Document:

Exhibit 10.1

    

     

    

    AMENDMENT NO. 1 TO THE

    THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

    OF

    KKR GROUP PARTNERSHIP L.P.

    

    

    This AMENDMENT NO. 1 (this “Amendment”), dated as of August 14, 2020, to the Third Amended and Restated Limited Partnership Agreement, dated as of January 1, 2020 (as amended from time to time, the “Agreement”), of KKR Group Partnership L.P., a Cayman Island exempted limited partnership (the “Partnership”), is made by KKR Group Holdings Corp., a Delaware corporation, as the general partner of the Partnership (the “General Partner”). Each of the capitalized terms used herein that is not otherwise defined herein shall have the meaning ascribed thereto under the Agreement.

    

    

    W I T N E S S E T H

    

    

    WHEREAS, the General Partner,
      pursuant to Section 7.01 of the Agreement, has the authority to establish Classes of Units and determine the designations, preferences, rights and powers of Units;

    

    

    WHEREAS, the General Partner,
      pursuant to Section 10.12(a) of the Agreement, may amend any provision of the Agreement to reflect an amendment that the General Partner determines to be necessary or appropriate in connection with the creation, authorization or issuance of any class
      or series of Units; and

    

    

    WHEREAS, the General Partner has
      determined that it is necessary and appropriate to enter into the Amendment in connection with the issuance of the Series C Preferred Mirror Units (as defined below).

    

    

    NOW, THEREFORE, this Agreement is
      hereby amended as follows:

    

    

    FIRST: In accordance with the
      resolutions of the board of directors of the General Partner adopted on August 14, 2020, the provisions of the Agreement, and applicable law, a new Class of Units is hereby created and designated as “6.00% Series C Mandatory Convertible Preferred
      Mirror Units”, which shall constitute Units under, and as defined in, the Agreement.

    

    

    SECOND: The terms, preferences,
      rights, powers and duties of the Series C Preferred Mirror Units be and the same are hereby fixed, respectively, as set forth in the Agreement, as amended by this Amendment. The Series C Preferred Mirror Units shall be uncertificated and recorded in
      the books and records of the Partnership.

    

    

    THIRD: The following amendments to
      Section 1.01 of the Agreement be and hereby are made:

    

    

    The following definitions shall be amended and restated in its entirety as follows:

    

    

    
      

      1

      
        

      

    

    

    

    “Carrying Value”
      means, with respect to any Partnership asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial carrying value of assets contributed to the Partnership shall be their respective gross fair market values on the
      date of contribution as determined by the General Partner, and the Carrying Values of all Partnership assets may be adjusted to equal their respective fair market values, in accordance with the rules set forth in Treasury Regulation Section
      1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of: (a) the date of the acquisition of any additional Units by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (b) the date of the distribution of more than a de minimis amount of
      Partnership assets to a Partner; (c) the date a Unit is relinquished to the Partnership; (d) the date of the issuance of any Class P Units; (e) the date of the conversion of any Series C Preferred Mirror Units into Class A Units; or (f) any other
      date specified in the Treasury Regulations; provided, however,
      that adjustments pursuant to clauses (a), (b), (c), (d), (e) and (f) above shall be made only if such adjustments are deemed necessary or appropriate by the General Partner to reflect the relative economic interests of the Partners.  The Carrying
      Value of any Partnership asset distributed to any Partner shall be adjusted immediately before such distribution to equal its fair market value.  In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying
      Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits (Losses)” rather than the amount of depreciation determined for U.S. federal income tax purposes, and depreciation shall be calculated by
      reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis.

    

    

    “Class A/P and Series C
        Preferred Mirror Unit Tax Amount” means an amount, determined by the General Partner, which is no greater than the General Partner’s estimate of the Net Taxable Income in accordance with Article V allocable to holders of Class A Units, and
      Class P Units and Series C Preferred Mirror Units (but only to the extent attributable to distributions of Class A Units thereon), multiplied by the Assumed Tax Rate.

    

    

    “Class A/P and Series C
        Preferred Mirror Unit Tax Distribution” has the meaning set forth in Section 4.01(b).

    

    

    “Tax Amount”
      means, collectively, Class A/P and Series C Preferred Mirror Unit Tax Amount and Class B Tax Amount.

    

    

    “Tax Distributions”
      means, collectively, Class A/P Tax and Series C Preferred Mirror Unit Distributions and Class B Tax Distributions.

    

    

    The following definitions shall be added:

    

    

    “Series C Preferred
        Mirror Unit Percentage Interest” means, with respect to any Partner, the quotient obtained by dividing the aggregate number of Series C Preferred Mirror Units then owned by such Partner by the aggregate number of Series C Preferred Mirror
      Units then owned by all Partners.

    

    

    “Series C Preferred
        Mirror Units” means the Class of Preferred Units designated as “6.00% Series C Mandatory Convertible Preferred Mirror Units” pursuant to Section 13.01.

    

    

    
      

      2

      
        

      

    

    

    

    FOURTH: Section 4.01 of the
      Agreement is hereby amended and restated in its entirety as follows:

    

    

    (a) The General Partner, in its sole discretion, may authorize distributions by the Partnership to the Partners.  Distributions shall be
      made in accordance with Section 11.03, Section 12.03, Section 13.03 and this Article IV.  However, no distributions, other than Tax Advances, shall be made with respect to a Partner’s Class P Units.  The Designated Percentage of any distribution
      (other than distributions made with respect to the Series A Preferred Mirror Units pursuant to Section 11.03, Series B Preferred Mirror Units pursuant to Section 12.03 or Series C Preferred Mirror Units pursuant to Section 13.03) that is attributable
      to Existing Carried Interests or Future Carried Interests shall be made to holders of Class B Units and the remaining amount of any such distribution shall be made to holders of Class A Units, in each case pro rata in accordance with such Partners’ respective Class B Percentage Interest and Class A Percentage Interest.  All other distributions (other than distributions made with respect to
      the Series A Preferred Mirror Units pursuant to Section 11.03, Series B Preferred Mirror Units pursuant to Section 12.03 or Series C Preferred Mirror Units pursuant to Section 13.03) not attributable to Existing Carried Interests or Future Carried
      Interests shall be made solely to the holders of Class A Units pro rata in accordance with such Partners’ respective Class A Percentage
      Interests. Notwithstanding the foregoing but subject to the first sentence of Section 4.01(b), unless the General Partner, in its sole discretion, determines otherwise, distributions shall not be made with respect to any Unvested Units.

    

    

    (b) If the General Partner determines that the Partnership has taxable income for a Fiscal Year (“Net Taxable Income”) allocable to holders of Class A Units,  and Class P Units and Series C Preferred Mirror Units (but only to the extent attributable to distributions of Class A Units
      thereon), and subject to the last sentence of this Section 4.01(b), the General Partner may, from time to time and in its sole discretion, cause the Partnership to distribute Available Cash attributable to Class A Units, and Class P Units and Series
      C Preferred Mirror Units, to the extent that other distributions made by the Partnership to holders of Class A Units, and Class P Units and Series C Preferred Mirror Units for such year were otherwise insufficient, in an amount equal to the Class A/P
      and Series C Preferred Mirror Unit Tax Amount (the “Class A/P and Series C Preferred Mirror Unit Tax Distributions”).  If the General Partner determines that
      the Partnership has Net Taxable Income allocable to holders of Class B Units, the General Partner shall cause the Partnership to distribute Available Cash attributable to Class B Units, to the extent that other distributions made by the Partnership
      to holders of Class B Units for such year were otherwise insufficient, in an amount equal to the Class B Tax Amount (the “Class B Tax Distributions”).  For
      purposes of computing the Tax Amount, the effect of any adjustment under Section 743(b) of the Code arising after the Restructuring Transactions will be ignored.  Subject to the last sentence of this Section 4.01(b), Class A/P and Series C Preferred
      Mirror Unit Tax Distributions shall be made pro rata to holders of Class A, and Class P Units and Series C Preferred Mirror Units and Class B Tax Distributions shall be made pro rata to holders of Class B Units, on the other, in accordance with their
      Class A/P Percentage Interest, Series C Preferred Mirror Unit Percentage Interest or Class B Percentage Interest, as applicable.  Any Tax Distributions shall be treated in all respects as offsets against future distributions pursuant to Section
      4.01(a)  and future cash payments pursuant to Section 13.03, 13.05, 13.06 and 13.11; provided that, any Tax Distributions made with respect to Class P Units which subsequently convert into Class A Units pursuant to Section 5.03(b) shall be treated in
      all respects as offsets against any such future distributions made with respect to such Class A Units; provided, further that, any Tax Distributions made with respect to Series C Preferred Mirror Units shall be treated in all respects as offsets
      against any such future distributions made with respect to the relevant holder’s Series C Preferred Mirror Units and Class A Units (including any Class A Units that such Series C Preferred Mirror Units convert into pursuant to Article XIII). 
      Notwithstanding anything in this Agreement to the contrary, Tax Distributions shall not be made with respect to any holder of a Class P Series if such distributions would cause such holder’s Class P Series Sub-Account with respect to such Class P
      Series to be reduced below zero.

    

    

    
      

      3

      
        

      

    

    

    

    FIFTH: Section 5.03(a) of the
      Agreement is hereby amended and restated in its entirety as follows:

    

    

    (a)  A separate capital account (a “Capital Account”)

      shall be established and maintained for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv).  To the extent consistent with such Treasury Regulations, the Capital Account of each Partner shall be credited
      with such Partner’s Capital Contributions, if any, all Profits allocated to such Partner pursuant to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses allocated
      to such Partner pursuant to Section 5.04, any items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner
      and the liabilities to which such property is subject) distributed by the Partnership to such Partner.  Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same
      may be credited or debited from time to time as set forth above.  In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the Transferee shall succeed to the Capital Account of the transferor to
      the extent it relates to the transferred interest.  The Capital Account balance for each Series A Preferred Mirror Unit shall equal the Liquidation Preference per Series A Preferred Mirror Unit as of the date such Series A Preferred Mirror Unit is
      initially issued and shall be increased as set forth in Section 5.05, the Capital Account balance for each Series B Preferred Mirror Unit shall equal the Liquidation Preference per Series B Preferred Mirror Unit as of the date such Series B Preferred
      Mirror Unit is initially issued and shall be increased as set forth in Section 5.05 and the Capital Account balance for each Series C Preferred Mirror Unit shall equal the Liquidation Preference per Series C Preferred Mirror Unit as of the date such
      Series C Preferred Mirror Unit is initially issued and shall be increased as set forth in Section 5.05.

    

    

    SIXTH: Section 5.05(g) of the
      Agreement is hereby amended and restated in its entirety as follows:

     

    

    (g) Gross Ordinary Income. Before giving effect
      to the allocations set forth in Section 5.04, Gross Ordinary Income for the Fiscal Year shall be specially allocated pro rata to the holders of
      Series A Preferred Mirror Units, the Series B Preferred Mirror Units and the Series C Preferred Mirror Units in an amount equal to the sum of (i) the amount of cash, and with respect to the Series C Preferred Mirror Units, the Class A Unit Capital
      Account Amount of each Class A Unit, distributed to the holders of Series A Preferred Mirror Units pursuant to Section 11.03, the Series B Preferred Mirror Units pursuant to Section 12.03 and the Series C Preferred Mirror Units pursuant to Section
      13.03 during such Fiscal Year, (ii) the excess, if any, of the amount of cash, and with respect to the Series C Preferred Mirror Units, the Class A Unit Capital Account Amount of each Class A Unit, distributed to the holders of Series A Preferred
      Mirror Units pursuant to Section 11.03, the Series B Preferred Mirror Units pursuant to Section 12.03 and the Series C Preferred Mirror Units pursuant to Section 13.03 in all prior Fiscal Years over the amount of Gross Ordinary Income allocated to
      the holders of Series A Preferred Mirror Units, the Series B Preferred Mirror Units and the Series C Preferred Mirror Units pursuant to this Section 5.05(g) in all prior Fiscal Years and (iii) with respect to the Series C Preferred Mirror Units, the
      amount of cash and Class A Unit Capital Account Amount of each Class A Unit, in each case, distributed to the holders of Series C Preferred Mirror Units attributable to any Accumulated Distribution Amount, Fundamental Change Distribution Make-Whole
      Amount, Acquisition Termination Make-Whole Amount (other than in respect of the Series C Liquidation Preference), or otherwise attributable to any accumulated
      and unpaid distributions in respect of the Series C Preferred Mirror Units, in each case pursuant to Section 13.06 or 13.11. For purposes of this Section 5.05(g), “Gross
          Ordinary Income” means the Partnership’s gross income excluding any gross income attributable to the sale or exchange of “capital assets” as defined in Section 1221 of the Code. Allocations to holders of Series A Preferred Mirror Units
      of Gross Ordinary Income shall consist of a proportionate share of each Partnership item of Gross Ordinary Income for such Fiscal Year in accordance with each holder’s pro rata percentage of the Series A Preferred Mirror Units. Allocations to holders of Series B Preferred Mirror Units of Gross Ordinary Income shall consist of a proportionate share of each Partnership item of Gross
      Ordinary Income for such Fiscal Year in accordance with each holder’s pro rata percentage of the Series B Preferred Mirror Units. Allocations to
      holders of Series C Preferred Mirror Units of Gross Ordinary Income shall consist of a proportionate share of each Partnership item of Gross Ordinary Income for such Fiscal Year in accordance with each holder’s pro rata percentage of the Series C Preferred Mirror Units. 

    

    

    

    
      

      4

      
        

      

    

    

    

    SEVENTH: Section 8.03(b) of the
      Agreement is hereby amended and restated in its entirety as follows:

     

    

        (b)          The balance, if any, to the Partners in accordance with Article XI, Article XII, Article XIII and Section 4.01; provided that no distributions will be made to any Partner in respect of any Class P Series once such Partner’s Class P Series Sub-Account in respect of such Class P Series is zero (taking into account adjustments
      resulting from this Section 8.03).
    

    

    
      

      5

      
        

      

    

     

      

    EIGHTH: The Agreement is hereby amended by adding the following new Article XIII as follows: 

     

    

    ARTICLE XIII

    

    

    TERMS, PREFERENCES, RIGHTS, POWERS

    

    

    AND DUTIES OF THE SERIES C PREFERRED MIRROR UNITS

    

    

    SECTION 13.01.     Designation.  The Series C Preferred Mirror Units are hereby designated and created as a series of Preferred Units hereunder. Each Series C Preferred Mirror Unit shall be identical in all
      respects to every other Series C Preferred Mirror Unit. 23,000,000 Series C Preferred Mirror Units shall be initially issued in the form of a limited partnership interest to the General Partner. The Series C Preferred Mirror Units rank equally with
      the Series A Preferred Mirror Units (as defined in Article XI) and the Series B Preferred Mirror Units (as defined in Article XII) with respect to payment of distributions and distributions of assets upon a Dissolution Event.

    

    

    SECTION 13.02.     Definitions.  The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Article XIII.

    

    

    “Accumulated Distribution Amount” means, with
      respect to any Fundamental Change Conversion, the aggregate amount of undeclared, accumulated and unpaid distributions, if any, for Distribution Periods prior to the relevant Fundamental Change Effective Date, including for the partial Distribution
      Period, if any, from, and including, the Distribution Payment Date immediately preceding such Fundamental Change Effective Date to, but excluding, such Fundamental Change Effective Date, subject to Section 13.11.

    

    

    “Acquisition Termination Conversion Rate” means
      a rate equal to the Fundamental Change Conversion Rate, assuming for such purpose that the date on which the Issuer provides notice of Acquisition Termination Redemption is the Fundamental Change Effective Date, and that the Acquisition Termination
      Share Price is the Fundamental Change Stock Price.

    

    

    “Acquisition Termination Distribution Amount”
      means an amount of cash equal to the sum of:

    

    

    	

          	(i)	
            the Fundamental Change Distribution Make-Whole Amount; and

          

    

    

    	

          	(ii)	
            the Accumulated Distribution Amount,

          

    

    

    assuming in each case, for such purpose that the date on which the Partnership provides notice of Acquisition Termination Redemption is the Fundamental Change
      Effective Date.

    

    

     “Acquisition Termination Make-Whole Amount”
      means, for each Series C Preferred Mirror Unit, an amount payable in cash equal to $50.00 plus accumulated and unpaid distributions to, but excluding, the Acquisition Termination Redemption Date (whether or not declared); provided, however, that if
      the Acquisition Termination Share Price exceeds the Initial Price, the Acquisition Termination Make-Whole Amount will equal the Reference Amount, which may be paid in cash, Class A Units or a combination thereof.

    

    

    “Acquisition Termination Market Value” means the
      Average VWAP per share of the Common Stock over the 20 consecutive Trading Day period commencing on, and including, the second Trading Day following the date on which the Issuer provides notice of an Acquisition Termination Redemption.

    

    

    “Acquisition Termination Redemption” has the
      meaning set forth in Section 3 of the Series C Certificate of Designations.

    

    

    
      

      6

      
        

      

    

    

    

    “Acquisition Termination Redemption Date” has
      the meaning set forth in Section 6 of the Series C Certificate of Designations.

    

    

    “Acquisition Termination Share Price” has the
      meaning set forth in Section 3 of the Series C Certificate of Designations.

    

    

    “Applicable Market Value” means the Average VWAP
      per share of the Common Stock over the Settlement Period.

    

    

    “Average Price” means 97% of the Average VWAP
      per share of the Common Stock over the five consecutive Trading Day period beginning on, and including, the sixth Scheduled Trading Day prior to the applicable Distribution Payment Date.

    

    

    “Average VWAP” per share over a certain period
      means the arithmetic average of the VWAP per share for each Trading Day in the relevant period.

    

    

    “Business Day means any day other than a
      Saturday or Sunday or any other day on which commercial banks in New York City are authorized or required by law or executive order to close.

    

    

    “Conversion Date” shall mean the Mandatory
      Conversion Date, the Fundamental Change Conversion Date or the Early Conversion Date, as applicable.

    

    

    “Distribution Payment Date” means March 15, June
      15, September 15 and December 15 of each year, commencing December 15, 2020.

    

    

    “Distribution Period” is the period from and
      including a Distribution Payment Date to, but excluding, the next Distribution Payment Date, except that the initial Distribution Period commences on and includes August 14, 2020.

    

    

    “Distribution Rate” means 6.00% per annum.

    

    

    “Fixed Conversion Rates” means the Maximum
      Conversion Rate and the Minimum Conversion Rate.

    

    

    “Fundamental Change” has the meaning set forth
      in Section 3 of the Series C Certificate of Designations.

    

    

    “Fundamental Change Conversion Period” means the
      period beginning on, and including, the Fundamental Change Effective Date and ending at 5:00 p.m., New York City time (the “Close of Business”) on the date
      that is 20 calendar days after the Fundamental Change Effective Date (but in no event later than September 15, 2023). If the Issuer provides the Fundamental Change Notice later than the second Business Day following the Fundamental Change Effective
      Date, the Fundamental Change Conversion Period shall be extended by a number of days equal to the number of days from, and including, the Fundamental Change Effective Date to, but excluding, the date of such Fundamental Change Notice; provided, however, that the Fundamental Change Conversion Period shall
      not be extended beyond September 15, 2023.

    

    

    
      

      7

      
        

      

    

    

    

    “Fundamental Change Conversion Rate” means, for
      any Fundamental Change Conversion, the conversion rate per Series C Preferred Mirror Unit set forth in the table below for the Fundamental Change Effective Date and the Fundamental Change Stock Price applicable to such Fundamental Change:

    

    

    	 	
            Fundamental Change Stock Price

          
	
            Fundamental Change Effective Date

          	
            $ 25.00

          	
            $ 30.00

          	
            $ 35.00

          	
            $ 40.00

          	
            $ 42.87

          	
            $ 45.00

          	
            $ 50.00

          	
            $ 55.00

          	
            $ 60.00

          	
            $ 70.00

          	
            $ 80.00

          	
            $ 100.00

          
	
            August 14, 2020

          	
             1.2338

          	
             1.2165

          	
             1.1989

          	
             1.1834

          	
             1.1758

          	
             1.1707

          	
             1.1608

          	
             1.1531

          	
             1.1474

          	
             1.1402

          	
             1.1365

          	
              1.1343

          
	
            September 15, 2021

          	
             1.2902

          	
             1.2637

          	
             1.2365

          	
             1.2126

          	
             1.2009

          	
             1.1933

          	
             1.1785

          	
             1.1676

          	
             1.1598

          	
             1.1505

          	
             1.1463

          	
              1.1442

          
	
            September 15, 2022

          	
             1.3567

          	
             1.3219

          	
             1.2802

          	
             1.2416

          	
             1.2229

          	
             1.2110

          	
             1.1892

          	
             1.1747

          	
             1.1656

          	
             1.1570

          	
             1.1545

          	
              1.1543

          
	
            September 15, 2023

          	
             1.4285

          	
             1.4285

          	
             1.4285

          	
             1.2500

          	
             1.1663

          	
             1.1662

          	
             1.1662

          	
             1.1662

          	
             1.1662

          	
             1.1662

          	
             1.1662

          	
              1.1662

          

    

    

    The exact Fundamental Change Stock Price and Fundamental Change Effective Date may not be set forth in the table, in which case:

    

    

    (i) if the Fundamental Change Stock Price is between two Fundamental Change Stock Price amounts in the table above or
      the Fundamental Change Effective Date is between two Fundamental Change Effective Dates in the table above, the Fundamental Change Conversion Rate shall be determined by a straight-line interpolation between the Fundamental Change Conversion Rates
      set forth for the higher and lower Fundamental Change Stock Price amounts and the earlier and later Fundamental Change Effective Dates, as applicable, based on a 365 or 366-day year, as applicable;

    

    

    (ii) if the Fundamental Change Stock Price is in excess of $100.00 per share (subject to adjustment in the same manner
      as adjustments are made to the Fundamental Change Stock Prices in the column headings of the table above), then the Fundamental Change Conversion Rate shall be the Minimum Conversion Rate; and

    

    

    (iii) if the Fundamental Change Stock Price is less than $25.00 per share (subject to adjustment in the same manner as
      adjustments are made to the Fundamental Change Stock Prices in the column headings of the table above), then the Fundamental Change Conversion Rate shall be the Maximum Conversion Rate.

    

    

    The Fundamental Change Stock Prices in the column headings in the table above are each subject to adjustment as of any date on which the
      Fixed Conversion Rates are adjusted. The adjusted Fundamental Change Stock Prices shall equal (x) the Fundamental Change Stock Prices applicable immediately prior to such adjustment, multiplied by (y) a fraction, the numerator of which is the Minimum Conversion Rate immediately prior to the
      adjustment giving rise to the Fundamental Change Stock Price adjustment and the denominator of which is the Minimum Conversion Rate as so adjusted. The Fundamental Change Conversion Rates set forth in the table above will be each subject to
      adjustment in the same manner and at the same time as each Fixed Conversion Rate as set forth in Section 13.15.

    

    

    “Fundamental Change Effective Date” shall mean
      the effective date of the relevant Fundamental Change.

    

    

    
      

      8

      
        

      

    

    

    

    “Fundamental Change Stock Price” means, for any
      Fundamental Change, the price paid (or deemed paid) per share of the Common Stock in the Fundamental Change, which shall equal (i) if all holders of the Common Stock receive only cash in such Fundamental Change, the amount of cash paid per share of
      Common Stock in such Fundamental Change, and (ii) in all other cases, the Average VWAP per share of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Fundamental Change
      Effective Date.

    

    

     ”GP Mirror Units” means, collectively, the
      Series C Preferred Mirror Units and any preferred equity securities of a future Group Partnership with economic terms consistent with the Series C Preferred Mirror Units.

    

    

    “Initial Price” means $50.00, divided by the Maximum Conversion Rate, which quotient is initially equal to approximately $35.00.

    

    

    “Issuer Certificate of Incorporation” means the
      Amended and Restated Certificate of Incorporation of the Issuer, dated and effective as of May 8, 2020, as amended by the Series C Certificate of Designations and as it may be further amended or restated from time to time.

    

    

    “Junior Units” means Common Class Units or any
      other equity securities that the Partnership may issue in the future ranking, as to the payment of distributions, junior to the Series C Preferred Mirror Units.

    

    

    “Mandatory Conversion Date” means the second
      Business Day immediately following the last Trading Day of the Settlement Period. The Mandatory Conversion Date is expected to be September 15, 2023. If the Mandatory Conversion Date occurs after September 15, 2023 (whether because a Scheduled
      Trading Day during the Settlement Period is not a Trading Day due to the occurrence of a Market Disruption Event or otherwise), no interest or other amounts will accrue as a result of such postponement.

    

    

    “Mandatory Conversion Rate” means the number of
      Class A Units issuable upon conversion of each Series C Preferred Mirror Unit on the Mandatory Conversion Date, which shall be as follows:

    

    

    (a)          if the Applicable Market
        Value of the Common Stock is greater than $42.87, then the Conversion Rate will be 1.1662 Class A Units per Series C Preferred Mirror Unit (the “Minimum Conversion Rate”);

    

    

    (b)          if the Applicable Market
        Value of the Common Stock is less than or equal to $42.87 but equal to or greater than $35.00, then the Conversion Rate will be equal to $50.00, divided by the Applicable Market Value of the Common Stock, rounded to the nearest ten-thousandth of a
        share; or

    

    

    (c)          if the Applicable Market
        Value of the Common Stock is less than $35.00, then the Conversion Rate will be 1.4285 Class A Units per Series C Preferred Mirror Unit (the “Maximum Conversion Rate”
        and, with the Minimum Conversion Rate, the “Fixed Conversion Rates”).

    

    

    
      

      9

      
        

      

    

    

    

    The Mandatory Conversion Rate per Series C Preferred Mirror Unit will in no event exceed the Maximum Conversion Rate, subject to the
      anti-dilution adjustments pursuant to Section 13.15 and exclusive of any amounts owing in respect of any Additional Conversion Amount or any accumulated and unpaid distributions on the Series C Preferred Mirror Units.

    

    

    “Market Disruption Event” means (i) a failure by the Relevant Stock Exchange to open for trading during its regular trading session; or (ii) the occurrence or existence, prior to 1:00
      p.m., New York City time, on any Scheduled Trading Day for the Issuer’s Common Stock, for more than a one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in
      price exceeding limits permitted by the Relevant Stock Exchange or otherwise) in the Issuer’s Common Stock.

    

    

    “Parity Units” means any Preferred Units that
      the Partnership has or may authorize or issue, the terms of which provide that such securities shall rank equally with the Series C Preferred Mirror Units with respect to payment of distributions and distribution of assets upon a Dissolution Event,
      including but not limited to the Series A Preferred Mirror Units and the Series B Preferred Mirror Units.

    

    

    “Permitted Jurisdiction” means the United States
      or any state thereof, Belgium, Bermuda, Canada, Cayman Islands, France, Germany, Gibraltar, Ireland, Italy, Luxembourg, the Netherlands, Switzerland, the United Kingdom or British Crown Dependencies, any other member country of the Organisation for
      Economic Co-operation and Development, or any political subdivision of any of the foregoing.

    

    

    “Permitted Reorganization” means (i) the
      voluntary or involuntary liquidation, dissolution or winding up of any of the Partnership’s subsidiaries or upon any reorganization of the Partnership into another limited liability entity pursuant to provisions of this Agreement that allows the
      Partnership to convert, merge or convey our assets to another limited liability entity with or without limited partner approval (including a merger or conversion of our partnership into a corporation if the General Partner determines in its sole
      discretion that it is no longer in the interests of the Partnership to continue as a partnership for U.S. federal income tax purposes) or (ii) the Partnership engages in a reorganization or other transaction in which a successor to the Partnership
      issues equity securities to the Series C Holders that have rights, powers and preferences that are substantially similar to the rights, powers and preferences of the Series C Preferred Mirror Units pursuant to provisions of this Agreement that allow
      the Partnership to do so without limited partner approval. 

    

    

    “Permitted Transfer” means the sale, conveyance,
      exchange or transfer, for cash, of units of capital stock, securities or other consideration, of all or substantially all of the Partnership’s property or assets or the consolidation, merger or amalgamation of the Partnership with or into any other
      entity or the consolidation, merger or amalgamation of any other entity with or into the Partnership which will not be deemed to be a voluntary or involuntary liquidation, dissolution or winding up of the Partnership, notwithstanding that for other
      purposes, such as for tax purposes, such an event may constitute a liquidation, dissolution or winding up.

    

    

    
      

      10

      
        

      

    

    

    

    “Reference Amount” means, for each Series C
      Preferred Mirror Unit, an amount equal to the sum of the following amounts:

    

    

    (i)  a number of Class A Units equal to the Acquisition Termination Conversion Rate; plus

    

    

    (ii) cash in an amount equal to the Acquisition Termination Distribution Amount;

    

    

    provided that the Partnership may deliver cash
      in lieu of all or any portion of the Class A Units set forth in clause (i) above, and the Partnership may deliver Class A Units in lieu of all or any portion of the cash amount set forth in clause (ii) above.

    

    

    “Relevant Stock Exchange” means NYSE or, if the
      Issuer’s Common Stock is not then listed on NYSE, on the principal other U.S. national or regional securities exchange on which the Issuer’s Common Stock is then listed or, if the Issuer’s Common Stock is not then listed on a U.S. national or
      regional securities exchange, on the principal other market on which the Issuer’s Common Stock is then listed or admitted for trading.

    

    

    “Scheduled Trading Day” means any day that is
      scheduled to be a Trading Day.

    

    

    “Series C Certificate of Designations” means the
      certificate of designations of the Series C Mandatory Convertible Preferred Stock, as it may be amended from time to time.

    

    

    “Series C Holder” means a record holder of
      Series C Preferred Mirror Units.

    

    

    “Series C Liquidation Preference” means $50.00
      per Series C Preferred Mirror Unit.  The Series C Liquidation Preference shall be the “Liquidation Preference” with respect to the Series C Preferred Mirror Units.

    

    

    “Series C Liquidation Value” means the sum of
      the Series C Liquidation Preference and declared and unpaid distributions, if any, to, but excluding, the date of the Dissolution Event on the Series C Preferred Mirror Units.

    

    

    “Series C Mandatory Convertible Preferred Stock”
      means the preferred stock, $0.01 par value per share, of the Issuer that has been designated as 6.00% Series C Mandatory Convertible Preferred Stock.

    

    

    “Series C Record Date” means, with respect to
      any Distribution Payment Date, the March 1, June 1, September 1 or December 1, as the case may be, immediately preceding the relevant March 15, June 15, September 15 or December 15 Distribution Payment Date, respectively.

    

    

    
      

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    “Settlement Period” means the 20 consecutive
      Trading Day period beginning on, and including, the 21st Scheduled Trading Day immediately preceding September 15, 2023.

    

    

    “Share Dilution Amount” means the increase in
      the number of diluted shares of Common Stock outstanding (determined in accordance with U.S. generally accepted accounting principles, and as measured from the Initial Issue Date) resulting from the grant, vesting or exercise of equity-based
      compensation to directors, employees and agents and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.

    

    

    “Substantially All Merger” means a merger or
      consolidation of one or more Group Partnerships with or into another Person that would, in one or a series of related transactions, result in the transfer or other disposition, directly or indirectly, of all or substantially all of the combined
      assets of the Group Partnerships taken as a whole to a Person that is not a Group Partnership immediately prior to such transaction.

    

    

    “Substantially All Sale” means a sale,
      assignment, transfer, lease or conveyance, in one or a series of related transactions, directly or indirectly, of all or substantially all of the assets of the Group Partnerships taken as a whole to a Person that is not a Group Partnership
      immediately prior to such transaction.

    

    

    “Trading Day” means a day on which (a) there is
      no Market Disruption Event and (b) trading in the Common Stock generally occurs on the Relevant Stock Exchange; provided, however that if the
      Common Stock is not listed or admitted for trading, “Trading Day” means any Business Day.

    

    

    “VWAP” per share of the Common Stock on any
      Trading Day means the per share volume-weighted average price as displayed on Bloomberg page “KKR<EQUITY>AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the
      scheduled close of trading of the primary trading session on such Trading Day (or, if such volume-weighted average price is not available, the market value per share of Common Stock on such Trading Day as determined, using a volume-weighted average
      method, by a nationally recognized independent investment banking firm retained by the Issuer for this purpose).

    

    

    SECTION 13.03.     Distributions.

    

    

    (a)          The Series C Holders shall be entitled to
      receive with respect to each Series C Preferred Mirror Unit, when, as and if declared by the board of directors of the General Partner, or duly authorized committees thereof, out of funds legally available therefor, in the case of distributions paid
      in cash, and Class A Units legally permitted to be issued, in the case of distributions paid in Class A Units, cumulative distributions at a rate per annum equal to 6.00% (subject to Section 13.06 of this Agreement) of the Series C Liquidation
      Preference (the “Distribution Rate”), payable in cash, by delivery of Class A Units or through any combination of cash and Class A Units pursuant to Section
      13.03(c), as determined by the General Partner in its sole discretion (subject to the limitations set forth in Section 13.03(e)).

    

    

    
      

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    If declared, distributions on the Series C Preferred
      Mirror Units shall be payable quarterly on each Distribution Payment Date at such annual
        rate, and distributions shall accumulate from the most recent date as to which distributions shall have been paid or, if no distributions have been paid, from the Initial Issue Date, whether or not in any Distribution Period or Distribution Periods
        there have been funds legally available or Class A Units legally permitted to be issued for the payment of such distributions.

    

    

    If declared, distributions shall be payable on the relevant
        Distribution Payment Date to Record Holders on the immediately preceding Regular Record Date, whether or not such Record Holders early convert their Series C Preferred Mirror Units, or such Series C Preferred Mirror Units are automatically converted, after a Regular Record Date and on or prior to the immediately
        succeeding Distribution Payment Date; provided that the Regular Record Date for any such distribution shall not precede the date on which such distribution was so declared. If a Distribution Payment Date is not a Business Day, payment shall be made
        on the next succeeding Business Day, without any interest or other payment in lieu of interest accruing with respect to this delay.

    

    

    The amount of distributions payable on each Series C
      Preferred Mirror Unit for each full Distribution Period (subsequent to the initial Distribution Period) shall be computed by dividing the Distribution Rate by four.
        Distributions payable on Series C Preferred Mirror Units for the initial Distribution Period and any partial Distribution Period shall be computed based upon the
        actual number of days elapsed during such period over a 360-day year (consisting of twelve 30-day months). Accumulated distributions on Series C Preferred Mirror Units shall not bear interest, nor shall additional distributions be payable thereon, if they are paid subsequent to the applicable Distribution Payment Date.

    

    

    No distribution shall be paid unless and until the board

      of directors of the General Partner, or an authorized committee thereof, declares a distribution payable with respect to the Series C Preferred Mirror Units. No distribution
        shall be declared or paid upon, or any sum of cash or number of Class A Units set apart for the payment of distributions upon, any outstanding Series C Preferred Mirror Units with respect to any Distribution Period unless all distributions for all
        preceding Distribution Periods have been declared and paid upon, or a sufficient sum of cash or number of Class A Units has been set apart for the payment of such distributions upon, all outstanding Series C Preferred Mirror Units.

    

    

    Holders shall not be entitled to any distributions on Series C Preferred Mirror Units, whether payable in cash, property or Class A Units,
      in excess of full cumulative distributions.

    

    

    Except as described in this Section 13.03 (a), distributions on Series C Preferred Mirror Units converted to Class A Units shall cease to
      accumulate, and all other rights of Holders will terminate, from and after the applicable Conversion Date (other than the right to receive the consideration due upon such conversion as described herein).

    

    

    
      

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    (b)          So long as any Series C Preferred Mirror
      Unit remains outstanding, no distribution or distribution shall be declared or paid on the Class A Units or any other class or series of Junior Units, and no Class A Units or any other class or series of Junior Units shall be, directly or indirectly,
      purchased, redeemed or otherwise acquired for consideration by the Partnership or any of its Subsidiaries unless, in each case, all accumulated and unpaid distributions for all preceding Distribution Periods have been declared and paid in full in
      cash, shares of the Class A Units or a combination thereof, or a sufficient sum of cash or number of shares of the Class A Units has been set apart for the payment of such distributions, on all outstanding Series C Preferred Mirror Units. The
      foregoing limitation shall not apply to:

    

    

    (i)          any
        distribution or distribution payable in Class A Units or other Junior Units, together with cash in lieu of any fractional share;

    

    

    (ii)          purchases,

        redemptions or other acquisitions of Class A Units or other Junior Units in connection with the administration of any benefit or other incentive plan, including any employment contract, in the ordinary course of business, including, without
        limitation, (x) purchases to offset the Share Dilution Amount pursuant to a publicly announced repurchase plan, provided that any purchases to offset the
        Share Dilution Amount shall in no event exceed the Share Dilution Amount, (y) the forfeiture of unvested shares of restricted stock or share withholding or other acquisitions or surrender of shares to which the holder may otherwise be entitled upon
        exercise, delivery or vesting of equity awards (whether in payment of applicable taxes, the exercise price or otherwise), and (z) the payment of cash in lieu of fractional shares;

    

    

    (iii)          purchases

        or deemed purchases or acquisitions of fractional interests in shares of any Class A Units or other Junior Units pursuant to the conversion or exchange provisions of such shares of other Junior Units or any securities exchangeable for or
        convertible into Class A Units or other Junior Units;

    

    

    (iv)          any
        distributions or distributions of rights or Class A Units or other Junior Units in connection with a unitholders’ rights plan or any redemption or repurchase of rights pursuant to any unitholders’ rights plan;

    

    

    (v)          purchases
        of Class A Units or other Junior Units pursuant to a contractually binding requirement to buy Class A Units or other Junior Units, including under a contractually binding stock repurchase plan, in each case, existing prior to the date of the
        Prospectus Supplement;

    

    

    (vi)          the
        acquisition by the Partnership or any of its Subsidiaries of record ownership in Class A Units or other Junior Units or Parity Units for the beneficial ownership of any other persons (other than the Partnership or any of its Subsidiaries),
        including as trustees or custodians, and the payment of cash in lieu of fractional shares; and

    

    

    (vii)          the
        exchange or conversion of Junior Units for or into other Junior Units or of Parity Units for or into other Parity Units (with the same or lesser aggregate liquidation preference) or Junior Units and the payment of cash in lieu of fractional shares.

    

    

    
      

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    When distributions on Series C Preferred Mirror Units (i) have not been declared and paid in full on any Distribution Payment Date (or, in
      case of Parity Units having distribution payment dates different from such Distribution Payment Dates, on a distribution payment date falling within a regular distribution period related to such Distribution Payment Date), or (ii) have been declared
      but a sum of cash or number of shares of Class A Units sufficient for payment thereof has not been set aside for the benefit of the Holders thereof on the applicable Regular Record Date, no distributions may be declared or paid on any shares of
      Parity Units unless distributions are declared on the Series C Preferred Mirror Units such that the respective amounts of such distributions declared on the Series C Preferred Mirror Units and such shares of Parity Units shall be allocated pro rata among the Series C Holders and the holders of any shares of Parity Units then outstanding. For purposes of calculating the pro rata
      allocation of partial distribution payments, the Partnership shall allocate those payments so that the respective amounts of those payments for the declared distribution bear the same ratio to each other as all accumulated and unpaid distributions
      per share on the Series C Preferred Mirror Units and all declared and unpaid distributions per share on such shares of Parity Units bear to each other (subject to their having been declared by the board of directors of the General Partner, or an
      authorized committee thereof, out of legally available funds); provided that any unpaid distributions on the Series C Preferred Mirror Units will continue to accumulate, except as described herein.  For purposes of this calculation, with respect to
      non-cumulative Parity Units, the Partnership shall use the full amount of distributions that would be payable for the most recent distribution period if distributions were declared in full on such non-cumulative Parity Units.

    

    

    Subject to the foregoing, and not otherwise, such distributions as may be determined by the board of directors of the General Partner, or
      an authorized committee thereof, may be declared and paid (payable in cash, securities or other property) on any securities, including Common Class Units and other Junior Units, from time to time out of any funds legally available for such payment,
      and Holders shall not be entitled to participate in any such distributions.

    

    

    (c)          Method of Payment of Distributions. (i) Subject to the limitations set forth in Section 13.03(e), the Partnership may pay any declared distribution (or any portion of any declared
      distribution) on the Series C Preferred Mirror Units (whether or not for a current Distribution Period or any prior Distribution Period, including in connection with the payment of declared and unpaid distributions pursuant to Section 8 or Section
      10), as determined in the Partnership’s sole discretion:

    

    

    (A) in cash;

    

    

    (B) by delivery of Class A Units; or

    

    

    (C) through any combination of cash and Class A Units.

    

    

    (ii)  The Partnership shall make each payment of a declared distribution on the Series C Preferred Mirror Units in cash,
      except to the extent the Partnership elects to make all or any portion of such payment in Class A Units. The Partnership shall give notice to Series C Holders of any such election, and the portion of such payment that will be made in cash and the
      portion that will be made in Class A Units, no later than 10 Scheduled Trading Days prior to the Distribution Payment Date for such distribution, provided, however, that if the Partnership does not provide timely notice of this election, the Partnership will be deemed to have elected to pay the relevant distribution
      in cash.

    

    

    
      

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    (iii) All cash payments to which a Series C Holder is entitled in connection with a declared distribution on the Series C Preferred Mirror
      Units will be rounded to the nearest cent. If the Partnership elects to make any such payment of a declared distribution, or any portion thereof, in Class A Units, such shares shall be valued for such purpose, in the case of any distribution payment
      or portion thereof, at 97% of the Average VWAP per share of Common Stock over the five consecutive Trading Day period beginning on, and including, the sixth Scheduled Trading Day prior to the applicable Distribution Payment Date (such average, the “Average Price”). If the five Trading Day period to determine the Average Price ends on or after the relevant Distribution Payment Date (whether because a Scheduled
      Trading Day is not a Trading Day due to the occurrence of a Market Disruption Event or otherwise), then the Distribution Payment Date will be postponed until the second Business Day after the final Trading Day of such five Trading Day period; provided that no interest or other amounts shall accrue as a result of such postponement.

    

    

    (d)          No fractional Class A Units shall be
      delivered to Series C Holders in payment or partial payment of a distribution. The Partnership shall instead, to the extent it is legally permitted to do so, pay a cash amount (computed to the nearest cent) to each Holder that would otherwise be
      entitled to receive a fraction of a share of Class A Units based on the Average Price with respect to such distribution.

    

    

    (e)          Notwithstanding the foregoing, in no event
      shall the number of Class A Units delivered in connection with any declared distribution, including any declared distribution payable in connection with a conversion, exceed a number equal to:

    

    

    	

          	(i)	
            the declared distribution, divided by

          

    

    

    	

          	(ii)	
            $12.25, subject to adjustment in a manner inversely proportional to any anti-dilution adjustment to each Fixed Conversion Rate as provided in Section 14 of the Series C
              Certificate of Designations (such dollar amount, as adjusted, the “Floor Price”).

          

    

    

    To the extent that the amount of any declared distribution exceeds the product of (x) the number of Class A Units delivered in connection
      with such declared distribution and (y) 97% of the Average Price, the Partnership shall, if it is legally able to do so, and to the extent permitted under the terms of the documents governing the Partnership’s indebtedness, notwithstanding any notice
      by the Partnership to the contrary, pay such excess amount in cash (computed to the nearest cent). To the extent that the Partnership is not able to pay such excess amount in cash under applicable law and in compliance with its indebtedness, the
      Partnership shall not have any obligation to pay such amount in cash or deliver additional Class A Units in respect of such amount, and such amount shall not form a part of the cumulative distributions that may be deemed to accumulate on the Series C
      Preferred Mirror Units.

    

    

    
      

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    (f)          A Series C Holder shall not be entitled to
      any distributions, whether payable in cash or property, other than as provided in this Agreement.

    

    

    (g)          The Partners intend that no portion of the
      distributions paid to a Series C Holder pursuant to this Section 13.03 shall be treated as a “guaranteed payment” within the meaning of Section 707(c) of the Code, and no Partner shall take any position inconsistent to such intention, except if there
      is a change in applicable law or final determination by the Internal Revenue Service that is inconsistent with such intention.

    

    

    SECTION 13.04.     Rank.  The Series C Preferred Mirror Units shall rank, with respect to payment of distributions and distribution of assets upon a Dissolution Event:

    

    

    (a)          junior to all of the Partnership’s
      existing and future indebtedness and any equity securities, including Preferred Units, that the Partnership may authorize or issue, the terms of which provide that such securities shall rank senior to the Series C Preferred Mirror Units with respect
      to payment of distributions and distribution of assets upon a Dissolution Event;

    

    

    (b)          equally to any Parity Units; and

    

    

    (c)          senior to any Junior Units.

    

    

    SECTION 13.05.     Liquidation Rights.

    

    

    (a)          Upon any Dissolution Event, after payment
      or provision for the liabilities of the Partnership (including the expenses of such Dissolution Event) and the satisfaction of all claims ranking senior to the Series C Preferred Mirror Units in accordance with Article VIII of this Agreement, the
      Series C Holders shall be entitled to receive out of the assets of the Partnership or proceeds thereof available for distribution to Partners, before any payment or distribution of assets is made in respect of Junior Units, before any payment or
      distribution of assets is made in respect of Junior Units, distributions equal to the Series C Liquidation Value.  Upon a Dissolution Event, dissolves or winds up, no Group Partnership may declare or pay or set apart payment on its Junior Units
      unless the outstanding liquidation preference on all outstanding GP Mirror Units of each Group Partnership have been repaid via redemption or otherwise.

    

    

    (b)          Upon a Dissolution Event, after each
      Series C Holder receives a payment equal to the positive balance in its Capital Account (to the extent such positive balance is attributable to ownership of the Series C Preferred Mirror Units and after taking into account allocations of Gross
      Ordinary Income to the Series B Holders pursuant to Section 5.05(g) of this Agreement for the taxable year in which the Dissolution Event occurs), such Series C Holder shall not be entitled to any further participation in any distribution of assets
      by the Partnership.

    

    

    (c)          For the purposes of this Section 13.05, a
      Dissolution Event shall not be deemed to have occurred in connection with (i) a Substantially All Merger or a Substantially All Sale whereby a Group Partnership is the surviving Person or the Person formed by such transaction is organized under the
      laws of a Permitted Jurisdiction and has expressly assumed all of the obligations under the GP Mirror Units, (ii) the sale or disposition of a Group Partnership (whether by merger, consolidation or the sale of all or substantially all of its assets)
      if such sale or disposition is not a Substantially All Merger or Substantially All Sale, (iii) the sale or disposition of a Group Partnership should such Group Partnership not constitute a “significant subsidiary” of the Issuer under Rule 1-02(w) of
      Regulation S-X promulgated by the Securities and Exchange Commission, (iv) an event where the Series C Mandatory Convertible Preferred Stock of the Issuer have been fully redeemed pursuant to the terms of the Issuer Certificate of Incorporation or if
      proper notice of redemption of the Series C Mandatory Convertible Preferred Stock of the Issuer has been given and funds sufficient to pay the redemption price for all of the Series C Mandatory Convertible Preferred Stock of the Issuer called for
      redemption have been set aside for payment pursuant to the terms of the Issuer Certificate of Incorporation, (v) transactions where the assets of the Group Partnership being liquidated, dissolved or wound up are immediately contributed to another
      Group Partnership, and (vi) with respect to a Group Partnership, a Permitted Transfer or a Permitted Reorganization.

    

    

    
      

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    SECTION 13.06.     Acquisition Termination Redemption.

    

    

    (a)          If the Issuer redeems its Series C
      Mandatory Convertible Preferred Stock pursuant to an Acquisition Termination Redemption, then the Partnership shall redeem the Series C Preferred Mirror Units, in whole, but not in part, at a redemption amount per Series C Preferred Mirror Unit equal
      to the Acquisition Termination Make-Whole Amount. So long as funds sufficient to pay the redemption price for all of the Series C Preferred Mirror Units called for redemption have been set aside for payment, from and after the redemption date, such
      Series C Preferred Mirror Units called for redemption shall no longer be deemed outstanding, and all rights of the Series C Holders thereof shall cease other than the right to receive the redemption price, without interest.

    

    

        (b)          The Partnership shall pay the Acquisition Termination Make-Whole Amount in cash unless the Acquisition Termination Share Price is
      greater than the Initial Price, in which case it will pay the Acquisition Termination Make-Whole Amount in Class A Units and cash, unless it elects, subject to certain limitations, to pay the Acquisition Termination Make-Whole Amount in cash or Class
      A Units in lieu thereof.

    

    

        (c)          If the Acquisition Termination Share Price exceeds the Initial Price:

    

    

    	

          	(A)	
            the Partnership may elect to pay cash in lieu of delivering all or any portion of the number of Class A Units equal to the Acquisition Termination Conversion Rate. If
              the Partnership makes such an election, the Partnership will deliver cash (computed to the nearest cent) in an amount equal to such number of Class A Units in respect of which the Partnership has made this election multiplied by the Acquisition Termination Market Value; and

          

    

    

    	

          	(B)	
            the Partnership may elect to deliver Class A Units in lieu of paying cash for some or all of the Acquisition Termination Distribution Amount. If the Partnership makes
              such an election, the Partnership will deliver a number of Class A Units equal to such portion of the Acquisition Termination Distribution Amount to be paid in Class A Units divided by the greater of (x) the Floor Price and (y) 97% of the Acquisition Termination Market Value; provided
              that, if the Acquisition Termination Distribution Amount or portion thereof in respect of which Class A Units are delivered exceeds the product of such number of Class A Units multiplied by 97% of the Acquisition Termination Market Value, the
              Partnership shall, if the Partnership is legally able to do so, declare and pay such excess amount in cash (computed to the nearest cent); provided further that to the extent the Partnership is not able to pay such excess amount in cash under applicable law and in compliance with its indebtedness, the
              Partnership shall not have any obligation to pay such amount in cash or deliver additional Class A Units in respect of such amount.

          

    

    

    
      

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    If any portion of the Acquisition Termination Make-Whole Amount is to be paid in Class A Units, no fractional Class A Units shall be
      delivered to Series C Holders. The Partnership shall instead pay a cash adjustment to each Holder that would otherwise be entitled to a fraction of a share of Class A Units based on the Average VWAP per share of Class A Units over the five
      consecutive Trading Day period beginning on, and including, the sixth Scheduled Trading Day immediately preceding the Acquisition Termination Redemption Date. If more than one Series C Preferred Mirror Unit is to be redeemed from a Holder, the number
      of Class A Units issuable in connection with the payment of the Reference Amount shall be computed on the basis of the aggregate number of Series C Preferred Mirror Units so redeemed.

    

    

    SECTION 13.07.     Reserved.

    

    

    SECTION 13.08.     Voting.  Notwithstanding any other provision of this Agreement or the Act, the Series C Preferred Mirror Units shall not have any relative, participating, optional or other voting,
      consent or approval rights or powers, and the vote, consent or approval of the Series C Holders shall not be required for the taking of any Partnership action. The Partnership may, from time to time, issue additional Series C Preferred Mirror Units.

    

    

    SECTION 13.09          Mandatory Conversion on the Mandatory Conversion Date.

    

    

    (a)          Each outstanding Series C
        Preferred Mirror Unit shall automatically convert (unless previously converted or redeemed in accordance with Section 13.06, Section 13.10 or Section 13.11) on the Mandatory Conversion Date (“Mandatory Conversion”), into a number of Class A Units equal to the Mandatory Conversion Rate.

    

    

    (b)          If, on or prior to September
        15, 2023, accumulated and unpaid distributions on the Series C Preferred Mirror Units are not declared and paid (or duly provided for), the Conversion Rate will be adjusted so that Series C Holders receive an additional number of Class A Units
        equal to:

    

    

    (i) the amount of such undeclared, accumulated and unpaid distributions per Series C Preferred Mirror Unit (the “Mandatory Additional Conversion Amount”), divided by

    

    

    (ii) the greater of (x) the Floor Price and (y) 97% of the Average Price (calculated using September 15, 2023 as the
      applicable Distribution Payment Date).

    

    

    
      

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    To the extent that the Mandatory Additional Conversion Amount exceeds the product of such number of additional units and 97% of the Average
      Price, the Partnership shall, to the extent legally able to do so, and to the extent permitted under the terms of the documents governing the Partnership’s indebtedness, declare and pay such excess amount in cash (computed to the nearest cent) pro
      rata per unit to the Series C Holders. To the extent such cash payment is not permitted under the law or the terms of the documents governing the Partnership’s indebtedness, the Partnership shall not have any obligation to pay such amount in cash or
      deliver additional Class A Units in respect of such amount, and such amount will not form a part of the cumulative distributions on the Series C Preferred Mirror Units.

    

    

    SECTION 13.10          Early Conversion at the Option of the Series C Holder.

    

    

    (a)          Other than during a
        Fundamental Change Conversion Period, subject to satisfaction of the conversion procedures set forth in Section 13.12, the Series C Holders shall have the option to convert their Series C Preferred Mirror Units, in whole or in part (but in no event
        less than one Series C Preferred Mirror Unit), at any time prior to September 15, 2023 (an “Early Conversion”), into Class A Units at the Minimum Conversion
        Rate, subject to adjustment in accordance with Section 13.10(b).

    

    

    (b)          If, as of any Early
        Conversion Date, the board of directors of the General Partner has not declared all or any portion of the accumulated and unpaid distributions for all full Distribution Periods ending on or prior to the Distribution Payment Date immediately prior
        to such Early Conversion Date, the Minimum Conversion Rate shall be adjusted, with respect to the relevant Early Conversion, so that the Series C Holders converting their Series C Preferred Mirror Units at such time receive an additional number of
        Class A Units equal to:

    

    

    (i) such amount of undeclared, accumulated and unpaid distributions per Series C Preferred Mirror Unit for such prior
      full Distribution Periods (the “Early Conversion Additional Conversion Amount”), divided

          by

    

    

    (ii) the greater of (x) the Floor Price and (y) the Average VWAP per share of the Common Stock over the 20 consecutive
      Trading Day period (the “Early Conversion Settlement Period”) commencing on, and including, the 21st Scheduled Trading Day immediately preceding the Early
      Conversion Date (such Average VWAP, the “Early Conversion Average Price”).

    

    

    To the extent that the Early Conversion Additional Conversion Amount exceeds the product of such number of additional units and the Early
      Conversion Average Price, the Partnership shall not have any obligation to pay the shortfall in cash or deliver Class A Units in respect of such shortfall.

    

    

    Except as set forth in the first sentence of this Section 13.10(b), upon any Early Conversion of any Series C Preferred Mirror Units, the
      Partnership shall make no payment or allowance for unpaid distributions on such Series C Preferred Mirror Units, unless such Early Conversion Date occurs after the Series C Record Date for a declared distribution and on or prior to the immediately
      succeeding Distribution Payment Date, in which case the Partnership shall pay such distribution on such Distribution Payment Date to the Series C Holder of the converted Series C Preferred Mirror Units as of such Series C Record Date, in accordance
      with Section 13.03.

    

    

    
      

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    SECTION 13.11          Fundamental Change Conversion.

    

    

    (a)          If a Fundamental Change
        occurs on or prior to September 15, 2023, the Series C Holders shall have the right (the “Fundamental Change Conversion Right”) during the Fundamental Change
        Conversion Period to:

    

    

    (i)          convert
        their Series C Preferred Mirror Units, in whole or in part (but in no event less than one Series C Preferred Mirror Unit) (any such conversion pursuant to this Section 13.11 being a “Fundamental Change Conversion”) into a number of Class A Units) equal to the Fundamental Change Conversion Rate per Series C Preferred Mirror Unit;

    

    

    (ii)          with
        respect to such converted Series C Preferred Mirror Units, receive an amount equal to the present value, calculated using a discount rate of 2.25% per annum, of all distribution payments on such units (excluding any Accumulated Distribution Amount)
        for (a) the partial Distribution Period, if any, from, and including, the Fundamental Change Effective Date to, but excluding, the next Distribution Payment Date and (b) all the remaining full Distribution Periods from, and including, the
        Distribution Payment Date following the Fundamental Change Effective Date to, but excluding, September 15, 2023 (the “Fundamental Change Distribution Make-Whole Amount”),

        payable in cash or Class A Units; and

    

    

    (iii)          with
        respect to such converted Series C Preferred Mirror Units, receive the Accumulated Distribution Amount payable in cash or Class A Units,

    

    

    subject, in the case of clauses (ii) and (iii) to certain limitations with respect to the number of Class A Units, the Partnership will be
      required to deliver as set forth in Section 13.11(d). Notwithstanding clauses (ii) and (iii), if the Series C Record Date for a Distribution Period for which the board of directors of the General Partner, as of the Fundamental Change Effective Date,
      declared a distribution occurs before or during the related Fundamental Change Conversion Period, then the Partnership shall pay such distribution on the relevant Distribution Payment Date to the Series C Holders as of such Series C Record Date, in
      accordance with Section 13.03, and the Accumulated Distribution Amount shall not include the amount of such distribution, and the Fundamental Change Distribution Make-Whole Amount shall not include the present value of the payment of such
      distribution.

    

    

    (b)          To exercise the Fundamental
        Change Conversion Right,  Series C Holders must submit their Series C Preferred Mirror Units for conversion at any time during the Fundamental Change Conversion Period. Series C Holders that submit their Series C Preferred Mirror Units during the
        Fundamental Change Conversion Period shall be deemed to have exercised their Fundamental Change Conversion Right. Series C Holders who do not submit their Series C Preferred Mirror Units for conversion during the Fundamental Change Conversion
        Period shall not be entitled to convert their Series C Preferred Mirror Units at the relevant Fundamental Change Conversion Rate or to receive the relevant Fundamental Change Distribution Make-Whole Amount or the relevant Accumulated Distribution
        Amount.

    

    

    
      

      21

      
        

      

    

    

    

    The Partnership shall provide written notice (the “Fundamental

          Change Notice”) to Series C Holders of the Fundamental Change Effective Date no later than the second Business Day immediately following such Fundamental Change Effective Date.

    

    

    The Fundamental Change Notice shall state: (i) the event causing the Fundamental Change; (ii) the anticipated Fundamental Change Effective
      Date or actual Fundamental Change Effective Date, as the case may be; (iii) that Series C Holders shall have the right to effect a Fundamental Change Conversion in connection with such Fundamental Change during the Fundamental Change Conversion
      Period; (iv) the Fundamental Change Conversion Period; and (v) the instructions a Series C Holder must follow to effect a Fundamental Change Conversion in connection with such Fundamental Change.

    

    

    (c)  Not later than the second Business Day following the Fundamental Change Effective Date, the Partnership shall notify Series C Holders
      of:

    

    

    (i) the Fundamental Change Conversion Rate (if notice is provided to Series C Holders prior to the anticipated
      Fundamental Change Effective Date, specifying how the Fundamental Change Conversion Rate will be determined);

    

    

    (ii) the Fundamental Change Distribution Make-Whole Amount and whether the Partnership will pay such amount in cash,
      Class A Units or a combination thereof, specifying the combination, if applicable; and

    

    

    (iii) the Accumulated Distribution Amount as of the Fundamental Change Effective Date and whether the Partnership will
      pay such amount in cash, Class A Units or a combination thereof, specifying the combination, if applicable.

    

    

    (d)          (i) For any Series C
        Preferred Mirror Units that are converted during the Fundamental Change Conversion Period, in addition to the Class A Units issued upon conversion at the Fundamental Change Conversion Rate, the Partnership shall at its option (subject to
        satisfaction of the requirements of this Section 13.11):

    

    

    (A) pay the Fundamental Change Distribution Make-Whole Amount in cash (computed to the nearest cent), to the extent the
      Partnership is legally permitted to do so and to the extent permitted under the terms of the documents governing its indebtedness;

    

    

    (B) increase the number of Class A Units to be issued upon conversion by a number equal to (x) the Fundamental Change
      Distribution Make-Whole Amount, divided by (y) the greater of (i) the Floor Price and (ii) 97% of the Fundamental Change Stock Price; or

    

    

    
      

      22

      
        

      

    

    

    

    (C) pay the Fundamental Change Distribution Make-Whole Amount through any combination of cash and Class A Units in
      accordance with the provisions of clauses (A) and (B) above.

    

    

    (ii) In addition, to the extent that the Accumulated Distribution Amount exists as of the Fundamental Change Effective
      Date, the converting Series C Holder shall be entitled to receive such Accumulated Distribution Amount upon such Fundamental Change Conversion. The Partnership shall, at its option, pay the Accumulated Distribution Amount (subject to satisfaction of
      the requirements of this Section 13.11):

    

    

    (A) in cash (computed to the nearest cent), to the extent the Partnership is legally permitted to do so and to the
      extent permitted under the terms of the documents governing its indebtedness;

    

    

    (B) in an additional number of Class A Units equal to (x) the Accumulated Distribution Amount, divided by (y) the greater of (i) the Floor Price and (ii) 97% of the Fundamental Change Stock Price; or

    

    

    (C) through a combination of cash and Class A Units in accordance with the provisions of clauses (A) and (B) above.

    

    

    (iii) The Partnership shall pay the Fundamental Change Distribution Make-Whole Amount and the Accumulated Distribution
      Amount in cash, except to the extent the Partnership elects on or prior to the second Business Day following the relevant Fundamental Change Effective Date to make all or any portion of such payments in Class A Units. If the Partnership elects to
      deliver Class A Units in respect of all or any portion of the Fundamental Change Distribution Make-Whole Amount or the Accumulated Distribution Amount, to the extent that the Fundamental Change Distribution Make-Whole Amount or the Accumulated
      Distribution Amount or the dollar amount of any portion thereof paid in Class A Units exceeds the product of (x) the number of additional units the Partnership delivers in respect thereof and (y) 97% of the Fundamental Change Stock Price, the
      Partnership shall, if it is legally able to do so, and to the extent permitted under the terms of the documents governing its indebtedness, pay such excess amount in cash (computed to the nearest cent).  To the extent that the Partnership is not able
      to pay such excess amount in cash under applicable law and in compliance with its indebtedness, the Partnership shall not have any obligation to pay such amount in cash or deliver additional Class A Units in respect of such amount.

    

    

    
      

      23

      
        

      

    

    

    

    (iv) No fractional Class A Units shall be delivered by the Partnership to converting Series C Holders in respect of the
      Fundamental Change Distribution Make-Whole Amount or the Accumulated Distribution Amount. The Partnership shall instead pay a cash amount (computed to the nearest cent) to each a converting Series C Holder that would otherwise be entitled to receive
      a fraction of a Class A Unit based on the Average VWAP per share of the Common Stock over the five consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the relevant Fundamental Change Conversion Date.

    

    

    (v)          If the
        Partnership is prohibited from paying or delivering, as the case may be, the Fundamental Change Distribution Make-Whole Amount (whether in cash or in Class A Units), in whole or in part, due to limitations of applicable Delaware law, the
        Fundamental Change Conversion Rate will instead be increased by a number of Class A Units equal to:

    

    

    (A) the cash amount of the aggregate unpaid and undelivered Fundamental Change Distribution Make-Whole Amount, divided by

    

    

    (B) the greater of (i) the Floor Price and (ii) 97% of the Fundamental Change Stock Price.

    

    

    To the extent that the cash amount of the aggregate unpaid and undelivered Fundamental Change Distribution Make-Whole
      Amount exceeds the product of such number of additional shares and 97% of the Fundamental Change Stock Price, the Partnership shall not have any obligation to pay the shortfall in cash or deliver additional Class A Units in respect of such amount.

    

    

    SECTION 13.12          Conversion Procedures.

    

    

    (a)          Pursuant to Section 13.09,
        on the Mandatory Conversion Date, any outstanding Series C Preferred Mirror Units shall mandatorily and automatically convert into Class A Units.

    

    

    If more than one Series C Preferred Mirror Unit held by the same Series C Holder is automatically converted on the Mandatory Conversion
      Date, the number of full Class A Units issuable upon conversion thereof shall be computed on the basis of the aggregate number of Series C Preferred Mirror Units so converted.

    

    

    A Series C Holder of Series C Preferred Mirror Units that are mandatorily converted shall not be required to pay any transfer or similar
      taxes or duties relating to the issuance or delivery of the Class A Units upon conversion, except that such Series C Holder shall be required to pay any tax or duty that may be payable relating to any transfer involved in the issuance or delivery of
      the Class A Units in a name other than the name of such Series C Holder.

    

    

    A certificate representing the Class A Units issuable upon conversion shall be issued and delivered to the converting Series C Holder or,
      if the Series C Preferred Mirror Units being converted are in book-entry form, the Class A Units issuable upon conversion shall be delivered to the converting Series C Holder through book-entry transfer, in each case, together with delivery by the
      Partnership to the converting Series C Holder of any cash to which the converting Series C Holder is entitled, only after all applicable taxes and duties, if any, payable by such converting Series C Holder have been paid in full, and such shares and
      cash will be delivered on the later of (i) the Mandatory Conversion Date and (ii) the Business Day after the Series C Holder has paid in full all applicable taxes and duties, if any.

    

    

    
      

      24

      
        

      

    

    

    

    The Person or Persons entitled to receive Class A Units issuable upon Mandatory Conversion shall be treated as the record holder(s) of such
      Class A Units as of the Close of Business on the Mandatory Conversion Date. Prior to the Close of Business on the Mandatory Conversion Date, the Class A Units issuable upon conversion of Series C Preferred Mirror Units on the Mandatory Conversion
      Date shall not be deemed to be outstanding for any purpose and Series C Holders shall have no rights, powers or preferences with respect to such Class A Units, including voting powers, rights to respond to tender offers and rights to receive any
      distributions on the Class A Units, by virtue of holding the Series C Preferred Mirror Units.

    

    

    (b)          To effect an Early
        Conversion pursuant to Section 13.10, a Series C Holder must: (i) prepare a written notice indicating that the Series C Holder elects to convert such Series C Preferred Mirror Units (the “Conversion Notice”); (ii) deliver the completed Conversion Notice and the Series C Preferred Mirror Units to be converted to the General Partner; (iii) if required, furnish appropriate endorsements and
        transfer documents; and (iv) if required, pay all transfer or similar taxes or duties, if any.

    

    

    The Early Conversion shall be effective on the date on which a Series C Holder has satisfied the foregoing requirements, to the extent
      applicable (“Early Conversion Date”).

    

    

    If more than one Series C Preferred Mirror Unit is surrendered for conversion at one time by or for the same Series C Holder, the number of
      full Class A Units issuable upon conversion thereof shall be computed on the basis of the aggregate number of Series C Preferred Mirror Units so surrendered.

    

    

    A Series C Holder shall not be required to pay any transfer or similar taxes or duties relating to the issuance or delivery of Class A
      Units upon conversion, but such Series C Holder shall be required to pay any tax or duty that may be payable relating to any transfer involved in the issuance or delivery of Class A Units in a name other than the name of such Series C Holder.

    

    

    A certificate representing the Class A Units issuable upon conversion shall be issued and delivered to the converting Series C Holder or,
      if the Series C Preferred Mirror Units being converted are in book-entry form, the Class A Units issuable upon conversion shall be delivered to the converting Series C Holder through book-entry transfer, in each case, together with delivery by the
      Partnership to the converting Series C Holder of any cash to which the converting Series C Holder is entitled, only after all applicable taxes and duties, if any, payable by such converting Series C Holder have been paid in full, and such shares and
      cash will be delivered on the latest of (i) the second Business Day immediately succeeding the Early Conversion Date, (ii) if applicable, the second Business Day immediately succeeding the last day of the Early Conversion Settlement Period, and (iii)
      the Business Day after the Holder has paid in full all applicable taxes and duties, if any.

    

    

    
      

      25

      
        

      

    

    

    

    The Person or Persons entitled to receive the Class A Units issuable upon Early Conversion shall be treated for all purposes as the record
      holder(s) of such Class A Units as of the Close of Business on the applicable Early Conversion Date. Prior to the Close of Business on such applicable Early Conversion Date, the Class A Units issuable upon conversion of any Series C Preferred Mirror
      Units shall not be deemed to be outstanding for any purpose, and Series C Holders shall have no rights, powers or preferences with respect to such Class A Units, including voting powers, rights to respond to tender offers for the Class A Units and
      rights to receive any distributions on the Class A Units, by virtue of holding Series C Preferred Mirror Units.

    

    

    In the event that an Early Conversion is effected with respect to Series C Preferred Mirror Units representing less than all the Series C
      Preferred Mirror Units held by a Series C Holder, upon such Early Conversion the Partnership shall execute and deliver to the Series C Holder thereof, at the expense of the Partnership, a certificate evidencing the Series C Preferred Mirror Units as
      to which Early Conversion was not effected, or, if the Series C Preferred Mirror Units are held in book-entry form, the Partnership shall reduce the number of Series C Preferred Mirror Units in the register.

    

    

    (c)          To effect a Fundamental
        Change Conversion pursuant to Section 13.11, a Series C Holder must: (i) complete and manually or electronically sign the Conversion Notice; (ii) deliver the completed Conversion Notice and Series C Preferred Mirror Units to be converted to the
        General Partner; (iii) if required, furnish appropriate endorsements and transfer documents; and (iv) if required, pay all transfer or similar taxes or duties, if any.

    

    

    The Fundamental Change Conversion shall be effective on the date on which a Series C Holder has satisfied the foregoing requirements, to
      the extent applicable (the “Fundamental Change Conversion Date”).

    

    

    If more than one Series C Preferred Mirror Unit is surrendered for conversion at one time by or for the same Series C Holder, the number of
      full Class A Units issuable upon conversion thereof shall be computed on the basis of the aggregate number of Series C Preferred Mirror Units so surrendered.

    

    

    A Series C Holder shall not be required to pay any transfer or similar taxes or duties relating to the issuance or delivery of Class A
      Units upon conversion, but such Series C Holder shall be required to pay any tax or duty that may be payable relating to any transfer involved in the issuance or delivery of Class A Units in a name other than the name of such Series C Holder.

    

    

    A certificate representing the Class A Units issuable upon conversion shall be issued and delivered to the converting Series C Holder or,
      if the Series C Preferred Mirror Units being converted are in book-entry form, the Class A Units issuable upon conversion shall be delivered to the converting Series C Holder through book-entry transfer, in each case, together with delivery by the
      Partnership to the converting Series C Holder of any cash to which the converting Series C Holder is entitled, only after all applicable taxes and duties, if any, payable by such converting Series C Holder have been paid in full, on the later of (i)
      the second Business Day immediately succeeding the Fundamental Change Conversion Date and (ii) the Business Day after the Series C Holder has paid in full all applicable taxes and duties, if any.

    

    

    
      

      26

      
        

      

    

    

    

    The Person or Persons entitled to receive the Class A Units issuable upon such Fundamental Change Conversion shall be treated for all
      purposes as the record holder(s) of such Class A Units as of the Close of Business on the applicable Fundamental Change Conversion Date. Prior to the Close of Business on such applicable Fundamental Change Conversion Date, the Class A Units issuable
      upon conversion of the Series C Preferred Mirror Units shall not be deemed to be outstanding for any purpose, and Series C Holders shall have no rights, powers or preferences with respect to the Class A Units, including voting powers, rights to
      respond to tender offers for the Class A Units and rights to receive any distributions on the Class A Units, by virtue of holding Series C Preferred Mirror Units.

    

    

    In the event that a Fundamental Change Conversion is effected with respect to Series C Preferred Mirror Units representing less than all of
      the Series C Preferred Mirror Units held by a Series C Holder, upon such Fundamental Change Conversion the Partnership shall execute and deliver to the Series C Holder thereof, at the expense of the Partnership, a certificate evidencing the Series C
      Preferred Mirror Units as to which Fundamental Change Conversion was not effected, or, if Series C Preferred Mirror Units are held in book-entry form, the Partnership shall reduce the number of Series C Preferred Mirror Units represented in the
      register.

    

    

    (d) In the event that a Series C Holder shall not by written notice designate the name in which Class A Units to be issued upon conversion
      of such Series C Preferred Mirror Units should be registered or, if applicable, the address to which the certificate or certificates representing such Class A Units should be sent, the Partnership shall be entitled to register such units, and make
      such payment, in the name of the Series C Holder as shown on the records of the  Partnership and, if applicable, to send the certificate or certificates representing such Class A Units to the address of such Series C Holder shown on the records of
      the Partnership.

    

    

    (e) The Series C Preferred Mirror Units shall cease to be outstanding on the applicable Conversion Date, subject to the right of Series C
      Holders of such units to receive Class A Units issuable upon conversion of such Series C Preferred Mirror Units and other amounts and Class A Units, if any, to which they are entitled pursuant to Sections 13.09, 13.10 and 13.11, as applicable and, if
      the applicable Conversion Date occurs after the Series C Record Date for a declared distribution and prior to the immediately succeeding Distribution Payment Date, subject to the right of the Series C Holders of such Series C Preferred Mirror Units
      on such Series C Record Date to receive payment of the full amount of such declared distribution on such Distribution Payment Date pursuant to Section 13.03.

    

    

    SECTION 13.13          Reservation of Class A Units.

    

    

    (a)          The Partnership shall at all
        times reserve and keep available out of its authorized and unissued Class A Units, solely for issuance upon the conversion of Series C Preferred Mirror Units pursuant to this Agreement, free from any preemptive or other similar rights, a number of
        Class A Units equal to the maximum number of Class A Units deliverable upon conversion of all of the Series C Preferred Mirror Units (which shall initially equal a number of Class A Units equal to the sum of the product of (i) 23,000,000 Series C
        Preferred Mirror Units, and (ii) the initial Maximum Conversion Rate. For purposes of this Section 13.13(a), the number of Class A Units that shall be deliverable upon the conversion of all outstanding Series C Preferred Mirror Units shall be
        computed as if at the time of computation all such outstanding units were held by a single Series C Holder.

    

    

    
      

      27

      
        

      

    

    

    

    (b)          Notwithstanding the
        foregoing, the Partnership shall be entitled to deliver upon conversion of the Series C Preferred Mirror Units or as payment of any distributions on such Series C Preferred Mirror Units, as provided in this Agreement, Class A Units reacquired and
        held in the treasury of the Partnership (in lieu of the issuance of authorized and unissued Class A Units), so long as any such treasury units are free and clear of all liens, charges, security interests or encumbrances (other than liens, charges,
        security interests and other encumbrances created by the Series C Holders).

    

    

    (c)          All Class A Units delivered
        upon conversion or redemption of, or as payment of a distribution on, the Series C Preferred Mirror Units shall be duly authorized, validly issued, fully paid and non-assessable, free and clear of all liens, claims, security interests and other
        encumbrances (other than liens, charges, security interests and other encumbrances created by the Series C Holders) and free of preemptive rights.

    

    

    SECTION 13.14          Fractional Units.

    

    

    (a)          No fractional Class A Units
        shall be issued to Series C Holders as a result of any conversion of the Series C Preferred Mirror Units.

    

    

    (b)          In lieu of any fractional
        Class A Units otherwise issuable in respect of the aggregate number of Series C Preferred Mirror Units of any Series C Holder that are converted on the Mandatory Conversion Date pursuant to Section 13.09 or at the option of the Series C Holder
        pursuant to Section 13.10 or Section 13.11, such Series C Holder shall be entitled to receive an amount in cash (computed to the nearest cent) equal to the product of (i) that same fraction and (ii) the Average VWAP of the Common Stock over the
        five consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Mandatory Conversion Date, Early Conversion Date or Fundamental Change Conversion Date, as applicable.

    

    

    SECTION 13.15          Anti-Dilution Adjustments to the Fixed Conversion Rates. To the extent the Fixed Conversion Rates are adjusted pursuant to the anti-dilution adjustments provided
        for in Section 14 of the Series C Certificate of Designations, the Fixed Conversion Rates hereunder shall concurrently be adjusted in the same manner and amount.

    

    

    SECTION 13. 16          Amendment and Waivers.  Notwithstanding the provisions of Section 10.12 of the Agreement, the provisions of this Article XIII may be amended, supplemented,
        waived or modified by the action of the General Partner without the consent of any other Partner.

    

    

    SECTION 13.17          No Third Party Beneficiaries.  The provisions of Section 10.13 of the Agreement shall apply to this Article XIII without limitation.

    

    

    [Rest of page intentionally left blank]

    

    

    
      

      28

      
        

      

    

    

    

    IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first written above.

    

    

    	 	
            KKR GROUP HOLDINGS CORP., as General Partner

          
	 	 	 
	 	
            By:

          	
            /s/ Robert H. Lewin

            

          
	 	 	
            Name: Robert H. Lewin

            

          
	 	 	
            Title: Chief Financial Officer

            

          

    

    

  

  29Exhibit

Exhibit 10.1

FORM OF INDEMNIFICATION AGREEMENT
This INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of --___________, 2020 (the “Effective Date”), by and between Cole Office & Industrial REIT (CCIT II), Inc., a Maryland corporation (the “Company”), and _______________ (“Indemnitee”). 
WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as officers and directors of the Company;
WHEREAS, at the request of the Company, Indemnitee currently serves as an officer of the Company and/or a member of the Company’s Board of Directors and may, therefore, be subjected to claims, suits or Proceedings arising as a result of his or her service;
WHEREAS, as an inducement to Indemnitee to continue to serve as an officer and/or director, the Company has agreed to enter into this Agreement to indemnify and advance expenses and costs incurred by Indemnitee in connection with any claims, suits or Proceedings arising as a result of his or her service, to the maximum extent permitted by law and by the charter of the Company, including his or her service on any committees that have been, or will be, established by the Company’s Board of Directors;
WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be indemnified on the terms set forth in this Agreement; and
WHEREAS, this Agreement is a supplement to and in furtherance of the provisions of the charter of the Company regarding indemnification and advancement of expenses and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of the Indemnitee thereunder.
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
SECTION 1.Definitions. For the purposes of this Agreement: 
(a)“Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person attaining such percentage interest; (ii) there occurs a proxy contest, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) during any period of two consecutive years, other than as a result of an event described in clause (a)(ii) of this Section 1, individuals who at the beginning of such period constituted the Board of Directors (including for this purpose any new director whose election or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of 

1

the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board of Directors.
(b)“Corporate Status” means the status of a person as a present or former director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which (i) a majority of the voting power or equity interest is owned directly or indirectly by the Company or (ii) the management is controlled directly or indirectly by the Company.
(c)“Disinterested Director” means a director of the Company who is not a party to the Proceeding in respect of which indemnification and/or advancement of Expenses is sought by Indemnitee. 
(d)“Expenses” shall include all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with asserting compulsory counterclaims that negate a plaintiff’s claims and Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent. 
(e)“Independent Counsel” means a law firm, or member of a law firm, that is experienced in matters of corporation law as applicable to Maryland and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advancement of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
(f) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding (whether civil, criminal, administrative or investigative), including any appeal therefrom. If Indemnitee reasonably believes that a particular situation may lead to or culminate in the institution of a Proceeding, such situation may also be considered a “Proceeding.”
SECTION 2.Indemnification - General. Subject to the limitations of Section 11 hereof, the Company shall indemnify and advance Expenses to Indemnitee as provided in this Agreement and otherwise to the fullest extent permitted by Maryland law in effect on the date hereof or to such extent as Maryland law thereafter from time to time may permit; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the 

2

date hereof. The rights of Indemnitee provided in this Section 2 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification required by Section 2‐418 of the Maryland General Corporation Law (hereafter, the “MGCL”). 
SECTION 3.Rights to Indemnification. Subject to the limitations of Section 11 hereof, if, by reason of Indemnitee’s Corporate Status, Indemnitee was, is, or is threatened to be made, a party to any Proceeding, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding, unless it is established that (a) the act or omission of Indemnitee was material to the matter(s) giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty; (b) Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that the act or omission was unlawful. 
SECTION 4.Court-Ordered Indemnification. Subject to the limitations of Section 11 hereof, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances: 
(a)if it determines Indemnitee is entitled to reimbursement under Section 2‐418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 
(b)if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standard of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, in which case the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.
SECTION 5.Indemnification for Expenses of a Party Who is Successful. Subject to the limitations of Section 11 hereof, to the extent that Indemnitee is successful, on the merits or otherwise, in the defense of any Proceeding to which he or she is made a party (or otherwise becomes a participant) by reason of his or her Corporate Status, or in the defense of any claim, issue or matter in the Proceeding, the Company shall indemnify Indemnitee for all Expenses (including any fees and expenses of plaintiff’s counsel) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with the Proceeding, claim, issue or matter in which he or she has been successful. For purposes of this Section 5, the term “successful on the merits or otherwise” shall include, but not be limited to, the termination of any claim, issue or matter in a Proceeding by withdrawal or dismissal, with or without prejudice. 
SECTION 6.Indemnification of Expenses of a Witness. Subject to the limitations of Section 11 hereof, if Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, Indemnitee shall be paid or reimbursed all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 
SECTION 7.Advancement of Expenses. 
(a)    Subject to the limitations in Section 7(b), the Company shall pay or reimburse all Expenses reasonably incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be made, a party by reason of Indemnitee’s Corporate Status, in advance of the final disposition of such Proceeding, from time to time and as incurred, within ten (10) days after the 

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receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances. Such statement or statements shall include satisfactory evidence and documentation as to the amount of such Expenses and shall be preceded or accompanied by (i) a written affirmation by Indemnitee of Indemnitee’s good faith belief that he or she has met the standard of conduct necessary for indemnification by the Company, as authorized by the MGCL, the Company’s charter and this Agreement and (ii) a written undertaking, in such form as may be required under applicable law as in effect at the time of the execution thereof, by or on behalf of Indemnitee to repay the portion of any Expenses advanced relating to claims, issues or matters in the Proceeding as to which it shall ultimately be determined that Indemnitee has not met the standard of conduct and is therefore not entitled to be indemnified against such Expenses (together with the applicable rate of interest, if the charter of the Company as in effect at the time so requires). Indemnitee’s written certification together with a copy of the statement paid or to be paid by Indemnitee shall constitute satisfactory evidence as to the amount of such Expenses. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 7 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. Advances shall be unsecured and interest free. Such advances are deemed to be an obligation of the Company to Indemnitee hereunder, and shall in no event be deemed a personal loan.
(b)    Notwithstanding the foregoing Section 7(a), the Company shall pay or reimburse Expenses in advance of the final disposition of a Proceeding only if (in addition to the procedures required by the MGCL) (i) the Proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, and (ii) the Proceeding was initiated by a third party who is not a common stockholder of the Company or, if by a common stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement.
SECTION 8.Procedure for Determination of Entitlement to Indemnification. 
(a)To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.  Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  The officer of the Company receiving such a request shall, promptly upon its receipt, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
(b)Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 8(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors (or a duly authorized committee thereof) in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval will not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors, by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors, or (B) if there are no Disinterested Directors or if so directed by a majority vote of a quorum of the Disinterested Directors (or a duly authorized committee thereof), by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by the Board of Directors (or a duly authorized committee thereof) in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, 

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which approval will not be unreasonably withheld.  If it is determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee in full within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Directors or Independent Counsel. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination or otherwise in connection with Indemnitee’s request for indemnification shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company shall pay the fees and expenses of Independent Counsel, if one is appointed.
SECTION 9.Presumptions and Effect of Proceedings. 
(a)Except as set forth in Section 2-418(b)(3)(ii) of the MGCL, in making any determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall in each case presume that Indemnitee is entitled to indemnification under this Agreement, and the Company shall in each case have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. 
(b)If the person, persons or entity making the determination whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor (or, if Independent Counsel is making the determination, within sixty (60) days after the appointment of Independent Counsel), the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, in the absence of (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under Maryland law. 
(c)The termination of any Proceeding or of any claim, issue or matter therein by judgment, order or settlement shall not of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not meet the standard of conduct for indemnification.
SECTION 10.Remedies of Indemnitee. 
(a)In the event that (i) a determination is made pursuant to Section 8 that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 7, (iii) no determination of entitlement to indemnification shall have been made within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made within ten (10) days after a determination of entitlement thereto has been made pursuant to Section 8 or deemed to have been made pursuant to Section 9(b), Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of Indemnitee’s entitlement to such indemnification or advancement of Expenses. Indemnitee shall commence any such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceedings pursuant to this Section 10(a). The Company shall not oppose Indemnitee’s right to seek any adjudication. If Indemnitee commences a judicial proceeding pursuant to this Section 10, Indemnitee shall not be required to reimburse the Company for any advanced Expenses pursuant to Section 7 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

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(b)In the event that a determination shall have been made pursuant to Section 8 that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 10 shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to this Section 10, the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 
(c)If a determination shall have been made or deemed to have been made pursuant to Section 8 or 9 that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition of such indemnification under applicable law or the Company’s charter. 
(d)The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding commenced pursuant to this Section 10 that the procedures and presumptions of this Agreement are not valid, binding or enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. 
(e)In the event Indemnitee, pursuant to this Section 10, seeks a judicial adjudication to enforce Indemnitee’s rights under, or seeks to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses of the types described in the definition of Expenses in Section 1 of this Agreement actually and reasonably incurred by Indemnitee in such judicial adjudication, but only if Indemnitee prevails therein. If it shall be determined in said judicial adjudication that Indemnitee is entitled to receive part but not all of the indemnification or advancement of expenses sought, such expenses incurred by Indemnitee in connection with such judicial adjudication shall be appropriately apportioned. 
(f)Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay hereunder for the period commencing with the date on which Indemnitee requests indemnification, reimbursement or advancement of any Expenses and ending on the date such payment is made to Indemnitee by the Company.
(g)The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.  Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith.  The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.
SECTION 11.Certain Limitations on Indemnification.  Notwithstanding any other provision of this Agreement (other than Section 4), Indemnitee shall not be entitled to indemnification:
(a)    For any liability or loss suffered by him or her nor shall he or she be held harmless for any loss or liability suffered by the Company, unless the following conditions are met:  (i) Indemnitee 

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has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing services for the Company; (iii) such liability or loss was not the result, if Indemnitee is not an independent director, of negligence or misconduct, or, if Indemnitee is an independent director, of gross negligence or willful misconduct; and (iv) such indemnification is recoverable only out of the Company’s net assets and not from the Company’s stockholders;
(b)    For any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions are met:  (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the positions of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws; or
(c)    For any loss or liability in connection with a Proceeding if (x) the Proceeding is one by or in the right of the Company and Indemnitee is adjudged to be liable to the Company or (y) Indemnitee is adjudged to be liable on the basis that personal benefit was improperly received in a Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s official capacity.
The limitations of this Section 11 will be applicable only if and for so long as the charter of the Company requires such limitations.  
SECTION 12.Defense of the Underlying Proceeding. 
(a)Indemnitee shall notify the Company promptly in writing upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 
(b)Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to assume the defense of Indemnitee in any Proceeding which may give rise to indemnification hereunder with counsel reasonably acceptable to Indemnitee; provided, however, that the Company shall notify Indemnitee of any such decision to defend within fifteen (15) calendar days following receipt of notice of any such Proceeding under Section 13(a) above. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 10 above.

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(c)Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that he or she may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 10(e) of this Agreement), to represent Indemnitee in connection with any such matter. The Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company or as to which counsel for Indemnitee shall have reasonably made the conclusion provided for in clause (ii) above. 
SECTION 13.Non-Exclusivity; Insurance; Subrogation. 
(a)The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which Indemnitee may at any time be entitled under applicable law, the Company’s charter or bylaws, any agreement, a vote of the Company’s stockholders, a resolution of the Board of Directors, or otherwise. 
(b)For so long as Indemnitee serves as an officer or a director and for a period six year thereafter, the Company will cause to be maintained in full force and effect directors’ and officers’ liability insurance with reputable insurance companies, with A.M. Best ratings of “A” or better, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status, on terms and conditions deemed appropriate by the Board of Directors, but in any event on terms and conditions at least as favorable to Indemnitee as the insurance coverage provided to any other director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses actually and reasonably incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. If the Company receives from Indemnitee any notice of the commencement of a Proceeding, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policy.
(c)In the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
(d)The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable hereunder if and to the extent that Indemnitee 

8

has otherwise actually received such payment under any insurance policy maintained by the Company, contract, agreement or otherwise. 
SECTION 14.Duration of Agreement. This Agreement shall continue until and terminate ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer, employee, or agent of the Company or of any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise which Indemnitee served at the request of the Company; provided, however, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 10 relating thereto.
SECTION 15.Successors and Assigns. 
(a)The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company (which successor shall be so bound without application of any limitation set forth in Section 11 hereof), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 
(b)The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
SECTION 16.Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 
SECTION 17.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought need be produced to evidence the existence of this Agreement. 
SECTION 18.Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
SECTION 19.Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

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SECTION 20.Mutual Acknowledgement. Both the Company and Indemnitee acknowledge that in certain instances federal law or public policy may prohibit the Company from indemnifying Indemnitee under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company shall not be required to provide indemnification or advance Expenses in violation of applicable law. 
SECTION 21.Notice to the Company’s Stockholders. Any indemnification, or advancement, of Expenses to Indemnitees arising out of a Proceeding by or in the right of the Company, shall be reported in writing to the stockholders of the Company with the notice of the next stockholders’ meeting or prior to the meeting.
SECTION 22.Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered by hand (with written confirmation of receipt), (ii) on the next business day after it is sent by facsimile with confirmation of transmission by the transmitting equipment, (iii) when received by the addressee, if sent by certified mail, return receipt requested, or (iv) when received by the addressee, if sent by a nationally recognized overnight delivery service, return receipt requested, in each case to the appropriate addresses or facsimile numbers set forth below (or to such other addresses or facsimile numbers as a party may designate by written notice to the other party):
(a)If to Indemnitee, to the address set forth under the signature of Indemnitee below.
(b)If to the Company, to:
Cole Office & Industrial REIT (CCIT II), Inc.
2398 East Camelback Road, 4th Floor
Phoenix, Arizona 85016
Attn:  Legal Counsel
SECTION 23.Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland without application of the conflict of laws principles thereof. 
SECTION 24.Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to jurisdiction and venue of the courts of the State of Maryland for all purposes in connection with any Proceeding which arises out of or relates to this Agreement and agree that any Proceeding instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of Maryland and specifically, assuming proper jurisdiction, the Circuit Court for Baltimore City. COMPANY AND INDEMNITEE HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. 

COMPANY:
COLE OFFICE & INDUSTRIAL REIT (CCIT II), INC. 
By:                            
Name:     ___________________________ 
Title:    ___________________________
INDEMNITEE:
By:                        
Name:    ___________________________
Address:                         

[Signature Page to Indemnification Agreement]

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