Document:

EX-4.2

 Exhibit 4.2 

EXTRA SPACE STORAGE LP, 

EXTRA SPACE STORAGE INC., 

ESS HOLDINGS BUSINESS TRUST I 

AND 
 ESS HOLDINGS
BUSINESS TRUST II, 
 AS GUARANTORS, 

AND 
 COMPUTERSHARE
TRUST COMPANY, N.A. 
 AS TRUSTEE 

THIRD SUPPLEMENTAL INDENTURE 

DATED AS OF MARCH 31, 2022 

TO INDENTURE DATED MAY 11, 2021 

$400,000,000 
 OF

 3.900% SENIOR NOTES DUE 2029 

 CONTENTS 
  

									
		 		  		  	 	Page	 
	Article I RELATION TO BASE INDENTURE; DEFINITIONS	  	 	2	 
		 	Section 1.1	  	Relation to Base Indenture	  	 	2	 
		 	Section 1.2	  	Definitions	  	 	2	 
		
	Article II TERMS OF THE SECURITIES	  	 	11	 
		 	Section 2.1	  	Title of the Securities	  	 	11	 
		 	Section 2.2	  	Price	  	 	11	 
		 	Section 2.3	  	Limitation on Initial Aggregate Principal Amount; Further Issuances	  	 	11	 
		 	Section 2.4	  	Interest and Interest Rates; Stated Maturity of Notes	  	 	11	 
		 	Section 2.5	  	Method of Payment	  	 	11	 
		 	Section 2.6	  	Currency	  	 	12	 
		 	Section 2.7	  	Additional Notes	  	 	13	 
		 	Section 2.8	  	Redemption	  	 	13	 
		 	Section 2.9	  	No Sinking Fund	  	 	13	 
		 	Section 2.10	  	Registrar and Paying Agent	  	 	13	 
		
	Article III FORM OF THE SECURITIES	  	 	13	 
		 	Section 3.1	  	Global Form	  	 	13	 
		 	Section 3.2	  	Transfer and Exchange	  	 	14	 
		
	Article IV REDEMPTION OF NOTES	  	 	19	 
		 	Section 4.1	  	Optional Redemption of Notes	  	 	19	 
		 	Section 4.2	  	Notice of Optional Redemption, Selection of Notes	  	 	20	 
		 	Section 4.3	  	Payment of Notes Called for Redemption by the Company	  	 	21	 
		
	Article V GUARANTEE	  	 	22	 
		 	Section 5.1	  	Note Guarantee	  	 	22	 
		 	Section 5.2	  	Execution and Delivery of Note Guarantee	  	 	23	 
		 	Section 5.3	  	Limitation of Guarantors’ Liability	  	 	23	 
		 	Section 5.4	  	Application of Certain Terms and Provisions to the Guarantors	  	 	23	 
		
	Article VI ADDITIONAL COVENANTS	  	 	24	 
		 	Section 6.1	  	Limitations on Incurrence of Debt	  	 	24	 
		 	Section 6.2	  	Existence	  	 	25	 
		 	Section 6.3	  	Merger, Consolidation or Sale	  	 	26	 
		 	Section 6.4	  	Payment of Taxes and Other Claims	  	 	26	 
		 	Section 6.5	  	Provision of Financial Information	  	 	27	 
		 	Section 6.6	  	Maintenance of Properties	  	 	28	 
		 	Section 6.7	  	Insurance	  	 	28	 
		 	Section 6.8	  	General	  	 	28	 
		
	Article VII DEFAULTS AND REMEDIES	  	 	28	 
		 	Section 7.1	  	Events of Default	  	 	28	 

  
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		 	Section 7.2	  	Acceleration of Maturity; Rescission and Annulment	  	 	30	 
		
	Article VIII AMENDMENTS AND WAIVERS	  	 	31	 
		 	Section 8.1	  	Without Consent of Holders	  	 	31	 
		 	Section 8.2	  	With Consent of Holders	  	 	32	 
		 	Section 8.3	  	Assumption by Parent	  	 	33	 
		
	Article IX MEETINGS OF HOLDERS OF NOTES	  	 	34	 
		 	Section 9.1	  	Purposes for Which Meetings May Be Called	  	 	34	 
		 	Section 9.2	  	Call, Notice and Place of Meetings	  	 	34	 
		 	Section 9.3	  	Persons Entitled to Vote at Meetings	  	 	34	 
		 	Section 9.4	  	Quorum; Action	  	 	35	 
		 	Section 9.5	  	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	35	 
		 	Section 9.6	  	Counting Votes and Recording Action of Meetings	  	 	36	 
		
	Article X MISCELLANEOUS PROVISIONS	  	 	36	 
		 	Section 10.1	  	Evidence of Compliance with Conditions Precedent, Certificates to Trustee	  	 	36	 
		 	Section 10.2	  	No Recourse Against Others	  	 	37	 
		 	Section 10.3	  	Trust Indenture Act Controls	  	 	37	 
		 	Section 10.4	  	Governing Law	  	 	37	 
		 	Section 10.5	  	Counterparts	  	 	38	 
		 	Section 10.6	  	Successors	  	 	38	 
		 	Section 10.7	  	Severability	  	 	38	 
		 	Section 10.8	  	Table of Contents, Headings, Etc.	  	 	38	 
		 	Section 10.9	  	Ratifications	  	 	38	 
		 	Section 10.10	  	Effectiveness	  	 	38	 
		 	Section 10.11	  	The Trustee	  	 	38	 

  

  
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 THIS THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental
Indenture”) is entered into as of March 31, 2022 among Extra Space Storage LP, a Delaware limited partnership (the “Company”), Extra Space Storage Inc., a Maryland corporation (the “Parent”), ESS
Holdings Business Trust I, a Massachusetts trust (“Trust I”), ESS Holdings Business Trust II, a Massachusetts trust (“Trust II”, and together with the Parent and Trust I, the “Guarantors”), and
Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), a national banking association organized under the laws of the United States, as trustee (the “Trustee”). 

WITNESSETH: 

WHEREAS, the Company has delivered to the Trustee an Indenture, dated as of May 11, 2021 (the “Base
Indenture”), providing for the issuance by the Company from time to time of Securities in one or more Series; 

WHEREAS, Section 2.2 of the Base Indenture provides for various matters with respect to any Series of Securities issued
under the Base Indenture to be established in an indenture supplemental to the Base Indenture; 
 WHEREAS, each of the
Company and each of the Guarantors previously entered into the First Supplemental Indenture, dated as of May 11, 2021, to establish the form and to provide for the issuance of a Series of the Company’s senior notes designated as 2.550%
Senior Notes due 2031, in an initial aggregate principal amount of $450,000,000; 
 WHEREAS, each of the Company and each of
the Guarantors previously entered into the Second Supplemental Indenture, dated as of September 22, 2021, to establish the form and to provide for the issuance of a Series of the Company’s senior notes designated as 2.350% Senior Notes due
2032, in an initial aggregate principal amount of $600,000,000; 
 WHEREAS, each of the Company and each of the Guarantors
desires to execute this Third Supplemental Indenture to establish the form and to provide for the issuance of a Series of the Company’s senior notes designated as 3.900% Senior Notes due 2029 (the “Notes”), in an initial
aggregate principal amount of $400,000,000; 
 WHEREAS, the board of directors of the Parent, the trustees of Trust I, on
behalf of Trust I and in Trust I’s capacity as general partner of the Company, and the trustees of Trust II, in each case, has duly adopted resolutions authorizing the Company and each of the Guarantors, as applicable, to execute and deliver
this Third Supplemental Indenture; and 
 WHEREAS, all of the other conditions and requirements necessary to make this Third
Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

THEREFORE, for and in consideration of the premises and the purchase of the Series of Securities provided for herein by the
Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such Series, as follows: 

  
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 ARTICLE I 

RELATION TO BASE INDENTURE; DEFINITIONS 

Section 1.1 Relation to Base Indenture. 

This Third Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of
this Third Supplemental Indenture, all provisions of this Third Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other Securities issued under the
Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes. 

Section 1.2 Definitions. 

For all purposes of this Third Supplemental Indenture, except as otherwise expressly provided for or unless the context
otherwise requires: 
 (a) Capitalized terms used but not defined herein shall have the respective meanings assigned to them
in the Base Indenture; and 
 (b) All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Third Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

“Acquired Debt” means Debt of a person (i) existing at the time such person is merged or consolidated
with or into the Company or any of its Subsidiaries or becomes a Subsidiary of the Company or (ii) assumed by the Company or any of its Subsidiaries in connection with the acquisition of assets from such person. Acquired Debt shall be deemed to
be incurred on the date the acquired person is merged or consolidated with or into the Company or any of its Subsidiaries or becomes a Subsidiary of the Company or the date of the related acquisition, as the case may be. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in
accordance with Sections 2.3, 2.7 and 6.1 hereof, as part of the same series as the Initial Notes. 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Authentication Order” means a Company Order to the Trustee to authenticate and deliver the Notes, signed in
the name of the Company by an Officer of the General Partner. 
 “Bankruptcy Law” shall have the meaning
ascribed thereto in Section 7.1. 
 “Business Day” means any day, other than a Saturday or Sunday, or
any other day on which banking institutions in New York, New York or the place of payment are not authorized or obligated by law or executive order to close. 

  
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 “Capitalized Property Value” means, with respect to any
person, (a) Property EBITDA of such person for the four (4) consecutive fiscal quarters ended on the last day of the then most recently ended fiscal quarter covered in the Parent’s annual or quarterly report most recently furnished to
Holders of the Notes or filed with the SEC, as the case may be, divided by (b) 6.75%. 
 “Capitalized Tenant
Insurance Value” means (a) cash distributions and cash royalties received by the Company or any of its Subsidiaries (other than any Captive Insurance Subsidiary) with respect to Tenant Insurance Contracts for the four
(4) consecutive fiscal quarters ended on the last day of the then most recently ended fiscal quarter covered in the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may
be (excluding cash distributions and cash royalties in respect of properties that are 100% owned in fee simple by the Company or any of its Subsidiaries) divided by (b) 12.5%. 

“Captive Insurance Subsidiary” means any wholly owned Subsidiary of the Company that (a) has no
Subsidiaries other than Captive Insurance Subsidiaries, (b) is a captive insurance company established for the primary purpose of entering into tenant insurance contracts and (c) is subject to regulation as an insurance company. 

“Clearstream” means Clearstream Banking, Société Anonyme. 

“Company Order” means a written order signed in the name of the Company by an Officer of the General Partner.

 “Customary Recourse Exceptions” means, with respect to any Debt, personal recourse that is limited to
fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single-purpose entity covenants, voluntary insolvency proceedings and other circumstances customarily excluded by
institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of real property. 

“Debt” means, without duplication, with respect to any person, such person’s Pro Rata Share of the
aggregate principal amount of indebtedness in respect of: 
 (i) borrowed money evidenced by bonds, notes, debentures or
similar instruments, as determined in accordance with GAAP, 
 (ii) indebtedness secured by any mortgage, pledge, lien,
charge, encumbrance or any security interest existing on Property or other assets owned by such person or any of its Subsidiaries directly, or indirectly through unconsolidated joint ventures, as determined in accordance with GAAP, 

(iii) reimbursement obligations in connection with any letters of credit actually issued and called, and 

(iv) any lease of property by such person or any of its Subsidiaries as lessee which is reflected in such person’s
balance sheet as a finance lease, in accordance with GAAP; 

  
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 provided, that Debt also includes, to the extent not otherwise included, any
obligation by such person or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise, items of indebtedness of another person (other than the Company or any Subsidiary) described in clauses (i) through (iv) above
(or, in the case of any such obligation made jointly with another person other than obligations to be liable for the Debt of another person solely as a result of Customary Recourse Exceptions (it being understood that Debt shall be deemed to be
incurred by such person whenever such person shall create, assume, guarantee or otherwise become liable in respect thereof), such person’s or its Subsidiary’s allocable portion of such obligation based on its ownership interest in the
related real estate assets or such other applicable assets); and provided, further, that Debt excludes Intercompany Debt and operating lease liabilities reflected in such person’s balance sheet in accordance with GAAP. 

“Defaulted Interest” shall have the meaning ascribed thereto in Section 2.5. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 3.2, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
 “Depositary” means, with respect to the Notes, The Depository Trust Company and any successor
thereto. 
 “Development Property” means a Property currently under development on which the improvements
have not been completed, or a Property where development has been completed as evidenced by a certificate of occupancy for the entire Property for the 36-month period following the issuance of such certificate
of occupancy (provided that the Company may at its option elect to remove a Property from the category of Development Properties prior to the completion of the 36-month period, but any such Property may
not be reclassified as a Development Property). The term “Development Property” shall include real property of the type described in the immediately preceding sentence to be (but not yet) acquired by the Company, any Subsidiary or any
joint venture of the Company upon completion of construction pursuant to a contract in which the seller of such real property is required to develop or renovate prior to, and as a condition precedent to, such acquisition. 

“EBITDA” means, with respect to any person, for any period and without duplication, net earnings (loss) of
such person for such period (including Tenant Insurance Operating Income in respect of properties that are 100% owned in fee simple by the Company or any of its Subsidiaries) excluding the impact of the following amounts with respect to any person
(but only to the extent included in determining net earnings (loss) for such period): 
 (i) depreciation and amortization
expense and other non-cash charges of such person for such period; 
 (ii) interest
expense of such person for such period; 
 (iii) income tax expense of such person in respect of such period; 

  
 4 

 (iv) extraordinary and nonrecurring gains and losses of such person for such
period, including without limitation, gains and losses from the sale of assets, write-offs and forgiveness of debt, foreign currency translation gains or losses; and 

(v) equity in net income of non-controlling interests. 

“Equity Interests” means, with respect to any person, any share of capital stock of (or other ownership or
profit interests in) such person, any warrant, option or other right for the purchase or other acquisition from such person of any share of capital stock of (or other ownership or profit interests in) such person, any security convertible into or
exchangeable for any share of capital stock of (or other ownership or profit interests in) such person or warrant, right or option for the purchase or other acquisition from such person of such shares (or such other interests), and any other
ownership or profit interest in such person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or
otherwise existing on any date of determination. 
 “Euroclear” means Euroclear S.A./N.V., as operator of
the Euroclear system. 
 “Event of Default” shall have the meaning ascribed thereto in Section 7.1.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Fair Market Value” means, (a) with respect to a security listed (or an
unlisted convertible security that is convertible into a security listed) on Nasdaq or have trading privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange, the London Stock
Exchange, Euronext or another recognized European securities exchange, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions, and (b) with
respect to any other asset, book value (determined in accordance with GAAP). 
 “GAAP” means accounting
principles generally accepted in the United States of America, consistently applied, as in effect from time to time. 

“Global Note Legend” means the legend set forth in Section 3.2(f), which is required to be placed on all
Global Notes issued under the Indenture. 
 “Global Notes” means, individually and collectively, each of
the Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of
Interests in the Global Note” attached thereto, issued in accordance with the Indenture. 
 “Holders”
shall have the meaning ascribed thereto in Section 2.4. 
 “Indenture” means the Base Indenture, as
supplemented by this Third Supplemental Indenture, and as further supplemented, amended or restated. 

  
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 “Indirect Participant” means a person who holds a
beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the $400,000,000
aggregate principal amount of Notes issued under this Third Supplemental Indenture on the date hereof. 

“Intercompany Debt” means, as of any date, Debt to which the only parties are the Company and any of its
Subsidiaries, but only so long as that Debt is held solely by any of the Company and any of its Subsidiaries as of that date and, provided that, in the case of Debt owed by the Company to any Subsidiary, the Debt is subordinated in right of
payment to the Holders of the Notes. 
 “interest” means, when used with reference to the Notes, any
interest payable under the terms of the Notes. 
 “Interest Expense” means, with respect to any person, for
any period, such person’s Pro Rata Share of interest expense for such period, with other adjustments as are necessary to exclude: (i) the effect of items classified as extraordinary items, in accordance with GAAP; (ii) amortization of
debt issuance costs; (iii) prepayment penalties and (iv) non-cash swap ineffectiveness charges. 

“Interest Payment Date” shall have the meaning ascribed thereto in Section 2.4. 

“Lien” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement, or
other encumbrance of any kind, provided that in no event shall an operating lease in and of itself be deemed to constitute a Lien. 

“Marketable Securities” means: (a) common or preferred Equity Interests which are listed on Nasdaq or
have trading privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange, the London Stock Exchange, Euronext or another recognized European securities exchange; (b) convertible
securities which can be converted at any time into common or preferred Equity Interests of the type described in the immediately preceding clause (a); and (c) securities evidencing indebtedness issued by persons which have an investment grade
credit rating by a nationally recognized statistical rating organization; provided that Marketable Securities shall not include any securities that are considered cash equivalents. 

“Non-Recourse Debt” means Debt of a Subsidiary of the Company (or an
entity in which the Company is the general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a Subsidiary of the Company (or entity in which
the Company is the general partner or managing member) that is the borrower and is non-recourse to the Company or any Subsidiary of the Company (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower); provided, further,
that, if any such Debt is partially recourse to the Company or any Subsidiary of the Company (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the Subsidiary of the
Company (or entity in which the Company is the general partner or managing member) that is the borrower) and therefore does not meet the criteria set 

  
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 forth above, only the portion of such Debt that does meet the criteria set
forth above shall constitute “Non-Recourse Debt.” 
 “Note
Guarantee” means the Guarantee by each of the Guarantors of the Company’s obligations under the Indenture and the Notes, executed pursuant to the provisions of this Third Supplemental Indenture. 

“Notes” has the meaning assigned to it in the preamble to this Third Supplemental Indenture. The Initial
Notes and the Additional Notes shall be treated as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Officer” means, in respect of any person, any Chief Executive Officer, the President, the Chief Financial
Officer, the Chief Accounting Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of such person. 

“Officer’s Certificate” means a certificate signed by any Officer of the Company or any Guarantor, as
applicable. 
 “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the
Trustee. The counsel may be an employee of or counsel to the Company or any Guarantor. 
 “Par Call Date”
means February 1, 2029. 
 “Participant” means, with respect to the Depositary, Euroclear or
Clearstream, a person who has an account with the Depositary, Euroclear or Clearstream, respectively (and with respect to the Depositary Trust Company, shall include Euroclear and Clearstream). 

“Permitted Non-Recourse Guarantees” means customary completion or
budget guarantees or indemnities (including by means of separate indemnification agreements and carve-out guarantees) provided under Non-Recourse Debt in the ordinary
course of business by the Company or any Subsidiary of the Company in financing transactions that are directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a Subsidiary of the
Company (or entity in which the Company is the general partner or managing member), in each case that is the borrower in such financing, but is non-recourse to the Company or any of the Company’s other
Subsidiaries, except for customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements or carve-out guarantees) as are consistent with customary industry
practice (such as environmental indemnities and recourse triggers based on violation of transfer restrictions and other customary exceptions to nonrecourse liability). 

“Primary Treasury Dealer” means a primary U.S. Government securities dealer. 

“Pro Rata Share” means, with respect to any person, any applicable figure or measure of such person and its
Subsidiaries on a consolidated basis, less any portion attributable to non-controlling interests, plus such person’s or its Subsidiaries’ allocable portion of such figure or measure, based on their
ownership interest, of unconsolidated joint ventures. 

  
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 “Property” means a parcel (or group of related parcels) of
real property. 
 “Property EBITDA” means, with respect to any person, for any period, such person’s
Pro Rata Share of EBITDA for such period adjusted to add back the impact of corporate level general and administrative expenses. 

“Record Date” shall have the meaning ascribed thereto in Section 2.4. 

“Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the
provisions of Section 4.1, the date fixed for such redemption in accordance with the provisions of Section 4.1. 

“Redemption Price” shall have the meaning ascribed thereto in Section 4.1. 

“Remaining Life” means, with respect to any Notes to be redeemed, the remaining term of such Notes,
calculated as if the maturity date of such Notes were the Par Call Date. 
 “SEC” means the Securities and
Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder, as in effect from time to time. 
 “Significant Subsidiary” of any
specified person means any Subsidiary in which such person has invested at least $100,000,000 in capital. 

“Subsidiary” means, for any person (as defined in the Base Indenture, but excluding an individual, government
or any agency or political subdivision thereof), any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of
the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or
controlled by such person or one or more Subsidiaries of such person or by such person and one or more Subsidiaries of such person, and shall include all persons the accounts of which are consolidated with those of such person pursuant to GAAP. 

“Tenant Insurance Contract” means an insurance or reinsurance contract or agreement under which any Captive
Insurance Subsidiary provides insurance or reinsurance in respect of tenant insurance related to a self-storage property. 

“Tenant Insurance Operating Income” means, for any period, an amount equal to (a) the Tenant Insurance
Revenue for such period minus (b) actual or attributable tenant insurance and reinsurance expenses (excluding royalty expenses paid to the Company or any of its wholly owned Subsidiaries) of the applicable Captive Insurance Subsidiaries
pursuant to Tenant Insurance Contracts for such period. 
 “Tenant Insurance Revenue” means, for any
period, the aggregate revenues for such period earned by the Captive Insurance Subsidiaries from providing tenant insurance or reinsurance services under Tenant Insurance Contracts. 

  
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 “Total Assets” means, with respect to any person, as of any
date, the sum (without duplication) of: 
 (a) the Capitalized Property Value of such person and its Subsidiaries, excluding
Capitalized Property Value attributable to Properties acquired or disposed of by such person or Subsidiary during the four consecutive quarters ending on such date and Development Properties; 

(b) the Capitalized Tenant Insurance Value of such person and its Subsidiaries; 

(c) all cash and cash equivalents (excluding tenant deposits and other cash and cash equivalents the disposition of which is
restricted) of such person and its Subsidiaries at such time; 
 (d) the Pro Rata Share of such person or its Subsidiaries
of the current undepreciated book value of Development Properties held by such person or Subsidiary and all land held for development by such person or Subsidiary; 

(e) the Pro Rata Share of the purchase price paid by such person or any of its Subsidiaries (less the Pro Rata Share of any
amounts paid to such person or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements, and without regard to allocations of property purchase prices
pursuant to Statement of Financial Accounting Standards No. 141 or other provisions of GAAP) for any Property or business acquired by the Company or such Subsidiary during the four consecutive quarters ending on such date; 

(f) the contractual purchase price of Properties of such person and its Subsidiaries subject to purchase obligations,
repurchase obligations, forward commitments and unfunded obligations to the extent such obligations and commitments are included in determinations of Debt; and 

(g) the Fair Market Value of all Marketable Securities owned by such person or any of its Subsidiaries, plus all other assets
of such person and its Subsidiaries (the value of which is determined in accordance with GAAP but excluding assets classified as intangible under GAAP), provided, however, that such other assets shall not include the right of use
assets associated with an operating lease in accordance with GAAP. 
 In determining the Total Assets of the Company, the
Company shall have the option to include Capitalized Property Value under clause (a) above from any such Properties that are otherwise subject to valuation under clause (d) or (e) above; provided, however, that if such
election is made, any value attributable to such Properties under clause (d) or (e) above shall be excluded from the determination of the amount under clause (d) or (e). 

“Total Unencumbered Assets” means, as of any date, those assets within Total Assets that are not subject to a
Lien, less the value attributable to Capitalized Tenant Insurance Value; provided that in determining Total Unencumbered Assets, all investments in unconsolidated entities shall be excluded. 

“Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance
with the following two paragraphs: 

  
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 The Treasury Rate shall be determined by the Company after 4:15 p.m., New
York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most
recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company shall select,
as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on
H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than
the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant
maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on
H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date. 

If on the third business day preceding the Redemption Date H.15 is no longer published, the Company shall calculate the
Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such Redemption Date of the United States Treasury security maturing on, or with
a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are
two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury
securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in
accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00
a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 
 “Uniform
Fraudulent Conveyance Act” means any applicable federal, provincial or state fraudulent conveyance legislation and any successor legislation. 

“Uniform Fraudulent Transfer Act” means any applicable federal, provincial or state fraudulent transfer
legislation and any successor legislation. 

  
 10 

 “Unsecured Debt” means Debt that is not secured by a Lien
on any property or assets of the Company or any of its Subsidiaries. 
 ARTICLE II 

TERMS OF THE SECURITIES 

Section 2.1 Title of the Securities. 

There shall be a Series of Securities designated the “3.900% Senior Notes due 2029.” 

Section 2.2 Price. 

The Initial Notes shall be issued at a public offering price of 99.885% of the principal amount thereof, other than any
offering discounts pursuant to the initial offering and resale of the Notes. 
 Section 2.3
Limitation on Initial Aggregate Principal Amount; Further Issuances. 
 The aggregate principal amount of the Notes
initially shall be limited to $400,000,000. The Company may, without notice to or consent of the Holders, issue Additional Notes from time to time in the future in an unlimited principal amount, subject to compliance with the terms of the Indenture.

 Nothing contained in this Section 2.3 or elsewhere in this Third Supplemental Indenture, or in the Notes, is
intended to or shall limit execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Base Indenture. 

Section 2.4 Interest and Interest Rates; Stated Maturity of Notes. 

(a) The Notes shall bear interest at the rate of 3.900% per year. Interest on the Notes will accrue from March 31, 2022
and will be payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2022 (each such date being an “Interest Payment Date”), to the persons in whose names the Notes are
registered in the security register (the “Holders”) on the preceding March 15 or September 15, whether or not a Business Day, as the case may be (each such date being a “Record Date”). Interest on the
Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

(b) If any Interest Payment Date, Stated Maturity or Redemption Date falls on a day that is not a Business Day, the required
payment shall be made on the next Business Day as if it were made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or Redemption Date, as
the case may be, until the next Business Day. 
 (c) The Stated Maturity of the Notes shall be April 1, 2029. 

Section 2.5 Method of Payment. 

  
 11 

 Principal, premium, if any, and interest shall be payable at the corporate
trust office of the Trustee, initially located at Computershare Trust Company, N.A. 600 S 4th Street, 7th floor, Minneapolis MN 55415. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the
Holder entitled thereto; provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company (with a copy to the Trustee) that it pay
interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. Any
interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder registered as such on the
relevant Record Date, and such Defaulted Interest shall be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 

(a) The Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at
5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on each Note and the date of the proposed payment (which shall be not less than 25 calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Interest which shall be not
more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment, and not less than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall consent to
an earlier date). The Company shall promptly notify the Trustee of such special record date and shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent to each Holder at its address as it
appears in the register, not less than 10 calendar days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to
the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following clause (b) of this Section 2.5. 

(b) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed 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 shall be deemed practicable by the Trustee. 

Section 2.6 Currency. 

Principal and interest on the Notes shall be payable in U.S. Dollars. 

  
 12 

 Section 2.7 Additional Notes. 

The Company will be entitled, without the consent of any Holders of the Notes, upon delivery of an Officer’s Certificate,
Opinion of Counsel and Authentication Order, subject to its compliance with Section 6.1, to issue Additional Notes under the Indenture that will have identical terms to the Initial Notes issued on the date of the Indenture other than with
respect to the date of issuance, issue price and, if applicable, the date from which interest on such Additional Notes will begin to accrue and the initial interest payment date; provided, however, that if such Additional Notes will
not be fungible with the Initial Notes for U.S. federal income tax or securities law purposes, such Additional Notes will have a separate CUSIP number. Such Additional Notes will rank equally and ratable in right of payment and will be treated as a
single series for all purposes under the Indenture. 
 With respect to any Additional Notes, the Company will set forth in a
resolution of the board of directors of the Parent acting on behalf of the Company and an Officer’s Certificate, a copy of each of which will be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and

 (b) the issue price, the issue date and the CUSIP number of such Additional Notes. 

Section 2.8 Redemption. 

The Notes may be redeemed at the option of the Company prior to the Stated Maturity as provided in Article IV. 

Section 2.9 No Sinking Fund. 

The provisions of Article XI of the Base Indenture shall not be applicable to the Notes. 

Section 2.10 Registrar and Paying Agent. 

The Trustee shall initially serve as Registrar and Paying Agent for the Notes. 

ARTICLE III 
 FORM OF THE
SECURITIES 
 Section 3.1 Global Form. 

The Notes shall initially be issued in the form of one or more fully registered Global Notes that will be deposited with, or
on behalf of the Depositary, and registered in the name of the Depositary or its nominee, as the case may be, subject to Sections 2.7 and 2.14 of the Base Indenture. So long as the Depositary, or its nominee, is the registered owner of the Global
Note, the Depositary or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture. 

  
 13 

 The Notes shall not be issuable in definitive form except as provided in
Section 3.2(a) of this Third Supplemental Indenture. The Notes and the Trustee’s certificate of authentication shall be substantially in the form attached as Exhibit A hereto. The Company shall execute and the Trustee shall, in
accordance with Section 2.3 of the Base Indenture, authenticate and hold each Global Note as custodian for the Depositary. Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it
represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Registrar or the custodian, at the
direction of the Trustee. The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the Company, each Guarantor
and the Trustee, by their execution and delivery of this Third Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Participants of the Depositary shall have no rights either under the Indenture or with respect to the Global Notes. The
Depositary or its nominee, as applicable, shall be treated by the Company, each Guarantor, the Trustee and any agent of the Company, such Guarantor or the Trustee as the absolute owner and Holder of such Global Notes for all purposes under the
Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company, any Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or its nominee, as applicable,
or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes. 

Section 3.2 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to
a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes
will be exchanged by the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice
from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120
days after the date of such notice from the Depositary; or 
 (2) the Company, at its option, determines that
the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 

(3) upon request from the Depositary if there has occurred and is continuing a Default or Event of Default with
respect to the Notes. 

  
 14 

 Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive
Notes shall be issued in registered form in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the Base Indenture. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 3.2 or Section 2.8 and 2.11 of the Base Indenture, shall be authenticated and delivered in the form of, and shall
be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.2(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.2(b) or (c).

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with either
subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note
may be transferred to persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 3.2(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 3.2(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

both: 

(A) 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 another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase; or 
 both: 

(C) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with
the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

  
 15 

 (D) instructions given by the Depositary to the Registrar
containing information regarding the person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (b)(1) above. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in
this Third Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 3.2(g). 

(c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder of a beneficial
interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions
set forth in Section 3.2(b)(2) and written notice to the Trustee, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.2(g) hereof, and the Company will execute
and, upon the receipt of an Authentication Order, the Trustee will authenticate and deliver to the person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 3.2(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the
Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the persons in whose names such Notes are so registered. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive
Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. If any such exchange or transfer from a Definitive Note to a beneficial
interest is effected pursuant to the previous sentence at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 3.2, the Trustee will authenticate one
or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 3.2(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 3.2(e). A Holder of Definitive Notes may transfer such Notes to a person who
takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a 

  
 16 

 
transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 

(f) Legend. Each Global Note issued under the Indenture, unless specifically stated otherwise in the applicable
provisions of the Indenture, will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE
DEPOSITARY (AS DEFINED IN THE THIRD SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE
MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE THIRD SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE THIRD SUPPLEMENTAL INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF EXTRA SPACE
STORAGE LP UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) (“DTC”), 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 SUCH OTHER NAME AS MAY BE REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (g)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly
and an endorsement will be 

  
 17 

 
made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a
person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such increase. 
 (h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will
authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 9.6 of the Base Indenture and Section 4.3 of this Third Supplemental Indenture). 

(3) The Registrar will not be required to register the transfer of or exchange of any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5)
Neither the Registrar nor the Company will be required: 
 (A) to issue or register the transfer or exchange
of any Note during a period beginning at the opening of business 15 days before the mailing of a notice of redemption of the notes selected for redemption under Article IV and ending at the close of business on the day of such mailing; 

(B) to register the transfer or exchange of any Note so selected for redemption, in whole or in part, except
the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to
exchange a Note between a record date and the next succeeding Interest Payment Date. 
 (6) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company shall deem and treat the person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving

  
 18 

 
payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 3.1 hereof. 
 (8) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 3.2 to effect a registration of transfer or exchange may be submitted by facsimile. 

(i) The transferor shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to
comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall have no
responsibility to verify or ensure the accuracy of such information. 
 (j) None of the Trustee or any Agent shall have any
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or
among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(k) None of the Trustee or any Agent shall have any responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the Depositary or other person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect
to the delivery to any participant, member, beneficial owner or other person (other than the Depositary) of any notice (including any notice of optional redemption) or the payment of any amount, under or with respect to such Notes. 

ARTICLE IV 
 REDEMPTION
OF NOTES 
 The provisions of Article III of the Base Indenture, as amended by the provisions of this Third Supplemental
Indenture, shall apply to the Notes. 
 Section 4.1 Optional Redemption of Notes. 

Prior to the Par Call Date, the Company may redeem the Notes at its option, in whole or in part, at a redemption price
(expressed as a percentage of principal amount and rounded to three decimal places) (the “Redemption Price”) equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and
interest thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to but excluding the Redemption Date; and (ii) 100% of the 

  
 19 

 
principal amount of the Notes; plus, in either case, accrued and unpaid interest thereon to the Redemption Date. Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call
Date, the Company may redeem the Notes, in whole or in part, at any time or from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date.
Notwithstanding the foregoing, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to
the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption). The Company shall not redeem the Notes pursuant to this Section 4.1 if on any date the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date. The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all
purposes, absent manifest error. 
 Section 4.2 Notice of Optional Redemption, Selection of Notes.

 (a) In case the Company shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes
pursuant to Section 4.1, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the
notice of redemption is to be sent, the Trustee in the name of and at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission, a notice of such redemption not fewer than ten calendar days but not more than
sixty calendar days prior to the Redemption Date to each Holder of Notes to be redeemed at its last address as the same appears on the Register; provided that if the Company makes such request of the Trustee, it shall, together with such
request, also give written notice of the Redemption Date to the Trustee, provided further that the text of the notice shall be prepared by the Company. Such mailing shall be by first class mail or by electronic transmission. The
notice, if sent in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or electronic submission or any defect in the
notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(b) Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed,
(ii) the CUSIP number or numbers of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that payment
will be made upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the
portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only,
the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Note in principal amount equal to the unredeemed
portion thereof will be issued. 

  
 20 

 (c) On or prior to the Redemption Date specified in the notice of redemption
given as provided in this Section 4.2, the Company will deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.5 of the Base Indenture) an amount
of money in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption
Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date. The Company shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 4.2 in
excess of amounts required hereunder to pay the Redemption Price (it being acknowledged that the Trustee has no obligation to invest any such deposit). 

(d) If less than all of the outstanding Notes are to be redeemed, the Trustee will select, on a pro rata basis, by lot
or such other method it deems fair and appropriate or as required by the Depositary for Global Notes, subject to Applicable Procedures (in the case of Global Notes), the Notes or portions thereof of the Global Notes or the Notes in certificated form
to be redeemed (in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof). The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof. 

Section 4.3 Payment of Notes Called for Redemption by the Company. 

(a) If notice of redemption has been given as provided in Section 4.2, the Notes or portion of Notes with respect to
which such notice has been given shall become due and payable and if the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes on the Redemption Date and at the place or places stated in such notice at the Redemption Price,
and unless the Company defaults in the payment of the Redemption Price, then on and after such date (i) interest will cease to accrue on any Notes called for redemption at the Redemption Date, (ii) on and after the Redemption Date (unless
the Company defaults in the payment of the Redemption Price) such Notes shall cease to be entitled to any benefit or security under the Indenture and (iii) the Holders thereof shall have no right in respect of such Notes except the right to
receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Company at the Redemption Price,
together with interest accrued thereon to, but excluding, the Redemption Date. Such will be the case whether or not book-entry transfer of the Notes in book-entry form is made and whether or not the Notes in certificated form, together with
necessary endorsements, are delivered to the Paying Agent; provided, however, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued
and unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date. 

(b) Upon presentation of any Note redeemed in part only, the Company shall execute and the Trustee shall authenticate and make
available for delivery to the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented. 

  
 21 

 ARTICLE V 

GUARANTEE 

Sections 5.1, 5.2 and 5.3 hereof shall replace Sections 12.1, 12.2 and 12.3 of the Base Indenture with respect to the Notes
and the Note Guarantee. 
 Section 5.1 Note Guarantee. 

(a) Subject to this Article 5, each Guarantor hereby fully and unconditionally guarantees, on a joint and several basis, to
each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, that: 

(1) the principal of, premium, if any, and interest, if any, on the Notes will be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company under the
Indenture or the Notes, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes (including fees and expenses) will be promptly paid in full or performed,
all in accordance with the terms under the Indenture or the Notes; and 
 (2) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or
otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, each Guarantor will
be obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) Each Guarantor hereby agrees that its obligations under the Indenture and the Notes are full and unconditional,
irrespective of the validity, regularity or enforceability of the Indenture or the Notes, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions of the Indenture or the Notes,
the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor hereby agrees that in the event
of a default in payment of the principal of or interest on the Notes entitled to the Guarantee, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on
behalf of the Holders or, subject to Section 6.7 of the Base Indenture, by the Holders, on the terms and conditions set forth in the Indenture, directly against such Guarantor to enforce the Guarantee without first proceeding against the
Company. Each Guarantor hereby (i) waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever, (ii) acknowledges that any agreement, instrument or document evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement,
instrument or document evidencing the Guarantee without 

  
 22 

 
notice to it and (iii) covenants that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Indenture and the Notes. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, any Guarantor or any
custodian, trustee, liquidator or other similar official acting in relation to either the Company or such Guarantor, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be
reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation
in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders and the Trustee,
on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VII for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article VII, such obligations (whether or not due and payable) will forthwith become due
and payable by such Guarantor for the purpose of this Note Guarantee. 
 Section 5.2 Execution and
Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 5.1, each Guarantor hereby agrees
that this Third Supplemental Indenture will be executed on its behalf by one of its Officers. If an Officer of such Guarantor whose signature is on this Third Supplemental Indenture no longer holds that office at the time the Trustee authenticates
the Note on which the Note Guarantee of such Guarantor is endorsed, such Note Guarantee will be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note
Guarantee set forth in this Third Supplemental Indenture on behalf of such Guarantor. 

Section 5.3 Limitation of Guarantors’ Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that
the Note Guarantee of each Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to the Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and each Guarantor hereby irrevocably agree that the obligations of each Guarantor will be limited to the maximum amount that will not, after giving
effect to all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, result in the obligations of such Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance. 

Section 5.4 Application of Certain Terms and Provisions to the Guarantors. 

(a) For purposes of any provision of the Indenture which provides for the delivery by any Guarantor of an Officer’s
Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.2 shall apply to such Guarantor as if references therein to the Company were references to such Guarantor. 

  
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 (b) Any notice or demand which by any provision of the Indenture is required
or permitted to be given or served by the Trustee or by the Holders of Notes to or on any Guarantor may be given or served as described in Section 10.2 of the Base Indenture as if references therein to the Company were references to such
Guarantor. 
 (c) Upon any demand, request or application by any Guarantor to the Trustee to take any action under the
Indenture, such Guarantor shall furnish to the Trustee such Officer’s Certificate and Opinion of Counsel as are required in Section 10.1 as if all references therein to the Company were references to such Guarantor. 

ARTICLE VI 
 ADDITIONAL
COVENANTS 
 The covenants set forth in Sections 4.1, 4.3 and 4.4 of the Base Indenture and the following additional
covenants shall apply with respect to the Notes so long as any of the Notes remain outstanding: 

Section 6.1 Limitations on Incurrence of Debt. 

(a) Limitation on Total Outstanding Debt. The Company will not, and will not permit any Subsidiary to, incur any Debt
(including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the Company’s
and its Subsidiaries’ outstanding Debt is greater than 60% of the sum of the following (without duplication): (1) the Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter
covered in the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be, and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired,
and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such
fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities. 

(b) Limitation on Secured Debt. The Company will not, and will not permit any of its Subsidiaries to, incur any Debt
(including, without limitation, Acquired Debt) secured by any Lien on any of its or any of its Subsidiaries’ property or assets, whether owned on the date of the Indenture or subsequently acquired, if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the Company’s and its Subsidiaries’ outstanding Debt which is secured by a Lien on any of its or its
Subsidiaries’ property or assets is greater than 40% of the sum of (without duplication): (1) the Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter covered in the
Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the
aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any of its Subsidiaries since the end of such
fiscal quarter, including the proceeds 

  
 24 

 
obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities. 

(c) Debt Service Test. The Company will not, and will not permit any of its Subsidiaries to, incur any Debt (including
without limitation Acquired Debt) if the ratio of the Company’s and its Subsidiaries’ EBITDA to the Company’s and its Subsidiaries’ Interest Expense for the period consisting of the four consecutive fiscal quarters ending with
the latest quarter covered in the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be, most recently ended prior to the date on which such additional Debt is to be
incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt, and calculated on the following assumptions: 

(1) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any
of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred, on the first day of such period; 

(2) the repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the first day
of such four-quarter period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility will be computed based upon the average
daily balance of such Debt during such period); and 
 (3) in the case of any acquisition or disposition by
the Company or any of its Subsidiaries of any asset or group of assets with a fair market value (as determined by the Company in its reasonable discretion) in excess of $1,000,000 since the first day of such four-quarter period, whether by merger,
stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such
pro forma calculation. 
 (d) If the Debt giving rise to the need to make the calculation described in this
Section 6.1 or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Interest Expense, the interest rate on such Debt will
be computed on a pro forma basis by applying the average daily rate which would have been in effect during the entire four quarter period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of such
Debt outstanding during such period. 
 (e) Maintenance of Total Unencumbered Assets. The Company will not have at
any time Total Unencumbered Assets of less than 150% of the aggregate principal amount of all of its and its Subsidiaries’ outstanding Unsecured Debt determined on a consolidated basis in accordance with GAAP. 

Section 6.2 Existence. 

  
 25 

 Except as permitted by Section 6.3, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises, and each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect
its existence, rights (charter and statutory) and franchises; provided, however, that neither the Company nor any Guarantor will be required to preserve any right or franchise if the Parent’s board of directors (or any duly
authorized committee of that board of directors), as the case may be, determines that the preservation of the right or franchise is no longer desirable in the conduct of the Company or such Guarantor’s business. 

Section 6.3 Merger, Consolidation or Sale. 

The Company and each of the Guarantors may consolidate with, or sell, lease or convey all or substantially all of the
Company’s or its assets to, or merge with or into, any other entity, provided that the following conditions are met: 

(a) the Company or such Guarantor, as the case may be, shall be the continuing entity, or the successor entity (if other than
the Company or such Guarantor, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state thereof or the District of Columbia and
in the case of the Company shall expressly assume by supplemental indenture payment of the principal of and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in the Indenture or,
in the case of such Guarantor, shall expressly assume by supplemental indenture the payment of all amounts due under such Guarantor’s Note Guarantee and the due and punctual performance and observance of all of the covenants and conditions of
such Guarantor in the Indenture and the Note Guarantee, as the case may be; 
 (b) immediately after giving effect to the
transaction, no Event of Default under the Indenture, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(c) an Officer’s Certificate and Opinion of Counsel covering these conditions shall be delivered to the Trustee. 

In the event of any transaction described in and complying with the conditions listed in this Section 6.3 in which the
Company and/or any Guarantor are not the continuing entity, the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of the Company and/or such Guarantor, and the Company and/or such
Guarantor shall be discharged from its or their obligations under the Notes and the Indenture. 

Section 6.4 Payment of Taxes and Other Claims. 

The Company and each Guarantor will each pay or discharge or cause to be paid or discharged before it becomes delinquent:
(i) all taxes, assessments and governmental charges levied or imposed on it or any of its Subsidiaries or on its or any such Subsidiary’s income, profits or property; and (ii) all lawful claims for labor, materials and supplies that,
if unpaid, might by law become a Lien upon its property or the property of any of its Subsidiaries; provided, however, that neither the Company nor any Guarantor will be required to pay or discharge or cause to be paid or

  
 26 

 
discharged any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith. 

Section 6.5 Provision of Financial Information. 

(a) For as long as the Notes are outstanding, the Parent will file with the Trustee, within 15 days after the Parent is
required to file the same with the SEC, copies of the annual and quarterly reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations
prescribe) that the Parent may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Parent is not required to file information, documents or reports with the SEC pursuant to either
Section 13 or Section 15(d) of the Exchange Act, the Parent will file with the Trustee and the SEC, in accordance with any other rules and regulations that may be prescribed from time to time by the SEC, such annual and quarterly reports
and supplementary and periodic information, documents and reports that may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from time
to time by the SEC in such rules and regulations. 
 (b) In addition to clause (a) above, for as long as the Notes are
outstanding, if at any time the Parent is not subject to Section 13 or Section 15(d) of the Exchange Act and the Parent is not providing annual and quarterly reports and supplementary and periodic information, documents and reports to the
SEC and the Trustee pursuant to the previous paragraph, the Parent will, at its option, either (i) post on a publicly available website or (ii) post on IntraLinks or any comparable password protected online data system requiring user
identification and a confidentiality acknowledgement (a “Confidential Datasite”), within 15 days of the filing date that would be applicable to a non-accelerated filer at that time pursuant to
applicable SEC rules and regulations, the quarterly and audited annual financial statements and accompanying disclosure described in Item 303 of Regulation S-K (“management’s discussion and analysis
of financial condition and results of operations”) that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q,
respectively, required to be filed with the SEC if the Parent were subject to Section 13(a) or Section 15(d) of the Exchange Act. If the Parent elects to furnish such reports via a Confidential Datasite, access to such Confidential
Datasite will be provided promptly upon request to Holders and beneficial owners of, and bona fide potential investors in, the Notes as well as securities analysts and market makers and no such request for access to such Confidential Datasite will
be unreasonably denied. 
 (c) Reports and other documents filed by the Parent with the SEC and publicly available via the
EDGAR system, a publicly available website or a Confidential Datasite will be deemed to be delivered to the Trustee as of the time such filing is publicly available via EDGAR, such publicly available website or such Confidential Datasite for
purposes of this Section 6.5. Delivery of such 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 its compliance with any of its covenants under the Indenture relating to the Notes (as to which the Trustee is entitled to conclusively rely on an
Officer’s Certificate). The Trustee shall not be obligated to monitor or confirm on a continuing basis or otherwise our compliance with the covenants or with respect to any reports or other documents filed with the SEC under the indenture. In
addition, if 

  
 27 

 
the Company becomes an SEC filer, the reports of the Company will be deemed to satisfy this Section 6.5. 

(d) In the event that any direct or indirect parent company of the Parent becomes a guarantor of the Notes, the Parent may
satisfy its obligations under this Section 6.5 to provide financial information of the Parent by furnishing the equivalent financial information relating to such parent; provided that such equivalent financial
information is accompanied by consolidating financial information that explains in reasonable detail the differences between the information for such parent, on the one hand, and the information for the Parent and its consolidated subsidiaries, on
the other hand. 
 Section 6.6 Maintenance of Properties. 

The Company will cause all of its properties used or useful in the conduct of its business or the business of any Subsidiary
to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and cause all necessary repairs, renewals, replacements, betterments and improvements to be made, all as in the judgment of the Company
may be necessary in order for the Company to at all times properly and advantageously conduct its business carried on in connection with such properties; provided that the Company and its Subsidiaries shall be permitted to sell or transfer
properties in the ordinary course of business. 
 Section 6.7 Insurance. 

The Company will, and will cause each of its Subsidiaries to, keep in force upon all of its and each of its Subsidiaries’
properties and operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary in the industry in which the Company and its Subsidiaries do business in accordance with prevailing market
conditions and availability. 
 Section 6.8 General. 

For purposes of this Article VI, Debt shall be deemed to be incurred by the Company or any of its Subsidiaries whenever the
Company or such Subsidiary shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof. 

ARTICLE VII 
 DEFAULTS
AND REMEDIES 
 Sections 7.1 and 7.2 hereof shall replace Sections 6.1 and 6.2 of the Base Indenture with respect to the
Notes only. 
 Section 7.1 Events of Default. 

“Event of Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of
the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be 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): 

  
 28 

 (a) default for 30 days in the payment of any installment of interest under
the Notes; 
 (b) default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the
same becomes due and payable; provided, however, that a valid extension of the Stated Maturity of the Notes in accordance with the terms of the Indenture shall not constitute a default in the payment of principal; 

(c) failure by the Company or any of the Guarantors to comply with any of the Company’s or such Guarantor’s
respective other agreements in the Notes or the Indenture with respect to the Notes upon receipt by the Company of notice of such default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then outstanding
and the Company’s failure to cure (or obtain a waiver of) such default within 60 days after it receives such notice; 

(d) failure to pay any Debt (other than Non-Recourse Debt) for monies borrowed by the
Company, any Guarantor or any of their respective Significant Subsidiaries in an outstanding principal amount in excess of $100,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt (other
than Non-Recourse Debt) is, or has become, the primary obligation of the Company or such Guarantor and is not discharged, or such default in payment or acceleration is not cured or rescinded, within 60 days
after written notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least twenty five percent (25%) in principal amount of the outstanding Notes); or 

(e) the Company, any Guarantor or any of their respective Significant Subsidiaries pursuant to or under or within meaning of
any Bankruptcy Law: 
 (i) commences a voluntary case or proceeding seeking liquidation, reorganization or
other relief with respect to the Company, any such Guarantor or any such Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, any such Guarantor or any
such Significant Subsidiary or any substantial part of the property of the Company, any such Guarantor or any such Significant Subsidiary; or 

(ii) consents to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against the Company, any such Guarantor or any such Significant Subsidiary; or 

(iii) consents to the appointment of a custodian of it or for all or substantially of its property; or 

(iv) makes a general assignment for the benefit of creditors; or 

(f) an involuntary case or other proceeding shall be commenced against the Company, any Guarantor or any of their respective
Significant Subsidiaries seeking liquidation, reorganization or other relief with respect to the Company, any such Guarantor or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or

  
 29 

 
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, any such Guarantor or any such Significant Subsidiary or any
substantial part of the property of the Company, any such Guarantor or any such Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or 

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

(i) is for relief against the Company, any Guarantor or any of their respective Significant Subsidiaries in an
involuntary case or proceeding; 
 (ii) appoints a trustee, receiver, liquidator, custodian or other similar
official of the Company, any such Guarantor or any such Significant Subsidiary or any substantial part of the property of the Company, any such Guarantor or any such Significant Subsidiary; or 

(iii) orders the liquidation of the Company, any such Guarantor or any such Significant Subsidiary, in each
case in this clause (g), the order or decree remains unstayed and in effect for thirty (30) calendar days. 
 The term
“Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. 

Section 7.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to the Notes occurs and is continuing (other than an Event of Default referred to in
Sections 7.1(e), 7.1(f) or 7.1(g), which shall result in an automatic acceleration), then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal amount of and accrued
and unpaid interest, if any, on all of the outstanding Notes to be due and payable immediately, by a written notice thereof to the Company and the Parent (and to the Trustee if given by Holders), and upon any such declaration such principal amount
(or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Sections 7.1(e), 7.1(f) or 7.1(g) shall occur, the principal amount (or specified amount) of and accrued and
unpaid interest, if any, on all outstanding Notes shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and
payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of
all of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.13 of the Base
Indenture, if: (a) the Company or any Guarantor has deposited with the Trustee all required payments of the principal of, and premium, if any, and interest on, the Notes, plus the reasonable compensation and reimbursement for the Trustee’s
expenses, disbursements and advances pursuant to Section 7.7 of the Base Indenture; and (b) all 

  
 30 

 
Events of Default, other than the non-payment of accelerated principal of (or specified portion thereof), or premium, if any, and interest on, the Notes
that have become due solely because of such acceleration, have been cured or waived. No such rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. The
Company shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.3 of the Base Indenture and the steps to be taken to cure such Event of Default. 

ARTICLE VIII 
 AMENDMENTS
AND WAIVERS 
 Sections 8.1 and 8.2 hereof shall replace Sections 9.1 and 9.2 of the Base Indenture with respect to the
Notes only. 
 Section 8.1 Without Consent of Holders. 

The Company, when authorized by resolutions of the board of directors of the Parent, and the Trustee may, from time to time
and at any time, enter into an indenture or indentures supplemental without the consent of any Holder of the Notes hereto for one or more of the following purposes: 

(a) to cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely
affect the interests of the Holders of the Notes in any material respect; 
 (b) to comply with Section 6.3; 

(c) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(d) to add guarantors with respect to the Notes or secure the Notes; 

(e) to evidence a successor to the Company as obligor or to any Guarantor as guarantor under the Indenture with respect to the
Notes; 
 (f) to surrender any of the Company’s rights or powers under the Indenture; 

(g) to add covenants or events of default for the benefit of the Holders of any Notes; 

(h) to comply with the applicable procedures of the Depositary; 

(i) to make any change that does not adversely affect the interests of the Holders of any Notes then outstanding in any
material respect; 
 (j) to provide for the issuance of Additional Notes in accordance with the limitations set forth in the
Indenture, or change any of the provisions of the Indenture as may be 

  
 31 

 
necessary to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts hereunder by a successor Trustee; 

(k) to effect the appointment of a successor Trustee with respect to the Notes and to add to or change any of the provisions
of the Indenture to provide for or facilitate administration by more than one Trustee; 
 (l) to comply with the
requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; 
 (m) to reflect
the release of any Guarantor as guarantor, in accordance with the provisions of the Indenture; and 
 (n) to conform the
text of the Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture,
such Note Guarantee or the Notes (as certified in an Officer’s Certificate). 
 Upon the written request of the
Company, accompanied by a copy of the resolutions of the board of directors of the Parent certified by the corresponding Secretary or Assistant Secretary, authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to
join with the Company and the Guarantors in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any
property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 8.1 may be executed by the Company, the
Guarantors and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 8.2. 

Section 8.2 With Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
outstanding, the Company, each Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the Indenture or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided that no such supplemental indenture shall, without the consent of the Holder of each Note so affected:

 (a) reduce the amount of the Notes whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including default interest) on the Notes; 

  
 32 

 (c) reduce the principal of, or premium, if any, on, or change the Stated
Maturity of, the Notes; 
 (d) reduce the principal amount of discount securities payable upon acceleration of maturity;

 (e) waive a Default or Event of Default in the payment of the principal of, or premium, if any, or interest on, the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(f) make the principal of, or premium, if any, or interest on, the Notes payable in any currency other than that stated in the
Notes; 
 (g) make any change in Section 6.8 of the Base Indenture, Section 6.13 of the Base Indenture or this
Section 8.2(g) of this Third Supplemental Indenture; 
 (h) waive a redemption payment with respect to the Notes; or

 (i) release the Parent or any other Guarantor as a guarantor of the Notes other than as provided in the Indenture or
modify the Note Guarantee in any manner adverse to the Holders of the Notes. 
 Upon the written request of the Company,
accompanied by a copy of the resolutions of the board of directors of the Parent certified by the corresponding Secretary or Assistant Secretary, authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of Holders as aforesaid, the Trustee shall join with the Company and the Guarantors in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or
immunities under the Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. In executing or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modification thereby of the trusts created by the Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel or an Officer’s Certificate or
both stating that the execution of such supplemental indenture is authorized or permitted by the Indenture, that all conditions precedent to the execution of such supplemental indenture have been complied with, and that the supplemental indenture is
a legal, valid and binding obligation of the Company and each Guarantor, as applicable, enforceable against it in accordance with its terms. 

It shall not be necessary for the consent of the Holders under this Section 8.2 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 8.3 Assumption by Parent. 

Without the consent of any Holders of the Notes, the Parent, or a Subsidiary thereof, may directly assume, by an indenture
supplemental to the Indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, any 

  
 33 

 
premium and interest on all the Notes and the performance of every covenant of the Indenture on the part of the Company to be performed or observed. Upon any such assumption, the Parent or such
Subsidiary shall succeed the Company, and be substituted for and may exercise every right and power of the Company, under the Indenture with the same effect as if the Parent or such Subsidiary had been the issuer of the Notes, and the Company shall
be released from all obligations and covenants with respect to the Notes. No such assumption shall be permitted unless the Parent has delivered to the Trustee (i) an Officer’s Certificate and an Opinion of Counsel, each stating that such
assumption and supplemental indenture comply with this Section 8.3 and Article V of the Base Indenture, and that all conditions precedent in the Indenture provided for relating to such transaction have been complied with and that, in the event
of assumption by a Subsidiary, the Note Guarantee and all other covenants of the Parent in the Indenture remain in full force and effect and (ii) an opinion of independent counsel that the Holders of the Notes shall have no materially adverse
United States federal tax consequences as a result of such assumption, and that, if any Notes are then listed on the New York Stock Exchange, that the Notes shall not be delisted as a result of such assumption. 

ARTICLE IX 
 MEETINGS OF
HOLDERS OF NOTES 
 Section 9.1 Purposes for Which Meetings May Be Called. 

A meeting of Holders may be called at any time and from time to time pursuant to this Article IX to make, give or take any
request, demand, authorization, direction, notice, consent, waiver or other act provided by the Indenture to be made, given or taken by Holders. 

Section 9.2 Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1, to be held at such
time and at such place in The City of New York, New York as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 10.2 of the Base Indenture, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(b) In case at any time the Company, any Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes
shall have requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have
mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company, such Guarantor, if
applicable, or the Holders in the amount above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided
in clause (a) of this Section 9.2. 
 Section 9.3 Persons Entitled to Vote at Meetings.

  
 34 

 To be entitled to vote at any meeting of Holders, a person shall be
(a) a Holder of one or more outstanding Notes, or (b) a person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders; provided, that none of the Company,
any other obligor upon the Notes or any Affiliate of the Company shall be entitled to vote at any meeting of Holders or be counted for purposes of determining a quorum at any such meeting in respect of any Notes owned by such persons. The only
persons who shall be entitled to be present or to speak at any meeting of Holders shall be the persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of any Guarantor and
its counsel and any representatives of the Company and its counsel. 
 Section 9.4 Quorum; Action.

 The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a
meeting of Holders; provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the
outstanding Notes, the persons holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section 9.2, except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes which shall constitute a quorum. 

Except as limited by the proviso to Section 8.2, any resolution presented at a meeting or adjourned meeting duly
reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided, however, that, except as limited by the proviso to
Section 8.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides may be made, given or taken by the Holders of a specified percentage,
which is less than a majority, in principal amount of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified
percentage in principal amount of the outstanding Notes. Any such resolution passed or decision taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders, whether or not such Holders were
present or represented at the meeting. 
 Section 9.5 Determination of Voting Rights; Conduct and
Adjournment of Meetings. 
 (a) Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment 

  
 35 

 
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as
it shall deem appropriate. 
 (b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 9.2(b), in which case the Company, the Guarantors or the Holders calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of the outstanding Notes of such series represented at the meeting. 

(c) At any meeting, each Holder or proxy shall be entitled to one vote for each $1,000 principal amount of Notes held or
represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the
meeting shall have no right to vote, except as a Holder or proxy. 
 (d) Any meeting of Holders duly called pursuant to
Section 9.2 at which a quorum is present may be adjourned from time to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and the meeting may be held as so adjourned without
further notice. 
 Section 9.6 Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the
signatures of the Holders or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the
proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 9.2 and, if applicable, Section 9.4. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and the Guarantors, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.1 Evidence of Compliance with Conditions Precedent, Certificates to Trustee. 

  
 36 

 This Section 10.1 shall replace Sections 10.4 and 10.5 of the Base
Indenture with respect to the Notes only. 
 Upon any application or demand by the Company to the Trustee to take any action
under any of the provisions of the Indenture, the Company shall furnish to the Trustee an Officer’s Certificate in a form reasonably acceptable to the Trustee stating that all covenants and conditions precedent, if any, provided for in the
Indenture relating to the proposed action have been complied with, and an Opinion of Counsel in a form reasonably acceptable to the Trustee stating that, in the opinion of such counsel, all such covenants and conditions precedent have been complied
with. The Officer’s Certificate or Opinion of Counsel provided for in the Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in the Indenture shall include: (1) a statement that the
person making such Officer’s Certificate or Opinion of Counsel has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such
Officer’s Certificate or Opinion of Counsel is based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to
whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to
matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 10.2 No Recourse Against Others. 

This Section 10.2 shall replace Section 10.8 of the Base Indenture with respect to the Notes only. 

Except as otherwise expressly provided in Article V of this Third Supplemental Indenture, no recourse for the payment of the
principal of (including the Redemption Price upon redemption pursuant to Article IV) or premium, if any, or interest on any Note or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant
or agreement of the Company in this Third Supplemental Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent,
officer, director or subsidiary, as such, past, present or future, of any Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either directly or through such Guarantor, the Company or any of the
Company’s Subsidiaries or any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Third Supplemental Indenture and the issue of the Notes. 

Section 10.3 Trust Indenture Act Controls. 

If any provision of this Third Supplemental Indenture limits, qualifies, or conflicts with another provision which is required
or deemed to be included in this Third Supplemental Indenture by the TIA, such required or deemed provision shall control. 

Section 10.4 Governing Law. 

  
 37 

 THIS THIRD SUPPLEMENTAL INDENTURE AND THE NOTES, INCLUDING ANY CLAIM OR
CONTROVERSY ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIRD SUPPLEMENTAL INDENTURE OR THE NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

Section 10.5 Counterparts. 

This Third Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Third Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. The words
“execution,” “signed,” “signature,” and words of like import in this Third Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile, email or other electronic format
(including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without
limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based
record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law,
including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in this Third Supplemental Indenture to the contrary notwithstanding,
(a) any Officer’s Certificate, Company Order, Opinion of Counsel, Note, Note Guarantee, opinion of counsel, instrument, agreement or other document delivered pursuant to this Third Supplemental Indenture may be executed, attested and
transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.3 of the Base Indenture, Section 5.2 of this Third Supplemental Indenture or elsewhere in the Indenture to the execution, attestation or
authentication of any Note, any Guarantee endorsed on any Note, or any certificate of authentication appearing on or attached to any Note by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted
by any of the foregoing electronic means or formats, and (c) any requirement in this Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Notes or any Note Guarantees. The Company
agrees to assume all risks arising out of the use of using digital signatures, including without limitation the risk of the Trustee acting on unauthorized instructions. 

This Third Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by
an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any
other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code/UCC (collectively, “Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature.
Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and 

  
 38 

 
admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or
photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Third Supplemental Indenture may be executed in any number of
counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings
when required under the UCC or other Signature Law due to the character or intended character of the writings. 

Section 10.6 Successors. 

All agreements of the Company and each Guarantor in this Third Supplemental Indenture and the Notes shall bind their
respective successors. 
 All agreements of the Trustee in this Third Supplemental Indenture shall bind its successor. 

Section 10.7 Severability. 

In case any provision in this Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 10.8 Table of Contents, Headings, Etc. 

The Table of Contents and headings of the Articles and Sections of this Third Supplemental Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.9 Ratifications. 

The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and
confirmed. The Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Third Supplemental Indenture with respect to the Notes supersede any conflicting provisions included in the Base Indenture
unless not permitted by law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

Section 10.10 Effectiveness. 

The provisions of this Third Supplemental Indenture shall become effective as of the date hereof. 

Section 10.11 The Trustee. 

The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the
Indenture. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or 

  
 39 

 
the due execution thereof by the Company. The recitals contained herein shall be taken as the statements solely of the Company, and the Trustee assumes no responsibility for the correctness
thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship listed in TIA Section 311(b), the Trustee shall be subject to the provisions of the TIA
regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the
extent and in the manner provided by, and subject to the provisions of, the TIA and the Indenture. 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental
Indenture to be duly executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

			
	 EXTRA SPACE STORAGE LP,
 as the
Company

 
			
		
	By:	 	ESS Holdings Business Trust I
		 	Its general partner

 
			
		
	By:	 	/s/ Gwyn G. McNeal

 
			
	Name:	 	Gwyn G. McNeal
	Title:	 	Trustee
	
	 EXTRA SPACE STORAGE INC.,
 as a
Guarantor

 
			
		
	By:	 	/s/ Gwyn G. McNeal

 
			
	Name:	 	Gwyn G. McNeal
	Title:	 	Executive VP
	
	 ESS HOLDINGS BUSINESS TRUST I,
 as a
Guarantor

 
			
		
	By:	 	/s/ Gwyn G. McNeal

 
			
	Name:	 	Gwyn G. McNeal
	Title:	 	Trustee
	
	 ESS HOLDINGS BUSINESS TRUST II,
 as
a Guarantor

 
			
		
	By:	 	/s/ Gwyn G. McNeal

 
			
	Name:	 	Gwyn G. McNeal
	Title:	 	Trustee

 
			
	COMPUTERSHARE TRUST COMPANY, N.A., as the
	Trustee
		
	By:	 	/s/ Linda Lopez

 
			
	Name:	 	Linda Lopez
	Title:	 	Assistant Vice President

  

 EXHIBIT A 

EXTRA SPACE STORAGE LP 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE THIRD SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR
THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE THIRD SUPPLEMENTAL
INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE THIRD SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF
THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF EXTRA SPACE STORAGE LP UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), 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 SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 EXTRA SPACE STORAGE LP 

3.900% SENIOR NOTES DUE 2029 

Certificate No. [ ] 
 CUSIP No.:
30225V AH0 
 ISIN: US30225VAH06 

$[ ] 
 Extra Space Storage
LP, a Delaware limited partnership (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co.,
or its registered assigns, the principal sum of [ ] MILLION DOLLARS ($[ ])[, or such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,] on April 1, 2029 at the office or
agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts,
and to pay interest semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2022, to the Holder in whose name the Note is registered in the security register on the preceding March 15 or
September 15, whether or not a Business Day, as the case may be, in accordance with the terms of the Indenture. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the Holder entitled thereto; provided, however, that a Holder of any Notes in
certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or
on any Global Notes by wire transfer of immediately available funds to the account of the Depositary or its nominee. This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been
signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.

 Dated: [ ], 20[ ] 
  

			
	EXTRA SPACE STORAGE LP
	By:	 	ESS Holdings Business Trust I,
		 	Its general partner
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes described in the within-named Indenture. 

Dated: [ ], 20[ ] 
  

			
	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF NOTE] 

EXTRA SPACE STORAGE LP 

3.900% SENIOR NOTES DUE 2029 

This Note is one of a duly authorized issue of Securities of the Company, designated as its 3.900% Senior Notes due 2029
(herein called the “Notes”), issued under and pursuant to an Indenture dated as of May 11, 2021 (herein called the “Base Indenture”), among the Company, the Guarantors and Computershare Trust Company, N.A. (as
successor to Wells Fargo Bank, National Association), as trustee (herein called the “Trustee”), as supplemented by the Third Supplemental Indenture, dated as of March 31, 2022 (herein called the “Third Supplemental
Indenture,” and together with the Base Indenture, the “Indenture”), 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, the Guarantors and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 

If an Event of Default (other than an Event of Default specified in Sections 7.1(e), 7.1(f) and 7.1(g) of the Third
Supplemental Indenture with respect to the Company) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25%
in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 7.1(e), 7.1(f) and 7.1(g) of the Third Supplemental Indenture occurs,
the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action. 

The Indenture contains provisions permitting the Company, the Guarantors and the Trustee, with the consent of the Holders of
not less than a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 8.2 of the Third Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less
than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and
the Holder of the Notes, the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency
prescribed herein and in the Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 The Notes are issuable in fully registered form, without coupons, in minimum
denominations of $2,000 principal amount and any multiple of $1,000. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service
charge but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes
of any other authorized denominations. 
 The Company shall have the right to redeem the Notes under certain circumstances
as set forth in Section 4.1, Section 4.2 and Section 4.3 of the Third Supplemental Indenture. 
 The Notes
are not subject to redemption through the operation of any sinking fund. 
 The obligations of each Guarantor to the Holders
of the Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article V of the Third Supplemental Indenture and reference is hereby made to such Indenture for the precise terms of the Note Guarantee.

 Except as expressly provided in Article V of the Third Supplemental Indenture, no recourse for the payment of the
principal of (including the Redemption Price (as defined in Section 4.1 of the Third Supplemental Indenture) upon redemption pursuant to Article IV of the Third Supplemental Indenture) or any premium, if any, or interest on this Note, or for
any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be
had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of any Guarantor, the Company or any of the Company’s Subsidiaries or of any successor
thereto, either directly or through such Guarantor, the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	  	 
		  	 (Insert assignee’s legal name)

	
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	    
	
	    
	
	    
	
	    
	
	    

 (Print or type assignee’s name, address and zip code) 

 

			
	 and irrevocably appoint
	  	 

 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:                      
                               

			
		
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Signature
Guarantee*:                                       
                  
 * Participant in a recognized
Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE * 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	Date of Exchange	 	 Amount of

decrease in
 principal amount

at maturity of
 this Global
Note
	 	 Amount of

increase in
 principal amount

at maturity of
 this Global
Note
	 	 Principal amount

at maturity of
 this Global Note

following such
 decrease

(or increase)
	 	 Signature of

authorized
 officer of

Trustee or

Custodian

  

	*	 This Schedule should be included only if the Note is issued in global form.Exhibit 10.41

    

     

    

    
      TENTH AMENDMENT AND REAFFIRMATION AGREEMENT

      

      

      THIS TENTH AMENDMENT AND
          REAFFIRMATION AGREEMENT is dated as of November 12, 2021 (this "Agreement"), by and among GSE SYSTEMS, INC., a Delaware corporation ("Parent"), GSE PERFORMANCE SOLUTIONS, INC., a Delaware corporation ("GSE Performance" and
          collectively with Parent, the "Borrowers" and each a "Borrower"), GSE TRUE NORTH CONSULTING, LLC, a Delaware limited liability company ("True North"), HYPERSPRING, LLC, a Delaware limited liability company ("Hyperspring"),
          ABSOLUTE CONSULTING, INC., a Delaware corporation ("Absolute" and together with True North and Hyperspring collectively, the "Original Guarantors" and each an "Original Guarantor"), DP ENGINEERING, LLC, formerly DP
          Engineering Ltd. Co., a Delaware limited liability company ("DP Engineering" and together with the Original Guarantors collectively, the "Guarantors" and each a "Guarantor" and together with the Borrowers collectively, the "Loan Parties"
          and each a "Loan Party"), and CITIZENS BANK, NATIONAL ASSOCIATION (the "Bank"). Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement (as defined below) or the Guaranty (as
          defined below), as applicable.

      

      

      WHEREAS, pursuant to the terms of that
          certain Credit and Security Agreement, dated as of December 29, 2016 (as the same may have been amended, renewed, replaced, or supplemented from time to time prior to the Closing Date (as defined in the Credit Agreement), the "Original Credit Agreement"), by and among
          Borrowers and Bank, the Bank agreed to provide a revolving line of credit to Borrowers in an amount not to exceed $5,000,000 pursuant to a revolving line of credit note dated as of the Initial Closing Date (as defined in the Credit Agreement) of
          the Borrowers payable to the order of the Bank (the "RLOC Note");

      

      

      WHEREAS, Hyperspring executed and delivered a Guaranty and Suretyship Agreement (as the same may have been amended,
        restated or modified from time to time, the "Hyperspring Guaranty") dated as of December 29, 2016 in favor of Bank in connection with Borrower entering into
        the Original Credit Agreement;

      

      

      WHEREAS, Absolute executed and delivered
          a Guaranty and Suretyship Agreement (as the same may have been amended, restated or modified from time to time, the "Absolute Guaranty") dated as of September 20, 2017 in favor of Bank in connection with the Original Credit Agreement;

      

      

      WHEREAS, True North executed and
          delivered a Guaranty and Suretyship Agreement (as the same may have been amended, restated or modified from time to time, the "True North Guaranty") dated as of May 11, 2018 in favor of Bank in connection with the Credit Agreement;

      

      

      WHEREAS, GSE Performance executed and
          delivered a Pledge Agreement (as the same may have been amended, restated or modified from time to time, the "GSE Performance Pledge Agreement") dated as of September 20, 2017 in favor of Bank in connection with the Original Credit Agreement;

       

      
        -1-

        
          

      

      

      

      WHEREAS, Borrowers and Bank entered into
          that certain Amended and Restated Credit Agreement (as the same may have been amended, restated or modified from time to time, the "Credit Agreement") dated as of May 11, 2018 to continue the RLOC and to provide for a Term Loan Facility in a principal amount up to $25,000,000;

      

      

      WHEREAS, Original Guarantors and Bank
          entered into that certain Security Agreement (as the same may have been amended, restated or modified from time to time, the "Security Agreement") dated as of May 11, 2018;

      

      

      WHEREAS, pursuant to that certain Amendment and Reaffirmation Agreement dated as of May 11, 2018, the Borrowers, the
        Original Guarantors and the Bank agreed to amend the terms and conditions of the RLOC Note and the GSE Performance Pledge Agreement;

      

      

      WHEREAS, pursuant to that certain Second Amendment and Reaffirmation Agreement dated as of May 25, 2018, the
        Borrowers, the Original Guarantors and the Bank agreed to amend certain terms and conditions of the Credit Documents to reflect the conversion of True North to a Delaware limited liability company;

      

      

      WHEREAS, on February 15, 2019, (i) GSE
          Performance acquired all of the membership interests of DP Engineering, (ii) the Borrowers, the Guarantors and the Bank executed that certain Third Amendment and Reaffirmation Agreement dated as of such date and (iii) DP Engineering executed and
          delivered a (a) Guaranty and Suretyship Agreement (the "DP Engineering Guaranty'' and together with the True North Guaranty, the Hyperspring Guaranty and Absolute Guaranty collectively, the "Guaranty'') in favor of Bank in connection with the Credit Agreement and (b) Pledge Agreement in favor of Bank
          in connection with the Credit Agreement;

      

      

      WHEREAS, pursuant to that certain Fourth Amendment and Reaffirmation Agreement dated as of March 20, 2019, the
        Borrowers, the Guarantors and the Bank agreed to amend certain terms and conditions of the Credit Documents to reflect the conversion of DP Engineering to a Delaware limited liability company;

      

      

      WHEREAS, pursuant to that certain Fifth Amendment and Reaffirmation Agreement
          dated as of June 28, 2019, the Borrowers, the Guarantors and the Bank agreed to amend certain financial covenants in the Credit Agreement;

      

      

      WHEREAS, pursuant to that certain Sixth
          Amendment and Reaffirmation Agreement dated December 31, 2019, the Borrowers, the Guarantors and the Bank agreed to amend certain financial covenants in the Credit Agreement;

      

      

      WHEREAS, pursuant to that certain Seventh Amendment and Reaffirmation Agreement dated March 31, 2020, the Borrowers,
        the Guarantors, and the Bank agreed to amend certain financial covenants, definitions, and other provisions in the Credit Agreement;

      

      

      WHEREAS, pursuant to that certain Eighth
          Amendment and Reaffirmation Agreement dated
          June 29, 2020, the Borrowers, the Guarantors, and the Bank agreed to the Loan Repayment (as defined therein) and to amend certain financial covenants and other provisions in the Credit Agreement;

       

      
        -2-

        
          

      

      

      

      WHEREAS, pursuant to that certain Ninth Amendment and Reaffirmation Agreement dated March 29, 2021, the Borrowers, the
        Guarantors, and the Bank agreed to pay down the RLOC, reduce the RLOC Amount and amend certain financial covenants, definitions, and other provisions in the Credit Agreement as set forth herein; and

      

      

      WHEREAS, the Borrowers and the Guarantors have requested the Bank to make certain amendments to the Credit Agreement
        and waive certain covenant violations.

      

      

      NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the parties hereto agree, under seal, as follows:

      

      

      ARTICLE I

      

      

      Section 1.01.        Amendments to
            Credit Agreement. The Credit Agreement is hereby amended as follows:

      

      

      (a)        Notwithstanding any provision of the Credit Agreement to the contrary, (i) interest on the outstanding principal amount of the RLOC shall accrue at the interest rate in effect for the RLOC from time to time, but the interest due and
          payable on the RLOC on each Interest Payment Date shall be determined by subtracting seventy-five (75) basis points from the Applicable Margin and (ii) the seventy-five (75) basis points of accrued interest on the RLOC not paid on any Interest
          Payment Date pursuant to clause (i) above shall be due and payable on the Termination Date or the date of payment in full of the RLOC.

      

      

      (b)         Subsection 1.1.93 of the Credit Agreement is hereby deleted and replaced with the following new Subsection 1.1.93:

      

      

      "1.1.93. "RLOC Amount"
        means (i) $3,500,000, (ii) on each date a payment in the amount of$250,000 is made pursuant to Subsection 2.l.5(d), the RLOC Amount immediately prior to such payment reduced by $250,000 and (iii) on March 31, 2022 and on each June 30, September 30,
        December 31 and March 31 thereafter, the RLOC Amount immediately prior to each such date reduced by $37,500."

      

      

      (c)       Subsection 2.l.5(d) of the Credit Agreement is hereby deleted and replaced with the following new Subsection 2.1.5(d):

      

      

      "(d) By December 31, 2021, Borrower shall pay Bank $250,000 to be applied to the principal amount outstanding under
        the RLOC. Commencing on March 31, 2022 and on each June 30, September 30, December 31 and March 31 thereafter, Borrower shall pay Bank $75,000 to be applied to the principal amount outstanding under the RLOC. In addition, within the fifth (5th) Business Day after Borrower has received, subsequent to November 1, 2021, Employee Retention Credits in an
        aggregate amount not less than $500,000, Borrower shall pay Bank $250,000 to be applied to the principal amount outstanding under the RLOC."

      

      

      (d)          Section 7.5 of the Credit Agreement is hereby deleted and replaced with the following new Section 7.5:

       

      
        -3-

        
          

      

      

      

      "Section 7.5        Minimum USA
            Liquidity. Borrower and its Subsidiaries shall maintain a minimum USA Liquidity of at least $2,250,000.00 in the aggregate, to be tested bi- weekly as of the fifteenth (15th) and the last day of each month beginning on October 31, 2021 and thereafter and to be reported by Borrower to Bank within five (5) Business Days of such measurement date;
          provided, however, if such measurement date is not a Business Day, the measurement date shall be extended to the next Business Day after such measurement date."

      

      

      (e)          The chart in the definition of the "Applicable Margin" on Exhibit C to the Credit Agreement is hereby deleted and replaced with the following:

      

      

      	
              Leverage Ratio

            	
              Margin

            
	
              Category 1

              Greater than or equal to 3.25 to 1.00

               

              

            	
              4.75%

            
	
              Category 2

              Greater than or equal to 3.00 to 1.00, but less than 3.25 to 1.00

               

              

            	
              4.50%

            
	
              Category 3

              Greater than or equal to 2.75 to 1.00, but less than 3.00 to 1.00

               

              

            	
              4.25%

            
	
              Category 4

              Greater than or equal to 2.00 to 1.00, but less than 2.75 to 1.00

               

              

            	
              4.00%

            
	
              Category5

              Greater than or equal to 1.00 to 1.00, but less than 2.00 to 1.00

               

              

            	
              3.75%

            
	
              Category 6

              Less than 1.00 to 1.00

               

              

            	
              3.50%

            

      

      

      ARTICLE II

      

      

      Section 2.01.       Waiver. Bank
          and Borrower acknowledges that (i) as of October 15, 2021 and November 1, 2021, Borrower did not achieve the minimum USA Liquidity for such measurement periods as required by Section 7.5 (as in effect on such dates) of the Credit Agreement and
          (ii) for the periods ending as of September 30, 2021 and December 31, 2021, Borrower does not expect to satisfy the financial covenants in Section 7.1 of the Credit Agreement (Fixed Charge Coverage Ratio) and Section 7.2 (Leverage Ratio) of the Credit Agreement (collectively, the "Covenant Violations"). Bank hereby agrees
          that the Covenant Violations shall not constitute Events of Default under the Credit Agreement or other Credit Documents and hereby waives the right to declare Events of Default under the Credit Agreement or other Credit Documents based solely on
          the Covenant Violations.

       

      
        -4-

        
          

      

      

      

      Borrower acknowledges and agrees that
          Bank's waiver herein is expressly limited to
          the Covenant Violations defined above and does not and shall not be deemed to constitute a waiver of any other defaults or Events of Default, nor shall it obligate Bank, or be construed to require Bank, to waive any other defaults or Events of
          Default, whether now existing or which may occur after the date of this Agreement, nor shall it limit Bank's rights to exercise all of its rights and remedies under the Credit Agreement (other than as to the Covenant Violations waived herein) or the other Credit Documents executed in connection
          therewith, all of which Bank expressly reserves.

      

      

      ARTICLE ID

      

      

      Reaffirmation

      

      

      Section 3.01.       Reaffirmation.

      

      

      (a)        Each Guarantor hereby: (i) affirms and confirms its guarantee and other commitments and obligations, under the Guaranty, the Security Agreement and any other Credit Documents executed by such Guarantor and (ii) confirms that each
          guarantee and other commitments and obligations under the Guaranty, the Security Agreement and any other Credit Documents executed by such Guarantor shall continue to be in full force and effect and shall continue to accrue to the benefit of the
          Bank notwithstanding the effectiveness of the Credit Agreement.

      

      

      (b)       Each Borrower hereby affirms the execution and delivery to Bank of the Credit Documents, and the Credit Documents are continued in full force and effect and are in all respects hereby affirmed and ratified.

      

      

      ARTICLE IV

      

      

      Representations and Warranties

      

      

      Each Loan Party, to the extent applicable, hereby represents and warrants, which representations and warranties shall
        survive execution and delivery of this Agreement, as follows:

      

      

      Section 4.01.       Organization.
        Each Loan Party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.

      

      

      Section 4.02.       Authority: Enforceability. Each Loan Party has the
          corporate or limited liability company power to execute, deliver and carry out the terms and provisions of this Agreement and has taken all necessary corporate and other action, to authorize the execution, delivery and performance by it of this
          Agreement. Each Loan Party has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with the terms hereof.

      

      

      Section 4.03.       Credit Documents.
          The representations and warranties made by
          each Loan Party and set forth in the Credit Documents are true and correct on and as of the date hereof with the same effect as though made on and as of such date, except to the extent such

       

      
        -5-

        
          

      

      

      

      representations and warranties expressly relate to an earlier date (in which case any such representation and warranty shall have been
        true and correct as of such earlier date).

      

      

      ARTICLEV

      

      

      Miscellaneous

      

      

      Section 5.01.       Conditions to
            Effectiveness of Agreement. The Bank's willingness to agree to the amendments set forth in this Agreement is subject to (a) the execution and delivery of this Agreement by the Borrowers, Bank and Guarantors and (b) the payment by
        Borrowers to the Bank of (i) a $15,000 amendment fee and (ii) the reasonable fees and expenses of the Bank's outside and in-house counsel in connection with this Agreement.

      

      

      Section 5.02.      Notices.
        All communications and notices hereunder shall be in writing and given as provided in Section 10.9 of the Credit Agreement or Section 13 of the Guaranty, as applicable.

      

      

      Section 5.03.      Expenses.
        Each Loan Party acknowledges and agrees that the Bank shall be entitled to reimbursement of expenses as provided in Section 10.2 of the Credit Agreement and Section 10 of the Guaranty, as applicable.

      

      

      Section 5.04.       Credit Document.
        This Agreement is a "Credit Document" executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.

      

      

      Section 5.05.       Successors and
            Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

      

      

      Section 5.06.      No Novation.
        Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Credit Documents, which shall remain in full force and effect except as modified by this Agreement and the Credit Agreement.

      

      

      Section 5.07.       Governing Law:
            Waiver of Jury Trial. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware. EACH LOAN PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY
        SUIT, ACTION OR PROCEEDING BROUGHT OR INSTITUTED BY ANY PARTY HERETO OR ANY SUCCESSOR OR ASSIGN OF ANY PARTY, ON OR WITH RESPECT TO THIS AGREEMENT, ANY OF THE OTHER DOCUMENTS, THE COLLATERAL OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR
        THERETO, WHETHER BY CLAIM OR COUNTERCLAIM.

      

      

      Section 5.08.      Remaining Force and Effect. Except as
          specifically amended hereby, the Credit Documents remain in full force and effect in accordance with their original terms and conditions.

       

      
        -6-

        
          

      

      

      

      IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed under seal by its respective authorized
        officers as of the day and year first above written.

      

      

      	 	 	
              BANK:

            	 	 
	 	 	 	 	 
	
              Witness/Attest:

            	 	
              CITIZENS BANK, NATIONAL ASSOCIATION.

            	 
	 	 	 	 	 
	 	 	
              By:

            	
              /s/ Erin C Kane

            	
              (SEAL)

            
	 	 	
              

              

            	
              Name: Erin C Kane

            	 
	 	 	
              

              

            	
              Title: Workout Officer

            	 
	 	 	 	 	 
	
              Witness/Attest:

            	 	
              GSE PERFORMANCE SOLUTIONS, INC.

            	 
	 	 	 	 	 
	
              /s/ Leah Brewster

            	 	
              By:

            	
              /s/ Emmett Pepe

            	
              (SEAL)

            
	 	 	
              

              

            	Emmett Pepe	 
	 	 	
              

              

            	Treasurer	 
	 	 	 	 	 
	 	 	
              GUARANTORS:

            	 
	 	 	 	 	 
	
              Witness/Attest:

            	 	
              ABSOLUTE CONSULTING, INC.

            	 
	 	 	 	 	 
	
              /s/ Leah Brewster

            	 	
              By:

            	
              /s/ Emmett Pepe

            	
              (SEAL)

            
	 	 	
              

              

            	Emmett Pepe	 
	 	 	
              

              

            	Treasurer	 
	 	 	 	 	 
	
              Witness/Attest:

            	 	
              HYPERSPRING, LLC

            	 
	 	 	 	 	 
	
              /s/ Leah Brewster

            	 	
              By:

            	
              /s/ Emmett Pepe

            	
              (SEAL)

            
	 	 	
              

              

            	Emmett Pepe	 
	 	 	
              

              

            	
              Treasurer

            	 

      

      

      
        [signature page to Tenth Amendment and Reaffirmation
            Agreement]

      

      

      

      
        -7-

        
          

      

      

      

      	
              Witness/Attest:

            	 	
              GSE TRUE NORTH CONSULTING, LLC

            	 
	 	 	 	 	 
	
              /s/ Leah Brewster

            	 	
              By:

            	
              /s/ Emmett Pepe

            	
              (SEAL)

            
	 	 	
              

              

            	Emmett Pepe	 
	 	 	
              

              

            	Treasurer	 
	 	 	 	 	 
	
              Witness/Attest:

            	 	
              DP ENGINEERING, LLC

            	 
	 	 	 	 	 
	
              /s/ Leah Brewster

            	 	
              By:

            	
              /s/ Emmett Pepe

            	
              (SEAL)

            
	 	 	
              

              

            	Emmett Pepe	 
	 	 	
              

              

            	
              Treasurer

            	 

      

      

      
        
          [signature page to Tenth Amendment and Reaffirmation
              Agreement]

        

      

      

      

    

  

  -8-

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