Document:

Exhibit

Execution Version

COUSINS PROPERTIES INCORPORATED
COUSINS PROPERTIES LP
FIRST SUPPLEMENT TO MASTER NOTE PURCHASE AGREEMENT
Dated as of June 12, 2019
Re:    $125,000,000 3.78% Series 2019-A Senior Notes, Tranche A,
due July 6, 2027
and
$250,000,000 3.86% Series 2019-A Senior Notes, Tranche B,
due July 6, 2028
and
$275,000,000 3.95% Series 2019-A Senior Notes, Tranche C,
due July 6, 2029

4850-0623-1701 v20.docx
4295556

COUSINS PROPERTIES INCORPORATED 
COUSINS PROPERTIES LP

Dated as of June 12, 2019

To the Purchaser(s) named in
Schedule A hereto 
Ladies and Gentlemen:
This First Supplement to Master Note Purchase Agreement (this “Supplement”) is between COUSINS PROPERTIES INCORPORATED, a Georgia corporation (the “Company”) and Cousins Properties LP, a Delaware limited partnership (the “Co‐Obligor”), and the institutional investors named on Schedule A attached hereto (the “Purchasers”).
Reference is hereby made to that certain Master Note Purchase Agreement dated as of April 19, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”) between the Company, the Co‐Obligor and the purchasers listed on Schedule A thereto.  All capitalized definitional terms not otherwise defined herein shall have the same meaning as specified in the Note Purchase Agreement.  Reference is further made to Section 1.2 of the Note Purchase Agreement which requires that, prior to the delivery of any Additional Notes, the Company, the Co‐Obligor and each Additional Purchaser shall execute and deliver a Supplement.
The Company and the Co‐Obligor hereby, jointly and severally, agree with the Purchasers as follows:
1.    The Company and the Co‐Obligor have authorized the issue and sale of (i) $125,000,000 aggregate principal amount of their 3.78% Series 2019‐A Senior Notes, Tranche A, due July 6, 2027 (the “Tranche A Notes”), (ii) $250,000,000 aggregate principal amount of their 3.86% Series 2019‐A Senior Notes, Tranche B, due July 6, 2028 (the “Tranche B Notes”) and (iii) $275,000,000 aggregate principal amount of their 3.95% Series 2019‐A Senior Notes, Tranche C, due July 6, 2029 (the “Tranche C Notes”; and together with the Tranche A Notes and Tranche B Notes, the “Series 2019-A Notes”).  The Series 2019-A Notes, together with the Series 2017 Notes initially issued pursuant to the Note Purchase Agreement and each series of Additional Notes which may from time to time hereafter be issued pursuant to the provisions of Section 1.2 of the Note Purchase Agreement, are collectively referred to as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement).  The Series 2019-A Notes shall be substantially in the form set out in Exhibit 1-A, Exhibit 1-B and 

Exhibit 1‐C hereto, respectively, with such changes therefrom, if any, as may be approved by the Purchaser(s), the Co‐Obligor and the Company.  
2.    Subject to the terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and warranties hereinafter set forth, the Company and the Co‐Obligor agree to issue and sell to each Purchaser, and each Purchaser agrees to purchase from the Company and the Co‐Obligor, Series 2019-A Notes in the principal amount set forth opposite such Purchaser’s name on Schedule A hereto at a price of 100% of the principal amount thereof on the closing date hereinafter mentioned.
3.    The execution and delivery of this Supplement shall occur on June 12, 2019.  The sale and purchase of the Series 2019-A Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, Chicago, IL 60614 at 10:00 A.M. Chicago time, at a closing (the “Closing”) on such day as is designated by the Company at least three (3) Business Days prior thereto, which date shall, in any event, be on or prior to August 28, 2019.  At the Closing, the Company and the Co‐Obligor will deliver to each Purchaser the Series 2019-A Notes to be purchased by such Purchaser in the form of a single Series 2019-A Note (or such greater number of Series 2019-A Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Co-Obligor, with wire instructions to be provided by the Co-Obligor to the Purchaser at least three Business Days prior to the Closing date in accordance with Section 4.  If, at the Closing, the Company and the Co‐Obligor shall fail to tender such Series 2019-A Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser’s satisfaction, such Purchaser shall, at such Purchaser’s election, be relieved of all further obligations under this Supplement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.
The Company’s and the Co-Obligor’s obligation to issue and sell to each Purchaser the Notes to be sold to such Purchaser at the Closing is subject to and conditioned upon the consummation of the acquisition of TIER REIT, Inc. (the “Target”) by the Company or one or more of its Subsidiaries (the “Acquisition”) on or before the date of the Closing.  Notwithstanding anything to the contrary in this Agreement, in the event that the Agreement and Plan of Merger, dated as of March 25, 2019 (the “Acquisition Agreement”), by and among the Company, Murphy Subsidiary Holdings Corporation, a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), and the Target shall be terminated in accordance with its terms prior to the consummation of the Acquisition, this First Supplement shall terminate and shall forthwith become void and be of no force and effect, without any liability on the part of any party (including, without 

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limitation, with respect to the representations and warranties of the Company contained in this First Supplement and any and all information contained in the Memorandum or any other Disclosure Documents or otherwise), and the Purchasers, the Company and the Co-Obligor and their respective Affiliates shall each be permanently and irrevocably relieved of all obligations and liabilities under this First Supplement.
4.    The obligation of each Purchaser to purchase and pay for the Series 2019-A Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to the Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement (giving effect to any changes to the representations and warranties set forth in the Note Purchase Agreement effectuated by this Supplement and to any changes to such conditions set forth below) with respect to the Series 2019-A Notes to be purchased at the Closing, and to the following additional conditions and changes:
(a)    The condition set forth in Section 4.1 of the Note Purchase Agreement shall be deemed, for purposes hereof, to be replaced by the following: Except as supplemented, amended or superseded by the representations and warranties set forth in Exhibit A hereto, each of the representations and warranties of the Company and the Co‐Obligor set forth in Section 5 of the Note Purchase Agreement (as amended by Exhibit A hereto) and the Guaranty shall be correct as of the date of Closing and the Company and the Co‐Obligor shall have delivered to each Purchaser an Officer’s Certificate, dated the date of the Closing certifying that such condition has been fulfilled. 
(b)    The Company and the Co‐Obligor shall have consummated the sale of the entire principal amount of the Series 2019-A Notes scheduled to be sold at the Closing pursuant to this Supplement.
(c)    The Company shall have consummated the Acquisition on or prior to the Closing, which shall be further confirmed in the Officer’s Certificate delivered pursuant to part 4(a) hereof.
(d)    Clause (a) of Section 4.4 of the Note Purchase Agreement shall be deemed, for purposes hereof, to be replaced by the following: “(a) from one or more counsel for the Note Parties, covering such matters as are customary for debt issuances similar to the issuance contemplated by this Supplement and are reasonably requested by such Purchaser and its counsel (and the Note Parties instruct their counsel to deliver such opinion to the Purchasers)”.

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(f)    The reference to the “Purchaser Schedule” in Section 4.6 of the Note Purchase Agreement shall be deemed, for purposes hereof, to be replaced by the words “Schedule A to this Supplement”.
(e)     The reference to “Schedule 5.5” in Section 4.9 of the Note Purchase Agreement shall be deemed, for purposes hereof, to be replaced by the words “Schedule 5.5 to this Supplement, other than in connection with the Acquisition”.
5.    The provisions of Section 8 of the Note Purchase Agreement are applicable in all respects to the Series 2019-A Notes, provided that with respect to the Series 2019‐A Notes, Sections 8.1 and 8.6 are replaced by the following respective sections below:
Section 8.1.    Maturity.  As provided therein, the entire unpaid principal balance of the Tranche A Notes, the Tranche B Notes and Tranche C Notes shall be due and payable on the Maturity Date as reflected in the first paragraph thereof.
Section 8.6.    Make‐Whole Amount for the Series 2019-A Notes.  The term “Make‐Whole Amount” means, with respect to any Series 2019-A Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Series 2019-A Note over the amount of such Called Principal, provided that the Make‐Whole Amount may in no event be less than zero.  For the purposes of determining the Make‐Whole Amount, the following terms have the following meanings:
“Called Principal” means, with respect to any Series 2019-A Note, the principal of such Series 2019-A Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.
“Discounted Value” means, with respect to the Called Principal of any Series 2019-A Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Series 2019-A Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” means, with respect to the Called Principal of any Series 2019-A Note, the sum of (a) 0.50% plus (b) the yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page 

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PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on‐the‐run U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between the “Ask Yields” Reported for the applicable most recently issued actively traded on‐the‐run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.  
If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Series 2019-A Note, the sum of (x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Series 2019-A Note.
“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360‐day year comprised of twelve 30‐day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any Series 2019-A Note, all payments of such Called Principal and interest thereon that 

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would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Series 2019-A Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.
“Settlement Date” means, with respect to the Called Principal of any Series 2019‐A Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
6.    Each Purchaser represents and warrants that the representations and warranties set forth in Section 6 of the Note Purchase Agreement are true and correct on the date hereof with respect to the purchase of the Series 2019-A Notes by such Purchaser.  Each Purchaser further represents and warrants that:
(a)    such Purchaser on the date hereof is an institutional “accredited investor” as defined in Rule 501(a) under the Securities Act.  Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Series 2019-A Notes, and has so evaluated the merits and risks of such investment.  Such Purchaser is able to bear the economic risk of an investment in the Series 2019-A Notes and is able to afford a complete loss of such investment; and
(b)    such Purchaser has reviewed the Disclosure Documents and has been afforded (a) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Series 2019-A Notes and the risks of investing in the Series 2019-A Notes; (b) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (c) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.
7.    Notwithstanding any provision in the Note Purchase Agreement, from the date of this Supplement until the Closing hereunder shall have occurred, the Note Purchase Agreement, this Supplement and the Series 2019-A Notes may be amended, and the observance of any term hereof or of the Notes may be waived, only with the written consent of the Note Parties and the Purchasers.

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8.    Subject to the terms of this Supplement, the Company, the Co‐Obligor and each Purchaser agree to be bound by and comply with the terms and provisions of the Note Purchase Agreement as fully and completely as if such Purchaser were an original signatory to the Note Purchase Agreement.  The execution hereof shall constitute a contract between the Company, the Co‐Obligor and the Purchasers for the uses and purposes hereinabove set forth, and this agreement may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement.
[Signature pages follow]

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Accepted and agreed to as of the date 
of this Supplement.

COUSINS PROPERTIES INCORPORATED

By        
Name:    
Title:    

COUSINS PROPERTIES LP

By        
Name:    
Title:    
Accepted and agreed to as of the date 
of this Supplement.
[VARIATION]

By        
Name:    
Title:    

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INFORMATION RELATING TO PURCHASERS

	
			
	Name and Address of Purchaser
	 
	Principal  
Amount of Series 2019-A Notes to Be Purchased

	[NAME OF PURCHASER]
	 
	$

	(1)   All payments by wire transfer of immediately available funds to: 
 
 
 
 
with sufficient information to identify the source and application of such funds.
	 
	 

	(2)   All notices of payments and written confirmations of such wire transfers: 
 
 
 

	 
	 

	(3)   All other communications:
	 
	 

PURCHASER SCHEDULE
(to Supplement)

SUPPLEMENTAL REPRESENTATIONS
The Company and the Co‐Obligor represent and warrant to each Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties set forth in Section 5 of the Note Purchase Agreement is true and correct in all Material respects as of the date hereof with respect to the Series 2019-A Notes with the same force and effect as if each reference to “Series 2017 Notes” set forth therein was modified to refer the “Series 2019-A Notes” and each reference to “this Agreement” therein was modified to refer to the Note Purchase Agreement as supplemented by the First Supplement.  The Section references hereinafter set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby:
Section 5.3.    Disclosure.  The Company and the Co‐Obligor, through their agent, Morgan Stanley and Wells Fargo Securities LLC, has delivered to each Purchaser a copy of a Private Placement Memorandum, dated May 2019 (the “Memorandum”), relating to the transactions contemplated by the First Supplement.  The Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries.  The Note Purchase Agreement, the First Supplement, the Memorandum and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company and the Co‐Obligor prior to May 30, 2019 in connection with the transactions contemplated by the First Supplement and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 to the First Supplement (the Note Purchase Agreement, the First Supplement, the Memorandum and such documents, certificates or other writings and such financial statements delivered to each Purchaser prior to May 30, 2019 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made; provided, however, with respect to projected financial information, the Note Parties represent only that such information was prepared in good faith based on assumptions believed to be reasonable at the time.  Except as disclosed in the Disclosure Documents, since December 31, 2018, there has been no change in the financial condition, operations, business or properties of any Note Party or any Subsidiary of any Note Party except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  There is no fact known to any Note Party that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.  
Section 5.4.    Organization and Ownership of Shares of Subsidiaries; Affiliates.  (a) Schedule 5.4 to the First Supplement contains (except as noted therein) complete and correct lists of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such 

EXHIBIT A 
(to Supplement)

Subsidiary is a Guarantor, (ii) the Company’s Unconsolidated Entities, other than Subsidiaries, and (iii) the Company’s and the Co‐Obligor’s directors and executive officers, in each case as of the date of the First Supplement.
(b)    As of the date of the First Supplement, all of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and non‐assessable and are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.
(c)    Each Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.  Each Subsidiary which is a guarantor, co-borrower or otherwise liable pursuant to any Material Credit Facility is a Guarantor (other than the Co‐Obligor, which is issuing Notes hereunder with the Company).
(d)    As of the date of the First Supplement, no Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 to the First Supplement and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary.
Section 5.5.    Financial Statements; Material Liabilities.  The Note Parties have delivered to each Purchaser copies of the financial statements of the Company and its Consolidated Entities listed on Schedule 5.5 to the First Supplement.  All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Consolidated Entities as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year‐end adjustments).  As of the date of the First Supplement, the Company and its Consolidated Entities do not have any Material liabilities that are not disclosed in the Disclosure Documents.

A-2

Section 5.9.    Taxes.  The Note Parties and their Subsidiaries have filed all Material tax returns that are required to have been filed in any jurisdiction (taking into account any applicable extensions), and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for filings of any tax return or payment of any such any taxes and assessments (i) the amount of which, individually or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which a Note Party or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  To the best knowledge of the Company and the Co‐Obligor, there is no other tax or assessment that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  As of the date hereof, the charges, accruals and reserves on the books of the Note Parties and their Subsidiaries in respect of any Material U.S. federal, state or other taxes for all fiscal periods are adequate.  The U.S. federal income tax liabilities of the Note Parties and their Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2017.
Section 5.13.     Private Offering by the Company.  None of the Note Parties nor anyone acting on their behalf has offered the Series 2019-A Notes or any similar Securities for sale to, or solicited any offer to buy the Series 2019-A Notes or any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 80 other Institutional Investors, each of which has been offered the Series 2019-A Notes at a private sale for investment.  No Note Party nor anyone acting on their behalf has taken, or will take, any action that would subject the issuance or sale of the Series 2019-A Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.
Section 5.14.    Use of Proceeds; Margin Regulations.  The Company and the Co‐Obligor will apply the proceeds of the sale of the Series 2019-A Notes as set forth under the heading “Summary of Proposed Offering/ Use of Proceeds” of the Memorandum.  No part of the proceeds from the sale of the Series 2019-A Notes under the  First Supplement will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such 

A-3

assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.
Section 5.15.    Existing Indebtedness.  (a) Except as described therein, Schedule 5.15 to the First Supplement sets forth a complete and correct list of all outstanding Indebtedness of the Note Parties and their Subsidiaries as of March 31, 2019 (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor and any Guarantee thereof), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Note Parties or their Subsidiaries (other than as permitted hereunder).  None of the Note Parties nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness, the outstanding principal amount of which exceeds $25,000,000, of such Note Party or such Subsidiary and no event or condition exists with respect to any Indebtedness of such Note Party or any Subsidiary, the outstanding principal amount of which exceeds $25,000,000, that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

Section 1.19.     REIT Status.     As of the date of the First Supplement, the Company has no Consolidated Entities other than those specifically disclosed in Part (a) of Schedule 5.19 and had no material equity investments in any other Unconsolidated Entity or Investment Entity other than those specifically disclosed in Part (b) of Schedule 5.19.  The Company qualifies as a REIT.

A-4

[FORM OF TRANCHE A NOTE] 

COUSINS PROPERTIES INCORPORATED 
COUSINS PROPERTIES LP 

3.78% SERIES 2019-A SENIOR NOTE, TRANCHE A, DUE JULY 6, 2027
No. [_____]    [Date]
$[_______]    PPN 22279# AC8
FOR VALUE RECEIVED, the undersigned, COUSINS PROPERTIES INCORPORATED (herein called the “Company”), a corporation organized and existing under the laws of the State of Georgia and Cousins Properties LP, a limited partnership organized and existing under the laws of the State of Delaware, hereby, jointly and severally, promise to pay to [____________], or its registered assigns, the principal sum of [_____________________] DOLLARS (or so much thereof as shall not have been prepaid) on July 6, 2027 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30‐day months) (a) on the unpaid balance hereof at the rate of 3.78% per annum from the date hereof, payable semi-annually, on the 6th day of January and July in each year, commencing with [January 6, 2020][the January 6 or July 6 next succeeding the date hereof], and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on any unpaid balance and on any overdue payment of any Make‐Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.78% and (ii) 2.0% over the rate of interest publicly announced by Bank of America, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at Bank of America, N.A. in New York, New York, or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Master Note Purchase Agreement referred to below.
This Note is one of a series of Series 2019-A Senior Notes (herein called the “Notes”) issued pursuant to a First Supplement dated as of June 12, 2019 to the Master Note Purchase Agreement, dated April 19, 2017 (as from time to time amended, restated and supplemented, including by the First Supplement, the “Master Note Purchase Agreement”), between the Company, the Co‐Obligor and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the provisions of the Master Note Purchase Agreement, including, without limitation, the confidentiality provisions set forth in 

Exhibit 1-A

Section 20 of the Master Note Purchase Agreement and (ii) made the representations set forth in Section 6.2 of the Master Note Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Master Note Purchase Agreement.
This Note is a registered Note and, as provided in the Master Note Purchase Agreement, upon surrender of this Note for registration of transfer, accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Purchase Agreement, but not otherwise.  
If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Master Note Purchase Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the Company, the Co‐Obligor and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

COUSINS PROPERTIES INCORPORATED 

By        
Name:    
Title:    

COUSINS PROPERTIES LP 

By        
Name:    
Title:    

-1A- 2 -

-1A- 3 -

[FORM OF TRANCHE B NOTE] 

COUSINS PROPERTIES INCORPORATED 
COUSINS PROPERTIES LP 

3.86% SERIES 2019-A SENIOR NOTE, TRANCHE B, DUE JULY 6, 2028
No. [_____]    [Date]
$[_______]    PPN 22279# AD6
FOR VALUE RECEIVED, the undersigned, COUSINS PROPERTIES INCORPORATED (herein called the “Company”), a corporation organized and existing under the laws of the State of Georgia and Cousins Properties LP, a limited partnership organized and existing under the laws of the State of Delaware, hereby, jointly and severally, promise to pay to [____________], or its registered assigns, the principal sum of [_____________________] DOLLARS (or so much thereof as shall not have been prepaid) on July 6, 2028 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30‐day months) (a) on the unpaid balance hereof at the rate of 3.86% per annum from the date hereof, payable semi-annually, on the 6th day of January and July in each year, commencing with [January 6, 2020][the January 6 or July 6 next succeeding the date hereof], and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on any unpaid balance and on any overdue payment of any Make‐Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.86% and (ii) 2.0% over the rate of interest publicly announced by Bank of America, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at Bank of America, N.A. in New York, New York, or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Master Note Purchase Agreement referred to below.
This Note is one of a series of Series 2019-A Senior Notes (herein called the “Notes”) issued pursuant to a First Supplement dated as of June 12, 2019 to the Master Note Purchase Agreement, dated April 19, 2017 (as from time to time amended, restated and supplemented, including by the First Supplement, the “Master Note Purchase Agreement”), between the Company, the Co‐Obligor and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the provisions of the Master Note Purchase Agreement, including, without limitation, the confidentiality provisions set forth in 

Exhibit 1-B

Section 20 of the Master Note Purchase Agreement and (ii) made the representations set forth in Section 6.2 of the Master Note Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Master Note Purchase Agreement.
This Note is a registered Note and, as provided in the Master Note Purchase Agreement, upon surrender of this Note for registration of transfer, accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Purchase Agreement, but not otherwise.  
If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Master Note Purchase Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the Company, the Co‐Obligor and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

COUSINS PROPERTIES INCORPORATED 

By        
Name:    
Title:    

COUSINS PROPERTIES LP 

By        
Name:    
Title:    

-1B- 2 -

-1B- 3 -

[FORM OF TRANCHE C NOTE] 

COUSINS PROPERTIES INCORPORATED 
COUSINS PROPERTIES LP 

3.95% SERIES 2019-A SENIOR NOTE, TRANCHE C, DUE JULY 6, 2029
No. [_____]    [Date]
$[_______]    PPN 22279# AE4
FOR VALUE RECEIVED, the undersigned, COUSINS PROPERTIES INCORPORATED (herein called the “Company”), a corporation organized and existing under the laws of the State of Georgia and Cousins Properties LP, a limited partnership organized and existing under the laws of the State of Delaware, hereby, jointly and severally, promise to pay to [____________], or its registered assigns, the principal sum of [_____________________] DOLLARS (or so much thereof as shall not have been prepaid) on July 6, 2029 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30‐day months) (a) on the unpaid balance hereof at the rate of 3.95% per annum from the date hereof, payable semi-annually, on the 6th day of January and July in each year, commencing with [January 6, 2020][the January 6 or July 6 next succeeding the date hereof], and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on any unpaid balance and on any overdue payment of any Make‐Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.95% and (ii) 2.0% over the rate of interest publicly announced by Bank of America, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).
Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at Bank of America, N.A. in New York, New York, or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Master Note Purchase Agreement referred to below.
This Note is one of a series of Series 2019-A Senior Notes (herein called the “Notes”) issued pursuant to a First Supplement dated as of June 12, 2019 to the Master Note Purchase Agreement, dated April 19, 2017 (as from time to time amended, restated and supplemented, including by the First Supplement, the “Master Note Purchase Agreement”), between the Company, the Co‐Obligor and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the provisions of the Master Note Purchase Agreement, including, without limitation, the confidentiality provisions set forth in 

Exhibit 1-C

Section 20 of the Master Note Purchase Agreement and (ii) made the representations set forth in Section 6.2 of the Master Note Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Master Note Purchase Agreement.
This Note is a registered Note and, as provided in the Master Note Purchase Agreement, upon surrender of this Note for registration of transfer, accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.
This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Purchase Agreement, but not otherwise.  
If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Master Note Purchase Agreement.
This Note shall be construed and enforced in accordance with, and the rights of the Company, the Co‐Obligor and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

COUSINS PROPERTIES INCORPORATED 

By        
Name:    
Title:    

COUSINS PROPERTIES LP 

By        
Name:    
Title:    

-1C- 2 -

-1C- 3 -

SCHEDULE 5.4
ORGANIZATION AND OWNERSHIP OF SUBSIDIARIES

ORGANIZATION AND OWNERSHIP OF SHARES OF SUBSIDIARIES; AFFILIATES
(i)    Subsidiaries:
	
				
	Name
	Jurisdiction
	% of Shares
	Guarantor  
(Yes/No)

	1230 Peachtree Associates LLC
	Georgia
	100%
	Yes

	191 Peachtree Project LLC
	Georgia
	100%
	No

	250 Williams Street LLC
	Georgia
	100%
	No

	250 Williams Street Manager, LLC
	Georgia
	100%
	No

	50 Biscayne Venture, LLC
	Delaware
	88.25%
	No

	7000 Central Park Amenities LLC
	Delaware
	100%
	No

	7000 Central Park JV LLC
	Delaware
	100%
	No

	7000 Central Park Note LLC
	Delaware
	100%
	No

	7000 Central Park Propco LLC
	Delaware
	100%
	No

	Austin 300 Colorado Investor LLC
	Georgia
	100%
	Yes

	Blalock Lakes, LLC
	Georgia
	100%
	No

	C/W King Mill I, LLC
	Georgia
	75%
	No

	CCD 10 Terminus Place LLC
	Georgia
	100%
	No

	Cedar Grove Lakes, LLC
	Georgia
	100%
	No

	Cousins - Austin Portfolio Holdings, LLC
	Delaware
	100%
	No

	Cousins – One Congress Plaza Mezzanine, LLC
	Delaware
	100%
	No

	Cousins – One Congress Plaza, LLC
	Delaware
	100%
	Yes

	Cousins – San Jacinto Center LLC
	Delaware
	100%
	Yes

	Cousins 100 Mill Investor
	Georgia
	100%
	Yes

	Cousins 1200 Peachtree LLC
	Georgia
	100%
	Yes

	Cousins 214 N. Tryon LP
	Delaware
	100%
	Yes

	Cousins 222 S. Mill, LLC
	Delaware
	100%
	Yes

	Cousins 3060 Peachtree Sub, LLC
	Delaware
	100%
	Yes

	Cousins 3060 Peachtree, LLC
	Delaware
	100%
	No

	Cousins 3rd & Colorado LLC
	Georgia
	100%
	No

	Cousins 3rd W Peachtree LLC
	Georgia
	100%
	No

	Cousins 3WP Consulting LLC
	Georgia
	100%
	No

	Cousins 3WP Holdings LLC
	Georgia
	100%
	No

	Cousins 3WP Land LLC
	Georgia
	100%
	No

	Cousins 40867 Lake Forest, LLC
	Delaware
	100%
	No

	Cousins 550 South Caldwell LP
	Delaware
	100%
	Yes

SCHEDULE 5.4

	
				
	Name
	Jurisdiction
	% of Shares
	Guarantor  
(Yes/No)

	Cousins 777 Main Street LLC
	Georgia
	100%
	No

	Cousins 816 Congress LLC
	Georgia
	100%
	No

	Cousins 8th and 7th ATL LLC
	Georgia
	100%
	Yes

	Cousins 8th and West Peachtree LLC
	Georgia
	100%
	Yes

	Cousins Acquisitions Entity LLC
	Georgia
	100%
	No

	Cousins Aircraft Associates, LLC
	Georgia
	100%
	No

	Cousins Austin Partner, LLC
	Delaware
	100%
	No

	Cousins Austin, LLC
	Delaware
	100%
	No

	Cousins Avalon LLC
	Georgia
	100%
	Yes

	Cousins Brickell II, LLC
	Delaware
	100%
	No

	Cousins Carlton, LLC
	Delaware
	100%
	No

	Cousins CH Holdings LLC
	Georgia
	100%
	Yes

	Cousins CH Investment LLC
	Georgia
	100%
	Yes

	Cousins Colorado Investor LLC
	Georgia
	100%
	Yes

	Cousins Colorado Land LLC
	Georgia
	100%
	No

	Cousins Decatur Development LLC
	Georgia
	100%
	No

	Cousins Deerwood LLC
	Delaware
	100%
	No

	Cousins Employees LLC
	Georgia
	100%
	No

	Cousins Finance AZ, LLC
	Delaware
	100%
	No

	Cousins Forum Note LLC
	Delaware
	100%
	No

	Cousins Forum, LLC
	Delaware
	100%
	No

	Cousins FTC Charlotte LP
	Georgia
	100%
	No

	Cousins FTC Holding LLC
	Georgia
	100%
	No

	Cousins Fund II Buckhead, LLC
	Delaware
	100%
	Yes

	Cousins Fund II Closeout LLC
	Georgia
	100%
	No

	Cousins Fund II Orlando I, LLC
	Delaware
	100%
	No

	Cousins Fund II Philadelphia GP, LLC
	Delaware
	100%
	No

	Cousins Fund II Philadelphia I, LP
	Delaware
	100%
	No

	Cousins Fund II Phoenix I, LLC
	Delaware
	100%
	Yes

	Cousins Fund II Phoenix II, LLC
	Delaware
	100%
	Yes

	Cousins Fund II Phoenix III, LLC
	Delaware
	100%
	Yes

	Cousins Fund II Phoenix IV, LLC
	Delaware
	100%
	Yes

	Cousins Fund II Phoenix V, LLC
	Delaware
	100%
	Yes

	Cousins Fund II Phoenix VI, LLC
	Delaware
	100%
	No

	Cousins Fund II Tampa II, LLC
	Delaware
	100%
	Yes

	Cousins Fund II Tampa III, LLC
	Delaware
	100%
	Yes

	Cousins International Plaza I, LLC
	Delaware
	100%
	Yes

	Cousins International Plaza II, LLC
	Delaware
	100%
	Yes

	Cousins International Plaza III, LLC
	Delaware
	100%
	Yes

	Cousins International Plaza V Land, LLC
	Delaware
	100%
	No

	Cousins International Plaza VI Land, LLC
	Delaware
	100%
	No

5.3-2

	
				
	Name
	Jurisdiction
	% of Shares
	Guarantor  
(Yes/No)

	Cousins Jefferson Mill, LLC
	Georgia
	100%
	No

	Cousins King Mill, LLC
	Georgia
	100%
	No

	Cousins La Frontera LLC
	Texas
	100%
	No

	Cousins Lincoln Place Holdings LLC
	Delaware
	100%
	No

	Cousins Lincoln Place LLC
	Delaware
	100%
	No

	Cousins Millennia LLC
	Delaware
	100%
	No

	Cousins Murfreesboro LLC
	Georgia
	100%
	No

	Cousins NC Gen Partner LLC (fka Cousins FTC Manager LLC)
	Georgia
	100%
	No

	Cousins Northpark 400 LLC
	Georgia
	100%
	Yes

	Cousins Northpark 500/600 LLC
	Georgia
	100%
	Yes

	Cousins OF II, L.L.C.
	Delaware
	100%
	No

	Cousins One Capital City Plaza LLC
	Delaware
	100%
	Yes

	Cousins One Capital Manager, LLC
	Delaware
	100%
	No

	Cousins One Capital, LLC
	Delaware
	100%
	No

	Cousins OOC Manager LLC
	Delaware
	100%
	No

	Cousins OOC Owner LLC
	Delaware
	100%
	No

	Cousins Orlando Manager, LLC
	Delaware
	100%
	No

	Cousins Orlando, LLC
	Delaware
	100%
	No

	Cousins Phoenix VI, LLC
	Delaware
	100%
	Yes

	Cousins Properties LP
	Delaware
	98%
	Yes

	Cousins Properties Office Fund II, L.P.
	Delaware
	100%
	Yes

	Cousins Properties Palisades LLC
	Texas
	100%
	No

	Cousins Properties Services LLC
	Texas
	100%
	No

	Cousins Properties Sub, Inc.
	Maryland
	100%
	No

	Cousins Properties Waterview LLC
	Texas
	100%
	No

	Cousins Realty Services, LLC
	Delaware
	100%
	No

	Cousins Research Park V LLC
	Georgia
	100%
	Yes

	Cousins- San Jacinto Center Mezzanine, LLC
	Delaware
	100%
	No

	Cousins San Jose MarketCenter, LLC
	Georgia
	100%
	No

	Cousins South Tryon, LLC
	Delaware
	100%
	No

	Cousins Spring & 8th Streets LLC
	Georgia
	100%
	No

	Cousins Spring & 8th Streets Parent LLC
	Georgia
	100%
	Yes

	Cousins SUSP, LLC
	Delaware
	100%
	No

	Cousins Tampa Sub, LLC
	Delaware
	100%
	Yes

	Cousins Tampa, LLC
	Delaware
	100%
	No

	Cousins TBP, LLC
	Delaware
	100%
	Yes

	Cousins Terminus LLC
	Delaware
	100%
	Yes

	Cousins Tiffany Springs MarketCenter LLC
	Georgia
	100%
	No

	Cousins Tower Place 200 LLC
	Delaware
	100%
	Yes

	Cousins TRS Austin Amenities, LLC
	Delaware
	100%
	No

5.3-3

	
				
	Name
	Jurisdiction
	% of Shares
	Guarantor  
(Yes/No)

	Cousins TRS Services LLC
	Georgia
	100%
	Yes

	Cousins Victory Investment LLC
	Georgia
	100%
	Yes

	Cousins W. Rio Salado, LLC
	Delaware
	100%
	Yes

	Cousins, Inc.
	Alabama
	100%
	No

	Cousins/Myers II, LLC
	Delaware
	75% Operating/80% Capital (to be dissolved in 2017 – no further liabilities or assets)
	No

	Cousins-Austin Portfolio Holdings, LLC
	Delaware
	100%
	No

	CP - Forsyth Investments LLC
	Georgia
	100%
	No

	CP - Tiffany Springs Investments LLC
	Georgia
	100%
	No

	CP 2100 Ross LLC
	Georgia
	100%
	No

	CP Lakeside 20 GP, LLC
	Georgia
	100%
	No

	CP Lakeside Land GP, LLC
	Georgia
	100%
	No

	CP Texas Industrial, LLC
	Georgia
	100%
	No

	CP Venture Three LLC
	Delaware
	100%
	No

	CPI 191 LLC
	Georgia
	100%
	No

	CPI Development Inc.
	Georgia
	100%
	No

	CPI Services LLC
	Georgia
	100%
	No

	CREC Property Holdings, LLC
	Delaware
	100%
	No

	CS Lakeside 20 Limited, LLLP
	Texas
	70%
	No

	CS Lakeside Land Limited, LLLP
	Texas
	70%
	No

	CS Lancaster LLC
	Georgia
	100%
	No

	CUZWAT Investments, LLC
	Georgia
	100%
	No

	DC Charlotte Plaza Investment LLC
	Georgia
	100%
	Yes

	DC Charlotte Plaza Manager LLC
	Georgia
	100%
	No

	FDG Deerwood North LLC
	Delaware
	100%
	No

	FDG Deerwood South LLC
	Delaware
	100%
	No

	HICO 100 Mill LLC
	Delaware
	90%
	No

	HICO 100 Mill TRS LLC
	Delaware
	90%
	No

	HICO Avalon II LLC
	Delaware
	90%
	No

	HICO Avalon LLC
	Delaware
	90%
	No

	IPC Investments LLC
	Georgia
	100%
	No

	King Mill Project I LLC
	Georgia
	100% owned by C/W King Mill I, LLC
	No

	Mahan Village LLC
	Delaware
	88%
	No

	Meridian Mark Plaza, LLC
	Georgia
	100%
	No

	New Land Realty, LLC
	Georgia
	100%
	No

	New TPG Four Points, LP
	Texas
	100%
	No

	One Ninety One Peachtree Associates LLC
	Georgia
	100%
	No

	OOC Holdings GP, LLC
	Delaware
	100%
	No

5.3-4

	
				
	Name
	Jurisdiction
	% of Shares
	Guarantor  
(Yes/No)

	Orlando Centre Syndication Partners JV LP
	Delaware
	100%
	No

	Pine Mountain Ventures, LLC
	Georgia
	100%
	No

	PKY 7000 Central Park Way LLC
	Delaware
	100%
	No

	PKY OOC GP, LLC
	Delaware
	100%
	No

	PKY OOC I LP, LLC
	Delaware
	100%
	No

	PKY OOC II LP, LLC
	Delaware
	100%
	No

	PKY OOC LLC
	Delaware
	100%
	No

	Sono Renaissance, LLC
	Georgia
	100%
	No

	TPG-New FP GP, LLC
	Delaware
	100%
	No

	TPG-New FP LP, LLC
	Delaware
	100%
	No

(ii)    Unconsolidated Entities.
50 Biscayne Venture, LLC
AMCO 120 West Trinity LLC
AMCO 120 WT Holdings LLC
Austin 300 Colorado Project GP, LLC
Austin 300 Colorado Project LP
Bentwater Links, LLC
Carolina Square GP LLC
Carolina Square Holdings LP
Carolina Square Project LP
Charlotte Gateway Village, LLC
CL Realty, L.L.C.
Cousins Watkins, LLC
Crawford Long-CPI, LLC
DC Charlotte Plaza LLLP
EP I, LLC
EP II, LLC
HICO Victory Center LP
Seven Hills Homes, LLC
Temco Associates, LLC
Ten Peachtree Place Associates
Terminus Office Holdings LLC
Terminus Venture T100 LLC
Terminus Venture T200 LLC
Wildwood Associates

5.3-5

(iii)    Company’s and Co-Obligors Directors and Senior Officers:
Directors
S. Taylor Glover, Lead Independent Director of the Board of Directors  
Charles T. Cannada  
Edward M. Casal  
Robert M. Chapman  
M. Colin Connolly
Lawrence L. Gellerstedt III, Executive Chairman of the Board  
Lillian C. Giornelli  
Donna W. Hyland  
Thomas G. Cousins, Chairman Emeritus

Executive Officers 
Lawrence L. Gellerstedt III, Executive Chairman of the Board
M. Colin Connolly, President and Chief Executive Officer 
Gregg D. Adzema, Executive Vice President and Chief Financial Officer 
John S. McColl, Executive Vice President
Richard Hickson, Executive Vice President 
Pamela F. Roper, Executive Vice President, General Counsel and Corporate Secretary  
John D. Harris, Jr., Senior Vice President, Chief Accounting Officer, Treasurer and Assistant Corporate Secretary

5.3-6

SCHEDULE 5.5
FINANCIAL STATEMENTS

Annual Report on Form 10-K filed with the SEC for the annual period ended December 31, 2018.

Quarterly Report on Form 10-Q filed with the SEC for the quarterly period ended March 31, 2019.

SCHEDULE 5.5

SCHEDULE 5.15
EXISTING INDEBTEDNESS OF THE NOTE PARTIES AND THEIR SUBSIDIARIES
COUSINS PROPERTIES INCORPORATED  
DEBT OUTSTANDING 

SCHEDULE 5.15

As of March 31, 2019 
($ in thousands)

(1) The spread over LIBOR at March 31, 2019 was 1.20%.
(2) As of March 31, 2019, the Company had $56.4 million drawn under the Credit Facility and had the ability to borrow $943.6 million of the $1 billion available. The spread over LIBOR at March 31, 2019 was 1.05%.
(3) The Company's share of the total borrowing capacity of the facility is $39.9 million. In April 2019, Carolina Square Holdings LP joint venture plans to execute the second of two one-year extensions for its associated
construction loan, extending the maturity date to May 2020.
(4) The Company's share of the total borrowing capacity of the facility is $63.0 million.
(5) Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

5.15-2

5.15-3

SCHEDULE 5.19
CONSOLIDATED ENTITIES AND OTHER EQUITY INVESTMENTS

Part (a).        Consolidated Entities.
1230 Peachtree Associates LLC
191 Peachtree Project LLC
250 Williams Street LLC
250 Williams Street Manager LLC 
7000 Central Park Amenities LLC
7000 Central Park JV LLC
7000 Central Park Note LLC
7000 Central Park Propco LLC
Austin 300 Colorado Investor, LLC
Blalock Lakes, LLC
C S Lancaster LLC
C/W King Mill I, LLC
CCD 10 Terminus Place, LLC
Cedar Grove Lakes, LLC
Cousins – One Congress Plaza Mezzanine, LLC 
Cousins – One Congress Plaza, LLC 
Cousins – San Jacinto Center LLC 
Cousins 100 Mill Investor LLC
Cousins 1200 Peachtree LLC
Cousins 214 N. Tryon, LP
Cousins 222 S. Mill, LLC 
Cousins 3060 Peachtree Sub, LLC 
Cousins 3060 Peachtree, LLC 
Cousins 3rd & Colorado LLC
Cousins 3rd W Peachtree LLC
Cousins 3WP Consulting LLC
Cousins 3WP Holdings LLC
Cousins 3WP Land LLC
Cousins 40867 Lake Forest, LLC
Cousins 550 South Caldwell, LP
Cousins 777 Main Street LLC
Cousins 816 Congress LLC
Cousins 8th and 7th ATL LLC
Cousins 8th and West Peachtree LLC
Cousins Acquisitions Entity LLC
Cousins Aircraft Associates, LLC

SCHEDULE 5.19

Cousins Austin Partner, LLC 
Cousins Austin, LLC 
Cousins Avalon LLC
Cousins Brickell II, LLC
Cousins Carlton, LLC 
Cousins CH Holdings LLC
Cousins CH Investment LLC
Cousins Colorado Investor LLC
Cousins Colorado Land LLC
Cousins Decatur Development LLC
Cousins Deerwood LLC 
Cousins Employees LLC
Cousins Finance AZ, LLC 
Cousins Forum Note LLC 
Cousins Forum, LLC 
Cousins FTC Charlotte LP
Cousins FTC Holding LLC
Cousins Fund II Buckhead, LLC 
Cousins Fund II Closeout LLC
Cousins Fund II Orlando I, LLC 
Cousins Fund II Philadelphia GP, LLC 
Cousins Fund II Philadelphia I, LP 
Cousins Fund II Phoenix I, LLC 
Cousins Fund II Phoenix II, LLC 
Cousins Fund II Phoenix III, LLC
Cousins Fund II Phoenix IV, LLC
Cousins Fund II Phoenix V, LLC 
Cousins Fund II Tampa II, LLC 
Cousins Fund II Tampa III, LLC 
Cousins International Plaza I, LLC 
Cousins International Plaza II, LLC 
Cousins International Plaza III, LLC 
Cousins International Plaza V Land, LLC 
Cousins International Plaza VI Land, LLC 
Cousins Jefferson Mill, LLC
Cousins King Mill, LLC
Cousins La Frontera LLC
Cousins Lincoln Place Holdings LLC 
Cousins Lincoln Place LLC 
Cousins Millenia LLC
Cousins Murfreesboro LLC
Cousins NC General Partner LLC (fka Cousins FTC Manager LLC)

5.19-2

Cousins Northpark 400 LLC
Cousins Northpark 500/600 LLC
Cousins OF II, L.L.C. 
Cousins One Capital City Plaza LLC 
Cousins One Capital Manager LLC 
Cousins One Capital, LLC 
Cousins OOC Manager LLC 
Cousins OOC Owner LLC 
Cousins Orlando Manager, LLC 
Cousins Orlando, LLC 
Cousins Phoenix VI, LLC 
Cousins Properties LP 
Cousins Properties Office Fund II, L.P.
Cousins Properties Palisades, LLC
Cousins Properties Services LLC
Cousins Properties Sub, Inc. 
Cousins Properties Waterview LLC
Cousins Realty Services, LLC 
Cousins Research Park V LLC
Cousins- San Jacinto Center Mezzanine, LLC 
Cousins San Jose MarketCenter LLC
Cousins South Tryon, LLC 
Cousins Spring & 8th Streets LLC
Cousins Spring & 8th Streets Parent LLC
Cousins SUSP, LLC 
Cousins Tampa Sub, LLC 
Cousins Tampa, LLC 
Cousins TBP, LLC 
Cousins Terminus LLC 
Cousins Tiffany Springs MarketCenter LLC
Cousins Tower Place 200 LLC 
Cousins TRS Austin Amenities, LLC 
Cousins TRS Services LLC
Cousins Victory Investment LLC
Cousins W. Rio Salado, LLC 
Cousins, Inc. 
Cousins/Myers II, LLC
Cousins-Austin Portfolio Holdings, LLC 
CP 2100 Ross, LLC 
CP Lakeside 20 GP, LLC
CP Lakeside Land GP, LLC
CP Texas Industrial, LLC

5.19-3

CP Venture Three LLC
CP-Forsyth Investments LLC
CPI 191 LLC
CPI Development Inc.
CPI Services LLC
CP-Tiffany Springs Investments LLC
CREC Property Holdings LLC
CS Lakeside 20 Limited, LLLP
CS Lakeside Land Limited, LLLP
CUZWAT Investments, LLC
DC Charlotte Plaza Investment LLC
DC Charlotte Plaza Manager LLC
FDG Deerwood North LLC 
FDG Deerwood South LLC 
HICO 100 Mill LLC
HICO 100 Mill TRS LLC
HICO Avalon II LLC
HICO Avalon LLC
IPC Investments LLC
King Mill Project I, LLC
Mahan Village LLC
Meridian Mark Plaza, LLC
Murphy Subsidiary Holdings Corporation
New Land Realty, LLC
New TPG Four Points LP
One Ninety One Peachtree Associates LLC
OOC Holdings GP, LLC 
Orlando Centre Syndication Partners JV LP 
Pine Mountain Ventures, LLC
PKY 7000 Central Park Way LLC
PKY OOC GP, LLC 
PKY OOC I LP, LLC 
PKY OOC II LP, LLC 
PKY OOC LLC 
Sono Renaissance, LLC
TPG – New FP GP LLC
TPG – New FP LP LLC

Part (b).    Unconsolidated Entities and Investment Entities.
Unconsolidated Entities:
50 Biscayne Venture, LLC

5.19-4

AMCO 120 WT Holdings LLC
AMCO 120 West Trinity LLC
Austin 300 Colorado Project GP, LLC
Austin 300 Colorado Project LP
Bentwater Links, LLC
Carolina Square Holdings LP
Carolina Square Project LP
Carolina Square GP LLC
Charlotte Gateway Village, LLC
CL Realty, L.L.C.
Cousins Watkins, LLC
Crawford Long-CPI, LLC
DC Charlotte Plaza LLLP
EP I, LLC
EP II, LLC
HICO Victory Center LP
Seven Hills Homes, LLC
Temco Associates, LLC
Ten Peachtree Place Associates
Terminus Office Holdings LLC
Terminus Venture T100 LLC
Terminus Venture T200 LLC
Wildwood Associates

Investment Entities:
ACP Peachtree Manager LLC
GRA Venture Fund LLC
TRG Columbus Development Venture, Ltd
TGR Land, L.P. (Temco investment entity)
TGR Golf, L.P. (Temco investment entity)

5.19-5Exhibit

                                                                                                                                                   July 23, 2019 

Dear Fahmi Karam,

We are pleased to confirm an offer of employment with Santander Consumer USA Inc. (SC). This letter outlines the offer. We are excited for you to continue with SC.

Position, Start Date, Location
Functional Title:  Chief Financial Officer
Corporate Title: Chief Financial Officer
Reporting to:  SC CEO (Scott Powell)
Functional Reporting to:  US Chief Financial officer
Your start date will be Monday, September 16, 2019
Your office will be located at Thanksgiving Tower

Compensation
Base Salary - Your annual salary will be $750,000 (USD). You will be paid bi-weekly on Fridays at a rate of $28,846; less all applicable federal, state and local taxes and other authorized payroll withholdings. This is an exempt position and is not eligible for overtime.

Annual Incentive Compensation
Target annual incentive bonus: $650,000
Eligible year: 2019

Bonuses will be paid in accordance with SC policies, and will be determined by SC based on your achievement of individual and company objectives. You must be employed by SC at time of determination and bonus distribution to be eligible for payment. 

As an “Identified Staff” member, your annual bonus will be paid out in the manner prescribed by applicable regulations and company policy, as may be amended from time to time. Currently, the bonus will is paid as follows: 
 30% in cash paid at time of bonus award; 
 30% in Restricted Stock Units (RSUs) that vest immediately at the time of the bonus award; 
 20% in long-term cash that vest on the first, second, and third anniversaries of the bonus award; and 
 20% in RSUs that vest on the first, second, and third anniversaries of the bonus award. 
SC shares that settle upon the vesting of RSU awards are subject to an additional one-year restriction on transfer and hedging.  The bonus award is contingent on the approval of Santander Consumer USA, Inc.’s Compensation Committee. The award will also be contingent on your executing applicable award agreements, and such awards will be subject to the terms of those agreements.

SRIP eligibility target: $300,000
Eligible year: 2019

Benefits:
You will continue to be eligible to participate in SC’s health and welfare benefits that include: medical, dental, vision, 401k, and paid time off. 

SC considers all information related to associate compensation to be private and confidential. SC is an at-will employer, meaning that either the employee or SC may terminate the employment relationship at any time at their 

sole discretion and without “Cause”. Neither this letter nor any other communication by a representative of the management of SC other than in writing and signed by the CEO can vary this policy or create a contract of permanent employee or employment for a specified period of time. 
    
This offer letter is subject to the covenants and agreements set forth in the attached addendums, which are hereby incorporated by reference as if fully set forth herein. In return for your employment and the compensation described in this letter agreement, you agree to be bound by the terms, conditions, and covenants of Exhibit A.
Although your job duties, title, compensation and benefits, as well as Santander Consumer USA Inc.’s personnel policies and procedures may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of Santander Consumer USA Inc.
This offer expires after five (5) business days.

Fahmi, upon acceptance of this offer, please return a signed copy to Mikenzie Sari.  

Your signature below represents your acceptance of this offer. 

  /s/ Fahmi Karam                                       7/23/2019                                                    
Signature                             Date 

Attachments:
Exhibit A
Non-disclosure
Notice Provision and Garden Leave 
Cause

EXHIBIT A
Confidentiality and Restrictive Covenant Agreement

This Confidentiality and Restrictive Covenant Agreement (“Agreement”) is entered into between Santander Consumer USA Inc., Santander Consumer USA Holdings, Inc. (collectively “Santander” or the “Company”), and  (Candidate name) (“Employee”). In exchange for the mutual promises and obligations in this Agreement, Santander and Employee agree as follows:

1.NO ALTERATION OF EMPLOYMENT RELATIONSHIP. Nothing in this Agreement is intended to alter the nature of the relationship between Employee and the Company. The terms and conditions of employment for employees that have executed separate, specific employment agreements will continue to be governed by such agreements except to the extent altered herein. Employment for employees that have not signed separate, specific employment agreements remains “at will,” and either the employee or the Company may terminate the employee’s employment at any time, with or without notice, for any or no reason and with or without cause. Nothing in this Agreement shall constitute a promise or contract of employment for any particular duration, for any specified rate of pay, under any specified terms and conditions, or for any specific job function.

2.AGREEMENT TO PROVIDE CONFIDENTIAL INFORMATION. Santander agrees to furnish Employee with Confidential Information related to Santander during Employee’s employment. Employee acknowledges that this Confidential Information is furnished for the purpose of enabling Employee to access and provide service to the Company and its customers. Employee acknowledges and agrees that the Company’s business is to a large extent based upon Confidential Information, and that the Company’s provision of this Confidential Information justifies the restrictions provided for in this Agreement.

For purposes of this Agreement, the term “Confidential Information” shall mean information that Santander owns or possesses, that Santander has developed, that it uses or that is potentially useful in the business of the Company, and/or that the Company treats as proprietary, private, or confidential. Confidential Information includes, but is not limited to, (a) inventions, ideas, processes, formulas, data, lists, programs, internal memos, other works of authorship, know-how, improvements, discoveries, trade secrets, developments, designs, and techniques relating to the business or proposed business of Santander; (b) information regarding plans for research, development, new products and services, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers, customer lists, cost structures, customer needs/preferences, the identity of Santander’s automotive dealer partners, and the terms of the relationship between Santander and the automotive dealerships; and (c) information regarding the skills and capabilities of other employees, consultants, vendors, and contractors for Santander that the Company desires to protect against disclosure or competitive use.

3.NON-DISCLOSURE OF CONFIDENTIAL INFORMATION. Employee agrees not to, either during or after Employee’s employment, use or disclose such Confidential Information for any reason other than in the performance of Employee’s duties.

Employee’s obligation not to disclose Confidential Information does not apply to information that: (a) is or becomes generally available to the public other than as a result of disclosure by Employee; or (b) Employee is legally required by law, subpoena, or judicial/regulatory process, provided, however, that in the event Employee is legally required to disclose such information, Employee agrees to provide the Company with prompt notice thereof so that the Company may, in the Company’s sole discretion, seek an appropriate protective order.

4.RESTRICTIVE COVENANTS. Employee acknowledges that: (a) during Employee’s employment with Santander, Employee will obtain Confidential Information; (b) the Confidential Information has been developed and created by Santander at substantial expense and the Confidential Information  constitutes valuable proprietary assets of the Company; (c) Santander will suffer substantial damage which will be difficult to compute if Employee should solicit or interfere with the Company’s employees, clients, customers, vendors, or suppliers or should divulge Confidential Information relating to the business of the Company; (d) the provisions of this Agreement are reasonable and necessary for the protection of Santander’s business and the Confidential Information; (e) Santander would not 

have provided Employee with Confidential Information unless Employee agreed to be bound by the terms hereof; and (f) the provisions of this Agreement will not preclude Employee from other gainful employment.

For these reasons, Employee agrees to the following restrictive covenants designed to protect the Confidential Information:

		
	(i)
	Non-Competition: Employee shall not, during the Restricted Period, without the prior written consent of Santander, directly or indirectly, on Employee’s behalf or on behalf of or in conjunction with others, as a contractor, agent, shareholder, owner, partner, director, officer, principal, member, employee, or in any other capacity or manner whatsoever, for Employee’s own benefit or for the benefit of any other person or entity, render services or advice to, accept employment with, lend Employee’s name or credit to, work for, participate in the ownership, management, operation, financing, or control of, an entity currently engaged in, or desiring to become engaged in, Competing Activities in the Restricted Area. Notwithstanding the foregoing, nothing in this Agreement restricts Employee from owning less than 1% of any class of securities of such entity as a passive investor, if such securities are listed on a national securities exchange. Employee understands that this provision does not restrict Employee from accepting any employment with any entity that does not engage in Competing Activities.

		
	(ii)
	Non-Solicitation: Employee shall not, during the Restricted Period, without the prior written consent of Santander, directly or indirectly, on Employee’s behalf or on behalf of or in conjunction with others, as a contractor, agent, shareholder, owner, partner, director, officer, principal, member, employee, or in any other capacity or manner whatsoever, solicit business from, attempt to transact business with, transact business with, or interfere with the Company’s relationship with any Customer or Prospective Customer, vendor, supplier, or contractor of the Company. This restriction applies only to business that is a Competitive Activity.

		
	(iii)
	Anti-Raiding: Employee shall not, during the Restricted Period, without the prior written consent of the Company, directly or indirectly, on Employee’s behalf or on behalf of or in conjunction with others, as a contractor, agent, shareholder, owner, partner, director, officer, principal, member, employee, or in any other capacity or manner whatsoever, directly or indirectly solicit for employment, employ, or otherwise engage as an employee, independent contractor, or otherwise, any person who is, or within the 12-month period immediately preceding the date of any such activity was, an employee or contractor engaged by the Company.

The term “Restricted Period” means during Employee’s employment with the Company and for a period of twelve (12) months thereafter.

The term “Restricted Area” means the United States.

The term “Competing Activity” means any business activity that involves or is related to providing vehicle finance and/or unsecured consumer lending products.

The term “Customer or Prospective Customer” means any client or customer of the Company, or any person or entity with whom the Company has attempted to do business, within the 24-month period prior to the end of Employee’s employment. This term is limited to those clients, customers, persons, or entities: (1) with whom Employee had contact; or (2) about whom Employee received Confidential Information.
5.REMEDIES. Employee acknowledges and agrees that if Employee breaches any of the provisions of this Agreement, the Company will suffer immediate and irreparable harm for which monetary damages alone will not be a sufficient remedy, and that, in addition to all other remedies that the Company may have, the Company shall be entitled to seek injunctive relief, specific performance, and any other form of equitable relief to remedy a breach or threatened breach of this Agreement and to enforce the provisions of this Agreement. The existence of this right shall not preclude or otherwise limit the applicability or exercise of any other rights and remedies that the Company may have at law or in equity. Santander shall further be entitled to attorneys’ fees and costs associated with obtaining 

any legal or equitable remedies.

If Employee violates the restrictive covenants of this Agreement and the Company brings legal action for injunctive or other relief, then the Company will not be deprived of the benefit of the full Restricted Period as a result of the time involved in obtaining the relief. Accordingly, Employee agrees that the Restricted Period will have duration of the Restricted Period, and the regularly scheduled expiration date of such Restricted Period will be extended by the same amount of time that Employee is determined to have violated such covenant.
It is further agreed that such covenant will be regarded as divisible, and if any part of such covenant is declared invalid, unenforceable, or void as to time, area, or scope of activities, a court with appropriate jurisdiction shall be authorized to rewrite, substitute, and enforce provisions which are valid; and the validity and enforceability of this Agreement as modified will not be affected.

6.EXCLUSIVITY AND DUTY OF LOYALTY TO THE COMPANY’S INTEREST. Employee agrees that, during Employee’s employment with the Company, Employee shall:

		
	(a)
	Work for the best interest of the Company and make Employee’s services available only to the Company and not to Employee’s own account or for any other person or entity without the prior written consent of the Company;

		
	(b)
	Not engage in any activity which conflicts or interferes with the performance of any of the duties and/or responsibilities assigned to Employee by the Company;

		
	(c)
	Promptly disclose to the Company, and not divert, any business opportunities or prospective customers of which Employee becomes aware;

		
	(d)
	Promptly disclose any solicitation of any of the Company’s current, former, or prospective customers or employees by any competitor of the Company of which Employee becomes aware;

		
	(e)
	Not act to antagonize or oppose the interests of the Company; and

		
	(f)
	Not take advantage of any opportunity that Employee’s position may provide to profit beyond the agreed compensation and benefits.

7.OWNERSHIP OF WORK PRODUCT. Employee acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related thereto, all other proprietary information, and all similar or related information (whether or not patentable) that relate to Santander’s actual or anticipated business, research and development, or existing or future products or services and that are conceived, developed, contributed to, made, or reduced to practice by Employee (either solely or jointly with others) while engaged or employed by the Company (including any of the foregoing that constitutes any proprietary information or records) (“Work Product”) belong to the Company, and Employee hereby assigns, and agrees to assign, all of the above Work Product to the Company. Any copyrightable work prepared in whole or in part by Employee in the course of Employee’s work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and Santander shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire,” Employee hereby assigns and agrees to assign to Santander all right, title, and interest, including without limitation, copyright in and to such copyrightable work. Employee shall promptly disclose such Work Product and copyrightable work to the Company and perform all actions reasonably requested by the Company (whether during or after the term of Employee’s employment with the Company) to establish and confirm the Company’s ownership (including, without limitation, assignments, consents, powers of attorney, and other instruments).

8.RETURN OF MATERIALS. Upon the termination of Employee’s employment for any reason or upon the 

Company’s request at any time, Employee shall immediately return to Santander all of the Company’s property, including, but not limited to, mobile phone, personal digital assistant (PDA), keys, pass cards, credit cards, confidential or proprietary lists (including, but not limited to, customer, supplier, licensor, and client lists), rolodexes, tapes, laptop computer, software, computer files, marketing and sales materials, and any other property, record, document, or piece of equipment belonging to the Company. Employee will not
(a) retain any copies of the Company’s property, including any copies existing in electronic form, which are in Employee’s possession, custody, or control or (b) destroy, delete, or alter any property of the Company, including, but not limited to, any files stored electronically, without the Company’s prior written consent. The obligations contained in this paragraph shall also apply to any property which belongs to a third party, including, but not limited to, the Company’s customers, licensors, or suppliers.

9.EMPLOYEE REPRESENTATIONS. Employee represents and warrants that: (a) Employee has full right, power, legal capacity and authority to enter into this Agreement; (b) neither the execution and delivery of this Agreement nor the performance of Employee’s duties as an employee of the Company, will breach, violate or (whether immediately or with the lapse of time or the giving of notice or both) constitute an event of default under, or require any consent or the giving of any notice under, any contract or instrument to which Employee is a party or by which Employee may be bound; and (c) Employee has disclosed to the Company all legal obligations, if any, owed to previous employers, and agrees not to improperly use or disclose any confidential information or trade secrets of any previous employers.

		
	10.
	MISCELLANEOUS.

		
	(a)
	Governing Law. This Agreement is made under and shall be construed according to the laws of the State of Texas.

		
	(b)
	Construction. The parties understand and agree that, should any portion of any clause or paragraph of this Agreement be deemed too broad to permit enforcement to its fullest extent, or should any portion of any clause or paragraph of this Agreement be deemed unreasonable, then said clause or paragraph shall be reformed and enforced to the maximum extent permitted by law. In the event that such portion of any clause or paragraph is deemed incapable of reform, the offending language shall be severed, and the remaining terms and provisions of this Agreement shall remain unaffected, valid, and enforceable for all purposes.

		
	(c)
	Waiver. The waiver by either party of the breach of any of the terms and conditions of, or any right under this Agreement, shall not be deemed to constitute the waiver of any similar right. No such waiver shall be binding or effective unless expressed in writing and signed by the party giving such waiver.

		
	(d)
	Entire Agreement. This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof. No oral statements or prior written material not specifically incorporated herein shall be of any force and effect, and no changes in or additions to this Agreement shall be recognized unless incorporated herein by written amendment, such amendment to become effective on the date stipulated therein. Employee acknowledges and represents that in executing this Agreement, Employee did not rely, and has not relied, on any communications, promises, statements, inducements, or representation(s), oral or written, by the Company, except as expressly contained in this Agreement. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, legal representatives and permitted assigns (if any).

I, Fahmi Karam, acknowledge that I have carefully read this entire Agreement and understand the nature and extent of the obligations I am assuming hereunder.

         /s/ Fahmi Karam                                                                  7/23/2019                               
Candidate name                            Date

        
NON-DISCLOSURE AGREEMENT

This Non-Disclosure Agreement (this “Agreement”) is entered into and made effective as of the date of the last signature below (the “Effective Date”), by and between Santander Consumer USA Inc. (“SC”) on behalf of the corporation, its operating divisions, parent company, and its majority-owned subsidiaries, and  (insert candidate name) (the “Associate”).

RECITALS

A.In the course of Associate’s employment with SC, Associate may have access to certain non-public proprietary information regarding, among others, SC, its Affiliates, their respective businesses, operations, personnel, finances or customers (collectively, “Confidential Information”, as further defined below), that Associate shall protect, such Confidential Information, as set forth in this Agreement.

B.SC will share such Confidential Information with Associate solely to enable such Associate to perform its obligations under its employment with SC (the “Purpose”).

NOW, THEREFORE, in consideration of the Associate’s employment by SC, and for other good and valuable consideration, the receipt and adequacy of which the Associate acknowledges to be good and valuable consideration for [his/her] obligations hereunder, the parties hereto, intending to be legally bound, hereby agree as follows:

1.Definitions. The following terms shall have the definitions so provided when used in this Agreement:

“Confidential Information” shall mean all information of any kind whatsoever, whether communicated orally or embodied in any medium or electronic format, concerning SC and/or any SC Affiliate, their respective businesses and Consumers (as defined herein), which is created, collected, obtained, used, maintained, stored or accessed by, or disclosed to, Associate by or on behalf of SC and/or any SC Affiliate in connection with the Purpose, and shall include, without limitation, Customer Information (as defined herein), Nonpublic Personal Information (as defined herein), and Third Party Vendor Confidential Information (as defined herein), together with any documents, reports, analyses, or materials reflecting based on or containing any of the foregoing. Notwithstanding the foregoing, Confidential Information shall not include: publicly available information, except to the extent such information is included on a list, description or other grouping of SC Consumers (and publicly available information pertaining to them) that is derived using any individually identifiable information that is not publicly available.

“Consumer” shall mean any individual or entity that seeks to obtain, obtains or has obtained a financial product or service from SC and/or any SC Affiliate including, without limitation, any individual, trust or business customer. 

“Customer Information” shall have the meaning assigned to such term in 16 C.F.R. Part 314, as amended from time to time.

“Nonpublic Personal Information” shall have the meaning assigned to such term in 16 C.F.R. § 313.3, as amended from time to time.

“Privacy Laws” shall mean the Gramm-Leach-Bliley Act (15 U.S.C. §§ 6801 et seq.), as it may be in effect and as amended from time to time, and the regulations promulgated thereunder (including, without limitation, the provisions of 16 C.F.R. Part 313 and 16 C.F.R. Part 314) (collectively, “GLBA”), and all other state and federal laws and regulations pertaining to the privacy, confidentiality or security of information created, collected, obtained, used, maintained, stored, accessed, disclosed or transferred by a financial institution, and all administrative and court decisions, policies, guidelines and procedures relating thereto, as may be in effect and as amended from time to time.

“SC Affiliates” shall mean any person or entity which directly, or indirectly through one or more intermediaries, owns or controls, is owned or controlled by, or is under common control or ownership with SC or its ultimate parent, where “control” means the possession, directly or indirectly, or the power to direct or cause the direction of the management policies of a person, whether through the ownership of voting securities, by contract or otherwise.

“Third Party Vendor” shall mean any vendor that performs services or functions for, or provides products or software to, SC and/or any SC Affiliate.

“Third Party Vendor Confidential Information” shall mean all information pertaining to a Third Party Vendor and its services, functions, products or software, which has been disclosed by or on behalf of such Third Party Vendor to SC and/or any SC Affiliate.

2.Incorporation of Recitals. The Recitals are incorporated herein and made a part of this agreement.

3.Ownership. All SC’s Confidential Information is and shall remain SC's property, and no rights to it are granted to Associate under this Agreement.

4.Use of Confidential Information. 

a)Associate agrees to use Confidential Information solely for the Purpose, for the exclusive use and benefit of SC and for no other purpose at any time whatsoever; 

b)Without limitation of the restrictions on use set forth in Section 4(a) above, or the other restrictions of this Agreement, Associate shall in all events refrain from, and shall cause any third party to whom Associate discloses SC’s Confidential Information to refrain from, directly or indirectly, (i) utilizing Confidential Information in its or their own business, (ii) using any Confidential Information in connection with the solicitation of any Consumer for any financial related product or service or in connection with the recommendation, sale or provision to any Consumer of any financial related product or service; and 

c)Associate shall use at least a reasonable degree of care to protect the Confidential Information from unauthorized disclosure.

5.Disclosure of Confidential Information.  Associate agrees not to disclose any Confidential Information to any person or entity at any time, now or hereafter, except that Associate may disclose Confidential Information to those directors, officers, agents, employees and/or other representatives, including accountants, consultants and financial advisors (collectively “Representatives”) who need to know such information for the sole purpose of enabling Associate to carry out the uses specified in Section 4, above, and for no other purpose at any time, and who are bound by confidentiality obligations at least as stringent as those set forth in this Agreement. In all events, Associate shall be liable to SC and the SC Affiliates for any misuse or wrongful disclosure of, or other wrongful dealings with Confidential Information and any other breach of this Agreement by Associate, its Representatives and any third party to whom Associate discloses SC’s Confidential Information. Furthermore, any Confidential Information disclosed to or accessed by any Representative, as a result of Associate acting outside the scope of the limitations set forth in section 4 above, shall be deemed to have been disclosed to or accessed by Associate.

6.Information Security Program. Associate shall use commercially reasonable measures to protect SC’s Confidential Information, and comply with SC’s controls to ensure the confidentiality of Confidential Information and that Confidential Information is not disclosed contrary to the provisions of this Agreement, GLBA or any other applicable Privacy Laws. Without limiting the foregoing, Associate shall comply with SC’s information security program that includes appropriate administrative, technical and physical safeguards and other security measures that are designed to:

(i)ensure the security and confidentiality of Confidential Information;

(ii)protect against any anticipated threats or hazards to the security and integrity of Confidential Information; and

(iii)protect against unauthorized access to or use of Confidential Information that could result in substantial harm or inconvenience to any SC Consumer.

7.Notification of Breach. Associate shall immediately notify SC in writing of any breach of this Agreement or any unauthorized use or disclosure of, or access to, Confidential Information of which Associate becomes aware. Such notice shall summarize in reasonable detail the effect on SC of the breach or unauthorized use or disclosure of, or access to, Confidential Information and Associate shall take any corrective action or measure directed by SC.

8.Publicity. Associate hereby consents to any and all uses and displays, by SC and SC Affiliates, of the Associate’s name, voice, likeness, image, appearance, and biographical information in, on or in connection with any pictures, photographs, audio, and video recordings, digital images, websites, television programs, and advertising, other advertising, sales, and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic forms and media throughout the world, at any time during or after the period of [his/her] employment by SC, for all legitimate business purposes of SC and SC Affiliates ("Permitted Uses"). Employee hereby forever releases SC and its directors, officers, employees, and Affiliates from any and all claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal or equitable theory whatsoever at any time during or after the period of [his/her] employment by the Employer, in connection with any Permitted Use.

9.Confidential Information of Third Party Vendors.  During the course of Associate’s employment with SC, Associate may have access to Third Party Vendor Confidential Information. If a Third Party Vendor imposes restrictions or limitations with respect to such information that are more stringent than those set forth in this Agreement, including, without limitation, additional restrictions applicable to software code, promptly following a written request from SC (which request shall include a reasonably detailed description of such restrictions or limitations), Associate shall execute and deliver to SC a written instrument, in favor of SC and the applicable Third Party Vendor, in the form provided by SC, to evidence and confirm Associate’s agreement to comply with such restrictions or limitations.

10.Disposition of Confidential Information; Survival. At employment termination or earlier at any time upon SC’s request, Associate shall, as SC may direct, either immediately return to SC or destroy, all originals and copies in all media of all Confidential Information which at any time was disclosed to and/or obtained by Associate.

11.Injunctive Relief. Associate agrees that any use or disclosure of Confidential Information in violation of this Agreement or any applicable Privacy Law may cause immediate and irreparable harm to SC or the SC Affiliates, for which money damages may not constitute an adequate remedy. Therefore, Associate agrees that SC and the SC Affiliates may obtain injunctive and other equitable relief in addition to its remedies at law without posting a bond or proof of actual damages. Such remedy shall not be deemed to be the exclusive remedy for breach of this Agreement but shall be in addition to all other remedies available at law or equity.  Associate agrees to reimburse SC costs and expenses (including, without limitation, attorneys' fees) incurred by SC in connection with the enforcement of this Agreement.

12.Indemnification. Associate agrees to indemnify, defend and hold harmless SC and the SC Affiliates, and their respective officers, directors, employees, agents, successors and assigns, from and against any and all losses, liabilities, damages, and claims and all related costs and expenses, including reasonable attorneys’ fees, incurred by SC or the SC Affiliates arising from or in connection with any breach by Associate, its Representatives or any third party to whom Associate discloses any SC Confidential information pursuant to section 5, of any provision of this Agreement or violation of any Privacy Law.

13.Legally Required Disclosures.  Associate shall immediately notify SC in writing of any subpoena or other court or administrative order or proceeding seeking access to or disclosure of 

Confidential Information, provided that the giving of such notice is permitted by law,  so that SC may seek an appropriate protective order.  If in the absence of a protective order, Associate is nonetheless required by law or compelled to disclose Confidential Information or other information concerning SC, disclosure may be made only as to that portion of the Confidential Information or such other information which Associate is legally required or compelled to be disclosed.  Associate agrees to exercise best efforts to obtain assurance that confidential treatment will be accorded such Confidential Information.

14.Confidentiality of this Agreement. Associate acknowledges that the terms of this Agreement are and shall remain confidential. The foregoing shall not prohibit disclosure by Associate of the terms of this Agreement to Associate’s independent public accountants, counsel and/or other professional advisers on a "need to know" basis; provided, however, that such persons have been advised of this Agreement and agree to comply in writing herewith to the full extent permitted by law.

15.Insider Trading. Associate hereby acknowledges that Associate is aware that the US securities laws prohibit any person who has received from an issuer material, non-public information concerning the matters that are the subject of this Agreement, from purchasing or selling securities of such issuer or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.  Therefore, Associate agrees that Associate will not trade in the securities of SC until such time and under such circumstances as it may do so under the applicable securities laws.

16.Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and their respective successors and assigns.

17.Effect of Waiver. No failure or delay in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

18.Entire Agreement. Unless specifically provided herein, this Agreement contains all the understandings and representations between the Associate and SC pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

19.Amendment. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Associate and by a duly authorized officer of SC.

20.Severability. If any provision of this Agreement is not enforceable in whole or in part, the remaining provisions of this Letter Agreement shall not be affected thereby.

21.Applicability of Agreement. This Agreement shall apply to Confidential Information whether disclosed to or accessed by Associate prior to, on and/or after the Effective Date of this Agreement.

22.Counterparts. This Agreement may be executed in multiple counterparts, each of which will be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile of an executed counterpart of a signature page to this Agreement shall be as effective as delivery by traditional methods.

23.Acknowledgment. Nothing in this Agreement shall be construed to in any way terminate, supersede, undermine, or otherwise modify the at-will status of the employment relationship between SC and the Associate, pursuant to which either SC or the Associate may terminate the employment relationship at any time, with or without cause, with or without notice.

24.Governing Law and Venue. This Agreement shall be governed by, construed and enforced under the laws of the State of Texas as it is applied to agreements entered into and to be performed entirely within such State.  The parties hereby agree that any action arising out of this Agreement shall be brought in the state or federal courts located in Dallas County, Texas, further 

irrevocably submit to the exclusive jurisdiction of any such court and waive any objection that such party may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court, and further agree not to plead or claim the same.

IN WITNESS WHEREOF, each party has caused this Non-Disclosure Agreement to be executed by one of its duly authorized representatives under seal as of the Effective Date.

Santander Consumer USA Inc.

By:       /s/ Mikenzie Sari        

Name:  Mikenzie Sari            

Title:  Chief Human Resources Officer

Date: __7/23/2019______________   

Associate

By:     /s/ Fahmi Karam                       
Name:  Fahmi Karam   
Date:___7/23/2019______________

Notice Provision and Garden Leave

Given the strategic importance of the position you are being offered, you hereby acknowledge and agree that SC, its client relationships and/or its business opportunities would likely suffer irreparable harm were you to resign or otherwise end your employment without providing sufficient notice to SC.  To avoid such harm, and in exchange for the pay and benefits SC extends to you pursuant to this offer of employment, you agree to provide SC with ninety (90) days prior written notice of your intent to end your employment with SC (the “Notice Period”).  During the Notice Period you will be paid your base salary pursuant to SC’s regular payroll practices and will be eligible to continue to participate in the employee benefit plans in which you were enrolled prior to submitting your resignation, with the exception that (i) you will not continue to accrue paid time off during the notice period and (ii) you will not continue to accrue any time or other interest under any bonus plans.  You will be expected to perform all duties and tasks assigned to you during the Notice Period, including all assignments related to the transition of your duties and responsibilities, and you will devote all of your working time, labor, skill and energies to the business and affairs of SC. 
 
You agree that during the Notice Period you will continue to owe SC a duty of loyalty and you will remain bound by all fiduciary duties and obligations owed to SC as an employee and executive, as well as abide by all prior non-disclosure and non-solicitation agreements you have entered into with SC.  As a condition of being hired, you agree by signing below not to compete with SC, or to start employment with or an engagement with a competitor, during the period of time you are employed by SC, including during the Notice Period.  You agree that during your employment, including the Notice Period, and regardless of whether your title, position or responsibilities change at any point, you will not directly or indirectly become employed or engaged by (whether as an employee, consultant, proprietor, partner, director or otherwise) another bank, financial institution, or any other competitor of SC. 
 
Upon receipt of your resignation, SC may, in its sole discretion, waive the Notice Period, in which case your employment will be terminated upon receipt of written notice from SC, which SC can invoke at any time during the Notice Period. Under such circumstances, SC will not be obliged to provide you with pay in lieu of notice and, in turn, you will no longer be bound by the specific non-competition restriction outlined in the prior paragraph.  Alternatively, SC may, in its sole discretion, retain you as an employee during the Notice Period and direct you not to report to work; in which case you will be placed on “Garden Leave.”   While on Garden Leave, you will remain bound by all fiduciary obligations owed as an employee and executive, the non-competition restrictions set out in the prior paragraphs, as well as any non-disclosure agreements and non-solicitation agreements between you and SC.  For purposes of clarity, while on Garden Leave you will (1) remain an employee of SC; (2) continue to be paid your base salary; and (3) continue to be eligible to participate in the same benefit plans in which you were enrolled prior to submitting your resignation, with the exception that (i) you will not continue to accrue paid time off during the Garden Leave and (ii) you will not continue to accrue any time or other interest under any bonus plans.  During the Garden Leave, you must be reasonably available during normal business hours to answer questions and provide advice to SC.
 
You agree that because your services are personal and unique and because you will have access to and will be acquainted with SC’s confidential information and/or its customer relationships, to the fullest extent permitted by law, this Notice Provision will be enforceable by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights or remedies that SC may have for breach of this Notice Provision.  If you violate the non-competition restrictions contained in this offer, you shall continue to be bound by those restrictions until a period of ninety (90) consecutive days has expired without any violation of such provisions, beginning on the first day you cease to be in violation of the non-competition restrictions.
Employment at SC is considered to be “at-will,” meaning it is at the mutual consent of both SC and you and may be terminated by either you or SC at any time, with or without cause and with or without notice other than the notice required to be given by you as described above.
Your signature below represents your acceptance of our Notice Provision and Garden Leave Agreement. 

     /s/ Fahmi Karam                                        7/23/2019                                     
Signature                             Date 

“Cause” Defined
For purposes of this offer letter, “Cause” will exist if Santander Consumer USA Inc (SC) reasonably determines in good faith that one or more of the following has occurred: (i) you commit an act constituting a crime under the laws of the United States or any state or political subdivision thereof; (ii) you violate laws, rules or regulations applicable to banks, investment banks, broker-dealers, investment advisors or the banking, commodities, futures or securities industries generally; (iii) you commit an act constituting a breach of fiduciary duty, gross negligence or willful misconduct; (iv) you engage in conduct that violate SC’s internal policies or procedures and which is detrimental to the business, reputation, character or standing of SC or any of its related entities; (v) you commit an act of fraud, dishonesty or misrepresentation that is detrimental to the business, reputation, character or standing of SC or any of its related entities; (vi) you engage in a conflict of interest or self-dealing; or (vii) after notice by SC and a reasonable opportunity to cure, you materially breach your obligations and/or representations as set forth in this offer letter and/or employment-related agreements or you fail to perform your duties as an employee of SC.

		
	•
	You agree, by signing below, to allow SC to withhold any such reimbursement amounts owed to SC pursuant to this Agreement from other monies due to You upon termination, including but not limited to final pay owed to You in connection with your employment, and You agree to sign at the time of resignation and/or termination any authorizations required to permit SC to make such withholding from final pay.

    /s/ Fahmi Karam                                                                              7/23/2019                                                 
Signature                             Date

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