Document:

EX-10.7

 Exhibit 10.7 

FORM OF 
 REGISTRATION RIGHTS
AGREEMENT 
 BY AND AMONG 

SERITAGE GROWTH PROPERTIES, 
 ESL
INVESTMENTS, INC. 
 AND 

solely for purposes of Section 7.1, 

SERITAGE GROWTH PROPERTIES, L.P. 

DATED AS OF [●], 2015 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	CERTAIN DEFINITIONS	  
	
	ARTICLE II	  
	REGISTRATION REQUEST	  
			
	SECTION 2.1	    	Request	  	 	4	  
	SECTION 2.2	    	Piggyback Registration	  	 	5	  
	SECTION 2.3	    	Expenses	  	 	6	  
	
	ARTICLE III	 
	INCIDENTAL AND SHELF REGISTRATION	 
			
	SECTION 3.1	    	Notice and Incidental Registration	  	 	6	  
	SECTION 3.2	    	Shelf Registration Statement	  	 	7	  
	
	ARTICLE IV	 
	REGISTRATION PROCEDURES	 
			
	SECTION 4.1	    	Registration and Qualification	  	 	9	  
	SECTION 4.2	    	Underwriting	  	 	11	  
	SECTION 4.3	    	Blackout Periods	  	 	12	  
	SECTION 4.4	    	Qualification for Rule 144 Sales	  	 	13	  
	SECTION 4.5	    	Investor Transferees and Designees	  	 	13	  
	
	ARTICLE V	 
	PREPARATION; REASONABLE INVESTIGATION	 
			
	SECTION 5.1	    	Preparation; Reasonable Investigation	  	 	13	  
	
	ARTICLE VI	 
	RESTRICTIONS ON PUBLIC SALE	 
			
	SECTION 6.1	    	Restrictions on Public Sale	  	 	14	  
	
	ARTICLE VII	 
	INDEMNIFICATION AND CONTRIBUTION	 
			
	SECTION 7.1	    	Indemnification	  	 	15	  
	
	ARTICLE VIII	 
	BENEFITS OF REGISTRATION RIGHTS	 
			
	SECTION 8.1	    	Benefits of Registration Rights	  	 	18	  
	SECTION 8.2	    	General Partner of the Partnership	  	 	18	  

  
 -i- 

							
	
	ARTICLE IX	 
	MISCELLANEOUS	 
			
	SECTION 9.1	    	No Inconsistent Agreements	  	 	19	  
	SECTION 9.2	    	Captions	  	 	19	  
	SECTION 9.3	    	Severability	  	 	19	  
	SECTION 9.4	    	Governing Law	  	 	19	  
	SECTION 9.5	    	Modification and Amendment	  	 	19	  
	SECTION 9.6	    	Counterparts	  	 	19	  
	SECTION 9.7	    	Entire Agreement	  	 	19	  
	SECTION 9.8	    	Assignment; Successors and Assigns	  	 	19	  
	SECTION 9.9	    	Notices	  	 	20	  
	SECTION 9.10	    	Specific Performance	  	 	20	  

  
 -ii- 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is dated as of [●], 2015, by and among SERITAGE GROWTH
PROPERTIES, a Maryland real estate investment trust (the “Company”), ESL Investments, Inc., a Delaware corporation (“Shareholder”), the Permitted Transferees (as defined below) of Shareholder who become party hereto
in accordance with this Agreement (Shareholder and such entities or Permitted Transferees are sometimes referred to herein individually as an “Investor” and collectively as the “Investors”) and, solely for purposes
of Section 7.1, SERITAGE GROWTH PROPERTIES L.P., a Delaware limited partnership (the “Partnership”). 
 W I T N E S S E
T H: 
 WHEREAS, the Company is the sole general partner of the Partnership; 

WHEREAS, the Investor is receiving on the date hereof certain Class A common shares of beneficial interest, par value $0.01 per share, of
the Company (“Common Shares”) and Common Units (as defined below); 
 WHEREAS, pursuant to Section 8.6 and the other
related provisions of the First Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of [●], 2015 (as the same may be amended, restated or supplemented from time to time, the “Partnership
Agreement”), subject to the various limitations contained in the Partnership Agreement, the Investors are entitled to redeem their Common Units for cash or, at the Company’s election, Common Shares (which may be delivered to the
Investor or its designee); and 
 WHEREAS, the Company has agreed to provide to the Investor certain registration rights as set forth herein
with respect to the Common Shares held as of the date hereof or issuable by the Company in respect of the redemption of Common Units pursuant to the Partnership Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and subject to and on the terms and conditions herein set forth, the parties hereto agree as follows: 

ARTICLE I 
 CERTAIN DEFINITIONS

 1.1. “Affiliates” has the meaning set forth in Rule 12b-2 of the General Rules and Regulations under the
Exchange Act. 
 1.2. “Agreement” is defined in the first paragraph of this Agreement. 

1.3. “beneficial ownership” and “beneficial owner” shall have the meanings ascribed thereto
in Section 13(d) of the Exchange Act and the rules promulgated thereunder. 

 1.4. “Business Day” means any day on which the New York Stock
Exchange or such other exchange as the Common Shares are listed is open for trading. 
 1.5. “Common Shares”
is defined in the recitals of this Agreement, and shall include equivalent securities of any successor to the Company. 

1.6. “Common Units” has the meaning given to such term in the Partnership Agreement. 

1.7. “Company” is defined in the first paragraph of this Agreement and shall include any entity that becomes
the general partner of the Partnership after the date hereof. 
 1.8. “Effectiveness Period” is defined in
Section 3.2(a) hereof. 
 1.9. “Eligible Securities” means all or any portion of the Common Shares
acquired or that may be acquired by an Investor or its designee upon redemption, conversion or exchange of the Common Units. Eligible Securities shall cease to be Eligible Securities when (i) a registration statement with respect to the sale of
such Common Shares shall have become effective under the Securities Act and such Common Shares shall have been disposed of in accordance with such registration statement, (ii) such Common Shares shall have been otherwise transferred pursuant to
Rule 144 (or any successor rule) or pursuant to another applicable exemption from registration under the Securities Act, new certificates for such Common Shares not bearing a legend restricting further transfer shall have been delivered by the
Company and such Common Shares shall be freely transferable to the public without registration under the Securities Act or (iii) such Common Shares are no longer outstanding. 

1.10. “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC thereunder. 
 1.11. “Information Blackout” is defined in Section 4.3(a) hereof. 

1.12. “Investor” is defined in the first paragraph of this agreement. 

1.13. “Lock-up Commitment” is defined in Section 6.1(a) hereof. 

1.14. “Other Securities” is defined in Section 3.1 hereof. 

1.15. “Participating Holder” is defined in Section 2.3 hereof. 

1.16. “Partnership” is defined in the preamble of this Agreement. 

1.17. “Partnership Agreement” is defined in the recitals of this Agreement. 

1.18. “Person” means an individual, a partnership (general or limited), corporation, real estate investment
trust, joint venture, business trust, cooperative, limited liability company, association or other form of business organization, whether or not 

  
 -2- 

 
regarded as a legal entity under applicable law, a trust (inter vivos or testamentary), an estate of a deceased, insane or incompetent person, a quasi-governmental entity, a government or any
agency, authority, political subdivision or other instrumentality thereof, or any other entity. 
 1.19. “Permitted
Transferees” means any Affiliate of Shareholder that has become a party hereto in accordance with Section 9.8 hereof. 

1.20. “Qualifying Other Holder” is defined in Section 2.2. 

1.21. “Registration Expenses” means all expenses incurred in connection with the Company’s performance of
or compliance with the registration requirements set forth in this Agreement including, without limitation, the following: (i) the fees, disbursements and expenses of the Company’s counsel(s) (United States and foreign), accountants,
experts and other persons retained by the Company in connection with the registration, offering and sale of Eligible Securities to be disposed of under the Securities Act; (ii) all expenses in connection with the preparation, printing and
filing of any registration statement, any preliminary prospectus, final prospectus or free writing prospectus, any other offering document and amendments and supplements thereto and the mailing and delivering of copies thereof to the underwriters
and dealers; (iii) the cost of printing or producing any agreement(s) among underwriters, underwriting agreement(s) and blue sky or legal investment memoranda, any selling agreements and any other documents in connection with the offering, sale
or delivery of Eligible Securities to be disposed of; (iv) all expenses in connection with the qualification of Eligible Securities to be disposed of for offering and sale under state securities laws (v) the filing fees incident to
securing any required review by the Financial Industry Regulatory Authority (or any successor thereto) of the terms of the sale of Eligible Securities to be disposed of; (vi) SEC and blue sky registration fees attributable to Eligible
Securities; (vii) fees and expenses incurred in connection with the listing of Eligible Securities on each securities exchange or quotation system on which the Common Shares are then listed; (viii) the reasonable fees and disbursements for
one counsel or firm to the Investors selected by Shareholder; (ix) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice; and
(x) all expenses related to the “road-show” for any underwritten offering, including all travel, meals and lodging, to the extent not borne by the underwriters; provided, however, that Registration Expenses with respect
to any registration pursuant to this Agreement shall not include underwriting discounts or commissions attributable to Eligible Securities, any out-of-pocket expenses of the Selling Investors (including any fees and expenses of their brokers) or
transfer taxes applicable to Eligible Securities. 
 1.22. “Requesting Investor” means an Investor
requesting registration of its Eligible Securities in accordance with the terms hereof. 
 1.23. “Sales Blackout
Period” is defined in Section 4.3(a) hereof. 
 1.24. “SEC” means the United States Securities
and Exchange Commission. 

  
 -3- 

 1.25. “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the relevant time. 

1.26. “Selling Investor” means the Requesting Investor and each Investor who has requested registration
pursuant to Article II or Article III hereof, as applicable. 
 1.27. “Shelf Registration Statement” is
defined in Section 3.2 hereof. 
 1.28. “Underwritten Offering Notice” is defined in
Section 6.1(a) hereof. 
 ARTICLE II 

REGISTRATION REQUEST 

SECTION 2.1 Request. Upon written request from a Requesting Investor requesting that the Company effect the registration under the
Securities Act of all or part of the Eligible Securities held by such Investor, which notice may be delivered at any time and which notice shall specify the intended method or methods of disposition of such Eligible Securities, unless such Eligible
Securities are included in a currently effective registration statement of the Company permitting the resale of such Eligible Securities in the manner contemplated by the Requesting Investor, the Company will use its reasonable best efforts to (as
promptly as reasonably practicable, but in any event within 120 days of such request) cause the registration statement to be declared effective by the SEC and to permit the disposition of such Eligible Securities in accordance with the intended
method or methods of disposition stated in such request; provided that: 
 a. if the Company shall have previously
caused a registration statement to be declared effective by the SEC with respect to Eligible Securities pursuant to Article III hereof, the Company shall not be required to cause a subsequent registration statement to be declared effective by
the SEC pursuant to this Article II until a period of ninety (90) days shall have elapsed from the effective date of the most recent such previous registration; 

b. if, while a registration request is pending pursuant to this Article II or Article III, (i) the Board of Trustees
of the Company determines that any such filing or the offering of any Eligible Securities would be reasonably likely to materially adversely affect or materially delay any proposed material financing, offer or sale of securities, acquisition,
corporate reorganization or other material transaction involving the Company or the Partnership or (ii) the Board of Trustees of the Company determines in good faith, with the advice of counsel, that the filing of a registration statement would
be reasonably likely to require the disclosure of non-public material information the disclosure of which would not otherwise be required to be disclosed and which would be reasonably likely to have a material adverse effect on the Company, then, in
each case described in the foregoing clauses (i) or (ii), the Company shall deliver to the Investors a certificate to such effect signed by its Chief Executive Officer or Chief Financial Officer, and the Company shall not be required to file a
registration statement, prospectus or any amendment or any supplement thereto pursuant to this Article II until the earlier of (i) 

  
 -4- 

 
the date upon which such financing, offer or sale of securities, acquisition, corporate reorganization or other material transaction concludes, or the date upon which such material information is
disclosed to the public or ceases to be material, respectively, or (ii) sixty (60) days after the Company makes such good faith determination; provided, that only two (2) such certificates may be delivered to the Investors in
any twelve (12) consecutive month period, and the aggregate number of days in which any Sales Blackout Periods may be in effect in any twelve (12) consecutive month period shall not exceed ninety (90) days; 

c. the Company shall not be required to effect (i) more than three (3) registrations pursuant to this Article II
in any calendar year or (ii) a registration of Eligible Securities, the fair market value of which on the date of the registration request is less than $5,000,000. No registration of Eligible Securities under this Article II shall relieve
the Company of its obligation (if any) to effect registrations of Eligible Securities pursuant to Section 3.1 hereof; and 

d. the Company shall not file any registration statement or effect a public offering of its securities during the period of
time covered by a certificate relating to an event described in clause (b)(i) (other than in connection with such proposed transaction described in clause (b)(i)) or (b)(ii) above. 

SECTION 2.2 Piggyback Registration. The Company may agree to register Common Shares in a registration statement for resale by any
holder of registration rights, pursuant to a registration rights agreement entered into by it with the Company on or after the date of this Agreement (a “Qualifying Other Holder”) and who is proposing to register Common Shares with
an aggregate fair market value as of the time of the initial filing of such registration statement of at least $10,000,000. Upon written request from a Qualifying Other Holder requesting that the Company effect the registration under the Securities
Act of all or part of the Eligible Securities held by such Qualifying Other Holder, the Company shall give written notice to the Investors of its intention to so register Common Shares at least thirty (30) days before the initial filing of the
registration statement related thereto. The Company shall include in any registration statement filed pursuant to this Article II the Eligible Securities of any Investor (a “Participating Holder”) who has delivered written notice to
the Company within ten (10) Business Days of the date of the Company’s receipt of the above-referenced written notice from the Qualifying Other Holder. A notice from a Participating Holder under this Section 2.3 shall specify the
number of Eligible Securities to be included in the registration statement and the intended method of disposition. 
 If the Company shall
have been advised by a nationally recognized independent investment banking firm selected by the Company and reasonably acceptable to the Participating Holders to act as lead underwriter in connection with the public offering of securities by the
Company that, in such firm’s opinion, a registration of Eligible Securities requested to be registered at that time would materially and adversely affect the scheduled offering of securities, then the aggregate number of Eligible Securities
requested to be included in such registration by the Participating Holders and the Qualifying Other Holder(s) shall be reduced pro rata among the Participating Holders and the Qualifying Other Holder(s) according to the total number of
eligible securities requested to be registered by such Persons. 

  
 -5- 

 SECTION 2.3 Expenses. The Company shall bear all Registration Expenses in connection
with any demand registration pursuant to this Article II, whether or not such registration statement becomes effective; provided, however, that if the Investors request a registration pursuant to this Section 2.1 and subsequently
withdraw their request, then such Investors shall either pay all Registration Expenses incurred in connection with such registration or forfeit the right to request another registration during the subsequent ninety (90) days unless the
withdrawal of such request is the result of facts or circumstances relating to the Company or the Common Shares that arise after the date on which such request was made and would have a material adverse effect on the offering of the Eligible
Securities. 
 ARTICLE III 

INCIDENTAL AND SHELF REGISTRATION 

SECTION 3.1 Notice and Incidental Registration. If the Company proposes to register any Common Shares, any equity securities
exercisable for, convertible into or exchangeable for Common Shares, or other securities issued by it having terms substantially similar to Eligible Securities (“Other Securities”) for public sale by the Company under the Securities
Act on a form and in a manner which would permit registration of Eligible Securities for sale to the public under the Securities Act, it will give prompt written notice to the Investors of its intention to do so, and upon the written request of any
Investor delivered to the Company within ten (10) Business Days after the giving of any such notice (which request shall specify the number of Eligible Securities intended to be disposed of by the Investor and the intended method of disposition
thereof), the Company will use reasonable best efforts to effect, in connection with the registration of the Other Securities, the registration under the Securities Act of all Eligible Securities which the Company has been so requested to register
by the Selling Investor(s), to the extent required to permit the disposition (in accordance with the intended method or methods thereof as aforesaid) of Eligible Securities so to be registered; provided that: 

a. If, at any time after giving such written notice of its intention to register any Other Securities and prior to the
effective date of the registration statement filed in connection with such registration, the Company or such Qualifying Other Holder shall determine for any reason not to register the Other Securities, the Company may, at its election, give written
notice of such determination to the Selling Investors and thereupon the Company shall be relieved of its obligation to register such Eligible Securities in connection with the registration of such Other Securities (but not from its obligation to pay
Registration Expenses to the extent incurred in connection therewith as provided in Section 3.2 hereof), without prejudice, however, to the rights (if any) of the Selling Investors immediately to request that such registration be effected as a
registration under Article II hereof. 
 b. The Company shall not be required to give notice of or effect any
registration of Eligible Securities under this Section 3.1 incidental to the registration of any of its securities in connection with mergers, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or share options or
other employee benefit plans. 

  
 -6- 

 c. Notwithstanding any request under this Section 3.1, a Selling Investor
may elect in writing prior to the effective date of a registration under this Section 3.1 not to register its Eligible Securities in connection with such registration. 

d. No registration of Eligible Securities effected under this Section 3.1 shall relieve the Company of its obligation (if
any) to effect registration of other Eligible Securities pursuant to Article II or Section 3.2 hereof. 
 e.
Neither the Company nor the Partnership shall enter into any agreement with a holder of securities of the Company or the Partnership that prevents the Company from complying with its obligations under this Section 3.1 to include Eligible
Securities in any registration statement filed by the Company. 
 f. The Company will not be required to effect any
registration pursuant to this Section 3.1 if the Company shall have been advised by a nationally recognized independent investment banking firm selected by the Company to act as lead underwriter in connection a the public offering of securities
by the Company that, in such firm’s opinion, a registration of Eligible Securities requested to be registered at that time would materially and adversely affect the scheduled offering of securities; provided, however, that if an
offering of some but not all of the Eligible Securities requested to be registered by the Investor(s) would not materially adversely affect the Company’s offering of securities, the aggregate number of Eligible Securities requested to be
included in such offering by the Investors shall be reduced such that securities are included as follows: (1) first, 100% of the securities that the Company proposes to sell, (2) second, and only if all the securities
referred to in clause (1) have been included, the number of securities eligible for inclusion in such registration that all other Persons have requested to include, allocated pro rata among such Persons according to the total number of
eligible securities requested to be registered by such Persons. 
 g. The Company shall be responsible for the payment of all
Registration Expenses in connection with any registration pursuant to this Section 3.1. 
 SECTION 3.2 Shelf Registration
Statement. 
 (a) Shelf Registration Statement. Subject to Section 2.1(b), the Company shall, upon request of any Investor,
as promptly as reasonably practicable file with the SEC a registration statement for an offering to be made on a continuous basis pursuant to Rule 415 covering the resale of all of the Eligible Securities (the “Shelf Registration
Statement”). The Shelf Registration Statement shall be on the appropriate form permitting registration of such Eligible Securities for resale by Investors in the manner or manners designated by them (including, without limitation, one or
more underwritten offerings). The Company will notify each Investor when such Shelf Registration Statement has become effective. The Company shall not be required to maintain in effect more than one shelf registration at any one time pursuant to
this Section 3.2(a). The Company shall (subject to the limitations on registration obligations of the Company set forth in Articles II and III hereof, which shall be applicable with respect to the Shelf Registration) use its reasonable
best efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing of the Shelf 

  
 -7- 

 
Registration Statement, or automatically if the Company is eligible to file an automatically effective shelf registration statement, and to keep the Shelf Registration Statement continuously
effective under the Securities Act until the date (“Effectiveness Period”) when all Eligible Securities covered by the Shelf Registration Statement have been sold in the manner set forth and as contemplated in the Shelf Registration
Statement. 
 (b) Shelf Offerings. The Investors shall have the right to conduct a limited number of offerings, provided, that the
Company shall have no obligation to effect more than one underwritten offering in every 90 day period, pursuant to an effective Shelf Registration Statement during the Effectiveness Period. 

(c) Withdrawal of Stop Orders. If the Shelf Registration Statement ceases to be effective for any reason at any time during the
Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Company shall use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof. 

(d) Supplement and Amendments. Subject to Section 2.1(b), the Company shall promptly supplement and amend the Shelf Registration
Statement and the prospectus included therein if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act. 

(e) Other Shares. Except as provided in Section 2.2, in no event shall the Company agree to register Common Shares or any other
securities for issuance by the Company or resale by any Persons other than the Investors in any registration statement filed pursuant to this Section 3.2 without the express written consent of Shareholder, which consent shall be entirely
discretionary. 
 (f) Other Registrations. Notwithstanding any other provisions contained herein to the contrary, the Company shall
not be required to effect any shelf registration or to keep any shelf registration statement effective pursuant to this Section 3.2 if the Investors exercise their right to request a demand registration pursuant to Article II, and such demand
registration includes all of the Eligible Securities owned by all of the Investors and such securities are sold pursuant to such demand registration. 

(g) Expenses. The Company shall bear all Registration Expenses in connection with any shelf registration pursuant to this
Section 3.2, whether or not such shelf registration becomes effective; provided, however, that if the Investor(s) request a shelf registration and subsequently withdraw their request, then such Investors shall either pay all
Registration Expenses incurred in connection with such shelf registration or forfeit the right to request another shelf registration during the subsequent ninety (90) days unless the withdrawal of such request is the result of facts or
circumstances relating to the Company or the Common Shares that arise after the date on which such request was made and would have an adverse effect on the offering of the Eligible Securities. 

  
 -8- 

 ARTICLE IV 

REGISTRATION PROCEDURES 

SECTION 4.1 Registration and Qualification. If and whenever the Company is required to use all reasonable best efforts to effect
the registration of any Eligible Securities under the Securities Act as provided in Articles II or III hereof, and subject to the limitations set forth in Section 2.1, 3.1 and 3.2, the Company will, as promptly as is practicable: 

a. prepare, file and use all reasonable best efforts to cause to become effective and to remain continuously effective a
registration statement under the Securities Act regarding the Eligible Securities to be offered; 
 b. prepare and file with
the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with
respect to the disposition of all Eligible Securities until such time as all of such Eligible Securities have been disposed of in accordance with the intended methods of disposition by the Selling Investors set forth in such registration statement;

 c. furnish to the Investor and any Selling Investors and to any underwriter of such Eligible Securities such number of
conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus, and such other documents as the Selling Investors or such
underwriter may reasonably request; 
 d. use all reasonable best efforts to register or qualify all Eligible Securities
covered by such registration statement under such other securities or blue sky laws of such jurisdictions as the Investor or any Selling Investors or any underwriter of such Eligible Securities shall reasonably request, and use all reasonable best
efforts to do other acts and things which may be reasonably requested by the Investor or any Selling Investors or any underwriter to consummate the disposition in such jurisdictions of the Eligible Securities covered by such registration statement,
except the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, or to subject itself to taxation on its income in any jurisdiction where
it is not then subject to taxation, or to consent to general service of process in any jurisdiction where it is not then subject to service of process; 

e. use all reasonable best efforts to list the Eligible Securities on each national securities exchange or quotation system on
which the Common Shares are then listed, if the listing of such securities is then permitted under the rules of such exchange; 

  
 -9- 

 f. (i) furnish to the Selling Investors opinions of counsel for the Company,
addressed to them, dated the date of the closing under the underwriting agreement, in customary form, scope and substance, (ii) in the case of an underwritten offering, upon such Selling Investor’s request, furnish to the Selling Investors
a “comfort letter” signed by the independent public accountants who have audited the Company’s financial statements included in such registration statement, addressed to them and, subject to the Selling Investors providing to the
independent public accountants such information and representations as reasonably requested by such independent public accountants to render such “comfort letter”; provided that with respect to such opinion and “comfort
letter,” the following shall apply: the opinion and “comfort letter” shall cover such matters as the Selling Investors may reasonably request, but only to the extent substantially the same matters with respect to such registration
statement (and the prospectus included therein) are customarily covered in opinions of issuer’s counsel and in accountants’ letter delivered to underwriters in underwritten public offerings of securities, and (iii) furnish to the
Selling Investors such other certificates and documents, dated the date of closing under the underwriting agreement, as are reasonably requested by the Selling Investors and customarily delivered at closing; 

g. notify the Investor and any Selling Investors as soon as reasonably practicable and, if requested by any such person,
confirm such notice in writing: 
 (i) (A) when a prospectus, any prospectus supplement or free writing prospectus
or post-effective amendment is proposed to be filed in respect of a registration statement filed pursuant to this Agreement, and (B) with respect to such registration statement or any post-effective amendment thereto, when the same has become
effective; 
 (ii) of any written comments from the SEC with respect to any filing and of any request by the SEC or any other
federal or state governmental authority for amendments or supplements to such registration statement or related prospectus or for additional information related thereto; 

(iii) of the issuance by the SEC, any state securities commission, any other governmental agency or any court of any stop
order, order or injunction suspending or enjoining the use or effectiveness of any registration statement filed pursuant to this Agreement or the initiation of any proceedings for that purpose; 

(iv) of the receipt by the Company of any notification with respect to the suspension of qualification or exemption from
qualification of any of the Eligible Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 

(v) of the existence of any fact or the happening of any event that makes any statement of material fact made in any
registration statement filed pursuant to this Agreement or related prospectus untrue in any material respect, or that requires the making of any changes in such registration statement or prospectus so that, in the case of the registration statement,
it will not contain any 

  
 -10- 

 
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and that, in the case of the
prospectus, such prospectus will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading; and 
 (vi) of the determination by the Company that a post-effective amendment to a registration
statement filed pursuant to this Agreement will be filed with the SEC; and 
 h. upon the occurrence of any event
contemplated by Section 4.1(g)(v) hereof, at the request of the Investor or a Selling Investor, prepare and furnish to the Investor and any Selling Investors as many copies as requested of a supplement or amendment, including, if appropriate, a
post-effective amendment to the registration statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered,
such prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. 
 The Company may require the Investor(s) and any Selling Investors to furnish the Company such information regarding the Investor(s) and any
Selling Investors and the distribution of such securities as the Company may from time to time reasonably request in writing and as shall be required by law or by the SEC in connection with any registration. 

SECTION 4.2 Underwriting. (a) If any Selling Investor(s) so elects, an offering under this Agreement shall, by written notice
delivered to the Company, be in the form of an underwritten offering (for the avoidance of doubt, underwritten offerings pursuant to a shelf registration statement under Section 3.2 shall be subject to Section 2.1(b)). With respect to any
such underwritten offering, the Selling Investors shall select an investment banking firm of international standing to be the managing underwriter for the offering, which firm shall be reasonably acceptable to the Company, following which selection
the Company and the Selling Investors shall cooperate to effect such transaction as promptly as reasonably practicable. 
 (b) In the case
of an underwritten offering, the Company will, and will cause the Partnership to, enter into and perform their obligations under an underwriting agreement with such underwriters for such offering, such agreement to contain such representations and
warranties by the Company and the Partnership and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, which may include, without limitation, indemnities and contribution to
the effect and to the extent provided in Article VII hereof and the provision of opinions of counsel and accountants’ letters to the effect and to the extent provided in Section 4.1(f) hereof. The holders of Eligible Securities on
whose behalf such securities are to be distributed by such underwriters shall be parties to any such underwriting agreement and the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of
such underwriters shall 

  
 -11- 

 
also be made to and for the benefit of such holders of such securities, but only to the extent such representations and warranties and other agreements are customarily made by issuers to selling
stockholders in secondary underwritten public offerings. 
 (c) In the event that any registration pursuant to Section 3.1 hereof shall
involve, in whole or in part, an underwritten offering, the Company may require Eligible Securities requested to be registered pursuant to Article III hereof to be included in such underwriting on the same terms and conditions as shall be
applicable to the Other Securities being sold through underwriters under such registration. In such case, the holders of Eligible Securities on whose behalf Eligible Securities are to be distributed by such underwriters shall be parties to any such
underwriting agreement. Such agreement shall contain such representations and warranties by the Company, the Partnership and the Selling Investors and such other terms and provisions as are customarily contained in underwriting agreements with
respect to secondary distributions, which may include, without limitation, indemnities and contribution to the effect and to the extent provided in Article VII hereof. The representations and warranties in such underwriting agreement by, and
the other agreements on the part of, the Company and the Partnership to and for the benefit of such underwriters shall also be made to and for the benefit of such holders of Eligible Securities, but only to the extent such representations and
warranties and other agreements are customarily made by issuers to selling stockholders in secondary underwritten public offerings. 

SECTION 4.3 Blackout Periods. (a) At any time when a registration statement effected pursuant to Article II hereof
relating to Eligible Securities is effective, upon written notice from the Company to the Selling Investors that the Board of Trustees of the Company has determined in good faith, with the advice of counsel, that the Selling Investors’ sale of
Eligible Securities pursuant to the registration statement would be reasonably likely to require disclosure of non-public material information the disclosure of which would not otherwise be required to be disclosed and would be reasonably likely to
have a material adverse effect on the Company (an “Information Blackout”), the Selling Investors shall suspend sales of Eligible Securities pursuant to such registration statement until the earliest of: 

(i) the date upon which such material information is disclosed to the public or ceases to be material; 

(ii) sixty (60) days after the Company’s delivery of such written notice to the Selling Investors; and 

(iii) such time as the Company notifies the Selling Investors that sales pursuant to such registration statement may be
resumed. 
 The number of days from such suspension of sales by the Selling Investors until the day when such sales may be resumed under clause (i),
(ii) or (iii) hereof is hereinafter called a “Sales Blackout Period”. In no event may the Company deliver more than two (2) notices of an Information Blackout in any twelve (12) consecutive month period and the
aggregate number of days in which any Sales Blackout Periods may be in effect in any twelve (12) consecutive month period shall not exceed ninety (90) days. 

  
 -12- 

 (b) Any delivery by the Company of a written notice of an Information Blackout during the sixty
(60) days immediately following effectiveness of any registration statement effected pursuant to Article II hereof shall give the Investors the right, by written notice to the Company within twenty (20) Business Days after the end of
such Sales Blackout Period, to cancel such registration and obtain one additional registration right during such calendar year under Article II hereof. 

(c) The Company shall not effect any public offering of its securities during any Sales Blackout Period. 

SECTION 4.4 Qualification for Rule 144 Sales. The Company covenants that it will use its reasonable best efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Issuer is not required to file such reports, it will, upon the written request of an Investor
use its reasonable best efforts to make publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144 under the Securities Act), and it will use its reasonable best efforts to take any such further
action as reasonably requested by any Investors, all to the extent required from time to time to enable Investors to sell Eligible Securities without Registration under the Securities Act within the limitation of the exemptions provided by
(a) Rule 144, 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Investor, the Company will
deliver to such Investor a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

SECTION 4.5 Investor Transferees and Designees. In the event that the Investor sells or otherwise transfers its Common Units to a
third party for redemption for Common Shares pursuant to Section 8.6.G of the Partnership Agreement for the purpose of effecting an offering of such Common Shares, the proceeds of which (less any applicable expenses and commissions) will be
received by the Investor, the Company’s obligations hereunder with respect to such Common Shares shall continue in all respects with respect to such offering or offerings and shall not be relieved in any way by reason of such sale or transfer.

 ARTICLE V 
 PREPARATION;
REASONABLE INVESTIGATION 
 SECTION 5.1 Preparation; Reasonable Investigation. In connection with the preparation and filing of
each registration statement registering or offering Eligible Securities under the Securities Act, the Company will give the Investor, any Selling Investors and the underwriters, if any, and their respective counsel and accountants, drafts of such
registration statement for their review and comment prior to filing and such reasonable and customary access to its books and records and such opportunities to discuss the business of the Company with its officers, counsel and the independent public
accountants who have certified its financial statements as shall be necessary to conduct a reasonable investigation within the meaning of the Securities Act, provided that the Company may require them to enter into a customary confidentiality
agreement. 

  
 -13- 

 ARTICLE VI 

RESTRICTIONS ON PUBLIC SALE 

SECTION 6.1 Restrictions on Public Sale. 

(a) Notwithstanding any registration rights set forth in this Agreement, upon written notice by the Company to the Investors, the Investors
shall, in the event (x) the Company is issuing equity securities with an aggregate fair market value of at least $50,000,000 to the public, or (y) any Qualifying Other Holder is proposing to sell Common Shares with an aggregate fair market
value of at least $50,000,000, in each case in an underwritten offering, and, if requested in writing by the managing underwriter or underwriters for such underwritten offering, not effect (and sign a written commitment to the underwriter(s) (a
“Lock-up Commitment”) to not effect) any public sale or distribution of Eligible Securities or any securities convertible into or exchangeable or exercisable for such Eligible Securities, including a sale pursuant to Rule 144 (or
any similar provision then in force) under the Securities Act, for a period commencing on the seventh (7th) day prior to the date such underwritten offering commences (such offering being
deemed to commence for this purpose on the later of the effective date for the registration statement for such offering or, if applicable, the date of the prospectus supplement for such offering) or, if later, the date of such written request of the
underwriter(s), and ending ninety (90) days after the closing of such underwritten offering, so long as the managing underwriter or underwriters obtains a written commitment of each Company trustee and executive officer and each Qualifying
Other Holder to agree to the same restrictions; provided, however, that such restrictions shall not apply to any distributions-in-kind to an Investor’s partners or members. Any notice delivered to the Investors pursuant to this
Section 6.1(a) (an “Underwritten Offering Notice”) shall be delivered not less than five (5) business days prior to the date of the underwriting agreement for such offering. The Company shall not deliver more than two
(2) Underwritten Offering Notices pursuant to clause (x) of Section 6.1(a) in any twelve (12) consecutive month period. 

(b) In the event of a sale of Common Shares by the Investors in an underwritten offering pursuant to Section 4.2, if requested in writing
by the managing underwriter or underwriters for such underwritten offering, the Company shall use reasonable best efforts to cause its trustees and executive officers and each Qualifying Other Holder to sign a Lock-Up Commitment to the
underwriter(s) to not effect any public sale or distribution of Common Shares or any securities convertible into or exchangeable or exercisable for Common Shares, including a sale pursuant to Rule 144 (or any similar provision then in force) under
the Securities Act, for a period commencing on the seventh (7th) day prior to the date such underwritten offering commences (such offering being deemed to commence for this purpose on the
later of the effective date for the registration statement for such offering or, if applicable, the date of the prospectus supplement for such offering) or, if later, the date of such written request of the underwriter(s), and ending no later than
the earlier of (i) ninety (90) days after the closing of such underwritten offering and (ii) the date of the expiration of the lock-up imposed on the Investors in respect of such offering; provided, however, that such
obligations of the Company with respect to any Qualifying Other Holder shall not apply unless such Qualifying Other Holder is permitted to participate in the underwritten offering in accordance with Section 2.2. Notwithstanding anything to the
contrary in this Section 6.1, (x) if the Investors fail to sign a Lock-Up Commitment in accordance with, and subject to the terms and limitations set forth in, 

  
 -14- 

 
Section 6.1(a), then the Company’s obligations under this Section 6.1(c) shall terminate, and (y) if a Qualifying Other Holder fails to sign a Lock-Up Commitment in accordance
with, and subject to the terms and limitations set forth in, this Section 6.1(d), then the Investors’ obligations under Section 6.1(a)(y) shall terminate. 

(c) Notwithstanding the foregoing, the Company shall not, and shall not not be required to use reasonable best efforts to impose, restrictions
on sales and distributions of Eligible Securities by the Investors for more than one hundred (100) days in the aggregate in any twelve (12) consecutive month period. 

ARTICLE VII 
 INDEMNIFICATION AND
CONTRIBUTION 
 SECTION 7.1 Indemnification. (a) In the event of any registration of Eligible Securities hereunder, the
Company and the Partnership jointly and severally will, and hereby do, indemnify and hold harmless, each Selling Investor, its respective directors, trustees, officers, partners, agents, and employees and each other Person who participates as an
underwriter in the offering or sale of such securities and each other Person, if any, who controls each such Selling Investor or any such underwriter within the meaning of the Securities Act, against any and all losses, claims, damages, expenses or
liabilities, joint or several, actions or proceedings (whether commenced or threatened) in respect thereof, to which each such indemnified party may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages,
expenses or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any registration statement
contemplated hereby under which Eligible Securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein in light of the circumstances in which they were made not misleading, and the Company or the Partnership will reimburse each such
Selling Investor and each such director, trustee, officer, partner, agent, or employee, underwriter and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, expense, liability, action, or proceeding; provided, however, that the Company and the Partnership shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability (or action or
proceeding in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Selling Investor or underwriter specifically for inclusion in such registration
statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. 
 (b) Each Selling Investor severally
will, and hereby does, indemnify and hold harmless the Company, its trustees, its officers, employees, agents and each person who 

  
 -15- 

 
participates as an underwriter in the offering or sale of such securities, and each Person, if any, who controls the Company within the meaning of the Securities Act against any and all losses,
claims, damages, expenses or liabilities, joint or several, actions or proceedings (whether commenced or threatened) in respect thereof, to which each such indemnified party may become subject under the Securities Act or otherwise insofar as such
losses, claims, damages, expenses or liabilities (or actions or proceedings, whether commenced or threatened in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact in or omission or
alleged omission to state a material fact in such registration statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, but only to the extent that such statement or
omission was made in reliance upon and, in conformity with, written information furnished by or on behalf of such Selling Investor to the Company specifically for inclusion in such registration statement, preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement. 
 (c) Promptly after receipt by any indemnified party hereunder of notice of the commencement
of any action or proceeding involving a claim referred to in paragraphs (a) or (b) of this Section 7.1, the indemnified party will notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the
indemnifying party will not relieve the indemnifying party from any liability which it may have to any indemnified party under paragraphs (a) or (b) of this Section 7.1 (except to the extent that is has been prejudiced in any material
respect by such failure). In case any such action, suit, claim or proceeding is brought against any indemnified party, the indemnifying party shall be entitled to participate therein and, to the extent it may elect by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party shall
have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the employment of such counsel shall have been authorized in writing by the
indemnifying party in connection with the defense of such suit, action, claim or proceeding, (ii) the indemnifying party shall not have employed counsel to take charge of the defense of such action, suit, claim or proceeding within a reasonable
time after notice of commencement of the action, suit, claim or proceeding, or (iii) such indemnified party shall have reasonably concluded, based on the advice of counsel, that there may be defenses available to it which are different from or
additional to those available to the indemnifying party which, if the indemnifying party and the indemnified party were to be represented by the same counsel, could result in a conflict of interest for such counsel or materially prejudice the
prosecution of the defenses available to such indemnified party. If any of the events specified in clauses (i), (ii) or (iii) of the preceding sentence shall have occurred or shall otherwise be applicable, then the reasonable fees and
expenses of one counsel selected by a majority in interest of the indemnified parties shall be borne by the indemnifying party. If, in any case specified in the foregoing clauses (i), (ii) or (iii), the indemnified party employs separate
counsel, the indemnifying party shall not have the right to direct the defense of such action, suit, claim or proceeding on behalf of the indemnified party. Anything in this paragraph to the contrary notwithstanding, an indemnifying party shall not
be liable for the settlement of any action, suit, claim or proceeding effected without its prior written consent (which consent in the case of an action, suit, claim or proceeding exclusively seeking monetary relief shall not be unreasonably
withheld or delayed). Such indemnification shall remain in full force and effect irrespective of any investigation made by or on behalf of an indemnified party. 

  
 -16- 

 (d) If for any reason the indemnity under this Section 7.1 is unavailable or is insufficient
to hold harmless any indemnified party under paragraphs (a) or (b) of this Section 7.1, then the indemnifying parties shall contribute to the amount paid or payable to the indemnified party as a result of any loss, claim, expense,
damage or liability (or actions or proceedings, whether commenced or threatened, in respect thereof), and legal or other expenses reasonably incurred by the indemnified party in connection with investigating or defending any such loss, claim,
expense, damage, liability, action or proceeding, in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other. The relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Selling Investor and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable law or
provides a lesser sum to the indemnified party than the amount hereinbefore calculated, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party in such proportion as is appropriate to reflect not only such
relative fault but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if contributions pursuant to
this paragraph (d) of Section 7.1 were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentences of this
paragraph (d) of Section 7.1. 
 (e) Notwithstanding any other provision of this Section 7.1, to the extent that any
director, trustee, officer, partner, agent, employee, or other representative (current or former) of any indemnified party is a witness in any action or proceeding, the indemnifying party agrees to pay to the indemnified party all expenses
reasonably incurred by, or on the behalf of, the indemnified party and such witness in connection therewith. 
 (f) All legal and other
expenses reasonably incurred by or on behalf of any indemnified party in connection with investigating or defending any loss, claim, expense, damage, liability, action or proceeding which are to be borne by the indemnifying party pursuant to this
Section 7.1 shall be paid by the indemnifying party in advance of the final disposition of such investigation, defense, action or proceeding within thirty (30) days after the receipt by the indemnifying party of a statement or statements
from the indemnified party requesting from time to time such payment, advance or advances. The entitlement of each indemnified party to such payment or advancement of expenses shall include those incurred in connection with any action or proceeding
by the indemnified party seeking an adjudication or award in arbitration pursuant to this Section 7.1. Such statement or statements shall reasonably evidence such expenses incurred by the indemnified party in connection therewith. 

(g) The termination of any proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall
not, of itself, adversely affect the rights of any indemnified party to indemnification hereunder or create a presumption that any indemnified party violated any federal or state securities laws. 

  
 -17- 

 (h) 

(i) In the event that advances are not made pursuant to this Section 7.1 or payment has not otherwise been timely made,
each indemnified party shall be entitled to seek a final adjudication in an appropriate court of competent jurisdiction of the entitlement of the indemnified party to indemnification or advances hereunder. 

(ii) The Company, the Partnership and the Selling Investors agree that they shall be precluded from asserting that the
procedures and presumptions of this Section 7.1 are not valid, binding and enforceable. The Company, the Partnership and the Selling Investors further agree to stipulate in any such court that the Company, the Partnership and the Selling
Investors are bound by all the provisions of this Section 7.1 and are precluded from making any assertion to the contrary. 

(iii) To the extent deemed appropriate by the court, interest shall be paid by the indemnifying party to the indemnified party
at a reasonable interest rate for amounts which the indemnifying party has not timely paid as the result of its indemnification and contribution obligations hereunder. 

(i) In the event that any indemnified party is a party to or intervenes in any proceeding to which the validity or enforceability of this
Section 7.1 is at issue or seeks an adjudication to enforce the rights of any indemnified party under, or to recover damages for breach of, this Section 7.1, the indemnified party, if the indemnified party prevails in whole in such action,
shall be entitled to recover from the indemnifying party and shall be indemnified by the indemnifying party against, any expenses reasonably incurred by the indemnified party. If it is determined that the indemnified party is entitled to
indemnification for part (but not all) of the indemnification so requested, expenses incurred in seeking enforcement of such partial indemnification shall be reasonably prorated among the claims, issues or matters for which the indemnified party is
entitled to indemnification and for such claims, issues or matters for which the indemnified party is not so entitled. 
 (j) The indemnity
agreements contained in this Section 7.1 shall be in addition to any other rights (to indemnification, contribution or otherwise) which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and
effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of any Eligible Securities by any Investor. 

ARTICLE VIII 
 BENEFITS OF
REGISTRATION RIGHTS 
 SECTION 8.1 Benefits of Registration Rights. The Investors may severally or jointly exercise the
registration rights hereunder in such proportion as they shall agree among themselves. In the event that the Company receives conflicting direction from Investors with respect to actions to be taken hereunder, the direction of Shareholder shall be
the only direction the Company shall be required to follow. 
 SECTION 8.2 General Partner of the Partnership. The Company
agrees not to take any action that results in another Person becoming general partner of the Partnership, by merger, agreement or otherwise, without causing such Person to expressly assume all of the obligations of the Company (including as general
partner of the Partnership) hereunder. 

  
 -18- 

 ARTICLE IX 

MISCELLANEOUS 
 SECTION 9.1
No Inconsistent Agreements. Neither the Company nor the Partnership has entered and neither of them will enter into any agreement that is inconsistent with the rights granted to the Investors in this Agreement or that otherwise conflicts with
the provisions hereof in any material respect. The rights granted to the Investors hereunder do not in any material way conflict with and are not inconsistent with the rights granted to the holders of the Company’s or the Partnership’s
other issued and outstanding securities under any such agreements. 
 SECTION 9.2 Captions. The captions or headings in this
Agreement are for convenience and reference only, and in no way define, describe, extend or limit the scope or intent of this Agreement. 

SECTION 9.3 Severability. If any clause, provision or section of this Agreement shall be invalid or unenforceable, the invalidity
or unenforceability of such clause, provision or section shall not affect the enforceability or validity of any of the remaining clauses, provisions or sections hereof to the extent permitted by applicable law. 

SECTION 9.4 Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of New
York, without reference to its rules as to conflicts or choice of laws. 
 SECTION 9.5 Modification and Amendment. This
Agreement may not be changed, modified, discharged or amended, except by an instrument signed by all of the parties hereto. 

SECTION 9.6 Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument. 
 SECTION 9.7 Entire Agreement. This Agreement constitutes the entire
agreement and understanding among the parties and supersedes any prior understandings and/or written or oral agreements among them respecting the subject matter herein. 

SECTION 9.8 Assignment; Successors and Assigns. Except as set forth in the next sentence, this Agreement and the rights granted
hereunder may not be assigned by any Investor without the prior written consent of the Company, which may be granted or withheld by the Company in its sole and absolute discretion. Each Investor will be permitted to assign its rights under this
Agreement to its Permitted Transferees, so long as the Investor provides to the Company at least five (5) business days’ advance written notice of the transfer, and the transferee executes and delivers to the Company an instrument, in form
and substance acceptable to the 

  
 -19- 

 
Company, agreeing to be bound by the terms of this Agreement as if it were an original party hereto. This Agreement shall inure to the benefit of and be binding upon all of the parties hereto and
their respective successors and permitted assigns. 
 SECTION 9.9 Notices. All notices required or permitted hereunder shall be
in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(c) one (1) Business Day after deposit with a nationally recognized overnight courier, specifying next Business Day delivery, with written verification of receipt. All notices and other communications shall be sent to the Company or the
Investors, respectively, at the address listed on the signature page hereof or at such other address as the Company or the Investors, respectively, may designate by ten (10) days’ advance written notice to the other parties hereto. 

SECTION 9.10 Specific Performance. The parties agree that, to the extent permitted by law, (i) the obligations imposed on
them in this Agreement are special, unique and of an extraordinary character, and that in the event of a breach by any such party, damages would not be an adequate remedy; and (ii) each of the other parties shall be entitled to specific
performance and injunctive and other equitable relief in addition to any other remedy to which it may be entitled at law or in equity. 

[Signature pages follow] 

  
 -20- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this Agreement to
be executed as of the day and year first above written. 
  

			
	SERITAGE GROWTH PROPERTIES, a Maryland real estate investment trust
		
	By:		  

			Name:
			Title:

 
			
	
	 [3333 Beverly Road
 Hoffman Estates,
Illinois 60179]

	Attn:		Secretary
	Phone:		[●]
	Email:		[●]
	
	with a copy to:
	
	Wachtell, Lipton, Rosen & Katz
	51 West 52nd Street
	New York, New York 10019
	Attn:		Robin Panovka
	Phone:		212-403-1000
	Email:		RPanovka@wlrk.com

 [Signatures continued on next page] 

 
			
	[SIGNATORY]
		
	By:		  

			Name:
			Title:

 
			
	
	[address]
	Attn.:		[    ]
	
	with copies to:
	
	[address]
	Attn.:		[    ]

 [Signatures continued on next page] 

 
			
	Solely for purposes of Section 7.1:
	
	SERITAGE GROWTH PROPERTIES L.P., a Delaware limited partnership
		
	By:		  

			Name:
			Title:

 
			
	
	 [3333 Beverly Road
 Hoffman Estates,
Illinois 60179]

	Attn:		Secretary
	Phone:		[●]
	Email:		[●]
	
	with a copy to:
	
	Wachtell, Lipton, Rosen & Katz
	51 West 52nd Street
	New York, New York 10019
	Attn:		Robin Panovka
	Phone:		212-403-1000
	Email:		RPanovka@wlrk.comEX-10.12

 Exhibit 10.12 
  

			
	H/2 Capital Partners LLC		JPMorgan Chase Bank, National Association
	680 Washington Boulevard, Seventh Floor		383 Madison Avenue
	Stamford, Connecticut 06901		New York, New York 10179

 COMMITMENT LETTER 

May 27, 2015 
 Sears Holdings Corporation

 3333 Beverly Road 
 Hoffman Estates, Illinois 60179 

Attention: Robert Schriesheim 
 Seritage Growth Properties 

3333 Beverly Road 
 Hoffman Estates, Illinois 60179 

Attention: Benjamin Schall 
  

	 	Re:	Project Madison 

 Ladies & Gentlemen: 

This letter shall confirm the agreement of H/2 Capital Partners LLC (together with its successors and assigns, “H/2”) and
JPMorgan Chase Bank, National Association (together with its successors and assigns, “JPM”, and together with H/2, collectively, “Lender”) to provide, or cause an affiliate to provide, subject to the satisfaction of
the conditions set forth in this Commitment (as hereinafter defined), one or more mortgage and mezzanine loans in the maximum principal amount of $1,261,195,656 (collectively, the “Loan”) to one or more entities (collectively,
“Borrower”) that are or on the date of the closing of the Loan will become direct or indirect subsidiaries of Seritage Growth Properties (“Seritage”) on the terms and conditions set forth in this letter and the
Summary of Terms and Conditions attached hereto as Annex A (as modified and/or supplemented by the terms of the Agreed Loan Documents (as defined below), the “Term Sheet”; the Term Sheet and this letter, together with that
certain Fee Letter by and among Seritage, SHLD (as defined below) and Lender of even date herewith (including all annexes, exhibits and/or schedules thereto, the “Fee Letter”), collectively, the “Commitment”). 

As used herein, “Loan Parties” shall mean, collectively, the Guarantor (including Seritage), Borrower and any other obligor
or pledgor under the definitive documentation with respect to the Loan, and “SHLD” shall mean Sears Holdings Corporation. Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Agreed Loan
Documents, and if not defined therein, the meaning set forth in the Term Sheet. Notwithstanding references to JPM and H/2 collectively as “Lender” herein, all liability of JPM and H/2 

  
 

 

 
hereunder shall be several and not joint and all obligations to and indemnifications of “Lender” pursuant to this Commitment shall be deemed to include direct obligations to JPM and H/2
individually for the respective portions of such obligations and indemnifications, as to which JPM and H/2 shall be separately individually entitled. 

This Commitment is being issued in connection with the indirect acquisition of the Properties and the other Collateral and the JV Collateral
(as each is defined in the Loan Agreement) by Seritage pursuant to and in accordance with that certain Subscription, Distribution and Purchase and Sale Agreement by and between SHLD and Seritage (together with all exhibits, annexes and schedules
thereto, as the same may be amended, restated, replaced or modified from time to time in accordance with the terms of this Commitment, the “SHLD PSA”). Upon the execution and delivery of this Commitment, each of SHLD and Seritage
shall use commercially reasonable efforts (i) to launch, as soon as reasonably practicable, the “rights offering” described in Seritage’s Registration Statement on Form S-11 in effect on the date of this Commitment (the
“Rights Offering”) and (ii) to execute, as soon as reasonably practicable and prior to the launch of the Rights Offering, the SHLD PSA. 
  

	A.	Commitment 

 If on the date hereof, SHLD and Seritage shall have countersigned
this Commitment (including the Fee Letter) and delivered to Lender: (i) the Good Faith Deposit (as defined in the Fee Letter); and (ii) the Commitment Fee (as defined in the Fee Letter) then in consideration of the payment of the Good
Faith Deposit and the Commitment Fee and other good and valuable consideration, and subject to satisfaction of the conditions set forth herein, including Section B below, Lender shall provide or cause its affiliated designee to provide the
Loan on or before the Expiration Date (as defined below) on the terms and subject to the conditions described herein. 
 The obligations of
each Lender executing this Commitment shall be several and not joint and no Lender shall be responsible for the obligations of any other Lender. Each Lender’s obligations hereunder shall be limited to its respective share of the Loan as set
forth in the Fee Letter. Notwithstanding anything to the contrary herein, all indemnities by SHLD and Seritage and obligations to pay or reimburse the Lender for costs, fees, expenses, damages or advances set forth herein shall run to and benefit
each Lender. 
  

	B.	Conditions Precedent 

 This Commitment and Lender’s obligation to consummate
and fund the Loan are subject to and conditioned upon: (i) satisfaction (or waiver by Lender, in its sole discretion) of the terms and conditions in this Commitment; (ii) delivery to Lender of the items and completion of the Due Diligence
Items (as defined in the Fee Letter) and approval thereof, or, as the case may be, reservation therefor in accordance with Section C hereof, by Lender in accordance with the terms and conditions set forth herein and therein;
(iii) satisfaction (or waiver by Lender, in its sole discretion) of the conditions precedent set forth in Annex B hereto (the “Conditions Precedent”) and (iv) the execution and delivery by the Loan Parties of the
definitive documentation relating to the Loan described in Section D hereof, including the Agreed Loan Documents (as defined below). 

  
 

 

	C.	Due Diligence 

 SHLD and Seritage acknowledge that Lender’s due diligence
investigations described in the Due Diligence Items are intended to proceed simultaneously with Lender’s Counsel’s (defined below) preparation of documentation and scheduling for closing of the Loan, and that Lender’s Counsel’s
activities in this regard shall not be construed as evidence of the waiver or satisfactory completion of such investigations. Notwithstanding anything to the contrary contained herein, to the extent that Lender identifies in any Due Diligence Items:
(i) material physical or legal defects disclosed by current engineering, environmental, title, zoning reports or otherwise, or other due diligence shortfalls (inclusive of ground lease deficiencies), if any, with respect to the Properties
whereby any Property would not otherwise meet the customary standards for mortgage and mezzanine financing of a large portfolio of properties similar in size and character to the Properties, or any material damage, material destruction or material
alteration with respect to the improvements located on any Property whether or not covered by insurance and/or any condemnation proceedings that are pending or threatened against any part of any Property; (ii) any material uninsured liability
or lack of required license/permit, that either have, or can reasonably be expected to have, a material adverse effect on the value or operations of a Property, the Loan or on any Loan Parties’ performance thereunder; or (iii) any material
default or termination under any lease, REA, ground lease or other material agreement with respect to any Property (such matters described in clauses (i), (ii) and (iii) being referred to herein as “Material Defects”),
then: (w) subject to satisfaction of the conditions set forth in this Commitment, the Loan shall nevertheless be funded; (x) the Exception Report (as referenced in the Loan Documents (as defined below)) shall include such Material Defects
as express exceptions to applicable representations and warranties of the Loan Parties in the applicable Loan Documents; (y) Borrower shall covenant to use commercially reasonable efforts to correct such Material Defects within a reasonable
period of time following closing; and (z) Lender may establish one or more reserves (“Defect Reserves”) in respect thereof from the proceeds of the Loan (over and above the reserves specified in the Agreed Loan Documents), in
such amount as may be reasonably required to remedy or compensate for such Material Defects. 
  

	D.	Transaction Documentation 

 The definitive documentation for the Loan shall
include the Agreed Loan Documents (as defined in the Fee Letter) and shall also include the other documents described in the Fee Letter (collectively, the “Loan Documents”). All such Loan Documents (i) shall be reasonably
satisfactory to the parties thereto, (ii) in the case of the Agreed Loan Documents, shall be in substantially the respective forms agreed as of the date hereof, modified and supplemented by Lender and the Loan Parties as they may reasonably
agree and (iii) subject to clause (ii), be substantially consistent with the terms and conditions set forth in the Conditions Precedent. The Approved Transaction Documents (as defined in the Fee Letter) have been approved by Lender. From
and after the date of this Commitment, each of SHLD and Seritage agree that none of the Approved Transaction Documents shall be amended, restated, supplemented or otherwise modified nor shall any of their terms be waived, in each case except with
the prior written consent of Lender in its reasonable discretion. 

  
 

 

	E.	Lender’s Counsel 

 The Loan Documents shall be prepared, and certain of the
due diligence investigations outlined above shall be conducted, by Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, New York, New York 10006, special counsel for Lender (“Lender’s Counsel”), and, to the extent
deemed necessary and proper by Lender, other counsel retained by Lender including local counsel in the states where the Properties are located. 
  

	F.	Syndication; Securitization 

 SHLD and Seritage each acknowledges that Lender
intends to syndicate and/or securitize the Loan, any portion thereof or interest therein in one or more offerings, assignments and/or participations in its sole discretion, subject to the further terms described in the Agreed Loan Documents. SHLD
and Seritage each acknowledges and agrees that the commencement of syndication and/or securitization shall occur in the discretion of Lender. SHLD, Seritage and each of the other Loan Parties agree to reasonably cooperate with Lender, at
Lender’s sole expense, in any syndication, securitization and/or tranching of the Loan (except that SHLD and each of the Loan Parties shall pay their own respective legal costs). 

In Lender’s sole discretion, either before or after closing, the Loan may be bifurcated into mortgage loans and mezzanine debt secured by
direct and/or indirect equity interests in Borrower. The loan documentation for any mezzanine debt shall conform to the Agreed Loan Documents, with customary conforming changes to reflect structural differences between mortgage and mezzanine debt,
and shall be subject to the further terms described in the Agreed Loan Documents. 
  

	G.	Information.  

 Each of SHLD and Seritage represents and covenants that:
(i) to the knowledge of SHLD and/or Seritage all information, documentation or other materials (“Information”) (other than the Projections (as defined below) and other forward-looking information and information of a general
economic or industry specific nature) provided by or on behalf of SHLD, Seritage or any of their respective subsidiaries or affiliates, to Lender in connection with the Loan is and, in the case of Information made available after the date hereof,
will be, when furnished, in each case, taken as a whole with all Information theretofore disclosed, complete and correct in all material respects and, to the knowledge of SHLD and/or Seritage, does not, and in the case of Information made available
after the date hereof, will not, when furnished, in each case, taken as a whole with all Information theretofore disclosed, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
contained therein, in light of the circumstances under which they were made, not misleading; and (ii) all financial projections concerning the Seritage, Borrower, the Properties or any other Collateral or the JV Collateral taking into account
the consummation of the Loan, that have been or will be made available to Lender by or on behalf of (and that have been or will be prepared by or on behalf of) SHLD, Seritage or any of their respective subsidiaries or affiliates (the
“Projections”) to the extent prepared by SHLD, Seritage or any of their respective subsidiaries or affiliates have been and will be prepared in good faith based upon assumptions that are believed by the preparer thereof

  
 

 

 
to be reasonable at the time such financial Projections are prepared, it being understood that such Projections are not to be viewed as facts and are subject to significant uncertainties and
contingencies, many of which are beyond your control, and actual results may vary materially from the Projections. Each of SHLD and Seritage agrees that if at any time prior to the closing of the Loan, to the knowledge of SHLD and/or Seritage, any
of the representations in the preceding sentence would be incorrect if the Information and Projections were being furnished, then each of SHLD and Seritage agrees to supplement, or cause to be supplemented, the Information and the Projections from
time to time so that the conditions and representations and warranties contained in the preceding sentence are correct in all material respects. In syndicating and/or securitizing the Loan, Lender will be entitled to use and rely on the Information
and the Projections without responsibility for independent verification thereof. Information provided to Lender will be included in offering documents in connection with a syndication or securitization of the Loan. Subject to the confidentiality
provisions of Section M, in connection therewith, Lender and its representatives may share all such information and material with: (x) the investment banking firms, rating agencies, accounting firms, law firms and other third-party
advisory firms involved with the Loan and the Loan Documents or the applicable secondary market transaction; and (y) various investors, some of whom may see some or all of such information by way of dissemination through one or more internet
sites (the “Platform”) created for purposes of syndicating or securitizing the Loan or otherwise, in accordance with Lender’s standard syndication and/or securitization practices, and each of SHLD and Seritage acknowledges that
neither Lender nor any of its affiliates will be responsible or liable to SHLD, Seritage or any other person or entity for damages arising from the use by others of any Information or other materials obtained on the Platform or otherwise obtained as
provided herein. Lender will have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities of SHLD, Seritage, the Borrower, or any other party or to advise or opine on any related solvency issues. 

 

	H.	Assignment; Amendment 

 None of SHLD, Seritage or any other Loan Party may assign,
transfer or encumber any of its respective rights or obligations pursuant to this Commitment, directly or indirectly. Any attempt to make such an assignment, transfer or encumbrance in violation of this Section H shall be null and void ab
initio. 
 Except as set forth in the Fee Letter, Lender may assign its commitment and agreements hereunder to an affiliate of Lender or
any other party without the prior written consent of SHLD, Seritage or any other Loan Party, but any assignment by Lender to any potential lender made prior to the closing of the Loan will only relieve Lender of its obligations set forth herein to
fund that portion of the commitment so assigned if such assignment was approved by Seritage, unless such assignment is made to another Lender party to this Commitment, in which case such assignment shall relieve Lender of its obligations to fund
that portion of the commitment so assigned. Any limitations on transferability of Lender’s commitment and agreements hereunder shall terminate upon closing of the Loan and shall not limit in any respect Lender’s right to syndicate or
securitize the Loan as provided in Section F hereof. 
 This Commitment may not be amended or any term or provision hereof waived or
otherwise modified except by an instrument in writing signed by each of the parties hereto, and any term or provision hereof may be amended or waived only by a written agreement executed and delivered by all parties hereto. 

  
 

 

	I.	Costs 

 Costs and fees incurred by Lender in connection with this Commitment shall
be payable as provided in the Fee Letter. 
  

	J.	Brokers 

 Each of SHLD and Seritage represents to Lender that it has not
contracted with, nor does it know of, any broker who has participated in the application for the Loan or the transactions contemplated by this Commitment except Eastdil Secured (“Eastdil”), none of whose fees or expenses shall be
payable by Lender. By signing below, each of SHLD and Seritage agrees to pay, and to indemnify and hold Lender harmless from any and all loss, cost or expense arising from the breach of the foregoing representation. Lender represents to each of SHLD
and Seritage that it has not contracted with any broker who has participated in the application for the Loan or the transactions contemplated by this Commitment, and that it does not know of any such broker other than Eastdil.  

 

	K.	Termination 

 Lender may, at its option (in its sole discretion), exercised by
written notice to SHLD and Seritage, terminate this Commitment in its entirety in the event of the occurrence of any of the following: 
  

	(i)	any direct or indirect sale, transfer, pledge, encumbrance, assignment or other disposition of: (A) the interest of SHLD, Seritage or any Loan Party in the Properties, the other Collateral or the JV Collateral; or
(B) any direct or indirect equitable or beneficial ownership interests of Borrower (other than, in each case, pursuant to the Approved Separation Transaction or the Loan); 

 

	(ii)	SHLD or Seritage breaches any material provision contained in this Commitment; 

  

	(iii)	any representation or warranty to Lender by SHLD or Seritage under this Commitment is determined to have been untrue or false when made or becomes untrue or false and which, individually or in the aggregate, could
reasonably be expected to materially adversely affect the Loan; 

  

	(iv)	(A) any petition of bankruptcy, insolvency or reorganization is filed by or against SHLD, Guarantor or any other Loan Party or (B) on the proposed Closing Date, there shall be any pending or threatened litigation
or regulatory action against SHLD, Guarantor and/or any other Loan Party that, in Lender’s reasonable judgment, if determined adversely to SHLD, Guarantor and/or such Loan Party, would materially impair the collateral for the Loan or the
Borrower’s ability to repay the Loan; 

  
 

 

	(v)	the termination of the SHLD PSA or any material amendments or waivers to the SHLD PSA that affect one or more of the Properties, any other Collateral or the JV Collateral for the Loan and are adverse to Lender in any
material respect; 

  

	(vi)	the failure of any condition precedent to the consummation of the Loan as set forth in this Commitment as of the Expiration Date, unless waived in writing by Lender in its sole discretion; or 

 

	(vii)	a Material Adverse Change (as hereinafter defined) occurs. “Material Adverse Change” means: (A) any change, occurrence, or development after the date of the Commitment that could reasonably be
expected, in Lender’s reasonable judgment, to have a material adverse effect on the business condition (financial or otherwise), operation, or performance of Borrower, Guarantor or SHLD; or (B) any event, circumstance, or information that
has not occurred or come to light prior to the date of the Commitment which is inconsistent in a material adverse manner with the information, taken as whole, disclosed to Lender by SHLD or Seritage prior to the date of this Commitment.

 Delay in the exercise of Lender’s right to terminate this Commitment in part or in whole upon the occurrence of any of
the events listed above shall not be construed as a waiver of such right. The failure of Lender to act in any such event shall not be construed as a waiver of its right to act with respect to any subsequent event of a similar nature. Upon
termination as set forth above, all of the obligations of Lender pursuant to this Commitment shall cease and be of no further force and effect whatsoever. 
  

	L.	Exclusivity 

 From the execution of this Commitment until the earlier to
occur of (a) 45 days after this Commitment is terminated in accordance with Section K hereof or expires by its terms and (b) the willful default by Lender of its obligation to close and fund the Loan following the satisfaction by
each of you and/or the other Loan Parties in all respects of all conditions to closing as set forth in this Commitment prior to the Expiration Date (the “Exclusivity Period”), neither SHLD nor Seritage, nor any of their respective
affiliates or representatives, including, without limitation, any broker on behalf of any of the foregoing (collectively, the “SHLD/Seritage Parties”), shall, directly or indirectly (i) solicit or encourage any inquiries,
discussions or proposals regarding, (ii) continue, propose or enter into negotiations or discussions with respect to, or (iii) enter into any agreement or other understanding providing for, any Alternative Transaction (as defined below);
nor shall any of the SHLD/Seritage Parties provide any information to any other person or entity for the purpose of making, evaluating or determining whether to make or pursue, any inquiries or proposals with respect to, any Alternative Transaction.
Each of SHLD and Seritage will promptly advise Lender of any such inquiry or proposal that any of the SHLD/Seritage Parties may receive or of which they become aware, including the identity of the party that made such inquiry or proposal.
“Alternative Transaction” means any transaction, including (without limitation) any substitution for or addition to the Loan, which would reasonably be expected to impede, interfere with, prevent, materially delay or limit the
economic benefit to Lender of providing the Loan; provided that if the Loan shall fail to close as a consequence of the failure of SHLD, Seritage and/or any other 

  
 

 

 
Loan Party to satisfy the conditions precedent set forth in Section B above, provided that SHLD, Seritage and the other Loan Parties shall have made commercially reasonable
efforts to satisfy such conditions precedent to closing, the consummation of the Approved Separation Transaction solely with the proceeds of the Rights Offering and the other equity sales contemplated thereby (an “Equity Only
Transaction”) shall not be deemed to be an Alternative Transaction; provided, further, that the provisions of this Section L shall nevertheless continue to apply to any subsequent Alternative Transaction until expiration of
the Exclusivity Period. Upon any breach of the foregoing provisions of this Section L, in addition to all other rights and remedies, whether at law or in equity, that are available to Lender in respect of such breach, each of SHLD and
Seritage shall be liable (on a joint and several basis) for the fees, costs and expenses provided in the Fee Letter.  
  

	M.	Confidentiality 

 This Commitment, the name or identity of Lender and any written
communications provided by, or oral discussions with, Lender or any of its subsidiaries or affiliates in connection with the Loan are exclusively for the information of SHLD and Seritage and may not be disclosed by SHLD or Seritage or any of their
subsidiaries or affiliates to any third party or circulated or referred to publicly without our prior written consent except pursuant to a subpoena or order issued by a court of competent jurisdiction or by a judicial, administrative or legislative
body or committee (in which case SHLD and Seritage agree to inform Lender promptly thereof in advance, if not prohibited by law); provided that Lender hereby consents to disclosure by SHLD and/or Seritage of: (i) this Commitment and such
communications and discussions to the respective affiliates of each of SHLD and Seritage and their and their respective affiliates’ respective officers, directors, agents and advisors and any potential equity investors or partners who are
directly involved in the Approved Separation Transaction and the other transactions contemplated by this Commitment or the Loan and who have been informed by you of the confidential nature thereof; (ii) this Commitment as required by applicable
law or compulsory legal process (in which case SHLD and Seritage agree to inform Lender promptly thereof to the extent not prohibited by law); (iii) the terms of this Commitment to the extent required in connection with filings with the
Securities and Exchange Commission and other applicable statutory authorities and stock exchanges and otherwise as may be required or compelled by law, rule or regulation (provided that any disclosure regarding this Commitment in Seritage’s
S-11 or similar filing (including any exhibits thereto) shall be shared with Lender in advance and Lender shall be entitled to comment on and approve such filing and exhibits, it being understood this letter shall be an exhibit to Seritage’s
S-11); (iv) this Commitment in any action or proceeding to enforce the terms of this Commitment; and (v) this Commitment if and to the extent same become publicly available other than as a result of a breach by SHLD, Seritage or their
respective affiliates, officers, directors, agents, advisors and any potential equity investors or partners in the Approved Separation Transaction. Notwithstanding the foregoing, Lender acknowledges that Lender has requested that SHLD/Seritage
Parties and their attorneys and advisors make requests from third parties (including space tenant, reciprocal agreement counterparties and ground landlords and ground sublandlords) for estoppels, subordination, non-disturbance and attornment
agreements, side letters and other documents and instruments in connection with this Commitment and the Loan. 

  
 

 

 Except as expressly set forth below, Lender shall hold all Information regarding SHLD, Seritage
and the other Loan Parties disclosed by any of the SHLD/Seritage Parties in connection with this Commitment, whether prior to or following the date of this Commitment, confidential, except such Information that (i) is or becomes publicly
available other than as a result of disclosure by Lender or (ii) is or becomes available to the Lender from a source other than the SHLD/Seritage Parties, provided that such source is not known by Lender to be subject to a confidentiality
obligation to the Borrower or (iii) is independently developed by the Lender without reference to the Information received from any of the SHLD/Seritage Parties. Lender shall have the right to disclose any and all Information provided to Lender
by any of the SHLD/Seritage Parties (a) to affiliates of Lender and to Lender’s agents and advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such confidential
information and instructed to keep such confidential information confidential), (b) to any actual or potential assignee, transferee or participant in connection with the contemplated syndication or securitization of all or any portion of the
Loan, and their respective advisors and agents (including in any disclosure document prepared in connection with any syndication or securitization of all or any portion of the Loan), provided that any such actual or potential assignee,
transferee or participant shall be informed of the confidential nature thereof and that, by accepting any such confidential information, it shall be deemed to be bound to keep such information confidential subject to the exceptions set forth in this
paragraph (it being agreed that Lender will have satisfied the foregoing obligation if it uses the legend(s) provided in the Approved Loan Documents), (c) to any rating agency in connection with a securitization of all or any portion of the
Loan, (d) to any person necessary or desirable in connection with the exercise of any remedies hereunder and (e) to any governmental agency or authority that may exercise authority over Lender or any assignee, transferee, participant or
investor, in each case, if requested by such governmental agency or authority or otherwise required to comply with the applicable rules and regulations of such governmental agency or authority or if required pursuant to legal or judicial process.

 Notwithstanding the foregoing, without Borrower’s consent in its sole discretion, no Person listed on Schedule J-2 to the loan
agreement included in the Agreed Loan Documents, and no agent, attorney, advisor or representative of any such Person, shall be entitled to receive, and no Lender shall disclose to any such Person, any Proprietary Information; provided that
the foregoing shall not apply with respect to information provided in connection with any securitization of all or any part of the Loan. 

Each party hereto (and each of their respective affiliates, employees, representatives or other agents) may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Loan and all materials of any kind (including opinions and other tax analyses) that are provided to any such party relating to such tax treatment and tax structure. For this
purpose, “tax treatment” means U.S. federal or state income tax treatment, and “tax structure” is limited to any facts relevant to the U.S. federal income tax treatment of the transactions contemplated by this Commitment but does
not include information relating to the identity of the parties hereto or any of their respective affiliates. 
 With respect to each of
(i) that certain Confidentiality Agreement dated February 11, 2015 executed by H/2 for the benefit of SHLD and Seritage and (ii) that certain Confidentiality 

  
 

 

 
Agreement dated February 11, 2015 executed by JPM for the benefit of SHLD and Seritage (collectively, the “Confidentiality Agreements”), the parties agree that such
Confidentiality Agreements are hereby terminated and superseded in their entirety by the confidentiality undertakings of Lender above. 
  

	N.	Indemnification and Certain Waivers 

 Each of SHLD and Seritage (for itself and
for the other Loan Parties), on a joint and several basis (collectively, the “Indemnifying Parties”), agrees to indemnify and hold harmless Lender and its respective officers, directors, employees, affiliates, advisors, agents and
controlling persons (collectively, the “Indemnified Parties”) from and against any and all losses, claims, damages and liabilities actually incurred by any Indemnified Party arising out of or in connection with this Commitment or
the use of any proceeds of the Loan, or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any of such Indemnified Parties is a party thereto, and to reimburse each of such Indemnified Parties
on written demand for any reasonable out-of-pocket fees and expenses actually incurred (including, without limitation, the reasonable fees and expenses of outside counsel) in connection with investigating or defending any of the foregoing;
provided, that the foregoing indemnity will not, as to any Indemnified Party, apply to losses, claims, damages, liabilities or related expenses to the extent they have resulted from the willful misconduct or gross negligence of such
Indemnified Party. IN NO EVENT SHALL ANY INDEMNIFIED PARTY BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION LOSS OF BUSINESS PROFITS OR OPPORTUNITY) IN CONNECTION WITH THIS
COMMITMENT OR THE LOAN. 
 Lender and its affiliates (collectively, “Lender Parties”) may have economic interests that
conflict with those of SHLD, Seritage and/or their respective direct or indirect equity holders and/or affiliates. You agree that Lender Parties will each act under this Commitment as an independent contractor and that nothing in this Commitment or
otherwise will be deemed to create an advisory, joint or co-venture, fiduciary or agency relationship or fiduciary or other implied duty between or among any Lender Party, on the one hand, and SHLD, Seritage and/or their respective direct or
indirect equity holders and/or affiliates, on the other. You acknowledge and agree that the transactions contemplated by this Commitment (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial
transactions among Lender Parties, SHLD, Seritage and the other Loan Parties, and in connection therewith and with the process leading thereto: (i) no Lender Party has assumed: (A) an advisory responsibility in favor of SHLD or Seritage or
its respective equity holders or its affiliates with respect to the financing transactions contemplated hereby; or (B) a fiduciary responsibility in favor of SHLD or Seritage its respective equity holders or its affiliates with respect to the
transactions contemplated hereby or, in each case, the exercise of rights or remedies with respect thereto or the process leading thereto (irrespective of whether a Lender Party has advised, is currently advising or will advise SHLD or Seritage or
its respective equity holders or its affiliates on other matters) or any other obligation to SHLD or Seritage except the obligations expressly set forth in this Commitment; and (ii) each Lender Party is acting solely as a principal and not as
the agent or fiduciary of SHLD or Seritage or its respective management, equity holders, affiliates, creditors or any other person. Each of SHLD and Seritage acknowledges and agrees that it has 

  
 

 

 
consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the
process leading thereto. Each of SHLD and Seritage agrees that it will not claim that any Lender Party has rendered advisory services of any nature or respect with respect to the financing transactions contemplated hereby or owes a fiduciary or
similar duty to SHLD or Seritage its respective equity owners or its affiliates, in connection with such transactions or the process leading thereto. In addition, the Lender Parties may each employ the services of their respective affiliates in
providing services and/or performing its obligations hereunder and may exchange with such affiliates information concerning SHLD, Seritage and their respective businesses and such affiliates will be entitled to the benefits afforded to Lender
Parties, as applicable, hereunder. No Lender Party provides accounting, tax or legal advice. 
  

	O.	Notices. 

 All notices hereunder shall be given in writing by hand or by
expedited prepaid delivery service, either commercial or United States Postal Service, with proof of delivery or attempted delivery, addressed as follows (or at such other address and person as shall be designated from time to time by either party
hereto, as the case may be, in a written notice to the other party hereto in the manner provided for in this Section O). A notice shall be deemed to have been given when delivered or upon refusal to accept delivery. 

If to Lender: 
 H/2 Capital
Partners LLC 
 680 Washington Boulevard, Seventh Floor 

Stamford, Connecticut 06901 

Attention: Spencer Haber 
 and

 JPMorgan Chase Bank, National Association 

383 Madison Avenue 
 New York,
New York 10179 
 Attention: Joseph E. Geoghan 

with a copy to: 
 H/2 Capital
Partners LLC 
 680 Washington Boulevard, Seventh Floor 

Stamford, Connecticut 06901 

Attention: Daniel Ottensoser 

  
 

 

 and: 

H/2 Capital Partners LLC 
 680
Washington Boulevard, Seventh Floor 
 Stamford, Connecticut 06901 

Attention: William Stefko, Esq. 

JPMorgan Chase Bank, National Association 

383 Madison Avenue 
 New York,
New York 10179 
 Attention: Nancy Alto 

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York NY
10006 
 Attention: Kimberly Brown Blacklow 

and 
 Cadwalader,
Wickersham & Taft LLP 
 One World Financial Center 

New York, New York 10281 

Attention: William P. McInerney, Esq. 

If to SHLD: 
 Sears Holdings
Corporation 
 3333 Beverly Road 

Hoffman Estates, Illinois 60179 

Attention: Robert Schriesheim 

With a copy to: 
 Josh Feltman

 Wachtell, Lipton, Rosen & Katz 

51 W. 52nd Street 
 New York, NY
10019 
 If to Seritage: 

Seritage Growth Properties 

3333 Beverly Road 
 Hoffman
Estates, Illinois 60179 
 Attention: Benjamin Schall 

  
 

 

 With a copy to: 

Wachtell, Lipton, Rosen & Katz 

51 W. 52nd Street 

New York, NY 10019 
 Attention:
Joshua Feltman 
 and 
 Mayer
Brown LLP 
 71 South Wacker Drive 

Chicago, IL 60606 
 Attention:
Heather W. Adkerson 
  

	P.	Miscellaneous 

 Each of Lender, SHLD and Seritage (for itself and the other Loan
Parties) hereby waives any right which it may have to a trial by jury in any action brought in respect of this Commitment or in any way connected with or related to the Loan. Each of Lender, SHLD and Seritage (for itself and the other Loan Parties)
hereby agrees that any legal proceeding relating to this Commitment or the transactions contemplated hereby shall be maintained in a State or United States court of competent jurisdiction sitting in the City, State and County of New York, as Lender
shall elect. Lender, SHLD and Seritage (for itself and the other Loan Parties) hereby consent and submit themselves to the jurisdiction of the State and United States courts of New York for the purposes of the adjudication of such legal proceedings.
The interpretation and enforcement of the parties’ rights and obligations under, and any claim, controversy or dispute arising under or related to, this Commitment and the Loan Documents shall be governed by New York law. Time shall be of the
essence with respect to all dates and time periods set forth in this Commitment. IN NO EVENT SHALL LENDER OR ANY OTHER INDEMNIFIED PARTY OR ANY SHLD/SERITAGE PARTIES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES
WHATSOEVER (INCLUDING WITHOUT LIMITATION LOSS OF BUSINESS PROFITS OR OPPORTUNITY) IN CONNECTION WITH THIS COMMITMENT OR THE LOAN. 
 This
Commitment may be signed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered (which delivery may include an electronic or “pdf” signature) shall be an
original, but all of which shall together constitute one and the same instrument. 
 This Commitment sets forth the entire agreement between
Lender, SHLD and Seritage with respect to the subject matter hereof, and all other prior agreements, if any, shall be deemed to have merged herewith. The provisions of this Commitment cannot be waived, amended or modified orally, or by an act or
failure to act on the part of Lender, SHLD and/or Seritage, but only by an agreement in writing signed by Lender, SHLD and Seritage. Without limiting the foregoing, and notwithstanding the receipt and/or deposit by Lender of any deposits or fees
tendered by SHLD or Seritage, no changes to this Commitment, whether by handwritten notation, “rider”, cover letter or otherwise, shall be effective unless expressly agreed to in writing by Lender, SHLD and Seritage. 

  
 

 

 In the event that the Loan fails to close prior to the Expiration Date for any reason other than
a willful default by Lender following the satisfaction by SHLD, Seritage and the other Loan Parties in all material respects of all material conditions to closing set forth in this Commitment, then Lender, as its sole and exclusive remedy at law or
in equity, shall be entitled to reimbursement for all of Lender’s costs and expenses as provided in Section I hereof and to retain the Commitment Fee to the extent set forth in the Fee Letter. 

Lender hereby notifies each of SHLD and Seritage that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Patriot Act”) Lender may be required to obtain, verify and record information that identifies SHLD and Seritage and certain of their affiliates, which information includes the name and address of such
party and other information that will allow Lender to identify such party in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for each Lender. 

The provisions set forth under Sections A, I, J, L, M, N and this Section P will
remain in full force and effect notwithstanding the expiration or termination of this Commitment or Lender’s commitment and agreements hereunder. 

For the purposes hereof: (i) the term “Business Day” shall mean any day other than a Saturday or Sunday or any other day
on which banks are required or authorized to close in New York City; (ii) the singular case shall include the plural and the plural the singular; and (iii) the terms “include(s)” and “including” shall mean
“include(s), without limitation,” and “including, without limitation,” respectively. 
 Unless otherwise expressly set
forth herein, whenever pursuant to this Commitment (a) Lender exercises any right given to it to approve or disapprove, (b) any arrangement or term is to be satisfactory to Lender or (c) any other decision or determination is to be
made by Lender, the decision of Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Lender shall be in the sole and absolute discretion of
Lender and shall be final and conclusive. 
  

	Q.	Expiration; Extension 

 Notwithstanding anything contained herein to the contrary,
this Commitment shall terminate on, and be of no further force and effect (except for the provisions that by their terms survive termination of this Commitment), at 3:00 p.m. (Eastern) on July 17, 2015, unless terminated earlier pursuant to the
terms hereof (such date, the “Expiration Date”). If any such date falls on a day that is not a Business Day, then such date shall be extended to the next day that is a Business Day. 

The Expiration Date of this Commitment may only be extended by a written instrument executed by Lender, SHLD and Seritage specifically
providing for such extension. Each of SHLD and Seritage acknowledges and agrees that no course of dealing among Lender, SHLD and Seritage and their respective counsel (including investigations or the negotiation or exchange

  
 

 

 
of draft or final, unexecuted loan documents) prior to or after such Expiration Date shall constitute an extension of such Expiration Date or otherwise form the basis of any claim against Lender
as to any purported extension of the Expiration Date. 
  

	R.	Acceptance 

 If the terms and conditions of this Commitment are acceptable to you,
please sign this Commitment in the space provided below and return the same to Lender on May 27, 2015. Your failure to comply with the instructions set forth in the preceding sentence shall result in this Commitment becoming null and void and
of no further force or effect. By signing and returning this Commitment, you hereby accept this Commitment on the terms and provisions set forth herein. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 

 

 Please confirm that the foregoing is in accordance with your understanding by signing and
returning to Lender a copy of this Commitment Letter and remitting to us the Good Faith Deposit and the Commitment Fee. We look forward to working with you on this transaction. 

 

			
	Very truly yours,
	
	H/2 CAPITAL PARTNERS LLC
		
	By:		  

			Name:
			Title:

 [Signatures continue on following page] 

  
 

 

 
			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
		
	By:		  

			Name:
			Title:

 [Signatures continue on following page] 

  
 

 

			
	AGREED TO AND ACCEPTED THIS 27TH DAY OF MAY, 2015
	
	SEARS HOLDINGS CORPORATION
		
	By:		  

			Name:
			Title:

 [Signatures continue on following page] 

  
 

 

			
	SERITAGE GROWTH PROPERTIES
		
	By:		  

			Name:
			Title:

  
 

 

 Strictly private & confidential 

 
 Annex A 

Project Madison 
 Secured
Financing (the “Loan”) 
 Summary of Terms and Conditions 

 

			
	Collateral:		The fee (and, with respect to ground-leased properties, the leasehold) interest in 235 properties as more particularly set forth on Exhibit A-1 (each, a “Property” and, collectively, the
“Properties”), together with the improvements and fixtures thereon and all of Borrower’s personal property (tangible and intangible) relating thereto and, subject to the provisions under “Security” below, a
pledge of the equity in the JVs with GGP, Simon and Macerich (the “JV Interests”) with respect to the properties more particularly described on Exhibit A-2 (the “JV Properties”).
		
	Use of Proceeds:		 Acquisition of the Properties pursuant to the Approved Separation Transaction (defined below) and the subsequent operation, renovation and
re-leasing of the Properties
  
 “Approved Separation Transaction” means
the acquisition of Mezzanine Borrower, Borrower and the other assets contemplated thereby by the Guarantor pursuant to the SHLD PSA for a purchase price not less than the Minimum Purchase Price, funded by a combination of (i) proceeds of the Loan
and (ii) the proceeds from a subscription-rights offering to SHLD shareholders and a sale of equity in Guarantor to Simon and GGP that will raise, in the aggregate, not less than the Minimum Cash Equity (as defined below) on such terms as are
set forth in the Form S-11 filed with the Securities and Exchange Commission.
  
 SHLD
will use proceeds of the Approved Separation Transaction solely for general corporate purposes and/or to repay debt and not for distribution to shareholders.

		
	Borrower:		One or more newly-formed special purpose, bankruptcy-remote entities with two independent directors provided by a nationally-recognized provider of independent directors (collectively, “Borrower”). The
organizational documents of Borrower shall contain customary bankruptcy-remote SPE provisions.
		
	Lender:		H/2 Capital Partners LLC or its designee and JPMorgan Chase Bank, National Association or its designee, and their respective successors and assigns.
		
	Loan Amount:		Up to $1,261,195,656, inclusive of additional funding as described under “Additional Funding” below.
		
	Additional Funding:		$100,000,000 of additional funding will be available to support the recapture, lease-up and redevelopment of the Properties until June 30, 2017; provided that, if no event of default is continuing, Borrower may draw the remaining
line and deposit the proceeds in the applicable reserve with Lender. Funding will be subject to the disbursement conditions described in the definitive loan documents.

  
 

 

 Strictly private & confidential 

 
  

 Project Madison 

Secured Financing 
  

			
	Security:		 The Loan will be secured by, inter alia:
  

(i)       a first priority, perfected mortgage on Borrower’s fee and/or
leasehold interest in each Property and a first priority, perfected security interest in the JV Interests;

		
			 (ii)      a first priority, perfected assignment of leases, rents, operating accounts and profits
(including a collateral assignment of the Master Lease and any guaranty of the Master Lease);

		
			 (iii)     a first priority, perfected assignment of all assignable contracts (which shall in all events
include a collateral assignment of the rights under the SHLD PSA and the SHLD TSA), agreements and personal property associated with the ownership and operation of the Property, including reciprocal easement agreements, permits, contracts, operating
agreements, licenses, insurance proceeds of any kind, intellectual property, tenant/FF&E, management agreements, plans and specifications, etc.;

		
			 (iv)     upfront and ongoing reserves and a first priority, perfected pledge of all Borrower operating and
other accounts; and

		
			 (v)      a first priority, perfected pledge of 100% of the equity interests in Borrower.

		
			All security will be subject to customary “Permitted Encumbrances” as defined in the definitive loan documentation.
		
	Recourse:		The Loan will be non-recourse to Borrower or any affiliate thereof, except that Borrower and Guarantor will be liable, on a joint and several basis, for the actual losses, costs and damages incurred by Lender (and costs of
enforcement and collection) arising from customary recourse carve-outs to be agreed between Borrower and Lender.
		
			In addition, the Loan shall become fully recourse to Borrower and Guarantor in connection with prohibited transfers, prohibited liens (including prohibited mezzanine financing), voluntary or involuntary and substantive consolidation
of Borrower.
		
	Guarantor:		Collectively, Seritage Growth Properties, a Maryland real estate investment trust (“Seritage REIT”), and Seritage Growth Properties, L.P., a Delaware limited partnership (“Seritage OP”), jointly and
severally.
		
	Term:		 4 years (the “Initial Term”).
  

Borrower shall have the option to extend the term of the Loan for up to 2 additional 1-year periods (each, an “Extension Term”, and together
with the Initial Term, the “Term”). Each Extension Term shall be conditioned on the satisfaction of the conditions set forth in the loan documents including no default, payment of applicable extension fee and satisfaction of debt
yield and third-party revenue tests.

*        *        *       
 *        * 

  
 

 

 Annex B 

Conditions Precedent 
  

	 	1.	Loan Agreement Conditions Precedent. Each of those conditions set forth in Article 8 of the Loan Agreement. 

  

	 	2.	Fee Payment. Payment of the Funding Fee and all Lender expenses incurred to the Closing Date as set forth in the “Expenses” section of the Term Sheet (the Good Faith Deposit shall be credited against
such expenses and any unused portion of the Good Faith Deposit shall be refunded). 

  

	 	3.	Loan Documents. Completion of negotiation of the Loan Documents on terms reasonably satisfactory to Lender and Borrower. 

  

	 	4.	Due Diligence Completion. Completion and approval, or reserve imposition, as applicable, by Lender of the Due Diligence Items listed on Annex A. 

 

	 	5.	Appraisals. Delivery of 235 appraisals in conformance with FIRREA standards from appraiser engaged by Lender. 

  

	 	6.	Insurance. Insurance policies and certificates of insurance for each Property in conformance with Section 5.15 of the Loan Agreement. 

 

	 	7.	Reserves. Mutual agreement of Deferred Maintenance and Environmental Amount and of Unfunded Obligations Amount. 

  

	 	8.	Flood Certificates. FEMA flood hazard determination certificates for 235 Properties. 

  

	 	9.	UCC Policies. A mezzanine endorsement to the owner’s policy of title insurance if applicable) and Eagle 9 insurance (or the equivalent) in respect of any mezzanine loan, each in a form reasonably acceptable
to Lender and from First American Title or another title insurance company reasonably agreed. 

  

	 	10.	Existing Liens. Evidence of release of all existing debt secured by the Properties, including UCC-3 terminations. 

  

	 	11.	True Sale. Delivery of a true sale opinion with respect to the separation transaction in form acceptable to Lender. 

  

	 	12.	True lease. Delivery of a true lease opinion with respect to the Master Lease in form acceptable to Lender. 

  

	 	13.	Solvency Opinion. Delivery of a solvency opinion in form acceptable to Lender. 

  

	 	14.	Fairness Opinion. Delivery of a copy of a fairness opinion delivered to the Board of Directors of SHLD in form acceptable to Lender. 

 

	 	15.	Budget. Delivery of a monthly operating and capital budget for each Property and for the Borrower as a whole (including allocable expenses of Guarantor/overhead), in each case for the twelve month period
following the Closing Date and subject to review and reasonable approval by Lender.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]