 (b) Special Record Dates. The Company may, but is not obligated to, fix a record date for the purpose of
determining the Holders entitled to give their consent or take any other action described above or required, or permitted, to be taken pursuant to this Indenture. If a record date is fixed, then those Persons who were Holders at such record
date (or their duly designated proxies), and only those Persons, will be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be Holders after such record
date. No such consent will be valid or effective for more than 120 days after such record date. 
 (c) Binding Effect. After
an amendment, supplement or waiver becomes effective, it will bind every applicable Holder. Any amendment or supplement will become effective in accordance with the terms of the supplemental indenture relating thereto, which will become
effective upon the execution thereof by the Trustee. 
 Section 9.08 Notation on, or Exchange of, Notes. If any amendment,
supplement or waiver changes the terms of a Note, the Trustee or the Company may require the Holder of such Note to deliver such Note to the Trustee. The Trustee may place an appropriate notation prepared by the Company on such Note about the
changed terms and return it to the Holder. Alternatively, if the Company so determines, the Company, in exchange for the Note, will issue and the Trustee will authenticate a new Note that reflects the changed terms. 

Section 9.09 Trustee to Sign Amendments. The Trustee shall sign any amendment or supplemental indenture authorized pursuant to
this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee shall receive and (subject to Sections 7.01
and 7.02 hereof) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture and is valid, binding and enforceable against the Company in accordance with its terms. 

  
 - 73 - 

 ARTICLE 10 

CONVERSIONS 
 Section 10.01
Right To Convert. 
 (a) In General. Subject to, and upon compliance with, the provisions of this Article 10, a Holder
may, at its option, convert all of its Notes, or any portion of its Notes in an Authorized Denomination, (i) subject to satisfaction of the conditions set forth in Section 10.01(b), at any time prior to the Close of Business on the Business Day
immediately preceding December 15, 2021, under the circumstances and during the periods set forth in Section 10.01(b), and (ii) irrespective of the conditions set forth in Section 10.01(b), on or after December 15, 2021, and prior to the Close of
Business on the Business Day immediately preceding the Maturity Date, in each case, into Conversion Consideration, as provided in this Article 10, based on the Conversion Rate. Notes may not be converted after the Close of Business on the
Business Day immediately preceding the Maturity Date. 
 (b) Conditions to Conversions Prior to the Close of Business on the Business Day
Immediately Preceding December 15, 2021. Prior to the Close of Business on the Business Day immediately preceding December 15, 2021, no Notes may be converted except under the circumstances and during the periods set forth below in this
Section 10.01(b). 
 (i) Conversion Upon Satisfaction of Sale Price Condition. Prior to the Close of Business on the Business Day
immediately preceding December 15, 2021, a Holder may convert its Notes during any calendar quarter (and only during such calendar quarter), if the Last Reported Sale Price per share of the Common Stock for each of at least 20 Trading Days (whether
or not consecutive) during the 30 consecutive Trading days ending on, and including, the last Trading Day of the immediately preceding calendar quarter equals or exceeds 130% of the Conversion Price on such Trading Day. 

(ii) Conversion Upon Satisfaction of Trading Price Condition. Prior to the Close of Business on the Business Day immediately
preceding December 15, 2021, a Holder may convert its Notes during the five consecutive Business Day period immediately after any five consecutive Trading Day period (such five consecutive Trading Day period, the “Measurement
Period”) in which the Trading Price per $1,000 principal amount of the Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than 98%
of the product of the Last Reported Sale Price per share of the Common Stock and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is herein referred to as the “Trading Price Condition.”

 The Trading Price shall be determined by the Bid Solicitation Agent pursuant to this Section 10.01(b)(ii) and the definition of Trading
Price set forth herein. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination in writing, and the
Company will have no obligation to make such request (or seek bids itself) unless a Holder of at least $2,000,000 in aggregate principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount
of Notes 

  
 - 74 - 

 
would be less than 98% of the product of the Last Reported Sale Price per share of the Common Stock and the Conversion Rate. At such time, the Company shall determine (if the Company is
acting as Bid Solicitation Agent), or shall instruct the Bid Solicitation Agent (if other than the Company) to determine, the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day
until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price per share of the Common Stock and the Conversion Rate. If the Trading Price Condition has been met, the
Company will so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. At such time as the Company instructs the Bid Solicitation Agent (if other than the Company) to determine the Trading Price, the
Company shall notify such Bid Solicitation Agent of the three independent nationally recognized securities dealers the Company has selected, and the Company shall instruct such independent nationally recognized securities dealers to deliver bids to
the Bid Solicitation Agent when required. If, on any Trading Day after the Trading Price Condition has been met, the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale
Price per share of the Common Stock and the Conversion Rate for such Trading Day, the Company will so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. 

(iii) Conversion Upon Specified Corporate Events. 

(A) Certain Distributions. If the Company elects to: 

(I) issue, to all or substantially all holders of the Common Stock, any rights, options or warrants (other than any issuance
of rights pursuant to a stockholder rights plan that are (i) transferable with shares of the Common Stock, including shares of Common Stock issued upon conversion of Notes, and (ii) not exercisable until the occurrence of a triggering event, in each
case unless such rights have separated from the Common Stock or such triggering event has occurred) entitling them, for a period of not more than 60 calendar days after the record date of such issuance, to subscribe for or purchase shares of the
Common Stock at a price per share less than the average of the Last Reported Sale Prices per share of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such issuance; or 
 (II) distribute, to all or substantially all holders of the Common Stock, the Company’s assets,
debt securities or rights to purchase the Company’s securities, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price per share of the Common Stock on the
Trading 

  
 - 75 - 

 
Day immediately preceding the date of announcement for such distribution, 
 then, in
either case, (x) the Company must notify Holders (with a copy to the Trustee and the Conversion Agent) at least 48 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution (or, with respect to the separation of any
rights described in the parenthetical set forth in Section 10.01(b)(iii)(A)(I), within three Business Days of such separation); and (y) once the Company has given such notice, Holders may convert their Notes at any time until the earlier of the
Close of Business on the Business Day immediately preceding such Ex-Dividend Date and the Company’s announcement that such issuance or distribution will not take place. 

(B) Certain Corporate Events. If (i) a transaction or event that constitutes a Fundamental Change occurs; (ii) a
transaction or event that constitutes a Make-Whole Fundamental Change occurs; or (iii) the Company is a party to a consolidation, merger, binding share exchange, or a transfer or lease of all or substantially all of the Company’s assets (other
than the Sale), or any other transaction, in each case pursuant to which the Common Stock would be converted into or exchanged for, or would constitute solely the right to receive, cash, securities or other property (other than a transaction that is
solely for the purpose of changing the Company’s jurisdiction of organization), then the Notes may be converted at any time from and after the effective date of the transaction or event until the earlier of (x) 35 Trading Days after the actual
effective date of such transaction or event (or, if later, the date on which the Company provides notice of such transaction or event) or, if such transaction or event also constitutes a Fundamental Change, the related Fundamental Change Repurchase
Date; and (y) the Close of Business on the Business Day immediately preceding the Maturity Date. As promptly as practicable, but in no event later than the second Business Day after the date the Company publicly announces such transaction or
event, the Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such transaction, its effective date and the related right to convert Notes. 

(iv) Conversion Based on Redemption. If the Company calls a Note for Redemption, then the Holder of such Note may surrender the
Note for conversion at any time before the Close of Business on the Business Day immediately preceding the Redemption Date. From and after that time, a Holder’s right to convert its Notes called for Redemption will expire unless the
Company defaults in the payment of the Redemption Price, in which case such Holder may convert such Notes until the Redemption Price is paid or duly provided for. 

(c) Closed Periods. Notwithstanding anything to the contrary in this Indenture, (i) if the Company calls any Note for redemption in
accordance with Article 11 hereof, a Holder of such Note may not convert such Note after the Close of Business on the Business Day immediately preceding the applicable Redemption Date except to the extent the Company fails to pay the Redemption
Price for such Note in accordance with Section 11.05 hereof, (ii) if a Holder tenders a Fundamental Change Repurchase Notice with respect to any Note in accordance with 

  
 - 76 - 

 
Article 3 hereof, such Note may not be converted except to the extent (A) such Note is not subject to such Fundamental Change Repurchase Notice; (B) such Fundamental Change Repurchase Notice is
withdrawn in accordance with Article 3 hereof; or (C) the Company fails to pay the Fundamental Change Repurchase Price for such Note in accordance with Section 3.13 hereof and (iii) if a Holder tenders an Optional Repurchase Notice with respect to
any Note in accordance with Article 3 hereof, such Note may not be converted except to the extent (A) such Note is not subject to such Optional Repurchase Notice; (B) such Optional Repurchase Notice is withdrawn in accordance with Article 3 hereof;
or (C) the Company fails to pay the Optional Repurchase Price for such Note in accordance with Section 3.13 hereof. 
 Section 10.02
Conversion Procedures. 
 (a) General. To exercise its conversion right with respect to a beneficial interest in a Global
Note, the owner of such beneficial interest must (i) comply with the Applicable Procedures for converting such beneficial interest; (ii) pay any funds equal to interest payable on the next Interest Payment Date that such Holder is required to pay
under clause (d) of this Section 10.02; and (iii) pay any taxes or duties that such Holder is required to pay under the proviso to clause (e) of this Section 10.02. 

To exercise its conversion right with respect to a Physical Note, the Holder of such Note must (i) complete and manually sign the conversion
notice set forth in the form of Note attached hereto as Exhibit A, or a facsimile of such conversion notice (such notice, or such facsimile, the “Conversion Notice”); (ii) deliver such signed and completed Conversion Notice,
which shall be irrevocable, and such Note to the Conversion Agent at its office; (iii) furnish any endorsements and transfer documents that the Company, Conversion Agent, Trustee or Transfer Agent may require; (iv) pay any funds equal to interest
payable on the next Interest Payment Date that such Holder is required to pay under clause (d) of this Section 10.02; and (v) pay any taxes or duties that such Holder is required to pay under the proviso to clause (e) of this Section 10.02. 

The first Business Day on which a Holder satisfies the foregoing requirements with respect to a Note and on which conversion of such Note is
not otherwise prohibited under this Indenture will be the “Conversion Date” for such Note. The Holder or the Company, as applicable, shall notify the Conversion Agent in writing of the satisfaction of the conditions set forth
in clause (iv) or (v) in the immediately preceding paragraph on the Conversion Date. If a Holder has delivered a Fundamental Change Repurchase Notice or an Optional Repurchase Notice with respect to a Note, the Holder may not surrender that
Note for conversion until the Holder has withdrawn such Fundamental Change Repurchase Notice or Optional Repurchase Notice, as applicable, in accordance with Section 3.04 or Section 3.09, as applicable. 

The conversion of any Note will be deemed to occur at the Close of Business on the Conversion Date for such Note, and any converted Note or
portion thereof will cease to be outstanding upon conversion. 
 (b) Holder of Record. If a Holder surrenders the entire
principal amount of a Note for conversion, such Person will no longer be the Holder of such Note as of the Close of Business on the Conversion Date for such Note. 

  
 - 77 - 

 The Person in whose name any shares of Common Stock are issuable upon conversion of any Note will
be deemed to become the holder of record of such shares as of the Close of Business on the Conversion Date for such conversion, in the case of Physical Settlement, or as of the Close of Business on the last VWAP Trading Day of the relevant
Observation Period, in the case of Combination Settlement. 
 (c) Conversions in Part. If a Holder surrenders only a portion of
the principal amount of a Physical Note for conversion, promptly after the Conversion Date for such portion, the Company will, in accordance with Section 2.05 hereof, execute and deliver to the Trustee, and the Trustee will, upon receipt of a
Company Order, in accordance with Section 2.05 hereof, authenticate and deliver to such Holder a new Physical Note in an authorized denomination, having a principal amount equal to the aggregate principal amount of the unconverted portion of the
Physical Note surrendered for conversion and bearing registration numbers not contemporaneously outstanding and any restrictive legends that such Physical Note must bear under Section 2.09 hereof. 

Upon the conversion of any beneficial interest in a Global Note, the Conversion Agent will promptly request that the Trustee make a notation on
the “Schedule of Increases and Decreases of Global Note” of such Global Note to reduce the principal amount represented by such Global Note by the principal amount of the converted beneficial interest. If all of the beneficial
interests in a Global Note are so converted, such Global Note will be deemed surrendered to the Trustee for cancellation, and the Trustee will cause such Global Note to be cancelled in accordance with the Applicable Procedures. 

(d) Reimbursement of Interest upon Conversion. If a Holder converts a Note after the Close of Business on a Regular Record Date,
but prior to the Open of Business on the Interest Payment Date corresponding to such Regular Record Date, then (x) the Holder of such Note at the Close of Business on such Regular Record Date shall be entitled, notwithstanding such conversion, to
receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date; and (y) the Holder of such Note must, upon surrender of such Note for conversion, accompany such Note with an
amount of cash equal to the amount of interest that will be payable on such Note on such Interest Payment Date; provided, however, that a Holder need not make such payment (A) for conversions following the Regular Record Date
immediately preceding the Maturity Date; (B) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or prior to the Business Day immediately following such Interest Payment Date; (C) if the
Company has specified a Redemption Date that is after such Regular Record Date and on or prior to the Business Day immediately following such Interest Payment Date; or (D) to the extent of any overdue interest, if any overdue interest exists at the
time of conversion with respect to such Note. 
 (e) Taxes and Duties. If a Holder converts a Note, the Company will pay any
documentary, stamp or similar issue or transfer tax due on the issue of any shares of the Common Stock upon the conversion; provided, however, that if any tax is due because the converting Holder requested that shares of Common
Stock be issued in a name other than its own, such Holder will pay such tax and the Company, until having received a sum sufficient to 

  
 - 78 - 

 
pay such tax, may refuse to deliver any certificates representing the shares of Common Stock being issued in a name other than that of such Holder. 

(f) Notices. Whenever a Conversion Date occurs with respect to a Note, the Conversion Agent will, as promptly as possible, and in
no event later than the Business Day immediately following such Conversion Date (provided that the Holder or the Company, as applicable, has delivered written notice of the satisfaction of all applicable payments of interest or taxes as set forth in
subparagraph (a) above), deliver to the Company and the Trustee notice that a Conversion Date has occurred, which notice will state such Conversion Date, the principal amount of Notes converted on such Conversion Date and the names of the Holders
that converted Notes on such Conversion Date. 
 Section 10.03 Settlement Upon Conversion. 

(a) Conversion Obligation. 

(i) Settlement Method. Except as provided in Section 10.07, upon conversion of any Note, the Company may choose to pay or deliver,
as applicable, to the converting Holder cash in accordance with Section 10.03(a)(ii)(B) (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of any fractional share of Common Stock, in accordance
with Section 10.03(a)(ii)(A) (“Physical Settlement”) or a combination of cash and shares of Common Stock, together with cash, if applicable, in lieu of any fractional share of Common Stock, in accordance with Section 10.03(a)(ii)(C)
(“Combination Settlement”), at the Company’s election (each of these settlement methods a “Settlement Method”); provided, however, that: 

(A) all conversions of Notes whose Conversion Date occurs on or after December 15, 2021 will be settled using the same
Settlement Method, and the Company shall send written notice of such Settlement Method to Holders (with a copy to the Trustee and the Conversion Agent) no later than the Close of Business on the Business Day immediately preceding December 15, 2021;

 (B) the Company shall use the same Settlement Method for all conversions of Notes whose Conversion Dates occur on the same
day (and, for the avoidance of doubt, the Company shall not be obligated to use the same Settlement Method with respect to conversions of Notes whose Conversion Dates occur on different days, except as provided in Clause (A) above); 

(C) if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion Date occurs before
December 15, 2021, the Company shall send written notice of such Settlement Method to the Holder of such Note (with a copy to the Trustee and the Conversion Agent) no later no later than the Close of Business on the Trading Day immediately following
such Conversion Date; 
 (D) if the Company does not timely elect a Settlement Method with respect to the conversion of a
Note, then the Company will be deemed to have elected Combination Settlement with a Specified Dollar Amount per $1,000 principal amount of such Note equal to $1,000; and 

(E) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the
Holder of such Note of the Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of such Note. 

  
 - 79- 

 (ii) Conversion Consideration. The type and amount of consideration (the
“Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted shall be as follows: 

(A) if Physical Settlement applies to such conversion, (I) a whole number of shares of Common Stock equal to the Conversion
Rate in effect on the Conversion Date for such conversion (which, if not a whole number, shall be rounded down to the nearest whole number); and (II) if such Conversion Rate is not a whole number, cash in lieu of the related fractional share in an
amount equal to the product of (x) the Daily VWAP on such Conversion Date (or if such Conversion Date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day) and (y) the fractional portion of such Conversion Rate; 

(B) if Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each
of the 40 consecutive VWAP Trading Days in the Observation Period for such conversion; or 
 (C) if Combination Settlement
applies to such conversion, a settlement amount equal to (I) the sum of the Daily Settlement Amounts for each of the 40 consecutive VWAP Trading Days in the Observation Period for such conversion (which, for the avoidance of doubt, shall consist of
a number of whole shares of Common Stock equal to the sum of the Daily Share Amounts, if applicable, for each of the VWAP Trading Days in such Observation Period (which, if such sum is not a whole number, shall be rounded down to the nearest whole
number) and cash in an amount equal to the sum of the Daily Cash Amounts for each of the VWAP Trading Days in such Observation Period); and (II) if the sum of such Daily Share Amounts is not a whole number, cash in lieu of the related fractional
share in an amount equal to the product of (x) the Daily VWAP on the last VWAP Trading Day of such Observation Period and (y) the fractional portion of such sum. 

With respect to any conversion of Notes to which Cash Settlement or Combination Settlement applies, the Company shall determine the Conversion
Consideration due thereupon promptly following the last day of the applicable Observation Period and shall promptly thereafter notify the Trustee and the Conversion Agent (if other than the Trustee) in writing of the same and the calculation thereof
in reasonable detail. Neither the Trustee nor the Conversion Agent (if other than the Trustee) shall have any responsibility for any such determination. 

(iii) Delivery of Conversion Consideration. Except as set forth in Sections 10.05, 10.07 and 10.08 hereof, the Company shall pay or
deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder thereof as follows: (i) if Cash Settlement or Combination Settlement applies to such conversion, on the third Business Day

  
 - 80 - 

 
immediately following the last VWAP Trading Day of the Observation Period for such conversion; and (ii) if Physical Settlement applies to such conversion, on the third Business Day immediately
following the Conversion Date for such conversion. 
 (b) Conversion of Multiple Notes by a Single Holder. If a Holder converts
more than one Note on a single Conversion Date, the Conversion Consideration due in respect of such conversion will be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. 

(c) Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder converts a Note, the Company will not adjust the
Conversion Rate to account for any accrued and unpaid interest on the Note, and the Company’s delivery of the Conversion Consideration due upon such conversion will be deemed to satisfy and discharge in full the Company’s obligation to pay
the principal of such Note and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date; provided, however, that if a Holder converts a Note after a Regular Record Date and prior to the Open of Business
on the corresponding Interest Payment Date, the Company will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of the Close of Business on such Regular Record Date. As a result, except as
otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both
cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered. 

Section 10.04 Common Stock Issued Upon Conversion. 

(a) The Company will reserve out of its authorized but unissued shares of Common Stock, and keep available to satisfy conversions of the Notes,
a number of shares of Common Stock sufficient to permit the conversion of all then-outstanding Notes under Physical Settlement and after giving effect to the largest number of Additional Shares that may from time to time be added to the Conversion
Rate as provided in Section 10.07. 
 (b) Any shares of Common Stock delivered upon the conversion of the Notes will be newly issued shares
or treasury shares, duly and validly issued, fully paid, nonassessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder or other
Person to whom such shares of Common Stock will be delivered). In addition, the Company will endeavor to comply promptly with all federal and state securities laws regulating the offer and delivery of any shares of Common Stock issuable upon
conversion of the Notes; provided that the Company will not be obligated to register the offer and sale of such Common Stock under the Securities Act or any other applicable securities laws. The Company will also use commercially
reasonable efforts to cause any shares of Common Stock issuable upon conversion of a Note to be listed on whatever stock exchange(s) the Common Stock is listed on the date the converting Holder becomes a record holder of such Common Stock. 

(c) If any shares of the Common Stock issued upon conversion will, upon delivery as part of the conversion obligation, be “restricted
securities” (within the meaning of Rule 144 or 

  
 - 81 - 

 
any successor provision in effect at such time), such shares of Common Stock will bear any restrictive legends the Company or the Transfer Agent deem necessary to comply with applicable law. 

Section 10.05 Adjustment of Conversion Rate. The Company will adjust the Conversion Rate from time to time as described in this
Section 10.05, except that the Company will not make an adjustment to the Conversion Rate if each Holder participates (other than in a share split or share combination), at the same time and upon the same terms as holders of the Common Stock, and
solely as a result of holding the Notes, in the relevant transaction described in this Section 10.05 without having to convert its Notes and as if it held a number of shares of the Common Stock equal to the product of (i) the Conversion Rate in
effect on the applicable record date, Effective Date or expiration date, and (ii) the aggregate principal amount of Notes held by such Holder (expressed in thousands) on such date. 

(a) Stock Dividends and Share Splits. If the Company exclusively issues to all or substantially all holders of the Common Stock
shares of Common Stock as a dividend or distribution on shares of the outstanding Common Stock, or if the Company effects a share split of the Common Stock or a share combination of the Common Stock (excluding an issuance solely pursuant to a Common
Stock Change Event as described in Section 10.08(a)), the Conversion Rate will be adjusted based on the following formula: 
  

							
		 	CR1 = CR0 x 	 	 OS1 	  	
		 	 	 OS0 	  	

 where: 
  

	 	CR0    =	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the Open of Business on the Effective Date of such share split or
share combination, as applicable; 

  

	 	CR1    =	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or Effective Date, as applicable; 

  

	 	OS0    =	the number of shares of Common Stock outstanding immediately prior to the Open of Business on such Ex-Dividend Date or Effective Date, as applicable; and 

 

	 	OS1    =	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as applicable. 

Such adjustment shall become effective immediately after the Open of Business on such Ex-Dividend Date or Effective Date, as applicable. If any dividend,
distribution, share split or share combination of the type described in this Section 10.05(a) is declared, but not so paid or made, the Conversion Rate will be immediately readjusted, effective as of the date the Board of Directors determines not to
pay such dividend or distribution or to effect such share split or share 

  
 - 82 - 

 
combination, to the Conversion Rate that would then be in effect if such dividend, distribution, share split or share combination had not been declared or announced. 

(b) Rights, Options and Warrants. If the Company issues, to all or substantially all holders of its outstanding Common Stock,
rights, options or warrants entitling such holders, for a period of not more than 60 calendar days after the record date of such issuance, to subscribe for, or purchase, shares of Common Stock, at a price per share less than the average of the Last
Reported Sale Prices per share of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, then, subject to the provisions described below
with respect to rights issued pursuant to a stockholder rights plan, the Conversion Rate will be increased based on the following formula: 
  

							
		 	CR1 = CR0 x 	 	 OS0 + X 	  	
		 	 	 OS0 + Y 	  	

 where: 
  

	 	CR0    =	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such issuance; 

  

	 	CR1    =	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; 

  

	 	OS    =	the number of shares of Common Stock outstanding immediately prior to the Open of Business on such Ex-Dividend Date; 

  

	 	X       =	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and 

  

	 	Y       =	the number of shares of Common Stock equal to the quotient of (i) the aggregate price payable to exercise such rights, options or warrants, over (ii) the average of the Last Reported Sale Prices per share of the Common
Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants. 

Such adjustment shall become effective immediately after the Open of Business on such Ex-Dividend Date. To the extent that shares of Common Stock are not
delivered after the expiration of such rights, options or warrants, including because the issued rights, options or warrants were not exercised, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the
increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate
will be readjusted to the Conversion Rate that would then be in effect if the Ex-Dividend Date for such issuance had not occurred. 

  
 - 83 - 

 For purposes of this Section 10.05(b), in determining whether any rights, options or warrants
entitle holders of the Common Stock to subscribe for, or purchase, shares of Common Stock at a price per share less than the average of the Last Reported Sale Prices per share of Common Stock for the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the date of announcement for an issuance, and in determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration received by
the Company for such rights, options or warrants and any amount payable on exercise thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 

(c) Spin-Offs and Other Distributed Property. 

(i) If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets or property of the Company, or
rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Common Stock, excluding: 

(A) dividends, distributions, rights, options or warrants for which an adjustment was effected pursuant to Section 10.05(a)
hereof or Section 10.05(b) hereof, as applicable; 
 (B) dividends or distributions paid exclusively in cash for which an
adjustment was effected pursuant to Section 10.05(d) hereof; 
 (C) Spin-Offs for which the provisions described in Section
10.05(c)(ii) hereof will apply; and 
 (D) an issuance solely pursuant to a Common Stock Change Event as to which the
provisions described in Section 10.08(a) will apply, 
 then the Conversion Rate will be increased based on the following formula: 

 

							
		 	CR1 = CR0 x 	 	 SP0 	  	
		 	 	 SP0 – FMV 	  	

 where 
  

	 	CR0    =	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution; 

  

	 	CR1    =	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; 

  

	 	SP0    =	the average of the Last Reported Sale Prices per share of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such
distribution; and 

  
 - 84 - 

	 	FMV    =	the fair market value (as determined by the Company’s Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed with respect to each
outstanding share of Common Stock on the Ex-Dividend Date for such distribution. 

 Such adjustment shall become effective immediately after
the Open of Business on such Ex-Dividend Date. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than the “SP0” (as defined above), in
lieu of the foregoing increase, each Holder will receive, for each $1,000 principal amount of Notes held on the record date for the distribution, at the same time and upon the same terms as holders of the Common Stock, the amount and kind of shares
of Capital Stock, evidences of indebtedness, assets or property, rights, options or warrants or other securities that such Holder would have received if such Holder had owned a number of shares of Common Stock equal to the Conversion Rate in effect
on the record date for such distribution. 
 If any distribution of the type described in this Section 10.05(c)(i) is not so paid or made,
or if any rights, options or warrants are not exercised before their expiration date, the Conversion Rate will be readjusted to be the Conversion Rate that would then be in effect if such distribution had not been declared. 

(ii) With respect to an adjustment pursuant to this Section 10.05(c) where there has been a payment of a dividend or other distribution on the
Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to an Affiliate, a Subsidiary or other business unit of the Company, and such Capital Stock or similar equity interest is listed or quoted (or
will be listed or quoted upon the consummation of the transaction) on a national securities exchange or a reasonably comparable non-U.S. equivalent (a “Spin-Off”), but excluding an issuance solely pursuant to a Common Stock Change
Event as to which the provisions described in Section 10.08(a) apply, the Conversion Rate will be increased based on the following formula: 
  

							
		 	CR1 = CR0 x 	 	 FMV0 + MP0 	  	
		 	 	 MP0 	  	

 where 
  

	 	CR0       =	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such Spin-Off; 

  

	 	CR1       =	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; 

  

	 	FMV0    =	 the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to
holders of the Common Stock applicable to one share of Common Stock (determined for purposes of the definition of Last Reported Sale Price as if such Capital Stock or similar equity interest were the Common Stock) over the first 10 consecutive

  
 - 85 - 

	 	
Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and 

 

	 	MP0       =	the average of the Last Reported Sale Prices per share of the Common Stock over the Valuation Period. 

 Such
adjustment shall become effective immediately after the Open of Business on such Ex-Dividend Date. The adjustment to the Conversion Rate under this Section 10.05(c)(ii) will be calculated as of the Close of Business on the last Trading Day of
the Valuation Period but will be given effect as of immediately after the Open of Business on the Ex-Dividend Date of the Spin-Off. Notwithstanding anything to the contrary herein or in the Notes, if necessary, the Company shall delay the
settlement of any conversion of Notes where the Conversion Date (in the case of Physical Settlement) or any VWAP Trading Day of the applicable Observation Period (in the case of Cash Settlement or Combination Settlement) occurs during the Valuation
Period until the third Business Day after the last day of the Valuation Period. If any distribution of the type described in this Section 10.05(c)(ii) is declared but not so made, the Conversion Rate shall be immediately readjusted, effective
as of the date the Board of Directors determines not to make such distribution, to the Conversion Rate that would then be in effect if such distribution had not been declared. 

(d) Cash Dividends or Distributions. If any cash dividend or distribution (other than a distribution as to which an adjustment to
the Conversion Rate was effected pursuant to Section 10.05(e)) is made to all or substantially all holders of the Common Stock, the Conversion Rate will be increased based on the following formula: 

 

							
		 	CR1 = CR0 x 	 	 SP0 	  	
		 	 	 SP0 – C 	  	

 where 
  

	 	CR0    =	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such dividend or distribution; 

  

	 	CR1    =	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution; 

  

	 	SP0    =	the Last Reported Sale Price per share of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and 

 

	 	C       =	the amount in cash per share the Company distributes to holders of Common Stock. 

 Such adjustment shall become
effective immediately after the Open of Business on such Ex-Dividend Date. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder will receive, for each $1,000 principal amount of Notes held on the record date for such cash dividend or 

  
 - 86 - 

 
distribution, at the same time and upon the same terms as holders of the Common Stock, the amount of cash that such Holder would have received if such Holder had owned a number of shares of
Common Stock equal to the Conversion Rate in effect on such record date. If any dividend or distribution of the type described in this Section 10.05(d) is declared but not so paid or made, the Conversion Rate will be readjusted to the
Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 
 (e) Tender Offers or Exchange
Offers. If the Company or any Subsidiary makes a payment in respect of a tender offer or exchange offer for the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of Common Stock
exceeds the Last Reported Sale Price per share of the Common Stock on the Trading Day next succeeding the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender offer or exchange offer
(as it may be amended), the Conversion Rate will be increased based on the following formula: 
  

							
		 	CR1 = CR0 x 	 	 AC + (SP1 x OS1) 	  	
		 	 	 OS0 x SP1 	  	

 where 
  

	 	CR0    =	the Conversion Rate in effect immediately prior to the Expiration Time (as defined below); 

  

	 	CR1    =	the Conversion Rate in effect immediately after the Expiration Time; 

  

	 	AC     =	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares purchased in such tender or exchange offer; 

 

	 	OS0    =	the number of shares of Common Stock outstanding immediately prior to the time (the “Expiration Time”) on the date such tender or exchange offer expires (prior to giving effect to the purchase of all
shares accepted for purchase or exchange in such tender or exchange offer); 

  

	 	OS1    =	the number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange offer); and

  

	 	SP1    =	the average of the Last Reported Sale Prices per share of the Common Stock over the 10 consecutive Trading Day period (the “Averaging Period”) commencing on the Trading Day next succeeding the
Expiration Date. 

 The adjustment to the Conversion Rate pursuant to this Section 10.05(e) will be calculated as of the Close of Business on
the last Trading Day of the Averaging Period but will be given effect as of immediately after the Expiration Time. Notwithstanding anything to the contrary herein or in the Notes, if necessary, the Company shall delay the settlement of any
conversion of Notes 

  
 - 87 - 

 
where the Conversion Date (in the case of Physical Settlement) or any VWAP Trading Day of the applicable Observation Period (in the case of Cash Settlement or Combination Settlement) occurs
during the Averaging Period until the third Business Day after the last day of the Averaging Period. 
 (f) Successive
Adjustments. After an adjustment to the Conversion Rate under this Article 10, any subsequent event requiring an adjustment under this Article 10 will cause an adjustment to the Conversion Rate as so adjusted, without duplication.

 (g) NASDAQ Stock Market listing standards. The Company shall not enter into any transaction, or take any other voluntary
action, that would require an increase of the Conversion Rate resulting in the Notes becoming convertible into a number of shares of Common Stock in excess of any limitations imposed by the continued listing standards of the NASDAQ Stock Market,
without complying, if applicable, with the stockholder approval rules contained in those listing standards. 
 (h) Special Settlement
Provisions. Notwithstanding anything to the contrary herein, if: 
 (i) a Note is to be converted and, as of the Conversion Date for
such conversion (in the case of Physical Settlement) or as of any VWAP Trading Day in the Observation Period for such conversion (in the case of Cash Settlement or Combination Settlement), any transaction or other event that requires an adjustment
to the Conversion Rate pursuant to Sections 10.05(a) through (e) has occurred but has not yet resulted in an adjustment to the Conversion Rate; 

(ii) the consideration due upon such conversion (in the case of Physical Settlement) or due in respect of such VWAP Trading Day (in the case of
Cash Settlement or Combination Settlement) consists of any shares of Common Stock; and 
 (iii) such shares of Common Stock are not entitled
to participate in such transaction or event because they were not held on the related record date or otherwise, then, solely for purpose of such conversion, the Company shall, without duplication, give effect to such adjustment on such Conversion
Date (in the case of Physical Settlement) or such VWAP Trading Day (in the case of Cash Settlement or Combination Settlement). 
 In
addition, notwithstanding anything to the contrary herein, if: 
 (i) a Conversion Rate adjustment for any transaction or other event becomes
effective on any Ex-Dividend Date pursuant to Sections 10.05(a) through (e); 
 (ii) a Note is to be converted pursuant to Physical
Settlement or Combination Settlement; 
 (iii) the Conversion Date for such conversion (in the case of Physical Settlement) or any VWAP
Trading Day in the Observation Period for such conversion (in the 

  
 - 88 - 

 
case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related record date; 

(iv) the consideration due upon such conversion (in the case of Physical Settlement) or due with respect to such VWAP Trading Day (in the case
of Combination Settlement) includes any whole shares of Common Stock; and 
 (v) the Holder of such Note would be treated, on such record
date, as the record holder of such shares of Common Stock based on a Conversion Rate that is adjusted for such event, then such Conversion Rate adjustment shall not be given effect for such conversion (in the case of Physical Settlement) or for such
VWAP Trading Day (in the case of Combination Settlement). Instead, such Holder will be treated as if such Holder were, as of such record date, the record holder of such shares of Common Stock on an unadjusted basis and will participate in such
transaction or event. 
 (i) Shareholder Rights Plans. If the Company has a rights plan in effect when a Holder converts a Note,
the Company will deliver to such Holder, to the extent, if at all, such Holder receives any shares of Common Stock upon such conversion of such Note, any rights that, under the rights plan, would be applicable to a share of Common Stock, unless
prior to the Conversion Date for such Note, the rights have separated from the Common Stock, in which case, and only in such case, the Conversion Rate will be adjusted pursuant to Section 10.05(c)(i) as if, at the time of such separation, the
Company had distributed to all holders of the Common Stock shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, subject
to readjustment in the event of the expiration, termination or redemption of such rights. 
 (j) Other Adjustments. Whenever any
provision of this Indenture requires the calculation of the Last Reported Sale Price or a function thereof over a period of multiple days (including any Observation Period and the Stock Price for purposes of a Make-Whole Fundamental Change), the
Company will make appropriate adjustments to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date of the
event occurs, at any time during such period. 
 (k) Restrictions on Adjustments. Except as a result of a reverse share split or
a share combination subject to Section 10.05(a), and except for readjustments pursuant to the last paragraph of Section 10.05(a), readjustments pursuant to the penultimate paragraph of Section 10.05(b), readjustments pursuant to the last paragraph
of Section 10.05(c)(i), readjustments pursuant to the penultimate paragraph of Section 10.05(c)(ii) and readjustments pursuant to Section 10.05(d), in no event will the Conversion Rate be adjusted downward pursuant to Sections 10.05(a), (b), (c),
(d) or (e) hereof. 
 In addition, notwithstanding anything to the contrary elsewhere in this Indenture, the Conversion Rate will not be
adjusted: 

  
 - 89 - 

 (i) upon the issuance of any shares of Common Stock pursuant to any present or future plan
providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

(ii) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee,
director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; 
 (iii) upon the issuance of any
shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in the preceding clause and outstanding as of the date of the Issue Date; 

(iv) upon the repurchase of any shares of Common Stock pursuant to an open-market share repurchase program or other buy-back transaction that
is not a tender offer or exchange offer subject to Section 10.05(e); 
 (v) for a change in the par value of the Common Stock; or 

(vi) for accrued and unpaid interest. 

(l) Deferral of Adjustments. The Company may defer any adjustment pursuant to this Section 10.05 to the Conversion Rate unless such
adjustment would increase or decrease the Conversion Rate by at least 1% of the Conversion Rate in effect at the time the Company would otherwise be required to make such adjustment; provided, however, that if the Company defers an
adjustment pursuant to this Section 10.05(l), then the Company must carry forward such adjustment and take it into account in any future adjustment (without compounding). Notwithstanding the foregoing, (i) on each Conversion Date (in the case
of Physical Settlement) or on each VWAP Trading Day of any Observation Period (in the case of Cash Settlement or Combination Settlement), (ii) on the occurrence of any Fundamental Change or Make-Whole Fundamental Change and (iii) on every
one-year anniversary of the Issue Date, the Company will give effect to all Conversion Rate adjustments that have otherwise been deferred pursuant to this Section 10.05(l) (without compounding), and such adjustments will no longer be carried forward
and taken into account in any future adjustment. 
 (m) Miscellaneous. 

(i) Certain Definitions. 

(I) For purposes of this Section 10.05, (1) the number of shares outstanding at any time will include shares issuable in respect of scrip
certificates issued in lieu of fractions of shares of Common Stock, but, (2) so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, will not include shares of Common
Stock held in the treasury of the Company. 
 (II) For purposes of this Section 10.05, the term “Effective Date” will mean
the first date on which the Common Stock trades on the applicable exchange or in the 

  
 - 90 - 

 
applicable market, regular way, reflecting the relevant share split or share combination, as applicable. 

(III) For purposes of this Article 10, the term “Ex-Dividend Date” will mean the first date on which the shares of the Common
Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question. 

(ii) Notices. Whenever the Company adjusts (or is required to adjust) the Conversion Rate pursuant to this Section 10.05, the
Company will promptly deliver to each Holder a written notice, which notice will include (i) a brief description of the event requiring adjustment to the Conversion Rate pursuant to this Section 10.05, (ii) the effective time of such adjustment,
(iii) the Conversion Rate in effect immediately after such adjustment is made and (iv) a schedule explaining, in reasonable detail, how the Company calculated such adjustment. On the same day the Company delivers such notice to each Holder, the
Company will deliver to the Trustee, the Paying Agent and the Conversion Agent an Officers’ Certificate that includes all of the information contained in such notice, which Officers’ Certificate each of the Trustee, the Paying Agent and
the Conversion Agent may treat as conclusive evidence that the adjustment specified in such Officers’ Certificate is correct and will be in effect as of the effective time specified in such Officers’ Certificate. The failure to
deliver such notice will not affect the legality or validity of any such adjustment. 
 (iii) All calculations and other determinations in
respect of the Conversion Rate shall be made by the Company to the nearest 1/10,000th of a share, with five-one-hundred-thousandths rounded upward. 

Section 10.06 Voluntary Adjustments. 

(a) Best Interest Increases. The Company may, from time to time, to the extent permitted by law and the rules of the NASDAQ Stock
Market or any other securities exchange on which the Common Stock is then listed, increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is in the best interest of the Company, (ii) such increase is in
effect for a period of at least 20 Business Days, and (iii) during such period, such increase is irrevocable. 
 (b) Tax-Related
Increases. To the extent permitted by law and the rules of the NASDAQ Stock Market or any other securities exchange on which the Common Stock is then listed, the Company may (but is not required to) increase the Conversion Rate if the Board
of Directors determines that such increase is advisable to avoid, or diminish, any income tax imposed on holders of the Common Stock or rights to purchase the Common Stock as a result of any dividend or distribution of shares (or rights to acquire
shares) or similar event treated as such for U.S. federal income tax purposes. 
 (c) Notices. Whenever the Board of Directors
determines that the Company will increase the Conversion Rate pursuant to this Section 10.06, the Company will deliver to the Trustee, Conversion Agent and to each Holder (in compliance with the Applicable Procedures, applicable) notice of such
increase at least 15 Business Days before such increase will take 

  
 - 91 - 

 
effect, which notice will state the increase to be made and the period during which such increase will be in effect. 

Section 10.07 Adjustments Upon Certain Fundamental Changes. 

(a) General. If (i) a Fundamental Change (determined after giving effect to the paragraph immediately following clause (d) of the
definition thereof, but without regard to the exclusion in clause (b)(ii) of the definition thereof) occurs or (ii) the Company calls the Notes for redemption pursuant to Article 11 (either such event, a “Make-Whole Fundamental
Change”), and a Holder converts its Notes “in connection with” such Make-Whole Fundamental Change, the Company will, in the circumstances described in this Section 10.07, increase the Conversion Rate for such Notes by the number
of additional shares of Common Stock (the “Additional Shares”) set forth in this Section 10.07. For purposes of this Section 10.07, a conversion of Notes will be deemed to be “in connection with”: 

(i) a Make-Whole Fundamental Change described in clause (i) of the definition of “Make-Whole Fundamental Change” if (A) for
Conversion Dates prior to December 15, 2021, the applicable Conversion Date occurs during the period when the Notes are convertible on account of such Make-Whole Fundamental Change pursuant to Section 10.01(b)(iii)(B); and (B) for Conversion Dates
on or after December 15, 2021 if the applicable Conversion Date occurs during the period from, and including, the effective date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental
Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the exclusion in clause (b)(ii) of the definition thereof, the 35th Trading Day immediately following the effective date of
such Make-Whole Fundamental Change). 
 (ii) a Make-Whole Fundamental Change described in clause (ii) of the definition of “Make-Whole
Fundamental Change” if the Conversion Date for such Notes to be converted occurs on or after the Redemption Notice Date to, and including, the Business Day immediately preceding the Redemption Date. 

As promptly as practicable, but in no event later than the second Business Day after the effective date of a Make-Whole Fundamental Change
described in clause (i) of the definition of Make-Whole Fundamental Change contained in this Section 10.07(a), the Company will notify the Holders, the Trustee and the Conversion Agent of such effective date and issue a press release or publish the
information through such other widely disseminated public medium as the Company may use at such time announcing such effective date. 
 (b)
Determination of Additional Shares. The number of Additional Shares, if any, by which the Conversion Rate will be increased if a Holder converts a Note in connection with a Make-Whole Fundamental Change will be determined by reference to
the table below, and will be based on the Make-Whole Fundamental Change Effective Date and the Stock Price for such Make-Whole Fundamental Change. For any Make-Whole Fundamental Change, the “Make-Whole Fundamental Change Effective
Date” will mean, (i) if such Make-Whole Fundamental Change is of the type described in clause (i) of the definition of Make-Whole Fundamental Change contained in Section 10.07(a) hereof, the date on which such Make-Whole Fundamental

  
 - 92 - 

 
Change occurs or becomes effective, and (ii) if such Make-Whole Fundamental Change is of the type described in clause (ii) of the definition of Make-Whole Fundamental Change contained in Section
10.07(a) hereof, the applicable Redemption Notice Date. 
 (c) Adjustment of Stock Prices and Additional Shares. The Stock Prices
set forth in the first row (i.e., the column headers) of the table below will be adjusted on each date on which the Conversion Rate must be adjusted pursuant to Section 10.05. The adjusted Stock Prices will equal the Stock Prices in
effect immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Conversion Rate in effect immediately prior to the adjustment giving rise to the share price adjustment, and (ii) the denominator of which is
the Conversion Rate in effect immediately after the adjustment. The numbers of Additional Shares set forth in the table below will be adjusted in the same manner, at the same time and for the same events for which the Conversion Rate is
adjusted pursuant to Section 10.05 hereof. 
 (d) Additional Shares Table. The following table sets forth hypothetical Make-Whole
Fundamental Change Effective Dates, Stock Prices and the number of Additional Shares by which the Conversion Rate will be increased per $1,000 principal amount of Notes for a Holder that converts a Note in connection with a Make-Whole Fundamental
Change having such Make-Whole Fundamental Change Effective Date and Stock Price. 
  

																																									
	 	  	Stock Price	 
	 Effective Date
	  	$2.58	 	  	$3.25	 	  	$3.75	 	  	$4.70	 	  	$5.50	 	  	$6.58	 	  	$8.00	 	  	$11.00	 	  	$15.00	 	  	$20.00	 
	 January 9, 2017
	  	 	174.8308	  	  	 	119.0494	  	  	 	95.1807	  	  	 	66.8723	  	  	 	52.4158	  	  	 	40.1823	  	  	 	30.3215	  	  	 	19.4340	  	  	 	12.8807	  	  	 	8.5490	  
	 June 15, 2017
	  	 	174.8308	  	  	 	117.7571	  	  	 	93.3673	  	  	 	64.7021	  	  	 	50.2522	  	  	 	38.1762	  	  	 	28.6090	  	  	 	18.2158	  	  	 	12.0740	  	  	 	8.0040	  
	 June 15, 2018
	  	 	174.8308	  	  	 	114.5263	  	  	 	88.8340	  	  	 	59.3829	  	  	 	45.0522	  	  	 	33.4802	  	  	 	24.6340	  	  	 	15.4522	  	  	 	10.2407	  	  	 	6.7940	  
	 June 15, 2019
	  	 	174.8308	  	  	 	109.7571	  	  	 	82.3807	  	  	 	52.2766	  	  	 	38.3431	  	  	 	27.6139	  	  	 	19.8340	  	  	 	12.2067	  	  	 	8.1273	  	  	 	5.3990	  
	 June 15, 2020
	  	 	174.8308	  	  	 	99.0494	  	  	 	72.4073	  	  	 	43.1489	  	  	 	29.9795	  	  	 	20.4103	  	  	 	14.0465	  	  	 	8.4613	  	  	 	5.7340	  	  	 	3.8140	  
	 June 15, 2021
	  	 	174.8308	  	  	 	94.9263	  	  	 	63.0473	  	  	 	31.2127	  	  	 	18.6340	  	  	 	11.0182	  	  	 	7.0715	  	  	 	4.3340	  	  	 	3.1073	  	  	 	2.0240	  
	 June 15, 2022
	  	 	174.8308	  	  	 	94.9263	  	  	 	53.9007	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 (e) Use of Additional Shares Table. If the Stock Price and/or Make-Whole Fundamental Change
Effective Date for a Make-Whole Fundamental Change are not set forth in the table above, then: 
 (A) if the Stock Price is
between two Stock Prices in the table or the Make-Whole Fundamental Change Effective Date is between two Make-Whole Fundamental Change Effective Dates in the table, the number of Additional Shares by which the Conversion Rate will be increased for a
Holder that converts a Note in connection with such Make-Whole Fundamental Change will be determined by a straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices listed in the table and
the earlier and later Make-Whole Fundamental Change Effective Dates listed in the table, as applicable, based on a 365- or 366-day year, as applicable; 

(B) if the Stock Price is greater than $20.00, subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table, no Additional Shares will be added to the Conversion Rate; and 

  
 - 93 - 

 (C) if the Stock Price is less than $2.58 per share, subject to adjustment in the
same manner as the Stock Prices set forth in the column headings of the table, no Additional Shares will be added to the Conversion Rate. 
 Notwithstanding
the foregoing, in no event will the Conversion Rate be increased as a result of this Section 10.07 to exceed 387.5968 shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment in the same manner as, and at the same time
and for the same events for which the Conversion Rate must be adjusted as set forth in Section 10.05 hereof. 
 (f) Settlement or
Conversion. If a Holder converts a Note in connection with a Make-Whole Fundamental Change, the Company will settle such conversion by delivering Conversion Consideration in accordance with Section 10.03 hereof; provided,
however, that notwithstanding anything to the contrary in Section 10.03 hereof, if a Holder converts a Note in connection with a Make-Whole Fundamental Change described in clause (b)(ii) of the definition of Fundamental Change in which the
holders of the Common Stock receive only cash in consideration for their shares of Common Stock, the Company will settle such conversion by delivering to such Holder, on the third Business Day immediately following the Conversion Date for such Note,
an amount of cash, for each $1,000 principal amount of such Note converted, equal to the product of (i) the Conversion Rate on the Conversion Date applicable to such Note (including any Additional Shares added to such Conversion Rate pursuant to
this Section 10.07) and (ii) the Stock Price for such Make-Whole Fundamental Change. 
 Section 10.08 Effect of Recapitalization,
Reclassification, Consolidation, Merger or Sale. 
 (a) General. If any of the following events occur: 

 

	 	(1)	any recapitalization, reclassification or change of Common Stock (other than (x) a change only in par value, from par value to no par value or no par value to par value, or (y) changes resulting from a stock split or
combination not involving the issuance of any other class or series of securities); 

  

	 	(2)	any consolidation, merger, combination or similar transaction involving the Company; 

  

	 	(3)	any sale, lease or other transfer to a third party of all or substantially all of the consolidated assets of the Company and its Subsidiaries substantially as an entirety; or 

 

	 	(4)	any statutory share exchange, 

 and, in each case, as a result of which the Common Stock would be converted
into, or exchanged for, or represent solely the right to receive, stock (including one or more series of the Common Stock), other securities, other property or assets (including cash or any combination thereof) (any such event, a “Common
Stock Change Event” and such stock, other securities, other property or assets, the “Reference Property,” and the amount and kind of Reference Property that a holder of one share of Common Stock would be entitled to receive
on account of such Common 

  
 - 94 - 

 
Stock Change Event, a “Reference Property Unit”), then, notwithstanding anything to the contrary, at the effective time of such transaction, the consideration due upon
conversions of any Notes, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 10 were instead a reference to the same number of Reference
Property Units. For these purposes, the Daily VWAP or Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities will be the fair value of such Reference Property Unit or portion
thereof, as applicable, determined in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). 

If the Reference Property consists of more than a single type of consideration (determined based in part upon any form of stockholder
election), then the composition of the Reference Property Unit shall be deemed to be (a) the weighted average, per share of Common Stock, of the types and amounts of consideration received by the holders of Common Stock that affirmatively make
such an election or (b) if no holders of the Common Stock affirmatively make such an election, the types and amounts of consideration actually received, per share of Common Stock, by the holders of the Common Stock. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average (if applicable) as soon as practicable after such determination is made. 

Notwithstanding anything to the contrary, if the Reference Property Unit for a Common Stock Change Event consists entirely of cash, then the
Company shall be deemed to elect Cash Settlement in respect of all conversions whose Conversion Date occurs after the effective date of such Common Stock Change Event, and the Company shall pay the cash due upon such conversions no later than the
third Business Day after the applicable Conversion Date. 
 At or before the effective date of such Common Stock Change Event, the Company
and the resulting, surviving or transferee person (if not the Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture giving effect to the above. Such
supplemental indenture shall provide (i) to the extent the Reference Property is comprised, in whole or in part, of common equity securities, for anti-dilution and other adjustments that are as nearly equivalent as possible to the adjustments
provided for in this Article 10 and (ii) with respect to any Reference Property other than common equity securities and cash, such anti-dilution adjustments (if any) that the Company reasonably considers appropriate in its good faith
determination. If the Reference Property in respect of any Common Stock Change Event includes shares of stock, securities or other property or assets of a Person other than the Company or the Successor Person, as the case may be, in such Common
Stock Change Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders of the Notes, including the right of Holders to require the Company
to repurchase their Notes upon a Fundamental Change or pursuant to an optional repurchase right in accordance with Article 3, as the Company shall reasonably consider necessary by reason of the foregoing. 

None of the foregoing provisions shall affect the right of a Holder to convert its Notes as set forth in Section 10.01 and Section 10.02 prior
to the effective date of such Common Stock Change Event. 

  
 - 95 - 

 (b) Notices. 

(i) As soon as practicable upon learning of the anticipated or actual effective date of any Common Stock Change Event, the Company will deliver
written notice of such Common Stock Change Event to each Holder, the Trustee and the Conversion Agent. Such Notice will include: 

(A) a brief description of such Common Stock Change Event; 

(B) the Conversion Rate in effect on the date the Company delivers such notice; 

(C) the anticipated effective date for the Common Stock Change Event; 

(D) that, on and after the effective date for the Common Stock Change Event, the Notes will be convertible into Reference
Property Units and cash in lieu of fractional Reference Property Units; and 
 (E) the composition of the Reference Property
Unit for such Common Stock Change Event. 
 (ii) As promptly as practicable after executing a supplemental indenture in accordance with
Section 10.08(a) hereof, the Company will: 
 (A) file with the Trustee an Officers’ Certificate briefly describing the
Common Stock Change Event, the composition of the Reference Property Unit for such Common Stock Change Event, any adjustment to be made with respect thereto and that all conditions precedent under this Indenture to such Common Stock Change Event
have been complied with; provided, that the failure to deliver such Officers’ Certificate shall not affect the validity or legality of such supplemental indenture; and 

(B) cause to be sent to each Holder a notice of the execution of such supplemental indenture and the composition of the
Reference Property Unit for such Common Stock Change Event; provided, that the failure to deliver such notice to any Holder will not affect the validity or legality of such supplemental indenture. 

(c) Successive Common Stock Change Events. If more than one Common Stock Change Event occurs, this Section 10.08 will apply
successively to each Common Stock Change Event. 
 (d) Compliance Covenant. The Company will not become a party to any Common
Stock Change Event unless its terms are consistent with this Section 10.08. 
 Section 10.09 No Responsibility of Trustee or Conversion
Agent. The Trustee and the Conversion Agent will not have any duty or responsibility to any Holder to determine whether 

  
 - 96 - 

 
any facts exist that require an adjustment of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed
in making the same. Neither the Trustee nor the Conversion Agent will be responsible for any failure of the Company to deliver the Conversion Consideration due upon the surrender of any Notes for the purpose of conversion or to comply with any
of the duties, responsibilities or covenants of the Company contained in this Article 10. Without limiting the generality of the foregoing, neither the Trustee nor the Conversion Agent will be under any responsibility to determine the
correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 10.08 hereof, including with respect to the calculation of the amount of Conversion Consideration receivable by Holders upon the conversion of
their Notes after any Common Stock Change Event, and each, subject to the provisions of Article 7, may accept as conclusive evidence of the correctness of any such provisions, and will be protected in relying upon, the Officers’ Certificate
(which the Company will be obligated to file with the Trustee promptly following the execution of any such supplemental indenture) with respect thereto. The Conversion Agent (if other than the Company or an Affiliate of the Company) shall have
the same protection under this Section 10.09 as the Trustee. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 10.01(b) has occurred that makes the Notes eligible for
conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent written notice thereof with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the
Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent as soon as reasonably practicable after the occurrence of any such event or at such other times as shall be provided for
in Section 10.01(b), or in the case of Section 10.01(b)(i), after the Company has actual knowledge thereof. 
 ARTICLE 11 

REDEMPTION AT THE OPTION OF THE COMPANY 

Section 11.01 No Sinking Fund. No sinking fund is provided for the Notes. 

Section 11.02 Right To Redeem the Notes. 

(a) General. Prior to June 15, 2018, the Company may not redeem the Notes. On or after June 15, 2018, and prior to the
Maturity Date, the Company may redeem (a “Redemption”) at its option, all or from time to time part, of the Notes on the Redemption Date for an amount of cash equal to the Redemption Price for such Redemption Date if the Last
Reported Sale Price per share of the Common Stock equals or exceeds 140% of the Conversion Price in effect on each of at least 20 Trading Days (whether or not consecutive) during the 30 consecutive Trading Days ending on, and including, the Trading
Day immediately preceding the date on which the Company delivers the Redemption Notice for such redemption pursuant to Section 11.03 hereof. 

(b) The “Redemption Price” means, for any Notes to be redeemed on a Redemption Date, a price equal to 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, on such Notes to, but excluding, such Redemption Date; provided, however, that if a Redemption Date occurs after a Regular Record Date, but on or prior to
the Interest Payment Date corresponding to such Regular Record Date, the Redemption Price for any Notes to be redeemed will equal 100% of the principal amount of such Notes, and accrued and 

  
 - 97 - 

 
unpaid interest, if any, on such Notes to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Notes remained outstanding through such Interest Payment Date)
will be payable, on such Redemption Date, to the Holder of such Notes at the Close of Business on such Regular Record Date. 
 (c) The
“Redemption Date” means, for any redemption, the date specified as such on the Redemption Notice for such redemption, which date must be a Business Day and must be not less than 45 Scheduled Trading Days, nor more than 60 Scheduled
Trading Days, immediately following the date on which the Company delivers such Redemption Notice. 
 Section 11.03 Redemption
Notice. 
 (a) At least 45 Scheduled Trading Days but not more than 60 Scheduled Trading Days prior to any Redemption Date, the
Company will send to each Holder (with a copy to the Trustee) a written notice of redemption (the “Redemption Notice,” and the date of such sending, the “Redemption Notice Date”) and, substantially contemporaneously
therewith, the Company will issue a press release announcing such Redemption or publish the information through such other widely disseminated public medium as the Company may use at that time. If the Company decides to redeem fewer than all of
the outstanding Notes, the Notes to be redeemed will be selected according to the Applicable Procedures, in the case of Notes represented by one or more Global Notes, or, in the case of Physical Notes, the Company shall select Notes to be redeemed
pro rata, by lot or by such other method the Company considers fair and appropriate. If the Company selects a portion of a Holder’s Notes for partial Redemption and such Holder converts a portion of such Notes, the converted portion shall
be deemed to be from the portion selected for Redemption. In the event of any Redemption in part, the Company shall not be required to register the transfer of or exchange any Note so selected for Redemption, in whole or in part, except the
unredeemed portion of any such Note being redeemed in part. 
 For any redemption, the Redemption Notice corresponding to such redemption
will specify: 
 (A) briefly, a description of the Company’s redemption right under this Indenture; 

(B) the Redemption Price for such Redemption Date (for each $1,000 principal amount of Notes); 

(C) the Redemption Date for such redemption; 

(D) the name and address of the Paying Agent and of the Conversion Agent; 

(E) that Notes called for redemption may be converted at any time before the Close of Business on the Business Day immediately
preceding the Redemption Date; 
 (F) the Conversion Rate in effect on the Redemption Notice Date for such redemption and the
Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Redemption Notice Date; 

  
 - 98 - 

 (G) any Additional Shares by which the Conversion Rate will be increased pursuant
to Section 10.07 hereof for a Holder that converts a Note “in connection with” the Company’s election to redeem the Notes; 

(H) that Notes must be surrendered to the Paying Agent on or before the Redemption Date to collect the Redemption Price; 

(I) that, unless the Company defaults in paying the Redemption Price on the Redemption Date, interest, if any, on a Note will
cease to accrue on and after the Redemption Date; and 
 (J) the CUSIP and ISIN number(s) of the Notes. 

On any Redemption Notice Date, the Company will also furnish to the Trustee an Officers’ Certificate, which Officers’ Certificate
will set forth the aggregate principal amount of Notes then outstanding and include a copy of the Redemption Notice delivered by the Company on such Redemption Notice Date. 

Section 11.04 Effect of Redemption Notice. After the Company has delivered a Redemption Notice, each Holder will have the right to
receive payment of the Redemption Price for its Notes on the later of (i) the Redemption Date and (ii)(a) if the Notes are Physical Notes, delivery of its Notes to the Paying Agent or (b) if the Notes are Global Notes, compliance with the Applicable
Procedures relating to the redemption and delivery of the beneficial interests to be redeemed to the Paying Agent; provided, however, that, until the Close of Business on the Business Day immediately preceding such Redemption Date,
Holders may convert their Notes, regardless of whether they have been delivered to the Paying Agent for redemption, by complying with the requirements for conversion set forth in Article 10. 

Section 11.05 Deposit of Redemption Price. Prior to 11:00 a.m., New York City time, on the Redemption Date, the Company will
deposit with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of either of them is acting as the Paying Agent, will segregate and hold in trust as provided in Section 2.07 hereof) an amount of immediately available funds
sufficient to pay the Redemption Price of all of the then outstanding Notes. 
 Section 11.06 Effect of Deposit. If, as of 11:00
a.m., New York City time, on any Redemption Date, the Company, in accordance with Section 11.05 hereof, has deposited with the Paying Agent money sufficient to pay the Redemption Price for every Note validly delivered in accordance with Section
11.04 hereof (and not converted before such Redemption Date), then, on such Redemption Date: 
 (A) every Note outstanding on
such Redemption Date will cease to be outstanding and interest, if any, on such Notes will cease to accrue (regardless of whether such Notes were delivered to the Paying Agent or book-entry transfer has been made, as applicable), except to the
extent provided in the proviso to Section 11.02(b); and 
 (B) all other rights of the Holders of such Notes with respect to
such Notes (other than the right to receive payment of the Redemption Price or, in the case of Notes 

  
 - 99 - 

 
surrendered for conversion in accordance with Article 10 hereof, the right to receive the Conversion Consideration due upon conversion of such Notes, and other than as provided in the proviso to
Section 11.02(b)) will terminate. 
 Section 11.07 Covenant Not to Redeem Notes Upon Certain Events of Default. 

(a) General. Notwithstanding anything to the contrary in this Article 11, the Company will not redeem any Notes under this Article
11 if the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on, or prior to, the Redemption Date (except in the case of an acceleration resulting from a Default by the Company that would be cured by the
Company’s payment of the Redemption Price with respect to such Notes). 
 (b) Return of Notes. If a Holder delivers a Note
for redemption pursuant to Section 11.04 and, on the Redemption Date, pursuant to this Section 11.07, the Company is not permitted to redeem such Note, the Paying Agent will (i) if such Note is a Physical Note, return such Note to such Holder, and
(ii) if such Note is held in book-entry form, in compliance with the Applicable Procedures, deem to cancel any instructions for book-entry transfer of such Note. 

Section 11.08 Repayment to the Company. Subject to any applicable property laws, if, six months after the Redemption Date, any
cash held by the Paying Agent remains unclaimed, the Paying Agent will promptly return such cash to the Company; provided, however, that, to the extent that the aggregate amount of cash deposited by the Company pursuant to Section
11.05 exceeds the aggregate Redemption Price of every Note outstanding, then as soon as practicable following the Redemption Date, the Trustee will return such excess to the Company. 

ARTICLE 12 

MISCELLANEOUS 
 Section
12.01 Qualification of the Indenture. The Company has agreed to qualify this Indenture under the Trust Indenture Act and to pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Company, the Trustee and
the Holders) incurred in connection therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the
Company any such Officer’s Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act. 

Section 12.02 Notices. Any request, demand, authorization, notice, waiver, consent or communication will be in writing and
delivered in Person or mailed by first-class mail, postage prepaid, addressed as follows or transmitted by electronic transmission or other similar means of unsecured electronic methods to the following: 

  
 - 100 - 

 if to the Company: 

Inseego Corp. 
 9605 Scranton
Road, Suite 300 
 San Diego, CA 92121 

Facsimile: (858) 812-3402 
 Attn:
General Counsel 
 with a copy to (which shall not constitute notice): 

Paul Hastings LLP 
 4747 Executive
Drive, 12th Floor 
 San Diego, CA 92121 

Facsimile: (858) 458-3131 

Attention: Teri O’Brien 

if to the Trustee, Registrar, Paying Agent or Conversion Agent: 

Wilmington Trust, National Association 

Global Corporate Capital Markets 

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 

Facsimile: (612) 217-5651 

Attention: Inseego Corp. Administrator 

The Company or the Trustee, by notice given to the other in the manner provided above, may designate additional or different addresses for
subsequent notices or communications. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if it is in writing and actually received by the Trustee,
addressed as provided above or sent electronically in PDF format. 
 Any notice or communication given to a Holder will be mailed to the
Holder, by first class mail, postage prepaid, at the Holder’s address as it appears on the registration books of the Registrar and will be deemed given on the date of such mailing or electronic delivery, as applicable; provided,
however, that with respect to any Global Note, such notice or communication will be sent to the Holder thereof pursuant to the Applicable Procedures. Any notice or communication will also be so mailed to any Person described in Section
311(c) of the Trust Indenture Act, to the extent required by the Trust Indenture Act. 
 Failure to mail or send a notice or communication
to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or sent in the manner provided above, it is duly given, whether or not received by the addressee. 

If the Company mails or sends a notice or communication to the Holders, it will, at the same time, send a copy to the Trustee and each of the
Registrar, Paying Agent and Conversion Agent. 

  
 - 101 - 

 If the Company is required under this Indenture to give a notice to the Holders, in lieu of
delivering such notice to the Holders, the Company may deliver such notice to the Trustee and direct the Trustee, at the Company’s expense, to have delivered such notice to the Holders on or prior to the date on which the Company would
otherwise have been required to deliver such notice to the Holders. In such a case, the Company will also direct the Trustee, at the Company’s expense, to send a copy of the notice to each of the Registrar, Paying Agent and Conversion
Agent at the same time it sends the notice to the Holders. 
 Section 12.03 Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture other than the authentication of the initial Global Note and any Physical Note on the Issue Date, the Company will furnish to
the Trustee: 
 (a) an Officers’ Certificate stating that, in the judgment or opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel stating that, in the
judgment or opinion of such counsel, all such conditions precedent relating to the proposed action (to the extent of legal conclusions and subject to reasonable assumptions and exclusions) have been complied with. 

Section 12.04 Statements Required in Certificate or Opinion. Each Officers’ Certificate or Opinion of Counsel with
respect to compliance with a covenant or condition (except for such Officers’ Certificate required to be delivered pursuant to Section 4.05 hereof) provided for in this Indenture will include: 

(a) a statement that each Person making such Officers’ Certificate or Opinion of Counsel has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements, judgments or opinions contained
in such Officers’ Certificate or Opinion of Counsel are based; 
 (c) a statement that, in the judgment or opinion of each such Person,
such Person has made such examination or investigation as is necessary to enable such Person to express an informed judgment or opinion to whether or not such covenant or condition has been complied with; and 

(d) a statement that, in the judgment or opinion of such Person, such covenant or condition has been complied with. 

Section 12.05 Separability Clause. In case any provision in this Indenture or in the Notes will be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 12.06 Rules by Trustee. The Trustee may make reasonable rules for action by, or a meeting of, Holders. 

  
 - 102 - 

 Section 12.07 Governing Law and Waiver of Jury Trial. THE INDENTURE AND EACH NOTE
WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 12.08 No
Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company will not have any liability for any obligations of the Company under the Notes or this Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. By accepting a Note, each Holder will waive and release all such liability. The waiver and release will be part of the consideration for the issuance of the Notes. 

Section 12.09 Calculations. Except as otherwise provided in this Indenture, the Company will be responsible for making all
calculations called for under the Notes and this Indenture. These calculations include, but are not limited to, determinations of the Last Reported Sale Price of the Common Stock or any other security, the Daily Settlement Amounts, the Daily
Conversion Values, accrued interest payable on the Notes (including any Additional Interest, Default Interest or Special Interest) and the Conversion Rate in effect on any Conversion Date. 

The Company will make all calculations in good faith and, absent manifest error, its calculations will be final and binding on all
Holders. The Company will provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations
without independent verification. If any Holder requests in writing from the Trustee a copy of such schedule, the Trustee will promptly forward a copy of such schedule to such Holder. 

All calculations will be made to the nearest cent or to the nearest 1/10,000th of a share, as the case may be, with 5/100,000ths rounded
upward. 
 Section 12.10 Successors. All agreements of the Company, the Trustee, the Registrar, the Paying Agent and the
Conversion Agent in this Indenture and the Notes will bind their respective successors. 
 Section 12.11 Multiple Originals. The
parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this
Indenture and of signature pages by facsimile or PDF transmission will constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or PDF will be deemed to be their original signatures for all purposes. 
 Section 12.12 Table of
Contents; Headings. The table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are 

  
 - 103 - 

 
not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof. 

Section 12.13 Force Majeure. The Trustee, Registrar, Paying Agent and Conversion Agent will not incur any liability for not
performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of such Person (including, but not limited to, any act or provision of any present or future law or regulation or
governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

Section 12.14 Submission to Jurisdiction. The Company: (a) agrees that any suit, action or proceeding against it arising out
of or relating to this Indenture or the Notes, as the case may be, may be instituted in any U.S. federal court with applicable subject matter jurisdiction sitting in the City of New York; (b) waives, to the fullest extent permitted by applicable
law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, and any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum; and (c) submits to the
nonexclusive jurisdiction of such courts in any suit, action or proceeding. 
 Section 12.15 Legal Holidays. If the Maturity
Date or any Interest Payment Date, any Fundamental Change Repurchase Date, the Optional Repurchase Date or any Redemption Date is not a Business Day (which, solely for the purposes of any payment required to be made on the Notes on any such date
shall also not include days in which the office where the place of payment is authorized or required by law to close), then any action to be taken on such date need not be taken on such date, but may be taken on the immediately following Business
Day, and no interest on such payment will accrue as a result of such delay. 
 Section 12.16 No Security Interest
Created. Except as provided in Section 7.07 or 9.01(b) hereof, nothing in this Indenture or in the Notes, expressed or implied, will be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as
now or hereafter enacted and in effect, in any jurisdiction. 
 Section 12.17 Benefits of Indenture. Nothing in this Indenture
or in the Notes, expressed or implied, will give to any Person, other than the parties hereto, any Paying Agent, Conversion Agent, Registrar, and their successors hereunder, and the Holders any benefit or any legal or equitable right, remedy or
claim under this Indenture. 
 Section 12.18 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section
326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A.
Patriot Act. 

  
 - 104 - 

 Section 12.19 Communication by Holders of Notes with Other Holders of Notes. Holders may
communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section
312(c) of the Trust Indenture Act. 
 Section 12.20 Trust Indenture Act Controls. If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act or another provision that is required or deemed under the Trust Indenture Act to be part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded or if the Indenture is not required to comply with the Trust Indenture Act, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be. 
 [Signature Pages Follow] 

  
 - 105 - 

 IN WITNESS WHEREOF, Inseego Corp. has executed this Indenture as of the day and year first
written above. 
  

					
	INSEEGO CORP., as Company
		
	By:	 	 /s/ Michael A. Newman

		 	Name:	 	Michael A. Newman
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page –
Inseego Corp. 5.50% Convertible Senior Notes Indenture 

 IN WITNESS WHEREOF, the undersigned, being duly authorized, has executed this Indenture as of the
day and year first written above. 
  

					
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as

Trustee

		
	By:	 	 /s/ Jane Y. Schweiger

		 	Name:	 	Jane Y. Schweiger
		 	Title:	 	Vice President

  
 Signature Page –
Inseego Corp. 5.50% Convertible Senior Notes Indenture 

 EXHIBIT A 

FORM OF NOTE 
 [FORM
OF FACE OF NOTE] 
 [Include the following legend for Global Notes only (the “Global Note
Legend”):] 
 THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2
OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Include the following legend on all Notes that are Transfer-Restricted
Securities or Affiliate Notes (the “Restricted Note Legend”):] 
 THE SALE OF THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS NOTE (AND ANY BENEFICIAL INTEREST HEREIN) MAY NOT BE OFFERED, RESOLD OR
OTHERWISE TRANSFERRED, EXCEPT: 
  

	 	(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

  

	 	(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; 

  
 A-1 

	 	(C)	TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR 

 

	 	(D)	UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT). 

THE “RESALE RESTRICTION TERMINATION DATE” MEANS THE LATER OF: (A) THE DATE THAT IS ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE COMPANY’S
5.50% CONVERTIBLE SENIOR NOTES DUE 2022 OR SUCH SHORTER PERIOD OF TIME PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO; AND (B) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW. 

PRIOR TO ANY TRANSFER PURSUANT TO THE FOREGOING CLAUSE (D), THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS,
LEGAL OPINIONS OR OTHER INFORMATION AS THE COMPANY MAY REASONABLY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

[Include the following legend for all Notes that are not Affiliate Notes (the “Non-Affiliate
Legend”):] 
 NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF INSEEGO CORP. MAY PURCHASE OR OTHERWISE ACQUIRE
THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN. 

  
 A-2 

 No.:
[                ] 
 CUSIP:
[                ]* 
 ISIN:
[                ]* 

Principal Amount
$[                    ] 

[as revised by the Schedule of Increases 

and Decreases of Global Note attached hereto]1 

Inseego Corp. 
 5.50%
Convertible Senior Notes due 2022 
 Inseego Corp., a Delaware corporation, promises to pay to
[            ],2 or registered assigns, the principal amount of
$[            ] [(as revised by the Schedule of Increases and Decreases of Global Note attached hereto)]3 on June 15,
2022. 
 Interest Payment Dates: June 15 and December 15 of each year, beginning [June 15, 2017]. 

Regular Record Dates: June 1 and December 1 of each year, beginning [June 1, 2017]. 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	*	Upon the removal of the Restricted Note Legend in accordance with the within-mentioned Indenture, these CUSIP and ISIN numbers will be deemed removed and replaced with CUSIP number
[                ] and ISIN number
[                ]. 

 

	1 	Include for Global Notes only. 

	2 	Insert Cede & Co. for Global Notes. 

	3 	Include for Global Notes only. 

  
 A-3 

 
			
	INSEEGO CORP.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Dated:

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee, certifies that this is one of
the Notes referred to in the within-mentioned Indenture. 
  

			
	By:	 	 
		 	Authorized Signatory
		 	Dated:

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

INSEEGO CORP. 
 5.50% Convertible
Senior Notes due 2022 
 This Note is one of a duly authorized issue of notes of Inseego Corp. (the “Company”), designated
as its 5.50% Convertible Senior Notes due 2022 (the “Notes”), all issued or to be issued under and pursuant to an indenture dated as of the Issue Date (the “Indenture”), between the Company and Wilmington Trust,
National Association, as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders. Capitalized terms used herein and not defined herein have the meanings ascribed to them in the Indenture, and the terms of the Notes include those stated in the Indenture and those
incorporated into the Indenture. Notwithstanding anything herein to the contrary, to the extent that any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and control.

 1. Interest. 
 This Note will bear
interest at a rate equal to 5.50% per annum. Interest on this Note will accrue from the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, [December 15,
2016]. Interest will be payable semiannually in arrears on June 15 and December 15 of each year, beginning on [June 15, 2017]. Each payment of cash interest on this Note will include interest accrued for the
period commencing on and including the immediately preceding Interest Payment Date (or, if none, the Issue Date) through, and including, the day before the applicable Interest Payment Date. 

[Pursuant to Section 4.04 of the Indenture, in certain circumstances, the Company will pay Additional Interest on this Note.] Pursuant to
Section 6.04 of the Indenture, in certain circumstances, the Company will pay Special Interest on this Note. 
 Pursuant to Section 2.04 of
the Indenture, in certain circumstances, the Company will pay Default Interest on Defaulted Amounts with respect to this Note. 
 2. Method of
Payment. 
 The Company will promptly make all payments on this Note on the dates and in the manner provided herein and in the
Indenture. Payments on Notes represented by a Global Note (including principal and interest) will be made by wire transfer of immediately available funds to the accounts specified by Depositary. The Company will pay principal of, and any
Fundamental Change Repurchase Price, Optional Repurchase Price or Redemption Price for, Physical Notes at the office or agency designated by the Company for such purpose. Interest on Physical Notes will be made by check or by wire transfer, as
described in Section 2.04, except that any payment of Interest due on the Maturity Date will be made at the office or agency designated by the Company for such purpose. All payments on this Note will be made in money of the United States that
at the time of payment is legal tender for payment of public and private debts. 

  
 A-6 

 3. Paying Agent, Conversion Agent and Registrar. 

Initially, Wilmington Trust, National Association will act as the Trustee, Paying Agent, Conversion Agent and Registrar. The Company may
appoint and change any Paying Agent, Conversion Agent or Registrar; provided, that the Company will maintain at least one Paying Agent, Conversion Agent and Registrar in the continental United States. The Company or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Conversion Agent or Registrar. 
 4. Repurchase By the Company at the Option of the
Holder.  
 (a) Upon a Fundamental Change. At the option of the Holder, and subject to the terms and conditions of the Indenture,
upon the occurrence of a Fundamental Change, each Holder will have the right, at its option, to require the Company to repurchase for cash all of its Notes, or any portion of its Notes having a principal amount equal to $1,000 or an integral
multiple of $1,000 in excess thereof, at a Fundamental Change Repurchase Price equal to 100% of the principal amount of Notes to be purchased plus accrued and unpaid interest, if any, to but excluding, the Fundamental Change Repurchase Date, unless
the Fundamental Change Repurchase Date occurs after a Regular Record Date and on or prior to the Interest Payment Date corresponding to such Regular Record Date, in which case the Company will pay the accrued and unpaid interest on such Notes, on
such Fundamental Change Repurchase Date, to the Holder of such Notes as of the Close of Business on such Regular Record Date, and the Fundamental Change Repurchase Price shall not include such accrued and unpaid interest. To exercise its
purchase right, a Holder must comply with the applicable procedures set forth in Article 3 of the Indenture. 
 (a) Optional Repurchase.
At the option of the Holder, and subject to the terms and conditions of the Indenture, each Holder will have the right, at its option, to require the Company to repurchase for cash all of its Notes, or any portion of its Notes having a principal
amount equal to $1,000 or an integral multiple of $1,000 in excess thereof, at the Optional Repurchase Price equal to 100% of the principal amount of Notes to be purchased. For the avoidance of doubt, accrued and unpaid interest, if any, on any
Note to be repurchased on an Optional Repurchase Date to, but excluding, the Interest Payment Date falling on such Optional Repurchase Date will be payable, on such Interest Payment Date, to the Holder of such Note at the Close of Business on the
immediately preceding Regular Record Date. To exercise its purchase right, a Holder must comply with the applicable procedures set forth in Article 3 of the Indenture. 

5. Redemption at the Option of the Company. 

Prior to June 15, 2018, the Company may not redeem the Notes. Subject to the terms of the Indenture, on or after June 15, 2018, and prior
to the Maturity Date, the Company may redeem at its option, all or from time to time part, of the Notes for cash if the Last Reported Sale Price per share of the Common Stock equals or exceeds 140% of the Conversion Price then in effect for each of
at least 20 Trading Days (whether or not consecutive) during the 30 consecutive Trading Days ending, and including, on the Trading Day immediately prior to the date the Company delivers the Redemption Notice for such redemption. Any Redemption
Date must be at least 45 Scheduled Trading Days, but not more than 60 Scheduled Trading Days, after 

  
 A-7 

 
the date on which the Company delivers the applicable Redemption Notice. The Redemption Price that the Company will pay for any Notes that it redeems will equal to 100% of the principal
amount of Notes to be purchased plus accrued and unpaid interest, if any, to but excluding, the Redemption Date, unless the Redemption Date occurs after a Regular Record Date and on or before the Interest Payment Date corresponding to such Regular
Record Date, in which case the Redemption Price for any Notes to be redeemed will equal 100% of the principal amount of such Notes, and accrued and unpaid interest, if any, on such Notes to, but excluding, such Interest Payment Date will be payable,
on such Redemption Date, to the Holders of such Notes at the Close of Business on such Regular Record Date. 
 6. Conversion. 

Subject to, and upon compliance with, the provisions of Article 10 of the Indenture, a Holder may, at its option, convert all of its Notes, or
any portion of its Notes having a principal amount equal to $1,000 or an integral multiple of $1,000 in excess thereof, (i) subject to satisfaction of the conditions set forth in Section 10.01(b) of the Indenture, at any time prior to the Close of
Business on the Business Day immediately preceding December 15, 2021, under the circumstances and during the periods set forth in Section 10.01(b) of the Indenture, and (ii) irrespective of the conditions set forth in Section 10.01(b) of the
Indenture, on or after December 15, 2021, and prior to the Close of Business on the Business Day immediately preceding the Maturity Date, in each case, into Conversion Consideration, as provided in Article 10 of the Indenture, based on the
Conversion Rate. Notes may not be converted after the Close of Business on the Business Day immediately preceding the Maturity Date. 
 7.
Denominations; Transfer; Exchange. 
 The Notes are in fully registered form, without coupons, in minimum denominations of $1,000 of
principal amount and in integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Notes in respect of which a Fundamental Change Repurchase Notice or an Optional Repurchase
Notice has been given and not withdrawn (except, in the case of a Note to be repurchased in part, the portion of the Note not to be repurchased), after the Company has delivered a Redemption Notice (except to the extent that Notes are converted or
the Company fails to pay the Redemption Price in accordance with Article 11 of the Indenture) or in respect of which a Conversion Notice has been given (except, in the case of a Note to be converted in part, the portion of the Note not to be
converted). 
 8. Amendment, Supplement and Waiver. 

Subject to certain exceptions, the Indenture permits the Indenture and the Notes to be amended or supplemented with the written consent of the
Holders of at least a majority in aggregate principal amount of the then outstanding Notes. In certain circumstances, the Company and the Trustee may also amend or supplement the Indenture or the Notes without the consent of any Holder. Subject
to certain exceptions, the Indenture permits the waiver of certain Events of Default or the noncompliance with certain provisions of the Indenture and of the Notes 

  
 A-8 

 
with the written consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes. 

9. Defaults and Remedies. 
 Subject to the
immediately following paragraph, if an Event of Default specified in the Indenture occurs and is continuing, the Trustee, by delivering a written notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then
outstanding, by delivering a written notice to the Company and the Trustee, may declare all the Notes to be due and payable immediately. In addition, certain specified Events of Default will cause the Notes to become immediately due and payable
without the Trustee or Holders taking any action. 
 If the Company so elects, the sole remedy for an Event of Default relating to the
Company’s failure to comply with the reporting obligations under Section 4.03 of the Indenture (including the Company’s obligations under Section 314(a)(1) of the Trust Indenture Act) will, for the first 60 days after the occurrence of
such Event of Default, consist exclusively of the right to receive Special Interest on the principal amount of the Notes then outstanding. 

Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture
or the Notes unless it receives indemnity or security satisfactory to it. Holders of a majority of the principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power, subject to certain limitations set
forth in the Indenture. Subject to certain exceptions, the Trustee may withhold from Holders notice of any continuing Event of Default or Default if it determines that withholding notice is in their interest. 

10. Persons Deemed Owners. 
 The Holder of
this Note will be treated as the owner of this Note for all purposes. 
 11. Unclaimed Money or Notes. 

The Trustee and the Paying Agent will return to the Company upon written request any money or securities held by them for the payment of any
amount with respect to the Notes that remain unclaimed for two years, subject to applicable unclaimed property law. After return to the Company, Holders entitled to the money or securities must look to the Company for payment as general
creditors, unless an applicable abandoned property law designates another Person. 
 12. Trustee Dealings with the Company. 

The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. 

13. Calculations in Respect of Notes. 

  
 A-9 

 Except as otherwise provided in the Indenture, the Company will be responsible for making all
calculations called for under the Notes and the Indenture. These calculations include, but are not limited to, determinations of the Last Reported Sale Price of the Common Stock or any other security, the Daily Settlement Amounts, the Daily
Conversion Values, accrued interest payable on the Notes, the Conversion Rate in effect on any Conversion Date, [Additional Interest,] Default Interest and the Special Interest. 

The Company will make all these calculations in good faith and, absent manifest error, its calculations will be final and binding on all Holders. 

14. No Recourse Against Others. 
 A
director, officer, employee or stockholder, as such, of the Company will not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

15. Authentication. 
 This Note will not
be valid until an authorized signatory of the Trustee manually signs the Trustee’s certificate of authentication on the other side of this Note. 
 16.
Abbreviations. 
 Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common),
TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

17. GOVERNING LAW. 
 THE INDENTURE AND THE
NOTES WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 18. CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and the Trustee may use CUSIP numbers in any notices as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice, and reliance may
be placed only on the other identification numbers placed thereon. 
 The Company will furnish to any Holder, upon written request and
without charge, a copy of the Indenture which has in it the text of this Note. Requests may be made to: 

  
 A-10 

 Inseego Corp. 
 9605
Scranton Road, Suite 300 
 San Diego, CA 92121 
 Attn: General
Counsel 

  
 A-11 

 CONVERSION NOTICE 

INSEEGO CORP. 
 5.50% CONVERTIBLE
SENIOR NOTES DUE 2022 
 To convert this Note, check the box ☐ 

To convert the entire principal amount of this Note, check the box ☐ 

To convert only a portion of the principal amount of this Note, check the box ☐ and here specify the principal amount to be converted, which principal
amount must equal $1,000 or an integral multiple of $1,000 in excess thereof: 
 $
                                        
     
 Signature Guaranteed 
  

	
	   

	 Participant in a Recognized Signature

Guarantee Medallion Program

  

			
	By: 	 	 
		 	Authorized Signatory

  
 A-12 

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

Wilmington Trust, National Association, as Trustee 
 Global
Corporate Capital Markets 
 50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 
 Attention: Inseego Corp.
Administrator 
 Inseego Corp. 
 9605 Scranton Road, Suite 300

 San Diego, CA 92121 
 Attention: General Counsel 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Inseego Corp. (the “Company”) as
to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the Holder hereof in accordance with the applicable provisions of the
Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is equal to $1,000 principal amount or an integral multiple of $1,000 in excess thereof) below designated, and (2) if such Fundamental
Change Repurchase Date does not occur during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date.

 Principal amount to be repaid (if less than
all): $                ,000 
 Certificate
number(s) (if certificated): 
 Signature Guaranteed 
  

	
	   

	Participant in a Recognized Signature

 Guarantee Medallion Program 
  

			
	By: 	 	 
		 	Authorized Signatory

  
 A-13 

 OPTIONAL REPURCHASE NOTICE 

Wilmington Trust, National Association, as Trustee 
 Global
Corporate Capital Markets 
 50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 
 Attention: Inseego Corp.
Administrator 
 Inseego Corp. 
 9605 Scranton Road, Suite 300

 San Diego, CA 92121 
 Attention: General Counsel 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Inseego Corp. (the “Company”) as
to optional repurchase right and specifying the Optional Repurchase Date and requests and instructs the Company to pay to the Holder hereof in accordance with the applicable provisions of the Indenture referred to in this Note the entire principal
amount of this Note, or the portion thereof (that is equal to $1,000 principal amount or an integral multiple of $1,000 in excess thereof) below designated. 

Principal amount to be repaid (if less than
all): $                ,000 
 Certificate
number(s) (if certificated): 
 Signature Guaranteed 
  

	
	   

	Participant in a Recognized Signature

 Guarantee Medallion Program 
  

			
	By: 	 	 
	Authorized Signatory

 [Include for Global Note] 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL NOTE 

Initial Principal Amount of Global Note:
$[                 ] 
  

									
	 Date
	 	 Amount of Increase

in Principal
 Amount of
Global
 Note
	 	 Amount of

Decrease in
 Principal
Amount
 of Global Note
	  	 Principal Amount

of Global Note
 After
Increase or
 Decrease
	  	 Notation by

Registrar or Note

Custodian

 EXHIBIT B 

[FORM OF RESTRICTED STOCK LEGEND] 
 THE
SALE OF THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW),
THIS SECURITY (AND ANY BENEFICIAL INTEREST HEREIN) MAY NOT BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED, EXCEPT: 
  

	 	(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

  

	 	(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; 

  

	 	(C)	TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR 

 

	 	(D)	UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT). 

THE “RESALE RESTRICTION TERMINATION DATE” MEANS THE LATER OF: (A) THE DATE THAT IS ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE COMPANY’S
5.50% CONVERTIBLE SENIOR NOTES DUE 2022 OR SUCH SHORTER PERIOD OF TIME PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO; AND (B) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW. 

PRIOR TO ANY TRANSFER PURSUANT TO THE FOREGOING CLAUSE (D), THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE OF TRANSFER 
 Inseego
Corp. 
 9605 Scranton Road, Suite 300 
 San Diego, CA 92121

 Attention: General Counsel 
 Wilmington Trust, National
Association, as Trustee 
 50 South Sixth Street 
 Suite 1290

 Minneapolis, MN 55402 
 Attention: Inseego Corp.
Administrator 
  

	Re:	5.50% Convertible Senior Notes due 2022 

 Reference is hereby made to that certain Indenture (the
“Indenture”), dated as of January [    ], 2017, between Inseego Corp., a Delaware corporation (“Company”), and Wilmington Trust, National Association, a national banking association, as
trustee. Capitalized terms used but not defined herein have the respective meanings given to them in the Indenture. 
 The undersigned (the
“Transferor”) owns and proposes to transfer (the “Transfer”) the following principal amount of the Transferor’s [beneficial interests in the Global Note][Physical Note] identified in Annex A hereto: 

$
                                        
                 
 to: 

                          
                                         
   (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  

					
	1.	  	☐	  	Such Transfer is being made to the Company or a Subsidiary of the Company.
			
	2.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of the Transfer.
			
	3.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that such
beneficial interest is being transferred to a Person that the Transferor reasonably believes is purchasing such beneficial interest for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A.

  
 C-1 

					
	4.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the
Securities Act).

  

			
	Dated:	 	  

 

	
	  
 Name of
Transferor

  

			
	By:	 	  

		 	Name:
		 	Title:

  

	
	Signature Guaranteed
	
	  
 Participant in a Recognized
Signature

	
	Guarantee Medallion Program

  

			
	By:	 	  

		 	Authorized Signatory

  
 C-2 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following (check one): 

  

							
		 	a.	  	☐	  	a beneficial interest in a Rule 144A Global Note (CUSIP #                 ); or
				
		 	b.	  	☐	  	a Rule 144A Physical Note (CUSIP #                 ); or
				
		 	c.	  	☐	  	a beneficial interest in an Accredited Investor Global Note (CUSIP #                 ); or
				
		 	d.	  	☐	  	an Accredited Investor Physical Note (CUSIP #                 ).

  

	2.	After the Transfer, the Transferee will hold: the following: 

  

							
		 	a.	  	☐	  	a beneficial interest in a Rule 144A Global Note (CUSIP #                 ); or
				
		 	b.	  	☐	  	a Rule 144A Physical Note (CUSIP #                 ); or
				
		 	c.	  	☐	  	a beneficial interest in an Accredited Investor Global Note (CUSIP #                 ); or
				
		 	d.	  	☐	  	an Accredited Investor Physical Note (CUSIP #                 ); or
				
		 	e.	  	☐	  	a beneficial interest in an “unrestricted” Global Note (CUSIP #                 ).
				
		 	f.	  	☐	  	an “unrestricted” Physical Note (CUSIP #                 ).

  
 C-3 

 EXHIBIT D 

FORM OF CERTIFICATE FROM TRANSFEREE QUALIFIED INSTITUTIONAL 

BUYER OR ACCREDITED INVESTOR 
 Inseego
Corp. 
 9605 Scranton Road, Suite 300 
 San Diego, CA 92121

 Attention: General Counsel 
 Wilmington Trust, National
Association, as Trustee 
 50 South Sixth Street 
 Suite 1290

 Minneapolis, MN 55402 
 Attention: Inseego Corp.
Administrator 
  

	Re:	5.50% Convertible Senior Notes due 2022 

 Reference is hereby made to that certain Indenture (the
“Indenture”), dated as of January [    ], 2017, between Inseego Corp., a Delaware corporation (“Company”), and Wilmington Trust, National Association, a national banking association, as
trustee. Capitalized terms used but not defined herein have the respective meanings given to them in the Indenture. 
 The undersigned (the
“Transferee”) hereby certifies, in connection with its proposed acquisition of: 

$                         
    aggregate principal amount of Notes hereby certifies as follows: 
  

	1.	The Transferee is acquiring the notes for the Transferee’s own account or for an account with respect to which the Transferee exercises sole investment discretion, and the Transferee and such account are: (check
one) 

  

							
		  	a.	  	☐	  	a “qualified institutional buyer” (as defined under Rule 144A under the Securities Act); or
				
		  	b.	  	☐	  	an “accredited investor” (as defined under Rule 501 of Regulation D under the Securities Act).

  

	2.	The Transferee acknowledges that the offer and sale of such Notes (and any shares of Common Stock issuable upon conversion thereof) have not been registered under the Securities Act or the securities laws of any other
jurisdiction and that such Notes (and any such shares) may not be offered, sold, pledged or otherwise transferred except as set forth below. 

  
 D-1 

	3.	The Transferee will not, prior to the Resale Restriction Termination Date (as defined below), resell or otherwise transfer any of such Notes (or any shares of Common Stock issuable upon conversion of such Notes),
except: 

  

	 	a.	to the Company or one of its Subsidiaries; 

  

	 	b.	under, and in accordance with, a registration statement that is effective under the Securities Act at the time of such transfer; 

  

	 	c.	to a Person that the Transferee reasonably believes to be a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act (if available); or 

 

	 	d.	under any other available exemption from the registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act). 

The “Resale Restriction Termination Date” of such Note means the later of: (a) the date that is one year after the Last Original
Issue Date of such Note or such shorter period of time as permitted by Rule 144 or any successor provision thereto; and (b) such other date as may be required by applicable law. 

 

	4.	With respect to any transfer made pursuant to paragraph 3(d) above, prior to the Resale Restriction Termination Date, the Transferee will deliver to the Company and the Trustee (with respect to a transfer of such Notes)
or the transfer agent (with respect to a transfer of any shares of Common Stock issued upon the conversion of such Notes) such certificates, legal opinions and other information as the Company or they may reasonably require and may rely upon to
confirm that the transfer by the Transferee complies with the foregoing restrictions. The Transferee will, and each subsequent holder is required to, notify anyone who purchases such Notes or any such shares from it prior to the Resale
Restriction Termination Date of the above resale restrictions. 

  

	5.	The Transferee is not an “affiliate” (within the meaning of Rule 144 under the Securities Act) of Inseego Corp. and the Transferee understands that such Notes will bear a legend substantially to the following
effect: 

 NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE
THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN. 
  

			
	Dated:	 	  

 

	
	  
 Name of Transferee

  
 D-2 

			
	By:	 	  

		 	Name:
		 	Title:

  
 D-3EX-10.1

 Exhibit 10.1 

THIRD AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 COLONY CAPITAL OPERATING
COMPANY, LLC 
 a Delaware limited liability company 
  

 
 THE SECURITIES EVIDENCED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE
TRANSFEROR DELIVERS TO THE COMPANY AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE
SECURITIES OR “BLUE SKY” LAWS. 
 dated as of January 10, 2017 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE 1.
	  	 DEFINED TERMS
	  	 	2	  
			
	 Section 1.1
	  	 Definitions
	  	 	2	  
	 Section 1.2
	  	 Interpretation and Usage
	  	 	26	  
			
	 ARTICLE 2.
	  	 ORGANIZATIONAL MATTERS
	  	 	26	  
			
	 Section 2.1
	  	 Formation
	  	 	26	  
	 Section 2.2
	  	 Name
	  	 	27	  
	 Section 2.3
	  	 Principal Office and Resident Agent
	  	 	27	  
	 Section 2.4
	  	 Power of Attorney
	  	 	27	  
	 Section 2.5
	  	 Term
	  	 	28	  
			
	 ARTICLE 3.
	  	 PURPOSE
	  	 	28	  
			
	 Section 3.1
	  	 Purpose and Business
	  	 	28	  
	 Section 3.2
	  	 Powers
	  	 	29	  
	 Section 3.3
	  	 Limited Authority and Liability of Members
	  	 	29	  
	 Section 3.4
	  	 Representations and Warranties by the Members
	  	 	29	  
			
	 ARTICLE 4.
	  	 CAPITAL CONTRIBUTIONS
	  	 	32	  
			
	 Section 4.1
	  	 Capital Contributions of the Members
	  	 	32	  
	 Section 4.2
	  	 Issuances of Additional Membership Interests
	  	 	32	  
	 Section 4.3
	  	 Loans to the Company
	  	 	34	  
	 Section 4.4
	  	 Stock Incentive Plans
	  	 	35	  
	 Section 4.5
	  	 LTIP Units
	  	 	37	  
	 Section 4.6
	  	 Conversion of LTIP Units
	  	 	40	  
	 Section 4.7
	  	 Dividend Reinvestment Plan, Stock Incentive Plan or Other Plan
	  	 	43	  
	 Section 4.8
	  	 No Interest; No Return
	  	 	43	  
	 Section 4.9
	  	 Conversion or Redemption of Preferred Shares; Redemption of REIT Shares
	  	 	43	  
	 Section 4.10
	  	 Other Contribution Provisions
	  	 	44	  
	 Section 4.11
	  	 Excluded Properties
	  	 	44	  
	 Section 4.12
	  	 Contingent Consideration and Payment
	  	 	44	  
			
	 ARTICLE 5.
	  	 DISTRIBUTIONS
	  	 	45	  
			
	 Section 5.1
	  	 Requirement and Characterization of Distributions
	  	 	45	  
	 Section 5.2
	  	 Distributions in Kind
	  	 	46	  
	 Section 5.3
	  	 Amounts Withheld
	  	 	46	  
	 Section 5.4
	  	 Distributions upon Liquidation
	  	 	46	  
	 Section 5.5
	  	 Distributions to Reflect Additional Membership Units
	  	 	46	  
	 Section 5.6
	  	 Restricted Distributions 
	  	 	46	  

  
 i 

							
	 Section 5.7
	  	 Restriction on Distributions with Respect to LTIP Units
	  	 	46	  
			
	 ARTICLE 6.
	  	 ALLOCATIONS
	  	 	47	  
			
	 Section 6.1
	  	 Timing and Amount of Allocations of Net Income and Net Loss
	  	 	47	  
	 Section 6.2
	  	 General Allocations
	  	 	47	  
	 Section 6.3
	  	 Additional Allocation Provisions
	  	 	47	  
	 Section 6.4
	  	 Tax Allocations
	  	 	51	  
			
	 ARTICLE 7.
	  	 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	52	  
			
	 Section 7.1
	  	 Management
	  	 	52	  
	 Section 7.2
	  	 Certificate of Formation
	  	 	53	  
	 Section 7.3
	  	 Restrictions on the Managing Member’s Authority
	  	 	54	  
	 Section 7.4
	  	 Reimbursement of the Managing Member and CLNS
	  	 	57	  
	 Section 7.5
	  	 Outside Activities of the Managing Member
	  	 	57	  
	 Section 7.6
	  	 Transactions with Affiliates
	  	 	58	  
	 Section 7.7
	  	 Indemnification
	  	 	59	  
	 Section 7.8
	  	 Liability of the Managing Member
	  	 	61	  
	 Section 7.9
	  	 Title to Company Assets
	  	 	63	  
	 Section 7.10
	  	 Reliance by Third Parties
	  	 	64	  
			
	 ARTICLE 8.
	  	 RIGHTS AND OBLIGATIONS OF MEMBERS
	  	 	64	  
			
	 Section 8.1
	  	 Limitation of Liability
	  	 	64	  
	 Section 8.2
	  	 Management of Business
	  	 	64	  
	 Section 8.3
	  	 Outside Activities of Non-Managing Members
	  	 	65	  
	 Section 8.4
	  	 Return of Capital
	  	 	65	  
	 Section 8.5
	  	 Rights of Non-Managing Members Relating to the
Company
	  	 	65	  
	 Section 8.6
	  	 No Rights as Objecting Member
	  	 	66	  
	 Section 8.7
	  	 No Right to Certificate Evidencing Units; Article 8 Securities
	  	 	66	  
			
	 ARTICLE 9.
	  	 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	66	  
			
	 Section 9.1
	  	 Records and Accounting
	  	 	66	  
	 Section 9.2
	  	 Fiscal Year
	  	 	67	  
	 Section 9.3
	  	 Reports
	  	 	67	  
			
	 ARTICLE 10.
	  	 TAX MATTERS
	  	 	67	  
			
	 Section 10.1
	  	 Preparation of Tax Returns
	  	 	67	  
	 Section 10.2
	  	 Tax Elections
	  	 	68	  
	 Section 10.3
	  	 Tax Matters Member and Partnership Representative
	  	 	68	  
	 Section 10.4
	  	 Withholding
	  	 	70	  
	 Section 10.5
	  	 Organizational Expenses
	  	 	71	  
			
	 ARTICLE 11.
	  	 MEMBER TRANSFERS AND WITHDRAWALS
	  	 	71	  

  
 ii 

							
	 Section 11.1
	  	 Transfer
	  	 	71	  
	 Section 11.2
	  	 Transfer of the Managing Member’s Membership Interest
	  	 	72	  
	 Section 11.3
	  	 Non-Managing Members’ Rights to Transfer
	  	 	72	  
	 Section 11.4
	  	 Substituted Members
	  	 	74	  
	 Section 11.5
	  	 Assignees
	  	 	74	  
	 Section 11.6
	  	 General Provisions
	  	 	75	  
	 Section 11.7
	  	 Restrictions on Termination Transactions
	  	 	76	  
			
	 ARTICLE 12.
	  	 ADMISSION OF MEMBERS
	  	 	78	  
			
	 Section 12.1
	  	 Admission of Successor Managing Member
	  	 	78	  
	 Section 12.2
	  	 Admission of Additional Members
	  	 	78	  
	 Section 12.3
	  	 Amendment of Agreement and Certificate of Formation
	  	 	79	  
	 Section 12.4
	  	 Limit on Number of Members
	  	 	79	  
	 Section 12.5
	  	 Admission
	  	 	79	  
			
	 ARTICLE 13.
	  	 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	79	  
			
	 Section 13.1
	  	 Dissolution
	  	 	79	  
	 Section 13.2
	  	 Winding Up
	  	 	80	  
	 Section 13.3
	  	 Deemed Contribution and Distribution
	  	 	81	  
	 Section 13.4
	  	 Rights of Holders
	  	 	81	  
	 Section 13.5
	  	 Notice of Dissolution
	  	 	82	  
	 Section 13.6
	  	 Cancellation of Certificate of Formation
	  	 	82	  
	 Section 13.7
	  	 Reasonable Time for Winding-Up
	  	 	82	  
			
	 ARTICLE 14.
	  	 PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS; MEETINGS
	  	 	82	  
			
	 Section 14.1
	  	 Actions and Consents of Members
	  	 	82	  
	 Section 14.2
	  	 Amendments
	  	 	82	  
	 Section 14.3
	  	 Procedures for Meetings and Actions of the Members
	  	 	83	  
			
	 ARTICLE 15.
	  	 GENERAL PROVISIONS
	  	 	84	  
			
	 Section 15.1
	  	 Redemption Rights of Qualifying Parties
	  	 	84	  
	 Section 15.2
	  	 Addresses and Notice
	  	 	91	  
	 Section 15.3
	  	 Titles and Captions
	  	 	91	  
	 Section 15.4
	  	 Further Action
	  	 	91	  
	 Section 15.5
	  	 Binding Effect
	  	 	92	  
	 Section 15.6
	  	 Waiver
	  	 	92	  
	 Section 15.7
	  	 Counterparts
	  	 	92	  
	 Section 15.8
	  	 Applicable Law; Consent to Jurisdiction; Jury Trial
	  	 	92	  
	 Section 15.9
	  	 Entire Agreement
	  	 	93	  
	 Section 15.10
	  	 Invalidity of Provisions
	  	 	93	  
	 Section 15.11
	  	 Limitation to Preserve REIT Status
	  	 	93	  
	 Section 15.12
	  	 No Partition
	  	 	94	  
	 Section 15.13
	  	 No Third-Party Rights Created Hereby 
	  	 	94	  

  
 iii 

							
	 Section 15.14
	  	 No Rights as Stockholders
	  	 	95	  
	 Section 15.15
	  	 Redemption Rights of the Company
	  	 	95	  

  

							
	 Exhibit A
	 	 EXAMPLES REGARDING ADJUSTMENT FACTOR
	  	 	A-2	  
			
	 Exhibit B
	 	 NOTICE OF REDEMPTION
	  	 	B-1	  
			
	 Exhibit C
	 	 MEMBER NOTICE OF LTIP CONVERSION ELECTION
	  	 	C-1	  
			
	 Exhibit D
	 	 COMPANY NOTICE OF LTIP CONVERSION ELECTION
	  	 	D-1	  
			
	 Exhibit E
	 	 SERIES A COMPANY PREFERRED UNIT DESIGNATION
	  	 	E-1	  
			
	 Exhibit F
	 	 SERIES B COMPANY PREFERRED UNIT DESIGNATION
	  	 	F-1	  
			
	 Exhibit G
	 	 SERIES C COMPANY PREFERRED UNIT DESIGNATION
	  	 	G-1	  
			
	 Exhibit H
	 	 SERIES D COMPANY PREFERRED UNIT DESIGNATION
	  	 	H-1	  
			
	 Exhibit I
	 	 SERIES E COMPANY PREFERRED UNIT DESIGNATION
	  	 	I-1	  
			
	 Exhibit J
	 	 SERIES F COMPANY PREFERRED UNIT DESIGNATION
	  	 	J-1	  
			
	 Exhibit K
	 	 SERIES G COMPANY PREFERRED UNIT DESIGNATION
	  	 	K-1	  
			
	 Exhibit L
	 	 SERIES H COMPANY PREFERRED UNIT DESIGNATION
	  	 	I-1	  
			
	 Schedule I
	 	 MEMBERS AND CAPITAL ACCOUNTS
	  	 	Sch. I-1	  
			
	 Schedule II
	 	 SCHEDULE OF GROSS ASSET VALUES
	  	 	Sch. II-1	  
			
	 Schedule III
	 	 FORMER NSAM UNITHOLDERS
	  	 	Sch. III-1	  

  

	1 	NSAM to provide list of NSAM Unitholders. 

  
 iv 

 THIRD AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT OF 

COLONY CAPITAL OPERATING COMPANY, LLC 

THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF COLONY CAPITAL OPERATING COMPANY, LLC, a Delaware limited liability
company (the “Company”), dated as of January 10, 2017, is entered into by and among (i) Colony NorthStar, Inc. (successor to CLNY (as defined below)) (“CLNS”), (ii) Colony Capital, LLC (“CC”), (iii) CCH
Management Partners I, LLC (“CCH”), (iv) FHB Holding LLC (“FHB LLC”), (v) Richard B. Saltzman (“Saltzman”), (vi) such Persons listed as Members in the Register and (vii) each other Person who at any time after the
date hereof becomes a Member of the Company in accordance with the terms of this Agreement and the Act. 
 RECITALS 

WHEREAS, the Company was formed as a limited liability company under the Delaware Limited Liability Company Act, Title 6, Sections 18-101 et seq. (the “Act”), by the filing of a Certificate of Formation with the Secretary of State of the State of Delaware on March 25, 2011 (the “Original Certificate”); 

WHEREAS, on March 25, 2011, CLNY entered into a limited liability company agreement of the Company (the “Original Agreement”);

 WHEREAS, on January 7, 2015, the name of the Company was changed from “CFI RE Masterco, LLC” to “Colony Capital
Operating Company, LLC”, by the filing of a Certificate of Amendment to the Original Certificate with the Secretary of State of the State of Delaware (the “Certificate of Amendment”); 

WHEREAS, on April 2, 2015, CC, CCH, FHB LLC, Saltzman, CLNY and the Company, concurrently with their execution of the Second Amended
Limited Liability Company Agreement of the Company (the “Prior Agreement”), consummated the transactions contemplated by that certain contribution agreement, dated as of December 23, 2014 (as amended from time to time, the “CC
Contribution Agreement”), by and among CC, CCH, FHB LLC, Saltzman, CLNY, the Company and Colony Capital OP Subsidiary, LLC, pursuant to which (i) each of CC, CCH, FHB LLC and Saltzman has acquired its Membership Interests in the Company;
and (ii) CLNY has acquired additional Membership Interests in the Company on the terms and conditions set forth therein; 
 WHEREAS, on
January 10, 2017, pursuant to the terms of that certain Agreement and Plans of Merger, dated as of June 2, 2016, as amended from time to time (the “Mergers Agreement”), by and among NorthStar Realty Finance Corp.
(“NRF”), CLNS, NorthStar Asset Management Group, Inc. (“NSAM”), Colony Capital, Inc. (“CLNY”), New Sirius Inc., NorthStar Realty Finance Limited Partnership, Sirius Merger Sub-T,
LLC and New Sirius Merger Sub, LLC, CLNY merged with and into CLNS, with CLNS surviving the merger (the “Mergers”); 

  
 1 

 WHEREAS, pursuant to the terms of the Mergers Agreement, each share of Class A common stock,
par value $0.01 per share, of CLNY was converted into 1.4663 Class A REIT Shares and each share of Class B common stock, par value $0.01 per share, of CLNY was converted into 1.4663 Class B REIT Shares; 

WHEREAS, following the Mergers, CLNS has outstanding the Series A Preferred Shares, the Series B Preferred Shares, the Series C Preferred
Shares, the Series D Preferred Shares, the Series E Preferred Shares, the Series F Preferred Shares, the Series G Preferred Shares and the Series H Preferred Shares; 

WHEREAS, following the Mergers and pursuant to the terms of that certain plan of merger dated as of the date hereof (the “OP Merger
Agreement”), NSAM LP, a Delaware limited partnership (“NSAM LP”), was merged with and into the Company (the “OP Merger”), with the Company surviving, and pursuant to the OP Merger Agreement (i) each Membership Common
Unit outstanding prior to the OP Merger was converted into the right to receive 1.4663 Membership Common Units, (ii) each limited partnership interest in NSAM LP was converted into the right to receive one (1) Membership Common Unit,
(iii) each LTIP Unit in the Company outstanding prior to the OP Merger was converted into the right to receive 1.4663 LTIP Units; 

WHEREAS, in connection with the transactions contemplated by the Mergers Agreement and the OP Merger Agreement, CLNS was issued Membership
Common Units, Series A Company Preferred Units, Series B Company Preferred Units, Series C Company Preferred Units, Series D Company Preferred Units and Series E Company Preferred Units; 

WHEREAS, in connection with the transactions contemplated by the OP Merger Agreement, each Series A Company Preferred Unit was converted into
a Series F Company Preferred Unit, each Series B Company Preferred Unit was converted into a Series G Company Preferred Unit and each Series C Company Preferred Unit was converted into a Series H Company Preferred Unit; and 

WHEREAS, in connection with the consummation of the Mergers and the OP Merger, each of CLNS, CC, CCH, Saltzman and FHB LLC desire to amend and
restate the Prior Agreement to read in its entirety as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1. 
 DEFINED TERMS 

Section 1.1 Definitions. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary,
applied to the terms used in this Agreement: 
 “Act” has the meaning set forth in the Recitals. 

“Actions” has the meaning set forth in Section 7.7 hereof. 

  
 2 

 “Additional Funds” means any additional funds that the Managing Member may, at any time
and from time to time, determine that the Company requires for the acquisition of additional properties, for the redemption of Membership Units or for such other purposes as the Managing Member may determine. 

“Additional Member” means a Person who is admitted to the Company as a Member pursuant to the Act and Section 12.2 hereof, who
is shown as such on the books and records of the Company, and who has not ceased to be a Member pursuant to the Act and this Agreement. 

“Adjusted Available Cash” means, as of any date of determination, the sum of Available Cash and REIT Available Cash. 

“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital
Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 
 (i) decrease such
deficit by any amounts that such Member is obligated to restore pursuant to this Agreement or by operation of law upon liquidation of such Member’s Membership Interest or that such Member is deemed to be obligated to restore pursuant to the
penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2 (i)(5); and 

(ii) increase such deficit by the items described in Regulations Section
1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of “Adjusted Capital Account Deficit” is
intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjustment Events” has the meaning set forth in Section 4.5.A(i) hereof. 

“Adjustment Factor” means 1.0; provided, however, that in the event that: 

(i) CLNS (a) declares or pays a dividend on its outstanding REIT Shares wholly or partly in REIT Shares or makes a
distribution to all holders of its outstanding REIT Shares wholly or partly in REIT Shares, (b) splits or subdivides its outstanding REIT Shares or (c) effects a reverse stock split or otherwise combines its outstanding REIT Shares into a
smaller number of REIT Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor then in effect by a fraction, (i) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date
for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (ii) the
denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination; 

  
 3 

 (ii) CLNS distributes any rights, options or warrants to all holders of its REIT
Shares to subscribe for or to purchase or to otherwise acquire REIT Shares, or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares (other than REIT Shares issuable pursuant to a Qualified DRIP), at a price
per share less than the Value of a REIT Share on the record date for such distribution (each a “Distributed Right”), then the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor then in effect by a fraction
(a) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date plus the maximum number of REIT Shares purchasable under such Distributed Rights and (b) the denominator of which shall be the number
of REIT Shares issued and outstanding on the record date plus a fraction (1) the numerator of which is the maximum number of REIT Shares purchasable under such Distributed Rights, multiplied by the minimum purchase price per REIT Share under
such Distributed Rights and (2) the denominator of which is the Value of a REIT Share as of the record date; provided, however, that, if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be
adjusted, effective retroactive to the date of distribution (or, if later, the time the Distributed Rights become exercisable) of the Distributed Rights, to reflect a reduced maximum number of REIT Shares or any change in the minimum purchase price
for the purposes of the above fraction; and 
 (iii) CLNS shall, by dividend or otherwise, distribute to all holders of its
REIT Shares evidences of its indebtedness or its assets (including securities, but excluding cash or any dividend or distribution referred to in subsection (i) or (ii) above, or any Units), which evidences of indebtedness or assets relate to
assets not received by CLNS pursuant to a pro rata distribution by the Company, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment Factor then in effect by a fraction (a) the numerator of
which shall be such Value of a REIT Share as of the trading day immediately preceding the ex-date for such dividend or distribution and (b) the denominator of which shall be the Value of a REIT Share as
of the trading day immediately preceding the ex-date for such dividend or distribution, less the then fair market value (as determined by the Managing Member, whose determination shall be conclusive) of the
portion of the evidences of indebtedness or assets so distributed applicable to one REIT Share. 
 Any adjustment to the Adjustment Factor shall become
effective on the first date on which REIT Shares trade at a price that reflects such event (the “ex-date”). Notwithstanding the foregoing, if any of the events in clause (i), (ii) or (iii) above
occur, no adjustments will be made to the Adjustment Factor for any class or series of Membership Interests to the extent that the Company concurrently makes or effects a correlative distribution or payment to all of the Members holding Membership
Interests of such class or series, or effects a correlative split, subdivision, reverse split or combination in respect of the Membership Interests of such class or series. If CLNS effects a dividend that allows holders of REIT Shares to elect to
receive cash or additional REIT Shares, the Company may effect a correlative distribution by distributing to all Members holding Membership Interests of such class or series a combination of cash and additional Membership Interests in the same ratio
as the ratio of cash and REIT Shares paid by CLNS, without offering Members an opportunity to elect to receive cash or additional Membership Interests. Any adjustments to the Adjustment Factor shall become effective immediately after such event,

  
 4 

 
retroactive to the record date, if any, for such event. For illustrative purposes, examples of adjustments to the Adjustment Factor are set forth on Exhibit A attached hereto. 

“Adjustment Year” has the meaning set forth in Section 6225(d)(2) of the Code or comparable provisions of state, local or non-U.S. law. 
 “Affiliate” means, with respect to a specified Person, any Person that directly
or indirectly through one or more intermediaries controls, is controlled by, or is under common control with, the specified Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management policies of a Person, whether through the ownership of voting securities, by contract, as trustee or executor or otherwise. For the avoidance of doubt, (i) CC and its Subsidiaries, on the one hand, and CLNS and its
Subsidiaries, on the other hand, shall not be deemed Affiliates of the other for purposes of this Agreement and (ii) no fund, investment vehicle, or investment product managed by CLNS or its Subsidiaries shall be deemed an Affiliate of CLNS.
The terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Affiliated REIT”
means CLNS and any Affiliate of CLNS or the Company that has elected to be taxed as a REIT under the Code and is a Member. 

“Aggregate Contingent Consideration” has the meaning set forth in Section 4.12 hereof. 

“Agreement” means this Third Amended and Restated Limited Liability Company Agreement of Colony Capital Operating Company, LLC, as
now or hereafter amended, restated, modified, supplemented or replaced. 
 “Applicable Percentage” has the meaning set forth in
Section 15.1.B hereof. 
 “Assignee” means a Person to whom a Membership Interest has been Transferred but who has not become a
Substituted Member, and who has the rights set forth in Section 11.5 hereof. 
 “Available Cash” means, with respect to any
period for which such calculation is being made, 
 (i) the sum, without duplication, of: 

(1) the Company’s Net Income or Net Loss (as the case may be) for such period, 

(2) Depreciation and all other noncash charges to the extent deducted in determining Net Income or Net Loss for such period,

 (3) the amount of any reduction in reserves of the Company established by the Managing Member (including reductions
resulting because the Managing Member determines such amounts are no longer necessary), 

  
 5 

 (4) the excess, if any, of the net cash proceeds from the sale, exchange,
disposition, financing or refinancing of Company property for such period over the gain (or loss, as the case may be) recognized from such sale, exchange, disposition, financing or refinancing during such period, and 

(5) all other cash received (including amounts previously accrued as Net Income and amounts of deferred income) or any net
amounts borrowed by the Company for such period that was not included in determining Net Income or Net Loss for such period; 

(ii) less the sum, without duplication, of: 

(1) all principal debt payments made during such period by the Company, 

(2) capital expenditures made by the Company during such period, 

(3) investments in any entity (including loans made thereto) to the extent that such investments are not otherwise described in
clause (ii)(1) or clause (ii)(2) above, 
 (4) the excess, if any, of gain (or loss, as the case may be) recognized from the
sale, exchange, disposition, financing or refinancing of Company property for such period over the net cash proceeds from such sale, exchange, disposition, financing or refinancing during such period, 

(5) all other expenditures and payments not deducted in determining Net Income or Net Loss for such period (including amounts
paid in respect of expenses previously accrued), 
 (6) any amount included in determining Net Income or Net Loss for such
period that was not received by the Company during such period, 
 (7) the amount of any increase in reserves (including
working capital reserves) established by the Managing Member during such period, and 
 (8) any amount distributed or paid in
redemption of any Member’s Membership Interest or Membership Units, including any Cash Amount paid. 
 Notwithstanding the foregoing, Available Cash
shall not include (a) any cash received or reductions in reserves, or take into account any disbursements made, or reserves established, after dissolution and the commencement of the liquidation and winding up of the Company or (b) any
Capital Contributions, whenever received or any payments, expenditures or investments made with such Capital Contributions. 
 “Board
of Directors” means the Board of Directors of CLNS. 

  
 6 

 “Business Day” means any day except a Saturday, Sunday or other day on which commercial
banks in New York, New York are authorized or required by law to close. 
 “Capital Account” means, with respect to any Member,
the Capital Account maintained by the Managing Member for such Member on the Company’s books and records in accordance with the following provisions: 

(a) To each Member’s Capital Account, there shall be added such Member’s Capital Contributions, such Member’s
distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to Section 6.3 hereof, and the amount of any Company liabilities assumed by such Member or that are secured by any property
distributed to such Member. 
 (b) From each Member’s Capital Account, there shall be subtracted the amount of cash and
the Gross Asset Value of any property distributed to such Member pursuant to any provision of this Agreement, such Member’s distributive share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant
to Section 6.3 hereof, and the amount of any liabilities of such Member assumed by the Company or that are secured by any property contributed by such Member to the Company (except to the extent already reflected in the amount of such
Member’s Capital Contribution). 
 (c) In the event any interest in the Company is Transferred in accordance with the
terms of this Agreement, the transferee shall succeed to the Member’s Capital Account of the transferor to the extent that it relates to the Transferred interest. 

(d) In determining the amount of any liability for purposes of subsections (a) and (b) hereof, there shall be taken into
account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 (e) The provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations promulgated under Code Section 704, and shall be interpreted and applied in a manner consistent with such Regulations. The Managing Member may
modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, provided that the Managing Member determines that such modification is not reasonably likely to have a material effect on the amounts
distributable to any Member without such Person’s consent. The Managing Member also may (i) make any adjustments to maintain equality between the Capital Accounts of the Members and the amount of Company capital reflected on the
Company’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate modifications in the event that unanticipated events
might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2; provided, however, that the Managing Member determines
that such changes are not reasonably likely to materially reduce amounts otherwise distributable to the Member as current cash distributions or as distributions on termination of the Company. 

  
 7 

 “Capital Account Limitation” has the meaning set forth in Section 4.6.B hereof. 

“Capital Contribution” means, with respect to any Member, the amount of money and the initial Gross Asset Value of any Contributed
Property that such Member contributes to the Company or is deemed to contribute pursuant to Article 4 hereof. 
 “Capital Share”
means a share of any class or series of stock of CLNS now or hereafter authorized, other than a REIT Share. 
 “Cash Amount” means
an amount of cash equal to the product of (i) the Value of a Class A REIT Share and (ii) the REIT Shares Amount determined as of the applicable Valuation Date. 

“CC Contribution Agreement” has the meaning set forth in the Recitals. 

“Certificate” means the Original Certificate, as amended by the Certificate of Amendment, and as may be further amended from time to
time in accordance with the terms hereof and the Act. 
 “Charter” means the charter of CLNS, within the meaning of Section 1-101(e) of the Maryland General Corporation Law. 
 “Class A REIT Share” means a share of
class A common stock of CLNS, par value $0.01 per share. Where relevant in this Agreement, “Class A REIT Shares” includes shares of class A common stock of CLNS, par value $0.01 per share, issued upon conversion of Preferred Shares or
Class B REIT Shares. 
 “Class B REIT Share” means a share of class B common stock of CLNS, par value $0.01 per share.

 “CLNS Equivalent Shares” means, with respect to any class or series of Membership Units, REIT Shares or Capital Shares issued
by CLNS with preferences, conversion and other rights (other than voting rights), restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption that are substantially the same as (or
correspond to) the preferences, conversion and other rights, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of such Membership Units as appropriate to reflect the relative rights and preferences
of such Membership Units as to the other classes and series of Membership Units, but not as to matters such as voting for members of the Board of Directors that are not applicable to the Company. 

“CLNS Member Loan” has the meaning set forth in Section 4.3.B hereof. 

“Code” means the Internal Revenue Code of 1986. 

“Company” means Colony Capital Operating Company, LLC, the limited liability company formed and continued under the Act and pursuant
to this Agreement, and any successor thereto. 

  
 8 

 “Company Employee” means an employee of the Company or an employee of a Subsidiary of
the Company, if any. 
 “Company Equivalent Units” means, with respect to any class or series of Capital Shares, Preferred Shares,
New Securities or other interests in CLNS (other than REIT Shares), Membership Units with preferences, conversion and other rights (other than voting rights), restrictions, limitations as to dividends and other distributions, qualifications and
terms and conditions of redemption that are substantially the same as (or correspond to) the preferences, conversion and other rights, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of such
Capital Shares, Preferred Shares, New Securities or other interests as appropriate to reflect the relative rights and preferences of such Capital Shares, Preferred Shares, New Securities or other interests as to the REIT Shares and the other classes
and series of Capital Shares, Preferred Shares, New Securities or other interests as such Company Equivalent Units would have as to Membership Common Units and the other classes and series of Membership Units corresponding to the other classes of
Capital Shares, Preferred Shares, New Securities or other interests but not as to matters such as voting for members of the Board of Directors that are not applicable to the Company. For the avoidance of doubt, the voting rights, redemption rights
and rights to Transfer Company Equivalent Units need not be similar to the rights of the corresponding class or series of Capital Shares, Preferred Shares, New Securities or other interests, provided, however, with respect to redemption rights, the
terms of Company Equivalent Units must be such so that the Company complies with Section 4.9.B of this Agreement. 
 “Company Junior
Unit” means a fractional share of the Membership Interests of a particular class or series that the Managing Member has authorized pursuant to Section 4.2 hereof that has distribution rights, or rights upon liquidation, winding up and
dissolution, that are inferior or junior to the Membership Common Units. 
 “Company Minimum Gain” has the meaning set forth in
Regulations Section 1.704-2(b)(2), and the amount of Member Minimum Gain, as well as any net increase or decrease in Member Minimum Gain, for a Fiscal Year shall be determined in accordance with the rules of
Regulations Section 1.704-2(d). 
 “Company Preferred Unit” means a fractional share of
the Membership Interests of a particular class or series that the Managing Member has authorized pursuant to Section 4.1 or 4.2 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or
prior to the Membership Common Units, including the Series A Company Preferred Units, the Series B Company Preferred Units, the Series C Company Preferred Units, the Series D Company Preferred Units, the Series E Company Preferred Units, the Series
F Company Preferred Units, the Series G Company Preferred Units and the Series H Company Preferred Units. 
 “Company Record Date”
means the record date established by the Managing Member for the purpose of determining the Members entitled to notice of or to vote at any meeting of Members or to consent to any matter, or to receive any distribution or the allotment of any other
rights, or in order to make a determination of Members for any other proper purpose, which, in the case of a record date fixed for the determination of Members entitled to receive any 

  
 9 

 
distribution, shall (unless otherwise determined by the Managing Member) generally be the same as the record date established by CLNS for a distribution to its stockholders of some or all of its
portion of such distribution. 
 “Consent” means the consent to, approval of, or vote in favor of a proposed action by a Member
given in accordance with Article 14 hereof. 
 “Consent of the Members” means the Consent of a Majority in Interest of the
Members, which Consent shall be obtained before the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by Members in their discretion. 

“Consent of the Non-Managing Members” means the Consent of a Majority in Interest of the Non-Managing Members, which Consent shall be obtained before the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by
Members in their discretion. 
 “Constituent Person” has the meaning set forth in Section 4.6.F hereof. 

“Contingent Consideration Members” has the meaning set forth in Section 4.12 hereof. 

“Contributed Property” means each Property or other asset, in such form as may be permitted by the Act, but excluding cash,
contributed or deemed contributed to the Company (or deemed contributed by the Company to a “new” partnership pursuant to Code Section 708). 

“Controlled Entity” means, as to any Person, (a) any corporation more than fifty percent (50%) of the outstanding voting stock
of which is owned by such Person or such Person’s Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Person or such Person’s Family Members or Affiliates are the sole beneficiaries, (c) any
partnership of which such Person or an Affiliate of such Person is the managing partner and in which such Person or such Person’s Family Members or Affiliates hold partnership interests representing at least twenty-five percent (25%) of such
partnership’s capital and profits and (d) any limited liability company of which such Person or an Affiliate of such Person is the manager or managing member and in which such Person or such Person’s Family Members or Affiliates hold
membership interests representing at least twenty-five percent (25%) of such limited liability company’s capital and profits. For the avoidance of doubt, no fund, investment vehicle, or investment product managed by CLNS or its Subsidiaries
shall be deemed to be a Controlled Entity of CLNS. 
 “Conversion Date” has the meaning set forth in Section 4.6.B hereof. 

“Conversion Notice” has the meaning set forth in Section 4.6.B hereof. 

“Conversion Right” has the meaning set forth in Section 4.6.A hereof. 

“Credit Agreement” has the meaning set forth in Section 6.3.D hereof. 

  
 10 

 “Cut-Off Date” means the fifth (5th) Business
Day after the Managing Member’s receipt of a Notice of Redemption; provided, however, with respect to any Member who is not an employee of the Company, a Subsidiary of the Company or CLNS or a Former NSAM Unitholder, the “Cut-Off” date shall mean, at the election of the Managing Member, the later of (i) the fifth (5th) Business Day after the Managing Member’s receipt of a Notice of Redemption and (ii) the
next regularly scheduled meeting of the Board of Directors after the Managing Member’s receipt of a Notice of Redemption. 

“Debt” means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or for
the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment
or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the extent attributable to
such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted accounting principles, should
be capitalized. 
 “Declination” has the meaning set forth in Section 15.1.A hereof. 

“Depreciation” means, for each Fiscal Year or other applicable period, an amount equal to the federal income tax depreciation,
amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such
year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such
beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation shall be determined with reference to such beginning Gross
Asset Value using any reasonable method selected by the Managing Member. 
 “Distributed Right” has the meaning set forth in the
definition of “Adjustment Factor.” 
 “Dividend Equivalent Amount” for any period as to any Member means the amount of
distributions such Member would receive for that period from REIT Shares if such Member owned the number of REIT Shares equal to the product of such Member’s Membership Units and the Adjustment Factor for the record date pertaining to such
period; provided, however, that for purposes of determining any Member’s Dividend Equivalent for any period for which CLNS pays a dividend with respect to REIT Shares in which holders of REIT Shares have an option to elect to receive such
dividend in cash or additional REIT Shares (other than pursuant to a dividend reinvestment program), the amount of distributions such Member shall be deemed to have received with respect to such dividend (if such Member owned the specified number of
REIT Shares) shall be equal to the product of (i) the specified number of REIT Shares deemed to be owned by such Member, and (ii) the quotient obtained by dividing (a) the aggregate amount

  
 11 

 
of cash paid by CLNS in connection with such dividend to all holders of REIT Shares, by (b) the aggregate number of REIT Shares outstanding as of the close of business on the record date for
such dividend, and the Adjustment Factor shall be adjusted in connection with such dividend in the manner provided in the definition thereof. 

“Economic Capital Account Balances” has the meaning set forth in Section 6.3.E hereof. 

“Equity Plan” means any stock or equity purchase plan, restricted stock or equity plan or other similar equity compensation plan now
or hereafter adopted by the Company or CLNS (including, for the avoidance of doubt, any stock or equity purchase plan, restricted stock or equity plan or other similar equity compensation plan of NSAM assumed by CLNS). 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“Excess Units” means Tendered Units, the issuance of REIT Shares in exchange for which would result in a violation of the Ownership
Limit. 
 “Exchange Act” means the Securities Exchange Act of 1934, and any successor statute thereto, and the rules and
regulations of the SEC promulgated thereunder. 
 “Excluded Property” means any asset now or hereafter held directly by CLNS or
any direct or indirect wholly owned Subsidiary of CLNS or any MH REIT (other than the equity of any MH REIT, any direct or indirect wholly owned Subsidiary of CLNS and interests in the Company, as applicable), in each case, to the extent such asset
has not theretofore been contributed to the Company. 
 “Family Members” means, as to a Person that is an individual, such
Person’s spouse, ancestors, descendants (whether by blood or by adoption), brothers and sisters and inter vivos or testamentary trusts of which only such Person and his spouse, ancestors, descendants (whether by blood or by adoption), brothers
and sisters are beneficiaries. “Fiscal Year” means the fiscal year of the Company, which shall be the calendar year. 

“Forced Redemption” has the meaning set forth in Section 4.6.C hereof. 

“Forced Redemption Notice” has the meaning set forth in Section 4.6.C hereof. 

“Former NSAM Unitholders” means the Persons set forth on Schedule III hereto. 

“Funding Debt” means any Debt incurred by or on behalf of the Managing Member or CLNS for the purpose of providing funds to the
Company. 
 “Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes,
except as follows: 

  
 12 

 (i) The initial Gross Asset Value of any asset contributed by a Member to the
Company shall be (1) in the case of any asset listed on Schedule II, the gross asset value of such asset as listed on Schedule II and (ii) in all other cases, the gross fair market value of such asset as determined by the Managing Member
using such reasonable method of valuation as it may adopt. 
 (ii) The Gross Asset Values of all Company assets immediately
prior to the occurrence of any event described below shall be adjusted to equal their respective gross fair market values, as determined by the Managing Member using such reasonable method of valuation as it may adopt, as of the following times:

 (1) the acquisition of an additional interest in the Company (other than in connection with the execution of this
Agreement but including acquisitions pursuant to Section 4.2 hereof or contributions or deemed contributions by the Managing Member pursuant to Section 4.2 hereof) by a new or existing Member in exchange for more than a de minimis Capital
Contribution, if the Managing Member reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Members in the Company; 

(2) the distribution by the Company to a Member of more than a de minimis amount of Company property as consideration for an
interest in the Company if the Managing Member reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Members in the Company; 

(3) the liquidation of the Company within the meaning of Regulations Section
1.704-1(b)(2)(ii)(g); 
 (4) upon the admission of a successor managing member
pursuant to Section 12.1 hereof; and 
 (5) at such other times as the Managing Member shall reasonably determine
necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 

(iii) The Gross Asset Value of any Company asset distributed to a Member shall be the gross fair market value of such asset on
the date of distribution as determined by the Managing Member using such reasonable method of valuation as it may adopt. 

(iv) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section
1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (iv) to the extent that the Managing Member reasonably determines that an adjustment
pursuant to subsection (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (iv). 

  
 13 

 (v) If the Gross Asset Value of a Company asset has been determined or adjusted
pursuant to subsection (i), subsection (ii) or subsection (iv) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net
Losses. 
 “Holder” means either (a) a Member or (b) an Assignee that owns a Membership Unit. 

“Imputed Tax Underpayment” has the meaning set forth in Section 10.3.C hereof. 

“Incapacity” or “Incapacitated” means, (i) as to any Member who is an individual, death, total physical disability or
entry by a court of competent jurisdiction adjudicating such Member incompetent to manage his or her person or his or her estate; (ii) as to any Member that is a corporation or limited liability company, the filing of a certificate of
dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any Member that is a partnership, the dissolution and commencement of winding up of the partnership; (iv) as to any Member that is an estate,
the distribution by the fiduciary of the estate’s entire interest in the Company; (v) as to any trustee of a trust that is a Member, the termination of the trust (but not the substitution of a new trustee); or (vi) as to any Member,
the bankruptcy of such Member. For purposes of this definition, bankruptcy of a Member shall be deemed to have occurred when (a) the Member commences a voluntary proceeding seeking liquidation, reorganization or other relief of or against such
Member under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Member is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or
hereafter in effect has been entered against the Member, (c) the Member executes and delivers a general assignment for the benefit of the Member’s creditors, (d) the Member files an answer or other pleading admitting or failing to
contest the material allegations of a petition filed against the Member in any proceeding of the nature described in clause (b) above, (e) the Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for
the Member or for all or any substantial part of the Member’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been
dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the Member’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety
(90) days of such appointment, or (h) an appointment referred to in clause (g) above is not vacated within ninety (90) days after the expiration of any such stay. 

“Indemnitee” means (i) any Person made, or threatened to be made, a party to a proceeding by reason of its status as
(A) the Managing Member or CLNS or (B) a manager, member, officer, director or employee of the Managing Member or CLNS or an employee of the Company and (ii) such other Persons (including Affiliates, employees or agents of the
Managing Member, CLNS or the Company) as the Managing Member may designate from time to time (whether before or after the event giving rise to potential liability). 

“IRS” means the United States Internal Revenue Service. 

“IRS Adjustment” has the meaning set forth in Section 10.3.C hereof. 

  
 14 

 “Lead Tendering Party” has the meaning set forth in Section 15.1.J(3)(b) hereof. 

“Liquidating Event” has the meaning set forth in Section 13.1 hereof. 

“Liquidating Gains” has the meaning set forth in Section 6.3.E hereof. 

“Liquidating Losses” has the meaning set forth in Section 6.3.E hereof. 

“Liquidator” has the meaning set forth in Section 13.2.A hereof. 

“LTIP Award” means each or any, as the context requires, an award of LTIP Units issued under any Equity Plan. 

“LTIP Unit” means a Membership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges
and restrictions, qualifications, and limitations set forth in Section 4.5 hereof (except as may be varied by the designations applicable to any particular class or series of LTIP Units) and elsewhere in this Agreement (including any exhibit
hereto creating any new class or series of LTIP Units) or in the Equity Plan or the award, vesting, or other agreement pursuant to which an LTIP Unit is granted to the holder thereof. The allocation of LTIP Units among the Members shall be set forth
in the books and records of the Company, as may be amended from time to time. 
 “LTIP Unitholder” means a Member that holds LTIP
Units. 
 “LV Safe Harbor” has the meaning set forth in Section 10.2.B hereof. 

“LV Safe Harbor Election” has the meaning set forth in Section 10.2.B hereof. 

“LV Safe Harbor Interests” has the meaning set forth in Section 10.2.B hereof. 

“Majority in Interest of the Members” means Members (including the Managing Member, CLNS and any Controlled Entity of either of
them) entitled to vote on or consent to any matter holding more than fifty percent (50%) of all outstanding Membership Units held by all Members (including the Managing Member, CLNS and any Controlled Entity of either of them) entitled to vote on or
consent to such matter. 
 “Majority in Interest of the Non-Managing Members” means
Members (excluding the Managing Member, CLNS and any Controlled Entity of either of them) entitled to vote on or consent to any matter holding more than fifty percent (50%) of all outstanding Membership Units held by all Members (excluding the
Managing Member, CLNS and any Controlled Entity of either of them) entitled to vote on or consent to such matter. 
 “Managing
Member” means CLNS, or any of its successors or permitted assigns, or any subsequent successor or permitted assign, in its capacity as the managing member of the Company. 

“Member(s)” means (i) CLNS, (ii) CC, (iii) CCH, (iv) FHB LLC, (v) Saltzman, (vi) such Persons listed as Members in
the Register and (vii) each other Person that is, from time 

  
 15 

 
to time, admitted to the Company as a member in accordance with the terms of this Agreement and the Act, and any Substituted Member or Additional Member, each shown as such in the books and
records of the Company, in each case, that has not ceased to be a member of the Company pursuant to the Act and this Agreement, in such Person’s capacity as a member of the Company. 

“Member Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Member Minimum Gain that would
result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Member Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4).

 “Member Nonrecourse Deductions” has the meaning set forth in Regulations Section
1.704-2(i)(1), and the amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(1). 
 “Membership Common Unit” means a fractional share of the Membership Interests
of all Members issued pursuant to Sections 4.1 and 4.2 hereof, but does not include any Company Junior Unit, Company Preferred Unit or any other Membership Unit specified in a Membership Unit Designation as being other than a Membership Common Unit.

 “Membership Common Unit Economic Balance” has the meaning set forth in Section 6.3.E hereof. 

“Membership Interest” means an ownership interest in the Company held by either a
Non-Managing Member or the Managing Member and includes any and all benefits to which the holder of such a Membership Interest may be entitled as provided in this Agreement, together with all obligations of
such Person to comply with the terms and provisions of this Agreement. There may be one or more classes or series of Membership Interests; however, notwithstanding that the Managing Member, CLNS and any other Member may have different rights and
privileges as specified in this Agreement (including differences in rights and privileges with respect to their Membership Interests), the Membership Interest held by the Managing Member, CLNS or any other Member and designated as being of a
particular class or series shall not be deemed to be a separate class or series of Membership Interest from a Membership Interest having the same designation as to class and series that is held by any other Member solely because such Membership
Interest is held by the Managing Member, CLNS or any other Member having different rights and privileges as specified under this Agreement. A Membership Interest may be expressed as a number of Membership Common Units, Company Preferred Units,
Company Junior Unit or other Membership Units. 
 “Membership Unit” means a Membership Common Unit, a Company Preferred Unit, a
Company Junior Unit or any other fractional share of the Membership Interests that the Managing Member has authorized pursuant to Section 4.1 or Section 4.2 hereof. 

“Membership Unit Designation” has the meaning set forth in Section 4.2 hereof. 

  
 16 

 “Membership Unit Distribution” has the meaning set forth in Section 4.5.A(ii) hereof.

 “MH REIT(s)” means (i) NRFC MH Holdings, LLC, (ii) NRFC MH II Holdings, LLC, (iii) MH III Holdings – T,
LLC, and (iv) MH IV Holdings – T, LLC. 
 “Net Income” or “Net Loss” means, for each Fiscal Year of the
Company, an amount equal to the Company’s taxable income or loss for such year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (i) any income of the
Company that is exempt from federal income tax and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the
case may be) such taxable income (or loss); 
 (ii) any expenditure of the Company described in Code Section 705(a)(2)(B) or
treated as a Code Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition
of “Net Income” or “Net Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 

(iii) in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (ii) or subsection
(iii) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

(iv) gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(v) in lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be taken into account in
computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year; 
 (vi) to the
extent that an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into
account in determining Capital Accounts, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) and shall be taken into
account for purposes of computing Net Income or Net Loss; and 
 (vii) notwithstanding any other provision of this definition
of “Net Income” or “Net Loss,” any item that is specially allocated pursuant to Section 6.3 hereof shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of

  
 17 

 
Company income, gain, loss or deduction available to be specially allocated pursuant to Section 6.3 hereof shall be determined by applying rules analogous to those set forth in this
definition of “Net Income” or “Net Loss.” 
 “Net Proceeds” has the meaning set forth in Section 15.1.J(2)
hereof. 
 “New Partnership Audit Procedures” means Subchapter C of Chapter 63 of the Code, as modified by Section 1101 of
the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, any amended or successor version, Treasury Regulations promulgated thereunder, official interpretations thereof, related notices, or other related
administrative guidance. 
 “New Securities” means (i) any rights, options, warrants or convertible or exchangeable
securities that entitle the holder thereof to subscribe for or purchase, convert such securities into or exchange such securities for, REIT Shares, Capital Shares or Preferred Shares, excluding Preferred Shares and grants under the Stock Incentive
Plans, or (ii) any Debt issued by CLNS that provides any of the rights described in clause (i). 

“Non-Electing Shares” has the meaning set forth in Section 15.1.H hereof. 

“Non-Managing Member(s)” means any Member other than the Managing Member. 

“Non-Managing Member Ancillary Agreement” means, with respect to any Non-Managing Member, any other agreement entered into by such Non-Managing Member or any of its Affiliates or transferee thereof with CLNS, the Company or a Subsidiary of the
Company relating to such Non-Managing Member’s Membership Units or any REIT Shares or Capital Shares which such Non-Managing Member holds or has the rights to
obtain. 
 “Nonrecourse Deductions” has the meaning set forth in Regulations Section
1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations Section 1.752-1(a)(2). 

“Notice of Redemption” means a Notice of Redemption substantially in the form of Exhibit B attached to this Agreement. 

“Offered Shares” has the meaning set forth in Section 15.1.J(1)(a) hereof. 

“Offering Units” has the meaning set forth in Section 15.1.J(1)(a) hereof. 

“OP Merger” has the meaning set forth in the Recitals. 

“Optionee” means a Person to whom a stock option is granted under any Stock Incentive Plan. 

“Original Agreement” has the meaning set forth in the Recitals. 

  
 18 

 “Original Certificate” has the meaning set forth in the Recitals. 

“Outside Member” means any Member other than a REIT Member. 

“Ownership Limit” means the applicable restriction or restrictions on ownership of stock of CLNS imposed under the Charter. 

“Partnership Representative” has the meaning set forth in Section 10.3.A hereof. 

“Percentage Interest” means, with respect to each Member, as to any class or series of Membership Interests, the fraction, expressed
as a percentage, the numerator of which is the aggregate number of Membership Units of such class or series held by such Member and the denominator of which is the total number of Membership Units of such class or series held by all Members. If not
otherwise specified, “Percentage Interest” shall be deemed to refer to Membership Common Units. 
 “Permitted Lender
Transferee” has the meaning set forth in the definition of Permitted Transferee. 
 “Permitted Transfer” means a Transfer by
a Non-Managing Member of all or part of its Membership Interest (i) to any Family Member, Controlled Entity or controlled Affiliate of such Member, or to any trust, partnership, corporation or limited
liability company established and held for the direct or indirect benefit of a Family Member, provided that any such Transfer constitutes a bona fide gift or otherwise shall not involve a disposition for value other than equity interests in any such
trust, partnership, corporation or limited liability company; (ii) as required by applicable law or order; (iii) to a nominee or custodian of a person or entity to whom a disposition or Transfer would be permitted under this Agreement;
(iv) that such Non-Managing Member would be expressly authorized to make as a “Permitted Transfer” pursuant to a Non-Managing Member Ancillary Agreement,
disregarding any expiration or termination thereof; or (v) in the case of any Permitted Transferee that is a past or present officer or employee of (x) the Company, CLNS or their respective Subsidiaries or (y) CC, CCH or Colony Realty
Partners, LLC or their respective Subsidiaries, as may be, or may have been permitted pursuant to the applicable Non-Managing Member Ancillary Agreement to which such Membership Interests were subject at the
time of the issuance of such Membership Interests or to which such Permitted Transferee was party (taking into account subsequent amendments thereto), disregarding any expiration or termination of such
Non-Managing Member Ancillary Agreement. 
 “Permitted Transferee” means (i) any
lender or lenders secured by a Pledge, or agents acting on their behalf, to whom any Membership Interest is transferred pursuant to the exercise of remedies under a Pledge and any special purpose entities owned and used by such lenders or agents for
the purpose of holding any such Membership Interest (each a “Permitted Lender Transferee”), (ii) any Person, including any Third-Party Pledge Transferee designated by any lender or lenders secured by a Pledge, or agents acting on their
behalf, to whom a Membership Interest is transferred pursuant to the exercise of remedies under a Pledge, whether before or after one or more Permitted Lender Transferees take title to such Membership Interest 

  
 19 

 
and (iii) any other Person to whom any Membership Interest is transferred pursuant to a Permitted Transfer. 

“Person” means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability
company or other entity. 
 “Pledge” means a pledge by a Non-Managing Member of all or any
portion of its Membership Interest to one or more banks or lending institutions, or agents acting on their behalf, which are not Affiliates of such Non-Managing Member, as collateral or security for a bona
fide loan or other extension of credit. 
 “Preferred Share” means a share of stock of CLNS now or hereafter authorized,
designated or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares, including the Series A Preferred Shares, the Series B Preferred Shares, the Series C
Preferred Shares, the Series D Preferred Shares, the Series E Preferred Shares, the Series F Preferred Shares, the Series G Preferred Shares and the Series H Preferred Shares. 

“Pricing Agreements” has the meaning set forth in Section 15.1.J(3)(b) hereof. 

“Properties” means any assets and property of the Company and “Property” means any one such asset or property. 

“Publicly Traded” means having common equity securities listed or admitted to trading on any U.S. national securities exchange. 

“Qualified DRIP” means a dividend reinvestment plan of CLNS that permits participants to acquire REIT Shares using the proceeds of
dividends paid by CLNS. 
 “Qualified Transferee” means an “accredited investor,” as defined in Rule 501 promulgated
under the Securities Act. 
 “Qualifying MHR Party” means the MH REITs, or any of the successors or permitted assigns of the MH
REITs, or any subsequent successor or permitted assigns. 
 “Qualifying Party” means (a) a Member, (b) an Additional
Member, (c) an Assignee who is the transferee of a Member’s Membership Interest in a Permitted Transfer, or (d) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Member’s Membership
Interest in a Permitted Transfer; provided, however, that a Qualifying Party shall not include the Managing Member or CLNS. 

“Redemption” has the meaning set forth in Section 15.1.A hereof. 

“Register” has the meaning set forth in Section 4.2 hereof. 

“Regulations” means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final form, as
such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

  
 20 

 “Regulatory Allocations” has the meaning set forth in Section 6.3.B(viii) hereof. 

“REIT” means a real estate investment trust within the meaning of Code Sections 856 through 860. 

“REIT Available Cash” means, as of any date of determination, all amounts held by CLNS (and not the Company and its Subsidiaries)
which would be available for distribution to the holders of REIT Shares (calculated in a manner substantially similar to the manner in which the Company calculates Available Cash, but excluding any distributions from the Company to be made, or which
have been made, to CLNS hereunder and without regard to any restriction on distribution imposed on CLNS by any third party). 
 “REIT
Member” means any Member which is (a) CLNS or any Affiliate of CLNS to the extent such Person has in place an election to qualify as a REIT and (b) a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2))
or disregarded entity (determined for federal income tax purposes) of any such Person referred to in clause (a). 
 “REIT Payment”
has the meaning set forth in Section 15.11 hereof. 
 “REIT Performance Share” means a share of performance common stock of
CLNS, par value $0.01 per share. 
 “REIT Requirements” means the requirements for qualifying as a REIT under the Code and
Regulations (the “REIT Requirements”). 
 “REIT Share” means Class A REIT Shares, Class B REIT Shares and REIT
Performance Shares. 
 “REIT Shares Amount” means a number of Class A REIT Shares equal to the product of (a) the number
of Tendered Units and (b) the Adjustment Factor; provided, however, that, in the event that CLNS issues to all holders of Class A REIT Shares as of a specified record date rights, options, warrants or convertible or exchangeable securities
entitling CLNS’s stockholders to subscribe for or purchase Class A REIT Shares, or any other securities or property (collectively, the “Rights”), with the record date for such Rights issuance falling within the period starting on
the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the REIT Shares Amount shall also include such
Rights that a holder of that number of Class A REIT Shares would be entitled to receive, expressed, where relevant hereunder, as a number of Class A REIT Shares determined by the Managing Member. 

“Related Party” means, with respect to any Person, any other Person to whom ownership of shares of CLNS’s stock would be
attributed by or from such first Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 
 “Reviewed Year”
means a Company taxable year to which an item being adjusted by the IRS relates, as defined in Section 6225(d)(1) of the Code or comparable provisions of state, local or non-U.S. law. 

  
 21 

 “Rights” has the meaning set forth in the definition of “REIT Shares Amount.”

 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, and the rules and regulations of the SEC promulgated thereunder. 

“Series A Company Preferred Unit” means a Company Preferred Unit with the designations, preferences and relative, participating,
optional or other special rights, powers and duties as are set forth in Exhibit E hereto. It is the intention of the Managing Member that each Series A Company Preferred Unit shall be substantially the economic equivalent of one Series A Preferred
Share. 
 “Series A Preferred Share” means a share of 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock of CLNS, par
value $0.01 per share. 
 “Series B Company Preferred Unit” means a Company Preferred Unit with the designations, preferences and
relative, participating, optional or other special rights, powers and duties as are set forth in Exhibit F hereto. It is the intention of the Managing Member that each Series B Company Preferred Unit shall be substantially the economic equivalent of
one Series B Preferred Share. 
 “Series B Preferred Share” means a share of 8.25% Series B Cumulative Redeemable Perpetual
Preferred Stock of CLNS, par value $0.01 per share. 
 “Series C Company Preferred Unit” means a Company Preferred Unit with the
designations, preferences and relative, participating, optional or other special rights, powers and duties as are set forth in Exhibit G hereto. It is the intention of the Managing Member that each Series C Company Preferred Unit shall be
substantially the economic equivalent of one Series C Preferred Share. 
 “Series C Preferred Share” means a share of 8.875%
Series C Cumulative Redeemable Perpetual Preferred Stock of CLNS, par value $0.01 per share. 
 “Series D Company Preferred Unit”
means a Company Preferred Unit with the designations, preferences and relative, participating, optional or other special rights, powers and duties as are set forth in Exhibit H hereto. It is the intention of the Managing Member that each Series D
Company Preferred Unit shall be substantially the economic equivalent of one Series D Preferred Share. 
 “Series D Preferred
Share” means a share of 8.500% Series D Cumulative Redeemable Perpetual Preferred Stock of CLNS, par value $0.01 per share. 

“Series E Company Preferred Unit” means a Company Preferred Unit with the designations, preferences and relative, participating,
optional or other special rights, powers and duties as are set forth in Exhibit I hereto. It is the intention of the Managing Member that each Series E Company Preferred Unit shall be substantially the economic equivalent of one Series E Preferred
Share. 

  
 22 

 “Series E Preferred Share” means a share of 8.75% Series E Cumulative Redeemable
Perpetual Preferred Stock of CLNS, par value $0.01 per share. 
 “Series F Company Preferred Unit” means a Company Preferred Unit
with the designations, preferences and relative, participating, optional or other special rights, powers and duties as are set forth in Exhibit J hereto. It is the intention of the Managing Member that each Series F Company Preferred Unit shall be
substantially the economic equivalent of one Series F Preferred Share. 
 “Series F Preferred Share” means a share of 8.50% Series
F Cumulative Redeemable Perpetual Preferred Stock of CLNS, par value $0.01 per share. 
 “Series G Company Preferred Unit” means a
Company Preferred Unit with the designations, preferences and relative, participating, optional or other special rights, powers and duties as are set forth in Exhibit K hereto. It is the intention of the Managing Member that each Series G Company
Preferred Unit shall be substantially the economic equivalent of one Series G Preferred Share. 
 “Series G Preferred Share” means
a share of 7.50% Series G Cumulative Redeemable Perpetual Preferred Stock of CLNS, par value $0.01 per share. 
 “Series H Company
Preferred Unit” means a Company Preferred Unit with the designations, preferences and relative, participating, optional or other special rights, powers and duties as are set forth in Exhibit L hereto. It is the intention of the Managing Member
that each Series H Company Preferred Unit shall be substantially the economic equivalent of one Series H Preferred Share. 
 “Series H
Preferred Share” means a share of 7.125% Series H Cumulative Redeemable Perpetual Preferred Stock of CLNS, par value $0.01 per share. 

“Single Funding Notice” has the meaning set forth in Section 15.1.J(1)(b) hereof. 

“Specified Membership Units” means with respect to each Excluded Property, the amount of Membership Common Units, Company Junior
Unit and/or Company Preferred Units (as the case may be) which would have been issued to CLNS, pursuant to Section 4.2 hereof, if CLNS had contributed such Excluded Property on the date that such asset was acquired by CLNS or a wholly owned
Subsidiary of CLNS, in exchange for Membership Units equal in value to the fair market value of such Excluded Property as of such date. 

“Specified Redemption Date” means the soonest practicable date after the receipt by the Managing Member of a Notice of Redemption,
but in any event not later than the tenth (10th) Business Day following the date of receipt; provided, however, with respect to any Member who is not an employee of the Company, a Subsidiary of the Company or CLNS or a Former NSAM Unitholder, the
Specified Redemption Date shall be not later than the fifth (5th) Business Day after the Cut-Off Date; and provided, further, that, if the Managing Member and CLNS elect a Stock Offering Funding pursuant to
Section 15.1.J, such Specified Redemption Date shall be deferred until the next Business Day following the date of the closing of the Stock Offering Funding (but in any event not more than one hundred fifty (150) days in the aggregate). 

  
 23 

 “Stock Incentive Plans” means any stock option plan or stock incentive plan now or
hereafter adopted by the Company or CLNS. 
 “Stock Offering Funding” has the meaning set forth in Section 15.1.J(1)(a) hereof.

 “Stock Offering Funding Amount” has the meaning set forth in Section 15.1.J(2) hereof. 

“Subsidiary” means, with respect to a specified Person, any other Person in which more than 50% of the securities or other ownership
interests having the power to (a) elect a majority of the other Person’s board of directors or other governing body or (b) otherwise direct the business and policies of the other Person, are owned or controlled, directly or
indirectly, by (x) the specified Person, (y) the specified Person and one or more Subsidiaries of the specified Person, or (z) one or more Subsidiaries of the specified Person. For the avoidance of doubt, no fund, investment vehicle,
or investment product managed by CLNS or its Subsidiaries shall be deemed to be a Subsidiary of CLNS. 
 “Substituted Member”
means a Person who is admitted as a Member to the Company pursuant to Section 11.4 hereof. 
 “Successor Shares Amount” has
the meaning set forth in Section 11.7.C hereof. 
 “Surrender” has the meaning set forth in Section 15.15.A hereof. 

“Surrender Date” has the meaning set forth in Section 15.15.A hereof. 

“Surrendering Party” has the meaning set forth in Section 15.15.A hereof. 

“Surviving Company” has the meaning set forth in Section 11.7.C hereof. 

“Target Balance” has the meaning set forth in Section 6.3.E hereof. 

“Tax Items” has the meaning set forth in Section 6.4.A hereof. 

“Tax Matters Member” has the meaning set forth in Section 10.3.A hereof. 

“Tendered Units” has the meaning set forth in Section 15.1.A hereof. 

“Tendering Party” has the meaning set forth in Section 15.1.A hereof. 

“Termination Transaction” means any Transfer of all or any portion of CLNS’s Membership Interest or, if the Managing Member is
not CLNS, its interest in the Managing Member in connection with, or the other occurrence of, (a) a merger, consolidation or other combination involving CLNS or the Managing Member, on the one hand, and any other Person, on the other (other
than in connection with a change in CLNS’s state of incorporation or organizational form), (b) a sale, lease, exchange or other transfer of all or substantially all of the assets of CLNS not in the ordinary course of its business, whether in a
single transaction or a series of related transactions, (c) a reclassification, recapitalization or similar change of the 

  
 24 

 
outstanding REIT Shares (other than a change in par value, or from par value to no par value, or as a result of a stock split, stock dividend or similar subdivision), (d) the adoption of any plan
of liquidation or dissolution of CLNS or the Managing Member, or (e) a Transfer of all or any portion of CLNS’s Membership Interest or, if the Managing Member is not CLNS, its interest in the Managing Member, other than a Transfer effected
in accordance with Section 11.2.A.(i). 
 “Third-Party Pledge Transferee” means a Qualified Transferee, other than a Permitted
Lender Transferee, that acquires a Membership Interest pursuant to the exercise of remedies by Permitted Lender Transferees under a Pledge and that agrees to be bound by the terms and conditions of this Agreement. 

“Transaction” has the meaning set forth in Section 4.6.F hereof. 

“Transaction Consideration” has the meaning set forth in Section 11.7.B hereof. 

“Transfer” means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation,
mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of law; provided, however, that when the term is used in Article 11 hereof, unless otherwise indicated therein,
“Transfer” does not include (a) any Redemption of Membership Common Units by the Company, or acquisition of Tendered Units by CLNS, pursuant to Section 15.1 hereof, or (b) any redemption of Membership Units pursuant to any
Membership Unit Designation. The terms “Transferred” and “Transferring” have correlative meanings. 
 “Unvested
LTIP Units” has the meaning set forth in Section 4.5.C(i) hereof. 
 “Valuation Date” means the date of receipt by the
Managing Member of a Notice of Redemption pursuant to Section 15.1 herein, the date of a notice of surrender pursuant to Section 15.15 herein, or such other date as specified herein, or, if such date is not a Business Day, the immediately
preceding Business Day. 
 “Value” means, on any date with respect to a REIT Share, the average of the daily Market Prices for the
ten (10) consecutive trading days immediately preceding the Valuation Date (except that the Market Price for the trading day immediately preceding the date of exercise of a stock option under any Stock Incentive Plans shall be substituted for such
average of daily market prices for purposes of Section 4.4 hereof). The term “Market Price” on any date means, with respect to either Class A REIT Shares, Class B REIT Shares or REIT Performance Shares, the last sale price
for a Class A REIT Share, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for a Class A REIT Shares, in either case, as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if Class A REIT Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal
consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which Class A REIT Shares are listed or admitted to trading or, if Class A REIT Shares are not listed or admitted
to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the- counter
market, as reported by the principal automated quotation system 

  
 25 

 
that may then be in use or, if Class A REIT Shares are not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market maker making a
market in Class A REIT Shares selected by the Managing Member or, in the event that no trading price is available for Class A REIT Shares, the fair market value of Class A REIT Shares, as determined in good faith by the Managing
Member. In the event that the REIT Shares Amount includes Rights (as defined in the definition of “REIT Shares Amount”) that a holder of REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by the
Managing Member acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 

“Vested LTIP Units” has the meaning set forth in Section 4.5.C(i) hereof. 

“Vesting Agreement” means each or any, as the context implies, Equity Plan or agreement contemplated under an Equity Plan entered
into by an LTIP Unitholder upon acceptance of an award of LTIP Units under an Equity Plan. 
 “Withdrawing Member” has the meaning
set forth in Section 15.1.J(3)(c) hereof. 
 Section 1.2 Interpretation and Usage. In this Agreement, unless there is a
clear contrary intention: (A) when a reference is made to an article, a section, an exhibit or a schedule, that reference is to an article, a section, an exhibit or a schedule of or to this Agreement; (B) the singular includes the plural
and vice versa; (C) reference to any agreement, document or instrument means that agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (D) reference to any statute,
code, rule, or regulation means that statute, code, rule or regulation as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference
to any section or other provision of any statute, code, rule or regulation means that section or provision from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of that section
or provision; (E) “hereunder,” “hereof,” “hereto,” and words of similar import will be deemed references to this Agreement as a whole and not to any particular article, section or other provision of this Agreement; (F)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; (G) references to agreements, documents or instruments will be deemed to refer as
well to all addenda, exhibits, schedules or amendments thereto; and (H) the terms “writing,” “written” and words of similar import will be deemed to include communications and documents in
e-mail, fax or any other similar electronic or documentary form. 
 ARTICLE 2. 

ORGANIZATIONAL MATTERS 

Section 2.1 Formation. The Company is a limited liability company previously formed, and continued pursuant to the provisions of
the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Members and the administration and termination of the Company shall be
governed by the Act. The Membership Interest of each Member shall be personal property for all purposes. 

  
 26 

 Section 2.2 Name. The name of the Company is “Colony Capital Operating Company,
LLC”. The Company’s business may be conducted under any other name or names deemed advisable by the Managing Member, including the name of the Managing Member or any Affiliate thereof. The words “Limited Liability Company,”
“L.L.C.,” “LLC” or similar words or letters shall be included in the Company’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The Managing Member may change the name of
the Company at any time and from time to time. 
 Section 2.3 Principal Office and Resident Agent. The address of the principal
office of the Company in the State of Delaware is located at 2711 Centerville Road, Suite 400, Wilmington, County of New Castle, Delaware 19808, and the name and address of the resident agent of the Company in the State of Delaware are the
Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, County of New Castle, Delaware 19808, or such other principal office and resident agent as the Managing Member may from time to time designate. The Company may maintain
offices at such other place or places within or outside the State of Delaware as the Managing Member may approve. 
 Section 2.4
Power of Attorney. 
 A. Each Member and Assignee hereby irrevocably constitutes and appoints the Managing Member, any Liquidator,
and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 

(1) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates,
documents and other instruments (including this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the Managing Member or the Liquidator deems appropriate or necessary to form, qualify or continue the
existence or qualification of the Company as a limited liability company (or a company in which the members have limited liability to the extent provided by applicable law) in the State of Delaware and in all other jurisdictions in which the Company
may conduct business or own property; (b) all instruments that the Managing Member or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms;
(c) all conveyances and other instruments or documents that the Managing Member or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a
certificate of cancellation; (d) all conveyances and other instruments or documents that the Managing Member or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Company pursuant to the terms of
this Agreement; (e) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Member pursuant to the terms of this Agreement or the Capital Contribution of any Member; and (f) all certificates, documents
and other instruments relating to the determination of the rights, preferences and privileges relating to Membership Interests; and 

  
 27 

 (2) execute, swear to, acknowledge and file all ballots, consents, approvals,
waivers, certificates and other instruments the Managing Member or any Liquidator determines in its sole and absolute discretion are appropriate, necessary or desirable to make, evidence, give, confirm or ratify any vote, consent, approval,
agreement or other action that is made or given by the Members hereunder or is consistent with the terms of this Agreement or to effectuate the terms or intent of this Agreement. 

Nothing contained herein shall be construed as authorizing the Managing Member or any Liquidator to amend this Agreement except in accordance with
Section 14.2 hereof or as may be otherwise expressly provided for in this Agreement. 
 B. The foregoing power of attorney is hereby
declared to be irrevocable and a special power coupled with an interest, in recognition of the fact that each of the Members and Assignees will be relying upon the power of the Managing Member or the Liquidator to act as contemplated by this
Agreement in any filing or other action by it on behalf of the Company, and it shall survive and not be affected by the subsequent Incapacity of any Member or Assignee and the Transfer of all or any portion of such Person’s Membership Units or
Membership Interest (as the case may be) and shall extend to such Person’s heirs, successors, assigns and personal representatives. Each such Member and Assignee hereby agrees to be bound by any representation made by the Managing Member or the
Liquidator, acting in good faith pursuant to such power of attorney; and each such Member and Assignee hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Managing Member or the Liquidator,
taken in good faith under such power of attorney. Each Member and Assignee shall execute and deliver to the Managing Member or the Liquidator, within fifteen (15) days after receipt of the Managing Member’s or the Liquidator’s request
therefor, such further designation, powers of attorney and other instruments as the Managing Member or the Liquidator (as the case may be) deems necessary to effectuate this Agreement and the purposes of the Company. Notwithstanding anything else
set forth in this Section 2.4.B, no Member shall incur any personal liability for any action of the Managing Member or the Liquidator taken under such power of attorney. 

Section 2.5 Term. The term of the Company commenced on March 25, 2011, the date that the original Certificate was filed with
the office of the Secretary of State of the State of Delaware in accordance with the Act, and shall continue indefinitely unless the Company is dissolved sooner pursuant to the provisions of Article 13 hereof or as otherwise provided by law. 

ARTICLE 3. 
 PURPOSE 

Section 3.1 Purpose and Business. The purpose and nature of the Company is to conduct any business, enterprise or activity
permitted by or under the Act; provided, however, such business and arrangements and interests shall be limited to and conducted in such a manner as to permit the Managing Member, in its sole and absolute discretion, at all times to be classified as
a REIT unless CLNS, in its sole and absolute discretion, has chosen to cease to qualify as a REIT or has chosen not to attempt to qualify as a REIT for any reason or for reasons whether or not related to the business conducted by the Company.
Without limiting CLNS’s right in its sole and absolute discretion to cease qualifying as a REIT, the Members acknowledge 

  
 28 

 
that the status of CLNS as a REIT inures to the benefit of all Members and not solely to CLNS or its Affiliates. In connection with the foregoing, the Company shall have full power and authority
to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue and guarantee evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly or indirectly, to acquire
additional Properties necessary, useful or desirable in connection with its business. 
 Section 3.2 Powers. 

A. The Company shall have the power to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient
for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Company; provided, however, the Company shall not take, and shall refrain from taking, any action that, in the judgment of
the Managing Member, in its sole and absolute discretion, (i) could adversely affect the ability of CLNS to continue to qualify as a REIT, (ii) could cause the Company not to be treated as a partnership or disregarded entity for federal
income tax purposes, (iii) could subject CLNS to any additional taxes under Code Section 857 or Code Section 4981 or any other related or successor provision of the Code or (iv) could violate any law or regulation of any
governmental body or agency having jurisdiction over CLNS, its securities or the Company. 
 Section 3.3 Limited
Authority and Liability of Members. The Company is a limited liability company formed pursuant to the Act, and this Agreement shall not be deemed to create a company, venture or partnership between or among the Members or any other
Persons with respect to any activities whatsoever other than the activities specified in Section 3.1 hereof. Except as otherwise provided in this Agreement, no Member shall have any authority to act for, bind, commit or assume any obligation or
responsibility on behalf of the Company, its properties or any other Member. No Member, in its capacity as a Member under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Member, nor shall the Company be
responsible or liable for any indebtedness or obligation of any Member, incurred either before or after the execution and delivery of this Agreement by such Member, except as to those responsibilities, liabilities, indebtedness or obligations
incurred pursuant to and as limited by the terms of this Agreement and the Act. 
 Section 3.4 Representations and Warranties by the
Members. 
 A. Each Member that is an individual (including each Additional Member or Substituted Member as a condition to becoming an
Additional Member or a Substituted Member) represents and warrants to, and covenants with, the Company, the Managing Member and each other Member that (i) the consummation of the transactions contemplated by this Agreement to be performed by
such Member will not result in a breach or violation of, or a default under, any material agreement by which such Member or any of such Member’s property is bound, or any statute, regulation, order or other law to which such Member is subject,
(ii) except as disclosed in writing to the Managing Member, such Member is neither a “foreign person,” within the meaning of Code Section 1445(f) nor a “foreign partner,” within the meaning of Code Section 1446(e), (iii) to
such Member’s knowledge, such Member does not, and for so long as it is a Member will not, own, directly or indirectly, (a) nine percent (9%) or more of the 

  
 29 

 
total combined voting power of all classes of stock entitled to vote, or nine percent (9%) or more of the total number of shares of all classes of stock, of any corporation that is a direct or
indirect tenant of any of (I) CLNS, determined for purposes of Code Section 856(d)(2)(B), (II) the Company, determined for purposes of Code Section 7704(d)(3), (III) any Affiliated REIT or (IV) any partnership, corporation, or other entity
of which CLNS or any “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), with respect to CLNS, or the Company is a member, determined for purposes of Code Section 856(d)(2)(B) and Code Section 7704(d)(3), or
(b) an interest of nine percent (9%) or more in the assets or net profits of any direct or indirect tenant of any of (I) CLNS, determined for purposes of Code Section 856(d)(2)(B), (II) the Company, determined for purposes of Code
Section 7704(d)(3), (III) any Affiliated REIT or (IV) any partnership, corporation, or other entity of which CLNS or any “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), with respect to CLNS, or the
Company is a member, determined for purposes of Code Section 856(d)(2)(B) and Code Section 7704(d)(3); provided, however, that each Member may exceed any of the nine percent limits (9%) set forth in this clause (iii) if such Member obtains the
written consent of the Managing Member prior to exceeding any such limits; provided, further, that in no event shall any Member own, directly or indirectly, more than nine point eight percent (9.8%) of the stock described in clause (iii)(a) above or
more than nine point eight percent (9.8%) of the assets or net profits described in clause (iii)(b) above, and (iv) this Agreement is binding upon, and enforceable against, such Member in accordance with its terms. 

B. Each Member that is not an individual (including each Additional Member or Substituted Member as a condition to becoming an Additional
Member or a Substituted Member) represents and warrants to, and covenants with, the Company, the Managing Member and each other Member that (i) all transactions contemplated by this Agreement to be performed by it have been duly authorized by
all necessary action, including that of its managing member(s), general partner(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s) (as the case may be) as required, (ii) the consummation of such transactions shall not
result in a breach or violation of, or a default under, its partnership or operating agreement, trust agreement, charter or bylaws (as the case may be), any material agreement by which such Member or any of such Member’s properties or any of
its partners, members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or any statute, regulation, order or other law to which such Member or any of its partners, members, trustees, beneficiaries or stockholders (as the
case may be) is or are subject, (iii) except as disclosed in writing to the Managing Member, such Member is neither a “foreign person,” within the meaning of Code Section 1445(f), nor a “foreign partner,” within the meaning
of Code Section 1446(e), (iv) such Member does not, and for so long as it is a Member will not, own, directly or indirectly, (a) nine percent (9%) or more of the total combined voting power of all classes of stock entitled to vote, or nine
percent (9%) or more of the total number of shares of all classes of stock, of any corporation that is a direct or indirect tenant of any of (I) CLNS, determined for purposes of Code Section 856(d)(2)(B), (II) the Company, determined for
purposes of Code Section 7704(d)(3), (III) any Affiliated REIT or (IV) any partnership, corporation, or other entity of which CLNS or any “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), with respect to
CLNS, or the Company is a member, determined for purposes of Code Section 856(d)(2)(B) and Code Section 7704(d)(3), or (b) an interest of nine percent (9%) or more in the assets or net profits of any direct or indirect tenant of any of
(I) CLNS, determined for purposes of Code Section 856(d)(2)(B), (II) the Company, determined for purposes of Code Section 

  
 30 

 
7704(d)(3), (III) any Affiliated REIT or (IV) any partnership, corporation, or other entity of which CLNS or any “qualified REIT subsidiary” (within the meaning of Code Section
856(i)(2)), with respect to CLNS, or the Company is a member, determined for purposes of Code Section 856(d)(2)(B) and Code Section 7704(d)(3); provided, however, that each Member may exceed any of the nine percent limits (9%) set forth in this
clause (iii) if such Member obtains the written consent of the Managing Member prior to exceeding any such limits; provided, further, that in no event shall any Member own, directly or indirectly, more than nine point eight percent (9.8%) of
the stock described in clause (iii)(a) above or more than nine point eight percent (9.8%) of the assets or net profits described in clause (iii)(b) above, and (iv) this Agreement is binding upon, and enforceable against, such Member in
accordance with its terms. 
 C. Each Member (including each Substituted Member, as a condition to becoming a Substituted Member) represents
and warrants that it is an “accredited investor,” as defined in Rule 501 promulgated under the Securities Act, and represents, warrants and agrees that it has acquired and continues to hold its interest in the Company for its own account
for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular
time or under any predetermined circumstances. Each Member further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate investments, and
that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Company in what it understands to be a highly speculative and illiquid investment. Notwithstanding the foregoing, the
representations and warranties contained in the first sentence of this Section 3.4.C shall not apply to any Permitted Lender Transferee, it being understood that a Permitted Lender Transferee may be subject to a legal obligation to sell, distribute
or otherwise dispose of any Membership Interest acquired pursuant to the exercise of remedies under a Pledge; provided, however, that such Permitted Lender Transferee must be a Qualified Transferee. 

D. The representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C hereof shall survive the execution and delivery of this
Agreement by each Member (and, in the case of an Additional Member or a Substituted Member, the admission of such Additional Member or Substituted Member as a Member in the Company) and the dissolution, liquidation and termination of the Company.

 E. Each Member (including each Substituted Member as a condition to becoming a Substituted Member) hereby acknowledges that no
representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Company or the Managing Member have been made by any Member or any employee or representative or Affiliate of any Member, and that
projections and any other information, including financial and descriptive information and documentation, that may have been in any manner submitted to such Member shall not constitute any representation or warranty of any kind or nature, express or
implied. 
 F. Notwithstanding the foregoing, the Managing Member may permit the modification of any of the representations and warranties
contained in Sections 3.4.A, 3.4.B and 3.4.C above as applicable to any Member (including any Additional Member or Substituted Member or any transferee of either) provided that such representations and warranties, as

  
 31 

 
modified, shall be set forth in either (i) a Membership Unit Designation applicable to the Membership Units held by such Member or (ii) a separate writing addressed to the Company and
the Managing Member. 
 ARTICLE 4. 

CAPITAL CONTRIBUTIONS 

Section 4.1 Capital Contributions of the Members. Each Member has previously made (or has been deemed to have made) Capital
Contributions to the Company (or NSAM LP). Immediately upon execution of this Agreement, all existing limited liability company interests of the Company issued and outstanding as of immediately prior to the execution of this Agreement automatically
shall be converted into (i) Membership Common Units, (ii) Series A Company Preferred Units, (iii) Series B Company Preferred Units, (iv) Series C Company Preferred Units, (v) Series D Company Preferred Units,
(vi) Series E Company Preferred Units, (vii) Series F Company Preferred Units, (viii) Series G Company Preferred Units or (ix) Series H Company Preferred Units, in each case as set forth in the Register. Except as provided by law
or in Section 4.2, 4.3, 10.3.C or 10.4 hereof, the Members shall have no obligation or, except with the prior written consent of the Managing Member, right to make any Capital Contributions or loans to the Company. 

Section 4.2 Issuances of Additional Membership Interests. Subject to the rights of any Holder of any Membership Interest set forth
in a Membership Unit Designation: 
 A. General. Subject to the provisions of this Agreement (including Section 4.2.B hereof), the
Managing Member is hereby authorized to cause the Company to issue additional Membership Interests, in the form of Membership Units, for any Company purpose (including if the Managing Member determines that the Company requires Additional Funds), at
any time or from time to time, to the Members (including the Managing Member and CLNS) or to other Persons, and to admit such Persons as Additional Members, for such consideration and on such terms and conditions as shall be established by the
Managing Member, all without the approval of any Member or any other Person. Without limiting the foregoing, the Managing Member is expressly authorized to cause the Company to issue Membership Units (i) upon the conversion, redemption or
exchange of any Debt, Membership Units or other securities issued by the Company, (ii) for less than fair market value, (iii) for no consideration, (iv) in connection with any merger of any other Person into the Company, or
(v) upon the contribution of property or assets to the Company. Any additional Membership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences, conversion or other
rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption (including rights that may be senior or otherwise entitled to preference over existing Membership Interests) as shall be
determined by the Managing Member, in its sole and absolute discretion and without the approval of any Non-Managing Member or any other Person, and set forth in a written document thereafter attached to and
made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Membership Unit Designation”) without the approval of any
Non-Managing Member or any other Person. Without limiting the generality of the foregoing, the Managing Member shall have authority to specify, in its sole and absolute discretion: (a) the allocations of
items of Company income, gain, loss, deduction and 

  
 32 

 
credit to each such class or series of Membership Interests; (b) the right of each such class or series of Membership Interests to share (on a pari passu, junior or preferred basis) in
Membership Unit Distributions; (c) the rights of each such class or series of Membership Interests upon dissolution and liquidation of the Company; (d) the voting rights, if any, of each such class or series of Membership Interests; and
(e) the conversion, redemption or exchange rights applicable to each such class or series of Membership Interests. Except to the extent specifically set forth in any Membership Unit Designation, a Membership Interest of any class or series
other than a Membership Common Unit shall not entitle the holder thereof to vote on, or consent to, any matter. Upon the issuance of any additional Membership Interest, the Managing Member shall amend the Register and the books and records of the
Company as appropriate to reflect such issuance. 
 B. Issuances to the Managing Member or CLNS. No additional Membership Units shall
be issued to CLNS unless (i) the additional Membership Units are issued to all Members holding Membership Common Units in proportion to their respective Percentage Interests in the Membership Common Units, (ii) (a) the additional
Membership Units are (x) Membership Common Units issued in connection with an issuance of REIT Shares, or (y) Company Equivalent Units (other than Membership Common Units) issued in connection with an issuance of Capital Shares, Preferred
Shares, New Securities or other interests in CLNS (other than REIT Shares), and (b) CLNS contributes to the Company the cash proceeds or other consideration received in connection with the issuance of such REIT Shares, Capital Shares, Preferred
Shares, New Securities or other interests in CLNS, (iii) the additional Membership Units are issued upon the conversion, redemption or exchange of Debt, Membership Units or other securities issued by the Company, or (iv) the additional
Membership Units are issued pursuant to Section 4.2.A, Section 4.2.D, Section 4.4, Section 4.7 or Section 4.11; provided, however, that notwithstanding any provision to the contrary contained in this Agreement but subject to the
rights of any Holder of any Membership Interest set forth in a Membership Unit Designation, the Company shall not issue, and the Managing Member shall not authorize the issuance of, (x) any Membership Interests issued to CLNS that do not have
CLNS Equivalent Shares that are concurrently issued by CLNS for the equivalent contribution to CLNS of cash, property or assets, which are subsequently contributed by CLNS to the Company, or (y) any Membership Interests unless approved by the
Board of Directors. 
 C. No Preemptive Rights. Except as expressly provided in this Agreement or in any Membership Unit Designation,
no Person, including any Member or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Membership Interest. 

D. Issuance of Securities by CLNS. Following the issuance of Membership Units contemplated by the second sentence of Section 4.1,
CLNS shall not issue any additional REIT Shares, Preferred Shares or New Securities unless CLNS contributes, substantially concurrently with the receipt thereof, the cash proceeds or other consideration received from the issuance of such additional
REIT Shares, Preferred Shares or New Securities (as the case may be), and from the exercise of the rights contained in any such additional New Securities, to the Company in exchange for (x) in the case of an issuance of REIT Shares, Membership
Common Units, or (y) in the case of an issuance of Preferred Shares or New Securities, Company Equivalent Units; provided, however, that notwithstanding the foregoing, CLNS may issue REIT Shares, Preferred

  
 33 

 
Shares or New Securities (a) pursuant to Section 4.4 or Section 15.1.B hereof, (b) pursuant to a dividend or distribution (including any stock split) of REIT Shares, Preferred
Shares or New Securities to all holders of REIT Shares, Preferred Shares or New Securities (as the case may be), (c) upon a conversion, redemption or exchange of Preferred Shares, (d) upon a conversion, redemption, exchange or exercise of New
Securities, or (e) in connection with an acquisition of Membership Units or a property or other asset to be owned, directly or indirectly, by CLNS. In the event of any issuance of additional REIT Shares, Preferred Shares or New Securities by
CLNS, and the contribution to the Company, by CLNS, of the cash proceeds or other consideration received from such issuance, the Company shall pay CLNS’s expenses associated with such issuance, including any underwriting discounts or
commissions. In the event that CLNS issues any additional REIT Shares, Capital Shares, Preferred Shares, New Securities or other interests in CLNS and contributes the cash proceeds or other consideration received from the issuance thereof to the
Company, the Company is authorized to and shall issue a number of Membership Common Units or Company Equivalent Units to CLNS equal to the number of REIT Shares, Capital Shares, Preferred Shares, New Securities or other interests so issued, divided
by the Adjustment Factor then in effect, in accordance with this Section 4.2.D without any further act, approval or vote of any Member or any other Persons, provided that CLNS shall have the discretion to not divide the Capital Shares, Preferred
Shares, New Securities or other interests by the Adjustment Factor for purposes of determining the number of Membership Common Units or Company Equivalent Units to be issued to CLNS if CLNS determines that to do so would not be appropriate. 

E. Register. The Managing Member shall cause to be maintained in the principal business office of the Company, or such other place as
may be determined by the Managing Member, the books and records of the Company, which shall include, among other things, a register containing the name, address and number of Membership Units of each Member, and such other information as the
Managing Member may deem necessary or desirable (the “Register”). The Register shall not be deemed part of this Agreement. The Managing Member shall from time to time update the Register as necessary to accurately reflect the information
therein, including as a result of any sales, exchanges or other Transfers, or any redemptions, issuances or similar events involving Membership Units. Any reference in this Agreement to the Register shall be deemed a reference to the Register as in
effect from time to time. Subject to the terms of this Agreement, the Managing Member may take any action authorized hereunder in respect of the Register without any need to obtain the consent of any other Member. No action of any Non-Managing Member shall be required to amend or update the Register. Except as required by law, no Non-Managing Member shall be entitled to receive a copy of the information
set forth in the Register relating to any Member other than itself. Schedule I hereto sets forth the respective Capital Accounts of the Members as of the date hereof. 

Section 4.3 Loans to the Company. 

A. Loans by Third Parties. The Managing Member, on behalf of the Company, may obtain any Additional Funds, without the approval of any
Member or any other Person, by causing the Company to incur Debt to any Person (other than, except as contemplated in Section 4.3.B, the Managing Member or CLNS) upon such terms as the Managing Member determines appropriate, including making such
Debt convertible, redeemable or exchangeable for Membership Units; provided, however, that the Company shall not incur any such Debt if any 

  
 34 

 
Member would be personally liable for the repayment of such Debt (unless such Member otherwise agrees). 

B. Loans by the Managing Member. The Managing Member, in its sole and absolute discretion on behalf of the Company, may obtain any
Additional Funds by causing the Company to incur Debt to the Managing Member and/or CLNS (each, a “CLNS Member Loan”) if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including
interest rate, repayment schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the Managing Member or CLNS, as applicable, the net proceeds of which are loaned to the Company to provide such Additional
Funds, or (ii) such Debt is on terms and conditions no less favorable to the Company than would be available to the Company from a third party; provided, however, that the Company shall not incur any such Debt if any Member would be personally
liable for the repayment of such Debt (unless such Member otherwise agrees). 
 Section 4.4 Stock Incentive Plans. 

A. Options Granted to Persons other than Company Employees. If at any time or from time to time, in connection with any Stock Incentive
Plan, an option to purchase REIT Shares granted to a Person other than a Company Employee is duly exercised: 
 (1) CLNS,
shall, as soon as practicable after such exercise, make a Capital Contribution to the Company in an amount equal to the exercise price paid to CLNS by such exercising party in connection with the exercise of such stock option. 

(2) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4.A(1) hereof, CLNS shall be
deemed to have contributed to the Company as a Capital Contribution an amount equal to the Value of a REIT Share as of the date of exercise, multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock
option. In exchange for such Capital Contribution, the Company shall issue a number of Membership Common Units to CLNS equal to the quotient of (a) the number of REIT Shares issued in connection with the exercise of such stock option, divided
by (b) the Adjustment Factor then in effect. 
 B. Options Granted to Company Employees. If at any time or from time to time, in
connection with any Stock Incentive Plan, an option to purchase REIT Shares granted to a Company Employee is duly exercised: 

(1) CLNS shall sell to the Company, and the Company shall purchase from CLNS, the number of REIT Shares as to which such stock
option is being exercised. The purchase price per REIT Share for such sale of REIT Shares to the Company shall be the Value of a REIT Share as of the date of exercise of such stock option. 

(2) The Company shall sell to the Optionee (or if the Optionee is an employee of a Company Subsidiary, the Company shall sell
to such Company Subsidiary, which in turn shall sell to the Optionee), for a cash price per share equal to the Value of a REIT Share at the time of the exercise, a number of REIT Shares equal to (a) the exercise price

  
 35 

 
paid to CLNS by the exercising party in connection with the exercise of such stock option, divided by (b) the Value of a REIT Share at the time of such exercise. 

(3) The Company shall transfer to the Optionee (or if the Optionee is an employee of a Company Subsidiary, the Company shall
transfer to such Company Subsidiary, which in turn shall transfer to the Optionee) at no additional cost, as additional compensation, a number of REIT Shares equal to the number of REIT Shares described in Section 4.4.B(1) hereof, less the number of
REIT Shares described in Section 4.4.B(2) hereof. 
 (4) CLNS shall, as soon as practicable after such exercise, make a
Capital Contribution to the Company of an amount equal to the proceeds received (excluding any payment in respect of payroll taxes or other withholdings) by CLNS pursuant to Section 4.4.B(1) in connection with the exercise of such stock option. In
exchange for such Capital Contribution, the Company shall issue a number of Membership Common Units to CLNS equal to the quotient of (a) the number of REIT Shares issued in connection with the exercise of such stock option, divided by
(b) the Adjustment Factor then in effect. 
 C. Restricted Stock Granted to Company Employees. If at any time or from time to
time, in connection with any Equity Plan (other than a Stock Incentive Plan), any REIT Shares are issued to a Company Employee (including any REIT Shares that are subject to forfeiture in the event such Company Employee terminates his employment by
the Company or a Company Subsidiary) in consideration for services performed for the Company or a Company Subsidiary: 
 (1)
CLNS shall issue such number of REIT Shares as are to be issued to the Company Employee in accordance with the Equity Plan; 

(2) the following events will be deemed to have occurred: (a) CLNS shall be deemed to have sold such shares to the Company
(or if the Company Employee is an employee or other service provider of a Company Subsidiary, to such Company Subsidiary) for a purchase price equal to the Value of such shares, (b) the Company (or such Company Subsidiary) shall be deemed to
have delivered the shares to the Company Employee, (c) CLNS shall be deemed to have contributed the purchase price to the Company as a Capital Contribution, and (d) if the Company Employee is an employee of a Company Subsidiary, the
Company shall be deemed to have contributed such amount to the capital of the Company Subsidiary; and 
 (3) the Company
shall issue to CLNS a number of Membership Common Units equal to the number of newly issued REIT Shares, divided by the Adjustment Factor then in effect, in consideration for the deemed Capital Contribution pursuant to Section 4.4.C.(2)(c). 

D. Restricted Stock Granted to Persons other than Company Employees. If at any time or from time to time, in connection with any Equity
Plan (other than a Stock Incentive Plan), any REIT shares are issued to a Person other than a Company Employee in consideration for services performed for CLNS, the Company or a Company Subsidiary: 

  
 36 

 (1) CLNS shall issue such number of REIT Shares as are to be issued to such
Person in accordance with the Equity Plan; and 
 (2) CLNS shall be deemed to have contributed the Value of such REIT Shares
to the Company as a Capital Contribution, and the Company shall issue to CLNS a number of newly issued Membership Common Units equal to the number of newly issued REIT Shares, divided by the Adjustment Factor then in effect. 

E. Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Managing Member or
CLNS from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the Managing Member, CLNS, the Company or any of their Affiliates. The Members acknowledge and agree that, in
the event that any such plan is adopted, modified or terminated by the Managing Member or CLNS, amendments to this Section 4.4 may become necessary or advisable and that any approval or Consent to any such amendments requested by the Managing
Member or CLNS shall be deemed granted. 
 F. Issuance of Membership Common Units. The Company is expressly authorized to issue
Membership Common Units in the circumstances specified in this Section 4.4 without any further act, approval or vote of any Member or any other Persons. 

Section 4.5 LTIP Units. 

A. Issuance of LTIP Units. The Managing Member may from time to time issue LTIP Units, in one or more classes or series established in
accordance with Section 4.2, to Persons who provide services to the Company, for such consideration as the Managing Member may determine to be appropriate, and admit such Persons as Members. Any provision herein relating to LTIP Units or LTIP
Unitholders may be varied by the provisions applicable to an individual class or series of LTIP Units as set forth in the applicable Membership Unit Designation. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, each
LTIP Unit is intended to qualify as a “profits interest” in the Company within the meaning of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Subject to the following provisions of this
Section 4.5 and the special provisions of Sections 4.6, 5.7 and 6.3.E, LTIP Units shall be treated as Membership Common Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the
Members’ Percentage Interests, holders of LTIP Units shall be treated as holders of Membership Common Units and LTIP Units shall be treated as Membership Common Units. In particular, the Company shall maintain at all times a one-to-one correspondence between LTIP Units and Membership Common Units for conversion, distribution and other purposes, including complying with the following procedures:

 (i) If an Adjustment Event occurs, then except as set forth in the applicable Membership Unit Designation, the Managing Member shall make
a corresponding adjustment to the LTIP Units to maintain the one-to-one correspondence between Membership Common Units and LTIP Units as existed prior to such Adjustment
Event. “Adjustment Events” means any of the following events (A) the Company makes a distribution on all outstanding Membership Common Units in Membership Units to the extent the LTIP Unitholder did not participate in the

  
 37 

 
distribution, (B) the Company subdivides the outstanding Membership Common Units into a greater number of units or combines the outstanding Membership Common Units into a smaller number of
units, or (C) the Company issues any Membership Units in exchange for its outstanding Membership Common Units by way of a reclassification or recapitalization of its Membership Common Units. If more than one Adjustment Event occurs, the
adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment
Events: (x) the issuance of Membership Units in a financing, reorganization, acquisition or other similar business transaction, (y) the issuance of Membership Units pursuant to any employee benefit or compensation plan or distribution
reinvestment plan, or (z) the issuance of any Membership Units to the Managing Member in respect of a capital contribution to the Company of proceeds from the sale of securities by the Managing Member. If the Company takes an action affecting
the Membership Common Units or LTIP Units other than actions specifically described above as Adjustment Events and in the opinion of the Managing Member such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the Managing Member shall have the right to make such adjustment to the LTIP Units, to the extent permitted by law and by any Equity
Plan, in such manner and at such time as the Managing Member, in its sole and absolute discretion, may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided the Company shall promptly file
in the books and records of the Company an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment
absent manifest error. Promptly after the filing of such certificate, the Company shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment; and 

(ii) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series
of LTIP Units, the LTIP Unitholders shall, when, as and if authorized and declared by the Managing Member out of assets legally available for that purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions
per Membership Common Unit (the “Membership Unit Distribution”), paid to holders of Membership Common Units on such Company Record Date established by the Managing Member with respect to such distribution, provided, however, that until the
Economic Capital Account Balance of the LTIP Units is equal to the Target Balance, the LTIP Units shall be entitled to distributions attributable to the sale or other disposition of an asset of the Company only to the extent of any appreciation in
value of such asset subsequent to the award date of such LTIP Unit, as determined by the Company. Subject to the terms of any LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series of LTIP Units, so
long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall be authorized, declared or paid on Membership Common Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on
the LTIP Units in accordance with the preceding sentence. Subject to the terms of any LTIP Award or Vesting Agreement, or by the Managing Member with respect to any particular class or series of LTIP Units, an LTIP Unitholder shall be entitled to
transfer his or her Vested LTIP Units to the same extent, and subject to the same restrictions as holders of Membership Common Units are entitled to transfer their Membership Common Units pursuant to Article 11 of this Agreement. 

  
 38 

 B. Priority. Subject to the provisions of this Section 4.5 and the special provisions
of Section 6.3.E, the LTIP Units shall rank pari passu with the Membership Common Units as to the payment of regular and special periodic or other distributions and, subject to Sections 13.2.A(4) and 13.2.C, distribution of assets upon liquidation,
dissolution or winding up. As to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, any class or series of Membership Units or Membership Interests which by its terms specifies that it shall
rank junior to, on a parity with, or senior to the Membership Common Units shall also rank junior to, or pari passu with, or senior to, as the case may be, the LTIP Units. 

C. Special Provisions. LTIP Units shall be subject to the following special provisions: 

(i) Vesting Agreements. LTIP Units may, in the sole and absolute discretion of the Managing Member, be issued subject to vesting,
forfeiture and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the Managing Member from time to time in its sole and absolute discretion, subject to any
restrictions on amendment imposed by the relevant Vesting Agreement or by the Equity Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as “Vested LTIP Units;” all other LTIP Units shall
be treated as “Unvested LTIP Units.” 
 (ii) Forfeiture. Unless otherwise specified in the Vesting Agreement, upon the
occurrence of any event specified in a Vesting Agreement as resulting in either the right of the Company or the Managing Member to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP Units, then if the Company or
the Managing Member exercises such right to repurchase or forfeiture in accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding
for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a Company Record Date
prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of its LTIP Units shall be reduced by
the amount, if any, by which such balance exceeds the Target Balance contemplated by Section 6.3.E, calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any. 

(iii) Allocations. LTIP Unitholders shall be entitled to certain special allocations of gain under Section 6.3.E. 

(iv) Redemption. The Redemption right provided to Members under Section 15.1 shall not apply with respect to LTIP Units unless and
until they are converted to Membership Common Units as provided in clause (v) below and Section 4.6. 
 (v) Conversion to
Membership Common Units. Vested LTIP Units are eligible to be converted into Membership Common Units under Section 4.6. 

  
 39 

 D. Voting. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the
Managing Member with respect to any particular class or series of LTIP Units, LTIP Unitholders shall (a) have those voting rights required from time to time by applicable law, if any, (b) have the same voting rights as a holder of
Membership Common Units with respect to their LTIP Units, with the LTIP Units voting as a single class with the Membership Common Units and having one vote per LTIP Unit and (c) have the additional voting rights that are expressly set forth
below. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series of LTIP Units, so long as any LTIP Units remain outstanding, the Company shall not, without the
affirmative vote of the holders of at least a majority of the LTIP Units outstanding at the time that would be adversely affected by the proposed action, given in person or by proxy, either in writing or at a meeting (voting separately as a class),
amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units as such so as to materially and adversely affect any right, privilege or voting power of the LTIP Units or the LTIP
Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately in all material respects the rights, privileges and voting powers of the holders of Membership Common Units; but subject, in any event, to
the following provisions: 
 (i) With respect to any Transaction, so long as the LTIP Units are treated in accordance with Section 4.6.F
hereof, the consummation of such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such; and 

(ii) Any creation or issuance of any Membership Units or of any class or series of Membership Interest, including additional Membership Common
Units, LTIP Units or Company Preferred Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to
materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such. 
 The foregoing
voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected, all outstanding LTIP Units shall have been converted into Membership Common Units. 

Section 4.6 Conversion of LTIP Units. 

A. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the Managing Member with respect to any particular class or series of
LTIP Units, an LTIP Unitholder shall have the right (the “Conversion Right”), at its option, at any time to convert all or a portion of its Vested LTIP Units into Membership Common Units; provided, however, that a holder may not exercise
the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into
Membership Common Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such LTIP
Unitholder may give the Company a Conversion Notice conditioned upon and effective as of the time of vesting and such 

  
 40 

 
Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Company subject to such condition. In all cases, the conversion of any LTIP Units into Membership
Common Units shall be subject to the conditions and procedures set forth in this Section 4.6. 
 B. Notwithstanding the foregoing, in
no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such Member, to the extent attributable to its ownership of Vested LTIP Units, divided by (y) the
Membership Common Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”). In order to exercise his or her Conversion Right, an LTIP Unitholder shall deliver a notice (a
“Conversion Notice”) in the form attached as Exhibit C to the Company (with a copy to the Managing Member) not less than 10 nor more than 60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice;
provided, however, that if the Managing Member has not given to the LTIP Unitholders notice of a proposed or upcoming Transaction (as defined below in Section 4.6.F) at least 30 days prior to the effective date of such Transaction, then LTIP
Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the 10th day after such notice from the Managing Member of a Transaction or (y) the third business day immediately preceding the effective date of such
Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.2. Each LTIP Unitholder covenants and agrees with the Company that all Vested LTIP Units to be converted pursuant to this Section 4.6.B shall be free and
clear of all liens. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 15.1.A of this Agreement relating to those Membership Common Units that will be issued to such holder
upon conversion of such LTIP Units into Membership Common Units in advance of the Conversion Date; provided, however, that the redemption of such Membership Common Units by the Company shall in no event take place until after the Conversion Date.
For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder in a position where, if he or she so wishes, the Membership Common Units into which his or her Vested LTIP Units will be converted can be redeemed by the
Company simultaneously with such conversion, with the further consequence that, if the Managing Member elects to assume the Company’s redemption obligation with respect to such Membership Common Units under 15.1.B of this Agreement by
delivering to such holder Class A REIT Shares rather than cash, then such holder can have such Class A REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Membership Common Units. The
Managing Member shall reasonably cooperate with an LTIP Unitholder to coordinate the timing of the different events described in the foregoing sentence. 

C. The Company, at any time at the election of the Managing Member in its sole and absolute discretion, may cause any number of Vested LTIP
Units held by an LTIP Unitholder to be converted (a “Forced Redemption”) into an equal number of Membership Common Units, giving effect to all adjustments (if any) made pursuant to Section 4.5; provided, however, that the Company may
not cause a Forced Redemption of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.6.B. In order to exercise its right of Forced Redemption, the Company shall deliver a
notice (a “Forced Redemption Notice”) in the form attached as Exhibit D to the applicable LTIP Unitholder not less than 10 nor more than 60 days prior to the Conversion Date specified in such Forced

  
 41 

 
Redemption Notice. A Forced Redemption Notice shall be provided in the manner provided in Section 15.2. 

D. A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Company has given a Forced Redemption
Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the Company
with the issuance as of the opening of business on the next day of the number of Membership Common Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Company shall deliver to such LTIP Unitholder, upon his or
her written request, a certificate of the Managing Member certifying the number of Membership Common Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The Assignee of any Member pursuant to Article 11
hereof may exercise the rights of such Member pursuant to this Section 4.6 and such Member shall be bound by the exercise of such rights by the Assignee. 

E. For purposes of making future allocations under Section 6.3.E and applying the Capital Account Limitation, the portion of the Economic
Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Membership Common Unit
Economic Balance. 
 F. If the Company or the Managing Member shall be a party to any transaction (including a merger, consolidation, unit
exchange, self-tender offer for all or substantially all Membership Common Units or other business combination or reorganization, or sale of all or substantially all of the Company’s assets, but excluding any transaction which constitutes an
Adjustment Event) in each case as a result of which Membership Common Units shall be exchanged for or converted into the right, or the holders of such Membership Common Units shall otherwise be entitled, to receive cash, securities or other property
or any combination thereof (any of the foregoing being referred to herein as a “Transaction”), then the Managing Member shall, immediately prior to the consummation of the Transaction, exercise its right to cause a Forced Redemption with
respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the Company were sold
at the Transaction price or, if applicable, at a value determined by the Managing Member in good faith using the value attributed to the Membership Common Units in the context of the Transaction (in which case the Conversion Date shall be the
effective date of the Transaction). In anticipation of such Forced Redemption and the consummation of the Transaction, the Company shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to receive in
connection with such Transaction in consideration for the Membership Common Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the
consummation of such Transaction by a holder of the same number of Membership Common Units, assuming such holder of Membership Common Units is not a Person with which the Company consolidated or into which the Company merged or which merged into the
Company or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent Person. In the event that holders of Membership Common Units have

  
 42 

 
the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the Managing Member shall give prompt written notice to
each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the Managing Member, the form or type of consideration to be received upon conversion of
each LTIP Unit held by such holder into Membership Common Units in connection with such Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held
by him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Membership Common Unit would receive if such Membership Common Unit holder failed to make such an election. Subject to the rights of the
Company and the Managing Member under any Vesting Agreement and any Equity Plan, the Company shall use commercially reasonable efforts to cause the terms of any Transaction to be consistent with the provisions of this Section 4.6.F and to enter into
an agreement with the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted into Membership Common Units in connection with the Transaction that will (i) contain
provisions enabling the holders of LTIP Units that remain outstanding after such Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Membership Common Units and
(ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP Unitholders. 

Section 4.7 Dividend Reinvestment Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be provided in this Article 4,
all amounts retained or deemed received by CLNS in respect of any dividend reinvestment plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by CLNS to effect open market purchases of REIT Shares,
or (b) shall be contributed by CLNS to the Company in exchange for additional Membership Common Units, and upon such contribution, the Company will issue to CLNS a number of Membership Common Units equal to the number of newly issued REIT
Shares, divided by the Adjustment Factor then in effect. 
 Section 4.8 No Interest; No Return. No Member shall be entitled to
interest on its Capital Contribution or on such Member’s Capital Account. Except as provided herein or by law, no Member shall have any right to demand or receive the return of its Capital Contribution from the Company. 

Section 4.9 Conversion or Redemption of Preferred Shares; Redemption of REIT Shares. 

A. Conversion of Preferred Shares. If, at any time, any Preferred Shares are converted into REIT Shares, in whole or in part, then an
equal number of Company Equivalent Units held by CLNS that correspond to the class or series of Preferred Shares so converted shall automatically be converted into a number of Membership Common Units equal to the quotient of (i) the number of
REIT Shares issued upon such conversion, divided by (ii) the Adjustment Factor then in effect. 

  
 43 

 B. Redemption of Preferred Shares. If, at any time, any Preferred Shares are redeemed,
repurchased or otherwise acquired (whether by exercise of a put or call, automatically or by means of another arrangement) by CLNS for cash, then, immediately prior to such redemption of Preferred Shares, the Company shall redeem an equal number of
Company Equivalent Units held by CLNS that correspond to the class or series of Preferred Shares so redeemed, repurchased or acquired upon the same terms and for the same price per Company Equivalent Unit, as such Preferred Shares are redeemed,
repurchased or acquired. 
 C. Redemption, Repurchase or Forfeiture of REIT Shares. If, at any time, any REIT Shares are redeemed,
repurchased or otherwise acquired (whether by exercise of a put or call, upon forfeiture of any award granted under any Equity Plan, automatically or by means of another arrangement, including pursuant to any
Non-Managing Member Ancillary Agreement) by CLNS (other than repurchases contemplated by Section 4.7), then, immediately prior to such redemption, repurchase or acquisition of REIT Shares, the Company
shall redeem (including by the redemption of Membership Common Units pursuant to Section 15.15) a number of Membership Common Units held directly or indirectly by CLNS equal to the quotient of (i) the number of REIT Shares so redeemed,
repurchased or acquired, divided by (ii) the Adjustment Factor then in effect, such redemption, repurchase or acquisition to be upon the same terms and for the same price per Membership Common Unit (after giving effect to application of the
Adjustment Factor) as such REIT Shares are redeemed, repurchased or acquired. 
 Section 4.10 Other Contribution Provisions. In
the event that any Member is admitted to the Company and is given a Capital Account in exchange for services rendered to the Company, such transaction shall be treated by the Company and the affected Member as if the Company had compensated such
Member in cash and such Member had contributed the cash to the capital of the Company. In addition, with the consent of the Managing Member, one or more Members (including CLNS) may enter into contribution agreements with the Company which have the
effect of providing a guarantee of certain obligations of the Company. 
 Section 4.11 Excluded Properties. CLNS shall
contribute each Excluded Property (or, if applicable, the net proceeds (after payment of all transfer taxes and other transaction costs) received by CLNS from the sale, transfer or other disposition of an Excluded Property to a Person who is not a
direct or indirect wholly owned Subsidiary of CLNS) to the Company upon the earlier of (i) such time as it is commercially practicable to contribute such property to the Company without adverse tax or other economic consequence to CLNS, and
(ii) any sale, transfer or other disposition of an Excluded Property to a Person who is not a direct or indirect wholly owned Subsidiary of CLNS. Upon any such contribution of an Excluded Property or the proceeds therefrom, CLNS shall receive
in exchange for such contribution, notwithstanding the actual value of such Excluded Property or the amount of such proceeds (as the case may be), the Specified Membership Units applicable to such Excluded Property. The Company is expressly
authorized to issue the Specified Membership Units in the numbers specified in this Section 4.11 without any further act, approval or vote of any Member or any other Persons. 

Section 4.12 Contingent Consideration and Payment. In exchange for the contribution of assets to the Company pursuant to the CC
Contribution Agreement, CC, CCH, FHB LLC and Saltzman (the “Contingent Consideration Members”) are collectively entitled to up to $101,144,012 of contingent consideration (based on the reference price of $22.05) to the extent

  
 44 

 
such contingent consideration is issued as Membership Common Units (the “Aggregate Contingent Consideration”) as provided in Section 3.5 of the CC Contribution Agreement. The
initial Gross Asset Value of the assets contributed by the Contingent Consideration Members to the Company as reflected on Schedule II includes the value of the Aggregate Contingent Consideration and the respective Capital Accounts, as reflected on
Schedule I, of the Contingent Consideration Members includes such value; provided, however, if all or a portion of the Aggregate Contingent Consideration is forfeited as determined by Section 3.5 of the CC Contribution Agreement, the Gross
Asset Values of the assets of the Company shall be decreased by the amount of such forfeiture of the Aggregate Contingent Consideration and the Capital Accounts of the Contingent Consideration Members shall be decreased by such decrease. In
addition, if any of the Contingent Consideration Members are required to forfeit any consideration as a result of an obligation under Article X of the CC Contribution Agreement, the Gross Asset Values of the assets of the Company shall be decreased
by the amount of such forfeiture and the Capital Accounts of such Contingent Consideration Members shall be decreased by such decrease. The Members acknowledge and agree that the Membership Common Units representing the Aggregate Contingent
Consideration have been issued and are being held by the Company and that such Membership Common Units will be treated in the same manner as any other outstanding Membership Common Units. 

ARTICLE 5. 
 DISTRIBUTIONS 

Section 5.1 Requirement and Characterization of Distributions. 

A. Subject to the terms of any Membership Unit Designation that provides for a class or series of Company Preferred Units with a preference
with respect to the payment of distributions, the Managing Member shall cause the Company to distribute quarterly all, or such portion as the Managing Member may determine, of the Available Cash generated by the Company during such quarter to the
Holders of Membership Common Units on such Company Record Date in the manner set forth in Section 5.1B below. Except as otherwise agreed by the Managing Member, distributions payable with respect to any Membership Units that were not
outstanding during the entire quarterly period in respect of which any distribution is made (other than any Membership Units issued to CLNS in connection with the issuance of REIT Shares or Capital Shares by CLNS or Membership Units issued to Former
NSAM Unitholders) shall be prorated based on the portion of the period that such Membership Units were outstanding. Notwithstanding the foregoing, the Managing Member, in its sole and absolute discretion, may cause the Company to distribute
Available Cash to the Holders on a more or less frequent basis than quarterly. The Managing Member shall make reasonable efforts to cause the Company to distribute sufficient amounts to enable CLNS, for so long as CLNS has determined to qualify
as a REIT, to pay stockholder dividends that will (a) satisfy the REIT Requirements, and (b) eliminate any U.S. federal income or excise tax liability of CLNS. 

B. Distributions to Holders with respect to their Membership Common Units and LTIP Units for a period shall be made: 

(i) to the Outside Members to the extent of the Dividend Equivalent Amount for such period; and 

  
 45 

 (ii) to the REIT Members in an aggregate amount equal to the aggregate dividends payable with
respect to REIT Shares for such period. 
 Notwithstanding the foregoing, if any Excluded Property (or the proceeds therefrom) has not been
contributed to the Company pursuant to Section 4.11, the distributions to the REIT Members provided for in clause (ii) above shall be reduced to the extent of any REIT Available Cash derived from such Excluded Property.

Section 5.2 Distributions in Kind. No Holder may demand to receive property other than cash as provided in this Agreement. The
Managing Member may cause the Company to make a distribution in kind of Company assets or Membership Interests to the Holders, and such assets or Membership Interests shall be distributed in such a fashion as to ensure that the fair market value is
distributed and allocated in accordance with Articles 5, 6 and 10 hereof. 
 Section 5.3 Amounts Withheld. All amounts withheld
pursuant to the Code or any provisions of any state or local tax law or Sections 10.3.C or 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to
Section 5.1 hereof for all purposes under this Agreement. 
 Section 5.4 Distributions upon Liquidation. Notwithstanding
the other provisions of this Article 5, upon the occurrence of a Liquidating Event, the assets of the Company shall be distributed to the Holders in accordance with Section 13.2 hereof. 

Section 5.5 Distributions to Reflect Additional Membership Units. In the event that the Company issues additional Membership Units
pursuant to the provisions of Article 4 hereof, subject to the rights of any Holder of any Membership Interest set forth in a Membership Unit Designation, the Managing Member is hereby authorized to make such revisions to this Article 5 and to
Article 6 as it determines are necessary or desirable to reflect the issuance of such additional Membership Units, including making preferential distributions to certain classes of Membership Units. 

Section 5.6 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, neither the
Company nor the Managing Member, on behalf of the Company, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law. 

Section 5.7 Restriction on Distributions with Respect to LTIP Units. It is the intention of the Members that distributions in
respect of LTIP Units be limited to the extent necessary so that each of the LTIP Units constitutes a “profits interest” for U.S. federal income tax purposes. In furtherance of the foregoing, and notwithstanding anything to the contrary in
this Agreement, the Managing Member shall, if necessary, limit distributions to the holders of LTIP Units so that such distributions do not exceed the available profits in respect of such LTIP Units. In the event that distributions in respect of
LTIP Units are reduced pursuant to the preceding sentence, an amount equal to such excess distributions shall be treated as instead apportioned to the remaining Members pro rata in accordance with their Membership Common Units for the related Fiscal
Year in accordance with the other provisions of this Agreement, and the Managing Member shall 

  
 46 

 
make adjustments to future distributions to the holders of LTIP Units as promptly as practicable so that the holders of LTIP Units receive a distribution equal to the amount they would have
received, in each case as if this Section 5.7 had not been in effect; provided, however, that any distributions pursuant to this sentence shall be further subject to the provisions of this Section 5.7. For purposes of this Agreement,
“profits interest” means a right to receive distributions funded solely by profits of the Company generated after the grant in connection with the performance of services, satisfying the requirements as set forth in IRS Revenue Procedures 93-27 and 2001-43, or any future IRS guidance or other authority that supplements or supersedes the foregoing IRS Revenue Procedures. 

ARTICLE 6. 
 ALLOCATIONS 

Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Company shall be
determined and allocated with respect to each Fiscal Year as of the end of each such year. Except as otherwise provided in this Article 6, and subject to Section 11.6.C hereof, an allocation to a Holder of a share of Net Income or Net Loss
shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 

Section 6.2 General Allocations. 

A. In General. Subject to Section 11.6.C hereof, Net Income and Net Loss shall be allocated to each of the Holders as follows: 

(i) Net Income will be allocated to Holders of Company Preferred Units and Company Equivalent Units in accordance with and subject to the
terms of the Membership Unit Designation applicable to such Company Preferred Units and Company Equivalent Units; 
 (ii) remaining Net
Income will be allocated to the Holders of Membership Common Units (including, for the avoidance of doubt, the LTIP Units) in accordance with their respective Percentage Interests at the end of each Fiscal Year; 

(iii) subject to the terms of any Membership Unit Designation, Net Loss will be allocated to the Holders of Membership Common Units
(including, for the avoidance of doubt, the LTIP Units) in accordance with their respective Percentage Interests and to the holders of Company Preferred Units and Company Equivalent Units in accordance with and subject to the terms of the Membership
Unit Designation applicable to such Company Equivalent Units at the end of each Fiscal Year; and 
 (iv) for purposes of this Section 6.2.A,
the Percentage Interests of the Holders of Membership Common Units shall be calculated based on a denominator equal to the aggregate Membership Common Units outstanding as of the date of determination. 

Section 6.3 Additional Allocation Provisions. Notwithstanding the foregoing provisions of this Article 6: 

  
 47 

 A. Special Allocations Regarding Company Preferred Units. If any Company Preferred Units
are redeemed pursuant to Section 4.9.B hereof (treating a full liquidation of the Managing Member’s Membership Interest or of CLNS’s Membership Interest for purposes of this Section 6.3.A as including a redemption of any then
outstanding Company Preferred Units pursuant to Section 4.9.B hereof), for the Fiscal Year that includes such redemption (and, if necessary, for subsequent Fiscal Years) (a) gross income and gain (in such relative proportions as the
Managing Member shall determine) shall be allocated to the holder(s) of such Company Preferred Units to the extent that the Redemption amounts paid or payable with respect to the Company Preferred Units so redeemed (or treated as redeemed) exceeds
the aggregate Capital Account balances (net of liabilities assumed or taken subject to by the Company) per Company Preferred Unit allocable to the Company Preferred Units so redeemed (or treated as redeemed) and (b) deductions and losses (in
such relative proportions as the Managing Member shall determine) shall be allocated to the holder(s) of such Company Preferred Units to the extent that the aggregate Capital Account balances (net of liabilities assumed or taken subject to by the
Company) per Company Preferred Unit allocable to the Company Preferred Units so redeemed (or treated as redeemed) exceeds the Redemption amount paid or payable with respect to the Company Preferred Units so redeemed (or treated as redeemed). 

B. Regulatory Allocations. 

(i) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f),
notwithstanding the provisions of Section 6.2 hereof, or any other provision of this Article 6, if there is a net decrease in Member Minimum Gain during any Fiscal Year, each Holder shall be specially allocated items of Company income and gain
for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Member Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations
pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.3.B(i) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (ii) Member Minimum Gain Chargeback.
Except as otherwise provided in Regulations Section 1.704-2(i)(4) or in Section 6.3.B(i) hereof, if there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any
Fiscal Year, each Holder who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated
items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s respective share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in
accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto.
The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2 (i)(4) and 1.704-2(j)(2). This Section 6.3.B(ii) is intended to qualify
as a “chargeback of partner nonrecourse debt minimum gain,” within the meaning of Regulations Section 1.704-2(i), and shall be interpreted consistently therewith. 

  
 48 

 (iii) Nonrecourse Deductions and Member Nonrecourse Deductions. Any Nonrecourse Deductions
for any Fiscal Year shall be specially allocated to the Holders in accordance with their respective Percentage Interests. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Holder(s) who bears the economic risk
of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

(iv) Qualified Income Offset. If any Holder unexpectedly receives an adjustment, allocation or distribution described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such
Holder in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible, provided that an allocation pursuant to this Section 6.3.B(iv) shall be
made if and only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.B(iv) were not in the Agreement. It is intended
that this Section 6.3.B(iv) qualify and be construed as a “qualified income offset,” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d), and shall be interpreted consistently therewith.

 (v) Gross Income Allocation. If any Holder has a deficit Capital Account at the end of any Fiscal Year that is in excess of the
sum of (1) the amount (if any) that such Holder is obligated to restore to the Company upon complete liquidation of such Holder’s Membership Interest (including the Holder’s interest in outstanding Company Preferred Units and other
Membership Units), and (2) the amount that such Holder is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated items of Company income and gain in the amount of such excess to eliminate such deficit as quickly as possible, provided that an allocation pursuant to
this Section 6.3.B(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.B(v)
and Section 6.3.B(iv) hereof were not in the Agreement. 
 (vi) Limitation on Allocation of Net Loss. To the extent that any
allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other Holders of Membership Common Units in accordance with their
respective Percentage Interests, and (y) thereafter, among the Holders of other Membership Units, as determined by the Managing Member, subject to the limitations of this Section 6.3.B(vi). 

(vii) Section 754 Adjustment. To the extent that an adjustment to the adjusted tax basis of any Company asset
pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the
basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders of Membership Common Units in accordance with their respective Percentage Interests in the event that Regulations
Section 1.704-1(b)(2)(iv)(m)(2) 

  
 49 

 
applies, or to the Holder(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies (or otherwise as
described in Regulations Section 1.704-1(b)(2) (iv)(m)(4)). 
 (viii) Curative Allocations.
The allocations set forth in Sections 6.3.B(i), (ii), (iii), (iv), (v), (vi) and (vii) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Section 6.1 hereof, the Regulatory Allocations shall be taken into account in allocating other
items of income, gain, loss and deduction among the Holders of Membership Common Units so that, to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items
and the Regulatory Allocations to each Holder of a Membership Common Unit shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred. 

C. Special Allocations Upon Liquidation. Notwithstanding any provision in this Article 6 to the contrary, if the Company disposes of
all or substantially all of its assets in a transaction that will lead to a liquidation of the Company pursuant to Article 13 hereof, then any Net Income or Net Loss realized in connection with such transaction and thereafter (and, if necessary,
constituent items of income, gain, loss and deduction) shall be specially allocated for such Fiscal Year (and to the extent permitted by Code Section 761 (c), for the immediately preceding Fiscal Year) among the Holders as required so as to
cause liquidating distributions pursuant to Section 13.2.A(4) hereof to be made in the same amounts and proportions as would have resulted had such distributions instead been made pursuant to Article 5 hereof. 

D. Allocation of Nonrecourse Liabilities. For purposes of determining a Holder’s proportional share of the “excess
nonrecourse liabilities” of the Company within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Company profits shall be equal to such Holder’s Percentage
Interest with respect to Membership Common Units. The Company shall maintain on a continuous basis during the five-year period beginning on the Closing Date (as defined in the CC Contribution Agreement) at least $1,050,000,000 of Nonrecourse
Liabilities. For purposes of the prior sentence, Nonrecourse Liabilities shall include Nonrecourse Liabilities of the Company as well the Company’s share (determined pursuant to Regulations
Section 1.752-2) of Nonrecourse Liabilities of partnerships and limited liability companies in which the Company has a direct or indirect interest (through one or more tiers of entities treated as
partnerships or disregarded for federal income tax purposes). The Company shall elect to allocate excess nonrecourse liabilities to CC to the maximum extent permitted under the “additional method” described in Regulations Section 1.752-3(a)(3) as regards to the amount of built-in gain allocated to a Member on section 704(c) property. 

E. Special Allocations Regarding LTIP Units. Notwithstanding the provisions of Section 6.2 above, any Liquidating Gains remaining
after the allocation of any such Liquidating Gains to Holders of Company Preferred Units and Company Equivalent Units pursuant to Section 6.2.A(i) shall first be allocated to the LTIP Unitholders until the Economic Capital Account Balances of such
Holders, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Membership Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units (the “Target Balance”) and thereafter shall be
allocated in accordance with 

  
 50 

 
Section 6.2.A(ii); provided, however, that, unless otherwise specified by the Managing Member in the grant of specific LTIP Units, no such Liquidating Gains will be allocated
with respect to any particular LTIP Unit unless and to the extent that such Liquidating Gains, when aggregated with other Liquidating Gains realized since the issuance of such LTIP Unit, exceed Liquidating Losses realized since the issuance of such
LTIP Unit. Liquidating Gains that cannot be allocated to LTIP Unitholders by reason of the proviso in the immediately preceding sentence shall be allocated to the holders of Membership Common Units. Liquidating Gains otherwise allocable to the
LTIP Unitholders pursuant to the second preceding sentence shall be allocated (i) on a “first-in, first-out” basis with respect to LTIP Units issued on
different dates and (ii) on an equal basis with respect to LTIP Units issued on the same date (i.e., Liquidating Gains shall be allocated first to the LTIP Units that were issued on the earliest date, and then with respect to such LTIP Units,
equally among such LTIP Units). For this purpose, “Liquidating Gains” means net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Company, including net capital gain
realized in connection with an adjustment to the Gross Asset Value of Company assets under Code Section 704(b). “Liquidating Losses” means any net capital loss realized in connection with any such event. The “Economic Capital
Account Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their ownership of LTIP Units, plus the amount of their allocable share of any Member Minimum Gain or Company Minimum Gain
attributable to such LTIP Units. Similarly, the “Membership Common Unit Economic Balance” shall mean (i) the Capital Account balance of the Managing Member, plus the amount of the Managing Member’s share of any Member Minimum
Gain or Company Minimum Gain, in either case to the extent attributable to the Managing Member’s ownership of Membership Common Units and computed on a hypothetical basis after taking into account all allocations through the date on which any
allocation is made under this Section 6.3.E (including any expenses of the Company reimbursed to the Managing Member pursuant to Section 7.4.B), divided by (ii) the number of the Managing Member’s Membership Common Units. The parties agree
that the intent of this Section 6.3.E is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the Managing Member’s Membership Common Units (on a per-Membership Common Unit/LTIP Unit basis). The Managing Member shall be permitted to interpret this Section 6.3.E or to amend this Agreement to the extent necessary and consistent with this intention. 

Section 6.4 Tax Allocations. 

A. In General. Except as otherwise provided in this Section 6.4, for income tax purposes under the Code and the Regulations, each
Company item of income, gain, loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to
Sections 6.2 and 6.3 hereof. 
 B. Section 704(c) Allocations. Notwithstanding Section 6.4.A hereof, Tax Items with respect to
Property that is contributed to the Company with a Gross Asset Value that varies from its basis in the hands of the contributing Member immediately preceding the date of contribution shall be allocated among the Holders for income tax purposes
pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Company shall account for such variation under any method approved under Code Section 

  
 51 

 
704(c) and the applicable Regulations as chosen by the Managing Member; provided, however, items of Company taxable income, gain, loss and deduction with respect to any property contributed to
the capital of the Company by CC, CCH, Saltzman or FHB LLC shall be allocated among the Members in accordance with Section 704(c) of the Code so as to take account of any variation between the adjusted basis of such property to the Company for
federal income tax purposes and its initial Gross Asset Value using the “traditional method without curative allocations” as defined in Regulations Section 1.704-3(b). If the Gross Asset Value of any
Company asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value,” subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of
such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the method chosen by the Managing Member; provided, however, any such subsequent allocations of Tax Items that are
allocated to CC, CCH, Saltzman and FHB LLC shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the
“traditional method without curative allocations” as defined in Regulations Section 1.704-3(b). 

ARTICLE 7. 
 MANAGEMENT AND
OPERATIONS OF BUSINESS 
 Section 7.1 Management. 

A. Except as otherwise expressly provided in this Agreement, including any Membership Unit Designation, all management powers over the
business and affairs of the Company are and shall be exclusively vested in the Managing Member, and no Member shall have any right to participate in or exercise control or management power over the business and affairs of the Company. The Managing
Member may not be removed by the Members, with or without cause, except with the consent of the Managing Member. In addition to the powers now or hereafter granted a managing member of a limited liability company under applicable law or that are
granted to the Managing Member under any other provision of this Agreement, the Managing Member, subject to the other provisions hereof, including Section 7.3 and the terms of any Membership Unit Designation, shall have full and exclusive power
and authority, without the consent of any Member, to conduct or authorize the conduct of the business of the Company, to exercise or direct the exercise of all powers of the Company and the Managing Member under the Act and this Agreement and to
effectuate the purposes of the Company, including to cause the Company to enter into agreements or engage in transactions with Affiliates of the Company or the Managing Member, issue additional Membership Interests, make distributions, sell, pledge,
lease, mortgage or otherwise dispose of its assets, form and conduct all or any portion of its business and affairs through subsidiaries or joint ventures of any form, incur or guarantee debt for any purpose and obtain and maintain casualty,
liability and other insurance on the Properties and liability insurance for the Indemnitees hereunder. 
 B. Except as provided in
Section 7.3 hereof and subject to the rights of any Holder of any Membership Interest set forth in a Membership Unit Designation, the Managing Member is authorized to execute and deliver any affidavit, agreement, certificate, consent,
instrument, notice, power of attorney, waiver or other writing or document in the name and on behalf of the Company and to otherwise exercise any power of the Managing Member under this Agreement 

  
 52 

 
and the Act without any further act, approval or vote of the Members or any other Persons and, in the absence of any specific action on the part of the Managing Member to the contrary, the taking
of any action or the execution of any such document or writing by a manager, member, director or officer of the Managing Member, in the name and on behalf of the Managing Member, in its capacity as the managing member of the Company, shall
conclusively evidence (1) the approval thereof by the Managing Member, in its capacity as the managing member of the Company, (2) the Managing Member’s determination that such action, document or writing is necessary or desirable to
conduct the business and affairs of the Company, exercise the powers of the Company under the Act and this Agreement or effectuate the purposes of the Company, or any other determination by the Managing Member required by this Agreement in
connection with the taking of such action or execution of such document or writing, and (3) the authority of such manager, member, director or officer with respect thereto. 

C. The determination as to any of the following matters, made by or at the direction of the Managing Member consistent with the Act and this
Agreement, shall be final and conclusive and shall be binding upon the Company and every Member: the amount of assets at any time available for distribution or the redemption of Membership Common Units or Company Preferred Units; the amount and
timing of any distribution; any determination to redeem Tendered Units; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or
liability for which such reserves or charges shall have been created shall have been paid or discharged); the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company; any
matter relating to the acquisition, holding and disposition of any assets by the Company; or any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Agreement or otherwise to be
determined by the Managing Member. 
 D. At all times from and after the date hereof, the Managing Member may cause the Company to establish
and maintain working capital and other reserves in such amounts as the Managing Member, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

E. Notwithstanding any other provision of this Agreement or the Act, any action of the Managing Member on behalf of the Company or any
decision of the Managing Member to refrain from acting on behalf of the Company, undertaken in the belief that such action or omission is necessary or advisable in order (i) to protect the ability of CLNS to continue to qualify as a REIT,
(ii) for CLNS otherwise to satisfy the REIT Requirements, (iii) for CLNS to avoid incurring any taxes under Code Section 857 or Code Section 4981, (iv) to protect the ability of the Company to be treated as a partnership or
disregarded entity for federal income tax purposes, or (v) for any wholly owned Subsidiary of CLNS to continue to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)) or disregarded entity
(determined for federal income tax purposes) thereof, is expressly authorized under this Agreement and is deemed approved by all of the Members. 

Section 7.2 Certificate of Formation. To the extent that such action is determined by the Managing Member to be reasonable and
necessary or appropriate, the Managing Member shall file amendments to and restatements of the Certificate and do all the things to maintain the 

  
 53 

 
Company as a limited liability company (or a company in which the members have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia or any
other jurisdiction, in which the Company may elect to do business or own property. Subject to the terms of Section 8.5.A hereof, the Managing Member shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any
amendment thereto to any Member. The Managing Member shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and
operation of a limited liability company (or a company in which the members have limited liability to the extent provided by applicable law) in the State of Delaware and any other state, or the District of Columbia or other jurisdiction, in which
the Company may elect to do business or own property. 
 Section 7.3 Restrictions on the Managing Member’s
Authority. 
 A. The Managing Member may not take any action in contravention of this Agreement, including, without limitation: 

(1) any action that would make it impossible to carry on the ordinary business of the Company, except as otherwise provided in
this Agreement; 
 (2) admitting a Person as a Member, except as otherwise provided in this Agreement; 

(3) performing any act that would subject a Member to liability, except as provided herein or under the Act; 

(4) entering into any contract, mortgage, loan or other agreement that expressly prohibits or restricts (a) the Managing
Member or the Company from performing its specific obligations under Section 15.1 hereof, or (b) a Member from exercising its rights under Section 15.1 hereof to effect a Redemption, except, in either case, with the written consent of
such Member affected by the prohibition or restriction. 
 B. The Managing Member shall not, without the Consent of the Members, undertake
on behalf of the Company, or enter into any transaction that would have the effect of, any of the following actions without the approval of the Board of Directors: 

(1) except as provided in Section 7.3.C hereof, terminate this Agreement; 

(2) except as otherwise permitted by this Agreement, or in connection with a Termination Transaction effected in accordance
with Section 11.7, Transfer any portion of the Membership Interest of the Managing Member or admit into the Company any additional or successor Managing Member; 

(3) except as otherwise permitted by this Agreement, or in connection with a Termination Transaction effected in accordance
with Section 11.7, voluntarily withdraw as a managing member of the Company; 

  
 54 

 (4) make a general assignment for the benefit of creditors or appoint or
acquiesce in the appointment of a custodian, receiver or trustee for all or any part of the assets of the Company; 
 (5)
institute any proceeding for bankruptcy on behalf of the Company; 
 (6) a merger or consolidation of the Company with or
into any other Person, or a conversion of the Company into any other entity, other than in connection with a Termination Transaction effected in accordance with Section 11.7; or 

(7) a sale, lease, exchange or other transfer of all or substantially all of the assets of the Company not in the ordinary
course of business, whether in a single transaction or a series of related transactions, other than in connection with a Termination Transaction effected in accordance with Section 11.7. 

C. Notwithstanding Section 7.3.B hereof but subject to the rights of any Holder of any Membership Interest set forth in a Membership Unit
Designation and Section 7.3.D, the Managing Member shall have the exclusive power, without the Consent of the Members or the consent or approval of any Non-Managing Member, to amend this Agreement as may be
required to facilitate or implement any of the following purposes: 
 (1) to add to the obligations of the Managing Member or
surrender any right or power granted to the Managing Member or any Affiliate of the Managing Member for the benefit of the Members; 

(2) to reflect the admission, substitution or withdrawal of Members, the Transfer of any Membership Interest or the termination
of the Company in accordance with this Agreement, and to amend the Register in connection with such admission, substitution, withdrawal or Transfer; 

(3) to reflect a change that is of an inconsequential nature or does not adversely affect the
Non-Managing Members in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with
respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; 

(4) to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a
federal or state agency or contained in federal or state law; 
 (5) to reflect such changes as are reasonably necessary for
CLNS to maintain its status as a REIT or to satisfy the REIT Requirements; 
 (6) to modify either or both of the manner in
which items of Net Income or Net Loss are allocated pursuant to Article 6 or the manner in which Capital Accounts are adjusted, computed or maintained (but in each case only to the extent set forth in the

  
 55 

 
definition of “Capital Account” or Section 5.5 or as contemplated by the Code or the Regulations); 

(7) to reflect the issuance of additional Membership Interests in accordance with Article 4; 

(8) to set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations
as to distributions, qualifications or terms or conditions of redemption of any additional Membership Units issued pursuant to Article 4; 

(9) if the Company is the Surviving Company in any Termination Transaction, to modify Section 15.1 or any related
definitions to provide the holders of interests in such Surviving Company rights that are consistent with Section 11.7.C; 

(10) to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of
a federal or state agency or contained in federal or state law; and 
 (11) to reflect any other modification to this
Agreement that is reasonably necessary for the business or operations of the Company or CLNS and that does not violate Section 7.3.D. 
 The
Company will provide notice to the Members when any action taken under this Section 7.3.C is taken. 
 D. Notwithstanding Sections 7.3.B,
7.3.C and Article 14 hereof, this Agreement shall not be amended, and no action may be taken by the Managing Member (including by way of merger, consolidation or any similar transaction), without the consent of each Member, if any, adversely
affected thereby, if such amendment or action would (i) convert a Non-Managing Member into a managing member of the Company (except as a result of the Non-Managing
Member becoming a Managing Member pursuant to Section 12.1 or 13.1.A of this Agreement), (ii) modify the limited liability of a Member, (iii) adversely alter the rights of any Member to receive the distributions to which such Member is
entitled pursuant to Article 5 or Section 13.2.A(4) hereof, or alter the allocations specified in Article 6 hereof (except, in any case, as permitted pursuant to Sections 4.2, 5.5 and 7.3.C hereof), (iv) alter or modify in a manner that adversely
affects any Member the Redemption rights, Cash Amount or REIT Shares Amount as set forth in Section 15.1 hereof, or amend or modify any related definitions (except for amendments to this Agreement or other actions that provide rights consistent
with Section 11.7.C), or (v) amend this Section 7.3.D; provided, however, that the consent of any individual Member adversely affected shall not be required for any amendment or action described in Section 7.3.D (iii) or (iv) that affects
all Members holding the same class or series of Membership Units on a uniform or pro rata basis, if approved by a Majority in Interest of the Members of such class or series. Further, no amendment may alter the restrictions on the Managing
Member’s authority set forth elsewhere in this Section 7.3 without the consent specified therein. Any such amendment or action consented to by any Member shall be effective as to that Member, notwithstanding the absence of such consent by
any other Member. 

  
 56 

 Section 7.4 Reimbursement of the Managing Member and CLNS. 

A. The Managing Member shall not be compensated for its services as managing member of the Company except as provided in this Agreement
(including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which it may be entitled in its capacity as Managing Member). 

B. Subject to Section 7.4.C and Section 15.11, the Company shall be liable for, and shall advance to or reimburse the Managing Member and
CLNS, as applicable, on a monthly basis, or such other basis as the Managing Member may determine, for all sums required or expended in connection with the Company’s business, including (i) expenses relating to the ownership of interests
in and management and operation of, or for the benefit of, the Company, (ii) compensation of officers and employees, including payments under future compensation plans of CLNS, the Managing Member, the Company, or a Subsidiary of CLNS, the
Managing Member, or the Company that may provide for stock units, or phantom stock, pursuant to which employees of CLNS, the Managing Member, the Company, or any such Subsidiary will receive payments based upon dividends on or the value of REIT
Shares, (iii) director fees and expenses, (iv) all costs and expenses of CLNS being a public company, including costs of filings with the SEC, reports and other distributions to its stockholders and (v) without limiting the foregoing,
all amounts necessary for the timely payment of all interest, principal and any other payment obligations pursuant to CLNS’s 5.00% Convertible Senior Notes due on April 15, 2023 (and any refinancing thereof), 3.875% Convertible Senior
Notes due on January 15, 2021 (and any refinancing thereof), 7.25% Exchangeable Senior Notes due on June 15, 2027 (and any refinancing thereof), 5.375% Exchangeable Senior Notes due June 15, 2033 (and any refinancing thereof), Junior
Subordinated Notes due March 30, 2035 (and any refinancing thereof), Junior Subordinated Notes due June 30, 2035 (and any refinancing thereof), Junior Subordinated Notes due January 30, 2036 (and any refinancing thereof), Junior
Subordinated Notes due June 30, 2036 (and any refinancing thereof), Junior Subordinated Notes due September 30, 2036 (and any refinancing thereof), Junior Subordinated Notes due December 30, 2036 (and any refinancing thereof), Junior
Subordinated Notes due April 30, 2037 (and any refinancing thereof), Junior Subordinated Notes due July 30, 2037 (and any refinancing thereof), and other notes and long-term debt payable or owed; provided, however, that the amount of any
reimbursement shall be reduced by any interest earned by the Managing Member or CLNS with respect to bank accounts or other instruments or accounts held by it on behalf of the Company as permitted pursuant to Section 7.5. Such reimbursements
shall be in addition to any reimbursement of the Managing Member and CLNS as a result of pursuant to Section 7.7 hereof. 
 C. To the
extent practicable, Company expenses shall be billed directly to and paid by the Company. If and to the extent any reimbursements to the Managing Member pursuant to this Section 7.4 constitute gross income to the Managing Member (as opposed to
the repayment of advances made on behalf of the Company), such amounts shall (unless otherwise required by the Code and the Regulations) constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated consistently
therewith by the Company and all Members, and shall not be treated as distributions for purposes of computing the Members’ Capital Accounts. 

Section 7.5 Outside Activities of the Managing Member. The Managing Member, for so long as it is the Managing Member of the
Company, shall not directly or indirectly enter into 

  
 57 

 
or conduct any business, other than in connection with, (a) the ownership, acquisition and disposition of Membership Interests, (b) the management of the business of the Company,
(c) its operation as a reporting company with a class (or classes) of securities registered under the Exchange Act, (d) its operations as a REIT, (e) the offering, sale, syndication, private placement or public offering of stock,
bonds, securities or other interests, (f) financing or refinancing of any type related to the Company or its assets or activities, (g) the holding, operation, acquisition or disposition of Excluded Properties in accordance with the terms
of this Agreement with respect thereto and (h) such activities as are incidental thereto; provided, however, that the Managing Member may from time to time hold or acquire assets in its own name or otherwise other than through the Company so
long as the Managing Member takes commercially reasonable measures to insure that the economic benefits and burdens of such Property are otherwise vested in the Company, through assignment, mortgage loan or otherwise or, if it is not commercially
reasonable to vest such economic interests in the Company, the Members shall negotiate in good faith to amend this Agreement, including the definition of “Adjustment Factor,” to reflect such activities and the direct ownership of assets by
the Managing Member, as applicable. The Managing Member and all “qualified REIT subsidiaries” (within the meaning of Code Section 856(i)(2)) and disregarded entities (determined for federal income tax purposes) thereof, taken as a group,
shall not own any assets or take title to assets (other than temporarily in connection with an acquisition prior to contributing such assets to the Company) other than (i) Excluded Properties, (ii) interests in “qualified REIT
subsidiaries” (within the meaning of Code Section 856(i)(2)) or disregarded entities (determined for federal income tax purposes), (iii) Membership Interests as the Managing Member or CLNS, (iv) such cash and cash equivalents, bank
accounts or similar instruments or accounts as such group deems reasonably necessary, taking into account Section 7.1.D hereof and the requirements necessary for CLNS to qualify as a REIT and for the Managing Member and CLNS to carry out their
respective responsibilities contemplated under this Agreement and the Charter and (v) equity interests in the MH REITs. The Managing Member and any Affiliates of the Managing Member may acquire Membership Interests and shall be entitled to
exercise all rights of a Member relating to such Membership Interests. 
 Section 7.6 Transactions with Affiliates. 

A. The Company may lend or contribute funds or other assets to CLNS and its Subsidiaries or other Persons in which CLNS has an equity
investment, and such Persons may borrow funds from the Company, on terms and conditions no less favorable to the Company in the aggregate than would be available from unaffiliated third parties, as determined by the Managing Member. The foregoing
authority shall not create any right or benefit in favor of any Subsidiary or any other Person. It is expressly acknowledged and agreed by each Member that CLNS may (i) borrow funds from the Company in order to redeem, at any time or from time
to time, options or warrants previously or hereafter issued by CLNS, (ii) put to the Company, for cash, any rights, options, warrants or convertible or exchangeable securities that CLNS may desire or be required to purchase or redeem, or
(iii) borrow funds from the Company to acquire assets that become Excluded Properties or will be contributed to the Company for Membership Units. 

B. Except as provided in Section 7.5 hereof and subject to Section 3.1 hereof, the Company may transfer assets to joint ventures,
limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a 

  
 58 

 
participant upon such terms and subject to such conditions consistent with this Agreement and applicable law. 

C. The Managing Member, CLNS and their respective Affiliates may sell, transfer or convey any property to the Company, directly or indirectly,
on terms and conditions no less favorable to the Company, in the aggregate, than would be available from unaffiliated third parties, as determined by the Managing Member. 

D. The Managing Member or CLNS, without the approval of the other Members or any of them or any other Persons, may propose and adopt, on
behalf of the Company, employee benefit plans funded by the Company for the benefit of employees of the Managing Member, the Company, CLNS, Subsidiaries of the Company or any Affiliate of any of them in respect of services performed, directly or
indirectly, for the benefit of the Managing Member, CLNS, the Company or any of the Company’s Subsidiaries. 
 Section 7.7
Indemnification. 
 A. To the fullest extent permitted by applicable law, the Company shall indemnify each Indemnitee from and
against any and all losses, claims, damages, liabilities, joint or several, expenses (including attorney’s fees and other legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands,
actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Company (“Actions”), as set forth in this Agreement, in which such Indemnitee may be involved, or is threatened to be
involved, as a party or otherwise; provided, however, that the Company shall not indemnify an Indemnitee (i) for any Action if it is established by a final judgment of a court of competent jurisdiction that the actions or omissions of the
Indemnitee were material to the matter giving rise to the Action and were committed in bad faith, constituted fraud or were the result of active and deliberate dishonesty on the part of the Indemnitee, (ii) for an Action initiated by the
Indemnitee (other than an Action to enforce such Indemnitee’s rights to or advance of expenses under this Section 7.7), (iii) if the Indemnitee actually received an improper personal benefit in money, property or services, or (iv) for
a criminal proceeding if the Indemnitee had reasonable cause to believe that the Indemnitee’s act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty
or otherwise, for any indebtedness of the Company or any Subsidiary of the Company (including any indebtedness which the Company or any Subsidiary of the Company has assumed or taken subject to), and the Managing Member is hereby authorized and
empowered, on behalf of the Company, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. It is the
intention of this Section 7.7.A that the Company indemnify each Indemnitee to the fullest extent permitted by law. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the
requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an
Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.7.A with respect to the subject matter of such proceeding. Any indemnity provided pursuant to this
Section 7.7 shall be made only out of the assets of the 

  
 59 

 
Company, and neither the Managing Member nor any other Holder shall have any obligation to contribute to the capital of the Company or otherwise provide funds to enable the Company to fund its
obligations under this Section 7.7. 
 B. To the fullest extent permitted by law, expenses incurred by an Indemnitee who is a party to
a proceeding or otherwise subject to or the focus of or is involved in any Action shall be paid or reimbursed by the Company as incurred by the Indemnitee in advance of the final disposition of the Action upon receipt by the Company of (i) a
written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for by the Company, as authorized in Section 7.7.A, has been met, and (ii) a written undertaking by or on behalf of the
Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met, provided that such undertaking need not be secured and shall be without reference to the financial ability for repayment. 

C. The indemnity provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other Person may be
entitled under any agreement, pursuant to any vote of the Members, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and
administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 

D. Notwithstanding any provision of this Section 7.7 to the contrary, to the fullest extent permitted by law, (i) each Indemnitee
must use commercially reasonable efforts to pursue all other sources of indemnification, advancement, insurance, and contribution it has against third parties, with respect to the amounts to which it is entitled under this Section 7.7, (ii) any
such third party, shall be the indemnitor of first resort and any obligation of the Company to provide payments under this Section 7.7 for amounts to which an Indemnitee is entitled are secondary, (iii) if the Company pays or causes to be
paid any amounts under this Section 7.7 that should have been paid by a third party, then (x) the Company shall be fully subrogated to the rights of such Indemnitee with respect to such payment, (y) such Indemnitee shall assign to the
Company all of such Indemnitee’s rights to advancement, indemnification and contribution from or with respect to such third party, and (z) such Indemnitee shall cooperate with the Company (at the expense of the Company) in its efforts to
recover such payments through indemnification or otherwise, including filing a claim against such third party in the name of the Indemnitee; (iv) the Indemnitee will not agree to subordinate or otherwise compromise or release indemnity from a
third party, without the consent of the Managing Member (not to be unreasonably withheld or delayed), and (v) in the event the Company has previously provided separate indemnification or advancement in connection therewith, the Indemnitee shall
reimburse the Company with any subsequent proceeds it receives from such third parties. The intent of this Section 7.7.D is to set forth the relative responsibilities of the Company and third parties who have overlapping indemnity, advancement or
contribution obligations to an Indemnitee. Nothing in this Section 7.7.D is intended to diminish the indemnification and advancement rights given by the Company to an Indemnitee, including the right to receive prompt payment of valid indemnification
and advancement claims if any third party is unwilling or unable to do so promptly. 
 E. The Company and/or the Managing Member may, but
shall not be obligated to, purchase and maintain, at the Company’s expense, insurance on behalf of any of the Indemnitees 

  
 60 

 
and such other Persons as the Managing Member shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the
Company’s activities, regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

F. Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company, or the Managing Member or CLNS (whether as a
fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the IRS, penalties
assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments or
fines under this Section 7.7, unless such liabilities arise as a result of the matters described in the proviso of the first sentence of Section 7.7.A. 

G. In no event may an Indemnitee subject any of the Holders to personal liability by reason of the provisions set forth in this Agreement.

 H. An Indemnitee shall not be denied in whole or in part under this Section 7.7 because the Indemnitee had an interest in the
transaction with respect to which the applies if the transaction was otherwise permitted by the terms of this Agreement. 
 I. The
provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal
of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the Company’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or
repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

J. If and to the extent any payments to the Managing Member pursuant to this Section 7.7 constitute gross income to the Managing Member
(as opposed to the repayment of advances made on behalf of the Company), such amounts shall (unless otherwise required by the Code and the Regulations) constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated
consistently therewith by the Company and all Members, and shall not be treated as distributions for purposes of computing the Members’ Capital Accounts. 

Section 7.8 Liability of the Managing Member. 

A. To the maximum extent permitted under the Act, the only duties that the Managing Member owes to the Company, any Member or any other Person
(including any creditor of any Member or assignee of any Membership Interest), fiduciary or otherwise, are to perform its contractual obligations as expressly set forth in this Agreement consistently with the implied contractual covenant of good
faith and fair dealing. The Managing Member, in its capacity as such, shall have no other duty, fiduciary or otherwise, to the Company, any Member or any other Person (including any creditor of any Member or any assignee of Membership

  
 61 

 
Interest). The provisions of this Agreement shall create contractual obligations of the Managing Member only, and no such provisions shall be interpreted to create, expand or modify any fiduciary
duties of the Managing Member. 
 B. The Non-Managing Members agree that: (i) the Managing
Member is acting for the benefit of the Company, the Non-Managing Members and CLNS’s stockholders, collectively; and (ii) in the event of a conflict between the interests of the Company or any
Member, on the one hand, and the separate interests of CLNS or its stockholders, on the other hand, the Managing Member may give priority to the separate interests of CLNS and its stockholders (including with respect to the tax consequences to Non-Managing Members, Assignees or CLNS’s stockholders) and, in the event of such a conflict, any action or failure to act on the part of CLNS that gives priority to the separate interests of CLNS or its
stockholders that does not result in a violation of the contract rights of the Non-Managing Members under this Agreement and does not violate any duty owed by the Managing Member to the Company or the Members.

 C. In exercising its authority under this Agreement, the Managing Member may, but shall be under no obligation to, take into account the
tax consequences to any Member of any action taken (or not taken) by it. Except as otherwise agreed by the Company, the Managing Member and the Company shall not have liability to a Non-Managing Member under
any circumstances as a result of any income tax liability incurred by such Non-Managing Member as a result of an action (or inaction) by the Managing Member or the Company pursuant to the Managing
Member’s authority under this Agreement. 
 D. Subject to its obligations and duties as managing member of the Company set forth in
this Agreement and applicable law, the Managing Member may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents. The Managing
Member shall not be responsible to the Company or any Member for any misconduct or negligence on the part of any such employee or agent appointed by it in good faith. 

E. In performing its duties under this Agreement and the Act, the Managing Member shall be entitled to rely on the provisions of this
Agreement and on any information, opinion, report or statement, including any financial statement or other financial data or the records or books of account of the Company or any Subsidiary of the Company, prepared or presented by an officer,
employee or agent of the Managing Member or any agent of the Company or any such Subsidiary, or by a lawyer, certified public accountant, appraiser or other person engaged by the Company as to any matter within such person’s professional or
expert competence, and any act taken or omitted to be taken in reliance upon any such information, opinion, report or statement as to matters that the Managing Member reasonably believes to be within such Person’s professional or expert
competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. The Managing Member may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 

  
 62 

 F. Notwithstanding any other provision of this Agreement or the Act, any action of the Managing
Member on behalf of the Company or any decision of the Managing Member to refrain from acting on behalf of the Company, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the
ability of CLNS to continue to qualify as a REIT, (ii) for CLNS otherwise to satisfy the REIT Requirements, (iii) to avoid CLNS incurring any taxes under Code Section 857 or Code Section 4981, (iv) to protect the ability of the
Company to be treated as a partnership or disregarded entity for federal income tax purposes, or (v) for any wholly owned Subsidiary of CLNS to continue to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section
856(i)(2)) or disregarded entity (determined for federal income tax purposes) thereof, is expressly authorized under this Agreement, is deemed approved by all of the Non-Managing Members and does not violate
any duty of the Managing Member to the Company or any other Member. 
 G. Notwithstanding anything herein to the contrary, except for the
matters described in the proviso of the first sentence of Section 7.7.A, or pursuant to any express indemnities given to the Company by the Managing Member pursuant to any other written instrument, the Managing Member shall not have any
personal liability whatsoever, to the Company or to the other Members, for any action or omission taken in its capacity as the Managing Member or for the debts or liabilities of the Company or the Company’s obligations hereunder except pursuant
to Section 15.1 hereof. Without limitation of the foregoing, and except for the matters described in the proviso of the first sentence of Section 7.7.A, or pursuant to Section 15.1 hereof or any such express indemnity, no property or
assets of the Managing Member, other than its interest in the Company, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Member(s) and arising
out of, or in connection with, this Agreement. 
 H. No manager, member, officer or agent of the Managing Member, and no director, officer
or agent of CLNS shall have any duties directly to the Company or any Member. No manager, member, officer or agent of the Managing Member or any director, officer, or agent of CLNS shall be directly liable to the Company for money damages by reason
of their service as such. 
 I. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective
only and shall not in any way affect the limitations on the liability of the Managing Member, or its managers, members, directors, officers or agents, to the Company and the Members under this Section 7.8, as in effect immediately prior to such
amendment, modification or repeal, with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

Section 7.9 Title to Company Assets. Title to Company assets, whether real, personal or mixed and whether tangible or intangible,
shall be deemed to be owned by the Company as an entity, and no Member, individually or collectively with other Members or Persons, shall have any ownership interest in such Company assets or any portion thereof. Title to any or all of the Company
assets may be held in the name of the Company, the Managing Member or one or more nominees, as the Managing Member may determine, including Affiliates of the Managing Member. The Managing Member hereby declares and warrants that any Company assets
for 

  
 63 

 
which legal title is held in the name of the Managing Member or any nominee or Affiliate of the Managing Member shall be held by the Managing Member for the use and benefit of the Company in
accordance with the provisions of this Agreement. All Company assets shall be recorded as the property of the Company in its books and records, irrespective of the name in which legal title to such Company assets is held. 

Section 7.10 Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the
Company shall be entitled to assume that the Managing Member has full power and authority, without the consent or approval of any other Member, or Person, to encumber, sell or otherwise use in any manner any and all assets of the Company and to
enter into any contracts on behalf of the Company, and take any and all actions on behalf of the Company, and such Person shall be entitled to deal with the Managing Member as if it were the Company’s sole party in interest, both legally and
beneficially. Each Member hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing Member in connection with any such dealing. In no event shall any
Person dealing with the Managing Member or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the Managing Member or its
representatives. Each and every certificate, document or other instrument executed on behalf of the Company by the Managing Member or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming
thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was
duly authorized and empowered to do so for and on behalf of the Company, and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the
Company. 
 ARTICLE 8. 
 RIGHTS
AND OBLIGATIONS OF MEMBERS 
 Section 8.1 Limitation of Liability. No Non-Managing
Member, in its capacity as such, shall have any duties or liability under this Agreement except as expressly provided in this Agreement (including Sections 10.3.C and 10.4 hereof) or under the Act. To the maximum extent permitted by law, no Member,
including CLNS, shall have any personal liability whatsoever, to the Company or to the other Members, for any action or omission taken in its capacity as a member or for the debts or liabilities of the Company or the Company’s obligations
hereunder except pursuant to any express indemnities given to the Company by such Member pursuant to any other written instrument and except for liabilities of the Managing Member pursuant to Section 7.8 hereof. Without limitation of the
foregoing, and except pursuant to any such express indemnity (and, in the case of the Managing Member, pursuant to Section 7.8 hereof), no property or assets of a Member, other than its interest in the Company, shall be subject to levy,
execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Member(s) and arising out of, or in connection with, this Agreement. 

Section 8.2 Management of Business. No Member or Assignee (other than in its separate capacity as the Managing Member, any of its
Affiliates or any officer, director, 

  
 64 

 
manager, member, employee, partner, agent, representative or trustee of the Managing Member, the Company or any of their Affiliates, in their capacity as such) shall take part in the operations,
management or control (within the meaning of the Act) of the Company’s business, transact any business in the Company’s name or have the power to sign documents for or otherwise bind the Company. The transaction of any such business by the
Managing Member, any of its Affiliates or any officer, director, manager, member, employee, partner, agent, representative or trustee of the Managing Member, the Company or any of their Affiliates, in their capacity as such, shall not affect, impair
or eliminate the limitations on the liability of the Members or Assignees under this Agreement. 
 Section 8.3 Outside
Activities of Non-Managing Members. Subject to any agreements entered into pursuant to Section 7.6 hereof and any other agreements entered into by a
Non-Managing Member or any of its Affiliates with the Managing Member, the Company or a Subsidiary (including any employment agreement), any Non- Managing Member and any
Assignee, officer, director, employee, agent, representative, trustee, Affiliate, manager, member or stockholder of any Non-Managing Member shall be entitled to and may have business interests and engage in
business activities in addition to those relating to the Company, including business interests and activities that are in direct or indirect competition with the Company or that are enhanced by the activities of the Company. Neither the Company nor
any Member shall have any rights by virtue of this Agreement in any business ventures of any Non-Managing Member or Assignee. Subject to such agreements, none of the
Non-Managing Members nor any other Person shall have any rights by virtue of this Agreement or the company relationship established hereby in any business ventures of any other Person (other than CLNS, to the
extent expressly provided herein), and such Person shall have no obligation pursuant to this Agreement, subject to Section 7.6 hereof and any other agreements entered into by a Non-Managing Member or its
Affiliates with the Managing Member, the Company or a Subsidiary, to offer any interest in any such business ventures to the Company, any Non-Managing Member, or any such other Person, even if such opportunity
is of a character that, if presented to the Company, any Non-Managing Member or such other Person, could be taken by such Person. 

Section 8.4 Return of Capital. Except pursuant to Section 15.1 or any Membership Unit Designation, no Member shall be
entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon dissolution of the Company as provided herein. Except to the extent provided in Article 5 or Article 6
hereof or otherwise expressly provided in this Agreement or in any Membership Unit Designation, no Member or Assignee shall have priority over any other Member or Assignee either as to the return of Capital Contributions or as to profits, losses or
distributions. 
 Section 8.5 Rights of Non-Managing Members Relating to the Company.

 A. In addition to other rights provided by this Agreement or by the Act, and subject to Section 8.5.C, the Managing Member shall deliver
to each Non-Managing Member a copy of any information mailed to all of the common stockholders of CLNS as soon as practicable after such mailing. Except as limited by Section 8.5.C hereof, each Member shall
have the right, for a purpose reasonably related to such Member’s interest as a member in the Company, upon written demand with a statement of the purpose of such demand and at such Member’s own expense: 

  
 65 

 (1) To obtain a copy of the most recent annual and quarterly reports filed with
the SEC by the Managing Member pursuant to the Exchange Act; 
 (2) To obtain a copy of the Company’s federal, state and
local income tax returns for each Fiscal Year; and 
 (3) To obtain a copy of this Agreement and the Certificate and all
amendments thereto (excluding all information regarding other Member, including, without limitation, such Member’s identity and interests in the Company), together with executed copies of all powers of attorney pursuant to which this Agreement,
the Certificate and all amendments thereto have been executed. 
 B. The Company shall notify any
Non-Managing Member that is a Qualifying Party, on request, of the then current Adjustment Factor or any change made to the Adjustment Factor. 

C. Notwithstanding any other provision of this Section 8.5, the Managing Member may keep confidential from the Non-Managing Members (or any of them), for such period of time as the Managing Member determines to be reasonable, any information that (i) the Managing Member believes to be in the nature of trade secrets or
other information the disclosure of which the Managing Member in good faith believes is not in the best interests of the Company or CLNS or (ii) the Company or the Managing Member is required by law or by agreement to keep confidential. 

Section 8.6 No Rights as Objecting Member. No Non-Managing Member and no Holder of a
Membership Interest shall be entitled to exercise any appraisal rights in connection with a merger, consolidation or conversion of the Company. 

Section 8.7 No Right to Certificate Evidencing Units; Article 8 Securities. Membership Units shall not be certificated. No Non-Managing Member shall be entitled to a certificate evidencing the Membership Units held by such Member. Any certificate evidencing Membership Units issued prior to the date hereof shall no longer evidence
Membership Units. The Company shall not elect to treat any Membership Unit as a “security” governed by (x) Article 8 of the Delaware Uniform Commercial Code or (y) Article 8 of the Uniform Commercial Code of any other applicable
jurisdiction. 
 ARTICLE 9. 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.1 Records and Accounting. 

A. The Managing Member shall keep or cause to be kept at the principal business office of the Company those records and documents, if any,
required to be maintained by the Act and other books and records deemed by the Managing Member to be appropriate with respect to the Company’s business, including all books and records necessary to provide to the Members any information, lists
and copies of documents required to be provided pursuant to Section 8.5.A, Section 9.3 or Article 13 hereof. Any records maintained by or on behalf of the Company in the regular course of its business may be kept on any information storage
device, provided that the 

  
 66 

 
records so maintained are convertible into clearly legible written form within a reasonable period of time. 

B. The books of the Company shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally
accepted accounting principles, or on such other basis as the Managing Member determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Company and the Managing Member may operate with
integrated or consolidated accounting records, operations and principles. 
 Section 9.2 Fiscal Year. The Fiscal Year of the
Company shall be the calendar year. 
 Section 9.3 Reports. 

A. As soon as practicable, but in no event later than one hundred twenty (120) days after the close of each Fiscal Year, the Managing
Member shall cause to be mailed to each Non-Managing Member of record as of the close of the Fiscal Year, financial statements of the Company, or of CLNS if such statements are prepared solely on a
consolidated basis with CLNS, for such Fiscal Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the Managing
Member. 
 B. As soon as practicable, but in no event later than ninety (90) days after the close of each calendar quarter (except the
last calendar quarter of each year), the Managing Member shall cause to be mailed to each Non-Managing Member of record as of the last day of the calendar quarter, a report containing unaudited financial
statements of the Company, or of CLNS if such statements are prepared solely on a consolidated basis with CLNS, for such calendar quarter, and such other information as may be required by applicable law or regulation or as the Managing Member
determines to be appropriate. 
 C. The Managing Member may satisfy its obligations under Section 9.3.A and Section 9.3.B by posting or
making available the reports specified in such sections on a website maintained by CLNS or by filing reports containing the information specified in Sections 9.1.A and 9.1.B on the EDGAR system (or any successor system) of the SEC. 

ARTICLE 10. 
 TAX MATTERS 

Section 10.1 Preparation of Tax Returns. The Managing Member shall arrange for the preparation and timely filing of all returns
with respect to Company income, gains, deductions, losses and other items required of the Company for federal and state income tax purposes and shall use all reasonable effort to furnish, within ninety (90) days of the close of each taxable
year, the tax information reasonably required by Non-Managing Members and for federal and state income tax and any other tax reporting purposes. The Non-Managing Members
shall promptly provide the Managing Member with such information relating to the CC Contributed Assets or any other assets contributed by the Contributors (including assets contributed to the Company for income tax purposes pursuant to the CC
Contribution Agreement), including tax basis and other relevant information, as may be reasonably requested by the Managing Member 

  
 67 

 
from time to time. For purposes of this provision, the terms CC Contributed Assets and Contributors shall have the meaning ascribed thereto in the CC Contribution Agreement. 

Section 10.2 Tax Elections. 

A. Except as otherwise provided herein, the Managing Member shall determine whether to make any available election pursuant to the Code,
including any election under the New Partnership Audit Procedures, the election under Code Section 754 and the election to use the “recurring item” method of accounting provided under Code Section 461(h) with respect to property taxes
imposed on the Company’s Properties; provided, however, that, if the “recurring item” method of accounting is elected with respect to such property taxes, the Company shall pay the applicable property taxes prior to the date provided
in Code Section 461(h) for purposes of determining economic performance. The Managing Member shall have the right to seek to revoke any such election (including any election under Code Sections 461(h) and 754). 

B. Without limiting the foregoing, the Members, intending to be legally bound, hereby authorize the Managing Member, on behalf of the Company,
to make an election (the “LV Safe Harbor Election”) to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation § 1.83-3(1) and the Proposed Revenue Procedure
set forth in Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed guidance is issued in final form or as amended by subsequently issued guidance (the “LV Safe
Harbor”), apply to LTIP Units and any interest in the Company transferred to, or for the benefit of, a service provider while the LV Safe Harbor Election remains effective, to the extent such interest meets the LV Safe Harbor requirements
(collectively, such interests are referred to as “LV Safe Harbor Interests”). The Tax Matters Member or Managing Member, as applicable, is authorized and directed to execute and file the LV Safe Harbor Election on behalf of the Company and
the Members. The Company and the Members (including any person to whom an LTIP Unit or other interest in the Company is transferred in connection with the performance of services) hereby agree to comply with all requirements of the LV Safe Harbor
(including forfeiture allocations) with respect to all LV Safe Harbor Interests and to prepare and file all U.S. federal income tax returns reporting the tax consequences of the issuance and vesting of LV Safe Harbor Interests consistent with such
final LV Safe Harbor guidance. The Company is also authorized to take such actions as are necessary to achieve, under the LV Safe Harbor, the effect that the election and compliance with all requirements of the LV Safe Harbor referred to above would
be intended to achieve under Proposed Treasury Regulation Section 1.83-3, including amending this Agreement. 

Section 10.3 Tax Matters Member and Partnership Representative. 

A. With respect to periods not governed by changes to the Code enacted by the Bipartisan Budget Act of 2015, the Managing Member is hereby
designated as the tax matters partner within the meaning of Section 6231(a)(7) of the Code prior to amendment by the Bipartisan Budget Act of 2015 (“Tax Matters Member”). With respect to periods governed by the New Partnership Audit
Procedures, to the extent permissible under the New Partnership Audit Procedures, the Managing Member, or such person designated by the Managing Member, shall be designated as the “partnership representative” (within the meaning of
Section 6223 of the New Partnership Audit Procedures (the “Partnership Representative”). Neither the Tax 

  
 68 

 
Matters Member nor the Partnership Representative shall receive compensation for its services. All third-party costs and expenses incurred by the Tax Matters Member or Partnership Representative
in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Company in addition to any reimbursement pursuant to Section 7.4 hereof. Nothing herein shall be construed to restrict the Company from
engaging a law, advisory, or accounting firm to assist the Tax Matters Member or Partnership Representative in discharging its duties hereunder. At the request of any Member, the Managing Member agrees to inform such Member regarding the preparation
and filing of any returns and with respect to any subsequent audit or litigation relating to such returns; provided, however, that the Managing Member shall have the exclusive power to determine whether to file, and the content of, such returns.

 B. The Tax Matters Member is authorized, but not required: 

(1) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of
Company items required to be taken into account by a Member for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”), and in
the settlement agreement the Tax Matters Member may expressly state that such agreement shall bind all Members, except that such settlement agreement shall not bind any Member (i) who (within the time prescribed pursuant to the Code and
Regulations) files a statement with the IRS providing that the Tax Matters Member shall not have the authority to enter into a settlement agreement on behalf of such Member (as the case may be) or (ii) who is a “notice partner” (as
defined in Code Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 
 (2)
in the event that a notice of a final administrative adjustment at the Company level of any item required to be taken into account by a Member for tax purposes (a “final adjustment”) is mailed to the Tax Matters Member, to seek judicial
review of such final adjustment, including the filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the
district in which the Company’s principal place of business is located; 
 (3) to intervene in any action brought by any
other Member for judicial review of a final adjustment; 
 (4) to file a request for an administrative adjustment with the
IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 

(5) to enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item
required to be taken into account by a Member for tax purposes, or an item affected by such item; and 

  
 69 

 (6) to take any other action on behalf of the Members or any of them in
connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations. 
 The taking of any action and the
incurring of any expense by the Tax Matters Member in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the Tax Matters Member and the provisions relating to of the Managing
Member set forth in Section 7.7 hereof shall be fully applicable to the Tax Matters Member in its capacity as such. 
 C. The
Partnership Representative is authorized and required to represent the Company in connection with all examinations of the Company’s affairs by tax authorities, including any resulting administrative and judicial proceedings. Under
Section 6225 of the New Partnership Audit Procedures, in the case of any adjustment by the IRS in the amount of any item of income, gain, loss, deduction, or credit of the Company’s or any Member’s distributive share thereof
(“IRS Adjustment”), the Company may pay an imputed underpayment as calculated under Section 6225(b) of the New Partnership Audit Procedures with respect to the IRS Adjustment, including interest and penalties (“Imputed Tax
Underpayment”) in the Adjustment Year or otherwise take the IRS Adjustment into account in the Adjustment Year. Each Member does hereby agree to indemnify and hold harmless the Company, the Managing Member and the Partnership Representative
from and against any liability with respect to the Member’s proportionate share of any Imputed Tax Underpayment or other IRS Adjustment resulting in liability of the Company, regardless of whether such Member is a Partner in the Partnership in
an Adjustment Year, with such proportionate share as reasonably determined by the Managing Member, including the Managing Member’s reasonable discretion to consider (i) each Member’s interest in the Company in the Reviewed Year,
(ii) each Member’s status under Section 6225(c) and (iii) a Member’s timely provision of information necessary to reduce the amount of Imputed Tax Underpayment set forth in Section 6225(c) of the New Partnership Audit Procedures.
This obligation shall survive a Member’s ceasing to be a member of the Company and/or the termination, dissolution, liquidation and winding up of the Company. The Managing Member may in its sole discretion elect under Section 6226 of the
New Partnership Audit Procedures to cause the Company to issue adjusted Internal Revenue Service Schedules K-1 (or such other form as applicable) reflecting a Member’s shares of any IRS Adjustment for the
Adjustment Year as an alternative to the Company’s payment of an Imputed Tax Underpayment for any tax year. 
 Section 10.4
Withholding. Each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of federal, state, local or foreign taxes that the Managing Member determines that the Company is required
to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement, including any taxes required to be withheld or paid by the Company pursuant to Code Sections 1441, 1442, 1445, 1446, 1471 or 1472.
Any amount paid on behalf of or with respect to a Member, including any Imputed Tax Underpayment, shall constitute an advance by the Company to such Member, which advance shall be repaid by such Member within fifteen (15) days after notice from
the Managing Member that such payment must be made except to the extent that (i) the Company withholds such payment from a distribution that would otherwise be made to the Member or (ii) the Managing Member determines that such payment may
be 

  
 70 

 
satisfied out of the Available Cash of the Company that would, but for such payment, be distributed to the Member, and such amount actually is satisfied out of such cash. Each Member hereby
unconditionally and irrevocably grants to the Company a security interest in such Member’s Membership Interest to secure such Member’s obligation to pay to the Company any amounts required to be paid pursuant to Section 10.3.C and this
Section 10.4 and subject to the prior sentence. In the event that a Member fails to pay any amounts owed to the Company pursuant to Section 10.3.C and this Section 10.4 when due, the Managing Member may elect to make the payment to the
Company on behalf of such defaulting Member, and in such event shall be deemed to have loaned such amount to such defaulting Member and shall succeed to all rights and remedies of the Company as against such defaulting Member (including the right to
receive distributions). Any amounts payable (or portion thereof that remain unsatisfied) by a Member hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to
time in the Wall Street Journal, plus four (4) percentage points (but not higher than the maximum lawful rate) from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. Each Member shall
take such actions as the Company or the Managing Member shall request in order to perfect or enforce the security interest created hereunder. 

Section 10.5 Organizational Expenses. The Managing Member may cause the Company to elect to deduct expenses, if any, incurred by
it in organizing the Company ratably over a 180-month period as provided in Code Section 709. 

ARTICLE 11. 
 MEMBER TRANSFERS AND
WITHDRAWALS 
 Section 11.1 Transfer. 

A. No part of the interest of a Member shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal
process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

B. No Membership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this
Article 11 and any applicable Non-Managing Member Ancillary Agreement. Any Transfer or purported Transfer of a Membership Interest not made in accordance with this Article 11 and any applicable Non-Managing Member Ancillary Agreement shall be null and void ab initio. 
 C. No Transfer of any
Membership Interest may be made to a lender to the Company or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Company whose loan constitutes a
Nonrecourse Liability, without the consent of the Managing Member; provided that as a condition to such consent, the Managing Member may require the lender to enter into an arrangement with the Company and the Managing Member to redeem or exchange
for the REIT Shares Amount any Membership Units in which a security interest is held by such lender simultaneously with the time at which such lender would be deemed to be a member in the Company for purposes of allocating liabilities to such lender
under Code Section 752. 

  
 71 

 Section 11.2 Transfer of the Managing Member’s Membership Interest. 

A. Subject to compliance with the other provisions of this Article 11, the Managing Member may Transfer all or any portion of its Membership
Interest at any time (i) to any Person that is, at the time of such Transfer, a direct or indirect wholly owned Subsidiary of CLNS, including any “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)) and that
immediately following such Transfer owns, directly or indirectly, all the assets of CLNS and its Subsidiaries, without the Consent of any Member, and may designate the transferee to become the new Managing Member under Section 12.1, or
(ii) in connection with a Termination Transaction as permitted under Section 11.7. 
 B. The Managing Member may not voluntarily
withdraw as a managing member of the Company without the Consent of the Non-Managing Members, except in connection with a Transfer of the Managing Member’s entire Membership Interest permitted in this
Article 11 (including in accordance with Section 11.7) and the admission of the Transferee as a successor managing member of the Company pursuant to the Act and this Agreement. 

C. It is a condition to any Transfer of the entire Membership Interest of a sole Managing Member otherwise permitted hereunder (including in
accordance with Section 11.7) that (i) coincident or prior to such Transfer, the transferee is admitted as a Managing Member pursuant to the Act and this Agreement; (ii) the transferee assumes by operation of law or express agreement
all of the obligations of the transferor Managing Member under this Agreement with respect to such Transferred Membership Interest; and (iii) the transferee has executed such instruments as may be necessary to effectuate such admission and to
confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement applicable to the Managing Member and the admission of such transferee as a Managing Member. 

Section 11.3 Non-Managing Members’ Rights to Transfer. 

A. General. Subject to any Non-Managing Member Ancillary Agreement, each Non-Managing Member, and each transferee of such Non-Managing Member’s Membership Interest or Assignee thereof pursuant to a Permitted Transfer, may not Transfer all or
any portion of such Membership Interest to any Person without the consent of the Managing Member, which consent may be withheld in the Managing Member’s sole and absolute discretion. Notwithstanding the foregoing, but subject to Section 11.1.C
and 11.3.C, any Non-Managing Member may, at any time, without the consent of the Managing Member, Transfer all or any portion of its Membership Interest pursuant to a Permitted Transfer (including, in the case
of a Non-Managing Member that is a Permitted Lender Transferee, any Transfer of a Membership Interest to a Third-Party Pledge Transferee). Any Transfer of a Membership Interest by a Non-Managing Member or an Assignee is subject to Section 11.4 and to satisfaction of the following conditions: 

(1) Qualified Transferee. Any Transfer of a Membership Interest shall be made only to a single Qualified Transferee;
provided, however, that, for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single
Qualified Transferee. 

  
 72 

 (2) Opinion of Counsel. The Transferor shall deliver or cause to be
delivered to the Managing Member an opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration provisions of
the Securities Act and the regulations promulgated thereunder or violate any state securities laws or regulations applicable to the Company or the Membership Interests Transferred; provided, however, that the Managing Member may waive this condition
upon the request of the Transferor. If, in the opinion of such counsel, such Transfer would require the filing of a registration statement under the Securities Act or would otherwise violate any federal or state securities laws or regulations
applicable to the Company or the Membership Units, the Managing Member may prohibit any Transfer otherwise permitted under this Section 11.3 by a Non-Managing Member of Membership Interests. 

(3) Minimum Transfer Restriction. Any Transferring Member must Transfer not less than the lesser of (i) five
hundred (500) Membership Units or (ii) all of the remaining Membership Units owned by such Transferring Member; provided, however, that, for purposes of determining compliance with the foregoing restriction, all Membership Units owned by
Affiliates of a Member shall be considered to be owned by such Member. 
 It is a condition to any Transfer otherwise permitted hereunder that the
transferee assumes by operation of law or express agreement all of the obligations of the transferor Member under this Agreement with respect to such Transferred Membership Interest, and no such Transfer (other than pursuant to a statutory merger or
consolidation wherein all obligations and liabilities of the transferor Member are assumed by a successor corporation by operation of law) shall relieve the transferor Member of its obligations under this Agreement without the approval of the
Managing Member. Notwithstanding the foregoing, any transferee of any Transferred Membership Interest shall be subject to any and all ownership limitations (including the Ownership Limit) contained in the Charter that may limit or restrict such
transferee’s ability to exercise its Redemption rights, including the Ownership Limit. Any transferee, whether or not admitted as a Substituted Member, shall take subject to the obligations of the transferor hereunder. Unless admitted as a
Substituted Member, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof. 

B. Incapacity. If a Non-Managing Member is subject to Incapacity, the executor, administrator,
trustee, committee, guardian, conservator or receiver of such Member’s estate shall have all the rights of a Non-Managing Member, but not more rights than those enjoyed by other Non-Managing Members, for the purpose of settling or managing the estate, and such power as the Incapacitated Member possessed to Transfer all or any part of its interest in the Company. The Incapacity of a Member,
in and of itself, shall not dissolve or terminate the Company. 
 C. Adverse Tax Consequences. No Transfer by a Non-Managing Member of its Membership Interests (including any Redemption, any other acquisition of Membership Units by the Managing Member or any acquisition of Membership Units by the Company and including any
Permitted Transfer) may be made to or by any Person if in the opinion of legal counsel for 

  
 73 

 
the Company, (i) such Transfer would create a material risk of the Company being treated as an association taxable as a corporation, (ii) there would be a material risk that such
Transfer would be treated as effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof),” within the meaning of Code Section 7704 or otherwise create a material risk
of the Company being treated as a “publicly traded partnership” within the meaning of Code Section 469(k)(2) or Code Section 7704, (iii) such Transfer would create a material risk that the Company cease to be classified as a
partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by CLNS) of all Membership Units held by all Members (other than CLNS)), or such Transfer would result in a termination of the Company under Code
Section 708(b)(1)(B), or (iv) such Transfer would create a material risk that CLNS would cease to comply with the REIT Requirements or any wholly owned Subsidiary of CLNS to cease to qualify as either a “qualified REIT subsidiary”
(within the meaning of Code Section 856(i)(2)) or disregarded entity (determined for federal income tax purposes) thereof. 

Section 11.4 Substituted Members. 

A. A transferee of the interest of a Non-Managing Member shall be admitted as a Substituted Member
only with the consent of the Managing Member, which may be withheld in its sole and absolute discretion; provided, however, that a Permitted Transferee that is a past or present employee of any of the Company, CLNY, CLNS, or any of their
Subsidiaries, CC, CCH or Colony Realty Partners, LLC shall be admitted as a Substituted Member pursuant to a Permitted Transfer without the consent of the Managing Member. The failure or refusal by the Managing Member to permit a transferee of any
such interests to become a Substituted Member shall not give rise to any cause of action against the Company or the Managing Member. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Member until and unless it furnishes to
the Managing Member (i) evidence of acceptance, in form and substance satisfactory to CLNS, of all the terms, conditions and applicable obligations of this Agreement, (ii) a counterpart signature page to this Agreement executed by such
Assignee and (iii) such other documents and instruments as the Managing Member may require to effect such Assignee’s admission as a Substituted Member. 

B. Concurrently with, and as evidence of, the admission of a Substituted Member, the Managing Member shall amend the Register and the books
and records of the Company to reflect the name, address and number of Membership Units of such Substituted Member and to eliminate or adjust, if necessary, the name, address and number of Membership Units of the predecessor of such Substituted
Member. 
 C. A transferee who has been admitted as a Substituted Member in accordance with this Article 11 shall have all the rights and
powers and be subject to all the restrictions and liabilities of a Non-Managing Member under this Agreement. 

Section 11.5 Assignees. If the Managing Member’s consent is required for the admission of any transferee as a Substituted
Member, as described in Section 11.4 hereof, and the Managing Member withholds such consent, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a
membership interest under the Act, including the right to receive distributions from the Company 

  
 74 

 
and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and credit of the Company attributable to the Membership Units assigned to such transferee and the rights
to Transfer the Membership Units provided in this Article 11, but shall not be deemed to be a holder of Membership Units for any other purpose under this Agreement (other than as expressly provided in Section 15.1 hereof with respect to a
Qualifying Party that becomes a Tendering Party), and shall not be entitled to effect a Consent or vote with respect to such Membership Units on any matter presented to the Non-Managing Members for approval
(such right to Consent or vote, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Member). In the event that any such transferee desires to make a further assignment of any such Membership Units, such
transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Non-Managing Member desiring to make an assignment of Membership Units. 

Section 11.6 General Provisions. 

A. No Non-Managing Member may withdraw from the Company other than: (i) as a result of a
permitted Transfer of all of such Member’s Membership Interest in accordance with this Article 11 with respect to which the transferee becomes a Substituted Member; (ii) pursuant to a redemption (or acquisition by the Managing Member or
CLNS) of all of its Membership Interest pursuant to a Redemption under Section 15.1 hereof and/or pursuant to any Membership Unit Designation; or (iii) as a result of the acquisition by the Managing Member or CLNS of all of such
Member’s Membership Interest, whether or not pursuant to Section 15.1.B hereof. 
 B. Any Member who shall Transfer all of its
Membership Units in a Transfer (i) permitted pursuant to this Article 11 where such transferee was admitted as a Substituted Member, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Membership Units pursuant
to a Redemption under Section 15.1 hereof and/or pursuant to any Membership Unit Designation, or (iii) to CLNS, whether or not pursuant to Section 15.1.B hereof, shall cease to be a Member. 

C. If any Membership Unit is Transferred in compliance with the provisions of this Article 11, or is redeemed by the Company, or acquired by
CLNS pursuant to Section 15.1 hereof, on any day other than the first day of a Fiscal Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Membership Unit for
such Fiscal Year shall be allocated to the transferor Member or the Tendering Party (as the case may be) and, in the case of a Transfer or assignment other than a Redemption, to the transferee Member, by taking into account their varying interests
during the Fiscal Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method selected by the Managing Member. Solely for purposes of making such allocations, each of such
items for the calendar month in which a Transfer occurs shall be allocated to the transferee Member and none of such items for the calendar month in which a Transfer or a Redemption occurs shall be allocated to the transferor Member, or the
Tendering Party (as the case may be) if such Transfer occurs on or before the fifteenth (15th) day of the month, otherwise such items shall be allocated to the transferor. All distributions of Available Cash attributable to such Membership Unit with
respect to which the Company Record Date is before the date of such Transfer, assignment or Redemption shall be made to the transferor Member or the Tendering Party (as the case may be) and, in the case of a Transfer

  
 75 

 
other than a Redemption, all distributions of Available Cash thereafter attributable to such Membership Unit shall be made to the transferee Member. 

D. In addition to any other restrictions on Transfer herein contained or contained in any applicable
Non-Managing Member Ancillary Agreement, in no event may any Transfer or assignment of a Membership Interest by any Member (including any Redemption, any acquisition of Membership Units by CLNS or any other
acquisition of Membership Units by the Company) be made without the consent of the Managing Member, which may be withheld in its sole and absolute discretion: (i) to any person or entity who lacks the legal right, power or capacity to own a
Membership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Membership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Membership
Interest; (iv) in the event that such Transfer would create a material risk that CLNS would cease to comply with the REIT Requirements or any wholly owned Subsidiary of CLNS to cease to qualify as either a “qualified REIT subsidiary”
(within the meaning of Code Section 856(i)(2)) or disregarded entity (determined for federal income tax purposes) thereof; (v) if such Transfer would create a material risk that the Company cease to be classified as a partnership for federal
income tax purposes (except as a result of the Redemption (or acquisition by CLNS) of all Membership Units held by all Members (other than CLNS)), or such transfer would result in a termination of the Company under Code Section 708(b)(1)(B); (vi) if
such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in
ERISA Section 3(14)) or with respect to a plan subject to Section 4975 of the Code, a “disqualified person” (as defined in Code Section 4975(c)); (vii) if such Transfer would, in the opinion of legal counsel to the Company, cause
any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA;
(viii) if such Transfer requires the registration of such Membership Interest pursuant to any applicable federal or state securities laws; (ix) if such Transfer would create a material risk that the Company would become a “publicly
traded partnership,” as such term is defined in Code Section 469 (k)(2) or Code Section 7704(b) or would otherwise create a material risk that the Company would be treated as a corporation for federal income tax purposes; (x) if such
Transfer would cause the Company to have more than one hundred (100) partners for tax purposes (including as partners those persons indirectly owning an interest in the Company through a partnership, limited liability company, subchapter S
corporation or grantor trust); (xi) if such Transfer would cause the Company to become a reporting company under the Exchange Act; (xii) if such Transfer subjects the Company to regulation under the Investment Company Act of 1940, the
Investment Advisors Act of 1940 or ERISA. 
 E. Transfers by a Non-Managing Member pursuant to this
Article 11 or pursuant to any applicable Non-Managing Member Ancillary Agreement but not pursuant to Article 15, other than a Permitted Transfer to a Permitted Transferee pursuant to the exercise of remedies
under a Pledge, may only be made on the first day of a fiscal quarter of the Company, unless the Managing Member otherwise agrees. 

Section 11.7 Restrictions on Termination Transactions. Neither CLNS nor the Managing Member shall engage in, or cause or permit, a
Termination Transaction, unless the conditions in at least one of the following paragraphs is met: 

  
 76 

 A. the Consent of the Non-Managing Members is obtained;

 B. in connection with any such Termination Transaction, each holder of Membership Common Units (other than CLNS and its wholly owned
Subsidiaries) will receive, or will have the right to elect to receive, for each Membership Common Unit, an amount of cash, securities or other property equal to the product of the Adjustment Factor and the greatest amount of cash, securities or
other property paid to a holder of one REIT Share in consideration of one REIT Share pursuant to the terms of such Termination Transaction; provided, that if, in connection with such Termination Transaction, a purchase, tender or exchange offer
shall have been made to and accepted by the holders of a majority of the outstanding REIT Shares, each holder of Membership Common Units (other than CLNS and its wholly owned subsidiaries) will receive, or will have the right to elect to receive,
the greatest amount of cash, securities or other property which such holder of Membership Common Units would have received had it exercised its right to Redemption pursuant to Article 15 hereof and received REIT Shares in exchange for its Membership
Common Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated (the fair market value,
at the time of the Termination Transaction, of the amount specified herein with respect to each Membership Common Unit is referred to as the “Transaction Consideration”); 

C. all of the following conditions are met: (i) substantially all of the assets directly or indirectly owned by the Company prior to the
announcement of the Termination Transaction are, immediately after the Termination Transaction, owned directly or indirectly by the Company or another limited liability company or limited partnership which is the survivor of a merger, consolidation
or combination of assets with the Company (in each case, the “Surviving Company”); (ii) the Surviving Company is classified as a partnership for U.S. federal income tax purposes; and (iii) the rights of such Members with respect to
the Surviving Company include: (x) if CLNS or its successor is a REIT with a single class of Publicly Traded common equity securities, the right to redeem their interests in the Surviving Company on terms substantially comparable to those in
Section 15.1 of this Agreement for either: (1) a number of such REIT’s Publicly Traded common equity securities with a fair market value, as of the date of consummation of such Termination Transaction, equal to the Transaction
Consideration, subject to anti-dilution adjustments substantially comparable to those set forth in the definition of “Adjustment Factor” herein (the “Successor Shares Amount”); or (2) cash in an amount equal to the fair
market value of the Successor Shares Amount at the time of such redemption, determined in a manner consistent with the determination of the “Cash Amount” herein; or (y) if CLNS or its successor is not a REIT with a single class of
Publicly Traded common equity securities, the right to redeem their interests in the Surviving Company on terms substantially comparable to those in Section 15.1 of this Agreement for cash in an amount equal to the Transaction Consideration; or

 D. in any Termination Transaction that is a merger, consolidation or other combination with or into another Person, immediately following
the consummation of such Termination Transaction, the equity holders of the surviving entity are substantially identical to the shareholders of CLNS prior to such transaction. 

  
 77 

 ARTICLE 12. 

ADMISSION OF MEMBERS 

Section 12.1 Admission of Successor Managing Member. A successor to all or a portion of the Managing Member’s Membership
Interest pursuant to Section 11.2.A hereof who the Managing Member has designated to become a successor Managing Member shall be admitted to the Company as the Managing Member, effective immediately upon the Transfer of such Membership Interest to
it. Upon any such Transfer and the admission of any such transferee as a successor Managing Member in accordance with this Section 12.1, the transferor Managing Member shall be relieved of its obligations under this Agreement and shall cease to
be a Managing Member without any separate Consent of the Members or the consent or approval of any Member. Any such successor shall carry on the business of the Company without dissolution. In each case, the admission shall be subject to the
successor Managing Member executing and delivering to the Company an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission. In the event that the Managing
Member withdraws from the Company, or transfers its entire Membership Interest, in violation of this Agreement, or otherwise dissolves or terminates or ceases to be the Managing Member, a Majority in Interest of the
Non-Managing Members may elect to continue the Company by selecting a successor Managing Member in accordance with Section 13.1.A hereof. 

Section 12.2 Admission of Additional Members. 

A. A Person (other than an existing Member) who makes a Capital Contribution to the Company in exchange for Membership Units in accordance
with this Agreement shall be admitted to the Company as an Additional Member only upon furnishing to the Managing Member (i) evidence of acceptance, in form and substance satisfactory to the Managing Member, of all of the terms and conditions
of this Agreement, including the power of attorney granted in Section 2.4 hereof, (ii) a counterpart signature page to this Agreement executed by such Person, and (iii) such other documents or instruments as may be required by the
Managing Member in order to effect such Person’s admission as an Additional Member. Concurrently with, and as evidence of, the admission of an Additional Member, the Managing Member shall amend the Register and the books and records of the
Company to reflect the name, address, number and type of Membership Units of such Additional Member. 
 B. Notwithstanding anything to the
contrary in this Section 12.2, no Person shall be admitted as an Additional Member without the consent of the Managing Member. The admission of any Person as an Additional Member shall become effective on the date upon which the name of such
Person is recorded on the books and records of the Company, following the consent of the Managing Member to such admission and the satisfaction of all the conditions set forth in Section 12.2.A. 

C. If any Additional Member is admitted to the Company on any day other than the first day of a Fiscal Year, then Net Income, Net Losses, each
item thereof and all other items of income, gain, loss, deduction and credit allocable among Holders for such Fiscal Year shall be allocated among such Additional Member and all other Holders by taking into account their varying interests during the
Fiscal Year in accordance with Code Section 706(d), using the 

  
 78 

 
“interim closing of the books” method or another permissible method selected by the Managing Member. Solely for purposes of making such allocations, each of such items for the calendar
month in which an admission of any Additional Member occurs shall be allocated among all the Holders including such Additional Member, in accordance with the principles described in Section 11.6.C hereof. All distributions of Available Cash with
respect to which the Company Record Date is before the date of such admission shall be made solely to Members and Assignees other than the Additional Member, and all distributions of Available Cash thereafter shall be made to all the Members and
Assignees including such Additional Member. 
 Section 12.3 Amendment of Agreement and Certificate of Formation. For the
admission to the Company of any Member, the Managing Member shall take all steps necessary and appropriate under the Act to amend the Register and the books and records of the Company and, if necessary, to prepare as soon as practical an amendment
of this Agreement and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

Section 12.4 Limit on Number of Members. Unless otherwise permitted by the Managing Member, no Person shall be admitted to the
Company as an Additional Member if the effect of such admission would be to cause the Company to have a number of Members (including as Members for this purpose those Persons indirectly owning an interest in the Company through another limited
liability company, a partnership, a subchapter S corporation or a grantor trust) that would cause the Company to become a reporting company under the Exchange Act. 

Section 12.5 Admission. A Person shall be admitted to the Company as a member of the Company and/or a managing member of the
Company only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Company as a Non-Managing Member or a Managing Member. 

ARTICLE 13. 
 DISSOLUTION,
LIQUIDATION AND TERMINATION 
 Section 13.1 Dissolution. The Company shall not be dissolved by the admission of Substituted
Members or Additional Members, or by the admission of a successor managing member in accordance with the terms of this Agreement. Upon the withdrawal of the Managing Member, any successor managing member shall continue the business of the Company
without dissolution. However, the Company shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating Event”): 

A. an event of withdrawal, as defined in the Act, with respect to a Managing Member, unless (i) at the time of the
occurrence of such event, there is at least one remaining managing member of the Company who is authorized to and shall carry on the business of the Company, or (ii) within ninety (90) days after the withdrawal, a Majority in Interest of
the Non-Managing Members agree in writing to continue the Company and to the appointment, effective as of the date of withdrawal, of a successor managing member; 

  
 79 

 B. an election to dissolve the Company made by the Managing Member, with or
without the Consent of the other Members; or 
 C. entry of a decree of judicial dissolution of the Company pursuant to the
provisions of the Act. 
 Section 13.2 Winding Up. 

A. Upon the occurrence of a Liquidating Event, the Company shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets and satisfying the claims of its creditors and the Holders. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with the winding up of the Company’s business and
affairs. The Managing Member (or, in the event that there is no remaining Managing Member or the Managing Member has dissolved, become bankrupt or ceased to operate, any Person elected by a Majority in Interest of the
Non-Managing Members (the Managing Member or such other Person being referred to herein as the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of the Company and
shall take full account of the Company’s liabilities and property, and the Company property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined
by the Managing Member, include shares of stock in CLNS) shall be applied and distributed in the following order: 
 (1)
First, to the satisfaction of all of the Company’s debts and liabilities to creditors (including, without limitation, the Holders) (whether by payment or the making of reasonable provision for payment thereof); and 

(2) Second, the balance, if any, to the Holders in accordance with and in proportion to their positive Capital Account
balances, after giving effect to all contributions, distributions and allocations for all periods. 
 The Managing Member shall not receive any additional
compensation for any services performed pursuant to this Article 13. 
 B. Notwithstanding the provisions of Section 13.2.A hereof that
require liquidation of the assets of the Company, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Company, the Liquidator determines that an immediate sale of part or all of the Company’s assets
would be impractical or would cause undue loss to the Holders, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Company (including
to those Holders as creditors) and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A hereof, undivided interests in such Company assets as the Liquidator deems not suitable
for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Holders, and shall be subject to such conditions relating to the
disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall 

  
 80 

 
determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 

C. In the event that the Company is “liquidated,” within the meaning of Regulations Section
1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article 13 to the Holders that have positive Capital Accounts in compliance with Regulations
Section 1.704-1(b)(2)(ii)(b)(2) to the extent of, and in proportion to, positive Capital Account balances. If any Holder has a deficit balance in its Capital Account (after giving effect to all
contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs), such Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit,
and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the sole and absolute discretion of the Managing Member or the Liquidator, a pro rata portion of the distributions that would
otherwise be made to the Holders pursuant to this Article 13 may be: 
 (1) distributed to a trust established for the
benefit of the Managing Member and the Holders for the purpose of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Managing Member arising
out of or in connection with the Company and/or Company activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the Managing Member, in the same proportions and amounts as
would otherwise have been distributed to the Holders pursuant to this Agreement; or 
 (2) withheld or escrowed to provide a
reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld or escrowed amounts shall be distributed to the Holders in the
manner and order of priority set forth in Section 13.2.A hereof as soon as practicable. 
 Section 13.3 Deemed Contribution and
Distribution. Notwithstanding any other provision of this Article 13, in the event that the Company is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event
has occurred, the Company’s Property shall not be liquidated, the Company’s liabilities shall not be paid or discharged and the Company’s affairs shall not be wound up. Instead, for federal income tax purposes the Company shall be
deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership; and immediately thereafter, distributed Membership Units to the Members in the new partnership in accordance with
their respective Capital Accounts in liquidation of the Company, and the new partnership is deemed to continue the business of the Company. Nothing in this Section 13.3 shall be deemed to have constituted any Assignee as a Substituted Member
without compliance with the provisions of Section 11.4 hereof. 
 Section 13.4 Rights of Holders. Except as otherwise
provided in this Agreement and subject to the rights of any Holder of any Membership Interest set forth in a Membership Unit Designation, (a) each Holder shall look solely to the assets of the Company for the return of its Capital Contribution,
(b) no Holder shall have the right or power to demand or receive property 

  
 81 

 
other than cash from the Company, and (c) no Holder shall have priority over any other Holder as to the return of its Capital Contributions, distributions or allocations. 

Section 13.5 Notice of Dissolution. In the event that a Liquidating Event occurs or an event occurs that would, but for an
election or objection by one or more Members pursuant to Section 13.1 hereof, result in a dissolution of the Company, CLNS or the Liquidator shall, within thirty (30) days thereafter, provide written notice thereof to each of the Holders
and, in the sole and absolute discretion of CLNS or the Liquidator, or as required by the Act, to all other parties with whom the Company regularly conducts business (as determined in the sole and absolute discretion of the Managing Member or the
Liquidator), and the Managing Member or the Liquidator may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation in each place in which the Company regularly conducts business (as determined in the sole and
absolute discretion of the Managing Member or the Liquidator). 
 Section 13.6 Cancellation of Certificate of Formation. Upon
the completion of the liquidation of the Company cash and property as provided in Section 13.2 hereof, the Company shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all qualifications of the Company
as a foreign limited liability company in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Company shall be taken. 

Section 13.7 Reasonable Time for Winding-Up. A reasonable time shall be allowed for the
orderly winding-up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the Members during the period of liquidation. 

ARTICLE 14. 
 PROCEDURES FOR
ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS; MEETINGS 
 Section 14.1 Actions and Consents of Members. The actions requiring
Consent of any Member pursuant to this Agreement, including Section 7.3 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 14. 

Section 14.2 Amendments. Except as otherwise required, permitted or prohibited by this Agreement (including Section 7.3 and
Section 4.4.E), amendments to this Agreement must be approved by the Consent of the Managing Member and, if the amendment substantively and adversely affects the rights of the Non-Managing Members
disproportionately as compared to the Managing Member, the Consent of the Non-Managing Members holding a majority of the Membership Common Units then held by the
Non-Managing Members (excluding CLNS and any Controlled Entity of CLNS), and may be proposed only by (a) the Managing Member, or (b) Non-Managing Members
holding a majority of the Membership Common Units then held by Non-Managing Members (excluding CLNS and any Controlled Entity of CLNS). Following such proposal, the Managing Member shall submit to the Members
any proposed amendment that, pursuant to the terms of this Agreement, requires the Consent of the Members. The Managing Member shall seek the Consent of the Members entitled to vote thereon on any such

  
 82 

 
proposed amendment in accordance with Section 14.3 hereof. Upon obtaining any such Consent, or any other Consent required by this Agreement, and without further action or execution by any
other Person, including any Member, (i) any amendment to this Agreement may be implemented and reflected in a writing executed solely by the Managing Member, and (ii) the Non-Managing Members shall
be deemed a party to and bound by such amendment of this Agreement. Within thirty days after the effectiveness of any amendment to this Agreement that does not receive the Consent of all Members, the Managing Member shall deliver a copy of such
amendment to all Members that did not Consent to such amendment. For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement, this Agreement may not be amended without the Consent of the Managing Member. 

Section 14.3 Procedures for Meetings and Actions of the Members. 

A. Meetings of the Members may be called only by the Managing Member. The call shall state the nature of the business to be transacted. Notice
of any such meeting shall be given to all Members entitled to act at the meeting not less than ten (10) days nor more than ninety (90) days prior to the date of such meeting. Members may vote in person or by proxy at such meeting. Unless
approval by a different number or proportion of the Members is required by this Agreement, or any Membership Unit Designation, the affirmative vote of a Majority in Interest of the Members shall be sufficient to approve such proposal at a meeting of
the Members. Whenever the Consent of any Members is permitted or required under this Agreement, such Consent may be given at a meeting of Members or in accordance with the procedure prescribed in Section 14.3.B hereof. 

B. Any action requiring the Consent of any Member or a group of Members pursuant to this Agreement, or that is required or permitted to be
taken at a meeting of the Members may be taken without a meeting if a Consent in writing or by electronic transmission setting forth the action so taken or consented to is given by Members whose affirmative vote would be sufficient to approve such
action or provide such Consent at a meeting of the Members. Such Consent may be in one instrument or in several instruments, and shall have the same force and effect as the affirmative vote of such Members at a meeting of the Members. Such Consent
shall be filed with the Managing Member. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by electronic transmission, the Managing Member
may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a Consent that is consistent with the Managing Member’s recommendation with respect
to the proposal; provided, however, that an action shall become effective at such time as requisite Consents are received even if prior to such specified time. 

C. Each Member entitled to act at a meeting of Members may authorize any Person or Persons to act for it by proxy on all matters in which a
Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Member or its
attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy (or there is
receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Member executing it, such revocation to be effective upon the Company’s receipt 

  
 83 

 
of written notice of such revocation from the Member executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 

D. The Managing Member may set, in advance, a record date for the purpose of determining the Members (i) entitled to Consent to any
action, (ii) entitled to receive notice of or vote at any meeting of the Members or (iii) in order to make a determination of Members for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the
day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of the Members, not less than ten (10) days, before the date on which the meeting is to be held. If no record date is fixed, the record
date for the determination of Members entitled to notice of or to vote at a meeting of the Members shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any other determination of Members
shall be the effective date of such Member action, distribution or other event. When a determination of the Members entitled to vote at any meeting of the Members has been made as provided in this section, such determination shall apply to any
adjournment thereof. 
 E. Each meeting of Members shall be conducted by the Managing Member or such other Person as the Managing Member may
appoint pursuant to such rules for the conduct of the meeting as the Managing Member or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Members may be conducted in the same manner as meetings
of CLNS’s stockholders and may be held at the same time as, and as part of, the meetings of CLNS’s stockholders. 
 ARTICLE 15.

 GENERAL PROVISIONS 

Section 15.1 Redemption Rights of Qualifying Parties. 

A. Subject to any Non-Managing Member Ancillary Agreement, a Qualifying Party shall have the right
(subject to the terms and conditions set forth herein) to require the Company to redeem all or a portion of the Membership Common Units held by such Qualifying Party (Membership Common Units that have in fact been tendered for redemption being
hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing
Member by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Company’s obligation to effect a Redemption, however, shall not arise or be binding against the Company (i) until and unless CLNS
declines or fails to exercise its purchase rights pursuant to Section 15.1.B hereof following receipt of a Notice of Redemption (a “Declination”) and (ii) unless CLNS agrees otherwise, until the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing Member’s sole and absolute discretion, in
immediately available funds on or before the Specified Redemption Date. 
 B. Notwithstanding the provisions of Section 15.1.A hereof, on or
before the close of business on the Cut-Off Date, CLNS may, in its sole and absolute discretion, elect to acquire some or all of the Tendered Units (the percentage of the Tendered Units so elected to be

  
 84 

 
acquired, the “Applicable Percentage”) from the Tendering Party in exchange for the product of the REIT Shares Amount and the Applicable Percentage. If CLNS so elects, on the Specified
Redemption Date the Tendering Party shall sell such number of the Tendered Units to CLNS in exchange for a number of Class A REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. The Tendering Party shall
submit (i) such information, certification or affidavit as CLNS may reasonably require in connection with the application of the Ownership Limit to any such acquisition and (ii) such written representations, investment letters, legal
opinions or other instruments necessary, in the CLNS’s view, to effect compliance with the Securities Act. In the event of a purchase of the Tendered Units by CLNS pursuant to this Section 15.1.B, the Tendering Party shall no longer have the
right to cause the Company to effect a Redemption of such Tendered Units, and, upon notice to the Tendering Party by CLNS, given on or before the close of business on the Cut-Off Date, that CLNS has elected to
acquire some or all of the Tendered Units pursuant to this Section 15.1.B, the obligation of the Company to effect a Redemption of the Tendered Units as to which CLNS’s notice relates shall not accrue or arise. A number of Class A REIT
Shares equal to the product of the Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by CLNS as duly authorized, validly issued, fully paid and non-assessable Class A
REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit and other restrictions provided in the Charter, the Securities Act and relevant state securities or “blue sky”
laws. If the amount of Class A REIT Shares to be issued in exchange for the Tendered Units is not a whole number of Class A REIT Shares, the Tendering Party shall be paid (i) that number of Class A REIT Shares that equals the
nearest whole number less than such amount plus (ii) an amount of cash that CLNS determines, in its reasonable discretion, to represent the fair value of the remaining fractional Class A REIT Share that would otherwise be payable to the
Tendering Party. Neither any Tendering Party whose Tendered Units are acquired by CLNS pursuant to this Section 15.1.B, any Member, any Assignee nor any other interested Person shall have any right to require or cause CLNS to register, qualify or
list any Class A REIT Shares owned or held by such Person, whether or not such Class A REIT Shares are issued pursuant to this Section 15.1.B, with the SEC, with any state securities commissioner, department or agency, under the Securities
Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement (including any Non-Managing Member Ancillary Agreement) between CLNS and any such Person. Notwithstanding any delay in such delivery, the Tendering Party shall be deemed the owner of such Class A REIT Shares and Rights for
all purposes, including rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. Class A REIT Shares issued upon an acquisition of the Tendered Units by CLNS pursuant to this Section 15.1.B may
contain such legends regarding restrictions under the Securities Act and applicable state securities laws as CLNS in good faith determines to be necessary or advisable in order to ensure compliance with such laws and CLNS’s charter. 

C. Notwithstanding the provisions of Sections 15.1.A, 15.1.B and 15.1.I hereof, (i) no Person shall be entitled to effect a Redemption
for cash or an exchange for Class A REIT Shares to the extent the ownership or right to acquire Class A REIT Shares pursuant to such exchange on the Specified Redemption Date could cause such Person (or any other Person) to violate the
restrictions on ownership and transfer of Class A REIT Shares set forth in the Charter, after giving effect to any waivers or modifications of such restrictions by the Board of Directors, and (ii) no Person shall have any rights under this
Agreement to acquire Class A REIT Shares 

  
 85 

 
which would otherwise be prohibited under the Charter, after giving effect to any waivers or modifications of such restrictions by the Board of Directors. 

D. In the event of a Declination: 

(1) CLNS shall give notice of such Declination to the Tendering Party on or before the close of business on the Cut-Off Date. The failure of CLNS to give notice of such Declination by the close of business on the Cut-Off Date shall be deemed to be an election by CLNS to acquire the
Tendered Units in exchange for REIT Shares. 
 (2) The Company may elect to raise funds for the payment of the Cash Amount
either (a) by requiring that CLNS contribute to the Company funds from the proceeds of a registered public offering by CLNS of Class A REIT Shares sufficient to purchase the Tendered Units or (b) from any other sources (including the
sale of any Property and the incurrence of additional Debt) available to the Company. 
 (3) If the Cash Amount is not paid
on or before the Specified Redemption Date, interest shall accrue with respect to the Cash Amount from the day after the Specified Redemption Date to and including the date on which the Cash Amount is paid at a rate equal to the Applicable Federal
Short-Term Rate as published monthly by the IRS. 
 E. Notwithstanding the provisions of Section 15.1B hereof or Section 15.1J hereof, if
CLNS’s acquisition of Tendered Units in exchange for the REIT Shares Amount would be prohibited under the Charter, then (i) CLNS shall not elect to acquire such Tendered Units, and (ii) the Company shall not be obligated to effect a
Redemption of such Tendered Units. For the avoidance of doubt, unless CLNS’s acquisition of Tendered Units in exchange for the REIT Shares Amount would be prohibited under the Charter, if Tendered Units are not exchanged for Class A REIT
Shares, then the Cash Amount will be paid to the Tendering Party in accordance with the terms of Section 15.1.A hereof. 
 F. Each Non-Managing Member covenants and agrees that all Membership Common Units delivered for redemption shall be delivered to the Company or CLNS, as the case may be, free and clear of all liens; and, notwithstanding
anything contained herein to the contrary, neither CLNS nor the Company shall be under any obligation to acquire Membership Common Units which are or may be subject to any liens. Each Non-Managing Member
further agrees that, if any stamp, recording, documentary or similar tax is payable with respect to the Membership Common Units as a result of the transfer thereof to the Company or the CLNS, such Tendering Party shall assume and pay such tax. 

G. Notwithstanding anything herein to the contrary (but subject to Section 15.1.C hereof), with respect to any Redemption (or any tender of
Membership Common Units for Redemption if the Tendered Units are acquired by CLNS pursuant to Section 15.1.B hereof) pursuant to this Section 15.1: 

(1) Without the consent of the Managing Member, no Tendering Party (who is not a Former NSAM Unitholder) may effect a
Redemption for (i) less than one thousand sixty-five (1,065) Membership Common Units or (ii) any number of Membership 

  
 86 

 
Common Units that is not a multiple of seventy-one (71) or, if such Tendering Party holds less than one thousand sixty-five (1,065) Membership Common
Units, all of the Membership Common Units held by such Tendering Party. 
 (2) If (i) a Tendering Party surrenders
Tendered Units during the period on or after the Company Record Date with respect to a distribution payable to Holders of Membership Common Units, and before the record date established by CLNS for a dividend to its stockholders of some or all of
its portion of such Company distribution, and (ii) CLNS acquires any of such Tendered Units in exchange for Class A REIT Shares pursuant to Section 15.1.B on or after the Record Date for CLNS dividends, then such Tendering Party shall pay
to CLNS on the Specified Redemption Date an amount in cash equal to the Company distribution paid or payable in respect of such Tendered Units acquired by CLNS. 

(3) The consummation of such Redemption (or an acquisition of Tendered Units by CLNS pursuant to Section 15.1.B hereof, as the
case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. 

(4) The Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5
hereof) all Membership Common Units subject to any Redemption, and be treated as a Member or an Assignee, as applicable, with respect to such Membership Common Units for all purposes of this Agreement, until the Specified Redemption Date and until
such Tendered Units are either paid for by the Company pursuant to Section 15.1.A hereof or transferred to CLNS and paid for, by the issuance of Class A REIT Shares, pursuant to Section 15.1.B. Until a Specified Redemption Date and an
acquisition of the Tendered Units by CLNS pursuant to Section 15.1.B hereof, the Tendering Party shall have no rights as a stockholder of CLNS with respect to the REIT Shares issuable in connection with such acquisition. 

H. If CLNS shall be a party to any Transaction, each Membership Common Unit that is not converted into the right to receive cash, securities
or other property or any combination thereof in connection with such Transaction shall thereafter be convertible into the kind and amount of cash, securities or other property or any combination thereof receivable upon the consummation of such
Transaction by a holder of that number of REIT Shares into which one Membership Common Unit was convertible immediately prior to such Transaction, assuming such holder of REIT Shares (i) is not a Constituent Person or an affiliate of a
Constituent Person and (ii) failed to exercise his or her rights of the election, if any, as to the kind and amount of cash, securities or other property or any combination thereof receivable upon such Transaction; provided that if the cash,
securities or other property or any combination thereof receivable upon such Transaction is not the same for each REIT Share held immediately prior to such Transaction by other than a Constituent Person or an affiliate thereof and in respect of
which such rights of election shall not have been exercised (“Non-Electing Shares”), then for purposes of this Section 15.1.H the kind and amount of cash, securities or other property or any
combination thereof receivable upon such Transaction by each Non-Electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of the
Non-Electing Shares. CLNS shall not be a party to any Transaction unless the terms of such Transaction are 

  
 87 

 
consistent with the provisions of this Section 15.1.H. The provisions of this Section 15.1.H shall similarly apply to successive Transactions. 

I. In connection with the exercise of Redemption rights pursuant to this Section 15.1, unless waived by CLNS, the Tendering Party shall
submit the following to CLNS, in addition to the Notice of Redemption: 
 (1) A written affidavit, dated the same date as the
Notice of Redemption, (a) disclosing the Beneficial and Constructive ownership (as defined in CLNS’s charter), as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and
(ii) to the best of such Tendering Party’s knowledge, any Related Party, and (b) representing that, after giving effect to an acquisition of the Tendered Units by CLNS pursuant to Section 15.1.B hereof, neither the Tendering Party
nor, to the best of such Tendering Party’s knowledge, any Related Party, will Beneficially or Constructively own (as defined in CLNS’s charter) REIT Shares in excess of the Ownership Limit; provided, however, that the written affidavit
required pursuant to this Section 15.1.I(1) shall only be required upon the reasonable request of CLNS upon the good faith determination by CLNS that such affidavit is necessary to confirm that the exercise of Redemption rights by the Tendering
Party will not result in the Tendering Party’s Constructive or Beneficial ownership (as defined in CLNS’s charter) of REIT shares exceeding the Ownership Limit; 

(2) A written representation that neither the Tendering Party nor, to the best of such Tendering Party’s knowledge, any
Related Party, has any intention to acquire Beneficial or Constructive ownership (as defined in CLNS’s charter) of any additional REIT Shares prior to the Specified Redemption Date that would prevent the Tendering Party from making the
certification set forth in Section 15.1.I(3) below; 
 (3) An undertaking to certify, at and as a condition to the closing of
(i) the Redemption or (ii) the acquisition of the Tendered Units by CLNS pursuant to Section 15.1.B hereof on the Specified Redemption Date, that either (a) the Beneficial and Constructive ownership (as defined in CLNS’s charter)
of REIT Shares by the Tendering Party and, to the best of such Tendering Party’s knowledge, any Related Party, remain unchanged from that disclosed in the affidavit required by Section 15.1I(1), or (b) after giving effect to the
Redemption or an acquisition of the Tendered Units by CLNS pursuant to Section 15.1.B hereof, neither the Tendering Party nor, to the best of such Tendering Party’s knowledge, any Related Party, shall Beneficially or Constructively own (as
defined in CLNS’s charter) REIT Shares in violation of the Ownership Limit; and 
 (4) In connection with any
Redemption, CLNS shall have the right to receive an opinion of counsel reasonably satisfactory to it to the effect that the proposed Redemption will not cause the Company, the Managing Member or CLNS to violate any Federal or state securities laws
or regulations applicable to the Redemption or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.B of this Agreement. 

  
 88 

 J. Stock Offering Funding Option. 

(1) (a) Notwithstanding Sections 15.1.A or 15.1.B hereof (but subject to Sections 15.1.C and 15.1.F hereof), if (i) a Non-Managing Member has delivered to the Managing Member a Notice of Redemption that would result in Excess Units (together with any other Tendered Units that such
Non-Managing Member agrees to treat as Excess Units, the “Offering Units”), and (ii) CLNS is eligible to file a registration statement under Form S-3 (or
any successor form similar thereto), then CLNS may elect, in its sole and absolute discretion, to cause the Company to redeem the Offering Units with the net proceeds of an offering, whether registered under the Securities Act or exempt from such
registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed (a “Stock Offering Funding”) of a number of Class A REIT Shares (“Offered Shares”) equal
to or greater than the REIT Shares Amount with respect to the Offering Units pursuant to the terms of this Section 15.1.J. CLNS must provide notice of their exercise of the election described in clause (x) above to purchase the Tendered Units
through a Stock Offering Funding on or before the Cut-Off Date. 
 (b) If CLNS elects
a Stock Offering Funding with respect to a Notice of Redemption, the Managing Member may give notice (a “Single Funding Notice”) of such election to all Non-Managing Members and require that all
Members elect whether or not to effect a Redemption to be funded through such Stock Offering Funding. If a Non-Managing Member elects to effect such a Redemption, it shall give notice thereof and of the number
of Membership Common Units to be made subject thereto in writing to the Managing Member within 10 Business Days after receipt of the Single Funding Notice, and such Non-Managing Member shall be treated as a
Tendering Party for all purposes of this Section 15.1.J. 
 (2) If CLNS elects a Stock Offering Funding, on the Specified
Redemption Date, the Company shall redeem each Offering Unit that is still a Tendered Unit on such date for cash in immediately available funds in an amount (the “Stock Offering Funding Amount”) equal to the net proceeds per Offered Share
received by CLNS from the Stock Offering Funding, determined after deduction of underwriting discounts and commissions but no other expenses of CLNS or any other Non-Managing Member related thereto, including
legal and accounting fees and expenses, SEC registration fees, state blue sky and securities laws fees and expenses, printing expenses, FINRA filing fees, exchange listing fees and other out of pocket expenses (the “Net Proceeds”). 

(3) If CLNS elects a Stock Offering Funding, the following additional terms and conditions shall apply: 

(a) As soon as practicable after CLNS elects to effect a Stock Offering Funding, CLNS shall use its reasonable efforts to
effect as promptly as possible a registration, qualification or compliance (including the execution of an undertaking to file post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws and
appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as would 

  
 89 

 
permit or facilitate the sale and distribution of the Offered Shares; provided, that, if CLNS shall deliver a certificate to the Tendering Party stating that CLNS has determined in the good faith
judgment of the Board of Directors that such filing, registration or qualification would require disclosure of material non-public information, the disclosure of which would have a material adverse effect on
CLNS, then CLNS may delay making any filing or delay the effectiveness of any registration or qualification for the shorter of (a) the period ending on the date upon which such information is disclosed to the public or ceases to be material or
(b) an aggregate period of ninety (90) days in connection with any Stock Offering Funding. 
 (b) CLNS shall advise
each Tendering Party, regularly and promptly upon any request, of the status of the Stock Offering Funding process, including the timing of all filings, the selection of and understandings with underwriters, agents, dealers and brokers, the nature
and contents of all communications with the SEC and other governmental bodies, the expenses related to the Stock Offering Funding as they are being incurred, the nature of marketing activities, and any other matters reasonably related to the timing,
price and expenses relating to the Stock Offering Funding and the compliance by CLNS with its obligations with respect thereto. CLNS will have reasonable procedures whereby the Tendering Party with the largest number of Offering Units (the
“Lead Tendering Party”) may represent all the Tendering Parties in connection with the Stock Offering Funding by allowing it to participate in meetings with the underwriters of the Stock Offering Funding. In addition, CLNS and each
Tendering Party may, but shall be under no obligation to, enter into understandings in writing (“Pricing Agreements”) whereby the Tendering Party will agree in advance as to the acceptability of a Net Proceeds amount at or below a
specified amount. Furthermore, CLNS shall establish pricing notification procedures with each such Tendering Party, such that the Tendering Party will have the maximum opportunity practicable to determine whether to become a Withdrawing Member
pursuant to Section 15.1.J(3)(c) below. 
 (c) CLNS, upon notification of the price per Class A REIT Share in the Stock
Offering Funding from the managing underwriter(s), in the case of a registered public offering, or lead placement agent(s), in the event of an unregistered offering, engaged by CLNS in order to sell the Offered Shares, shall immediately use its
reasonable efforts to notify each Tendering Party of the price per REIT Share in the Stock Offering Funding and resulting Net Proceeds. Each Tendering Party shall have one hour from the receipt of such written notice (as such time may be extended by
CLNS) to elect to withdraw its Redemption (a Tendering Party making such an election being a “Withdrawing Member”), and Membership Common Units with a REIT Shares Amount equal to such excluded Offered Shares shall be considered to be
withdrawn from the related Redemption; provided, however, that CLNS shall keep each of the Tendering Parties reasonably informed as to the likely timing of delivery of its notice. If a Tendering Party, within such time period, does not notify CLNS
of such Tendering Party’s election not to become a Withdrawing Member, then such Tendering Party shall, except as otherwise provided in a Pricing Agreement, be deemed not to have withdrawn from the Redemption, without liability to CLNS. To the
extent that CLNS is unable to notify any Tendering Party, such unnotified Tendering Party shall, except as otherwise 

  
 90 

 
provided in any Pricing Agreement, be deemed not to have elected to become a Withdrawing Member. Each Tendering Party whose Redemption is being funded through the Stock Offering Funding who does
not become a Withdrawing Member shall have the right, subject to the approval of the managing underwriter(s) or placement agent(s) and restrictions of any applicable securities laws, to submit for Redemption additional Membership Common Units in a
number no greater than the number of Membership Common Units withdrawn. If more than one Tendering Party so elects to redeem additional Membership Common Units, then such Membership Common Units shall be redeemed on a pro rata basis, based on the
number of additional Membership Common Units sought to be so redeemed. 
 (d) CLNS shall take all reasonable action in order
to effectuate the sale of the Offered Shares including the entering into of an underwriting or placement agreement in customary form with the managing underwriter(s) or placement agent(s) selected for such underwriting. Notwithstanding any other
provision of this Agreement, if the managing underwriter(s) or placement agent(s) advises CLNS in writing that marketing factors require a limitation of the number of shares to be offered, then CLNS shall so advise all Tendering Parties and the
number of Membership Common Units to be sold to CLNS pursuant to the Redemption shall be allocated among all Tendering Parties in proportion, as nearly as practicable, to the respective number of Membership Common Units as to which each Tendering
Party elected to effect a Redemption. Notwithstanding anything to the contrary in this Agreement, if CLNS is also offering to sell shares for purposes other than to fund the redemption of Offering Units and to pay related expenses, then those other
shares may in CLNS’s sole and absolute discretion be given priority over any shares to be sold in the Stock Offering Funding, and any shares to be sold in the Stock Offering Funding shall be removed from the offering prior to removing shares
the proceeds of which would be used for other purposes of CLNS. No Offered Shares excluded from the underwriting by reason of the managing underwriter’s or placement agent’s marketing limitation shall be included in such offering. 

Section 15.2 Addresses and Notice. Any notice, demand, request or report required or permitted to be given or made to a Member or
Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy, facsimile,
electronic mail or commercial courier service) to the Member, or Assignee at the address for such Member set forth in the Register, or such other address of which the Member shall notify the Managing Member in accordance with this Section 15.2.

 Section 15.3 Titles and Captions. All article or Section titles or captions in this Agreement are for convenience only. They
shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. 

Section 15.4 Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

  
 91 

 Section 15.5 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.6 Waiver. 

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

B. The restrictions, conditions and other limitations on the rights and benefits of the Members contained in this Agreement, and the duties,
covenants and other requirements of performance or notice by the Members, are for the benefit of the Company and may be waived or relinquished by the Managing Member, in its sole and absolute discretion, on behalf of the Company in one or more
instances from time to time and at any time; provided, however, that any such waiver or relinquishment may not be made if it would have the effect of (i) creating liability for any other Member, (ii) causing the Company to cease to qualify
as a limited liability company, (iii) reducing the amount of cash otherwise distributable to the Members (other than any such reduction that affects all of the Members holding the same class or series of Membership Units on a uniform or pro
rata basis, if approved by a Majority in Interest of the Non-Managing Members holding such class or series of Membership Units), (iv) resulting in the classification of the Company as an association or
publicly traded partnership taxable as a corporation or (v) violating the Securities Act, the Exchange Act or any state “blue sky” or other securities laws; provided, further, that any waiver relating to compliance with the Ownership
Limit or other restrictions in the Charter shall be made and shall be effective only as provided in the Charter. 
 Section 15.7
Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same
counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 
 Section 15.8
Applicable Law; Consent to Jurisdiction; Jury Trial. 
 A. This Agreement shall be construed and enforced in accordance with and
governed by the laws of the State of Delaware, without regard to the principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the
Act, the provisions of this Agreement shall control and take precedence. 
 B. Each Member hereby (i) submits to the non-exclusive jurisdiction of the Delaware Court of Chancery or, if such court does not have subject matter jurisdiction, any federal court sitting in the State of Delaware (collectively, the “Delaware
Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, (ii) irrevocably waives, and agrees
not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the Delaware Courts, that its property is 

  
 92 

 
exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of
process in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Member at such Member’s last known address as set forth in
the Company’s books and records, and (iv) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 15.9 Entire Agreement. This Agreement contains all of the understandings and agreements between and among the Members with
respect to the subject matter of this Agreement and the rights, interests and obligations of the Members with respect to the Company. Notwithstanding any provision in this Agreement or any Membership Unit Designation to the contrary, including any
provisions relating to amending this Agreement, the Members hereby acknowledge and agree that the Managing Member, without the approval of any other Member, may enter into side letters or similar written agreements with Members that are not
Affiliates of the Managing Member or CLNS, executed contemporaneously with the admission of such Member to the Company, which may have the effect of establishing rights under, or altering or supplementing the terms of, this Agreement or any
Membership Unit Designation, as negotiated with such Member and which the Managing Member in its sole and absolute discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or provisions contained in
such side letters or similar written agreements with a Member shall govern with respect to such Member notwithstanding the provisions of this Agreement. 

Section 15.10 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

Section 15.11 Limitation to Preserve REIT Status. Notwithstanding anything else in this Agreement, with respect to any period in
which CLNS has elected to be treated as a REIT for federal income tax purposes, to the extent that the amount paid, credited, distributed or reimbursed by the Company to any REIT Member or its officers, directors, employees or agents, whether as a
reimbursement, fee, expense or indemnity (a “REIT Payment”), would constitute gross income to the REIT Member (as determined for purposes of Code Section 856(c)(2) or Code Section 856(c)(3)), then, notwithstanding any other provision of
this Agreement, the amount of such REIT Payments, as selected by the Managing Member in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Fiscal Year so that the REIT
Payments, as so reduced, for or with respect to such REIT Member shall not exceed the lesser of: 
 (i) an amount equal to
the excess, if any, of (a) four and nine-tenths percent (4.9%) of the REIT Member’s total gross income (but excluding the amount of any REIT Payments) for the Fiscal Year that is described in subsections (A) through (I) of Code
Section 856(c)(2) over (b) the amount of gross income (within the meaning of Code Section 856(c)(2)) derived by the REIT Member from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not
including the amount of any REIT Payments); or 

  
 93 

 (ii) an amount equal to the excess, if any, of (a) twenty-four percent (24%)
of the REIT Member’s total gross income (but excluding the amount of any REIT Payments) for the Fiscal Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (b) the amount of gross income (within the
meaning of Code Section 856(c)(3)) derived by the REIT Member from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments); 

provided, however, that REIT Payments in excess of the amounts set forth in clauses (i) and (ii) above may be made if the Managing Member,
as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts should not adversely affect the REIT Member’s ability to qualify as a REIT. To the extent that REIT Payments may not be made in a Fiscal Year as
a consequence of the limitations set forth in this Section 15.11, such REIT Payments shall carry over and shall be treated as arising in the following Fiscal Year if such carry over does not adversely affect the REIT Member’s ability to
qualify as a REIT provided, however, that such amounts shall not carry over for more than five Fiscal Years, and if not paid within such five Fiscal Year period, shall expire; and provided further that (i) as REIT Payments are made, such
payments shall be applied first to carry over amounts outstanding, if any, and (ii) with respect to carry over amounts for more than one Fiscal Year, such payments shall be applied to the earliest Fiscal Year first. The purpose of the
limitations contained in this Section 15.11 is to prevent any REIT Member from failing to qualify as a REIT under the Code by reason of such REIT Member’s share of items, including distributions, reimbursements, fees, expenses or
indemnities, receivable directly or indirectly from the Company, and this Section 15.11 shall be interpreted and applied to effectuate such purpose. 

Section 15.12 No Partition. No Member nor any
successor-in-interest to a Member shall have the right while this Agreement remains in effect to have any property of the Company partitioned, or to file a complaint or
institute any proceeding at law or in equity to have such property of the Company partitioned, and each Member, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Members that the rights of
the parties hereto and their successors-in-interest to Company property, as among themselves, shall be governed by the terms of this Agreement, and that the rights of
the Members and their respective successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

Section 15.13 No Third-Party Rights Created Hereby. The provisions of this Agreement are solely for the purpose of defining the
interests of the Holders, inter se; and no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title or interest by way of subrogation or
otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the Company (other than as expressly set forth herein with respect to Indemnitees) shall have the right to enforce
the right or obligation of any Member to make Capital Contributions or loans to the Company or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or obligations of the Members herein set forth to make Capital
Contributions or loans to the Company shall be deemed an asset of the Company for any purpose by any creditor or other third party, nor may any such rights or obligations be sold, 

  
 94 

 
Transferred or assigned by the Company or pledged or encumbered by the Company to secure any debt or other obligation of the Company or any of the Members. 

Section 15.14 No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the Holders of
Membership Units any rights whatsoever as stockholders of CLNS, including any right to receive dividends or other distributions made to stockholders of CLNS or to vote or to consent or receive notice as stockholders in respect of any meeting of
stockholders for the election of directors of CLNS or any other matter. 
 Section 15.15 Redemption Rights of the Company. 

A. The Company shall have the right (subject to the terms and conditions set forth herein) to redeem all or a portion of the Membership Common
Units held by any Qualifying MHR Party in exchange (a “Surrender”) for the Cash Amount payable on the date specified (the “Surrender Date”) in the notice of surrender provided by the Managing Member to such Qualifying MHR Party
(the “Surrendering Party”). In the event of a Surrender, the Cash Amount shall be delivered as a certified or bank check payable to the Surrendering Party or, in the Managing Member’s sole and absolute discretion, in immediately
available funds on or before the Surrender Date. 
 B. Each Surrendering Party covenants and agrees that all Membership Common Units
delivered by it for surrender shall be delivered to the Company free and clear of any pledge, lien, encumbrance or restriction, other than any restriction provided in this Agreement, the Securities Act and relevant state “blue sky” or
other securities laws. Each Surrendering Party further agrees that, if any stamp, recording, documentary or similar tax is payable with respect to the Membership Common Units as a result of the transfer thereof to the Company, such Surrendering
Party shall assume and pay such tax. 
 C. Notwithstanding anything herein to the contrary, with respect to any Surrender pursuant to this
Section 15.15: 
 (1) The consummation of such Surrender shall be subject to the expiration or termination of the
applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvement Act of 1976. 
 (2) The Surrendering
Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Membership Common Units subject to any Surrender, and be treated as a Member or an Assignee, as applicable, with respect to such
Membership Common Units for all purposes of this Agreement, until the Surrender Date and until such Membership Common Units are paid for by the Company pursuant to Section 15.15.A hereof. 

  
 95 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 

 

					
	MEMBERS:	 	
	
	COLONY NORTHSTAR, INC. as Managing Member and by power of attorney on behalf of the other Members
		
	By:	 	 /s/ Mark M. Hedstrom

		 	Name:	 	Mark M. Hedstrom
		 	Title:	 	Vice President

  
 A-1 

 EXHIBIT A: EXAMPLES REGARDING ADJUSTMENT FACTOR 

For purposes of the following examples, it is assumed that (a) the Adjustment Factor in effect on December 31, 2017 is 1.0 and (b) on
January 1, 2018 (the “Company Record Date” for purposes of these examples), prior to the events described in the examples, there are 100 REIT Shares issued and outstanding. 

Example 1 
 On the Company Record Date, CLNS declares a
dividend on its outstanding REIT Shares in REIT Shares. The amount of the dividend is one REIT Share paid in respect of each REIT Share owned. Pursuant to Paragraph (i) of the definition of “Adjustment Factor,” the Adjustment Factor
shall be adjusted on the Company Record Date, effective immediately after the stock dividend is declared, as follows: 
 1.0 * 200/100 = 2.0

 Accordingly, the Adjustment Factor after the stock dividend is declared is 2.0. 

Example 2 
 On the Company Record Date, CLNS distributes
options to purchase REIT Shares to all holders of its REIT Shares. The amount of the distribution is one option to acquire one REIT Share in respect of each REIT Share owned. The strike price is $4.00 a share. The Value of a REIT Share on the
Company Record Date is $5.00 per share. Pursuant to Paragraph (ii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Company Record Date, effective immediately after the options are distributed,
as follows: 
 1.0 * (100 + 100)/(100 + [100 * $4.00/$5.00]) = 1.1111 

Accordingly, the Adjustment Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the retroactive
adjustment specified in Paragraph (ii) of the definition of “Adjustment Factor” shall apply. 
 Example 3 

On the Company Record Date, CLNS distributes assets to all holders of its REIT Shares. The amount of the distribution is one asset with a fair market value (as
determined by the Managing Member) of $1.00 in respect of each REIT Share owned. It is also assumed that the assets do not relate to assets received by the Managing Member pursuant to a pro rata distribution by the Company. The Value of a REIT Share
on the Company Record Date is $5.00 a share. Pursuant to Paragraph (iii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Company Record Date, effective immediately after the assets are
distributed, as follows: 
 1.0 * $5.00/($5.00 - $1.00) = 1.25 

Accordingly, the Adjustment Factor after the assets are distributed is 1.25. 

  
 A-2 

 EXHIBIT B: NOTICE OF REDEMPTION 

Colony NorthStar, Inc. 
 515 S. Flower Street, 44th Floor 

Los Angeles, CA 90071 
 The undersigned Member or
Assignee hereby irrevocably tenders for Redemption Membership Common Units in Colony Capital Operating Company, LLC in accordance with the terms of the Third Amended and Restated Limited Liability Agreement of Colony Capital Operating Company, LLC,
dated as of January 10, 2017, as amended (the “Agreement”), and the Redemption rights referred to therein. All capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the
Agreement. The undersigned Member or Assignee: 
 (a) undertakes (i) to surrender such Membership Common Units at the closing of the
Redemption and (ii) to furnish to CLNS, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 15.1.I of the Agreement; 

(b) directs that the certified check representing the Cash Amount, or the REIT Shares Amount, as applicable, deliverable upon the closing of
such Redemption be delivered to the address specified below; 
 (c) represents, warrants, certifies and agrees that: (i) the
undersigned Member or Assignee is a Qualifying Party; (ii) the undersigned Member or Assignee has, and at the closing of the Redemption will have, good, marketable and unencumbered title to such Membership Common Units, free and clear of the
rights or interests of any other person or entity; (iii) the undersigned Member or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Common Units as provided herein;
(iv) the undersigned Member or Assignee, and the tender and surrender of such Common Units for Redemption as provided herein complies with all conditions and requirements for redemption of Membership Common Units set forth in the Agreement; and
(v) the undersigned Member or Assignee has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender; and 

(d) acknowledges that the undersigned will continue to own such Membership Common Units unless and until either (1) such Membership
Common Units are acquired by CLNS pursuant to Section 15.1.B of the Agreement or (2) such redemption transaction closes. 
  

							
	Dated:	 	  
	 		 	
				
		 		 		 	  

		 		 		 	Name of Member or Assignee:
				
		 		 		 	  

		 		 		 	 Signature of Member or Assignee

  
 B-1 

							
		 		 		 	  

		 		 		 	Street Address
				
		 		 		 	  

		 		 		 	City, State and Zip Code
				
		 		 		 	  

		 		 		 	Social security or identifying number
				
		 		 		 	  

		 		 		 	Signature Medallion Guaranteed by:
				
		 		 		 	  

		 		 		 	Issue Check Payable to (or shares in the name of):

  
 B-2 

 EXHIBIT C: MEMBER NOTICE OF LTIP CONVERSION ELECTION 

The undersigned holder of LTIP Units hereby irrevocably (i) elects to convert the number of LTIP Units in Colony Capital Operating
Company, LLC (the “Company”) set forth below into Membership Common Units in accordance with the terms of the Third Amended and Restated Limited Liability Agreement of the Company, as amended; and (ii) directs that any cash in lieu of
Membership Common Units that may be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such LTIP Units, free and clear
of the rights of interests of any other person or entity other than the Company; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has obtained the consent or approval of
all persons or entities, if any, having the right to consent or approve such conversion. 
  

			
	Name of Holder:	 	  

		 	(Please Print: Exact Name as Registered with Company)

  

			
	Number of LTIP Units to be Converted:	 	  

 

			
	Date of this Notice:	 	  

 

	
	  

	(Signature of Holder: Sign Exact Name as Registered with Company)
	
	  

	(Street Address)
	
	  

	(City) (State) (Zip Code)

  
 C-1 

 EXHIBIT D: COMPANY NOTICE OF LTIP CONVERSION ELECTION 

Colony Capital Operating Company, LLC (the “Company”) hereby irrevocably elects to cause the number of LTIP Units held by the holder
of LTIP Units set forth below to be converted into Membership Common Units in accordance with the terms of the Third Amended and Restated Limited Liability Agreement of the Company, as amended. 

 

			
	Name of Holder:	 	  

		 	(Please Print: Exact Name as Registered with Company)

  

			
	Number of LTIP Units to be Converted:	 	  

 

			
	Date of this Notice:	 	  

  
 D-1 

 EXHIBIT E: SERIES A COMPANY PREFERRED UNIT DESIGNATION 

A. Number. As of the close of business on the date this Agreement was adopted, the total number of Series A Company Preferred Units
issued and outstanding will be 2,466,689. The Managing Member may issue additional Series A Company Preferred Units from time to time in accordance with the terms of the Agreement, and in connection with any such additional issuance the Managing
Member shall revise Schedule I to the Agreement to reflect the total number of Series A Company Preferred Units then issued and outstanding. 

B. Distributions. 
 (i)
CLNS, in its capacity as the holder of the then outstanding Series A Company Preferred Units, shall be entitled to receive, when, as and if declared by the Managing Member, distributions payable in cash at the rate per annum of $2.1875 per
Series A Company Preferred Unit (the “Series A Annual Distribution Rate”). Such distributions with respect to each Series A Company Preferred Unit issued prior to February 15, 2017 shall be cumulative from, but excluding,
the date of original issue by the Company of any Series A Company Preferred Units and with respect to Series A Company Preferred Units issued on or after February 15, 2017 shall be cumulative from the Distribution Payment Date (as defined
below) with respect to distributions that were actually paid on Series A Company Preferred Units that were outstanding immediately preceding the issuance of such Series A Company Preferred Units, and shall be payable quarterly on
February 15, May 15, August 15 and November 15 of each year, commencing on or about February 15, 2017 (each such day being hereinafter called a “Distribution Payment Date”), when, as and if authorized and declared
by the Managing Member, in arrears on each Distribution Payment Date commencing with respect to each Series A Company Preferred Unit on the first Distribution Payment Date following the issuance of such Series A Company Preferred Unit; provided that
the amount per Series A Company Preferred Unit to be paid in respect of the initial distribution period, which shall commence on and include November 15, 2016 and end on and include February 14, 2017 (the “Initial Distribution
Period”) shall be determined in accordance with paragraph (ii) below; provided, however, that if any Distribution Payment Date falls on any day other than a Business Day, the distribution payment due on such Distribution Payment Date shall
be paid on the first Business Day immediately following such Distribution Payment Date, without any adjustment to the amount of the distribution due on that Distribution Payment Date on account of such delay. Accrued and unpaid distributions for any
past Distribution Periods (as defined below) may be declared and paid at any time, without reference to any regular Distribution Payment Date. If following a change of control, the Series A Preferred Share is not listed on the New York Stock
Exchange or the American Stock Exchange or quoted on NASDAQ, the Series A Annual Distribution Rate will be increased to $2.4375 per share of Series A Company Preferred Unit and CLNS as the holder of the Series A Company Preferred Units shall be
entitled to receive, when, as and if declared by the Managing Member, distributions payable in cash cumulative from, but excluding, the first date on which both the change of control has occurred and the Series A Preferred Share is not so listed or
quoted at the increased Series A Annual Distribution Rate for as long as the Series A Preferred Share is not so listed or quoted. 

  
 E-1 

 (ii) Each quarterly distribution period shall commence on February 15, May 15,
August 15 and November 15 of each year and end on and include the day preceding the first day of the next succeeding distribution period (each such period, a “Distribution Period”). The amount of distribution per Series A Company
Preferred Unit accruing in each full Distribution Period shall be computed by dividing the Series A Annual Distribution Rate by four. The amount of distributions payable for the Initial Distribution Period, or any other period shorter or longer than
a full Distribution Period, on the Series A Company Preferred Units shall be computed on the basis of twelve 30-day months and a 360-day year. CLNS, in its capacity as
the holder of the then outstanding Series A Company Preferred Units, shall not be entitled to any distributions, whether payable in cash, property or securities, in excess of cumulative distributions, as herein provided, on the Series A Company
Preferred Units. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series A Company Preferred Units that may be in arrears. For the avoidance of doubt, the amount of
distribution per Series A Company Preferred Unit payable on the initial Distribution Payment Date (i.e., February 15, 2017) will be equal to the amount of the dividends payable per share of Series A Preferred Share on such Distribution Payment
Date. 
 (iii) So long as any Series A Company Preferred Units are outstanding, no distributions, except as described in the immediately
following sentence, shall be declared or paid or set apart for payment on any series or class or classes of Company Preferred Units whose terms specifically provide that such Company Preferred Units rank or a parity with the Series A Company
Preferred Units with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Company (the “Parity Preferred Units”) for any period unless full cumulative distributions have been or contemporaneously are
declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series A Company Preferred Units for all Distribution Periods terminating on or prior to the distribution payment date on such class or
series of Parity Preferred Units. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all distributions declared upon Series A Company Preferred Units and all distributions declared upon any
other series or class or classes of Parity Preferred Units shall be declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Series A Company Preferred Units and such Parity Preferred Units. 

(iv) So long as any Series A Company Preferred Units are outstanding, no distributions (other than distributions paid solely in Company Junior
Units or options, warrants or rights to subscribe for or purchase Company Junior Units) shall be declared or paid or set apart for payment or other distribution declared or made upon Company Junior Units, nor shall any Company Junior Units be
redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Company Junior Units made in respect of a redemption, purchase or other acquisition of CLNS common stock made for purposes of and in compliance with
requirements of an employee incentive or benefit plan of CLNS or any subsidiary, or as permitted under the Charter), for any consideration (or any moneys to be paid to or made available for a sinking fund for the redemption of any such Company
Junior Units) by the Company, directly or indirectly (except by conversion into or exchange for Company Junior Units), unless in each case (a) the full cumulative distributions on all outstanding Series A Company Preferred Units and any other
Parity Preferred Units of the Company shall have been paid or set apart for payment for all past Distribution Periods with respect to the Series A 

  
 E-2 

 
Company Preferred Units and all past distribution periods with respect to such Parity Preferred Units, and (b) sufficient funds shall have been paid or set apart for the payment of the
distribution for the current Distribution Period with respect to the Series A Company Preferred Units and any Parity Preferred Units. 
 C.
Liquidation Preference. 
 (i) In the event of any liquidation, dissolution or winding up of the Company or CLNS, whether voluntary
or involuntary, before any payment or distribution of the assets of the Company shall be made to or set apart for the holders of Company Junior Units, CLNS, in its capacity as the holder of the Series A Company Preferred Units, shall be entitled to
receive Twenty-Five Dollars ($25.00) per Series A Company Preferred Unit (the “Series A Liquidation Preference”) plus an amount equal to all distributions (whether or not earned or declared) accrued and unpaid thereon to the date of final
distribution to CLNS, in its capacity as such holder; but CLNS, in its capacity as the holder of Series A Company Preferred Units, shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Company
or CLNS, the assets of the Company, or proceeds thereof, distributable to CLNS, in its capacity as the holder of Series A Company Preferred Units, shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any
other Parity Preferred Units, then such assets, or the proceeds thereof, shall be distributed among CLNS, in its capacity as the holder of such Series A Company Preferred Units, and the holders of any such other Parity Preferred Units ratably in
accordance with the respective amounts that would be payable on such Series A Company Preferred Units and any such other Parity Preferred Units if all amounts payable thereon were paid in full. For the purposes of this Section C, (x) a
consolidation or merger of the Company or CLNS with one or more entities, (y) a statutory share exchange by the Company or CLNS and (z) a sale or transfer of all or substantially all of the Company’s or CLNS’s assets, shall not
be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Company or CLNS. 
 (ii) Subject to the rights of
the holders of Membership Units of any series or class or classes of shares ranking on a parity with or prior to the Series A Company Preferred Units upon any liquidation, dissolution or winding up of CLNS or the Company, after payment shall have
been made in full to CLNS, in its capacity as the holder of the Series A Company Preferred Units, as provided in this Section C, any series or class or classes of Company Junior Units shall, subject to any respective terms and provisions applying
thereto, be entitled to receive any and all assets remaining to be paid or distributed, and CLNS, in its capacity as the holder of the Series A Company Preferred Units, shall not be entitled to share therein. 

D. Redemption of the Series A Company Preferred Units. 

(i) The Series A Company Preferred Units shall be redeemed by the Company, in whole or in part, at the option of CLNS, in its capacity as the
holder of the Series A Company Preferred Units, at any time that CLNS may redeem the Series A Preferred Share, provided that CLNS shall redeem an equivalent number of Series A Preferred Share. Such redemption of Series A Company Preferred Units
shall occur substantially concurrently with the redemption by CLNS of such Series A Preferred Share (the “Series A Redemption Date”). 

  
 E-3 

 (ii) Upon redemption of Series A Company Preferred Units on the Series A Redemption Date, each
Series A Company Preferred Unit so redeemed shall be converted into the right to receive Twenty-Five Dollars ($25.00) per Series A Company Preferred Unit, plus any accrued and unpaid distributions with respect to the Series A Company Preferred Units
to the Series A Redemption Date (the “Series A Redemption Price”). 
 (iii) Upon any redemption of Series A Company Preferred
Units, the Company shall pay any accrued and unpaid distributions in arrears for any Distribution Period ending on or prior to the Series A Redemption Date. If the Series A Redemption Date falls after a Series A Preferred Share dividend record date
(“Dividend Payment Record Date”) and prior to the corresponding dividend payment date with respect to such Series A Preferred Share (the “Dividend Payment Date”), then CLNS, in its capacity as the holder of Series A Company
Preferred Units, shall be entitled to distributions payable on the equivalent number of Series A Company Preferred Units as the number of the Series A Preferred Share with respect to which CLNS shall be required, pursuant to the terms of the
Charter, to pay to the holders of Series A Preferred Share at the close of business on such Dividend Payment Record Date for the Series A Preferred Share who, pursuant to such Charter, are entitled to the dividend payable on such Series A Preferred
Share on the corresponding Dividend Payment Date notwithstanding the redemption of such Series A Preferred Share before such Dividend Payment Date. Except as provided above, the Company shall make no payment or allowance for unpaid distributions,
whether or not in arrears, on Series A Company Preferred Units called for redemption. 
 (iv) If full cumulative distributions on the Series
A Company Preferred Units and any other series or class or classes of Parity Preferred Units have not been paid or declared and set apart for payment, except in connection with a purchase, redemption or other acquisition of Series A Preferred Share
or shares of capital stock ranking on a parity with such Series A Preferred Share as permitted under the Charter, the Series A Company Preferred Units may not be redeemed in part and the Company may not purchase, redeem or otherwise acquire Series A
Company Preferred Units or any Parity Preferred Units other than in exchange for Company Junior Units. 
 E. Conversion. The Series A
Company Preferred Units are not convertible into or redeemable or exchangeable for any other property or securities of CLNS or the Company at the option of any holder of Series A Company Preferred Units, except as provided in Section D. 

F. Ranking. 
 (i) Any
class or series of Membership Units shall be deemed to rank: 
 (a) prior to the Series A Company Preferred Units, as to the
payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, if the holders of such class or series of preferred units shall be entitled to the receipt of distributions or of amounts
distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series A Company Preferred Units; 

  
 E-4 

 (b) on a parity with the Series A Company Preferred Units, as to the payment of
distributions and as to the distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per Membership Unit be
different from those of the Series A Company Preferred Units, if the holders of such Membership Units of such class or series and the Series A Company Preferred Units shall be entitled to the receipt of distributions and of amounts distributable
upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid distributions per Membership Unit or liquidation preferences, without preference or priority one over the other; and 

(c) junior to the Series A Company Preferred Units, as to the payment of distributions or as to the distribution of assets upon
liquidation, dissolution or winding up of CLNS or the Company, if such class or series of Membership Units shall be Membership Common Units or if the holders of Series A Company Preferred Units, shall be entitled to receipt of distribution or of
amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Membership Units of such class or series. 

(ii) As of the date hereof, 13,998,905 issued and outstanding Series B Company Preferred Units, 5,000,000 issued and outstanding Series C
Company Preferred Units, 8,000,000 issued and outstanding Series D Company Preferred Units, 10,000,000 issued and outstanding Series E Company Preferred Units, 10,400,000 authorized Series F Company Preferred Units, 3,450,000 authorized Series G
Company Preferred Units and 11,500,000 authorized Series H Company Preferred Units are Parity Preferred Units with respect to the Series A Company Preferred Units. 

(iii) The holders of Series A Company Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid distributions per Membership Unit or liquidation preference, without preference or priority one over the other, except that: 

(a) The Series A Company Preferred Units shall be Company Preferred Units and shall receive distributions on a basis pari passu
with other Membership Units, if any, receiving distributions pursuant to Section 5.1 of the Agreement; and 
 (b)
Distributions made pursuant to Section F(i) shall be made pro rata with other distributions made to other Membership Units as to which they rank pari passu based on the ratio of the amounts to be paid the Series A Company Preferred Units and such
other Membership Units, as applicable, to the total amounts to be paid in respect of the Series A Company Preferred Units and such other Membership Units taken together on the Company Record Date. 

  
 E-5 

 G. Voting. 

(i) Except as required by law, CLNS, in its capacity as the holder of the Series A Company Preferred Units, shall not be entitled to vote at
any meeting of the Members or for any other purpose or otherwise to participate in any action taken by the Company or the Members, or to receive notice of any meeting of the Members. 

(ii) So long as any Series A Company Preferred Units are outstanding, the Managing Member shall not authorize the creation of Membership Units
of any new class or series or any interest in the Company convertible, exchangeable or redeemable into Membership Units of any new class or series ranking prior to the Series A Company Preferred Units in the distribution of assets on any
liquidation, dissolution or winding up of CLNS or the Company or in the payment of distributions unless such Membership Units are issued to CLNS and the distribution and redemption (but not voting) rights of such Membership Units are substantially
similar to the terms of securities issued by CLNS and the proceeds or other consideration from the issuance of such securities have been or are concurrently with such issuance contributed to the Company. 

H. Restrictions on Ownership and Transfer. The Series A Company Preferred Units shall be owned and held solely by CLNS. 

I. General. 
 (i) The
rights of CLNS, in its capacity as the holder of the Series A Company Preferred Units, are in addition to and not in limitation on any other rights or authority of the Managing Member, in any other capacity, under the Agreement. In addition, nothing
contained in this Exhibit E shall be deemed to limit or otherwise restrict any rights or authority of the Managing Member under the Agreement, other than in its capacity as the holder of the Series A Company Preferred Units. 

(ii) Anything herein contained to the contrary notwithstanding, the Managing Member shall take all steps that it determines are necessary or
appropriate (including modifying the foregoing terms of the Series A Company Preferred Units) to ensure that the Series A Company Preferred Units (including, without limitation the redemption and conversion terms thereof) permit CLNS to satisfy its
obligations (including, without limitation, its obligations to make dividend payments on the Series A Preferred Shares) with respect to the Series A Preferred Shares, it being the intention that the terms of the Series A Company Preferred Units
shall be substantially similar to the terms of the Series A Preferred Shares. 

  
 E-6 

 EXHIBIT F: SERIES B COMPANY PREFERRED UNIT DESIGNATION 

A. Number. As of the close of business on the date this Agreement was adopted, the total number of Series B Company Preferred Units
issued and outstanding will be 13,998,905. The Managing Member may issue additional Series B Company Preferred Units from time to time in accordance with the terms of the Agreement, and in connection with any such additional issuance the Managing
Member shall revise Schedule I to the Agreement to reflect the total number of Series B Company Preferred Units then issued and outstanding. 

B. Distributions. 
 (i)
CLNS, in its capacity as the holder of the then outstanding Series B Company Preferred Units, shall be entitled to receive, when, as and if declared by the Managing Member, distributions payable in cash at the rate per annum of $2.0625 per
Series B Company Preferred Unit (the “Series B Annual Distribution Rate”). Such distributions with respect to each Series B Company Preferred Unit issued prior to February 15, 2017 shall be cumulative from, but excluding, the
date of original issue by the Company of any Series B Company Preferred Units and with respect to Series B Company Preferred Units issued on or after February 15, 2017 shall be cumulative from the Distribution Payment Date (as defined below)
with respect to distributions that were actually paid on Series B Company Preferred Units that were outstanding immediately preceding the issuance of such Series B Company Preferred Units, and shall be payable quarterly on February 15,
May 15, August 15 and November 15 of each year, commencing on or about February 15, 2017 (each such day being hereinafter called a “Distribution Payment Date”), when, as and if authorized and declared by the Managing
Member, in arrears on each Distribution Payment Date commencing with respect to each Series B Company Preferred Unit on the first Distribution Payment Date following the issuance of such Series B Company Preferred Unit; provided that the amount per
Series B Company Preferred Unit to be paid in respect of the initial distribution period, which shall commence on and include November 15, 2016 and end on and include February 14, 2017 (the “Initial Distribution Period”) shall be
determined in accordance with paragraph (ii) below; provided, however, that if any Distribution Payment Date falls on any day other than a Business Day, the distribution payment due on such Distribution Payment Date shall be paid on the first
Business Day immediately following such Distribution Payment Date, without any adjustment to the amount of the distribution due on that Distribution Payment Date on account of such delay. Accrued and unpaid distributions for any past Distribution
Periods (as defined below) may be declared and paid at any time, without reference to any regular Distribution Payment Date. If following a change of control, the Series B Preferred Share is not listed on the New York Stock Exchange or the American
Stock Exchange or quoted on NASDAQ, the Series B Annual Distribution Rate will be increased to $2.3125 per share of Series B Company Preferred Unit and CLNS as the holder of the Series B Company Preferred Units shall be entitled to receive, when, as
and if declared by the Managing Member, distributions payable in cash cumulative from, but excluding, the first date on which both the change of control has occurred and the Series B Preferred Share is not so listed or quoted at the increased Series
B Annual Distribution Rate for as long as the Series B Preferred Share is not so listed or quoted. 
 (ii) Each quarterly distribution
period shall commence on February 15, May 15, August 15 and November 15 of each year and end on and include the day preceding the first 

  
 F-1 

 
day of the next succeeding distribution period (each such period, a “Distribution Period”). The amount of distribution per Series B Company Preferred Unit accruing in each full
Distribution Period shall be computed by dividing the Series B Annual Distribution Rate by four. The amount of distributions payable for the Initial Distribution Period, or any other period shorter or longer than a full Distribution Period, on the
Series B Company Preferred Units shall be computed on the basis of twelve 30-day months and a 360-day year. CLNS, in its capacity as the holder of the then outstanding
Series B Company Preferred Units, shall not be entitled to any distributions, whether payable in cash, property or securities, in excess of cumulative distributions, as herein provided, on the Series B Company Preferred Units. No interest, or sum of
money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series B Company Preferred Units that may be in arrears. For the avoidance of doubt, the amount of distribution per Series B Company Preferred Unit
payable on the initial Distribution Payment Date (i.e., February 15, 2017) will be equal to the amount of the dividends payable per share of Series B Preferred Share on such Distribution Payment Date. 

(iii) So long as any Series B Company Preferred Units are outstanding, no distributions, except as described in the immediately following
sentence, shall be declared or paid or set apart for payment on any series or class or classes of Company Preferred Units whose terms specifically provide that such Company Preferred Units rank or a parity with the Series B Company Preferred Units
with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Company (the “Parity Preferred Units”) for any period unless full cumulative distributions have been or contemporaneously are declared and
paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series B Company Preferred Units for all Distribution Periods terminating on or prior to the distribution payment date on such class or series of Parity
Preferred Units. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all distributions declared upon Series B Company Preferred Units and all distributions declared upon any other series or
class or classes of Parity Preferred Units shall be declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Series B Company Preferred Units and such Parity Preferred Units. 

(iv) So long as any Series B Company Preferred Units are outstanding, no distributions (other than distributions paid solely in Company Junior
Units or options, warrants or rights to subscribe for or purchase Company Junior Units) shall be declared or paid or set apart for payment or other distribution declared or made upon Company Junior Units, nor shall any Company Junior Units be
redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Company Junior Units made in respect of a redemption, purchase or other acquisition of CLNS common stock made for purposes of and in compliance with
requirements of an employee incentive or benefit plan of CLNS or any subsidiary, or as permitted under the Charter), for any consideration (or any moneys to be paid to or made available for a sinking fund for the redemption of any such Company
Junior Units) by the Company, directly or indirectly (except by conversion into or exchange for Company Junior Units), unless in each case (a) the full cumulative distributions on all outstanding Series B Company Preferred Units and any other
Parity Preferred Units of the Company shall have been paid or set apart for payment for all past Distribution Periods with respect to the Series B Company Preferred Units and all past distribution periods with respect to such Parity Preferred Units,
and (b) sufficient funds shall have been paid or set apart for the payment of the 

  
 F-2 

 
distribution for the current Distribution Period with respect to the Series B Company Preferred Units and any Parity Preferred Units. 

C. Liquidation Preference. 

(i) In the event of any liquidation, dissolution or winding up of the Company or CLNS, whether voluntary or involuntary, before any payment or
distribution of the assets of the Company shall be made to or set apart for the holders of Company Junior Units, CLNS, in its capacity as the holder of the Series B Company Preferred Units, shall be entitled to receive Twenty-Five Dollars ($25.00)
per Series B Company Preferred Unit (the “Series B Liquidation Preference”) plus an amount equal to all distributions (whether or not earned or declared) accrued and unpaid thereon to the date of final distribution to CLNS, in its capacity
as such holder; but CLNS, in its capacity as the holder of Series B Company Preferred Units, shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Company or CLNS, the assets of the Company, or
proceeds thereof, distributable to CLNS, in its capacity as the holder of Series B Company Preferred Units, shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other Parity Preferred Units, then
such assets, or the proceeds thereof, shall be distributed among CLNS, in its capacity as the holder of such Series B Company Preferred Units, and the holders of any such other Parity Preferred Units ratably in accordance with the respective amounts
that would be payable on such Series B Company Preferred Units and any such other Parity Preferred Units if all amounts payable thereon were paid in full. For the purposes of this Section C, (x) a consolidation or merger of the Company or CLNS
with one or more entities, (y) a statutory share exchange by the Company or CLNS and (z) a sale or transfer of all or substantially all of the Company’s or CLNS’s assets, shall not be deemed to be a liquidation, dissolution or
winding up, voluntary or involuntary, of the Company or CLNS. 
 (ii) Subject to the rights of the holders of Membership Units of any series
or class or classes of shares ranking on a parity with or prior to the Series B Company Preferred Units upon any liquidation, dissolution or winding up of CLNS or the Company, after payment shall have been made in full to CLNS, in its capacity as
the holder of the Series B Company Preferred Units, as provided in this Section C, any series or class or classes of Company Junior Units shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all
assets remaining to be paid or distributed, and CLNS, in its capacity as the holder of the Series B Company Preferred Units, shall not be entitled to share therein. 

D. Redemption of the Series B Company Preferred Units. 

(i) The Series B Company Preferred Units shall be redeemed by the Company, in whole or in part, at the option of CLNS, in its capacity as the
holder of the Series B Company Preferred Units, at any time that CLNS may redeem the Series B Preferred Share, provided that CLNS shall redeem an equivalent number of Series B Preferred Share. Such redemption of Series B Company Preferred Units
shall occur substantially concurrently with the redemption by CLNS of such Series B Preferred Share (the “Series B Redemption Date”). 

(ii) Upon redemption of Series B Company Preferred Units on the Series B Redemption Date, each Series B Company Preferred Unit so redeemed
shall be converted into 

  
 F-3 

 
the right to receive Twenty-Five Dollars ($25.00) per Series B Company Preferred Unit, plus any accrued and unpaid distributions with respect to the Series B Company Preferred Units to the Series
B Redemption Date (the “Series B Redemption Price”). 
 (iii) Upon any redemption of Series B Company Preferred Units, the Company
shall pay any accrued and unpaid distributions in arrears for any Distribution Period ending on or prior to the Series B Redemption Date. If the Series B Redemption Date falls after a Series B Preferred Share dividend record date (“Dividend
Payment Record Date”) and prior to the corresponding dividend payment date with respect to such Series B Preferred Share (the “Dividend Payment Date”), then CLNS, in its capacity as the holder of Series B Company Preferred Units,
shall be entitled to distributions payable on the equivalent number of Series B Company Preferred Units as the number of the Series B Preferred Share with respect to which CLNS shall be required, pursuant to the terms of the Charter, to pay to the
holders of Series B Preferred Share at the close of business on such Dividend Payment Record Date for the Series B Preferred Share who, pursuant to such Charter, are entitled to the dividend payable on such Series B Preferred Share on the
corresponding Dividend Payment Date notwithstanding the redemption of such Series B Preferred Share before such Dividend Payment Date. Except as provided above, the Company shall make no payment or allowance for unpaid distributions, whether or not
in arrears, on Series B Company Preferred Units called for redemption. 
 (iv) If full cumulative distributions on the Series B Company
Preferred Units and any other series or class or classes of Parity Preferred Units have not been paid or declared and set apart for payment, except in connection with a purchase, redemption or other acquisition of Series B Preferred Share or shares
of capital stock ranking on a parity with such Series B Preferred Share as permitted under the Charter, the Series B Company Preferred Units may not be redeemed in part and the Company may not purchase, redeem or otherwise acquire Series B Company
Preferred Units or any Parity Preferred Units other than in exchange for Company Junior Units. 
 E. Conversion. The Series B Company
Preferred Units are not convertible into or redeemable or exchangeable for any other property or securities of CLNS or the Company at the option of any holder of Series B Company Preferred Units, except as provided in Section D. 

F. Ranking. 
 (i) Any
class or series of Membership Units shall be deemed to rank: 
 (a) prior to the Series B Company Preferred Units, as to the
payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, if the holders of such class or series of preferred units shall be entitled to the receipt of distributions or of amounts
distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series B Company Preferred Units; 

(b) on a parity with the Series B Company Preferred Units, as to the payment of distributions and as to the distribution of
assets upon liquidation, dissolution or winding up of CLNS or the Company, whether or not the 

  
 F-4 

 
distribution rates, distribution payment dates or redemption or liquidation prices per Membership Unit be different from those of the Series B Company Preferred Units, if the holders of such
Membership Units of such class or series and the Series B Company Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of
accrued and unpaid distributions per Membership Unit or liquidation preferences, without preference or priority one over the other; and 

(c) junior to the Series B Company Preferred Units, as to the payment of distributions or as to the distribution of assets upon
liquidation, dissolution or winding up of CLNS or the Company, if such class or series of Membership Units shall be Membership Common Units or if the holders of Series B Company Preferred Units, shall be entitled to receipt of distribution or of
amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Membership Units of such class or series. 

(ii) As of the date hereof, 2,466,689 issued and outstanding Series A Company Preferred Units, 5,000,000 issued and outstanding Series C
Company Preferred Units, 8,000,000 issued and outstanding Series D Company Preferred Units and 10,000,000 issued and outstanding Series E Company Preferred Units, 10,400,000 authorized Series F Company Preferred Units, 3,450,000 authorized Series G
Company Preferred Units and 11,500,000 authorized Series H Company Preferred Units are Parity Preferred Units with respect to the Series B Company Preferred Units. 

(iii) The holders of Series B Company Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid distributions per Membership Unit or liquidation preference, without preference or priority one over the other, except that: 

(a) The Series B Company Preferred Units shall be Company Preferred Units and shall receive distributions on a basis pari passu
with other Company Preferred Units, if any, receiving distributions pursuant to Section 5.1 of the Agreement; and 
 (b)
Distributions made pursuant to Section F(i) shall be made pro rata with other distributions made to other Membership Units as to which they rank pari passu based on the ratio of the amounts to be paid the Series B Company Preferred Units and such
other Membership Units, as applicable, to the total amounts to be paid in respect of the Series B Company Preferred Units and such other Membership Units taken together on the Company Record Date. 

G. Voting. 
 (i) Except
as required by law, CLNS, in its capacity as the holder of the Series B Company Preferred Units, shall not be entitled to vote at any meeting of the Members 

  
 F-5 

 
or for any other purpose or otherwise to participate in any action taken by the Company or the Members, or to receive notice of any meeting of the Members. 

(ii) So long as any Series B Company Preferred Units are outstanding, the Managing Member shall not authorize the creation of Membership Units
of any new class or series or any interest in the Company convertible, exchangeable or redeemable into Membership Units of any new class or series ranking prior to the Series B Company Preferred Units in the distribution of assets on any
liquidation, dissolution or winding up of CLNS or the Company or in the payment of distributions unless such Membership Units are issued to CLNS and the distribution and redemption (but not voting) rights of such Membership Units are substantially
similar to the terms of securities issued by CLNS and the proceeds or other consideration from the issuance of such securities have been or are concurrently with such issuance contributed to the Company. 

H. Restrictions on Ownership and Transfer. The Series B Company Preferred Units shall be owned and held solely by CLNS. 

I. General. 
 (i) The
rights of CLNS, in its capacity as the holder of the Series B Company Preferred Units, are in addition to and not in limitation on any other rights or authority of the Managing Member, in any other capacity, under the Agreement. In addition, nothing
contained in this Exhibit F shall be deemed to limit or otherwise restrict any rights or authority of the Managing Member under the Agreement, other than in its capacity as the holder of the Series B Company Preferred Units. 

(ii) Anything herein contained to the contrary notwithstanding, the Managing Member shall take all steps that it determines are necessary or
appropriate (including modifying the foregoing terms of the Series B Company Preferred Units) to ensure that the Series B Company Preferred Units (including, without limitation the redemption and conversion terms thereof) permit CLNS to satisfy its
obligations (including, without limitation, its obligations to make dividend payments on the Series B Preferred Shares) with respect to the Series B Preferred Shares, it being the intention that the terms of the Series B Company Preferred Units
shall be substantially similar to the terms of the Series B Preferred Shares. 

  
 F-6 

 EXHIBIT G: SERIES C COMPANY PREFERRED UNIT DESIGNATION 

A. Number. As of the close of business on the date this Agreement was adopted, the total number of Series C Company Preferred Units
issued and outstanding will be 5,000,000. The Managing Member may issue additional Series C Company Preferred Units from time to time in accordance with the terms of the Agreement. 

B. Distributions. 
 (i)
CLNS, in its capacity as the holder of the then outstanding Series C Company Preferred Units, shall be entitled to receive, when, as and if declared by the Managing Member, distributions payable in cash at the rate per annum of $2.21875 per
Series C Company Preferred Unit (the “Series C Annual Distribution Rate”). Such distributions with respect to each Series C Company Preferred Unit issued prior to February 15, 2017 shall be cumulative from, and including, the
date of original issue by the Company of any Series C Company Preferred Units and with respect to Series C Company Preferred Units issued on or after February 15, 2017 shall be cumulative from, and including, the Distribution Payment Date (as
defined below) with respect to distributions that were actually paid on Series C Company Preferred Units that were outstanding immediately preceding the issuance of such Series C Company Preferred Units, and shall be payable quarterly on
February 15, May 15, August 15 and November 15 of each year, commencing on or about February 15, 2017 (“each such day being hereinafter called a “Distribution Payment Date”), when, as and if authorized and
declared by the Managing Member, in arrears on each Distribution Payment Date commencing with respect to each Series C Company Preferred Unit on the first Distribution Payment Date following the issuance of such Series C Company Preferred Unit;
provided that the amount per Series C Company Preferred Unit to be paid in respect of the initial distribution period, which shall commence on and include November 15, 2016 and end on but exclude the first Distribution Payment Date (the
“Initial Distribution Period”) shall be determined in accordance with paragraph (ii) below; provided, however, that if any Distribution Payment Date falls on any day other than a Business Day, the distribution payment due on such
Distribution Payment Date shall be paid on the first Business Day immediately following such Distribution Payment Date, without any adjustment to the amount of the distribution due on that Distribution Payment Date on account of such delay. Accrued
and unpaid distributions for any past Distribution Periods (as defined below) may be declared and paid at any time, without reference to any regular Distribution Payment Date. 

(ii) Each quarterly distribution period shall commence on and include a Distribution Payment Dated and end on but exclude the next succeeding
Distribution Payment Date (each such period, a “Distribution Period”). The amount of distribution per Series C Company Preferred Unit accruing in each full Distribution Period shall be computed by dividing the Series C Annual
Distribution Rate by four. The amount of distributions payable for the Initial Distribution Period, or any other period shorter or longer than a full Distribution Period, on the Series C Company Preferred Units shall be computed on the basis of
twelve 30-day months and a 360-day year. CLNS, in its capacity as the holder of the then outstanding Series C Company Preferred Units, shall not be entitled to any
distributions, whether payable in cash, property or securities, in excess of cumulative distributions, as herein provided, on the Series C Company Preferred Units. No interest, or sum of money in lieu of interest, shall be payable in respect of
any distribution payment or payments on the Series C Company Preferred Units that may be in 

  
 G-1 

 
arrears. For the avoidance of doubt, the amount of distribution per Series C Company Preferred Unit payable on the initial Distribution Payment Date (i.e., February 15, 2017) will be equal
to the amount of the dividends payable per share of Series C Preferred Share on such Distribution Payment Date. 
 (iii) So long as any
Series C Company Preferred Units are outstanding, no distributions, except as described in the immediately following sentence, shall be declared or paid or set apart for payment on any series or class or classes of Company Preferred Units whose
terms specifically provide that such Company Preferred Units rank or a parity with the Series C Company Preferred Units with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Company (the “Parity
Preferred Units”) for any period unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series C Company Preferred
Units for all Distribution Periods terminating on or prior to the distribution payment date on such class or series of Parity Preferred Units. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as
aforesaid, all distributions declared upon Series C Company Preferred Units and all distributions declared upon any other series or class or classes of Parity Preferred Units shall be declared ratably in proportion to the respective amounts of
distributions accumulated and unpaid on the Series C Company Preferred Units and such Parity Preferred Units. 
 (iv) So long as any Series
C Company Preferred Units are outstanding, no distributions (other than distributions paid solely in Company Junior Units or options, warrants or rights to subscribe for or purchase Company Junior Units) shall be declared or paid or set apart for
payment or other distribution declared or made upon Company Junior Units, nor shall any Company Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Company Junior Units made in respect
of a redemption, purchase or other acquisition of REIT Shares made for purposes of and in compliance with (i) requirements of an employee incentive or benefit plan of CLNS or any subsidiary, (ii) pursuant to Article VII of the Charter,
(iii) as a result of a reclassification of such REIT Shares or any other class or series or class of stock of CLNS that is junior to the Series C Preferred Share, as to the payment of dividends or as to the distribution of assets upon
liquidation for or into other REIT Shares or any other class or series of capital stock of CLNS that is junior to the Preferred Shares as to the payment of dividends or as to the distribution of assets upon liquidation (“Preferred Junior
Shares”), or (iv) the purchase of fractional interests in Preferred Junior Shares pursuant to the conversion or exchange provisions of any securities convertible into or exchangeable for such Preferred Junior Shares), for any consideration
(or any monies to be paid to or made available for a sinking fund for the redemption of any such Company Junior Units) by the Company, directly or indirectly (except by conversion into or exchange for Company Junior Units), unless in each case
(a) the full cumulative distributions on all outstanding Series C Company Preferred Units and any Parity Preferred Units of the Company shall have been paid or set apart for payment for all past Distribution Periods with respect to the Series C
Company Preferred Units and all past distribution periods with respect to such Parity Preferred Units, and (b) sufficient funds shall have been paid or set apart for the payment of the distribution for the current Distribution Period with
respect to the Series C Company Preferred Units and any Parity Preferred Units. 

  
 G-2 

 C. Liquidation Preference. 

(i) In the event of any liquidation, dissolution or winding up of the Company or CLNS, whether voluntary or involuntary, before any payment or
distribution of the assets of the Company shall be made to or set apart for the holders of Company Junior Units, CLNS, in its capacity as the holder of the Series C Company Preferred Units, shall be entitled to receive Twenty-Five Dollars ($25.00)
per Series C Company Preferred Unit (the “Series C Liquidation Preference”) plus an amount equal to all distributions (whether or not earned or declared) accrued and unpaid thereon to the date of final distribution to CLNS, in its capacity
as such holder; but CLNS, in its capacity as the holder of Series C Company Preferred Units, shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Company or CLNS, the assets of the Company, or
proceeds thereof, distributable to CLNS, in its capacity as the holder of Series C Company Preferred Units, shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other units of the Company ranking on
a parity with the Series C Company Preferred Units as to such distribution, then such assets, or the proceeds thereof, shall be distributed among CLNS, in its capacity as the holder of such Series C Company Preferred Units, and the holders of any
such other units ratably in accordance with the respective amounts that would be payable on such Series C Company Preferred Units and any such other units if all amounts payable thereon were paid in full. For the purposes of this Section C,
(x) a consolidation or merger of the Company or CLNS with one or more entities, (y) a statutory share exchange by the Company or CLNS and (z) a sale or transfer of all or substantially all of the Company’s or CLNS’s assets,
shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Company or CLNS. 
 (ii) Subject to the
rights of the holders of Membership Units of any series or class or classes of shares ranking on a parity with or prior to the Series C Company Preferred Units upon any liquidation, dissolution or winding up of CLNS or the Company, after payment
shall have been made in full to CLNS, in its capacity as the holder of the Series C Company Preferred Units, as provided in this Section C, any series or class or classes of Company Junior Units shall, subject to any respective terms and provisions
applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and CLNS, in its capacity as the holder of the Series C Company Preferred Units, shall not be entitled to share therein. 

D. Redemption of the Series C Company Preferred Units. 

(i) The Series C Company Preferred Units shall be redeemed by the Company, in whole or in part, at the option of CLNS, in its capacity as the
holder of the Series C Company Preferred Units, at any time that CLNS may redeem the Series C Preferred Share, provided that CLNS shall redeem an equivalent number of Series C Preferred Share. Such redemption of Series C Company Preferred Units
shall occur substantially concurrently with the redemption by CLNS of such Series C Preferred Share (the “Series C Redemption Date”) and shall be for cash, at a redemption price of $25.00 per Series C Company Preferred Unit plus any
accrued and unpaid distributions thereon with respect to the Series C Company Preferred Units to, but not including, the Redemption Date (the “Series C Redemption Price”); provided that, if the Series C Redemption Date is after a
Distribution payment record date and prior to the corresponding Distribution Payment Date, no additional amount for such accrued and unpaid 

  
 G-3 

 
distribution will be included in the Series C Redemption Price and the distributions on such Distribution Payment Date shall be made pursuant to Section B. 

(ii) If CLNS elects to redeem any units of Series C Company Preferred Units as described in this Section D, the Company may use any available
cash to pay the Series C Redemption Price, and the Company will not be required to pay the Series C Redemption Price only out of the proceeds from the contribution by CLNS’s issuance of other equity securities or any other specific source.
Upon redemption of Series C Company Preferred Units on the Series C Redemption Date, each Series C Company Preferred Unit so redeemed shall be converted into the right to receive the Series C Redemption Price. 

(iii) If the Series C Redemption Date falls after a distribution payment record date and prior to the corresponding Distribution Payment Date,
then CLNS, in its capacity as the holder of Series C Company Preferred Units, shall be entitled to distributions payable on the equivalent number of Series C Company Preferred Units as the number of the Series C Preferred Share with respect to which
CLNS shall be required, pursuant to the terms of the Charter, to pay to the holders of Series C Preferred Share at the close of business on such Dividend Payment Record Date for the Series C Preferred Share who, pursuant to such Charter, are
entitled to the dividend payable on such Series C Preferred Share on the corresponding Dividend Payment Date notwithstanding the redemption of such Series C Preferred Share before such Dividend Payment Date. Except as provided in calculating the
Series C Redemption Price and in this paragraph, the Company shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series C Company Preferred Units called for redemption. 

(iv) If full cumulative distributions for all past distribution periods on the Series C Company Preferred Units and any other series or class
or classes of Parity Preferred Units have not been paid or declared and set apart for payment, except in connection with a purchase, redemption or other acquisition of Series C Preferred Share or shares of capital stock ranking on a parity with such
Series C Preferred Share as permitted under the Charter, the Series C Company Preferred Units may not be redeemed in part and the Company may not purchase, redeem or otherwise acquire Series C Company Preferred Units or any units of the Company
ranking on a parity with the Series C Company Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up, other than in exchange for Company Junior Units. 

(v) From and after the Series C Redemption Date (unless the Company shall fail to make available the amount of cash necessary to effect such
redemption), (i) except as otherwise provided herein, distributions on the Series C Company Preferred Units so called for redemption shall cease to accrue, (ii) said units shall no longer be deemed to be outstanding, and (iii) all rights
of the holders thereof as holders of Series C Company Preferred Units of the Company shall cease (except the rights to receive the cash payable upon such redemption, without interest thereon and to receive any distributions payable thereon). 

E. Conversion. 
 (i) The
Series C Company Preferred Units are not convertible into or redeemable or exchangeable for any other property or securities of CLNS or the Company at the 

  
 G-4 

 
option of any holder of Series C Company Preferred Units, except as provided in Section D and this Section E. 

(ii) In the event that a holder of Series C Preferred Share exercises its right to convert the Series C Preferred Share into REIT Shares
pursuant to the terms of the “Change of Control Conversion Right” set forth in Exhibit C of the Charter, then, concurrently therewith, an equivalent number of Series C Company Preferred Units of the Company held by CLNS shall be
automatically converted into a number of Membership Common Units of the Company equal to the number of shares of REIT Shares issued upon conversion of such shares of Series C Preferred Share; provided, however, that if a holder of Series C Preferred
Share receives cash or other consideration in addition to or in lieu of REIT Shares in connection with such conversion, then CLNS, in its capacity as the holder of the Series C Company Preferred Units, shall be entitled to receive cash or such other
consideration equal (in amount and form) to the cash or other consideration to be paid by CLNS to such holder of the Series C Preferred Share. Any such conversion will be effective at the same time the conversion of Series C Preferred Share into
REIT Shares is effective. 
 (iii) No fractional units will be issued in connection with the conversion of Series C Company Preferred Units
into Membership Common Units. In lieu of fractional Company Common Units, CLNS, in its capacity as holder of such Series C Company Preferred Units shall be entitled to receive a cash payment in respect of any fractional unit in an amount equal to
the fractional interest multiplied by the closing price of a share of REIT Shares on the date the Series C Preferred Share are surrendered for conversion by a holder thereof. 

F. Ranking. 
 (i) Any
class or series of Membership Units shall be deemed to rank: 
 (a) prior to the Series C Company Preferred Units, as to the
payment of distributions or as to distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, if the holders of such class or series of preferred units shall be entitled to the receipt of distributions or of amounts
distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series C Company Preferred Units; 

(b) on a parity with the Series C Company Preferred Units, as to the payment of distributions or as to the distribution of
assets upon liquidation, dissolution or winding up of CLNS or the Company, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per Membership Unit be different from those of the Series C Company
Preferred Units, if the holders of such Membership Units of such class or series and the Series C Company Preferred Units shall be entitled to the receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as
the case may be, in proportion to their respective amounts of accrued and unpaid distributions per Membership Unit or liquidation preferences, without preference or priority one over the other; and 

  
 G-5 

 (c) junior to the Series C Company Preferred Units, as to the payment of
distributions or as to the distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, if such class or series of Membership Units shall be Membership Common Units or if the holders of Series C Company Preferred Units,
shall be entitled to receipt of distribution or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Membership Units of such class or series. 

(ii) As of the date hereof, 2,466,689 issued and outstanding Series A Company Preferred Units, 13,998,905 issued and outstanding Series B
Company Preferred Units, 8,000,000 issued and outstanding Series D Company Preferred Units, 10,000,000 issued and outstanding Series E Company Preferred Units, 10,400,000 authorized Series F Company Preferred Units, 3,450,000 authorized Series G
Company Preferred Units and 11,500,000 authorized Series H Company Preferred Units are Parity Preferred Units with respect to the Series C Company Preferred Units. 

(iii) The holders of Series C Company Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid distributions per Membership Unit or liquidation preference, without preference or priority one over the other, except that: 

(a) the Series C Company Preferred Units shall be Company Preferred Units and shall receive distributions on a basis pari passu
with other Company Preferred Units, if any, receiving distributions pursuant to Section 5.1 of the Agreement; and 
 (b)
Distributions made pursuant to Section F(i) shall be made pro rata with other distributions made to other Membership Units as to which they rank pari passu based on the ratio of the amounts to be paid the Series C Company Preferred Units and such
other Membership Units, as applicable, to the total amounts to be paid in respect of the Series C Company Preferred Units and such other Membership Units taken together on the Company Record Date. 

G. Voting. 
 (i) Except
as required by law, CLNS, in its capacity as the holder of the Series C Company Preferred Units, shall not be entitled to vote at any meeting of the Partners or for any other purpose or otherwise to participate in any action taken by the Company or
the Members, or to receive notice of any meeting of the Members. 
 (ii) So long as any Series C Company Preferred Units are outstanding,
the Managing Member shall not authorize the creation of Membership Units of any new class or series or any interest in the Company convertible, exchangeable or redeemable into Membership Units of any new class or series ranking prior to the Series C
Company Preferred Units in the distribution of assets on any liquidation, dissolution or winding up of CLNS or the Company or in the payment of distributions unless such Membership Units are issued to CLNS and the

  
 G-6 

 
distribution and redemption (but not voting) rights of such Membership Units are substantially similar to the terms of securities issued by CLNS and the proceeds or other consideration from the
issuance of such securities have been or are concurrently with such issuance contributed to the Company. 
 H. Restrictions on Ownership
and Transfer. The Series C Company Preferred Units shall be owned and held solely by CLNS. 
 I. General. 

(i) The rights of CLNS, in its capacity as the holder of the Series C Company Preferred Units, are in addition to and not in limitation on any
other rights or authority of the Managing Member, in any other capacity, under the Agreement. In addition, nothing contained in this Exhibit G shall be deemed to limit or otherwise restrict any rights or authority of the Managing Member under the
Agreement, other than in its capacity as the holder of the Series C Company Preferred Units. 
 (ii) Anything herein contained to the
contrary notwithstanding, the Managing Member shall take all steps that it determines are necessary or appropriate (including modifying the foregoing terms of the Series C Company Preferred Units) to ensure that the Series C Company Preferred Units
(including, without limitation the redemption and conversion terms thereof) permit CLNS to satisfy its obligations (including, without limitation, its obligations to make dividend payments on the Series C Preferred Shares) with respect to the Series
C Preferred Shares, it being the intention that the terms of the Series C Company Preferred Units shall be substantially similar to the terms of the Series C Preferred Shares. 

  
 G-7 

 EXHIBIT H: SERIES D COMPANY PREFERRED UNIT DESIGNATION 

A. Number. As of the close of business on the date this Agreement was adopted, the total number of Series D Company Preferred Units
issued and outstanding will be 8,000,000. The Managing Member may issue additional Series D Company Preferred Units from time to time in accordance with the terms of the Agreement. 

B. Distributions. 
 (i)
CLNS, in its capacity as the holder of the then outstanding Series D Company Preferred Units, shall be entitled to receive, when, as and if declared by the Managing Member, distributions payable in cash at the rate per annum of $2.125 per Series D
Company Preferred Unit (the “Series D Annual Distribution Rate”). Such distributions with respect to each Series D Company Preferred Unit issued prior to February15, 2017 shall be cumulative from, and including, the date of original issue
by the Company of any Series D Company Preferred Units and with respect to Series D Company Preferred Units issued on or after February 15, 2017 shall be cumulative from, and including, the Distribution Payment Date (as defined below) with
respect to distributions that were actually paid on Series D Company Preferred Units that were outstanding immediately preceding the issuance of such Series D Company Preferred Units, and shall be payable quarterly on February 15, May 15,
August 15 and November 15 of each year, commencing on or about February 15, 2017 (“each such day being hereinafter called a “Distribution Payment Date”), when, as and if authorized and declared by the Managing Member,
in arrears on each Distribution Payment Date commencing with respect to each Series D Company Preferred Unit on the first Distribution Payment Date following the issuance of such Series D Company Preferred Unit; provided that the amount per Series D
Company Preferred Unit to be paid in respect of the initial distribution period, which shall commence on and include November 15, 2016 and end on but exclude the first Distribution Payment Date (the “Initial Distribution Period”)
shall be determined in accordance with paragraph (ii) below. Accrued and unpaid distributions for any past Distribution Periods may be declared and paid at any time, without reference to any regular Distribution Payment Date. 

(ii) Each quarterly distribution period shall commence on and include a Distribution Payment Dated and end on but exclude the next succeeding
Distribution Payment Date (each such period, a “Distribution Period”). The amount of distribution per Series D Company Preferred Unit accruing in each full Distribution Period shall be computed by dividing the Series D Annual Distribution
Rate by four. The amount of distributions payable for the Initial Distribution Period, or any other period shorter or longer than a full Distribution Period, on the Series D Company Preferred Units shall be computed on the basis of twelve 30-day months and a 360-day year. CLNS, in its capacity as the holder of the then outstanding Series D Company Preferred Units, shall not be entitled to any distributions,
whether payable in cash, property or securities, in excess of cumulative distributions, as herein provided, on the Series D Company Preferred Units. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution
payment or payments on the Series D Company Preferred Units that may be in arrears. For the avoidance of doubt, the amount of distribution per Series D Company Preferred Unit payable on the initial Distribution Payment Date (i.e., February 15,
2017) will be equal to the amount of the dividends payable per share of Series D Preferred Share on such Distribution Payment Date. 

  
 H-1 

 (iii) So long as any Series D Company Preferred Units are outstanding, no distributions, except
as described in the immediately following sentence, shall be declared or paid or set apart for payment on any series or class or classes of Company Preferred Units whose terms specifically provide that such Company Preferred Units rank or a parity
with the Series D Company Preferred Units with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Company (the “Parity Preferred Units”) for any period unless full cumulative distributions have
been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series D Company Preferred Units for all Distribution Periods terminating on or prior to the distribution
payment date on such class or series of Parity Preferred Units. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all distributions declared upon Series D Company Preferred Units and all
distributions declared upon any other series or class or classes of Parity Preferred Units shall be declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Series D Company Preferred Units and such
Parity Preferred Units. 
 (iv) So long as any Series D Company Preferred Units are outstanding, no distributions (other than distributions
paid solely in Company Junior Units or options, warrants or rights to subscribe for or purchase Company Junior Units) shall be declared or paid or set apart for payment or other distribution declared or made upon Company Junior Units, nor shall any
Company Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Company Junior Units made in respect of a redemption, purchase or other acquisition of REIT Shares made for purposes of and
in compliance with (i) requirements of an employee incentive or benefit plan of CLNS or any subsidiary, (ii) pursuant to Article VII of the Charter, (iii) as a result of a reclassification of such REIT Shares or any other class or
series or class of stock of CLNS that is junior to the Series D Preferred Share, as to the payment of dividends or as to the distribution of assets upon liquidation for or into other REIT Shares or any other class or series of capital stock of CLNS
that is junior to the Preferred Shares as to the payment of dividends or as to the distribution of assets upon liquidation (“Preferred Junior Shares”), or (iv) the purchase of fractional interests in Preferred Junior Shares pursuant
to the conversion or exchange provisions of any securities convertible into or exchangeable for such Preferred Junior Shares), for any consideration (or any monies to be paid to or made available for a sinking fund for the redemption of any such
Company Junior Units) by the Company, directly or indirectly (except by conversion into or exchange for Company Junior Units), unless in each case (a) the full cumulative distributions on all outstanding Series D Company Preferred Units and any
Parity Preferred Units of the Company shall have been paid or set apart for payment for all past Distribution Periods with respect to the Series D Company Preferred Units and all past distribution periods with respect to such Parity Preferred Units,
and (b) sufficient funds shall have been paid or set apart for the payment of the distribution for the current Distribution Period with respect to the Series D Company Preferred Units and any Parity Preferred Units. 

C. Liquidation Preference. 

(i) In the event of any liquidation, dissolution or winding up of the Company or CLNS, whether voluntary or involuntary, before any payment or
distribution of the assets of the Company shall be made to or set apart for the holders of Company Junior Units, CLNS, in its 

  
 H-2 

 
capacity as the holder of the Series D Company Preferred Units, shall be entitled to receive Twenty-Five Dollars ($25.00) per Series D Company Preferred Unit (the “Series D Liquidation
Preference”) plus an amount equal to all distributions (whether or not earned or declared) accrued and unpaid thereon to the date of final distribution to CLNS, in its capacity as such holder; but CLNS, in its capacity as the holder of Series D
Company Preferred Units, shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Company or CLNS, the assets of the Company, or proceeds thereof, distributable to CLNS, in its capacity as the
holder of Series D Company Preferred Units, shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other units of the Company ranking on a parity with the Series D Company Preferred Units as to such
distribution, then such assets, or the proceeds thereof, shall be distributed among CLNS, in its capacity as the holder of such Series D Company Preferred Units, and the holders of any such other units ratably in accordance with the respective
amounts that would be payable on such Series D Company Preferred Units and any such other units if all amounts payable thereon were paid in full. For the purposes of this Section C, (x) a consolidation or merger of the Company or CLNS with one
or more entities, (y) a statutory share exchange by the Company or CLNS and (z) a sale or transfer of all or substantially all of the Company’s or CLNS’s assets, shall not be deemed to be a liquidation, dissolution or winding up,
voluntary or involuntary, of the Company or CLNS. 
 (ii) Subject to the rights of the holders of Membership Units of any series or class or
classes of shares ranking on a parity with or prior to the Series D Company Preferred Units upon any liquidation, dissolution or winding up of CLNS or the Company, after payment shall have been made in full to CLNS, in its capacity as the holder of
the Series D Company Preferred Units, as provided in this Section C, any series or class or classes of Company Junior Units shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all assets remaining
to be paid or distributed, and CLNS, in its capacity as the holder of the Series D Company Preferred Units, shall not be entitled to share therein. 

D. Redemption of the Series D Company Preferred Units. 

(i) The Series D Company Preferred Units shall be redeemed by the Company, in whole or in part, at the option of CLNS, in its capacity as the
holder of the Series D Company Preferred Units, at any time that CLNS may redeem the Series D Preferred Share, provided that CLNS shall redeem an equivalent number of Series D Preferred Share. Such redemption of Series D Company Preferred Units
shall occur substantially concurrently with the redemption by CLNS of such Series D Preferred Share (the “Series D Redemption Date”) and shall be for cash, at a redemption price of $25.00 per Series D Company Preferred Unit plus any
accrued and unpaid distributions thereon with respect to the Series D Company Preferred Units to, but not including, the Redemption Date (the “Series D Redemption Price”); provided that, if the Series D Redemption Date is after a
Distribution payment record date and prior to the corresponding Distribution Payment Date, no additional amount for such accrued and unpaid distribution will be included in the Series D Redemption Price and the distributions on such Distribution
Payment Date shall be made pursuant to Section B. 
 (ii) If CLNS elects to redeem any units of Series D Company Preferred Units as
described in this Section D, the Company may use any available cash to pay the Series D Redemption Price, and the Company will not be required to pay the Series D Redemption Price 

  
 H-3 

 
only out of the proceeds from the contribution by CLNS’s issuance of other equity securities or any other specific source. Upon redemption of Series D Company Preferred Units on the Series D
Redemption Date, each Series D Company Preferred Unit so redeemed shall be converted into the right to receive the Series D Redemption Price. 

(iii) If the Series D Redemption Date falls after a distribution payment record date and prior to the corresponding Distribution Payment Date,
then CLNS, in its capacity as the holder of Series D Company Preferred Units, shall be entitled to distributions payable on the equivalent number of Series D Company Preferred Units as the number of the Series D Preferred Share with respect to which
CLNS shall be required, pursuant to the terms of the Charter, to pay to the holders of Series D Preferred Share at the close of business on such Dividend Payment Record Date for the Series D Preferred Share who, pursuant to such Charter, are
entitled to the dividend payable on such Series D Preferred Share on the corresponding Dividend Payment Date notwithstanding the redemption of such Series D Preferred Share before such Dividend Payment Date. Except as provided in calculating the
Series D Redemption Price and in this paragraph, the Company shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series D Company Preferred Units called for redemption. 

(iv) If full cumulative distributions for all past distribution periods on the Series D Company Preferred Units and any other series or class
or classes of Parity Preferred Units have not been paid or declared and set apart for payment, except in connection with a purchase, redemption or other acquisition of Series D Preferred Share or shares of capital stock ranking on a parity with such
Series D Preferred Share as permitted under the Charter, the Series D Company Preferred Units may not be redeemed in part and the Company may not purchase, redeem or otherwise acquire Series D Company Preferred Units or any units of the Company
ranking on a parity with the Series D Company Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up, other than in exchange for Company Junior Units. 

(v) From and after the Series D Redemption Date (unless the Company shall fail to make available the amount of cash necessary to effect such
redemption), (i) except as otherwise provided herein, distributions on the Series D Company Preferred Units so called for redemption shall cease to accrue, (ii) said units shall no longer be deemed to be outstanding, and (iii) all rights
of the holders thereof as holders of Series D Company Preferred Units of the Company shall cease (except the rights to receive the cash payable upon such redemption, without interest thereon and to receive any distributions payable thereon). 

E. Conversion. 
 (i) The
Series D Company Preferred Units are not convertible into or redeemable or exchangeable for any other property or securities of CLNS or the Company at the option of any holder of Series D Company Preferred Units, except as provided in Section D and
this Section E. 
 (ii) In the event that a holder of Series D Preferred Share exercises its right to convert the Series D Preferred Share
into REIT Shares pursuant to the terms of the “Change of Control Conversion Right” set forth in Exhibit C of the Charter, then, concurrently therewith, an 

  
 H-4 

 
equivalent number of Series D Company Preferred Units of the Company held by CLNS shall be automatically converted into a number of Membership Common Units of the Company equal to the number of
shares of REIT Shares issued upon conversion of such shares of Series D Preferred Share; provided, however, that if a holder of Series D Preferred Share receives cash or other consideration in addition to or in lieu of REIT Shares in connection with
such conversion, then CLNS, in its capacity as the holder of the Series D Company Preferred Units, shall be entitled to receive cash or such other consideration equal (in amount and form) to the cash or other consideration to be paid by CLNS to such
holder of the Series D Preferred Share. Any such conversion will be effective at the same time the conversion of Series D Preferred Share into REIT Shares is effective. 

(iii) No fractional units will be issued in connection with the conversion of Series D Company Preferred Units into Membership Common Units.
In lieu of fractional Company Common Units, CLNS, in its capacity as holder of such Series D Company Preferred Units shall be entitled to receive a cash payment in respect of any fractional unit in an amount equal to the fractional interest
multiplied by the closing price of a share of REIT Shares on the date the Series D Preferred Share are surrendered for conversion by a holder thereof. 

F. Ranking. 
 (i) Any
class or series of Membership Units shall be deemed to rank: 
 (a) prior to the Series D Company Preferred Units, as to the
payment of distributions or as to distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, if the holders of such class or series of preferred units shall be entitled to the receipt of distributions or of amounts
distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series D Company Preferred Units; 

(b) on a parity with the Series D Company Preferred Units, as to the payment of distributions or as to the distribution of
assets upon liquidation, dissolution or winding up of CLNS or the Company, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per Membership Unit be different from those of the Series D Company
Preferred Units, if the holders of such Membership Units of such class or series and the Series D Company Preferred Units shall be entitled to the receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as
the case may be, in proportion to their respective amounts of accrued and unpaid distributions per Membership Unit or liquidation preferences, without preference or priority one over the other; and 

(c) junior to the Series D Company Preferred Units, as to the payment of distributions or as to the distribution of assets upon
liquidation, dissolution or winding up of CLNS or the Company, if such class or series of Membership Units shall be Membership Common Units or if the holders of Series D Company Preferred Units, shall be entitled to receipt of distribution or of
amounts 

  
 H-5 

 
distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Membership Units of such class or series. 

(ii) As of the date hereof, 2,466,689 issued and outstanding Series A Company Preferred Units, 13,998,905 issued and outstanding Series B
Company Preferred Units, 5,000,000 issued and outstanding Series C Company Preferred Units, 10,000,000 issued and outstanding Series E Company Preferred Units, 10,400,000 authorized Series F Company Preferred Units, 3,450,000 authorized Series G
Company Preferred Units and 11,500,000 authorized Series H Company Preferred Units are Parity Preferred Units with respect to the Series D Company Preferred Units. 

(iii) The holders of Series D Company Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid distributions per Membership Unit or liquidation preference, without preference or priority one over the other, except that: 

(a) the Series D Company Preferred Units shall be Company Preferred Units and shall receive distributions on a basis pari passu
with other Company Preferred Units, if any, receiving distributions pursuant to Section 5.1 of the Agreement; and 
 (b)
Distributions made pursuant to Section F(i) shall be made pro rata with other distributions made to other Membership Units as to which they rank pari passu based on the ratio of the amounts to be paid the Series D Company Preferred Units and such
other Membership Units, as applicable, to the total amounts to be paid in respect of the Series D Company Preferred Units and such other Membership Units taken together on the Company Record Date. 

G. Voting. 
 (i) Except
as required by law, CLNS, in its capacity as the holder of the Series D Company Preferred Units, shall not be entitled to vote at any meeting of the Members or for any other purpose or otherwise to participate in any action taken by the Company or
the Members, or to receive notice of any meeting of the Members. 
 (ii) So long as any Series D Company Preferred Units are outstanding,
the Managing Member shall not authorize the creation of Membership Units of any new class or series or any interest in the Company convertible, exchangeable or redeemable into Membership Units of any new class or series ranking prior to the Series D
Company Preferred Units in the distribution of assets on any liquidation, dissolution or winding up of CLNS or the Company or in the payment of distributions unless such Membership Units are issued to CLNS and the distribution and redemption (but
not voting) rights of such Membership Units are substantially similar to the terms of securities issued by CLNS and the proceeds or other consideration from the issuance of such securities have been or are concurrently with such issuance contributed
to the Company. 

  
 H-6 

 H. Restrictions on Ownership and Transfer. The Series D Company Preferred Units shall be
owned and held solely by CLNS. 
 I. General. 

(i) The rights of CLNS, in its capacity as the holder of the Series D Company Preferred Units, are in addition to and not in limitation on any
other rights or authority of the Managing Member, in any other capacity, under the Agreement. In addition, nothing contained in this Exhibit H shall be deemed to limit or otherwise restrict any rights or authority of the Managing Member under the
Agreement, other than in its capacity as the holder of the Series D Company Preferred Units. 
 (ii) Anything herein contained to the
contrary notwithstanding, the Managing Member shall take all steps that it determines are necessary or appropriate (including modifying the foregoing terms of the Series D Company Preferred Units) to ensure that the Series D Company Preferred Units
(including, without limitation the redemption and conversion terms thereof) permit CLNS to satisfy its obligations (including, without limitation, its obligations to make dividend payments on the Series D Preferred Shares) with respect to the Series
D Preferred Shares, it being the intention that the terms of the Series D Company Preferred Units shall be substantially similar to the terms of the Series D Preferred Shares. 

  
 H-7 

 EXHIBIT I: SERIES E COMPANY PREFERRED UNIT DESIGNATION 

A. Number. As of the close of business on the date this Agreement was adopted, the total number of Series E Company Preferred Units
issued and outstanding will be 10,000,000. The Managing Member may issue additional Series E Company Preferred Units from time to time in accordance with the terms of the Agreement. 

B. Distributions. 
 (i)
CLNS, in its capacity as the holder of the then outstanding Series E Company Preferred Units, shall be entitled to receive, when, as and if declared by the Managing Member, distributions payable in cash at the rate per annum of $2.1875 per
Series E Company Preferred Unit (the “Series E Annual Distribution Rate”). Such distributions with respect to each Series E Company Preferred Unit issued prior to February 15, 2017 shall be cumulative from, and including,
the date of original issue by the Company of any Series E Company Preferred Units and with respect to Series E Company Preferred Units issued on or after February 15, 2017 shall be cumulative from, and including, the Distribution Payment Date
(as defined below) with respect to distributions that were actually paid on Series E Company Preferred Units that were outstanding immediately preceding the issuance of such Series E Company Preferred Units, and shall be payable quarterly on
February 15, May 15, August 15 and November 15 of each year, commencing on or about February 15, 2017 (“each such day being hereinafter called a “Distribution Payment Date”), when, as and if authorized and
declared by the Managing Member, in arrears on each Distribution Payment Date commencing with respect to each Series E Company Preferred Unit on the first Distribution Payment Date following the issuance of such Series E Company Preferred Unit;
provided that the amount per Series E Company Preferred Unit to be paid in respect of the initial distribution period, which shall commence on and include November 15, 2016 and end on but exclude the first Distribution Payment Date (the
“Initial Distribution Period”) shall be determined in accordance with paragraph (ii) below; provided, however, that if any Distribution Payment Date falls on any day other than a Business Day, the distribution payment due on such
Distribution Payment Date shall be paid on the first Business Day immediately following such Distribution Payment Date, without any adjustment to the amount of the distribution due on that Distribution Payment Date on account of such delay. Accrued
and unpaid distributions for any past Distribution Periods (as defined below) may be declared and paid at any time, without reference to any regular Distribution Payment Date. 

(ii) Each quarterly distribution period shall commence on and include a Distribution Payment Dated and end on but exclude the next succeeding
Distribution Payment Date (each such period, a “Distribution Period”). The amount of distribution per Series E Company Preferred Unit accruing in each full Distribution Period shall be computed by dividing the Series E Annual
Distribution Rate by four. The amount of distributions payable for the Initial Distribution Period, or any other period shorter or longer than a full Distribution Period, on the Series E Company Preferred Units shall be computed on the basis of
twelve 30-day months and a 360-day year. CLNS, in its capacity as the holder of the then outstanding Series E Company Preferred Units, shall not be entitled to any
distributions, whether payable in cash, property or securities, in excess of cumulative distributions, as herein provided, on the Series E Company Preferred Units. No interest, or sum of money in lieu of interest, shall be payable in respect of
any distribution payment or payments on the Series E Company Preferred Units that may be in 

  
 I-1 

 
arrears. For the avoidance of doubt, the amount of distribution per Series E Company Preferred Unit payable on the initial Distribution Payment Date (i.e., February 15, 2017) will be equal
to the amount of the dividends payable per share of Series E Preferred Share on such Distribution Payment Date. 
 (iii) So long as any
Series E Company Preferred Units are outstanding, no distributions, except as described in the immediately following sentence, shall be declared or paid or set apart for payment on any series or class or classes of units Company Preferred Units
whose terms specifically provide that such Company Preferred Units rank or a parity with the Series E Company Preferred Units with respect to distribution rights and rights upon liquidation, dissolution or winking up of the Company (the “Parity
Preferred Units”) for any period unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series E Company Preferred
Units for all Distribution Periods terminating on or prior to the distribution payment date on such class or series of Parity Preferred Units. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as
aforesaid, all distributions declared upon Series E Company Preferred Units and all distributions declared upon any other series or class or classes of Parity Preferred Units shall be declared ratably in proportion to the respective amounts of
distributions accumulated and unpaid on the Series E Company Preferred Units and such Parity Preferred Units. 
 (iv) So long as any Series
E Company Preferred Units are outstanding, no distributions (other than distributions paid solely in Company Junior Units or options, warrants or rights to subscribe for or purchase Company Junior Units) shall be declared or paid or set apart for
payment or other distribution declared or made upon Company Junior Units, nor shall any Company Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Company Junior Units made in respect
of a redemption, purchase or other acquisition of REIT Shares made for purposes of and in compliance with (i) requirements of an employee incentive or benefit plan of CLNS or any subsidiary, (ii) pursuant to Article VII of the Charter,
(iii) as a result of a reclassification of such REIT Shares or any other class or series or class of stock of CLNS that is junior to the Series E Preferred Share, as to the payment of dividends or as to the distribution of assets upon
liquidation for or into other REIT Shares or any other class or series of capital stock of CLNS that is junior to the Preferred Shares as to the payment of dividends or as to the distribution of assets upon liquidation (“Preferred Junior
Shares”), or (iv) the purchase of fractional interests in Preferred Junior Shares pursuant to the conversion or exchange provisions of any securities convertible into or exchangeable for such Preferred Junior Shares), for any consideration
(or any monies to be paid to or made available for a sinking fund for the redemption of any such Company Junior Units) by the Company, directly or indirectly (except by conversion into or exchange for Company Junior Units), unless in each case
(a) the full cumulative distributions on all outstanding Series E Company Preferred Units and any Parity Preferred Units of the Company shall have been paid or set apart for payment for all past Distribution Periods with respect to the Series E
Company Preferred Units and all past distribution periods with respect to such Parity Preferred Units, and (b) sufficient funds shall have been paid or set apart for the payment of the distribution for the current Distribution Period with
respect to the Series E Company Preferred Units and any Parity Preferred Units. 

  
 I-2 

 C. Liquidation Preference. 

(i) In the event of any liquidation, dissolution or winding up of the Company or CLNS, whether voluntary or involuntary, before any payment or
distribution of the assets of the Company shall be made to or set apart for the holders of Company Junior Units, CLNS, in its capacity as the holder of the Series E Company Preferred Units, shall be entitled to receive Twenty-Five Dollars ($25.00)
per Series E Company Preferred Unit (the “Series E Liquidation Preference”) plus an amount equal to all distributions (whether or not earned or declared) accrued and unpaid thereon to the date of final distribution to CLNS, in its capacity
as such holder; but CLNS, in its capacity as the holder of Series E Company Preferred Units, shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Company or CLNS, the assets of the Company, or
proceeds thereof, distributable to CLNS, in its capacity as the holder of Series E Company Preferred Units, shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other units of the Company ranking on
a parity with the Series E Company Preferred Units as to such distribution, then such assets, or the proceeds thereof, shall be distributed among CLNS, in its capacity as the holder of such Series E Company Preferred Units, and the holders of any
such other units ratably in accordance with the respective amounts that would be payable on such Series E Company Preferred Units and any such other units if all amounts payable thereon were paid in full. For the purposes of this Section C,
(x) a consolidation or merger of the Company or CLNS with one or more entities, (y) a statutory share exchange by the Company or CLNS and (z) a sale or transfer of all or substantially all of the Company’s or CLNS’s assets,
shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Company or CLNS. 
 (ii) Subject to the
rights of the holders of Membership Units of any series or class or classes of shares ranking on a parity with or prior to the Series E Company Preferred Units upon any liquidation, dissolution or winding up of CLNS or the Company, after payment
shall have been made in full to CLNS, in its capacity as the holder of the Series E Company Preferred Units, as provided in this Section C, any series or class or classes of Company Junior Units shall, subject to any respective terms and provisions
applying thereto, be entitled to receive any and all assets remaining to be paid or distributed, and CLNS, in its capacity as the holder of the Series E Company Preferred Units, shall not be entitled to share therein. 

D. Redemption of the Series E Company Preferred Units. 

(i) The Series E Company Preferred Units shall be redeemed by the Company, in whole or in part, at the option of CLNS, in its capacity as the
holder of the Series E Company Preferred Units, at any time that CLNS may redeem the Series E Preferred Share, provided that CLNS shall redeem an equivalent number of Series E Preferred Share. Such redemption of Series E Company Preferred Units
shall occur substantially concurrently with the redemption by CLNS of such Series E Preferred Share (the “Series E Redemption Date”) and shall be for cash, at a redemption price of $25.00 per Series E Company Preferred Unit plus any
accrued and unpaid distributions thereon with respect to the Series E Company Preferred Units to, but not including, the Redemption Date (the “Series D Redemption Price”); provided that, if the Series E Redemption Date is after a
Distribution payment record date and prior to the corresponding Distribution Payment Date, no additional amount for such accrued and unpaid 

  
 I-3 

 
distribution will be included in the Series D Redemption Price and the distributions on such Distribution Payment Date shall be made pursuant to Section B. 

(ii) If CLNS elects to redeem any units of Series E Company Preferred Units as described in this Section D, the Company may use any available
cash to pay the Series D Redemption Price, and the Company will not be required to pay the Series D Redemption Price only out of the proceeds from the contribution by CLNS’s issuance of other equity securities or any other specific source.
Upon redemption of Series E Company Preferred Units on the Series E Redemption Date, each Series E Company Preferred Unit so redeemed shall be converted into the right to receive the Series D Redemption Price. 

(iii) If the Series E Redemption Date falls after a distribution payment record date and prior to the corresponding Distribution Payment Date,
then CLNS, in its capacity as the holder of Series E Company Preferred Units, shall be entitled to distributions payable on the equivalent number of Series E Company Preferred Units as the number of the Series E Preferred Share with respect to which
CLNS shall be required, pursuant to the terms of the Charter, to pay to the holders of Series E Preferred Share at the close of business on such Dividend Payment Record Date for the Series E Preferred Share who, pursuant to such Charter, are
entitled to the dividend payable on such Series E Preferred Share on the corresponding Dividend Payment Date notwithstanding the redemption of such Series E Preferred Share before such Dividend Payment Date. Except as provided in calculating the
Series D Redemption Price and in this paragraph, the Company shall make no payment or allowance for unpaid distributions, whether or not in arrears, on Series E Company Preferred Units called for redemption. 

(iv) If full cumulative distributions for all past distribution periods on the Series E Company Preferred Units and any other series or class
or classes of Parity Preferred Units have not been paid or declared and set apart for payment, except in connection with a purchase, redemption or other acquisition of Series E Preferred Share or shares of capital stock ranking on a parity with such
Series E Preferred Share as permitted under the Charter, the Series E Company Preferred Units may not be redeemed in part and the Company may not purchase, redeem or otherwise acquire Series E Company Preferred Units or any units of the Company
ranking on a parity with the Series E Company Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up, other than in exchange for Company Junior Units. 

(v) From and after the Series E Redemption Date (unless the Company shall fail to make available the amount of cash necessary to effect such
redemption), (i) except as otherwise provided herein, distributions on the Series E Company Preferred Units so called for redemption shall cease to accrue, (ii) said units shall no longer be deemed to be outstanding, and (iii) all rights
of the holders thereof as holders of Series E Company Preferred Units of the Company shall cease (except the rights to receive the cash payable upon such redemption, without interest thereon and to receive any distributions payable thereon). 

E. Conversion. 
 (i) The
Series E Company Preferred Units are not convertible into or redeemable or exchangeable for any other property or securities of CLNS or the Company at the 

  
 I-4 

 
option of any holder of Series E Company Preferred Units, except as provided in Section D and this Section E. 

(ii) In the event that a holder of Series E Preferred Share exercises its right to convert the Series E Preferred Share into REIT Shares
pursuant to the terms of the “Change of Control Conversion Right” set forth in Exhibit C of the Charter, then, concurrently therewith, an equivalent number of Series E Company Preferred Units of the Company held by CLNS shall be
automatically converted into a number of Membership Common Units of the Company equal to the number of shares of REIT Shares issued upon conversion of such shares of Series E Preferred Share; provided, however, that if a holder of Series E Preferred
Share receives cash or other consideration in addition to or in lieu of REIT Shares in connection with such conversion, then CLNS, in its capacity as the holder of the Series E Company Preferred Units, shall be entitled to receive cash or such other
consideration equal (in amount and form) to the cash or other consideration to be paid by CLNS to such holder of the Series E Preferred Share. Any such conversion will be effective at the same time the conversion of Series E Preferred Share into
REIT Shares is effective. 
 (iii) No fractional units will be issued in connection with the conversion of Series E Company Preferred Units
into Membership Common Units. In lieu of fractional Company Common Units, CLNS, in its capacity as holder of such Series E Company Preferred Units shall be entitled to receive a cash payment in respect of any fractional unit in an amount equal to
the fractional interest multiplied by the closing price of a share of REIT Shares on the date the Series E Preferred Share are surrendered for conversion by a holder thereof. 

F. Ranking. 
 (i) Any
class or series of Membership Units shall be deemed to rank: 
 (a) prior to the Series E Company Preferred Units, as to the
payment of distributions or as to distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, if the holders of such class or series of preferred units shall be entitled to the receipt of distributions or of amounts
distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Series E Company Preferred Units; 

(b) on a parity with the Series E Company Preferred Units, as to the payment of distributions or as to the distribution of
assets upon liquidation, dissolution or winding up of CLNS or the Company, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per Membership Unit be different from those of the Series E Company
Preferred Units, if the holders of such Membership Units of such class or series and the Series E Company Preferred Units shall be entitled to the receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as
the case may be, in proportion to their respective amounts of accrued and unpaid distributions per Membership Unit or liquidation preferences, without preference or priority one over the other; and 

  
 I-5 

 (c) junior to the Series E Company Preferred Units, as to the payment of
distributions or as to the distribution of assets upon liquidation, dissolution or winding up of CLNS or the Company, if such class or series of Membership Units shall be Membership Common Units or if the holders of Series E Company Preferred Units,
shall be entitled to receipt of distribution or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of Membership Units of such class or series. 

(ii) As of the date hereof, 2,466,689 issued and outstanding Series A Company Preferred Units, 13,998,905 issued and outstanding Series B
Company Preferred Units, 5,000,000 issued and outstanding Series C Company Preferred Units, 8,000,000 issued and outstanding Series D Company Preferred Units, 10,400,000 authorized Series F Company Preferred Units, 3,450,000 authorized Series G
Company Preferred Units and 11,500,000 authorized Series H Company Preferred Units are Parity Preferred Units with respect to the Series E Company Preferred Units. 

(iii) The holders of Series E Company Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective amounts of accumulated and unpaid distributions per Membership Unit or liquidation preference, without preference or priority one over the other, except that: 

(a) the Series E Company Preferred Units shall be Company Preferred Units and shall receive distributions on a basis pari passu
with other Company Preferred Units, if any, receiving distributions pursuant to Section 5.1 of the Agreement; and 
 (b)
Distributions made pursuant to Section F(i) shall be made pro rata with other distributions made to other Membership Units as to which they rank pari passu based on the ratio of the amounts to be paid the Series E Company Preferred Units and such
other Membership Units, as applicable, to the total amounts to be paid in respect of the Series E Company Preferred Units and such other Membership Units taken together on the Company Record Date. 

G. Voting. 
 (i) Except
as required by law, CLNS, in its capacity as the holder of the Series E Company Preferred Units, shall not be entitled to vote at any meeting of the Members or for any other purpose or otherwise to participate in any action taken by the Company or
the Members, or to receive notice of any meeting of the Members. 
 (ii) So long as any Series E Company Preferred Units are outstanding,
the Managing Member shall not authorize the creation of Membership Units of any new class or series or any interest in the Company convertible, exchangeable or redeemable into Membership Units of any new class or series ranking prior to the Series E
Company Preferred Units in the distribution of assets on any liquidation, dissolution or winding up of CLNS or the Company or in the payment of distributions unless such Membership Units are issued to CLNS and the

  
 I-6 

 
distribution and redemption (but not voting) rights of such Membership Units are substantially similar to the terms of securities issued by CLNS and the proceeds or other consideration from the
issuance of such securities have been or are concurrently with such issuance contributed to the Company. 
 H. Restrictions on Ownership
and Transfer. The Series E Company Preferred Units shall be owned and held solely by CLNS. 
 I. General. 

(i) The rights of CLNS, in its capacity as the holder of the Series E Company Preferred Units, are in addition to and not in limitation on any
other rights or authority of the Managing Member, in any other capacity, under the Agreement. In addition, nothing contained in this Exhibit I shall be deemed to limit or otherwise restrict any rights or authority of the Managing Member under the
Agreement, other than in its capacity as the holder of the Series E Company Preferred Units. 
 (ii) Anything herein contained to the
contrary notwithstanding, the Managing Member shall take all steps that it determines are necessary or appropriate (including modifying the foregoing terms of the Series E Company Preferred Units) to ensure that the Series E Company Preferred Units
(including, without limitation the redemption and conversion terms thereof) permit CLNS to satisfy its obligations (including, without limitation, its obligations to make dividend payments on the Series E Preferred Shares) with respect to the Series
E Preferred Shares, it being the intention that the terms of the Series E Company Preferred Units shall be substantially similar to the terms of the Series E Preferred Shares. 

  
 I-7 

 EXHIBIT J: SERIES F COMPANY PREFERRED UNIT DESIGNATION 

A. Designation and Number. A series of Company Preferred Units, designated as Series F Company Preferred Units, is hereby established.
The number of Series F Company Preferred Units shall be 10,400,000. 
 B. Rank. The Series F Company Preferred Units will, with
respect to rights to receive distributions and to participate in distributions or payments upon liquidation, dissolution or winding up of the Company, rank (a) senior to the Membership Common Units and any other class of Membership Units of the
Company, now or hereafter issued and outstanding, the terms of which provide that such Membership Units rank, as to distributions and upon liquidation, dissolution or winding up of the Company, junior to such Series F Company Preferred Units
(“Junior Units”), (b) on a parity with the Series A Company Preferred Units, Series B Company Preferred Units, Series C Company Preferred Units, Series D Company Preferred Units, Series E Company Preferred Units, Series G Company Preferred
Units and Series H Company Preferred Units, and any Membership Units the Company may authorize or issue in the future that, pursuant to the terms thereof, rank on parity with the Series F Company Preferred Units with respect to distributions or
payments in the event of the liquidation, dissolution or winding up of the Company (“Parity Units”); and (c) junior to all Membership Units of the Company the terms of which specifically provide that such Membership Units rank senior
to the Series F Company Preferred Units with respect to distributions or payments in the event of the liquidation, dissolution or winding up of the Company (“Senior Units”). Any authorization or issuance of Senior Units would require the
affirmative vote of the holders of at least two-thirds of the outstanding Series F Company Preferred Units voting together as a single class with all other classes or series of Parity Units upon which like
voting rights have been conferred and are exercisable. Any convertible or exchangeable debt securities that the Company may issue are not considered to be equity securities for these purposes. 

C. Distributions. 
 (i)
CLNS, in its capacity as the holder of the then outstanding Series F Company Preferred Units, shall be entitled to receive, when, as and if authorized by the Company, out of funds legally available for payment of distributions, cumulative cash
distributions at the rate of 8.50% per annum of the $25.00 liquidation preference of each Series F Company Preferred Unit (equivalent to $2.125 per annum per Series F Company Preferred Unit). 

(ii) Distributions on each outstanding Series F Company Preferred Unit shall be cumulative from and including October 15, 2016 and shall
be payable (i) for the period from October 15, 2016 to January 14, 2017, on January 15, 2017, and (ii) for each quarterly distribution period thereafter, quarterly in equal amounts in arrears on the 15th day of each January,
April, July and October, commencing on April 15, 2017 (each such day being hereinafter called a “Series F Distribution Payment Date”) at the then applicable annual rate; provided, however, that if any Series F Distribution Payment
Date falls on any day other than a Business Day (as defined in Exhibit F to the Restated Charter of CLNS (which contains the terms of articles supplementary establishing and fixing the rights and preferences of the Series F Preferred Shares) (the
“Series F Preferred Share Terms”)), the distribution that would otherwise have been payable on such Series F Distribution Payment Date may be paid on the next 

  
 J-1 

 
succeeding Business Day with the same force and effect as if paid on such Series F Distribution Payment Date, and no interest or other sums shall accrue on the amount so payable from such Series
F Distribution Payment Date to such next succeeding Business Day. Each distribution is payable to holders of record as they appear on the books and records of the Company at the close of business on the record date, not exceeding 30 days preceding
the applicable Series F Distribution Payment Date, as shall be fixed by the Company. Distributions shall accumulate from October 15, 2016 or the most recent Series F Distribution Payment Date to which distributions have been paid, whether or
not in any such distribution period or periods there shall be funds legally available for the payment of such distributions, whether the Company has earnings or whether such distributions are authorized. No interest, or sum of money in lieu of
interest, shall be payable in respect of any distribution payment or payments on the Series F Company Preferred Units that may be in arrears. Holders of the Series F Company Preferred Units shall not be entitled to any distributions, whether payable
in cash, property or stock, in excess of full cumulative distributions, as herein provided, on the Series F Company Preferred Units. Distributions payable on the Series F Company Preferred Units for any period greater or less than a full
distribution period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions payable on the Series F Company Preferred Units for
each full distribution period will be computed by dividing the applicable annual distribution rate by four. After full cumulative distributions on the Series F Company Preferred Units have been paid, the holders of Series F Company Preferred Units
will not be entitled to any further distributions with respect to that distribution period. 
 (iii) So long as any Series F Company
Preferred Units are outstanding, no distributions, except as described in the immediately following sentence, shall be authorized and declared or paid or set apart for payment on any series or class or classes of Parity Units for any period unless
full cumulative distributions have been declared and paid or are contemporaneously declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series F Company Preferred Units for all prior
distribution periods. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all distributions authorized and declared upon the Series F Company Preferred Units and all distributions authorized
and declared upon any other series or class or classes of Parity Units shall be authorized and declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Series F Company Preferred Units and such Parity
Units. 
 (iv) So long as any Series F Company Preferred Units are outstanding, no distributions (other than distributions paid solely in
Junior Units of, or in options, warrants or rights to subscribe for or purchase, Junior Units) shall be authorized and declared or paid or set apart for payment or other distribution authorized and declared or made upon Junior Units, nor shall any
Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Membership Units made for purposes of and in compliance with requirements of an employee incentive or benefit plan of CLNS or any
subsidiary, or a conversion into or exchange for Junior Units or redemptions for the purpose of preserving CLNS’s qualification as a REIT (as defined in the Charter), or redemptions of Membership Units pursuant to Article 15 of the Limited
Liability Company Agreement of the Company), for any consideration (or any monies to be paid to or made available for a sinking fund for the redemption of any such units) by the Company, directly or indirectly (except by conversion into

  
 J-2 

 
or exchange for Junior Units), unless in each case full cumulative distributions on all outstanding shares of Series F Company Preferred Units and any Parity Units at the time such distributions
are payable shall have been paid or set apart for payment for all past distribution periods with respect to the Series F Company Preferred Units and all past distribution periods with respect to such Parity Units. 

(v) Any distribution payment made on the Series F Company Preferred Units shall first be credited against the earliest accrued but unpaid
distribution due with respect to such Series F Company Preferred Units which remains payable. 
 (vi) Except as provided herein, the Series
F Company Preferred Units shall not be entitled to participate in the earnings or assets of the Company. 
 (vii) As used herein, the term
“distribution” does not include distributions payable solely in Junior Units on Junior Units, or in options, warrants or rights to holders of Junior Units to subscribe for or purchase any Junior Units. 

D. Liquidation Preference. 

(i) In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, before any payment or
distribution of the assets of the Company shall be made to or set apart for the holders of Junior Units, the holders of the Series F Company Preferred Units shall be entitled to receive $25.00 per Series F Company Preferred Unit (the
“Liquidation Preference”) plus an amount per Series F Company Preferred Unit equal to all accrued and unpaid distributions (whether or not earned or declared) thereon to, but not including, the date of final distribution to such holders;
but such holders of the Series F Company Preferred Units shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Company, the assets of the Company, or proceeds thereof, distributable among the
holders of the Series F Company Preferred Units shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other Parity Units, then such assets, or the proceeds thereof, shall be distributed among the
holders of such Series F Company Preferred Units and any such other Parity Units ratably in accordance with the respective amounts that would be payable on such Series F Company Preferred Units and any such other Parity Units if all amounts payable
thereon were paid in full. For the purposes of this Section D, none of (i) a consolidation or merger of the Company with one or more entities, (ii) a statutory unit exchange by the Company, or (iii) a sale or transfer of all or
substantially all of the Company’s assets shall be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Company. 

(ii) Until payment shall have been made in full to the holders of the Series F Company Preferred Units, as provided in this Section D, and to
the holders of Parity Units, subject to any terms and provisions applying thereto, no payment will be made to any holder of Junior Units upon the liquidation, dissolution or winding up of the Company. Subject to the rights of the holders of Parity
Units, upon any liquidation, dissolution or winding up of the Company, after payment shall have been made in full to the holders of the Series F Company Preferred Units, as provided in this Section D, any series or class or classes of Junior Units
shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all 

  
 J-3 

 
assets remaining to be paid or distributed, and the holders of the Series F Company Preferred Units shall not be entitled to share therein. 

E. Redemption. In connection with the redemption by CLNS of any Series F Preferred Shares in accordance with the provisions of the
Series F Preferred Share Terms, and at such times as CLNS is required or determines to make, deposit or set aside such payment, the Company shall provide cash to CLNS for such purpose which shall be equal to the redemption price (as set forth in the
Series F Preferred Share Terms), plus any accrued and unpaid dividends on the Series F Preferred Shares (whether or not declared), to, but not including, the redemption date, and one Series F Company Preferred Unit shall be concurrently redeemed
with respect to each Series F Preferred Share so redeemed by CLNS. If a redemption date for Series F Preferred Shares falls after a record date for a Series F Preferred Shares dividend payment and prior to the corresponding dividend payment date,
then the Company shall provide cash to CLNS equal to the dividend payable on such Series F Preferred Shares on such dividend payment date notwithstanding the redemption of such Series F Preferred Shares and corresponding Series F Company Preferred
Units prior to such dividend payment date. From and after the applicable redemption date, the Series F Company Preferred Units so redeemed shall no longer be outstanding and all rights hereunder, to distributions or otherwise, with respect to such
Series F Company Preferred Units shall cease. Any Series F Company Preferred Units so redeemed may be reissued to CLNS at such time as CLNS reissues a corresponding number of Series F Preferred Shares so redeemed or repurchased, in exchange for the
contribution by CLNS to the Company of the proceeds from such reissuance. 
 F. Voting Rights. Except as required by applicable law
or the Limited Liability Company Agreement of the Company, the holder of the Series F Company Preferred Units, as such, shall have no voting rights. 

G. Conversion. The Series F Company Preferred Units are not convertible into or exchangeable for any other property or securities of
the Company, except as provided herein. 
 (i) In the event of a conversion of any Series F Preferred Shares into common stock of CLNS, par
value $0.01 per share (“Common Stock”), in accordance with the Series F Preferred Share Terms, upon conversion of such Series F Preferred Shares, the Company shall convert an equal whole number of the Series F Company Preferred Units into
Membership Common Units as such Series F Preferred Shares are converted into shares of Common Stock. In the event of a conversion of any Series F Preferred Shares into consideration other than Common Stock in accordance with the Series F Preferred
Share Terms, the Company shall retire a number of Series F Company Preferred Units equal to the number of Series F Preferred Shares converted into such other form of consideration. In the event of a conversion of the Series F Preferred Shares into
Common Stock, to the extent CLNS is required to pay cash in lieu of fractional shares of Common Stock pursuant to the Series F Preferred Share Terms in connection with such conversion, the Company shall distribute an equal amount of cash to CLNS.

 (ii) Following any such conversion or retirement by the Company pursuant to this Section G, the Company shall make such revisions to the
Limited Liability Company Agreement of the Company as it determines are necessary to reflect such conversion. 

  
 J-4 

 H. Restriction on Ownership. The Series F Company Preferred Units shall be owned and held
solely by CLNS. 
 I. Allocations. Allocations of the Company’s items of income, gain, loss and deduction with respect to the
Series F Company Preferred Units shall be allocated to CLNS as the sole holder of Series F Company Preferred Units in accordance with Article 6 of the Limited Liability Company Agreement of the Company. 

  
 J-5 

 EXHIBIT K: SERIES G COMPANY PREFERRED UNIT DESIGNATION 

A. Designation and Number. A series of Company Preferred Units, designated as Series G Company Preferred Units, is hereby established.
The number of Series G Company Preferred Units shall be 3,450,000. 
 B. Rank. The Series G Company Preferred Units will, with
respect to rights to receive distributions and to participate in distributions or payments upon liquidation, dissolution or winding up of the Company, rank (a) senior to the Membership Common Units and any other class of Membership Units of the
Company, now or hereafter issued and outstanding, the terms of which provide that such Membership Units rank, as to distributions and upon liquidation, dissolution or winding up of the Company, junior to such Series G Company Preferred Units
(“Junior Units”), (b) on a parity with the Series A Company Preferred Units, Series B Company Preferred Units, Series C Company Preferred Units, Series D Company Preferred Units, Series E Company Preferred Units, Series F Company Preferred
Units and Series H Company Preferred Units, (in each case as defined in the Limited Liability Company Agreement of the Company) and any Membership Units the Company may authorize or issue in the future that, pursuant to the terms thereof, rank on
parity with the Series G Company Preferred Units with respect to distributions or payments in the event of the liquidation, dissolution or winding up of the Company (“Parity Units”); and (c) junior to all Membership Units of the
Company the terms of which specifically provide that such Membership Units rank senior to the Series G Company Preferred Units with respect to distributions or payments in the event of the liquidation, dissolution or winding up of the Company
(“Senior Units”). Any authorization or issuance of Senior Units would require the affirmative vote of the holders of at least two-thirds of the outstanding Series G Company Preferred Units voting
together as a single class with all other classes or series of Parity Units upon which like voting rights have been conferred and are exercisable. Any convertible or exchangeable debt securities that the Company may issue are not considered to be
equity securities for these purposes. 
 C. Distributions. 

(i) CLNS, in its capacity as the holder of the then outstanding Series G Company Preferred Units, shall be entitled to receive, when, as and
if authorized by the Company, out of funds legally available for payment of distributions, cumulative cash distributions at the rate of 7.50% per annum of the $25.00 liquidation preference of each Series G Company Preferred Unit (equivalent to
$1.875 per annum per Series G Company Preferred Unit). 
 (ii) Distributions on each outstanding Series G Company Preferred Unit shall be
cumulative from and including October 15, 2016 and shall be payable (i) for the period from October 15, 2016 to January 14, 2017, on January 15, 2017, and (ii) for each quarterly distribution period thereafter,
quarterly in equal amounts in arrears on the 15th day of each January, April, July and October, commencing on April 15, 2017 (each such day being hereinafter called a “Series G Distribution Payment Date”) at the then applicable annual
rate; provided, however, that if any Series G Distribution Payment Date falls on any day other than a Business Day as defined in Exhibit G to the Restated Charter of CLNS (which contains the terms of articles supplementary establishing and fixing
the rights and preferences of the Series G 

  
 K-1 

 
Preferred Shares) (the “Series G Preferred Share Terms”), the distribution that would otherwise have been payable on such Series G Distribution Payment Date may be paid on the next
succeeding Business Day with the same force and effect as if paid on such Series G Distribution Payment Date, and no interest or other sums shall accrue on the amount so payable from such Series G Distribution Payment Date to such next
succeeding Business Day. Each distribution is payable to holders of record as they appear on the books and records of the Company at the close of business on the record date, not exceeding 30 days preceding the applicable Series G Distribution
Payment Date, as shall be fixed by the Company. Distributions shall accumulate from October 15, 2016 or the most recent Series G Distribution Payment Date to which distributions have been paid, whether or not in any such distribution period or
periods there shall be funds legally available for the payment of such distributions, whether the Company has earnings or whether such distributions are authorized. No interest, or sum of money in lieu of interest, shall be payable in respect of any
distribution payment or payments on the Series G Company Preferred Units that may be in arrears. Holders of the Series G Company Preferred Units shall not be entitled to any distributions, whether payable in cash, property or stock, in excess of
full cumulative distributions, as herein provided, on the Series G Company Preferred Units. Distributions payable on the Series G Company Preferred Units for any period greater or less than a full distribution period will be computed on the basis of
a 360-day year consisting of twelve 30-day months. Distributions payable on the Series G Company Preferred Units for each full distribution period will be computed by
dividing the applicable annual distribution rate by four. After full cumulative distributions on the Series G Company Preferred Units have been paid, the holders of Series G Company Preferred Units will not be entitled to any further distributions
with respect to that distribution period. 
 (iii) So long as any Series G Company Preferred Units are outstanding, no distributions, except
as described in the immediately following sentence, shall be authorized and declared or paid or set apart for payment on any series or class or classes of Parity Units for any period unless full cumulative distributions have been declared and paid
or are contemporaneously declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Series G Company Preferred Units for all prior distribution periods. When distributions are not paid in full or a
sum sufficient for such payment is not set apart, as aforesaid, all distributions authorized and declared upon the Series G Company Preferred Units and all distributions authorized and declared upon any other series or class or classes of Parity
Units shall be authorized and declared ratably in proportion to the respective amounts of distributions accumulated and unpaid on the Series G Company Preferred Units and such Parity Units. 

(iv) So long as any Series G Company Preferred Units are outstanding, no distributions (other than distributions paid solely in Junior Units
of, or in options, warrants or rights to subscribe for or purchase, Junior Units) shall be authorized and declared or paid or set apart for payment or other distribution authorized and declared or made upon Junior Units, nor shall any Junior Units
be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Membership Units made for purposes of and in compliance with requirements of an employee incentive or benefit plan of CLNS or any subsidiary, or
a conversion into or exchange for Junior Units or redemptions for the purpose of preserving CLNS’s qualification as a REIT (as defined in the Charter), or redemptions of Membership Units pursuant to Article 15 of the Limited Liability Company
Agreement of the Company), for any 

  
 K-2 

 
consideration (or any monies to be paid to or made available for a sinking fund for the redemption of any such units) by the Company, directly or indirectly (except by conversion into or exchange
for Junior Units), unless in each case full cumulative distributions on all outstanding shares of Series G Company Preferred Units and any Parity Units at the time such distributions are payable shall have been paid or set apart for payment for all
past distribution periods with respect to the Series G Company Preferred Units and all past distribution periods with respect to such Parity Units. 

(v) Any distribution payment made on the Series G Company Preferred Units shall first be credited against the earliest accrued but unpaid
distribution due with respect to such Series G Company Preferred Units which remains payable. 
 (vi) Except as provided herein, the Series
G Company Preferred Units shall not be entitled to participate in the earnings or assets of the Company. 
 (vii) As used herein, the term
“distribution” does not include distributions payable solely in Junior Units on Junior Units, or in options, warrants or rights to holders of Junior Units to subscribe for or purchase any Junior Units. 

D. Liquidation Preference. 

(i) In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, before any payment or
distribution of the assets of the Company shall be made to or set apart for the holders of Junior Units, the holders of the Series G Company Preferred Units shall be entitled to receive $25.00 per Series G Company Preferred Unit (the
“Liquidation Preference”) plus an amount per Series G Company Preferred Unit equal to all accrued and unpaid distributions (whether or not earned or declared) thereon to, but not including, the date of final distribution to such holders;
but such holders of the Series G Company Preferred Units shall not be entitled to any further payment. If, upon any such liquidation, dissolution or winding up of the Company, the assets of the Company, or proceeds thereof, distributable among the
holders of the Series G Company Preferred Units shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other Parity Units, then such assets, or the proceeds thereof, shall be distributed among the
holders of such Series G Company Preferred Units and any such other Parity Units ratably in accordance with the respective amounts that would be payable on such Series G Company Preferred Units and any such other Parity Units if all amounts payable
thereon were paid in full. For the purposes of this Section D, none of (i) a consolidation or merger of the Company with one or more entities, (ii) a statutory unit exchange by the Company, or (iii) a sale or transfer of all or
substantially all of the Company’s assets shall be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Company. 

(ii) Until payment shall have been made in full to the holders of the Series G Company Preferred Units, as provided in this Section D, and to
the holders of Parity Units, subject to any terms and provisions applying thereto, no payment will be made to any holder of Junior Units upon the liquidation, dissolution or winding up of the Company. Subject to the rights of the holders of Parity
Units, upon any liquidation, dissolution or winding up of the Company, after payment shall have been made in full to the holders of the Series G Company 

  
 K-3 

 
Preferred Units, as provided in this Section D, any series or class or classes of Junior Units shall, subject to any respective terms and provisions applying thereto, be entitled to receive any
and all assets remaining to be paid or distributed, and the holders of the Series G Company Preferred Units shall not be entitled to share therein. 

E. Redemption. In connection with the redemption by CLNS of any Series G Preferred Shares in accordance with the provisions of the
Series G Preferred Share Terms, and at such times as CLNS is required or determines to make, deposit or set aside such payment, the Company shall provide cash to CLNS for such purpose which shall be equal to the redemption price (as set forth in the
Series G Preferred Share Terms), plus any accrued and unpaid dividends on the Series G Preferred Shares (whether or not declared), to, but not including, the redemption date, and one Series G Company Preferred Unit shall be concurrently redeemed
with respect to each Series G Preferred Share so redeemed by CLNS. If a redemption date for Series G Preferred Shares falls after a record date for a Series G Preferred Shares dividend payment and prior to the corresponding dividend payment date,
then the Company shall provide cash to CLNS equal to the dividend payable on such Series G Preferred Shares on such dividend payment date notwithstanding the redemption of such Series G Preferred Shares and corresponding Series G Company Preferred
Units prior to such dividend payment date. From and after the applicable redemption date, the Series G Company Preferred Units so redeemed shall no longer be outstanding and all rights hereunder, to distributions or otherwise, with respect to such
Series G Company Preferred Units shall cease. Any Series G Company Preferred Units so redeemed may be reissued to CLNS at such time as CLNS reissues a corresponding number of Series G Preferred Shares so redeemed or repurchased, in exchange for the
contribution by CLNS to the Company of the proceeds from such reissuance. 
 F. Voting Rights. Except as required by applicable law
or the Limited Liability Company Agreement of the Company, the holder of the Series G Company Preferred Units, as such, shall have no voting rights. 

G. Conversion. The Series G Company Preferred Units are not convertible into or exchangeable for any other property or securities of
the Company, except as provided herein. 
 (i) In the event of a conversion of any Series G Preferred Shares into common stock of CLNS, par
value $0.01 per share (“Common Stock”), in accordance with the Series G Preferred Share Terms, upon conversion of such Series G Preferred Shares, the Company shall convert an equal whole number of the Series G Company Preferred Units into
Membership Common Units as such Series G Preferred Shares are converted into shares of Common Stock. In the event of a conversion of any Series G Preferred Shares into consideration other than Common Stock in accordance with the Series G Preferred
Share Terms, the Company shall retire a number of Series G Company Preferred Units equal to the number of Series G Preferred Shares converted into such other form of consideration. In the event of a conversion of the Series G Preferred Shares into
Common Stock, to the extent CLNS is required to pay cash in lieu of fractional shares of Common Stock pursuant to the Series G Preferred Share Terms in connection with such conversion, the Company shall distribute an equal amount of cash to CLNS.

  
 K-4 

 (ii) Following any such conversion or retirement by the Company pursuant to this Section G, the
Company shall make such revisions to the Limited Liability Company Agreement of the Company as it determines are necessary to reflect such conversion. 

H. Restriction on Ownership. The Series G Company Preferred Units shall be owned and held solely by CLNS. 

I. Allocations. Allocations of the Company’s items of income, gain, loss and deduction with respect to the Series G Company
Preferred Units shall be allocated to CLNS as the sole holder of Series G Company Preferred Units in accordance with Article 6 of the Limited Liability Company Agreement of the Company. 

  
 K-5 

 EXHIBIT L: SERIES H COMPANY PREFERRED UNIT DESIGNATION 

A. Designation and Number. A series of Company Preferred Units, designated as Series H Company Preferred Units, is hereby established. The number of
Series H Company Preferred Units shall be 11,500,000. 
 B. Rank. The Series H Company Preferred Units will, with respect to rights to receive
distributions and to participate in distributions or payments upon liquidation, dissolution or winding up of the Company, rank (a) senior to the Membership Common Units and any other class of Membership Units of the Company, now or hereafter
issued and outstanding, the terms of which provide that such Membership Units rank, as to distributions and upon liquidation, dissolution or winding up of the Company, junior to such Series H Company Preferred Units (“Junior Units”), (b)
on a parity with the Series A Company Preferred Units, Series B Company Preferred Units, Series C Company Preferred Units, Series D Company Preferred Units, Series E Company Preferred Units, Series F Company Preferred Units and Series G Company
Preferred Units, (in each case as defined in the Limited Liability Company Agreement of the Company), and any Membership Units the Company may authorize or issue in the future that, pursuant to the terms thereof, rank on parity with the Series H
Company Preferred Units with respect to distributions or payments in the event of the liquidation, dissolution or winding up of the Company (“Parity Units”); and (c) junior to all Membership Units of the Company the terms of which
specifically provide that such Membership Units rank senior to the Series H Company Preferred Units with respect to distributions or payments in the event of the liquidation, dissolution or winding up of the Company (“Senior Units”). Any
authorization or issuance of Senior Units would require the affirmative vote of the holders of at least two-thirds of the outstanding Series H Company Preferred Units voting together as a single class with all
other classes or series of Parity Units upon which like voting rights have been conferred and are exercisable. Any convertible or exchangeable debt securities that the Company may issue are not considered to be equity securities for these purposes.

 C. Distributions. 
 (i) CLNS, in its capacity as the
holder of the then outstanding Series H Company Preferred Units, shall be entitled to receive, when, as and if authorized by the Company, out of funds legally available for payment of distributions, cumulative cash distributions at the rate of
7.125% per annum of the $25.00 liquidation preference of each Series H Company Preferred Unit (equivalent to $1.78125 per annum per Series H Company Preferred Unit). 

(ii) Distributions on each outstanding Series H Company Preferred Unit shall be cumulative from and including October 15, 2016 and shall be payable
(i) for the period from October 15, 2016 to January 14, 2017, on January 15, 2017, and (ii) for each quarterly distribution period thereafter, quarterly in equal amounts in arrears on the 15th day of each January, April,
July and October, commencing on April 15, 2017 (each such day being hereinafter called a “Series H Distribution Payment Date”) at the then applicable annual rate; provided, however, that if any Series H Distribution Payment Date falls
on any day other than a Business Day (as defined in Exhibit H to the Restated Charter of CLNS (which contains the terms of articles supplementary establishing and fixing the rights and preferences of the Series F Preferred Shares) (the “Series
H Preferred Share Terms”)), the distribution that would otherwise have been payable on such 

  
 I-1 

 
Series H Distribution Payment Date may be paid on the next succeeding Business Day with the same force and effect as if paid on such Series H Distribution Payment Date, and no interest or other
sums shall accrue on the amount so payable from such Series H Distribution Payment Date to such next succeeding Business Day. Each distribution is payable to holders of record as they appear on the books and records of the Company at the close of
business on the record date, not exceeding 30 days preceding the applicable Series H Distribution Payment Date, as shall be fixed by the Company. Distributions shall accumulate from October 15, 2016 or the most recent Series H Distribution
Payment Date to which distributions have been paid, whether or not in any such distribution period or periods there shall be funds legally available for the payment of such distributions, whether the Company has earnings or whether such
distributions are authorized. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series H Company Preferred Units that may be in arrears. Holders of the Series H Company
Preferred Units shall not be entitled to any distributions, whether payable in cash, property or stock, in excess of full cumulative distributions, as herein provided, on the Series H Company Preferred Units. Distributions payable on the Series H
Company Preferred Units for any period greater or less than a full distribution period will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Distributions payable on the Series H Company Preferred Units for each full distribution period will be computed by dividing the applicable annual distribution rate by four. After full cumulative distributions on the Series H Company
Preferred Units have been paid, the holders of Series H Company Preferred Units will not be entitled to any further distributions with respect to that distribution period. 

(iii) So long as any Series H Company Preferred Units are outstanding, no distributions, except as described in the immediately following sentence, shall be
authorized and declared or paid or set apart for payment on any series or class or classes of Parity Units for any period unless full cumulative distributions have been declared and paid or are contemporaneously declared and paid or declared and a
sum sufficient for the payment thereof set apart for such payment on the Series H Company Preferred Units for all prior distribution periods. When distributions are not paid in full or a sum sufficient for such payment is not set apart, as
aforesaid, all distributions authorized and declared upon the Series H Company Preferred Units and all distributions authorized and declared upon any other series or class or classes of Parity Units shall be authorized and declared ratably in
proportion to the respective amounts of distributions accumulated and unpaid on the Series H Company Preferred Units and such Parity Units. 
 (iv) So long
as any Series H Company Preferred Units are outstanding, no distributions (other than distributions paid solely in Junior Units of, or in options, warrants or rights to subscribe for or purchase, Junior Units) shall be authorized and declared or
paid or set apart for payment or other distribution authorized and declared or made upon Junior Units, nor shall any Junior Units be redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of Membership
Units made for purposes of and in compliance with requirements of an employee incentive or benefit plan of CLNS or any subsidiary, or a conversion into or exchange for Junior Units or redemptions for the purpose of preserving CLNS’s
qualification as a REIT (as defined in the Charter), or redemptions of Membership Units pursuant to Article 15 of the Limited Liability Company Agreement of the Company), for any consideration (or any monies to be paid to or made available for a
sinking fund for the redemption of any such units) by the Company, directly or indirectly (except by conversion into or exchange for Junior Units), 

  
 I-2 

 
unless in each case full cumulative distributions on all outstanding shares of Series H Company Preferred Units and any Parity Units at the time such distributions are payable shall have been
paid or set apart for payment for all past distribution periods with respect to the Series H Company Preferred Units and all past distribution periods with respect to such Parity Units. 

(v) Any distribution payment made on the Series H Company Preferred Units shall first be credited against the earliest accrued but unpaid distribution due
with respect to such Series H Company Preferred Units which remains payable. 
 (vi) Except as provided herein, the Series H Company Preferred Units shall
not be entitled to participate in the earnings or assets of the Company. 
 (vii) As used herein, the term “distribution” does not include
distributions payable solely in Junior Units on Junior Units, or in options, warrants or rights to holders of Junior Units to subscribe for or purchase any Junior Units. 

D. Liquidation Preference. 
 (i) In the event of any
liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, before any payment or distribution of the assets of the Company shall be made to or set apart for the holders of Junior Units, the holders of the Series H
Company Preferred Units shall be entitled to receive $25.00 per Series H Company Preferred Unit (the “Liquidation Preference”) plus an amount per Series H Company Preferred Unit equal to all accrued and unpaid distributions (whether or not
earned or declared) thereon to, but not including, the date of final distribution to such holders; but such holders of the Series H Company Preferred Units shall not be entitled to any further payment. If, upon any such liquidation, dissolution or
winding up of the Company, the assets of the Company, or proceeds thereof, distributable among the holders of the Series H Company Preferred Units shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any
other Parity Units, then such assets, or the proceeds thereof, shall be distributed among the holders of such Series H Company Preferred Units and any such other Parity Units ratably in accordance with the respective amounts that would be payable on
such Series H Company Preferred Units and any such other Parity Units if all amounts payable thereon were paid in full. For the purposes of this Section D, none of (i) a consolidation or merger of the Company with one or more entities,
(ii) a statutory unit exchange by the Company, or (iii) a sale or transfer of all or substantially all of the Company’s assets shall be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Company.

 (ii) Until payment shall have been made in full to the holders of the Series H Company Preferred Units, as provided in this Section D, and to the
holders of Parity Units, subject to any terms and provisions applying thereto, no payment will be made to any holder of Junior Units upon the liquidation, dissolution or winding up of the Company. Subject to the rights of the holders of Parity
Units, upon any liquidation, dissolution or winding up of the Company, after payment shall have been made in full to the holders of the Series H Company Preferred Units, as provided in this Section D, any series or class or classes of Junior Units
shall, subject to any respective terms and provisions applying thereto, be entitled to receive any and all assets 

  
 I-3 

 
remaining to be paid or distributed, and the holders of the Series H Company Preferred Units shall not be entitled to share therein. 

E. Redemption. In connection with the redemption by CLNS of any Series H Preferred Shares in accordance with the provisions of the Series H Preferred
Share Terms, and at such times as CLNS is required or determines to make, deposit or set aside such payment, the Company shall provide cash to CLNS for such purpose which shall be equal to the redemption price (as set forth in the Series H Preferred
Share Terms), plus any accrued and unpaid dividends on the Series H Preferred Shares (whether or not declared), to, but not including, the redemption date, and one Series H Company Preferred Unit shall be concurrently redeemed with respect to each
Series H Preferred Share so redeemed by CLNS. If a redemption date for Series H Preferred Shares falls after a record date for a Series H Preferred Shares dividend payment and prior to the corresponding dividend payment date, then the Company shall
provide cash to CLNS equal to the dividend payable on such Series H Preferred Shares on such dividend payment date notwithstanding the redemption of such Series H Preferred Shares and corresponding Series H Company Preferred Units prior to such
dividend payment date. From and after the applicable redemption date, the Series H Company Preferred Units so redeemed shall no longer be outstanding and all rights hereunder, to distributions or otherwise, with respect to such Series H Company
Preferred Units shall cease. Any Series H Company Preferred Units so redeemed may be reissued to CLNS at such time as CLNS reissues a corresponding number of Series H Preferred Shares so redeemed or repurchased, in exchange for the contribution by
CLNS to the Company of the proceeds from such reissuance. 
 F. Voting Rights. Except as required by applicable law or the Limited Liability Company
Agreement of the Company, the holder of the Series H Company Preferred Units, as such, shall have no voting rights. 
 G. Conversion. The Series H
Company Preferred Units are not convertible into or exchangeable for any other property or securities of the Company, except as provided herein. 
 (i) In
the event of a conversion of any Series H Preferred Shares into Class A common stock of CLNS, par value $0.01 per share (“Common Stock”), in accordance with the Series H Preferred Share Terms, upon conversion of such Series H
Preferred Shares, the Company shall convert an equal whole number of the Series H Company Preferred Units into Membership Common Units as such Series H Preferred Shares are converted into shares of Common Stock. In the event of a conversion of any
Series H Preferred Shares into consideration other than Common Stock in accordance with the Series C Preferred Share Terms, the Company shall retire a number of Series H Company Preferred Units equal to the number of Series H Preferred Shares
converted into such other form of consideration. In the event of a conversion of the Series H Preferred Shares into Common Stock, to the extent CLNS is required to pay cash in lieu of fractional shares of Common Stock pursuant to the Series H
Preferred Share Terms in connection with such conversion, the Company shall distribute an equal amount of cash to CLNS. 
 (ii) Following any such
conversion or retirement by the Company pursuant to this Section G, the Company shall make such revisions to the Limited Liability Company Agreement of the Company as it determines are necessary to reflect such conversion. 

  
 I-4 

 H. Restriction on Ownership. The Series H Company Preferred Units shall be owned and held solely by CLNS.

 I. Allocations. Allocations of the Company’s items of income, gain, loss and deduction with respect to the Series H Company Preferred Units
shall be allocated to CLNS as the sole holder of Series H Company Preferred Units in accordance with Article 6 of the Limited Liability Company Agreement of the Company. 

  
 I-5 

 Schedule I 

Members and Capital Accounts 

*Schedule separately maintained by the Managing Member 

  
 Sch. I-1 

 Schedule II 

Schedule of Gross Asset Values 

*Schedule separately maintained by the Managing Member 

  
 Sch. II-1 

 Schedule III 

Former NSAM Unitholders 
 *Schedule
separately maintained by the Managing Member 

  
 Sch. III-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}]]