Document:

Lease Agreement, as amended

 Exhibit 10.1 

FULL SERVICE LEASE 

Date: March 22, 2004 

Lessor: PS Business Parks, L.P., a California Limited Partnership 

Lessee: Digimarc Corporation, a Delaware Corporation 
  

	1.	Lease Terms 

 1.01 The
Premises is the Building whose address is 9405 SW Gemini Drive, Beaverton, OR 97008. The Premises contains approximately 46,083 rentable square feet and is shown on Exhibit “A-1.” The Building contains
approximately 46,083 rentable square feet and is shown on Exhibit “A-2”. The Project is depicted on Exhibit “A-3” and contains approximately 117,870 rentable square feet. The Property is depicted on
Exhibit “A-4” and is commonly referred to as Creekside Corporate Park and contains approximately 584,493 rentable square feet. 

1.02 Lessee’s Notice Address: Lessee’s Notice Address is the address of the Premises as stated in Paragraph 1.01 above.

 1.03 Lessor’s Notice Address: 15455 NW Greenbrier Parkway, Suite 245, Beaverton, OR 97006. 

1.04 Lessee’s Permitted Use: Lessee shall use the Premises only for the following purpose(s) and for no other purpose whatsoever:
General office uses. 
 1.05 Lease Term: The Lease Term commences on September 1, 2004 or such other
date as is determined by the provisions of this Lease (the “Commencement Date”) and ends on the final day of the 84th full calendar month thereafter. 

1.06 Base Rent: Base Rent shall be paid monthly in the amounts specified below: 

 

						
	$	 0.00	  	Beginning September 1, 2004	  	Ending February 28, 2005
	$	46,667	  	Beginning March 1, 2005	  	Ending August 31, 2005
	$	63,287	  	Beginning September 1, 2005	  	Ending August 31, 2006
	$	65,169	  	Beginning September 1, 2006	  	Ending August 31, 2007
	$	67,128	  	Beginning September 1, 2007	  	Ending August 31, 2008
	$	69,125	  	Beginning September 1, 2008	  	Ending August 31, 2009
	$	71,237	  	Beginning September 1, 2009	  	Ending August 31, 2010
	$	73,349	  	Beginning September 1, 2010	  	Ending August 31, 2011

 1.07
Security Deposit: $ 75,000.00 
 1.08 Initial Monthly Rent Charges: Base Rent $46,667.00. 

1.09 Proportionate Share: Lessee’s Proportionate Share of the Property, which represents the approximate Proportionate Share of the
Premises to the Property, is 7.8842%. Lessee’s Proportionate Share of the Project, which represents the approximate Proportionate Share of the Premises to the Project, is 39.0964%. Lessee’s Proportionate Share
of the Building within which the Premises is located, which represents the approximate Proportionate Share of the Premises to the Building, is 100%. Proportionate Share may be adjusted by Lessor during the Lease Term if the size of the
Project, Premises or Building changes. 
 1.10 Expense Base Year: 2005. 

1.11 Broker(s): Hume Myers Tenant Counsel L.L.C. for Lessee; Grubb & Ellis for Lessor. 

1.12 Automatic Payments: Unless Lessor otherwise directs in writing, all payments of Base Rent and the monthly estimated payments of
Lessee’s Proportionate Share of Operating Expenses shall be made by electronic payment. Lessee shall execute such necessary and reasonable documents, provide 

 

 1 

 
such necessary and reasonable information, and follow such necessary and reasonable procedures as are requested by Lessor from time to time to facilitate such payments. If, by reason of
insufficient funds or other reason, any such payment is not fully made and received, such event shall be deemed a failure of Lessee to make the required payment. Payment shall be deemed made by Lessee on the date funds are actually received by
Lessor; provided, if Lessee is then in default, Lessor shall have the right to return all or a part of any payment received within ten (10) business days of receipt, in which event the returned amount shall be deemed to have not been paid by
Lessee or received by Lessor. Receipt of any funds pursuant to this Paragraph shall not constitute a waiver by Lessor of any Default by Lessee whether or not such Default is known to Lessor. 

 

	2.	Lease of Premises 

 2.01
Lessor leases to Lessee, and Lessee leases from Lessor, the Premises, upon the terms of this Lease. The Premises are leased “AS IS” except only for the improvements, if any, which are to be constructed by Lessor pursuant to Exhibit
“B.” Any such improvements to be constructed by Lessor pursuant to Exhibit “B” are herein referred to as “Lessor’s Work.” Except as provided herein, Lessee acknowledges that neither Lessor nor any agent of Lessor
has made any representation or warranty regarding the Premises. The square footages set forth in this Lease are approximate and agreed. Use of the terms “rentable” and “usable” is for convenience only and represents Lessor’s
interpretation of such terms. Lessor will deliver the Premises to Lessee with existing plumbing, electrical, fire sprinkler, lighting, air conditioning, heating and mechanical systems located in the Premises, if any, in good working condition.

 2.02 Lessor’s Work, if any, shall be installed by Lessor in compliance with all then applicable codes. Lessee, at its
sole expense, agrees to comply with all laws, codes, ordinances and other legal requirements (including covenants and restrictions) applicable to the Premises (herein “Laws”); provided, however, that Lessor, in conjunction with the
Lessor’s work, shall affect any repairs and improvements required under any Laws as of the Commencement Date. Lessee agrees to cause the Premises to comply with all Laws, including by making any changes to the Premises necessitated by any
Lessee activity, including but not limited to changes required by (a) any Lessee Improvements or Lessee Alterations (as defined below), or (b) any use of the Premises or Property by Lessee; provided, Lessor reserves the right to accomplish
such changes itself at the expense of Lessee. If any activity of Lessee necessitates changes to the Project other than the Premises, then Lessor shall elect that Lessor accomplish the same at the expense of Lessee or that Lessee accomplish the same
at its own expense. Notwithstanding anything to the contrary herein, Lessee shall not be responsible for making any structural modifications to the Premises except to the extent Lessee’s space plan requires structural modifications. 

2.03 If for any reason Lessor cannot deliver possession of the Premises three (3) weeks prior to the estimated Commencement Date of
the Lease Term, Lessor will not be subject to any liability nor will the validity of this Lease be affected in any manner. Rather, the Commencement Date shall be delayed until three (3) weeks after delivery of possession to allow Lessee to
fixturize the Premises in which event the expiration date of the Lease Term shall be extended to include the same number of full calendar months as set forth in Paragraph 1 above (plus any partial first month); provided, in the event delivery
of possession is delayed by any act, omission or request of Lessee, then the Premises shall be deemed to have been delivered (and the Commencement Date shall occur) on the earlier of the actual date of delivery or the date delivery would have
occurred absent the number of days of such delay attributable to Lessee and the term shall then be for such number of full calendar months (plus any partial first month). If for any reason possession of the Premises is not delivered on the scheduled
Commencement Date set forth in Paragraph 1 above, Lessee may a) receive two (2) days free rent for each day of delay beyond the scheduled commencement date, and b) terminate this Lease by written notice given after a forty-five
(45) day period beyond the scheduled commencement date but prior to delivery of possession; provided, such forty-five (45) day period shall be extended by (a) the number of days of delays attributable to Lessee (including but not
limited to delays in approvals of plans or cost estimates, delays related to changes in plans requested by Lessee whether or not approved by Lessor, delays caused by Lessee installing any “Lessee Improvements,” delays caused by other early
entry or early occupancy by Lessee, and/or other delays attributable to Lessee), plus (b) the number of days of delays caused by events beyond the reasonable control of Lessor (including but not limited to fire, earthquake, other casualty,
inclement weather, acts of God, shortages of labor or material, lead times on ordered items, strike, acts or omissions of government, and/or delays in governmental permits, inspections or approvals). Any such termination shall be without liability
of Lessor to Lessee. Any such termination by Lessee shall be Lessee’s sole remedy for delay in delivery of possession. 

2.04 Upon expiration or termination of this Lease, Lessee agrees to return the Premises to Lessor in the same condition as received by
Lessee, normal wear and tear excepted, with all removal, repair, and restoration duties of Lessee being fully performed. 
  

 2 

 2.05 Upon request made by Lessor following the Commencement Date, Lessee shall execute and
deliver an agreement setting forth the Commencement Date, the date upon which the Lease Term shall expire, and such other matters regarding the commencement of this Lease as Lessor shall request. If Lessee, with Lessor’s prior written consent,
occupies the Premises prior to the Commencement Date, Lessee’s occupancy of the Premises shall be subject to all the provisions of the Lease. Early occupancy of the Premises shall not advance the expiration date of the Lease. 

 

	3.	Base Rent 

 On or before
the first day of each calendar month of the Lease Term, Lessee will pay to Lessor the Base Rent for such month. Base Rent for any first partial month and for the first full calendar month of the Lease Term, is due and payable upon due date called
for in this Lease. Security deposit is due and payable upon Lease execution. Monthly rent for any partial calendar month will be prorated. All sums payable by Lessee to Lessor hereunder shall be deemed rent. Base Rent and all other amounts required
to be paid by Lessee hereunder shall be paid without deduction or offset and without prior notice or demand. All such amounts shall be paid in lawful money of the United States of America and shall be paid to Lessor at the address stated herein or
to such other persons or to such other places as Lessor may designate in writing from time to time. Amounts payable hereunder shall be deemed paid when actually received by Lessor. 

 

	4.	Additional Rent 

 4.01
Unless otherwise specifically stated in this Lease, any charge payable by Lessee under this Lease other than Base Rent is called “Additional Rent.” The term “rent” whenever used in this Lease means Base Rent, Additional Rent
and/or any other monies payable by Lessee under the terms of this Lease. 
 4.02 “Operating Expenses” as used herein
shall include all costs and expenses related to the ownership, management, operation, maintenance, replacement, improvement and repair of the Premises, Building, Project and/or Property, or any part thereof, incurred by Lessor including but not
limited to: (1) Property supplies, materials, labor, equipment, and tools; (2) Lessor-incurred Utility and Service Costs (as further described in Paragraph 4.03B below), security, janitorial, trash removal, and all applicable service and
maintenance agreements; (3) Property related legal, accounting, and consulting fees, costs and expenses, including but not limited to the cost of contests of Real Property Taxes; (4) Insurance Premiums for all policies deemed reasonably
necessary by Lessor and/or its lenders, and all deductible amounts under such policies (as further described in Paragraph 4.03C below); (5) costs and expenses of operating, maintaining, and repairing the Property, including but not limited to
all interior areas and also driving, parking, loading, and other paved or unpaved areas (including but not limited to, resurfacing and striping and any snow and ice removal Lessor elects to conduct), landscaped areas (including but not limited to,
tree trimming), building exteriors (including but not limited to, painting and roof work), signs and directories, and lighting; (6) capital improvements and replacements (including but not limited to, all financing costs and interest charges);
(7) compensation (including but not limited to, any payroll taxes, worker’s compensation for employees, and customary employee benefits) of all persons, including independent contractors, who perform duties, or render services on behalf
of, or in connection with the Property, or any part thereof, including but not limited to, Property operations, maintenance, repair, and rehabilitation; (8) Property management fees not exceeding 5% of Annual Base Rent and the reasonable cost
of providing space used by the Property manager; and (9) Real Property Taxes (as further described in Paragraph 4.03A, below). All Operating Expenses other than Real Property Taxes, Utility and Service Costs, and Insurance Premiums, are herein
referred to as Common Area Expenses (CAM). Any increases in CAM expenses shall be limited to a non-cumulative 5% per year. In addition, in the event Lessor effects any capital improvements or replacements, the cost of the same shall be
amortized over the number of years equal to the useful life of any such capital improvements or replacements. 
 4.03A
“Real Property Taxes” shall include any fee, license fee, tax, levy, charge, or assessment (hereinafter individually and/or collectively referred to as “Tax”) imposed by any authority having the direct or indirect power to tax
and where such Tax is imposed against the Property, or any part thereof, or Lessor in connection with its ownership or operation of the Property, including but not limited to: (1) any Tax on rent or Tax against Lessor’s business of leasing
the Property; (2) any Tax by any authority for services or maintenance provided to the Property, or any part thereof, including but not limited to, fire protection, streets, sidewalks, and utilities; (3) any Tax on real estate or personal
property levied with respect to the Property, or any part thereof, and any fixtures and equipment and other property used in connection with the Property; (4) any Tax based upon a reassessment of the Property due to a change in ownership or
transfer of all or part of Lessor’s interest in the Property; and, (5) any Tax replacing, substituting for, or in addition to any Tax previously included in this definition. Real Property Taxes do not include Lessor’s federal or state
net income taxes. 
 4.03B “Utility and Service Costs” shall include all Lessor incurred utility and service costs and
expenses including but not limited to costs related to water and plumbing, electricity, gas, lighting, steam, sewer, waste disposal, and HVAC, and all costs related to plumbing, mechanical, electrical, elevator, HVAC, and other systems. 

 

 3 

 4.03C “Insurance Premiums” shall include all insurance premiums for all insurance
policies maintained by Lessor from time to time related to the Property. 
 4.04 Throughout the Lease Term following the Base
Year, Lessee will pay as Additional Rent its Proportionate Share (of the Project and/or Building, as designated from time to time by Lessor) of the amount by which total Operating Expenses in each calendar year exceed total Operating Expenses for
the Base Year, subject to the limitation set forth in Section 4.02 above. Estimated payments shall be made monthly on or before the first day of each calendar month each in the amount of Lessor’s then current estimate as outlined below.
Lessee’s Proportionate Share will be prorated for partial months. All Operating Expenses will be adjusted, at the election of Lessor, to reflect 100% occupancy during any calendar year in which the Project is not fully occupied (in which event
Operating Expenses for the Base Year shall also be so adjusted). 
 4.05 Lessee’s Proportionate Share of Operating Expenses
shall be determined and paid as follows: 
 4.05A. Lessee’s Operating Expense estimates: On or about
April 1st of each calendar year, Lessor will provide
Lessee with a statement of: (1) Lessee’s annual share of estimated Operating Expenses in excess of Base Year Operating Expenses for the then current calendar year; (2) Lessee’s monthly Operating Expense estimate for the then
current year; and, (3) Lessee’s retroactive estimate correction billing (for the period of
January 1st through the date immediately prior to the
commencement date of Lessee’s new monthly Operating Expense estimate) for the difference between Lessee’s new and previously billed monthly Operating Expense estimates for the then current year. 

4.05B. Lessee’s Proportionate Share of actual annual Operating Expenses: Each year, Lessor will provide Lessee
with a statement reflecting the total Operating Expenses for the previous calendar year. If the total of Lessee’s Operating Expense estimates billed for the previous calendar year are less than Lessee’s Proportionate Share of the actual
Operating Expenses in excess of Base Year Operating Expenses, the statement will indicate the payment amount and date due. If Lessee has paid more than its Proportionate Share of excess Operating Expenses for the preceding calendar year, Lessor will
credit the overpayment toward Lessee’s future Operating Expense obligations. Monthly Operating Expense estimates are due on the
1st of each month and shall commence in the month
specified by Lessor. Lessee’s retroactive estimate correction, and actual annual Operating Expense charges, if any, shall be due, in full, on the date(s) specified by Lessor. 

4.06 Unless Lessor otherwise elects, Lessee shall pay each Operating Expense in accordance with Lessee’s Proportionate Share of the
Building or Lessee’s Proportionate Share of the Project, whichever is designated by Lessor. Lessor shall have the right to make allocations (“Allocations”) to Lessee of any one or more Operating Expenses on a different basis. Lessor
shall have the right to make any such Allocations in any manner which Lessor deems reasonable (including use of estimates). For example, if Lessor deems it reasonable to do so, Lessor shall have the right to elect at any time and from time to time
(a) to make any Allocation of one or more Operating Expenses based upon Lessee’s Proportionate Share of the Building and to make other Allocations on Lessee’s Proportionate Share of the Project, (b) to make Allocations of certain
Operating Expense items among less than all lessees and/or other than based upon the respective square footages of the lessees, (c) to make different Allocations for different Operating Expenses, and/or (d) to alter an Allocation or the
method of determining an Allocation from time to time. In no event shall Lessor be liable to Lessee based upon any incorrect or disputed Allocation nor shall Lessee have any right to terminate this Lease by reason of any such Allocation. 

4.07 In the event Lessee wishes to audit any Operating Expense charge, such an audit shall be limited to an audit of the annual statement
delivered under Paragraph 4.05B above. Such audit shall be performed only if, at the time of the audit request and at all times thereafter to and during the course of the audit, Lessee has paid in full all Operating Expenses billed and is not in
Default (as defined in Section 20.02 below). Any audit shall be conducted at a time and location designated by Lessor. Lessor and Lessee agree that any Lessee audit must be requested by Lessee by written notice given within six (6) months
of the date that Lessor provides the applicable annual statement under Paragraph 4.05B above, and must be completed by Lessee within thirty (30) days of its written notice requesting the audit; if Lessee does not give such written notice within
the period of time allowed, or fails to complete the audit within the time allowed, Lessee’s right to audit is waived, and the Operating Expenses, as billed, including all calculations used as the basis for Lessor’s charges (including any
“Allocations” and any applicable Expense Base Year or expense stop calculations), shall be deemed conclusive and final for all purposes under this Lease. All calculations by Lessor of Operating Expenses for the Expense Base Year shall be
conclusive and final, and Lessee shall have no right to audit the same, except only Lessee may audit the same as part of an audit of Operating Expenses for the first Expense Comparison Year. Any audit shall be conducted only by Lessee and the CPA
then used by Lessee for the preparation of its tax returns and financial statements; no agent of Lessee employed in connection with the audit shall be employed on any contingent payment basis. Lessee shall maintain as strictly confidential, and
shall cause its auditor to execute in favor of Lessor a confidentiality agreement (in form prepared by Lessor) 
  

 4 

 
regarding, all financial information audited, the results of any such audit, and the resolution of any disputed issues arising in connection with such audit. Lessor shall not be bound by the
result of any such audit. If the parties do not agree upon the inclusion or amount of any Operating Expense charged by Lessor, the sole remedy of Lessee shall be to conduct an audit within the time specified in this Lease and, if still in
disagreement with Lessor, to submit the matter to arbitration pursuant to Section 27.17 below within thirty (30) days after completion of the audit to request an adjustment to any disputed Operating Expense item to cause the same to not
exceed the amount that Lessor has the right to collect hereunder for such item. In no event will this Lease be terminable nor shall Lessor be liable for damages based upon any disagreement regarding or adjustment of Operating Expenses. 

 

	5.	Late Charges 

 If any sum
payable by Lessee to Lessor is not received by Lessor within five (5) days after it becomes due, Lessee shall pay a late charge equal to fifty dollars ($50.00) or five (5%) of the then delinquent amount, whichever is greater. A
fifty dollar ($50.00) handling fee will be paid to Lessor by Lessee for each bank returned check, and Lessee will be required to make all future payments to Lessor by wire or electronic transfer or by cashier’s check. The acceptance of late
charges and returned check charges by Lessor will not constitute a waiver of Lessee’s Default nor any other rights or remedies of Lessor. Lessee shall not be in default of this Lease the first time in a twelve (12) consecutive month period
that Lessee fails to pay rent when due so long as Lessee pays such overdue rent within five (5) days of written notice from Lessor that such overdue amount is due. 

 

	6.	Security Deposit and Financial Reporting 

6.01 Upon Lessee’s execution of this Lease, Lessee will deposit with Lessor an initial Security Deposit in the amount specified in
Paragraph 1 as security for Lessee’s full and faithful performance of every provision under this Lease. Lessor will not be required to keep the Security Deposit separate from its general funds and has no obligation or liability for payment of
interest thereon (except when required by law). Lessee hereby grants to Lessor a security interest in the Security Deposit. Lessee will not have the right to apply any part of the Security Deposit to any amounts payable under the terms of this Lease
nor is it a measure or limitation of Lessor’s damages in event of a Default by Lessee. If Lessee fails to pay any rent due herein, or otherwise is in Default of any provision of this Lease, Lessor may, without waiver of the Default or of any
other right or remedy, use, apply or retain all or any portion of the Security Deposit for the payment of any amount due Lessor or to compensate Lessor for any loss or damage suffered by Lessee’s Default. Within five (5) days after written
notification by Lessor, Lessee will restore the Security Deposit to the full amount required under this Lease. 
 6.02 Within
ten (10) days after written request from Lessor but not more often than annually, Lessee shall deliver to Lessor such financial statements as Lessor reasonably requests regarding Lessee or any assignee, subtenant, or guarantor of Lessee. Lessee
represents and warrants to Lessor that each financial statement is a true and accurate statement. Lessor shall use such statements only for valid business purposes. Lessor shall have the right to make such financial statements and the other contents
of its files available to law enforcement or other governmental agencies upon request. 
  

	7.	Use of Premises 

 7.01 The
Premises will be used and occupied only for Lessee’s Permitted Use. Lessee will, at its sole expense, comply with all conditions and covenants of this Lease, and all Laws. Lessee will not use or permit the use of the Premises, the Property or
any part thereof, in a manner that is unlawful, diminishes the appearance or aesthetic quality of any part of the Property, creates waste or a nuisance, or causes damage to the Property. Lessee shall not permit any objectionable or unpleasant odors,
smoke, dust, gas, noise or vibrations to emanate from the Premises nor take or permit any other action in the Premises that would endanger, annoy, or interfere with the operations of, Lessor or any other tenant of the Project. Lessee shall obtain,
at its sole expense, any permit or other governmental authorization required to operate its business from the Premises. Any animals, excepting guide dogs, on or about the Property or any part thereof are expressly prohibited. 

7.02 In the event of any excessive trash in or outside the Premises, as determined by Lessor in its sole discretion, Lessor will have the
right to remove such excess trash, charge all costs and expenses attributable to its removal to Lessee. Lessee will not cause, maintain or permit any outside storage on or about the Property without prior written consent by Lessor. In the event of
any unauthorized outside storage by Lessee, Lessor will have the right, without notice, in addition to such other rights and remedies it may have, to remove any such storage at the expense of Lessee. 

 

 5 

	8.	Parking 

 All parking will
comply with the terms and conditions of this Lease and the parking rules and regulations included in Exhibit “D.” Lessee will have a non-exclusive privilege to use of one-hundred eighty (180) parking spaces designated by Lessor for
public parking and four (4) designated visitor parking spaces at the entry to the Premises. Vehicles parked in public parking areas will be no larger than full-sized passenger automobiles or standard pick-up trucks. Lessor reserves the right,
without notice to Lessee, to tow away at Lessee’s sole cost and expense any vehicles parked in any parking area for any continuous period of 24 hours or more, or earlier if Lessor, in its sole discretion, determines such parking to be a hazard
or inconvenience to other lessees or Lessor, or violates any rules or regulations or posted notices related to parking. Lessor shall not be responsible for enforcing Lessee’s parking rights against third parties. From time to time, Lessor
reserves the right, upon written notice to Lessee, to change the location, the availability and nature of parking spaces, establish reasonable time limits on parking, and, on an equitable basis, to assign specific spaces with or without charge to
Lessee as Additional Rent. The parking privileges granted to Lessee are personal to Lessee; Lessee shall not assign or sublet parking privileges. 
  

	9.	Utilities and Services 

9.01 Subject to the other provisions of this Lease, the following services are provided. 

 

	 	A.	Electricity, water, and elevator service (if elevators presently serve the Premises) are provided. 

 

	 	B.	Heating and air conditioning are provided 7:00 a.m. to 6:00 p.m. Monday through Saturday, except holidays. If Lessee desires such service during other hours, Lessee
must prearrange the same with Lessor and pay an additional charge for such service. 

  

	 	C.	Five days per week janitorial service, periodic window cleaning, supplies for Building operation, and other customary services. 

If Lessee uses any utility or service in excess of normal usage levels, as determined by Lessor in its sole discretion, Lessor shall have
the right to charge Lessee for such excess use and to charge Lessee the cost to separately meter such use. 
 9.02 Lessor will
not be liable or deemed in Lessor Default, nor will there be any abatement of rent or right to terminate this Lease, for (a) any interruption or reduction of utilities, utility services or telecommunication services not caused by Lessor,
(b) any telecommunications or other company (whether selected by Lessor or Lessee) failing to provide such utilities or services or providing the same defectively, and/or (c) any utility interruption in the nature of blackouts, brownouts,
or rolling interruptions. Lessee agrees to comply with any energy conservation programs required by law or implemented by Lessor. Lessee acknowledges that utility and service costs and availability may fluctuate significantly, due to power shortages
or other events and factors, and Lessee accepts the risks of such fluctuations. Lessor reserves the right, in its reasonable discretion, to designate, at any time, the utility and service providers for Lessee’s use within the Property; no such
designation shall impose liability upon Lessor. 
 9.03 Lessee has satisfied itself as to the adequacy of any Lessor owned
utility equipment and the quantity of telephone lines and other service connections to the Building available for Lessee’s use. 
  

	10.	Lessee Improvements; Lessee Alterations and Mechanic’s Liens 

10.01 Any improvements to be constructed in the Premises by Lessee prior to Lessee initially commencing use of the Premises are referred
to throughout this Lease as “Lessee Improvements.” All Lessee Improvements will be performed in accordance with the terms and conditions outlined in Exhibit “B” and also in accordance with the provisions set forth in this
Paragraph 10 regarding Lessee Alterations. 
 10.02 The following provisions apply to “Lessee Alterations” which means
and includes (a) any alterations or improvements to the Premises undertaken by Lessee (other than nonstructural installation of equipment or trade fixtures), (b) any utility installations at the Premises undertaken by Lessee, and
(c) any repair, restoration, replacement, or maintenance work at the Premises undertaken by Lessee whether or not Lessee is required to undertake such work pursuant to this Lease. Lessee shall not commence any Lessee Alteration without first
obtaining the prior written consent of Lessor in each instance which consent may be withheld or conditioned in Lessor’s reasonable discretion. Lessee shall submit such information regarding the intended Lessee Alteration as Lessor may
reasonably require, and no request for consent shall be deemed complete until such information is delivered. The following provisions apply to all Lessee Alterations. 

 

 6 

	 	(a)	Lessee shall hire a licensed general contractor who, in turn, shall hire only licensed subcontractors. All work shall be conducted expeditiously and be completed within
a reasonable time. 

  

	 	(b)	Lessee shall obtain all required permits and deliver a copy of the same to Lessor. Lessee shall install all Lessee Alterations in strict compliance with all permits,
any plans approved by Lessor, and all conditions to Lessor’s approval. 

  

	 	(c)	Unless Lessor elects otherwise in its applicable prior written consent, Lessee shall remove each Lessee Alteration at the end of this Lease or Lessee’s right of
possession and restore the Premises to its prior condition, all at Lessee’s expense. 

  

	 	(d)	Lessee shall deliver to Lessor, within ten (10) days following installation of each Lessee Alteration, (w) accurate, reproducible as-built plans,
(x) proof of final inspection and approval by all governmental authorities, (y) complete lien waivers for all costs of the Lessee Alteration, and (z) a copy of a recorded notice of completion. 

10.03 Lessor shall have the right to inspect all Lessee Alterations. Lessee shall pay to Lessor a fee equal to 5% of total project cost
up to $50,000 and 2.5% thereafter, to compensate Lessor for review of plans, inspection of work, and other activities regarding any Lessee Alterations. Approval of any plans or inspection of any work is for the sole benefit of Lessor and is not a
representation by Lessor that any work is suitable or complies with applicable requirements. Lessor’s approval of any Lessee Improvements and Lessee Alterations and/or Lessor’s approval or designation of any general contractor,
subcontractor, supplier or other project participant will not create any liability whatsoever on the part of Lessor. 
 10.04
Lessee shall pay all costs of Lessee Alterations as and when due. Lessee shall not allow any lien to be filed. Lessee shall obtain advance lien waivers and third-party beneficiary agreements from all contractors, subcontractors, suppliers, and
others providing equipment, labor, materials, or services, in the form required by Lessor. If any lien is filed, then, without waiver of any other right or remedy, Lessor shall have the right to cause such lien to be removed by any means allowed by
law, including bond, deposit, and/or payment of the underlying claim. All sums expended by Lessor in connection with such lien and/or its removal, including attorney fees, shall be immediately due from Lessee to Lessor, together with interest at the
rate of 12%. 
 10.05 All Lessee Improvements and Lessee Alterations are part of the realty and belong to Lessor. Lessee shall
be solely responsible to insure all Lessee Alterations and to restore the same following any casualty. As a condition of Lessor consenting to any Lessee Improvements or Lessee Alterations, Lessor reserves the right, at any time to elect to make
Lessee the owner of all or any specified part of the Lessee Improvements or Lessee Alterations and/or to require Lessee, upon termination of this Lease, to remove none, all, or part of the same at its sole cost and expense. The provisions of this
Paragraph shall survive the termination of this Lease. 
 10.06 Notwithstanding any other provision of this Lease, Lessee shall
remove, at or prior to the expiration or termination of this Lease, at its expense, all wiring and cabling installed at the Premises which shall have been installed by Lessee or which Lessor shall have installed pursuant to this Lease or at the
request of Lessee. Such wiring and cabling shall include but not be limited to (a) wiring and cabling above the ceiling panels, behind or within walls, and under or within floors, (b) wiring and cabling for voice, data, security or other
purposes, (c) wiring and cabling installed pursuant to this Paragraph 10, pursuant to Exhibit B, or otherwise, and (d) all related installations, equipment and items whatsoever. 

 

	11.	Repairs 

 11.01 Subject
to Paragraph 11.02 below, Lessee shall, at all times and at its sole cost and expense, keep all parts of the Premises (including Lessee Improvements and Lessee Alterations) in good order, and in a neat, clean and safe condition. If Lessee does
not perform required maintenance, Lessor shall have the right, without waiver of Default nor of any other right or remedy, to perform such obligations of Lessee on Lessee’s behalf, and Lessee will reimburse Lessor for any costs incurred
immediately upon demand. 
 11.02 Lessor shall perform all repairs required in the Premises. All costs incurred by Lessor in
making such repairs shall be Operating Expenses; provided, Lessee shall reimburse Lessor for 100% of any such costs incurred by Lessor (a) due to the act or omission of Lessee (including but not limited to clogging of plumbing, stain removal,
and repair of damage to the Premises), or (b) for repairs or maintenance in excess of or other than routine Building standard repairs and maintenance as determined by Lessor in its reasonable discretion (for example, maintenance of any above
standard dedicated HVAC unit, repair of built-in appliances, or periodic replacing of above standard light bulbs). 
  

 7 

	12.	Insurance 

 12.01 Lessee
will not do or permit anything to be done within or about the Premises or the Property which will increase the existing rate of any insurance on any portion of the Property or cause the cancellation of any insurance policy covering any portion of
the Property. Lessee will, at its sole cost and expense, comply with any requirements of any insurer of Lessor. 
 12.02 Lessee
agrees to maintain policies of insurance described in this Paragraph. Lessor reserves the right, from time to time, to require additional coverage’s (including, for example, flood insurance, if the Premises is located in a flood hazard zone),
and/or to require higher amounts of coverage’s. Any additional and/or higher must conform to reasonable industry standards. No insurance policy of Lessee shall have a deductible greater than $50,000. 

 

					
	(a)	  	Workers’ Compensation	  	Statutory Requirements
		  	Employer’s Liability	  	Not less than $1,000,000.00
			
	(b)	  	Commercial General Liability	  	Not less than $1,000,000.00
			
		  	Combined single limit per occurrence this location	  	Not less than $2,000,000.00 aggregate

 The Commercial General
Liability policies shall insure on an occurrence and not a claims-made basis and cover the Premises, Project and Property. Such policies shall cover liability arising from premises, operations, independent contractors, products-completed operations,
personal injury, advertising injury and liability assumed under an insured contract (specifically insuring performance of the indemnity obligations of Lessee hereunder); such policies shall not be excess. 

 

					
			
	(c)	  	 Automobile Liability
 single
limit including property damage
	  	Not less than $300,000.00 combined

  

	 	(d)	“Causes of Loss — Special Form” coverage including endorsements for flood coverage, earthquake sprinkler leak coverage, and such endorsements and
supplemental as Lessor may require from time to time. This insurance coverage must be upon the Premises and all property owned by Lessee, for which Lessee is legally liable, which Lessee is obligated to repair and restore hereunder, and/or which was
installed at the expense of or at the request of Lessee, including but not limited to, any Lessee Improvements, Lessee Alterations, furniture, fixtures, equipment, installations and any other personal property of Lessee, in an amount not less than
their full replacement value. All proceeds of this insurance shall only be used for the repair and replacement of property so insured; Lessee hereby assigns to Lessor all its rights to receive any proceeds of such insurance policies attributable to
any Lessee Improvements and Lessee Alterations if this Lease is terminated due to damage or destruction. 

 The limits of the
insurance coverage required under this Lease will not limit the liability of Lessee nor relieve Lessee of any obligation hereunder. All insurance to be carried by Lessee will be primary to, and non-contributory with, Lessor’s insurance, and
contain cross-liability endorsements and will in addition to the above coverage specifically insure Lessor against any damage or loss that may result either directly or indirectly from any default of Lessee under Paragraph 14 (Hazardous Materials)
herein. Any similar insurance carried by Lessor will be considered excess insurance only. 
 12.03 Lessee will name Lessor (and,
at Lessor’s request, any mortgagee) and Lessor’s agents as additional insured’s on all insurance policies required of Lessee under this Lease, other than Worker’s Compensation, Employer’s Liability, Automobile Liability, and
Fire and Extended coverage (except on Lessee Improvements or Lessee Alterations to the Premises for which Lessor shall be named an additional insured) insuring Lessor and such other additional insured’s regardless of any defenses the insurer
may have against Lessee and regardless of whether the subject claim is also made against Lessee. All insurance policies carried by Lessee will permit the insured, prior to any loss, to agree with a third party to waive any claim it might have
against said third party without invalidating the coverage under the insurance policy, and will release Lessor (and Lessor’s affiliates and subsidiaries, and all officers, partners, directors, and employees of Lessor and/or of any such
subsidiary or affiliate), from any claims for damage to any person, to the Property of which the Premises are a part, any existing improvements, Lessee Improvements and Lessee Alterations to the Premises, and to any furniture, fixtures, equipment,
installations and any other personal property of Lessee caused by or resulting from, risks which are to be insured against by Lessee under this Lease, regardless of cause. 

12.04 Lessee will deliver to Lessor (and, at Lessor’s request, to any mortgagee or to any other third party), simultaneously with
its execution of this Lease and thereafter at least thirty (30) days prior to expiration, cancellation or change in insurance, certificates of insurance evidencing, at a minimum, the 

 

 8 

 
coverage specified in Paragraph 12.02. All such certificates shall be in form and substance satisfactory to Lessor, shall affirmatively demonstrate all and requirements set forth in this Lease,
shall contain no disclaimers of coverage, and shall include a firm and unconditional obligation to give to Lessor at least 10 days’ prior written notice prior to cancellation or change in any coverage. All insurance required hereunder will be
with companies licensed and authorized to do business in the state in which the Property is located and holding a “General Policyholders Rating” of “A VIII” or better, as set forth in the most current Best’s Insurance
Guide. 
 12.05 Lessor will secure and maintain insurance coverage in such limits as Lessor may deem reasonable in its
reasonable judgment to afford Lessor adequate protection. The premiums for such coverage are “Insurance Premiums” under Paragraph 4.03C above. Any proceeds of such insurance shall be the sole property of Lessor to use as Lessor determines.
Lessor makes no representation that the insurance policies and coverage amounts specified to be carried by Lessee or Lessor under the terms of this Lease are adequate to protect Lessee. Lessee will provide, at its own expense, all insurance as
Lessee deems adequate to protect its interests. 
 12.06 Without limiting the effect of any other waiver of or limitation on the
liability of Lessor set forth herein, and except as provided in Paragraph 13 and/or Paragraph 14 below, neither Lessor nor Lessee shall be liable to the other party or to any insurance company (by way of subrogation or otherwise) for any loss of or
damage to tangible property due to casualty regardless of negligence. For purposes of this Paragraph 12.06, “Lessor” shall include Lessor’s affiliates and subsidiaries, and all officers, partners, directors, and employees of Lessor or
of any such subsidiary or affiliate. 
  

	13.	Waiver of Claims and Indemnification 

Lessee waives all claims against Lessor for any damage to any property in or about the Property, for any loss of business or income, and
for injury to or death of any persons, regardless of the cause of any such loss or event or time of occurrence, except loss, injury or death caused by Lessor’s gross negligence or willful misconduct. Lessee will indemnify, protect, defend and
hold harmless Lessor from and against all claims, losses, damages, causes of action, costs, expenses and liabilities, including legal fees, arising out of Lessee’s occupancy of the Premises or presence on the Property, the conduct of
Lessee’s business, any Default by Lessee, and/or any act, omission or neglect of Lessee, its agents, contractors, employees, suppliers, licensees or invitees. For purposes of this Paragraph 13, “Lessor” shall include also
Lessor’s affiliates and subsidiaries, and all officers, partners, directors, and employees of Lessor or of any such subsidiary or affiliate. 
  

	14.	Hazardous Materials 

14.01 “Hazardous Materials” will mean any substance commonly referred to, or defined in any Law, as a hazardous material or
hazardous substance (or other similar term), including but not be limited to, chemicals, solvents, petroleum products, flammable materials, explosives, asbestos, urea formaldehyde, PCB’s, chlorofluorocarbons, Freon or radioactive materials.
Lessee will not cause or permit any Hazardous Materials to be brought upon, kept, stored, discharged, released or used in, under or about any portion of the Property by Lessee, or its agents without the prior written consent of Lessor, which consent
may be withheld or conditioned in Lessor’s sole discretion; provided, Lessee may bring into the Premises small amounts of Hazardous Materials (such as cleaning products and copy toner) which are readily available to Lessee by unregulated retail
purchase if the same are necessary in Lessee’s normal business operations. If Lessee brings any Hazardous Materials to the Premises or Property, with or without the prior written consent of Lessor (without waiver of the requirement of prior
written consent), Lessee shall: (1) use such Hazardous Material only as is reasonably necessary to Lessee’s business, in small, properly labeled quantities; (2) handle, use, keep, store, and dispose of such Hazardous Material using
the highest accepted industry standards and in compliance with all applicable Laws; (3) maintain at all times with Lessor a copy of the most current MSDS sheet for each such Hazardous Material; and (4) comply with such other rules and
requirements Lessor may from time to time impose. Upon expiration or earlier termination of this Lease, Lessee will, at Lessee’s sole cost and expense, cause all Hazardous Materials brought to the Premises or the Property by Lessee, its agents,
contractors, employees, suppliers, licensees or invitees, to be removed from the Property in compliance with any and all applicable Laws. 

14.02 If Lessee or its agents violate the provisions of this Paragraph 14, or performs any act or omission which contaminates or expands
the scope of contamination of the Premises, the Property, or any part thereof, the underlying groundwater, or any property adjacent to the Property, then Lessee will promptly, at Lessee’s expense, take all investigatory and/or remedial action
(collectively called “Remediation”) that is necessary to fully clean up, remove and dispose of such Hazardous Materials and any contamination so caused and shall do so in compliance with any applicable Laws. Lessee will also repair any
damage to the Premises and any other affected portion(s) of the Property caused by such contamination and Remediation. 
  

 9 

 14.03 Lessee shall immediately provide to Lessor written notice of any investigation or
claim arising out of the use by Lessee of Hazardous Materials at the Property or the violation of any provision of this Paragraph 14 and shall keep Lessor fully advised regarding the same. Lessee shall provide to Lessor all reports regarding the use
of Hazardous Materials by Lessee at the Property and any incidents regarding the same, regardless of whether any such documentation is considered by Lessee to be confidential. Lessor retains the right to participate in any legal actions affecting
the Property involving Hazardous Materials. 
 14.04 Lessee will indemnify, protect, defend and forever hold Lessor, its lenders
and ground lessor, if any, and the Premises, the Property, or any portion thereof, harmless from any and all damages, causes of action, fines, losses, liabilities, judgments, penalties, claims, and other costs arising out of any failure of Lessee to
observe any covenants of this Paragraph 14 of this Lease. All provisions of this Paragraph 14 shall survive the expiration of this Lease and any termination of this Lease or of Lessee’s right of possession. For purposes of this Paragraph 14.04,
“Lessor” shall include also Lessor’s affiliates and subsidiaries, and all officers, partners, directors, and employees of Lessor or of any such subsidiary or affiliate. 

 

	15.	Lessor’s Access 

Lessor, its agents, contractors, consultants, servants and employees, will have the right to enter the Premises at any time in the case of
an emergency, and otherwise at reasonable times upon reasonable notice to examine the Premises, perform work in the Premises, show the Premises, exercise any right or remedy, or for any other purpose. For each of these purposes, Lessor will at all
times have and retain any necessary keys. Lessee will not alter any lock or install new or additional locks or bolts on any door in or about the Premises without obtaining Lessor’s prior written approval and will, in each event, furnish Lessor
with a new key. Access by Lessor will not give Lessee the right to terminate this Lease, and will be without abatement of rent or liability on the part of Lessor. 
  

	16.	Damage or Destruction 

16.01 If the Premises is damaged or destroyed by fire or other casualty, Lessee will immediately give written notice to Lessor of the
casualty. Lessor will have the right to terminate this Lease following a casualty if any of the following occur by giving notice to Lessee within sixty (60) days of the casualty: (i) insurance proceeds actually paid to Lessor and available
for use are not sufficient to pay the full cost to fully repair the damage; (ii) Lessor determines that the Premises or the Building cannot be fully repaired within 180 days; (iii) the Premises are damaged or destroyed within the last
twelve (12) months of the Lease Term; (iv) Lessee is in Default of this Lease at the time of the casualty; (v) Lessor would be required under this Lease to abate or reduce Lessee’s rent for a period in excess of six
(6) months if the repairs were undertaken; or (vi) the Project, or the Building in which the Premises is located, is damaged such that the cost of repair of the same would exceed 10% of the replacement cost of the same. If Lessor elects to
terminate this Lease, Lessor will be entitled to retain all applicable Lessee insurance proceeds excepting those attributable to Lessee’s furniture, fixtures, equipment, and any other personal property. 

16.02 If this Lease is not terminated pursuant to Paragraph 16.01, Lessor will repair the Premises and this Lease shall continue. The
repair obligation of Lessor shall be limited to repair of the Premises excluding any Lessee Improvements, Lessee Alterations, and any personal property and trade fixtures of Lessee. During the period of repair, rent will be abated or reduced in
proportion to the degree to which Lessee’s use of the Premises is impaired, as determined by Lessor, not to exceed the total amount of rent loss insurance proceeds, directly attributable to Lessee’s Premises, Lessor has received. However,
rent will not be abated if Lessee or any of its agents is the cause of the casualty. 
  

	17.	Transfer (Assignment/Subletting) 

17.01 Lessee will not, voluntarily or by operation of law, assign, sell, convey, sublet or otherwise transfer all or any part of
Lessee’s right or interest in this Lease, or allow any other person or entity to occupy or use all or any part of the Premises (collectively called “Transfer”) without first obtaining the written consent of Lessor which may be
withheld or conditioned by Lessor in its reasonable discretion. Any Transfer without the prior written consent of Lessor shall be void. Without limiting the generality of the definition of “Transfer,” it is agreed that each of the
following shall be deemed a “Transfer” for purposes of this Paragraph: (a) an entity other than Lessee becoming the tenant hereunder by merger, consolidation, or other reorganization; and (b) a transfer of any ownership interest
in Lessee (unless Lessee is an entity whose stock is publicly traded). Lessee shall provide to Lessor all information requested by Lessor concerning a Transfer. If Lessor has not granted consent in writing to a Transfer within thirty (30) days
of Lessee’s request hereunder and delivery of all such information, Lessor will be deemed to have rejected Lessee’s request. In no event shall Lessee mortgage, encumber, pledge or assign for security purposes all or any part of its
interest in this Lease. Notwithstanding the foregoing, Lessee may assign this Lease or sublease the Premises, in whole or in part, without the express written consent of 

 

 10 

 
Lessor to: (i) any corporation into which or with which Lessee has merged or consolidated; (ii) any parent, subsidiary, successor, or affiliated corporation of Lessee; (iii) any
corporation which acquires all or substantially all of the assets or issued and outstanding shares of capital stock of Lessee; (iv) any partnership, the majority interest of which shall be owned by the parent of Lessee; provided the resulting
entity from such merger or consolidation or the transferee, other than a parent, subsidiary or affiliated corporation of Lessee, from any such acquisition, shall have a net worth not less than Lessee’s prior to the merger, consolidation, or
acquisition; and provided further any such assignee or successor shall agree in writing to assume and perform all of the terms and conditions of this Lease on Lessee’s part to be performed from and after the effective date of such assignment or
subletting, so long as the resulting entity’s use of the Premises does not violate any provision of this Lease or any applicable governmental law, rule or regulation. 

17.02 In the event Lessor consents to a Transfer, the Transfer will not be effective until Lessor receives a fully executed agreement
regarding the Transfer, in a form and of substance acceptable to Lessor, any documents or information required by such agreement (including any estoppel certificate and any subordination agreement required by any lender of Lessor), an amount equal
to all attorneys fees and other expenses of Lessor incurred in connection with the Transfer, and a Transfer fee in an amount determined by Lessor (a minimum fee of $250 is payable). Lessee agrees to pay to Lessor an amount equal to all
attorneys’ fees and other expenses incurred by Lessor related to a request for consent to Transfer regardless of whether such consent is granted and regardless of whether the Transfer is consummated. 

17.03 Fifty percent (50%) of any consideration paid to Lessee solely for assignment of this Lease, less any reasonable brokerage
commission and reasonable tenant improvements paid by Lessee with respect to such assignment, shall be immediately paid to Lessor. In the event of a sublease of all or a portion of the Premises, fifty percent (50%) of all rents payable by the
subtenant in excess of rents payable hereunder (allocated on a per square foot basis in the event of a partial sublease) shall be immediately due and payable to Lessor; provided, excess rental shall be calculated taking into account straight-line
amortization, without interest, of any reasonable brokerage commission less any reasonable tenant improvements paid by Lessee in connection with the subject sublease transaction. 

17.04 Lessor may, within thirty (30) days after submission of Lessee’s written request for Lessor’s consent to a Transfer,
terminate this Lease (or, as to a partial subletting, terminate this Lease as to the portion of the Premises proposed to be sublet) as of the date the proposed Transfer was to be effective. If Lessor terminates this Lease as to only a portion of the
Premises, then (a) this Lease shall cease as to such portion of the Premises, (b) Lessee shall pay to Lessor all Base Rent and other amounts accrued through the termination date relating to the portion of the Premises covered by the
proposed Transfer (allocated on an equitable basis determined by Lessor), and (c) Lessee shall execute, upon request of Lessor, an amendment hereto setting forth matters related to such partial termination. Lessor may physically separate the
recaptured portion of the Premises and lease such portion of the Premises to the prospective transferee (or to any other person) without liability to Lessee. 

17.05 Regardless of whether consent by Lessor is granted in connection with any Transfer, no Transfer shall release Lessee from any
obligation or liability hereunder; Lessee shall remain primarily liable to pay all rent and other sums due hereunder to Lessor and to perform all other obligations hereunder. Similarly, no Transfer, with or without the consent of Lessor, shall
release any guarantor from its obligations under its guaranty. Upon any assignment or sublease, any rights, options or opportunities granted to Lessee hereunder to extend or renew the Lease Term, to shorten the Lease Term, or to lease additional
space shall be null and void. 
  

	18.	Default 

 Time is of the
essence in the performance of all covenants of Lessee. Lessee will be in Default if any of the following events occurs: 
 18.01
Lessee fails to make within five (5) days of when due, any payment of Base Rent, Additional Rent, or any other monetary payment required to be made by Lessee herein and Lessee does not cure such failure within three (3) days after Lessor
gives written notice of such failure to Lessee; provided, if Lessor has given such a written notice with respect to two (2) payments due in any calendar year, then the failure by Lessee to pay any other payment due in such calendar year, on or
before the date when first due, shall be a Default hereunder without any written notice from Lessor and without any grace or cure period. Notwithstanding the foregoing, Lessee shall not be in default of this Lease the first time in a twelve
(12) month period that Lessee fails to pay rent when due so long as Lessee pays such overdue rent within five (5) days of written notice from Lessor that such overdue amount is due. 

18.02 Lessor discovers that any representation or warranty made by Lessee or any guarantor was materially false when made or that any
financial statement of Lessee or of any guarantor of this Lease given to Lessor was materially false. 
  

 11 

 18.03 Lessee makes any general arrangement or assignment for the benefit of creditors,
becomes a “debtor” in a bankruptcy proceeding, is unable to pay its debts or obligations as they occur, or has an attachment, execution or other seizure of substantially all of its assets located at the Property or its interest in this
Lease. 
 18.04 Lessee fails to observe, perform or comply with any of the non-monetary terms, covenants, conditions, provisions
or rules and regulations applicable to Lessee under this Lease other than as specified above in this Paragraph 18; provided, if such failure is a curable failure, then such failure shall not be a “Default” unless Lessee does not cure
such failure as soon as practicable possible but in no event later than thirty (30) days following written notice of such failure from Lessor; provided, however, that if said default cannot be cured within said thirty (30) day period using
reasonable diligence, no Default shall be deemed to have occurred if Lessee commences action to cure the Default within said thirty (30) day period and diligently pursues a cure thereafter. 

18.05 Any guarantor becomes insolvent, becomes a “debtor” in a bankruptcy proceeding, fails to perform any obligation under its
guaranty, or attempts to revoke its guaranty. 
  

	19.	Remedies of Lessor 

 19.01
If Lessee fails to perform any duty or obligation of Lessee under this Lease, Lessor may at its option, without waiver of Default nor any other right or remedy, perform any such duty or obligation on Lessee’s behalf. The costs and expenses of
any such performance by Lessor will be immediately due and payable by Lessee upon receipt from Lessor of the reimbursement amount required. 

19.02 Upon a Default, with or without notice or demand, and without limiting any other of Lessor’s rights or remedies, Lessor may:

  

	 	(a)	Terminate this Lease and/or terminate Lessee’s right to possession of the Premises. Upon any such termination, Lessee will immediately surrender possession of the
Premises to Lessor. On termination of this Lease or Lessee’s right of possession, Lessor will be entitled to recover from Lessee: (i) the worth at the time of the award of the unpaid rent which had been earned at the time of the
termination; (ii) the worth at the time of the award of the amount by which the unpaid rents which would have been earned after termination until the time of award exceeds the amount of such rental loss that Lessee proves could have been
avoided; (iii) the worth at the time of the award of the amount by which the unpaid rents for the balance of the Lease Term after the time of award exceeds the amount of such rental loss for such period that Lessee proves could be reasonably
avoided; and (iv) the worth at the time of the award of any other amount necessary to compensate Lessor for all the damage proximately caused by Lessee’s failure to perform its obligations under this Lease, including specifically the
unamortized portion of all brokerage commissions paid in connection with this Lease and all costs of Lessor’s Work (amortized without interest on a straight line basis over the initial Lease Term), and reimbursement of any free rent, deferred
rent or other Lease execution inducement. The expiration or termination of this Lease, and/or the termination of Lessee’s right to possession, will not release Lessee from any liability under this Lease. 

 

	 	(b)	Continue the Lease and Lessee’s right to possession and recover rent as it becomes due. Acts of maintenance or preservation, efforts to relet the Premises, removal
or storage of Lessee’s personal property or the appointment of a receiver to protect Lessor’s interest under this Lease, will not constitute a termination of Lessee’s right to possession. 

 

	 	(c)	Pursue any other remedy now or hereafter available to Lessor under the laws or judicial decisions of the state wherein the Premises are located.

 19.03 The “worth at the time of award” referred to in Paragraph 19.02(a)(i), 19.02(a)(ii), and
19.02(a)(iv) will additionally include interest computed by allowing interest at the rate of 12% per annum (or, if lower, at the maximum rate allowed by law). The “worth at the time of award” referred to in Paragraph 19.02(a)(iii)
will be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco in effect at the time of award, plus one percent (1%). 

19.04 No right or remedy conferred upon or reserved to Lessor in this Lease is intended to be exclusive of any right or remedy granted to
Lessor by statute or common law, and each and every such right and remedy will be cumulative. 
  

 12 

	20.	Condemnation 

 If any
portion of the Premises or any portion of the Building in which the Premises is located, or any portion of the Property which would substantially interfere with Lessor’s ownership, or Lessor’s or Lessee’s ability to conduct business
is taken for any public or quasi-public purpose by any governmental authority, including but not limited to, by exercise of the right of appropriation, inverse condemnation, condemnation or eminent domain, or sold in lieu of such taking, Lessor, at
its option, may terminate this Lease without recourse by Lessee. If this Lease is not terminated, Lessor will promptly proceed to restore the Premises and/or any portion of the Property used in common by all lessees to substantially the same
condition as prior to such taking allowing for any reasonable effects of such taking. Should a portion of the Premises be taken in a case where Lessor does not exercise its right to terminate this Lease, Lessor will abate the rent corresponding to
the term during which, and to the part of the Premises which, Lessee is deprived on account of such taking. Any award for any taking or payment made in lieu of exercise of such power will be the property of Lessor, whether such award be made as
compensation for diminution of value of the leasehold or for the taking of the fee, or as severance damages; however, Lessee will be entitled to any compensation, separately awarded to Lessee for Lessee’s relocation expenses. 

 

	21.	Estoppel Certificate 

Lessee will execute and deliver to Lessor, within ten (10) days after written request from Lessor, a written Estoppel Certificate in
form prepared by Lessor certifying: (i) that this Lease is unmodified and in full force and effect (or, if modified, specifying each such modification); (ii) the Commencement Date and expiration of the Lease Term; (iii) the absence or
status of any rights of Lessee to renew, extend, or otherwise alter the Lease Term or to lease additional space or alter the definition of the Premises; (iv) the date to which rent and any other charges are paid in advance, if any;
(v) that there are not, to Lessee’s knowledge, any uncured Defaults on the part of Lessor, or stating the nature of any uncured Defaults; (vi) the current Base Rent amount and the amount and form of the Security Deposit on deposit
with Lessor; (vii) that Lessor has completed any promised improvements to the Premises and paid any promised improvement allowance (or detailing any work to be performed or allowance to be paid); and (viii) any other information requested,
including but not limited to, any requested information regarding Hazardous Materials. Any such Estoppel Certificate may be relied upon by Lessor, and also by any actual or prospective buyer or lender of the Property and any other third party
designated by Lessor (the “Beneficiaries”). If Lessee fails to execute and deliver such Estoppel Certificate within such ten (10) day period, then without waiver of Default or of any other right or remedy of Lessor, Lessor shall have
the right to deliver to the Beneficiaries a completed Substitute Estoppel Certificate regarding this Lease certifying the matters which Lessee was requested to certify in the Estoppel Certificate. A notice enclosing a copy of the Substitute Estoppel
Certificate shall be simultaneously sent to Lessee. Each statement in the Substitute Estoppel Certificate shall be deemed true, and shall be binding upon Lessee, unless Lessee provides, within five (5) days of the receipt of Lessor’s
notice, written notice addressed to Lessor and the Beneficiaries disagreeing with such statement on specific grounds. Lessee shall defend and indemnify Lessor regarding any claim that a statement in the Substitute Estoppel Certificate to which
Lessee did not so disagree is inaccurate. 
  

	22.	Notices 

 All
communications and notices required under this Lease shall be in writing and shall be addressed to the respective address of the receiving party set forth in Paragraph 1 above. All notices to Lessee shall be given by reputable overnight
courier, U. S. mail (First Class, postage prepaid), or hand delivery, and shall be deemed received (i) if mailed, on the earlier of actual receipt or three (3) days after such mailing, (ii) one business day following delivery by
Lessor to such an overnight courier, or (iii) upon hand delivery. Any notice to Lessee may also be given by posting at the Premises and shall be effective upon such posting. Notices to Lessor shall be sent to Lessor by U. S. mail, postage
prepaid, registered or certified mail with return receipt requested to the address indicated in Paragraph 1 and shall be deemed received five (5) days after such mailing. At any time during the Lease Term, Lessor or Lessee may specify a
different Notice Address by providing written notification to the other. 
  

	23.	Holdover 

 If Lessee
remains in possession of all or any part of the Premises with Lessor’s prior written consent after the expiration or termination of this Lease or of Lessee’s right to possession, such possession will constitute a month-to-month tenancy
which may be terminated by either Lessor or Lessee upon thirty (30) days written notice and will not constitute a renewal or extension of the Lease Term. If Lessee remains in possession after such expiration or termination without Lessor’s
prior written permission, such possession will constitute a tenancy-at-will terminable upon forty-eight (48) hours’ notice by Lessor and will not constitute a month-to-month tenancy nor a renewal or extension of the Lease Term. In the
event of a month-to-month tenancy or tenancy-at-will under this Paragraph, Lessee’s Base Rent will be two hundred percent (200%) of the Base Rent payable during the last month of the Lease Term, any other sums due under this Lease will be
payable in the amounts and at the times specified in this Lease, and all options, rights of refusal, expansions and/or renewals shall be null and void. Any tenancy under this Paragraph will be subject to every other term, condition and covenant
contained in this Lease. Lessee agrees to defend, indemnify and hold Lessor harmless from any claim or cause of action arising out of related to the failure of Lessee to surrender possession of the Premises to

  

 13 

 
Lessor upon the expiration of this Lease or upon any such termination. Notwithstanding the foregoing, Lessee shall have the option to holdover for a period of up to three (3) months
following the expiration of the lease term at 115% of the last rent due under the terms of the lease. Lessee shall be required to provide Lessor one-hundred eighty (180) days notice prior to lease the lease expiration date. 

 

	24.	Default by Lessor; Limitation of Liability; Real Estate Investment Trust 

24.01 In the event Lessor fails to perform any obligation required to be performed under this Lease, Lessee will notify Lessor in writing
of such failure. Lessor shall not be deemed in Lessor Default hereunder unless and until such notice is actually received by Lessor and Lessor fails within thirty (30) days of receipt of such notice to commence to make a good faith effort to
cure the failure or thereafter ceases to pursue such cure to completion. 
 24.02 The obligations of Lessor under this Lease
shall be binding only on the undersigned Lessor and not upon any of its subsidiaries or affiliates nor upon any partners, investors, trustees, directors, officers, employees, agents, shareholders, advisors or managers of Lessor in their individual
capacities. With respect to any obligations of Lessor to Lessee under this Lease and with respect to any liabilities arising at the Property, Lessee’s sole and exclusive remedy shall be a claim against the undersigned Lessor. 

24.03 In consideration of the benefits accruing hereunder, Lessee on behalf of itself and all of its Transferees covenants and agrees
that, in the event of any actual or alleged Lessor Default of this Lease or in the event of any other claim or cause of action by Lessee, Lessee’s recourse against Lessor for any monetary damages (over and above damages actually paid by
available insurance, if any) will be limited to Lessor’s interest in the amount of equity Lessor would have in the Property if the Property were encumbered by debt in an amount equal to fifty percent (50%) of the value of the Property;
calculations of equity shall be made as of the initial date Lessee notifies Lessor of the actual or alleged Default or other claim the Property. Any judgment against Lessor shall be satisfied only out of an offset against Rents and out of the
Property; no other assets of Lessor shall be subject to levy, execution or other enforcement procedure for the satisfaction of any judgment by Lessee against Lessor. Any claims by Lessee against Lessor will be limited to actual damages only and will
not, under any circumstances, include lost profits or consequential damages. 
 24.04 If Lessor is a real estate investment
trust, and if Lessor in good faith determines that its status as a real estate investment trust under the applicable provisions of the Internal Revenue Code of 1986, as heretofore or hereafter amended, will be jeopardized because of any provision of
this Lease, Lessor may require reasonable amendments to this Lease and Lessee shall not unreasonably withhold or delay its consent thereto, provided that such modifications do not in any way, (i) increase the obligations of Lessee under this
Lease or (ii) adversely affect any rights or benefits to Lessee under this Lease. Lessor shall pay all reasonable costs incurred by Lessee, including without limitation, legal fees incurred for reviewing any such proposed modifications.

 24.05 Lessee represents that, to its knowledge, no person or entity who is a significant indirect owner of Lessor, owns
actually or constructively a 10% or more interest in Lessee. Lessee will promptly notify Lessor if it learns that any such ownership interest exists. Significant owners of Lessor at this time include Public Storage, Inc. and New York Common
Retirement Fund. 
 24.06 Lessor and any successor Lessor have the right to sell the Property or any portion of it, or to assign
its interest in this Lease, at any time and from time to time. Upon the sale or any other conveyance by Lessor of the Property, or a portion thereof which includes the Premises, Lessor will be released from all obligations and liability under this
Lease arising out of any act, event, occurrence or omission occurring or existing after the date of such conveyance. 
  

	25.	Subordination 

 Without
the necessity of any additional document being executed by Lessee for the purposes of effecting a subordination, and at the election of Lessor or any mortgagee or any ground lessor with respect to the land of which the Premises are a part, this
Lease will be subject and subordinate at all times to: (i) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Property, and (ii) the lien of any mortgage or deed of trust which may now exist
or hereafter be executed in any amount for which the Property, ground leases or underlying leases, or Lessor’s interest or estate in any of said items is specified as security. Lessor or any mortgagee or ground lessor will have the right, at
its election, to subordinate or cause to be subordinated any ground lessee or underlying leases or any such liens to this Lease. If Lessor’s interest in the Premises is acquired by any ground lessor or mortgagee, or in the event any proceedings
are brought for the foreclosure of, or in the event of exercise of power of sale under, any mortgage or deed of trust made by Lessor covering the Premises, or in the event a conveyance in lieu of foreclosure is made for any reason, Lessee will,
notwithstanding any subordination and upon the request of such successor in interest to Lessor, attorn to and become the Lessee of the 

 

 14 

 
successor in interest to Lessor and recognize such successor in interest as the Lessor under this Lease, provided Lessee’s interests hereunder shall not be disturbed so long as Lessee is not
in Default hereunder. Lessee acknowledges that although this Paragraph is self-executing, Lessee covenants and agrees to execute and deliver, upon demand by Lessor and in the form requested by Lessor, or any other mortgagee or ground lessor, any
additional documents evidencing the priority or subordination of this Lease with respect to any such ground leases or underlying leases or the lien of any such mortgage or deed of trust, provided Lessee’s interests hereunder shall not be
disturbed so long as Lessee is not in Default hereunder. Lessee agrees that any person or entity who acquires title to the Premises pursuant to a foreclosure of a deed of trust or mortgage, or deed in lieu thereof, or the termination of an
underlying ground lease or master lease (a “Foreclosing Party”), even if such Foreclosing Party elects to have Lessee attorn to the Foreclosing Party under this Lease, shall not be (i) liable for any act or omission of any prior
lessor or with respect to events occurring prior to its acquisition of ownership, (ii) subject to any offsets or defenses which Lessee might have against any prior lessor, (iii) bound by prepayment of more than one month’s rent,
(iv) liable for any security deposit not actually received by such person or entity, (v) bound by any amendment or modification to this Lease not consented to in writing by the holder of the mortgage, deed of trust, ground lease or master
lease or the Foreclosing Party, or (vi) liable for any obligation or liability accruing under this Lease after the Foreclosing Party assigns its interest under this Lease to a third party. Any such Foreclosing Party is expressly made a third
party beneficiary of the foregoing provisions, and all other provisions of this Lease which are for the benefit of a Foreclosing Party, which rights shall survive a foreclosure of the deed of trust or mortgage. 

 

	26.	Force Majeure 

 Lessor
will not be deemed in Lessor Default or have liability to Lessee, nor will Lessee have any right to terminate this Lease or abate rent or assert a claim of partial or constructive eviction, because of Lessor’s failure to perform any of its
obligations under this Lease if the failure is due in part or in full to reasons beyond Lessor’s reasonable control. If this Lease specifies a time period for performance of an obligation by Lessor, that time period will be extended by the
period of any delay in Lessor’s performance caused by such events as described herein. 
  

	27.	Miscellaneous Provisions 

27.01 Whenever the context of this Lease requires, the word “person” shall include any entity, and the singular shall include
the plural and the plural shall include the singular. If more than one person or entity is Lessee, the obligations of each such person or entity under this Lease will be joint and several. Without diminishing the provisions of Paragraph 17, the
terms, conditions and provisions of this Lease will apply to and bind the heirs, successors, executors, administrators and assigns of Lessor and Lessee. 

27.02 The captions and headings of this Lease are used for the purpose of convenience only and shall not be construed to interpret, limit
or extend the meaning of any part of this Lease. This Lease contains all of the agreements and conditions made between Lessor and Lessee and may not be modified in any manner other than by a written agreement signed by both Lessor and Lessee. Any
statements, promises, agreements, warranties or representations, whether oral or written, not expressly contained herein will in no way bind Lessor and Lessee expressly waives all claims for damages by reason of any statements, promises, agreements,
warranties or representations, if any, not contained in this Lease. No provision of this Lease shall be deemed to have been waived by Lessor unless such waiver is in writing signed by a regional vice president or higher of Lessor or of Lessor’s
management company, and no custom or practice which may develop between the parties during the Lease Term shall waive or diminish the Lessor’s right to enforce strict performance by Lessee of any terms of the Lease. No waiver by Lessor of a
Default by Lessee of any term, covenant or condition of this Lease will be deemed a waiver of any other term, covenant or condition of this Lease, or of any subsequent Default by Lessee of the same or any other term, covenant or condition of this
Lease. No delay or omission by Lessor to seek a remedy for any Lessee Default of this Lease shall be deemed a waiver by Lessor of its remedies or rights with respect to such Default. Additionally, regardless of Lessor’s knowledge of a Default
at the time of such acceptance, the acceptance of rent or any other payment by Lessor will not constitute a waiver by Lessor of any Default by Lessee. The duties and warranties of Lessor are limited to those expressly stated in this Lease and do not
and shall not include any implied duties or implied warranties, now or in the future. No representations or warranties have been made by Lessor other than those contained in this Lease. This Lease is governed and construed in accordance with the
laws of the state in which the Premises are located, and venue of any legal action will be in the county where the Premises are located. 

27.03 Time is of the essence for the performance of each term, condition and covenant of this Lease. 

27.04 This Lease has been fully reviewed by both parties and shall not be strictly or adversely construed against the drafter. If any
provision contained herein is determined to be invalid, illegal or unenforceable in any respect, then (a) such provision shall be enforced to the fullest extent allowed, and (b) such invalidity, illegality, or unenforceability will not
affect any other provision of this Lease. 
  

 15 

 27.05 Lessee hereby agrees not to disclose any terms of this Lease without the prior written
consent of Lessor. Lessee shall not record this Lease or any short form memorandum hereof. 
 27.06 The rights and obligations
of the parties under this Lease shall survive the expiration of this Lease and the termination of this Lease and/or of Lessee’s right of possession. 

27.07 Lessor and Lessee each warrant to the other that it has not dealt with any broker or agent in connection with this Lease, other
than the person(s) listed in Paragraph 1 above. Lessor and Lessee each agree to indemnify the other against all costs, expenses, legal fees and other liability for commissions or other compensation claimed by any other broker or agent by reason of
the act or agreement of the indemnifying party. 
 27.08 Lessee shall not permit or allow any activity in the Premises which
will have an adverse effect on indoor air quality, including smoking and any remodeling activity or introduction of materials which would have such an effect. Lessor shall have the right, but not the obligation, to monitor indoor air quality within
the Project. Lessee shall take such steps to protect and to improve indoor air quality as Lessor may request from time to time. 

27.09 Lessor has no duty to provide security for any portion of the Project. To the extent Lessor elects to provide any security, Lessor
is not warranting the effectiveness of any security personnel, services, procedures or equipment and Lessee shall not rely on any such personnel, services, procedures or equipment. Lessor shall not be liable for failure of any such security
personnel, services, procedures or equipment to prevent or control, or to apprehend anyone suspected of, personal injury or property damage in, on or around the Project. 

27.10 The grant of any consent or approval required from Lessor under this Lease shall be proved only by proof of a written document
signed and delivered by Lessor expressly setting forth such consent or approval. Unless otherwise specified herein, any such consent or approval may be withheld in Lessor’s sole discretion. Any consent may be issued subject to conditions
determined by Lessor, in its sole discretion. Notwithstanding any other provision of this Lease, the sole and exclusive remedy of Lessee for any alleged or actual improper withholding, delaying or conditioning of any consent or approval by Lessor
shall be the right to specifically enforce any right of Lessee to require issuance of such consent or approval on conditions allowed by this Lease; in no event shall Lessee have the right to terminate this Lease, to collect monetary damages, or to
pursue any other remedy for any actual or alleged improper withholding, delaying or conditioning of any consent or approval, regardless of whether this Lease requires that such consent or approval not be unreasonably withheld, conditioned or
delayed. 
 27.11 Lessee agrees to abide by, keep and observe all Rules and Regulations set forth in Exhibit “D” and
all additions and amendments to the same of which Lessor provides written notice to Lessee. Lessor will not be responsible to Lessee for any nonperformance by any other lessee, occupant or invitee of the Property of any said Rules and Regulations.

 27.12 Lessee will not place any signage on or about the Property, or on any part thereof, without the prior written consent
of Lessor which Lessor may withhold or condition in its sole discretion. All Lessee signage will comply with the terms and conditions of this Lease, the sign criteria set forth in Exhibit “C” and Exhibit “D,” or other criteria
which Lessor may establish from time to time. 
 27.13 Lessee will not vacate or abandon the Premises, or permit the Premises to
remain unoccupied for any period longer than fifteen (15) consecutive days any time during the Lease Term. If Lessee abandons, vacates, or surrenders the Premises, or is dispossessed by process of law, or otherwise, any personal property
belonging to Lessee left in or about the Premises will, at the option of Lessor, be deemed abandoned and may be disposed of by Lessor at the expense and risk of Lessee. 

27.14 In the event any party to this Lease initiates litigation to enforce the terms of this Lease or to declare rights under this Lease,
the prevailing party will be entitled to collect its reasonable attorneys fees shall include all attorneys fees incurred at and in preparation for discovery, arbitration, trial, appeal and review, including deposition attorney’s fees. This
attorney’s fee provision shall also apply to all litigation and other proceedings in Bankruptcy Court. 
 27.15 Submission
of this document for examination and signature by Lessee is not an offer to lease and does not create a reservation or option to lease. This document will become effective and binding only upon full execution and delivery by both Lessee and Lessor.

 27.16 OPTION TO RENEW LEASE 

Provided Lessee is not in Default of the Lease at the time it exercises this option and has not been in Default during any other period
of the Lease Term that has not been cured, Lessee is hereby granted one option to renew this Lease for an additional five (5) years at the Base Rent rate then in effect for 

 

 16 

 
comparable space in the market at the effective date of the commencement of such renewal term, but not less than the last monthly rental amount payable by Lessee prior to commencement of such
renewal term. Such leasing for the renewal term shall be, at the election of Lessor, on the same terms and conditions as set forth in this Lease or on the terms and conditions of the standard lease form then used by Lessor with respect to the
Project. The within option shall be exercised by Lessee, if at all, by written notice given no sooner than twelve (12) full calendar months and no later than eight (8) full calendar months prior to the expiration of the Lease Term; Lessee
shall include with such notice a complete set of current financial statements of Lessee and all guarantors. 
 In the event
Lessor and Lessee are unable to agree as to the Base Rent rate applicable to such renewed term within thirty (30) days of Lessee’s exercise of its option to renew, both parties agree to mediate their disagreement. If mediation does not
resolve the disagreement in fair market value, Lessee shall have the option to refer the matter to an MAI certified appraisal procedure to determine the Base Rent rate. Lessor and Lessee shall appoint an MAI certified appraiser, such appraiser shall
determine the current market rent (to be not less than the minimum rent set forth above in this Section) and such determination shall be binding upon Lessor and Lessee. Lessor and Lessee shall each pay one-half of the fees and costs of such
appraiser. 
 Upon determination of the Base Rent rate, Lessor shall deliver to Lessee either an amendment to this Lease
renewing the Lease Term, or a new lease for the renewal term based upon the form of the standard lease then used by Lessor with respect to the Project. Lessee shall execute and deliver the submitted document to Lessor within ten (10) days
accompanied by payment of the amount of money which, when added to any existing Security Deposit, shall increase the Security Deposit amount to a sum which bears the same relationship to the renewal Base Rent as the original Security Deposit bears
to the Base Rent with respect to the initial Lease Term. 
 Notwithstanding any provision hereof, during the thirty
(30) day period allowed for the parties to agree upon the renewal Base Rent rate, Lessor shall have the right to rescind the exercise of the renewal option by written notice in the event Lessor determines, in its reasonable discretion, that the
financial statements delivered by Lessee with the renewal notice are not satisfactory to Lessor. 
 The rights of Lessee under
this Paragraph are not assignable separately from this Lease. Such rights of Lessee shall terminate upon: (a) any assignment, sublease, or other Transfer, and/or (b) any monetary default and/or (c) any termination of this Lease or of
Lessee’s right of possession hereunder; provided, however, in the event Lessee shall have exercised this renewal option and Lessor subsequently terminates this Lease or Lessee’s right of possession hereunder for Default, the damages to
which Lessor shall be entitled shall include damages with respect to the renewal term. 
 27.17 Mediation First

 Any disputes under the Lease, after first attempting to be resolved through mediation, including with respect to the
determination of Additional Rent and/or Fair Market Rent, shall be resolved by binding arbitration under the rules of the Arbitration Service of Portland, or such other procedures as shall be mutually agreed upon between Lessor and Lessee, as set
for the in the lease. Pending the final determination of any dispute, Lessee shall pay the last Base Rent amount due under the Initial Term and make up any shortfall immediately after final determination of Fair Market Rent. 

27.18 The following Exhibits are attached to this Lease and by this reference made a part hereof: “A-1”, “A-2”,
“A-3”, “A-4”, “B”, “C”, and “D”. 
  

 17 

 IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease as of the Lease Execution
Date. 
 THIS LEASE, WHETHER OR NOT EXECUTED BY LESSEE, IS SUBJECT TO ACCEPTANCE BY LESSOR, ACTING BY ITSELF OR BY ITS AGENT BY
THE SIGNATURE ON THIS LEASE OF ITS SENIOR VICE PRESIDENT, VICE PRESIDENT, REGIONAL MANAGER OR DIRECTOR OF LEASING. 
  

					
	LESSOR:	 		 	LESSEE:
			
	 PS Business Parks, L.P.

A California Limited Partnership
 By PS
Business Parks, Inc.
 Its General Partner
	 		 	 Digimarc Corporation

A Delaware Corporation

			
	/s/ Coby A. Holley	 		 	/s/ Paul R. Gifford
	By: Coby A. Holley, Vice President	 		 	By: Paul R. Gifford, President & COO 
			
	Date: 3-24-04	 		 	Date: March 22, 2004

 Lease Execution Date 

Lessor Fed. ID #: 95-4609260 
  

 18 

 PREMISES “A-1” FIRST FLOOR 

[DIAGRAM OF LEASED PROPERTY] 
  

 19 

 PREMISES “A-1” SECOND FLOOR 

[DIAGRAM OF LEASED PROPERTY] 
  

 20 

 BUILDING “A-2” 

[DIAGRAM OF LEASED PROPERTY] 
  

 21 

 PROJECT “A-3” 

[DIAGRAM OF LEASED PROPERTY] 
  

 22 

 PROPERTY “A-4” 

[DIAGRAM OF LEASED PROPERTY] 
  

 23 

 EXHIBIT B 

WORK LETTER 

1. Lessor’s Work. 

1.1. Plans and Costs. 

If Lessor has agreed to alter or improve the Premises prior to delivery of possession to Lessee, then this box is checked:
þ. All such alterations and improvements shall be described on plans and specifications to be approved by the parties as described below (the “Plans”). 

(a) Approval of Plans. Lessor shall have Plans prepared and shall submit the same to Lessee for review, comment,
and approval. The parties shall agree upon the final Plans and a related estimate of the “Costs of Lessor’s Work” by May 1, 2004 (the “Plan Approval Date). If Lessee does not approve plans by the plan Approval
Date, the number of days of delay in such approval beyond the Plan Approval Date shall be deemed days of delay attributable to and caused by Lessee. 

(b) Lessor’s Work Defined. The work to be performed by Lessor as shown on the Plans, as the same may be
modified by change order as discussed below, is referred to as “Lessor’s Work.” 
 (c)
Costs. The “Costs of Lessor’s Work” shall include all costs incurred by Lessor in connection with Lessor’s Work including but not limited to all design costs (architectural, engineering, mechanical and other design costs),
all hard and soft construction costs, and all costs of materials, general conditions, permits and inspection fees. In addition, Lessee may use a portion of the Work Allowance for moving costs, cabling, furniture, fixtures and equipment. Lessee
understands and agrees that (i) the actual Costs of Lessor’s Work can only be determined after all Lessor’s Work is completed, (ii) the actual Costs of Lessor’s Work may exceed the estimate and also any other estimate
communicated to Lessee prior to or during the course of completing Lessor’s Work, and (iii) the actual Costs of Lessor’s Work may increase for reasons, including but not limited to, Change Orders, increased costs resulting from any
act or omission of Lessee, unforeseen or hidden conditions discovered during the course of construction, or additional costs or delays caused by any governmental authority or agency requirement. The Costs of Lessor’s Work shall include a
reasonable fee as compensation to Lessor for coordination and supervision of Lessor’s Work and any Lessee Improvements. 

(d) Payment. Lessor shall pay the Costs of Lessor’s Work up to $1,555,301 ($33.75 per square foot) (the
“Lessor’s Work Allowance”). In the event the initial estimate of the Costs of Lessor’s Work approved pursuant to the above provisions exceeds the Lessor’s Work Allowance, Lessee shall pay the excess to Lessor upon approval
of the Plans and such initial estimate. Seventy-five (75%) percent shall be due prior to commencement of construction and twenty-five (25%) percent shall be due at Substantial Completion. 

(e) Payment Delays. If Lessee fails to pay to Lessor any amount required by this Work Letter, as and when due,
then, without waiver of default or of other rights and remedies, Lessor shall have the right to suspend Lessor’s Work until payment is received; the number of days by which any such suspension delays substantial completion shall be deemed days
of delay attributable to and caused by Lessee. 
 (f) Architects/Space Planning. Lessor has engaged LRS
Architects to complete space plan and design development drawings. If Lessee is dissatisfied with the space plan, Lessee shall have the option at their cost to select their own architect, subject to the reasonable approval of Lessor. Such costs can
be included in the cost of Lessor’s Work. 
 1.2. Construction. The construction obligation of Lessor
is to substantially complete Lessor’s Work substantially in accordance with the Plans. Lessor shall use reasonable efforts to substantially complete Lessor’s Work three weeks prior to the scheduled Commencement Date set forth in
Section 1 of the Lease; provided the consequences of delay in substantial completion of Lessor’s Work are those set forth in the Lease. Both the initial Tenant improvement work, as well as any subsequent major work in the premises shall be
performed by Lessor. Lessee shall have the benefit of competitive bidding for work to be performed by Lessor’s contractor. Any fees for overhead or supervision of Lessor’s work in the premises shall be consistent with reasonable industry
standards and all costs for work to be performed in the premises shall be subject to Lessor and Lessee prior approvals. 
  

 24 

 1.3. Changes in the Plans. 

(a) A “Change Order” is a Lessor required or Lessee requested change to the Plans. 

(b) Lessor shall have the right to require a Change Order based on applicable codes, actual site conditions, and/or
ambiguities or inconsistencies in the Plans. 
 (c) Lessee may request from time to time a Change Order. If
Lessee wishes to request a Change Order, Lessee will submit in writing to Lessor a detailed request of the change. Lessor is not obligated to approve any Lessee requested change. If Lessor does approve the same, Lessor will deliver to Lessee a
written statement, hereinafter referred to as “Lessor’s Change Order Statement”, of the estimated costs and expenses of the change with a reasonable estimate, if applicable, of the additional time required for substantial completion
of Lessor’s Work. 
 (d) Within three (3) business days following receipt by Lessee of Lessor’s
Change Order Statement, Lessee will provide Lessor its written authorization to proceed with the change. If the change increases the Costs of Lessor’s Work and the total Costs of Lessor’s Work exceed the Allowance, Lessee shall pay the
amount required at the time of providing authorization to proceed. If Lessee does not provide such written authorization to Lessor’s Change Order Statement accompanied by payment of such required amount within this time period, Lessee’s
request for a Change Order shall be deemed cancelled. All delays attributable to Lessee requested changes, whether or not approved by Lessor and whether or not cancelled by Lessee, shall be deemed delays caused by Lessee. Lessee shall pay to Lessor
any costs incurred by Lessor regarding a Lessee requested change that is cancelled. 
 1.4. Completion and
Delivery. Possession of the Premises shall be delivered to Lessee when Lessor’s Work is substantially completed in accordance with the Plans, as reasonably determined by Lessor or on such earlier date, if any, as is determined pursuant to
the operation of Section 2.03 of the Lease. Within three (3) days of written request by Lessor, Lessee shall execute and deliver to Lessor a confirmation letter prepared by Lessor affirming substantial completion of Lessor’s Work, the
date of Lessor’s delivery of the Premises, and such other matters as Lessor may reasonably request. 
 1.5
Punch list Work. Lessor’s Work shall be deemed substantially completed even if minor items of work which do not materially adversely affect Lessee’s ability to conduct its business remain to be completed or corrected (hereinafter
referred to as “Punch list Items”). Lessee shall notify Lessor of any Punch list Items by written notice given within ten (10) days following receipt of Lessor’s written notification of substantial completion of Lessor’s
Work. Lessee shall be deemed to have approved Lessor’s Work if Lessee does not deliver such a list to Lessor within such time period and to have approved all of Lessor’s Work except only properly and timely listed Punch list Items. The
obligation of Lessor regarding Punch list Items shall be to complete the same to industry standard. Lessor shall have complete access to the Premises for the purpose of performing punch list work. Any dispute as to Punch list Items shall be resolved
by an architect or other qualified professional designated by Lessor, but such dispute shall not delay the date upon which Lessor’s Work is deemed substantially complete. 

2. Lessee Improvements. Any work of improvement Lessee proposes to undertake which is within the definition of “Lessee
Improvements” set forth in Section 10.01 of the Lease shall be subject to the following provisions (and also subject to the provisions of Section 10 of the Lease). If no such Lessee Improvements are to be undertaken by Lessee, then
the provisions of Paragraph 2 of this Work Letter shall be disregarded. 
 2.1. Lessee Plans. Lessee
must obtain the prior written approval of Lessor regarding complete plans and specifications for the Lessee Improvements. If such plans and specifications are already approved, the approved plans and specifications (or a list of the same) are
attached as Schedule 2; otherwise, Lessee shall submit plans and specifications for the approval of Lessor pursuant to Paragraph 10 of the Lease. 

2.2. Scheduling; Avoidance of Inconvenience. Following completion of Lessor’s Work, subject to a punch list,
Lessor shall deliver a C.O. or temporary C.O. to Lessee and grant a period of three (3) weeks prior occupancy to move-in to the Premises which will include installation of FF&E, telecommunications and computer cabling. In the event Lessor
separately gives written permission to Lessee allowing any portion of Lessee Improvements to be installed or materials to be delivered prior to substantial completion of Lessor’s Work, then (a) Lessee waives any claims for delays in its
work and shall instruct its contractor to follow the directives and orders of Lessor’s contractor, and (b) Lessee shall schedule its work such that union and non-union workers will not be working side by side at the Premises, and
(c) any damage to Lessor’s Work shall be deemed to have been caused by Lessee and its contractor unless conclusively proved otherwise by Lessee. Lessee shall have the right to retain its own specialty contractors to perform any portion of
the work necessary to construct and outfit the Premises (which will not be part of the general contractor’s scope of work nor shall a mark-up be added). The Lessee’s 

 

 25 

 
contractors’ work shall include, but not be limited to, data cabling, telephone and data equipment, security, audio/visual equipment, and furniture systems. Lessee’s contractor(s) and
Lessor’s contractor(s) shall work in harmony during the period of Lessee fit-up. Lessee and Lessee’s contractors shall have reasonable access to the Premises during the construction (to be coordinated with the General Contractor to install
cabling and for the purpose of inspecting the work in progress. 
 2.3. Inspection. Lessor and
Lessor’s agents shall have the right, but not the obligation, to inspect the construction of Lessee Improvements from time to time. If Lessor shall give Lessee written notice of faulty construction or any other deviation from the approved
plans, Lessee shall promptly make the necessary corrections to Lessor’s reasonable satisfaction. However, neither the right herein granted to Lessor to make such inspections, nor the making of such inspections by Lessor, shall operate as a
waiver of any rights of Lessor to require good and workmanlike performance of all Lessee Improvements in strict accordance with plans approved by Lessor. Notwithstanding any inspection by Lessor, Lessee acknowledges that Lessor’s sole interest
in doing so is to protect the Building and Lessor’s interests. Accordingly, Lessee shall not rely upon Lessor’s inspections or approvals, and agrees that Lessor shall not be the guarantor of, nor responsible for, the quality of any of
Lessee Improvements or the conformity of any Lessee Improvements with approved plans or with any applicable legal requirements. Lessee shall be solely responsible for, and shall remedy, at Lessee’s sole expense, any and all defects and
nonconformities in Lessee Improvements that may appear during or after the completion thereof. 
 2.4.
Ownership of Lessee Improvements. Unless otherwise specified by Lessor, ownership of and responsibility for all Lessee Improvements shall be governed by the provisions of the Lease. 

2.5. Delays. The parties expressly acknowledge and agree that none of Lessee’s obligations under the Lease
(including Lessee’s obligation to pay rent) shall be delayed, terminated or otherwise affected on account of any delay in completion of the Lessee Improvements from any cause other than the fault of Lessor. 

2.6. Compliance. Access to the Premises for Lessee to install Lessee Improvements is granted, when authorized under
Section 2.2 above, subject to all provisions of the Lease and this Work Letter and Lessee shall be bound by and comply with all such provisions. 

2.7. Costs. Lessee shall pay all costs and expenses related to Lessee Improvements as and when due in compliance
with Paragraph 10 of the Lessee. 
 2.8. Lessee Allowance. Lessor agrees to reimburse Lessee for the
costs of Lessee’s Work paid by Lessee from the Lessor’s Work Allowance. The Lessor’s Work Allowance can only be used to reimburse hard and soft costs of improvements to the Premises including design costs or the purchase of furniture
or equipment. Lessor shall pay to Lessee within forty-five (45) days after the date that Lessee requests the same; any such request shall be made only after (a) Lessee submits to Lessor satisfactory evidence of qualified expenditures,
final completion of and full payment for all Lessee Improvements and expenses, and compliance with all requirements of the Lease and this Work Letter regarding the Lessee Improvements, (b) Lessee accepts the Premises and Lessor’s Work and
takes full occupancy of the Premises, and (c) General Contractor and all other service providers are paid in full. Lessor shall have no obligation to pay the TI Allowance at any time that a Lessee Default occurs and is outstanding, at any time
following termination of the Lease or of Lessee’s right of possession, or if proper request for the same is not made on or before ninety (90) days following the Commencement Date. 

3. Default. Any failure by Lessee under the terms of this Work Letter shall constitute a Default under the Lease in accordance
with the provisions of the Lease, and shall entitle Lessor to exercise all remedies set forth in the Lease. 
  

 26 

 EXHIBIT “C” 

SIGN CRITERIA 

Conformity by Lessee to the following Sign Criteria requirements shall be strictly enforced and are terms and conditions of the Lease. 

 

	1.	GENERAL REQUIREMENTS 

 1A.
The term “Signage” as used herein and elsewhere within the Lease shall include, but not be limited to, any signs, placards, banners, pennants, lettering, insignias, trademarks, marquees, art work, and any and all other display and
advertising materials. 
 1B. Lessee shall not install or display any Signage anywhere on the Premises, Project or Property
without Lessor’s prior written consent, such consent not to be unreasonably withheld, delayed or conditioned. Such Signage approval by Lessor, shall include, but not be limited to, Lessee Signage installed or displayed on or attached to any
glass areas, doors, roofs, walls, landscaped areas, walkways, vehicles, machinery or other apparatus, whether permanently affixed to or from time to time on or about the Property. Lessor hereby consents to Lessee’s installation of signage on
the Building’s roof, eyebrow and at Project monuments. 
 1C. Lessor reserves the right to designate the location and
quantity of all Lessee Signage. 
 1D. The size, design, content, color and other physical aspects of Lessee Signage, as well as
the materials, fabrication and installation methods to be employed, must be approved by Lessor, in writing, prior to commencement of any Signage fabrication or installation. No exposed conduit, tubing, “J” box or raceway is permitted on
any Lessee Signage. Flashing, moving or audible Lessee Signage is prohibited. The composition, size, style, height, color, etc. of Lessor approved signage is attached hereto. 

1E. All Lessee Signage must comply with any and all governing laws, codes, regulations, covenants and restrictions. No labels will be
permitted on the exposed surface of any Lessee Signage, except those labels required by any governing authority. 
 1F. The
Lease Section 27.12 shall control with respect to the allocation of the cost and expense related to signage. 
 1G. Should
Lessee fail to maintain its Signage at a standard to be determined by Lessor in its reasonable discretion, then Lessor may, without any recourse by Lessee or liability by Lessor to Lessee, remove or restore such sub-standard Signage. Any Lessee
Signage removed or restored on behalf of Lessee by Lessor, shall be at Lessee’s sole cost and expense, payable immediately upon demand by Lessor. 

1H. Lessor reserves the right to require Lessee to have Signage and, if so required, Lessee Signage must be completed and installed
within 60 days after Lessee’s Lease Term commences. Lessor reserves the right to require Lessee to utilize vendors preapproved or designated by Lessor for all Lessee Signage and Signage related matters. In the event Lessor designates, refers or
approves a specific sign vendor, Lessor shall not be responsible or liable in any way for any disputes between such vendor and Lessee. 

1I. All Lessee Signage shall only contain Lessee’s choice of either its legal name or its Trade Name as it appears in the Lease. No
Lessee Signage or Lessee Signage content shall create any claim, expressed or implied, of a Transfer as defined in the Lease. 

1J. Upon expiration or earlier termination of the Lease, or if Lessee installs or displays Signage which does not comply with the terms
and conditions of this Sign Criteria, Lessor, in addition to any other remedy, reserves the right to require Lessee to remove its Signage, or any part thereof, and to require Lessee to repair and restore all areas and surfaces of the Property
affected by such removal. Such restoration and repair work shall include, but not be limited to, removal of any associated electrical wiring, patching of damaged areas and painting to match surrounding surfaces. Should Lessee, after demand by
Lessor, fail to remove any Signage designated for removal by Lessor or fail to repair and restore any affected areas, Lessor shall have the right to do so at Lessee’s sole cost and expense. 

1K. Subject to the other terms hereof, Lessee will have the right to display Lessee’s signage on the sign monument to be located
outside the Building, as well as on the walls of elevator lobbies of the floors of the Premises adjacent to entry doors and on the lobby directory for the Premises. All interior signs shall be provided at the sole cost of Lessor, with any and all
costs and expenses incurred in connection with the monument sign for Lessee to be included as part of the Costs of Lessor’s Work and deducted from the Lessor’s Total Work Allowance. Section 27.12 of the Lease shall govern with respect
to the requirement of Lessor’s approval for Lessee’s signage. 
  

 27 

 EXHIBIT “D” 

RULES AND REGULATIONS 

1.01 The following Rules and Regulations now in effect govern Lessee’s use of the Premises and any part of the Project or Property
used in common by Lessee. Lessee will be bound by such Rules and Regulations and agrees to use its reasonable efforts to cause Lessee’s employees, agents, contractors, suppliers, invitees and licensees to observe the same. 

1.02 Wherever Lessor provides standard window coverings, such coverings shall not be altered, removed or replaced by Lessee. Wherever
Lessor does not provide standard window coverings, selection and installation of window coverings by Lessee shall be subject to Lessor’s prior written approval, such approval not to be unreasonably withheld, delayed or conditioned. If Lessor
objects to any item attached to, or used in connection with or on any window, other glass area, or interior or exterior wall, Lessee will immediately upon notification remove such objectionable item or discontinue such use. Further, Lessee agrees
not to place anything in close proximity to any window or glass area of the Premises that may appear from the outside of the Premises. 

1.03 Lessee will not use any sidewalks, hallways, entrances, elevators, stairways, exits, lobbies or any other areas used in common by
lessees of the Property other than for normal ingress or egress; Lessee shall not obstruct use of any such area. Lessor will in all cases retain the right to control and prevent access to such areas by all persons whose presence in the reasonable
judgment of Lessor would be prejudicial to the safety, character, reputation and/or interest of the Property and/or its lessees. Neither Lessee nor its employees, agents, contractors, suppliers, invitees or licensees shall go on any roof or ladder,
in any mechanical rooms, or climb on any exterior structures of any nature on the Property without Lessor’s prior written consent, such consent not to be unreasonably withheld, delayed or conditioned. 

1.04 Lessor reserves the right, exercisable without notice and without liability to Lessee, to change the name, street and/or address of
any part of the Property. With the exception of Lessee’s address, Lessee shall not use the name of the Property or any part thereof in connection with promoting or advertising Lessee’s business. Lessor will have the right to prohibit
publicity by Lessee, which in Lessor’s reasonable opinion impairs the reputation or marketability of the Property or any part thereof. 

1.05 Lessee shall not keep or allow to be used any foul or noxious gas or substance in or about the Premises. Nor shall Lessee occupy or
use the Premises in any manner that is objectionable or offensive to other lessees or Lessor by reason of odor, noise, vibration or interference in any way. Any equipment or device of Lessee which causes noise or vibration that may be transmitted to
any structural portion of the Property or to any part therein to such a degree as to be objectionable to any lessee or Lessor must be approved in writing by Lessor prior to its installation and be placed and maintained by Lessee, at Lessee’s
expense, on vibration eliminators or other devices sufficient to eliminate such noise or vibration. Lessee shall keep the Premises free of rodents, insects and other vermin. 

1.06 Lessee will not use or keep in the Premises, or on or about the Property, any kerosene, gasoline or flammable or combustible fluid
or material other than those limited quantities necessary for the operation or maintenance of general office equipment. 
 1.07
Lessor reserves the right to exclude or expel from the Property any person who, in Lessor’s reasonable judgment, is intoxicated or under the influence of liquor or drugs or who is in violation of any of the rules and regulations of the
Property. 
 1.08 Lessee shall not alter or re-key any lock or bolt or install any new or additional locks or bolts on any doors
of the Premises without prior written consent from Lessor, such consent not to be unreasonably withheld, delayed or conditioned. Upon the termination of its tenancy, Lessee will provide Lessor with all keys, whether furnished or otherwise procured,
and shall be responsible for the cost of replacing any keys that are lost. 
 1.09 The Premises will not be used for lodging or
for any improper, immoral or objectionable purpose. No cooking will be done or permitted on the Premises (except in the kitchen area) or elsewhere on the Property without Lessor’s consent, except that the preparation of coffee, tea, hot
chocolate and similar beverages and employee use of a microwave oven will be permitted, provided that such equipment and use is in accordance with all applicable federal, state, county and city laws, codes, ordinances and any manufacturer’s
guidelines and recommendations. Tenant will be allowed to barbeque on a deck or on the parking area behind the Premises. 
 1.10
Lessee will not solicit business from other lessees of the Property. Canvassing, soliciting, peddling and distribution of handbills or any other written material is prohibited, and Lessee will cooperate with Lessor to prevent such activities.

 1.11 Lessee agrees to comply with and not to restrict or impair in any way, all safety, fire protection and evacuation
procedures and regulations established by Lessor or any governmental agency. Lessee shall not do or permit any act or bring anything on the Property or any part thereof which shall obstruct or unreasonably interfere with the rights of other lessees.

 1.12 Except for the ordinary hanging of pictures and wall decorations, Lessee will not mark, drive nails, screw, cut or drill
into the partitions, woodwork, ceilings or plaster, or in any way deface, mar, paint or penetrate the Premises or 
  

 28 

 
any part of the Property, except in accordance with the Lessee Alteration provisions of the Lease. Additionally, Lessee will not affix any floor covering to the floor of the Premises in any
manner except as approved by Lessor. 
 1.13 No electrical wiring, outlets or apparatus shall be installed or altered by Lessee,
except in accordance with the Lessee Alteration provisions of the Lease. Lessor reserves the right to direct where and how telephone and other telecommunication wires are to be introduced to the Premises. Lessee may not alter or overburden the
designed capacity of any existing electrical outlets. 
 1.14 Lessee shall not place or affix any radio or television antennas,
satellite dishes, loudspeakers or other similar devices, awnings, outside furniture, etc. on the roof, exterior walls or outside of any building or on any other part of the Property without Lessor’s prior written approval, such approval not to
be unreasonably withheld, delayed or conditioned. Additionally Lessee will not place any signs, advertising, billboards, lighting, or any other devices or means of advertising or identification on property adjacent to the Property that in
Lessor’s opinion obstructs, impairs, restricts or in any way, in Lessor’s reasonable opinion, negatively affects the Property or would not be permitted by the terms of this Lease or these Rules and Regulations if such action were taken on
the Property. 
 1.15 Lessor reserves the right to prescribe the weight, size and position of all equipment, materials,
furniture or other property brought on to the Property. Such Lessor approved items shall be moved in or about the Property under the direction of Lessor and in a manner and at such times that will not inconvenience any lessee. Lessor reserves the
right to prohibit or impose conditions upon the installation of objects which may overload any floor. 
 1.16 Subject to the
terms of Paragraph 8 of this Lease, all parking facilities of the Property shall be regulated by Lessor and may be modified or amended as Lessor deems necessary. Lessee shall not permit or allow any vehicles that belong to or that are controlled by
Lessee or Lessee’s employees, customers or invitees to be loaded, unloaded or parked in areas other than those designated by Lessor for such activities. Users of the parking areas will obey all posted signs and not impede the flow of traffic.
For sale signs for vehicles must be on the vehicle. Washing, waxing, cleaning or servicing of any vehicle is prohibited. No campers, recreational vehicles or trailers are permitted and all disabled vehicles must be removed within 24 hours. No
vehicles shall be brought into or kept in the Premises. Lessor reserves the right to tow, without cost or liability to Lessor, any vehicle: 1) parked in an unauthorized or illegal parking area or; 2) whose audio theft alarm system remains engaged
for an unreasonable period; and 3) belonging to any violator of any of Lessor’s parking rules and regulations. Further, in addition to all of its other rights and remedies, Lessor reserves the right to refuse to permit any person to park within
the Property who violates any of these or any other rules or regulations which Lessor may establish. 
 1.17 Lessee shall not do
any act that will create any additional costs to maintain the appearance or cleanliness of any part of the Property. No dirt or other substances shall be disposed of anywhere on the Property, including but not limited to in any hallways, stairways,
elevators or lobbies or on any parking areas, landscaping, walkways or in any other areas used in common with other lessees. 

1.18 Lessee assumes any and all responsibility for protecting its Premises from theft, robbery and pilferage, which includes keeping
Premises doors locked and all doors into common areas such as doors into entrances, public corridors, lobbies, etc., closed, except for normal ingress and egress. 

1.19 No signage, notices or advertisements may be placed by Lessee anywhere outside of its Premises and all signage must comply with the
Sign Criteria exhibit attached to and made a part of this Lease and any other terms and conditions of these Rules and Regulations and the Lease. 

1.20 Lessee shall not use any method of heating or air conditioning other than as provided by Lessor without Lessor’s prior written
consent, such consent not to be unreasonably withheld, delayed or conditioned. 
 1.21 Lessor may prohibit smoking within
Lessee’s Premises, the Project, or any part thereof, and may require Lessee and any of its agents, employees, suppliers, customers, guests and invitees who desire to smoke, to smoke within specifically designated smoking areas which Lessor may
change from time to time. It will be Lessee’s sole responsibility to ascertain from Lessor the specific smoking program in effect at the Property at the time of its lease commencement. Any smoking program implemented by Lessor will be strictly
enforced. 
 1.22 Rest room partitions, mirrors, wash basins and other plumbing fixtures shall not be used for any purpose other
than that for which they were constructed and no sweepings, trash or other substances shall be disposed of therein. Any damage or injuries caused by Lessee, its employees, agents, contractors, suppliers, invitees or licensees shall be borne directly
by Lessee. 
 1.23 No heavy items may be transported by elevator if such item or items exceed the load capacity of the elevator.
Lessee’s initial move in and subsequent deliveries of bulky items, such as furniture, equipment, supplies, merchandise, safes and similar items will be subject to reasonable scheduling and approval of persons moving such items by Lessor.
Deliveries during normal office hours shall be limited to normal office supplies and other small items. Lessee shall be responsible for protecting elevator interior and exterior finishes and flooring whenever items are transported in them on
Lessee’s behalf. 
 1.24 Lessee will not waste electricity, water or air conditioning and agrees to cooperate fully with
Lessor in this regard and to comply with any Lessor or governmental energy-saving rules, laws and regulations. 
  

 29 

 1.25 Lessee understands that air conditioning and heating systems supply cool air and heat
to large zones regulated by zonal thermostats. Lessor shall determine the locations of, make any modifications to, and have exclusive control over all such thermostats, their settings, the zones and all parts of the system. Lessee agrees to
cooperate with other parties within its zone(s) to maximize the comfort level of all parties and shall not touch, adjust, tamper with, or otherwise affect any thermostat or any part of the heating/cooling systems. Lessee will direct all problems
related to heating/cooling systems directly to Lessor. 
 1.26 Subject to the terms of Paragraph 9 of this Lease, Lessor shall
be under no obligation to provide heating or air conditioning services to the building during off-hours (between 6:00 p.m. and 7:00 a.m., Monday through Friday and on non-business days). Lessee may request additional heating or air conditioning
during off hours and, should Lessor agree to supply such service, Lessee will reimburse Lessor for all costs and expenses incurred, as determined by Lessor in its sole discretion. 

1.27 Lessor and its agents reserve the right to exclude from the building any unknown person, or any person otherwise improperly
identified. Lessor shall in no case be liable for any damages for any error with regard to the admission to or exclusion from the building of any person. In the case of invasion, mob, riot, public excitement or any other circumstance which Lessor,
in its sole discretion, believes will place lessees and/or the Property in jeopardy, Lessor reserves the right to prevent access to the building during the continuance of same by such action as Lessor may deem appropriate. 

1.28 Lessee’s designated representative shall notify Lessor promptly of any required maintenance items for which Lessor is
responsible. Employees of Lessor will not perform any work or do anything outside of their regular duties unless under special instruction by Lessor. 

1.29 No Lessee shall employ any person or persons other than the janitor of Lessor for the purpose of cleaning its Premises unless
otherwise agreed to by Lessor in writing. No Lessee shall cause any unnecessary labor by reason of Lessee’s carelessness or indifference in the preservation of good order and cleanliness. Lessor shall not be responsible to any lessee for any
loss of property on the Premises or on or about the Property, however occurring, or for any damage done to any effects of any lessee by the janitor or any other employee or any other person. 

1.30 Neither Lessee nor any of its employees, agents, contractors, suppliers, invitees or licensees may use on any portion of the
Premises, Project or Property any hand truck except those equipped with rubber tires and side guards or such other material-handling equipment as Lessor may approve or require. 

1.31 These Rules and Regulations impose obligations upon Lessee which are in addition to the obligations of Lessee set forth in the
Lease. Nothing in these Rules and Regulations will be construed in any way to diminish or to waive, in whole or in part, the terms, covenants, agreements and conditions of the Lease. In the event that provisions of both these Rules and Regulations
and also of the Lease regulate the same subject matter, Lessee shall comply with all such provisions; if any such provisions are in direct conflict, the provisions of the Lease shall control. Lessor shall enforce these Rules and Regulations in a
nondiscriminatory manner as against all tenants of the Building and Project subject to reasonable variances granted by Lessor. 

1.32 Lessor reserves the right to adopt such additional reasonable and nondiscriminatory Rules and Regulations (whether similar or
dissimilar to these Rules and Regulations), and/or such amendments to any Rule or Regulation, as, in its judgment, may from time to time be appropriate and Lessee agrees to abide by all such additional Rules and Regulations and amendments which may
be adopted. 
 1.33 Notwithstanding anything to the contrary contained in the Lease, Lessee shall have the right, on a first
come-first served, reservation basis to use the common conference rooms located on the Property. 
 1.34 Landlord agrees to
allow Tenant to place a bike rack outside the Premises. 
  

 30 

 FIRST AMENDMENT AND 

LESSOR CONSENT TO ASSIGNMENT AND ASSUMPTION 

THIS FIRST AMENDMENT and LESSOR CONSENT TO ASSIGNMENT AND ASSUMPTION (collectively, this
“Agreement” and sometimes referred to herein as the “Amendment”) is made and entered into as of the
13th day of May, 2010, by and between PS BUSINESS
PARKS, L.P., a California limited partnership (“Lessor”), DIGIMARC CORPORATION, a Delaware Corporation (“Lessee” or “Assignor”) and DIGIMARC CORPORATION, an Oregon corporation
(“Surviving Entity”). 
 RECITALS 

 

	A.	Lessor and Lessee (formerly known as DMRC Corporation, and as successor in interest to L-1 Secure Credentialing, Inc., a Delaware corporation, formerly known as
Digimarc Corporation) are parties to that certain lease dated March 22, 2004 (the “Lease”). Pursuant to the Lease, Lessor has leased to Lessee space currently containing approximately 46,083 rentable square feet (the
“Premises”) located at 9405 SW Gemini Drive, Beaverton, Oregon 97008 (the “Building”), which is a part of the project commonly referred to as Creekside Corporate Park (the “Project”).

  

	B.	Lessee and Surviving Entity have entered into an Agreement and Plan of Merger (the “Merger Agreement”) whereby Lessee has been merged with and into
Surviving Entity with Surviving Entity to remain as the surviving entity (the “Merger”). As a consequence of the Merger, all right, title and interest of Lessee under the Lease was transferred to, and assumed by, the Surviving
Entity (the “Transfer”). 

  

	C.	Lessee and Surviving Entity have requested Lessor’s consent to the Merger and Transfer. Lessor has agreed to give such consent upon the terms and conditions
contained in this Consent. 

  

	D.	The Lease by its terms shall expire on August 31, 2011 (“Prior Termination Date”), and the parties desire to extend the Term of the Lease, all on
the following terms and conditions. 

  

	E.	Lessor, Lessee and Surviving Entity mutually desire that the Lease be amended on and subject to the following terms and conditions. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee agree as follows: 
  

	A.	Amendment. Lessor, Lessee and Surviving Entity agree that, effective as of the date hereof, the Lease shall be amended in accordance with the following
terms and conditions: 

 I. Extension. The Term of the Lease is hereby extended for a period of 60
months and shall expire on August 31, 2016 (“Extended Termination Date”), unless sooner terminated in accordance with the terms of the Lease. That portion of the Term commencing the day immediately following the Prior
Termination Date (“Extension Date”) and ending on the Extended Termination Date shall be referred to herein as the “Extended Term”. 

II. Base Rent. The Base Rent, Additional Rent and all other charges under the Lease shall be payable as provided therein
with respect to the Premises through and including December 31, 2010, subject to the Cap (as defined in Section IV below) on Lessee’s Proportionate Share of Operating Expenses for calendar year 2010). Notwithstanding anything to the
contrary contained in the Lease, effective as of January 1, 2011, the schedule of Base Rent payable with respect to the Premises for the balance of the original Term and the Extended Term is the following: 

 

											
	Period	  	Annual
Rate
Per Square Foot	  	Annual
Base Rent	 	 	Monthly
Base
Rent
	1/1/11 – 12/31/11	  	$	16.75	  	$	771,890.25	  	 	$	64,324.19
	1/1/12 – 12/31/12	  	$	17.34	  	$	799,079.28	  	 	$	66,589.94
	1/1/13 – 12/31/13	  	$	17.95	  	$	827,189.88	  	 	$	68,932.49
	1/1/14 – 12/31/14	  	$	18.58	  	$	856,222.20	  	 	$	71,351.85
	1/1/15 – 12/31/15	  	$	19.23	  	$	886,176.12	  	 	$	73,848.01
	1/1/16 – 8/31/16	  	$	19.90	  	$	917,051.76	* 	 	$	76,420.98
	  

	 	*	Tenant shall only be liable for the Monthly Base Rent due for each month within the period of January 1, 2016 – August 31, 2016 and not the entire Annual
Base Rent. 

 All such Base Rent shall be payable by Lessee in accordance with the terms of the Lease, as amended
hereby. 
 III. Additional Security Deposit. No additional security deposit shall be required in connection with
this Amendment. 

 IV. Operating Expenses. For the period commencing on January 1, 2011 and
ending on the Extended Termination Date, Lessee shall pay for Lessee’s Proportionate Share of the increase in Operating Expenses over the Base Year in accordance with the terms of the Lease, as amended hereby, provided, however, during such
period, the Base Year for the computation of Lessee’s Proportionate Share of Operating Expenses is amended from 2005 to 2011. Notwithstanding the foregoing or anything to the contrary set forth in Article 4 of the Lease, effective
January 1, 2011, electricity for the Premises and the Building (to the extent that the Premises constitutes 100% of the Building and except to the extent attributable to the common areas of the Project and/or Property) shall no longer be a part
of the definition of Utility and Service Costs (as defined in Section 4.03B of the Lease) and shall no longer be included as a part of Operating Expenses. Instead, electricity costs for the Premises and the Building (to the extent that the
Premises constitutes 100% of the Building and except to the extent attributable to the common areas of the Project and/or Property) shall be treated as a separate and distinct category which shall no longer be subject to the Base Year and instead
shall be subject to a Premises Electricity Cost Expense Stop as more fully described in Section V below. Lessor and Lessee acknowledge and agree that, pursuant to Section 4.05B of the Lease, Lessee owes Lessor approximately $33,000.00 in
connection with Lessee’s underpayment of actual Operating Expenses for calendar year 2009 (the “2009 Operating Expense Underpayment”). Lessor hereby (i) waives any claim to the 2009 Operating Expense Underpayment,
(ii) agrees that the existence of the 2009 Operating Expense Underpayment is not, and was not, a Default, event of default, or other similar occurrence under the Lease, and (iii) agrees that Tenant has fully paid all of its obligations on
account of Operating Expenses attributable to calendar year 2009. In addition, notwithstanding anything herein or in the Lease to the contrary, Lessee’s Proportionate Share of Operating Expenses for calendar year 2010 shall not exceed the sum
of $54,420.00 (the “Cap”); provided, however, that the Cap set forth herein shall not be deemed applicable to any additional space added to the Premises at any time or from time to time, unless expressly so provided in any amendment
to the Lease. In consideration of the foregoing, Lessee hereby waives any interest in any overpayment of actual Operating Expenses for calendar year 2010, which amounts, if any, shall be for the sole benefit of Lessor, it being understood that
Lessee shall not be entitled to any credit, abatement or other concession in connection therewith. Lessor agrees to act in a commercially reasonable manner in incurring Operating Expenses, taking into consideration the class and the quality of the
Building and Project and shall extrapolate Operating Expenses in accordance with the methodology used to extrapolate Operating Expenses in comparable buildings owned by Lessor and its affiliates in the geographic area in which the Building and
Project is located. Lessee agrees to act in a commercially reasonable manner to control those items of Operating Expenses within Lessee’s reasonable control to avoid an unreasonable increase in Operating Expenses incurred during the 2010 and
2011 calendar years. 
 V. Premises Electricity Costs. 

 

	 	A.	Premises Electricity Costs Stop. Effective January 1, 2011, the Premises Electricity Costs Stop for the balance of the current Term and the Extended Term
shall be $115,207.50. Throughout the balance of the current Term and the Extended Term, Lessee shall pay, as Additional Rent, Lessee’s Proportionate Share of the total amount, if any, by which Premises Electricity Costs (as defined below) for
each calendar year during the balance of the current Term and Extended Term exceed the Premises Electricity Costs Stop (the “Premises Electricity Costs Excess”). If Premises Electricity Costs in any calendar year decrease below the
amount of the Premises Electricity Costs Stop, Lessee’s Proportionate Share of Utility and Service Costs shall be $0. 

  

	 	B.	Premises Electricity Costs. Premises Electricity Costs shall only include the actual cost of electricity provided to the Premises and Building. All other costs
incurred by Lessor related to electricity, including costs for the provision of electricity to the common areas, shall continue to be included as part of Utility and Service Costs. 

 

	 	C.	Premises Electricity Costs Excess Payments. Lessee’s estimated payments of Premises Electricity Costs Excess shall be made monthly on or before the first
day of each calendar month during the balance of the current Term and the Extended Term, each in the amount of Lessor’s then current estimate as outlined below. Lessee’s Proportionate Share of Premises Electricity Costs Excess will be
prorated for partial months. Lessee’s Proportionate Share of Premises Electricity Costs Excess shall be determined and paid as follows: 

  

	 	(i)	 Lessee’s Premises Electricity Costs Excess estimates: As soon as is practical following the end of each calendar year, Lessor will provide Lessee
with a determination of (provided, however, that Lessor shall exercise reasonable efforts to provide such determination within 120 days following the end of each calendar year): (a) Lessee’s annual share of estimated Premises Electricity
Costs Excess for the then current calendar year; (b) Lessee’s monthly Premises Electricity Costs Excess estimate for the then current year; and, (c) Lessee’s retroactive estimate correction billing (for the period of
January 1st through the date immediately prior to the
commencement date of Lessee’s new monthly Premises Electricity Costs Excess estimate) for the difference between Lessee’s new and previously billed monthly Premises Electricity Costs Excess estimates for the then current year.

	 	(ii)	 Lessee’s Proportionate Share of actual annual Premises Electricity Costs Excess: Each year, Lessor will provide Lessee with a determination
reflecting the total Premises Electricity Costs and Premises Electricity Costs Excess for the previous calendar year as soon as practical following the end of each calendar year; provided, however, that Lessor shall exercise reasonable efforts to
provide such determination within 120 days following the end of each calendar year. If Lessee’s estimated Premises Electricity Costs Excess billed for the previous calendar year is less than Lessee’s Proportionate Share of the actual
Premises Electricity Costs Excess for the prior calendar year, Lessee shall pay to Lessor the difference due within thirty (30) days of delivery of Lessor’s invoice. If Lessee has paid more than its Proportionate Share of Premises
Electricity Costs Excess for the preceding calendar year, Lessor will credit the overpayment toward Lessee’s future Premises Electricity Costs obligations or, if after expiration of the Extended Term, shall refund such excess to Lessee within
thirty (30) days following the making of the determination. Monthly Premises Electricity Costs Excess estimates are due on the
1st of each month and shall commence in the month
specified by Lessor. Lessee’s retroactive estimate correction, if any, shall be due, in full, within thirty (30) days following delivery of Lessor’s correction and, in the event of any overpayment, Lessor will credit the overpayment
toward Lessee’s future Premises Electricity Costs obligations. 

  

	 	D.	Audit. Lessee shall have the right to audit Premises Electricity Costs in the same manner as set forth in Section 4.07 of the Lease with respect to
Lessee’s right to audit Operating Expenses. Notwithstanding the foregoing, Tenant shall have the right, which right shall be exercised no more than twice per calendar year, to request copies of electric bills attributable to the Premises for
then current calendar year and Landlord shall deliver such copies to Tenant promptly following Tenant’s request. 

VI. Improvements to Premises. 
  

	 	A.	Condition of Premises. Lessee is in possession of the Premises and accepts the same “as is” without any agreements, representations, understandings or
obligations on the part of Lessor to perform any alterations, repairs or improvements, except as may be expressly provided otherwise in this Amendment and subject to Lessor’s obligations with respect to repairs under Article 11 of the Lease.

  

	 	B.	Responsibility for Improvements to Premises. Lessee may perform improvements to the Premises in accordance with the Work Letter attached hereto as
Exhibit A and Lessee shall be entitled to an improvement allowance in connection with such work as more fully described in Exhibit A. 

 

	 	C.	HVAC. Lessor hereby agrees to (a) replace the three (3) existing 25 ton roof-top HVAC units and control systems serving the Building and various
portions Premises and (b) retrofit the VAV boxes associated with each specific HVAC unit over the next three calendar years as follows: 

(i) Lessor to replace the existing roof-top HVAC unit designated by the parties as RTU#1 and the base control system before the end of
calendar year 2010. Lessor and Lessee will reasonably cooperate with one another to coordinate the replacement of such unit with the construction of the Lessee Improvements (as defined in Exhibit A attached hereto) except that in no event
shall any delay in Lessee’s construction schedule affect Lessor’s obligation to replace such system before the end of calendar year 2010; 

(ii) Lessor to replace a second existing roof-top HVAC unit and make necessary additions to the then existing base control system to
accommodate the same before the end of calendar year 2011; and 
 (iii) Lessor to replace the third and final existing roof-top
HVAC unit and make necessary additions to the then existing base control system to accommodate the same before the end of calendar year 2012. 

All of the new HVAC units shall be of tonnage commensurate with and appropriate to those being replaced. All new units shall meet
government standards for refrigerant type and energy efficiency (410 a 13 SEER). The control system shall be direct digital, either BACnet or LON capable, with alarm points and alerts. Building manager functions shall be included. Lessor shall
install units which shall maintain the existing redundancy for the existing server room and Lessor shall plan and install the system for such existing redundancy to be maintained. 

 Except to the extent caused by Lessee or any of Lessee’s agents’,
contractors’ or employees’ acts and/or omissions or as a result of casualty, Lessor shall perform such replacements at its sole cost and expense and such costs shall not be included in Operating Expenses; provided, however, that Lessee
shall reimburse Lessor for the cost and expense of the unit to be installed in calendar year 2012 as described in C(iii) above (the “2012 Unit”) by payments of monthly Additional Rent in an amount that would fully amortize the cost
and expense of the 2012 Unit over fifteen (15) years. Such Additional Rent obligation shall continue until such cost and expense is fully amortized or until the expiration of the Extended Term, as it may be extended from time to time, whichever
comes first. 
 VII. Roof Space for Dish/Antenna.  

 

	 	A.	As of the date of this Amendment, Lessee shall have the right to lease space on the roof of the Building, at no additional cost to Lessee, for the purpose of installing
(subject to the terms and conditions set forth in Article 10 of the Lease), operating and maintaining a dish/antenna not exceeding 36 inches in diameter (the “Dish/Antenna”). The location of the space on the roof to be leased by
Lessee is referred to herein as the “Roof Space”. Lessor reserves the right to relocate the Roof Space as reasonably necessary during the Term. Lessor’s designation shall take into account Lessee’s use of the Dish/Antenna.
Notwithstanding the foregoing, Lessee’s right to install the Dish/Antenna shall be subject to the approval rights of Lessor (which approval rights may include review by Lessor’s architect and/or engineer) with respect to the plans and
specifications of the Dish/Antenna, the manner in which the Dish/Antenna is attached to the roof of the Building and the manner in which any cables are run to and from the Dish/Antenna, which approval shall not be unreasonably withheld or delayed.
In the event Lessee replaces the Dish/Antenna during the Term, the precise specifications and a general description of any replacement Dish/Antenna along with all documents Lessor reasonably requires to review the installation of such replacement
Dish/Antenna (the “Plans and Specifications”) shall be submitted to Lessor for Lessor’s written approval no later than 20 days before Lessee commences to install such Dish/Antenna, which approval shall not be unreasonably
withheld or delayed. Lessee shall be solely responsible for obtaining and maintaining all necessary governmental and regulatory approvals and for the cost of installing, operating, maintaining and removing the Dish/Antenna. If Lessor determines that
the Dish/Antenna equipment does not comply with the approved Plans and Specifications, that the Building has been damaged during installation of the Dish/Antenna or that the installation was defective, Lessor shall notify Lessee of any noncompliance
or detected problems and Lessee promptly shall cure the defects. If Lessee fails to promptly cure the defects, Lessee shall pay to Lessor upon demand the cost, as reasonably determined by Lessor, of correcting any defects and repairing any damage to
the Building caused by such installation. If at any time Lessor, in its sole discretion, deems it necessary, Lessee shall provide and install, at Lessee’s sole cost and expense, appropriate aesthetic screening, reasonably satisfactory to
Lessor, for the Dish/Antenna (the “Aesthetic Screening”). 

  

	 	B.	Lessor agrees that Lessee, upon reasonable prior written notice to Lessor, shall have access to the roof of the Building and the Roof Space solely for the purpose of
maintaining, repairing and removing the Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, all of which shall be performed by Lessee or Lessee’s authorized representative or contractors, which shall be reasonably approved by
Lessor, at Lessee’s sole cost and risk. It is agreed, however, that only authorized engineers, employees or properly authorized contractors of Lessee, FCC (defined below) inspectors, or persons under their direct supervision will be permitted
to have access to the roof of the Building and the Roof Space. Lessee further agrees to exercise firm control over the people requiring access to the roof of the Building and the Roof Space in order to keep to a minimum the number of people having
access to the roof of the Building and the Roof Space and the frequency of their visits. It is further understood and agreed that the installation, maintenance, operation and removal of the Dish/Antenna, the appurtenances and the Aesthetic
Screening, if any, is not permitted to damage the Building or the roof thereof, or interfere with the use of the Building and roof by Lessor. Lessee agrees to be responsible for any damage caused to the roof or any other part of the Building, which
may be caused by Lessee or any Lessee Entity. 

  

	 	C.	 Lessee agrees to install and maintain only equipment of types and frequencies which will not cause unreasonable interference to Lessor or any other
Lessee of the Building. In the event Lessee’s equipment causes such interference, Lessee will change the frequency on which it transmits and/or receives and take any 

	 	 
other steps necessary to eliminate the interference. If said interference cannot be eliminated within a reasonable period of time, in the judgment of Lessor, then Lessee agrees to remove the
Dish/Antenna from the Roof Space. Lessee shall, at its sole cost and expense, and at its sole risk, operate and maintain the Dish/Antenna in a good and workmanlike manner, and in compliance with all Building, electric, communication, and safety
codes, ordinances, standards, regulations and requirements, now in effect or hereafter promulgated, of the Federal Government, including, without limitation, the Federal Communications Commission (the “FCC”), the Federal Aviation
Administration (“FAA”) or any successor agency of either the FCC or FAA having jurisdiction over radio or telecommunications, and of the state, city and county in which the Building is located. Under this Lease, the Lessor and its
agents assume no responsibility for the licensing, operation and/or maintenance of Lessee’s equipment. Lessee has the responsibility of carrying out the terms of its FCC license in all respects. The Dish/Antenna shall be connected to
Lessor’s power supply in strict compliance with all applicable Building, electrical, fire and safety codes. Neither Lessor nor any Lessor Entity shall be liable to Lessee for any stoppages or shortages of electrical power furnished to the
Dish/Antenna or the Roof Space because of any act, omission or requirement of the public utility serving the Building, or the act or omission of any other Lessee, invitee or licensee or their respective agents, employees or contractors, or for any
other cause beyond the reasonable control of Lessor, and Lessee shall not be entitled to any rental abatement for any such stoppage or shortage of electrical power. Neither Lessor nor any Lessor Entity shall have any responsibility or liability for
the conduct or safety of any of Lessee’s representatives, repair, maintenance and engineering personnel while in or on any part of the Building or the Roof Space. 

 

	 	D.	The Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, shall remain the personal property of Lessee, and shall be removed by Lessee at its own expense
at the expiration or earlier termination of the Lease or Lessee’s right to possession under the Lease. Lessee shall repair any damage caused by such removal, including the patching of any holes to match, as closely as possible, the color
surrounding the area where the equipment and appurtenances were attached. Lessee agrees to maintain all of Lessee’s equipment placed on or about the roof or in any other part of the Building in proper operating condition and maintain same in
satisfactory condition as to appearance and safety in Lessor’s sole discretion. Such maintenance and operation shall be performed in a manner to avoid any interference with any other Lessees or Lessor. Lessee agrees that at all times during the
Term, it will keep the roof of the Building and the Roof Space free of all trash or waste materials produced by Lessee or Lessee’s agents, employees or contractors. 

 

	 	E.	In light of the specialized nature of the Dish/Antenna, Lessee shall be permitted to utilize the services of its choice for operation, removal and repair of the
Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, subject to the reasonable approval of Lessor. Notwithstanding the foregoing, Lessee must provide Lessor with prior written notice of any such removal or repair and coordinate such
work with Lessor in order to avoid voiding or otherwise adversely affecting any warranties granted to Lessor with respect to the roof. If necessary, Lessee, at its sole cost and expense, shall retain any contractor having a then existing warranty in
effect on the roof to perform such work (to the extent that it involves the roof), or, at Lessee’s option, to perform such work in conjunction with Lessee’s contractor. In the event Lessor contemplates roof repairs that could affect
Lessee’s Dish/Antenna, or which may result in an interruption of Lessee’s telecommunication service, Lessor shall formally notify Lessee at least 30 days in advance (except in cases of an emergency) prior to the commencement of such
contemplated work in order to allow Lessee to make other arrangements for such service. 

  

	 	F.	Lessee shall not allow any provider of telecommunication, video, data or related services (collectively, “Communication Services”) to locate any
equipment on the roof of the Building or in the Roof Space for any purpose whatsoever, nor may Lessee use the Roof Space and/or Dish/Antenna to provide Communication Services to an unaffiliated Lessee, occupant or licensee of another building, or to
facilitate the provision of Communication Services on behalf of another Communication Services provider to an unaffiliated Lessee, occupant or licensee of the Building or any other building. Lessee acknowledges that Lessor may at some time establish
a standard license agreement (the “License Agreement”) with respect to the use of roof space by Lessees of the Building. Lessee, upon request of Lessor, shall enter into such License Agreement with Lessor provided that such
agreement does not materially alter the rights of Lessee hereunder with respect to the Roof Space. Lessee specifically acknowledges and agrees that the terms and conditions of Article 13 of the Lease shall apply with full force and effect to the
Roof Space and any other portions of the roof accessed or utilized by Lessee, its representatives, agents, employees or contractors. 

	 	G.	If Lessee defaults under any of the terms and conditions of this Section or the Lease, and Lessee fails to cure said default within the time allowed by Article 18 of
the Lease, Lessor shall be permitted to exercise all remedies provided under the terms of the Lease, including removing the Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, and restoring the Building and the Roof Space to the
condition that existed prior to the installation of the Dish/Antenna, the appurtenances and the Aesthetic Screening, if any. If Lessor removes the Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, as a result of an uncured
default, Lessee shall be liable for all costs and expenses Lessor incurs in removing the Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, and repairing any damage to the Building, the roof of the Building and the Roof Space
caused by the installation, operation or maintenance of the Dish/Antenna, the appurtenances, and the Aesthetic Screening, if any. Lessee’s rights pursuant to this Section are personal to the named Lessee under the Lease and are not
transferable, except with respect to a transfer for which Lessor’s consent is not required pursuant to Section 17.01 of the Lease. 

VIII. Other Pertinent Provisions. Lessor and Lessee agree that, effective as of the date of this Amendment (unless different
effective date(s) is/are specifically referenced in this Section), the Lease shall be amended in the following additional respects: 
  

	 	A.	Operating Expenses. Section 4.02 of the Lease is hereby amended by adding the following at the end thereof: 

“Operating Expenses shall exclude the following: 

(i) Any ground lease rental; 

(ii) Costs of capital improvements, replacements or equipment and any depreciation or amortization expenses thereon, except to the extent
(A) reasonably intended to produce a reduction in Operating Expenses, (B) required by any Laws, or for health or safety purposes, (C) for commercially reasonable improvements to or replacements of any components of the Common Areas,
which costs shall be uniformly applied to all tenants of the Project, or (D) for reimbursement of the 2012 Unit as described in Section VI.C above. 

(iii) Rentals for items (except when needed in connection with normal repairs and maintenance of permanent systems) which if purchased,
rather than rented, would constitute a capital improvement excluded in clause (ii) above; 
 (iv) Costs incurred by Lessor
for the maintenance of, or the repair of damage to, the Building, Project and/or Property, to the extent that Lessor is reimbursed by insurance proceeds or directly by Lessees; 

(v) Costs, including permit, license and inspection costs, incurred with respect to the installation of Lessee or other occupant
improvements made for Lessees or other occupants in the Building, the Project and/or the Property or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for or the premises of other Lessees or other
occupants of the Building; 
 (vi) Marketing costs, including leasing commissions, attorneys’ fees in connection with the
negotiation and preparation or enforcement of letters, deal memos, letters of intent, leases, subleases and/or assignments, space planning costs, and other costs and expenses incurred in connection with lease, sublease and/or assignment negotiations
and transactions with present or prospective Lessees or other occupants of the Building, Project or the Property; 
 (vii) Costs
incurred by Lessor due to the violation by Lessor of the terms and conditions of any lease of space in the Building or the Project; 

(viii) interest, principal, points and fees on debt or amortization payments on any mortgage or deed of trust or any other debt
instrument encumbering the Building, Project or Property or the land on which the Building or Project is situated; 
 (ix)
Except for making repairs or keeping permanent systems in operation while repairs are being made, rentals and other related expenses incurred in leasing air conditioning systems, elevators or other equipment ordinarily considered to be of a capital
nature; 

 (x) Advertising and promotional expenditures (except for retail property promotions);

 (xi) Costs incurred in connection with upgrading the Building, Project or Property to comply with disability, life, fire and
safety codes in effect prior to the issuance of the temporary certificate of occupancy for the Building; 
 (xii) Interest,
fines or penalties incurred as a result of Lessor’s failure to make payments when due unless such failure is commercially reasonable under the circumstances; 

(xiii) Costs arising from Lessor’s charitable or political contributions; 

(xiv) The depreciation of the Building and other real property structures on the Property; 

(xv) Lessor’s general corporate overhead and general administrative expenses not related to the operation of the Building or the
Project; 
 (xvi) Any bad debt loss, rent loss or reserves for bad debts or rent loss, or reserves for equipment or capital
replacement.” 
  

	 	B.	Lessee Alterations. Notwithstanding anything to the contrary contained in Sections 10.05 and/or 10.6 of the Lease, Lessee shall not be required to remove any
Lessee Alterations made by Lessee which have been consented to by Lessor pursuant to Section 10.02 of the Lease or any wiring and cabling installed at the Premises by Lessee; provided, however, that Lessor reserves the right to elect, upon
ninety (90) days prior written notice to Lessee, to require Lessee to remove any low voltage wiring installed by Lessee at the Premises on or before the termination of the Lease pursuant to Section 10.06 of the Lease.

  

	 	C.	Holdover. The percentage set forth in third sentence of Section 23 of the Lease is hereby amended from two hundred percent (200%) to “one hundred
fifty percent (150%)”. 

  

	 	D.	Estoppel Certificate. The references to ten (10) days in the first and third sentences of Section 21 of the Lease are hereby each deleted in their
entirety and replaced with “fifteen (15) days”. 

  

	 	E.	Subordination. The fourth sentence of Section 25 of the Lease is hereby deleted in its entirety and replaced with the following: 

“Lessee acknowledges that although this Paragraph is self-executing, Lessee covenants and agrees to execute and deliver, within
fifteen (15) days of demand by Lessor and in the form reasonably requested by Lessor, or any other mortgagee or ground lessor, any additional documents evidencing the priority or subordination of this Lease with respect to any such ground
leases or underlying lease or the lien of any such mortgage or deed of trust, provided Lessee’s interests hereunder shall not be disturbed so long as Lessee is not in default hereunder.” 

 

	 	F.	Lessor’s Work. The parties hereby acknowledge and agree that Lessor has fully performed all of its obligations pursuant to Exhibit B (Work Letter) of the
Lease. 

  

	B.	Consent to Merger and Assignment and Assumption. Lessor hereby consents to the Merger and Assignment, subject to the following terms and conditions, all
of which are hereby acknowledged and agreed to by Assignor and Surviving entity. 

  

	 	I.	Assignment and Assumption. Lessee and Surviving Entity hereby represent and warrant that (a) the Merger Agreement and/or Merger fully assigned or
otherwise transfered, by operation of law or otherwise, all of Lessee’s right, title and interest in the Lease to the Surviving Entity (the “Transfer”); and (b) following the Merger, the Surviving Entity has assumed and
shall be bound by, whether by operation of law or otherwise, all of the covenants, agreements, provisions, conditions and obligations of the lessee under the Lease, including but not limited to, the obligation to pay Lessor for all adjustments of
rent and other additional charges payable pursuant to the terms of the Lease. Nothing contained in the Merger Agreement shall be deemed to amend, modify or alter in any way the terms, covenants and conditions set forth in the Lease.

	 	II.	Representations. 

  

	 	A.	Assignor hereby represents and warrants that Assignor: (i) had full power and authority to assign to Surviving Entity its entire right, title and interest in the
Lease and with respect to the entire Security Deposit, if any; (ii) had not previously transferred or conveyed its interest in the Lease to any person or entity, collaterally or otherwise; (iii) had full power and authority to enter into
the Merger Agreement and complete the Merger and has full power and authority to enter into this Consent; (iv) in connection with the Merger, has assigned all of Assignor’s rights, title, interest and obligations under the Lease, whether
by operation of law or otherwise, to the Surviving Entity; and (iv) has full power and authority to enter into this Agreement. 

  

	 	B.	The Surviving Entity hereby represents and warrants that the Surviving Entity: (i) had full power and authority to assume all of Assignor’s right, title and
interest in, to and under the Lease, including the entire Security Deposit, if any; and (ii) had full power and authority to enter into the Merger Agreement, the Merger and this Consent. 

 

	 	C.	Lessee and the Surviving Entity represent and warrant that following the Merger, (i) all or substantially all of the assets of Lessee will be owned by the
Surviving Entity, (ii) the Surviving Entity will have a net worth that is equal to or greater than the net worth of Lessee as of the date of this Agreement; and (iii) the business in the Premises will continue to be operated for the use
and in the manner provided in the Lease. 

  

	 	III.	No Greater Rights. In no event shall the Merger Agreement or the other provisions of this Agreement be construed as granting or conferring upon the Lessee
or the Surviving Entity any greater rights than those contained in the Lease nor shall there be any diminution of the rights and privileges of the Lessor under the Lease, nor shall the Lease be deemed modified in any respect.

  

	 	IV.	Deliveries. Prior to Lessor’s execution of this Agreement and as a condition precedent to the effectiveness of this Agreement, Surviving Entity
shall: (a) deliver to Lessor written notice that the Merger and Transfer have been finalized, and to the extent feasible, a fully executed copy of the Merger Agreement; and (B) upon request of Lessor, its successors or assigns, provide
Lessor with financial statements evidencing the net worth of Surviving Entity and evidence of the name change of Assignor and of the good standing of Surviving Entity. 

 

	 	V.	Lessor’s Consent. In reliance upon the agreements and representations contained in this Consent, Lessor hereby consents to the Merger and the
Transfer. This Consent shall not constitute a waiver of the obligation of the lessee under the Lease to obtain the Lessor’s consent to any subsequent assignment, sublease or other transfer under the Lease, nor shall it constitute a waiver of
any existing defaults under the Lease. 

  

	 	VI.	Notice Address. Any notices to Surviving Entity shall be effective when served to the Surviving Entity at the Premises in accordance with the terms of the
Lease. 

  

	 	VII.	No Waiver. Lessor’s consent to the Merger and Assignment shall not be construed as a waiver by Lessee of its rights under Article 17 of the Lease to
future assignments of the lease or subleases of the Premises without Lessor’s consent in certain instances, as more particularly described therein. Lessor hereby acknowledges and agrees that all rights under the Lease which are
“personal” to the named Lessee or non-transferable, including without limitation the rights set forth in Section A.VII of this Amendment, have been transferred to Surviving Entity and are henceforward deemed to be personal to Surviving
Entity. 

  

	C.	Miscellaneous. 

  

	 	I.	This Amendment sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written
representations or agreements. Under no circumstances shall Lessee be entitled to any rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided Lessee
in connection with entering into the Lease, unless specifically set forth in this Amendment. 

  

	 	II.	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect. 

 

	 	III.	In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control.

  

	 	IV.	Submission of this Amendment by Lessor is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Lessee. Lessor shall not be bound
by this Amendment until Lessor has executed and delivered the same to Lessee. 

	 	V.	The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and
not redefined in this Amendment. 

  

	 	VI.	Lessee hereby represents to Lessor that Lessee has dealt with no broker in connection with this Amendment, other than CresaPartners. Lessee agrees to indemnify and hold
Lessor, its members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents (collectively, the “Lessor Related Parties”) harmless
from all claims of any brokers claiming to have represented Lessee in connection with this Amendment. Lessor hereby represents to Lessee that Lessor has dealt with no broker in connection with this Amendment. Lessor agrees to indemnify and hold
Lessee, its members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents (collectively, the “Lessee Related Parties”) harmless from all claims
of any brokers claiming to have represented Lessor in connection with this Amendment. Lessor agrees to pay a brokerage commission to CresaPartners in accordance with the terms of a separate written commission agreement to be entered into between
Lessor and CresaPartners. 

  

	 	VII.	Each signatory of this Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such
signatory is acting. Lessee hereby represents and warrants that neither Lessee, nor any persons or entities holding any legal or beneficial interest whatsoever in Lessee, are (i) the target of any sanctions program that is established by
Executive Order of the President or published by the Office of Foreign Assets Control, U.S. Department of the Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C.
App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes;
or (iii) named on the following list that is published by OFAC: “List of Specially Designated Nationals and Blocked Persons.” If the foregoing representation is untrue at any time during the Term, a Default under the Lease will be
deemed to have occurred, without the necessity of notice to Lessee. 

  

	 	VIII.	Redress for any claim against Lessor under the Lease and this Amendment shall be limited to and enforceable only against and to the extent of Lessor’s interest in
the Building. The obligations of Lessor under the Lease are not intended to and shall not be personally binding on, nor shall any resort be had to the private properties of, any of its trustees or board of directors and officers, as the case may be,
its investment manager, the general partners thereof, or any beneficiaries, stockholders, employees, or agents of Lessor or the investment manager. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, Lessor and Lessee have duly executed this Amendment as of the day
and year first above written. 
  

					
	LESSOR:
	
	 PS BUSINESS PARKS, L.P.,

a California limited partnership

		
	By:	 	 PS BUSINESS PARKS, INC.,

a California corporation

			
		 	By:	 	 
		 	Name: Coby A. Holley
		 	Title: Vice President

  

			
	LESSEE:
	
	 DIGIMARC CORPORATION,

a Delaware corporation

		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

			
	SURVIVING ENTITY:
	
	 DIGIMARC CORPORATION,

an Oregon corporation

		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

 EXHIBIT A 

LESSEE IMPROVEMENT AGREEMENT 

This Exhibit is attached to and made a part of the Amendment by and between PS BUSINESS PARKS, L.P., a California limited partnership
(“Lessor”) and DIGIMARC CORPORATION, an Oregon corporation (“Lessee”) for space in the Building located at 9405 SW Gemini Drive, Beaverton, Oregon 97008. Capitalized terms not otherwise defined in this
Exhibit A shall have the meaning given to such terms in the Lease of which this Exhibit A is a part. 
 1. Lessee, following the
full and final execution and delivery of the Amendment to which this Exhibit A is attached, shall have the right to perform alterations and improvements in the Premises, including, but not limited to, modifications, alterations and
improvements to the server rooms (the “Server Rooms Modifications”) which are located in the Premises (the “Lessee Improvements”). Notwithstanding the foregoing, Lessee and its contractors shall not have the
right to perform the Lessee Improvements in the Premises unless and until Lessee has complied with all of the terms and conditions of Article 10 of the Lease (except for the requirement of obtaining advance lien waivers, which requirement shall
be superseded by the terms of Section 2 below), including, without limitation, approval by Lessor of the final plans for the Lessee Improvements and the contractors to be retained by Lessee to perform such Lessee Improvements. Lessee shall be
responsible for all elements of the design of Lessee’s plans (including, without limitation, compliance with law, functionality of design, the structural integrity of the design, the configuration of the Premises and the placement of
Lessee’s furniture, appliances and equipment), and Lessor’s approval of Lessee’s plans shall in no event relieve Lessee of the responsibility for such design. Lessor’s approval of the contractors to perform the Lessee
Improvements shall not be unreasonably withheld. The parties agree that Lessor’s approval of the general contractor to perform the Lessee Improvements shall not be considered to be unreasonably withheld if any such general contractor
(a) does not have trade references reasonably acceptable to Lessor, (b) does not maintain insurance as required pursuant to the terms of the Lease, (c) does not have the ability to be bonded for the work in an amount of no less than
150% of the total estimated cost of the Lessee Improvements, (d) does not provide current financial statements reasonably acceptable to Lessor, or (e) is not licensed as a contractor in the state/municipality in which the Premises is
located. Lessee acknowledges the foregoing is not intended to be an exclusive list of the reasons why Lessor may reasonably withhold its consent to a general contractor. 

2. Provided Lessee is not in default under the terms of the Lease, Lessor agrees to contribute the sum of $368,664.00 (the “Lessee Improvement
Allowance”) toward the cost of performing the Lessee Improvements in preparation of Lessee’s occupancy of the Premises. The Lessee Improvement Allowance may only be used for the cost of permitting, preparing design and construction
documents and mechanical and electrical plans for the Lessee Improvements and for hard costs in connection with the Lessee Improvements. The Lessee Improvement Allowance, less a 10% retainage (which retainage shall be payable as part of the final
Lessee Improvements, in periodic disbursements within 30 days after receipt of the following documentation: (a) an application for payment and sworn statement of the contractor substantially in the form of AIA Document G-702 covering all work
for which disbursement is to be made to a date specified therein; (b) a certification from an AIA architect substantially in the form of the Architect’s Certificate for Payment which is located on AIA Document G702, Application and
Certificate of Payment; (c) contractor’s, subcontractor’s and material supplier’s conditional waivers of liens which shall cover all Lessee Improvements for which disbursement is being requested and all other statements and forms
required for compliance with the mechanics’ lien laws of the state in which the Premises is located, together with all such invoices, contracts, or other supporting data as Lessee or Lessee’s Mortgagee may reasonably require; (e) a
cost breakdown for each trade or subcontractor performing the Lessee Improvements; (d) plans and specifications for the Lessee Improvements, together with a certificate from an AIA architect that such plans and specifications comply in all
material respects with all laws affecting the Building, Property and Premises; (f) copies of all construction contracts for the Lessee Improvements, together with copies of all change orders, if any; and (g) a request to disburse from
Lessee containing an approval by Lessee of the work done and a good faith estimate of the cost to complete the Lessee Improvements. Upon completion of the Lessee Improvements, and prior to final disbursement of the Lessee Improvement Allowance,
Lessee shall furnish Lessor with: (i) general contractor and architect’s completion affidavits; (ii) full and final waivers of lien; (iii) receipted bills covering all labor and materials expended and used; (iv) as-built
plans of the Lessee Improvements; and (v) the certification of Lessee and its architect that the Lessee Improvements have been installed in a good and workmanlike manner in accordance with the approved plans, and in accordance with applicable
Laws. In no event shall Lessor be required to disburse the Lessee Improvement Allowance more than one time per month. If the Lessee Improvements exceed the Lessee Improvement Allowance, Lessee shall be entitled to the Lessee Improvement Allowance in
accordance with the terms hereof, but each individual disbursement of the Lessee Improvement Allowance shall be disbursed in the proportion that the Lessee Improvement Allowance bears to the total cost for the Lessee Improvements, less the 10%
retainage referenced above. Notwithstanding anything herein to the contrary, Lessor shall not be obligated to disburse any portion of the Lessee Improvement Allowance during the continuance of an uncured default under the Lease, and Lessee’s
obligation to disburse shall only resume when and if such default is cured. 

 3. In no event shall the Lessee Improvement Allowance be used for the purchase of equipment, furniture or
other items of personal property of Lessee. Notwithstanding the foregoing, Lessee shall be entitled to apply the Lessee Improvement Allowance to the cost of purchasing and installing equipment which is necessary and related to the Server Rooms
Modifications, which equipment shall be located at all times in the Premises and be for the use of Tenant. If Lessee does not submit a request for payment of the entire Lessee Improvement Allowance to Lessor in accordance with the provisions
contained in this Exhibit A by November 30, 2011, any unused amount shall accrue to the sole benefit of Lessor, it being understood that Lessee shall not be entitled to any credit, abatement or other concession in connection therewith.
Notwithstanding the foregoing, Lessee shall not submit a request for payment of any portion of the Lessee Improvement Allowance prior to January 1, 2011. Lessee shall be responsible for all applicable state sales or use taxes, if any, payable
in connection with the Lessee Improvements and/or Lessee Improvement Allowance. Lessor shall be entitled to deduct from the Lessee Improvement Allowance a construction management fee for Lessor’s oversight of the Lessee Improvements in the
amount of $5,000.00 and such construction management fee shall be in lieu of the fee required under Section 10.03 of the Lease. 
 4.
Without limiting the “as-is” provisions of the Lease and this Amendment, Lessee accepts the Premises in its “as-is” condition and acknowledges that Lessor has no obligation to make any changes or improvements to the Premises or,
except as provided above with respect to the Lessee Improvement Allowance and as provided in Section A.VI of the Amendment with respect to the HVAC, to pay any costs expended or to be expended in connection with any such changes or improvements in
the Premises. 
 5. This Exhibit A shall not be deemed applicable to any additional space added to the Premises at any time or from time
to time, whether by any options under the Lease or otherwise, or to any portion of the original Premises or any additions to the Premises in the event of a renewal or extension of the original Term of the Lease, whether by any options under the
Lease or otherwise, unless expressly so provided in the Lease or any amendment or supplement to the Lease. Lessee shall not perform any work in the Premises (including, without limitation, cabling, wiring, fixturization, painting, carpeting,
replacements or repairs) except in accordance with Article 10 of the Lease. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]Form of Senior Indenture-Rayonier Operating Company LLC

 Exhibit 4.8 

[Form of Senior Indenture] 

 
  

RAYONIER OPERATING COMPANY LLC, 

AS ISSUER, 

any Guarantors party hereto, 

and 

[                      
                                         
 ], 
 as Trustee 

INDENTURE 

Dated as of
                     

Debt Securities 
  

 
  

 CROSS-REFERENCE TABLE 

 

					
	 TIA Section
	  	Indenture Section
	310	  	(a)	  	7.10
		  	(b)	  	7.10
		  	(c)	  	N.A.
	311	  	(a)	  	7.11
		  	(b)	  	7.11
		  	(c)	  	N.A.
	312	  	(a)	  	5.1
		  	(b)	  	5.2
		  	(c)	  	5.2
	313	  	(a)	  	5.3
		  	(b)	  	5.3
		  	(c)	  	13.3
		  	(d)	  	5.3
	314	  	(a)	  	4.5
		  	(b)	  	N.A.
		  	(c)(1)	  	13.5
		  	(c)(2)	  	13.5
		  	(c)(3)	  	N.A.
		  	(d)	  	N.A.
		  	(e)	  	13.5
		  	(f)	  	N.A.
	315	  	(a)	  	7.1
		  	(b)	  	6.7 & 13.3
		  	(c)	  	7.1
		  	(d)	  	7.1
		  	(e)	  	6.8
	316	  	(a) (last sentence)	  	1.1
		  	(a)(1)(A)	  	6.6
		  	(a)(1)(B)	  	6.6
		  	(a)(2)	  	9.1(d)
		  	(b)	  	6.4
		  	(c)	  	5.4
	317	  	(a)(1)	  	6.2
		  	(a)(2)	  	6.2
		  	(b)	  	4.4
	318	  	(a)	  	13.7

 N.A.
means Not Applicable 
 NOTE: This Cross-Reference table shall not, for any purpose, be deemed part of this Indenture. 

 

 i 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	
	ARTICLE I
	
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Other Definitions	  	6
	 Section 1.3
	  	Incorporation by Reference of Trust Indenture Act	  	6
	 Section 1.4
	  	Rules of Construction	  	6
	
	ARTICLE II
	
	DEBT SECURITIES
	 Section 2.1
	  	Forms Generally	  	7
	 Section 2.2
	  	Form of Trustee’s Certificate of Authentication	  	8
	 Section 2.3
	  	Principal Amount; Issuable in Series	  	8
	 Section 2.4
	  	Execution of Debt Securities	  	10
	 Section 2.5
	  	Authentication and Delivery of Debt Securities	  	11
	 Section 2.6
	  	Denomination of Debt Securities	  	12
	 Section 2.7
	  	Registration of Transfer and Exchange	  	12
	 Section 2.8
	  	Temporary Debt Securities	  	14
	 Section 2.9
	  	Mutilated, Destroyed, Lost or Stolen Debt Securities	  	14
	 Section 2.10
	  	Cancellation of Surrendered Debt Securities	  	15
	 Section 2.11
	  	Provisions of the Indenture and Debt Securities for the Sole Benefit of the Parties and the Holders	  	15
	 Section 2.12
	  	Payment of Interest; Interest Rights Preserved	  	15
	 Section 2.13
	  	Securities Denominated in Dollars	  	16
	 Section 2.14
	  	Wire Transfers	  	16
	 Section 2.15
	  	Securities Issuable in the Form of a Global Security	  	16
	 Section 2.16
	  	Medium Term Securities	  	19
	 Section 2.17
	  	Defaulted Interest	  	19
	 Section 2.18
	  	CUSIP Numbers	  	19
	
	ARTICLE III
	
	REDEMPTION OF DEBT SECURITIES
			
	 Section 3.1
	  	Applicability of Article	  	20
	 Section 3.2
	  	Notice of Redemption; Selection of Debt Securities	  	20
	 Section 3.3
	  	Payment of Debt Securities Called for Redemption	  	22
	 Section 3.4
	  	Mandatory and Optional Sinking Funds	  	23
	 Section 3.5
	  	Redemption of Debt Securities for Sinking Fund	  	23

  

 ii 

					
	ARTICLE IV
	
	PARTICULAR COVENANTS OF THE COMPANY
			
	 Section 4.1
	  	Payment of Principal of, and Premium, If Any, and Interest on, Debt Securities	  	24
	 Section 4.2
	  	Maintenance of Offices or Agencies for Registration of Transfer, Exchange and Payment of Debt Securities	  	25
	 Section 4.3
	  	Appointment to Fill a Vacancy in the Office of Trustee	  	25
	 Section 4.4
	  	Duties of Paying Agents, etc	  	25
	 Section 4.5
	  	SEC Reports	  	26
	 Section 4.6
	  	Compliance Certificate	  	27
	 Section 4.7
	  	Further Instruments and Acts	  	27
	 Section 4.8
	  	Waiver of Certain Covenants	  	27
	
	ARTICLE V
	
	HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE
			
	 Section 5.1
	  	Company to Furnish Trustee Information as to Names and Addresses of Holders; Preservation of Information	  	27
	 Section 5.2
	  	Communications to Holders	  	29
	 Section 5.3
	  	Reports by Trustee	  	29
	 Section 5.4
	  	Record Dates for Action by Holders	  	30
	
	ARTICLE VI
	
	REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT
			
	 Section 6.1
	  	Events of Default	  	28
	 Section 6.2
	  	Collection of Debt by Trustee, etc	  	31
	 Section 6.3
	  	Application of Moneys Collected by Trustee	  	32
	 Section 6.4
	  	Limitation on Suits by Holders	  	33
	 Section 6.5
	  	Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of Default	  	33
	 Section 6.6
	  	Rights of Holders of Majority in Principal Amount of Debt Securities to Direct Trustee and to Waive Default	  	34
	 Section 6.7
	  	Trustee to Give Notice of Events of Defaults Known to It, but May Withhold Such Notice in Certain Circumstances	  	34
	 Section 6.8
	  	Requirement of an Undertaking to Pay Costs in Certain Suits under the Indenture or Against the Trustee	  	35
	
	ARTICLE VII
	
	CONCERNING THE TRUSTEE
			
	 Section 7.1
	  	Certain Duties and Responsibilities	  	35

  

 iii 

					
	 Section 7.2
	  	Certain Rights of Trustee	  	36
	 Section 7.3
	  	Trustee Not Liable for Recitals in Indenture or in Debt Securities	  	37
	 Section 7.4
	  	Trustee, Paying Agent or Registrar May Own Debt Securities	  	38
	 Section 7.5
	  	Moneys Received by Trustee to Be Held in Trust	  	38
	 Section 7.6
	  	Compensation and Reimbursement	  	38
	 Section 7.7
	  	Right of Trustee to Rely on an Officers’ Certificate Where No Other Evidence Specifically Prescribed	  	38
	 Section 7.8
	  	Separate Trustee; Replacement of Trustee	  	39
	 Section 7.9
	  	Successor Trustee by Merger	  	40
	 Section 7.10
	  	Eligibility; Disqualification	  	40
	 Section 7.11
	  	Preferential Collection of Claims Against Company	  	40
	 Section 7.12
	  	Compliance with Tax Laws	  	41
	
	ARTICLE VIII
	
	CONCERNING THE HOLDERS
			
	 Section 8.1
	  	Evidence of Action by Holders	  	41
	 Section 8.2
	  	Proof of Execution of Instruments and of Holding of Debt Securities	  	41
	 Section 8.3
	  	Who May Be Deemed Owner of Debt Securities	  	41
	 Section 8.4
	  	Instruments Executed by Holders Bind Future Holders	  	42
	
	ARTICLE IX
	
	SUPPLEMENTAL INDENTURES
			
	 Section 9.1
	  	Purposes for Which Supplemental Indenture May Be Entered into Without Consent of Holders	  	42
	 Section 9.2
	  	Modification of Indenture with Consent of Holders of Debt Securities	  	44
	 Section 9.3
	  	Effect of Supplemental Indentures	  	45
	 Section 9.4
	  	Debt Securities May Bear Notation of Changes by Supplemental Indentures	  	45
	
	ARTICLE X
	
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE
			
	 Section 10.1
	  	Consolidations and Mergers of the Company	  	46
	 Section 10.2
	  	Rights and Duties of Successor Company	  	46
	
	ARTICLE XI
	
	SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED MONEYS
			
	 Section 11.1
	  	Applicability of Article	  	47
	 Section 11.2
	  	Satisfaction and Discharge of Indenture; Defeasance	  	47
	 Section 11.3
	  	Conditions of Defeasance	  	48

  

 iv 

					
	 Section 11.4
	  	Application of Trust Money	  	49
	 Section 11.5
	  	Repayment to Company	  	49
	 Section 11.6
	  	Indemnity for U.S. Government Obligations	  	49
	 Section 11.7
	  	Reinstatement	  	49
	
	ARTICLE XII
	
	[RESERVED]
	
	ARTICLE XIII
	
	MISCELLANEOUS PROVISIONS
			
	 Section 13.1
	  	Successors and Assigns of Company Bound by Indenture	  	50
	 Section 13.2
	  	Acts of Members, Board, Committee or Officer of Successor Company Valid	  	50
	 Section 13.3
	  	Required Notices or Demands	  	50
	 Section 13.4
	  	Indenture and Debt Securities to Be Construed in Accordance with the Laws of the State of New York	  	51
	 Section 13.5
	  	Officers’ Certificate and Opinion of Counsel to Be Furnished upon Application or Demand by the Company	  	51
	 Section 13.6
	  	Payments Due on Legal Holidays	  	52
	 Section 13.7
	  	Provisions Required by TIA to Control	  	52
	 Section 13.8
	  	Computation of Interest on Debt Securities	  	52
	 Section 13.9
	  	Rules by Trustee, Paying Agent and Registrar	  	52
	 Section 13.10
	  	No Recourse Against Others	  	52
	 Section 13.11
	  	Severability	  	52
	 Section 13.12
	  	Effect of Headings	  	52
	 Section 13.13
	  	Indenture May Be Executed in Counterparts	  	52
	
	ARTICLE XIV
	
	GUARANTEE
			
	 Section 14.1
	  	Unconditional Guarantee	  	53
	 Section 14.2
	  	Execution and Delivery of Guarantee	  	54
	 Section 14.3
	  	Limitation on Guarantors’ Liability	  	55
	 Section 14.4
	  	Release of Guarantors from Guarantee	  	55
	 Section 14.5
	  	Guarantor Contribution	  	56

  

					
	Notation of Guarantee    Annex A	  	

  

 v 

 THIS INDENTURE dated as of
                     is among Rayonier Operating Company LLC, a Delaware limited liability company (the “Company”), any Guarantors
(as defined herein) party hereto, and
[                                         
       ], as trustee (the “Trustee”). 
 RECITALS OF THE COMPANY AND ANY
GUARANTORS 
 The Company and any Guarantors have duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of the Company’s debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series unlimited as to principal amount (herein called the “Debt Securities”), which Debt
Securities may be guaranteed by each of the Guarantors, as in this Indenture provided. 
 All things necessary to make this
Indenture a valid agreement of the Company and any Guarantors, in accordance with its terms, have been done. 
 NOW, THEREFORE,
THIS INDENTURE WITNESSETH 
 That in order to declare the terms and conditions upon which the Debt Securities are authenticated,
issued and delivered, and in consideration of the premises, and of the purchase and acceptance of the Debt Securities by the Holders thereof, the Company, any Guarantor and the Trustee covenant and agree with each other, for the benefit of the
respective Holders from time to time of the Debt Securities or any series thereof, as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling, controlled by or under direct or
indirect common control with the specified Person. For purposes of this definition, “control,” including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with,” as
used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of the Person, whether through the ownership of voting securities, by agreement or
otherwise. The Trustee may request and may conclusively rely upon an Officers’ Certificate to determine whether any Person is an Affiliate of any specified Person. 

“Agent” means any Registrar or paying agent. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors, or the law of any
other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors. 

“Business Day” means any day other than a Legal Holiday. 

 “Capital Stock” of any Person means and includes any and all shares, rights to
purchase, warrants or options (whether or not currently exercisable), participations or other equivalents of or interests in (however designated) the equity (which includes, but is not limited to, common stock, preferred stock and Company and joint
venture interests) of such Person (excluding any debt securities that are convertible into, or exchangeable for, such equity). 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the
Company by the President, the Chief Executive Officer or any Vice President of the Company, and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company, and delivered
to the Trustee. 
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law. 
 “Debt” of any Person at any date means any obligation created or assumed by such Person for the
repayment of borrowed money and any guarantee thereof. 
 “Debt Security” or “Debt Securities” has the
meaning stated in the first recital of this Indenture and more particularly means any debt security or debt securities, as the case may be, of any series authenticated and delivered under this Indenture. 

“Default” means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of
Default. 
 “Depositary” means, unless otherwise specified by the Company pursuant to either Section 2.3 or 2.15,
with respect to Debt Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the
Exchange Act or other applicable statute or regulations. 
 “Dollar” or “$” means such currency of the
United States as at the time of payment is legal tender for the payment of public and private debts. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor statute. 
 “Floating Rate Security” means a
Debt Security that provides for the payment of interest at a variable rate determined periodically by reference to an interest rate index specified pursuant to Section 2.3. 

“GAAP” means generally accepted accounting principles in the United States, as in effect from time to time. 

 

 2 

 “Global Security” means with respect to any series of Debt Securities issued
hereunder, a Debt Security which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and any Indentures supplemental
hereto, or resolution of the Members and set forth in an Officers’ Certificate, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all the Outstanding Debt Securities of such series or any portion thereof, in either case having the same terms, including, without limitation, the same original issue date, date or dates on which principal is due and interest
rate or method of determining interest. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Debt or other obligation of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment
of) such Debt or other obligation of such other Person (whether arising by virtue of company or partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise) or (b) entered into for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in
part); provided, however, that the term “guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning. 

“Guarantors” means any Subsidiary of the Company and any other Affiliate of the Company who may execute this Indenture, or a
supplement hereto, for the purpose of providing a Guarantee of Debt Securities pursuant to this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantors”
shall mean such successor Person. 
 “Holder,” “Holder of Debt Securities” or other similar terms means, a
Person in whose name a Debt Security is registered in the Debt Security Register (as defined in Section 2.7(a)). 

“Indenture” means this instrument as originally executed, or, if amended or supplemented as herein provided, as so amended or
supplemented and shall include the form and terms of particular series of Debt Securities as contemplated hereunder, whether or not a supplemental Indenture is entered into with respect thereto. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York, New York or at a
Place of Payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. 
 “Lien” means, with respect to any asset, any mortgage, lien,
security interest, pledge, charge or other encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law. 
  

 3 

 “Members” means the Members of the Company named in the Limited Liability Company
Agreement of the Company or any authorized committee of the Members of the Company. 
 “Officer” means, with respect
to a Person, the President, the Chief Executive Officer, any Vice President (whether unmodified or prefaced by “Senior,” “Assistant” or any other designation), the Treasurer, any Assistant Treasurer, Controller, Secretary or any
Assistant Secretary of such Person. 
 “Officers’ Certificate” means a certificate signed by two officers of the
Company, one of whom must be the Company’s Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or the Trustee. 
 “Original Issue Discount Debt Security” means any Debt
Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.1. 

“Outstanding,” when used with respect to any series of Debt Securities, means, as of the date of determination, all Debt
Securities of that series theretofore authenticated and delivered under this Indenture, except: 
  

	 	(a)	 	Debt Securities of that series theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

 

	 	(b)	 	Debt Securities of that series for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any paying agent (other
than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own paying agent) for the Holders of such Debt Securities; provided, that, if such Debt Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 

  

	 	(c)	 	Debt Securities of that series which have been paid pursuant to Section 2.9 or in exchange for or in lieu of which other Debt Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Debt Securities are held by a bona fide purchaser in whose hands such
Debt Securities are valid obligations of the Company; 

 provided, however, that in determining whether the
Holders of the requisite principal amount of the Outstanding Debt Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Debt Securities owned by the Company or any other obligor upon
the Debt Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Debt Securities which a Trust Officer actually knows to be so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Debt Securities and 

 

 4 

 
that the pledgee is not the Company or any other obligor upon the Debt Securities or an Affiliate of the Company or of such other obligor. In determining whether the Holders of the requisite
principal amount of Outstanding Debt Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Debt Security that shall be deemed to be Outstanding
for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.1. 

“Person” means any individual, corporation, partnership, joint venture, limited liability company, incorporated or
unincorporated association, partnership, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind. 

“Redemption Date,” when used with respect to any Debt Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Reporting Failure” means the failure of the Company or a Guarantor, as applicable, to
file with the Trustee, within 15 days after the Company or a Guarantor is required to file the same with the SEC within the time periods specified in the Exchange Act or in the relevant forms thereunder (after giving effect to any grace period
specified under Rule 12b-25 under the Exchange Act), the annual reports, information, documents or other reports that the Company or the Guarantor is required to file with the commission pursuant to Section 13 or Section 15(d) of the
Exchange Act. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of
any contingency beyond the control of the issuer unless such contingency has occurred). 
 “Subsidiary” of any Person
means: 
  

	 	(1)	 	any corporation, association or other business entity of which more than 50% of the total voting power of equity interests entitled, without regard to the occurrence of
any contingency, to vote in the election of directors, managers, trustees or equivalent Persons thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person or combination thereof; or 

  

	 	(2)	 	in the case of a partnership, more than 50% of the partners’ equity interests, considering all partners’ equity interests as a single class, is at such time
of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or combination thereof. 

  

 5 

 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§77aaa-77bbbb), as in effect on the date of this Indenture as originally executed and, to the extent required by law, as amended. 

“Trustee” initially means
[                                    ] and any other Person or
Persons appointed as such from time to time pursuant to Section 7.8, and, subject to the provisions of Article VII, includes its or their successors and assigns. If at any time there is more than one such Person, “Trustee” as used
with respect to the Debt Securities of any series shall mean the Trustee with respect to the Debt Securities of that series. 

“Trust Officer” means any officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust
matters. 
 “United States” means the United States of America (including the States and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction. 
 “U.S. Government Obligations” means
direct obligations of the United States of America, obligations on which the payment of principal and interest is fully guaranteed by the United States of America or obligations or guarantees for the payment of which the full faith and credit of the
United States of America is pledged. 
 “Yield to Maturity” means the yield to maturity, calculated at the time of
issuance of a series of Debt Securities, or, if applicable, at the most recent redetermination of interest on such series and calculated in accordance with accepted financial practice. 

Section 1.2 Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	 “Debt Security Register”
	  	  2.7
	 “Defaulted Interest”
	  	    2.17
	 “Event of Default”
	  	  6.1
	 “Funding Guarantor”
	  	14.5
	 “Guarantee”
	  	14.1
	 “Place of Payment”
	  	  2.3
	 “Registrar”
	  	  2.7
	 “Successor Company”
	  	10.1

 Section 1.3
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

All terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them. 
 Section 1.4 Rules of Construction. Unless the context otherwise
requires: 
 (a) a term has the meaning assigned to it; 

 

 6 

 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance
with GAAP; 
 (c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) all references in this instrument to “Articles,” “Sections” and other subdivisions are to the designated
Articles, Sections and subdivisions of this instrument as originally executed; 
 (f) the words “herein,”
“hereof’ and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

(g) “including” means “including without limitation;” 

(h) provisions apply to successive events and transactions; 

(i) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount thereof that
would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP. 
 ARTICLE II

 DEBT SECURITIES 

Section 2.1 Forms Generally. The Debt Securities of each series shall be in substantially the form established without the
approval of any Holder by or pursuant to a resolution of the Members or in one or more Indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Company may deem appropriate (and, if not contained in a supplemental Indenture entered into in accordance with
Article IX, as are not prohibited by the provisions of this Indenture) or as may be required or appropriate to comply with any law or with any rules made pursuant thereto or with any rules of any securities exchange on which such series of Debt
Securities may be listed, or to conform to general usage, or as may, consistently herewith, be determined by the officers executing such Debt Securities as evidenced by their execution of the Debt Securities. 

The definitive Debt Securities of each series shall be printed, lithographed or engraved on steel engraved borders or may be produced in
any other manner, all as determined by the officers executing such Debt Securities, as evidenced by their execution of such Debt Securities. 
  

 7 

 Section 2.2 Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication on all Debt Securities authenticated by the Trustee shall be in substantially the following form: 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

	
	
[                        
                ],

	 As Trustee

 

			
	By:	 	  

		 	Authorized Signatory

Section 2.3 Principal Amount; Issuable in Series. The aggregate principal amount of Debt Securities which may be issued, executed,
authenticated, delivered and outstanding under this Indenture is unlimited. 
 The Debt Securities may be issued in one or more
series in fully registered form. There shall be established, without the approval of any Holders, in or pursuant to a resolution of the Members and set forth in an Officers’ Certificate, or established in one or more Indentures supplemental
hereto, prior to the issuance of Debt Securities of any series any or all of the following: 
 (a) the title of the Debt
Securities of the series (which shall distinguish the Debt Securities of the series from all other Debt Securities); 
 (b) any
limit upon the aggregate principal amount of the Debt Securities of the series which may be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Debt Securities of the series pursuant to this Article II); 
 (c) the date or dates on which the
principal of and premium, if any, on the Debt Securities of the series are payable; 
 (d) the rate or rates (which may be fixed
or variable) at which the Debt Securities of the series shall bear interest, if any, or the method of determining such rate or rates, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be
payable, or the method by which such date will be determined, the record dates for the determination of Holders thereof to whom such interest is payable; and the basis upon which interest will be calculated if other than that of a 360-day year of
twelve thirty-day months; 
 (e) the place or places, if any, in addition to or instead of the corporate trust office of the
Trustee, where the principal of, and premium, if any, and interest on, Debt Securities of the series shall be payable (“Place of Payment”); 
  

 8 

 (f) the price or prices at which, the period or periods within which and the terms and
conditions upon which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Company or otherwise; 

(g) whether Debt Securities of the series are entitled to the benefits of any Guarantee of any Guarantors pursuant to this Indenture;

 (h) the obligation, if any, of the Company to redeem, purchase or repay Debt Securities of the series pursuant to any sinking
fund or analogous provisions or at the option of a Holder thereof, and the price or prices at which and the period or periods within which and the terms and conditions upon which Debt Securities of the series shall be redeemed, purchased or repaid,
in whole or in part, pursuant to such obligations; 
 (i) the terms, if any, upon which the Debt Securities of the series may be
convertible into or exchanged for capital stock (which may be represented by depositary shares), other Debt Securities or warrants for capital stock or Debt or other securities of any kind of the Company or any other obligor and the terms and
conditions upon which such conversion or exchange shall be effected, including the initial conversion or exchange price or rate, the conversion or exchange period and any other provision in addition to or in lieu of those described herein;

 (j) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Debt Securities of
the series shall be issuable; 
 (k) if the amount of principal of or any premium or interest on Debt Securities of the series
may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be determined; 

(l) if the principal amount payable at the Stated Maturity of Debt Securities of the series will not be determinable as of any one or
more dates prior to such Stated Maturity, the amount which will be deemed to be such principal amount as of any such date for any purpose, including the principal amount thereof which will be due and payable upon any maturity other than the Stated
Maturity or which will be deemed to be Outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined); 

(m) any changes or additions to Article XI, including the addition of additional covenants that may be subject to the covenant defeasance
option pursuant to Section 11.2(b); 
 (n) if other than the principal amount thereof, the portion of the principal amount
of Debt Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.1 or provable in bankruptcy pursuant to Section 6.2; 

(o) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Debt Securities of the series of any
properties, assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA are applicable and any corresponding changes to provisions of this Indenture as currently in effect; 

 

 9 

 (p) any addition to or change in the Events of Default with respect to the Debt Securities
of the series and any change in the right of the Trustee or the Holders to declare the principal of, and premium and interest on, such Debt Securities due and payable; 

(q) if the Debt Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities, the terms
and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Debt Securities in definitive registered form; and the Depositary for such Global Security or Securities and the form of
any legend or legends to be borne by any such Global Security or Securities in addition to or in lieu of the legend referred to in Section 2.15(a); 

(r) any trustees, authenticating or paying agents, transfer agents or registrars; 

(s) the applicability of, and any addition to or change in the covenants and definitions currently set forth in this Indenture or in the
terms currently set forth in Article X, including conditioning any merger, conveyance, transfer or lease permitted by Article X upon the satisfaction of any Debt coverage standard by the Company and Successor Company (as defined in Article X);

 (t) with regard to Debt Securities of the series that do not bear interest, the dates for certain required reports to the
Trustee; and 
 (u) any other terms of the Debt Securities of the series (which terms shall not be prohibited by the provisions
of this Indenture). 
 All Debt Securities of any one series shall be substantially identical except as to denomination and
except as may otherwise be provided in or pursuant to such resolution of the Members and as set forth in such Officers’ Certificate or in any such Indenture supplemental hereto. 

Section 2.4 Execution of Debt Securities. The Debt Securities shall be signed on behalf of the Company by the Chief Executive
Officer, the President or a Vice President of the Company and, if the seal of the Company is reproduced thereon, it shall be attested by its Secretary, an Assistant Secretary, a Treasurer or an Assistant Treasurer. Such signatures upon the Debt
Securities may be the manual or facsimile signatures of the present or any future such authorized officers and may be imprinted or otherwise reproduced on the Debt Securities. The seal of the Company, if any, may be in the form of a facsimile
thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Debt Securities. 
 Only such Debt Securities as
shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, signed manually by the Trustee, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the
Trustee upon any Debt Security executed by the Company on behalf of the Company shall be conclusive evidence that the Debt Security so authenticated has been duly authenticated and delivered hereunder. 

In case any officer of the Company who shall have signed any of the Debt Securities shall cease to be such officer before the Debt
Securities so signed shall have been authenticated and 
  

 10 

 
delivered by the Trustee, or disposed of by the Company, such Debt Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debt Securities
had not ceased to be such officer of the Company; and any Debt Security may be signed on behalf of the Company by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper officers of the Company, although at
the date of such Debt Security or of the execution of this Indenture any such Person was not such officer. 
 Section 2.5
Authentication and Delivery of Debt Securities. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver to the Trustee for authentication Debt Securities of any series executed by the
Company, and the Trustee shall thereupon authenticate and deliver said Debt Securities to or upon a Company Order. In authenticating such Debt Securities, and accepting the additional responsibilities under this Indenture in relation to such Debt
Securities, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon: 

(a) a copy of any resolution or resolutions of the Members, certified by the Secretary or Assistant Secretary of the Company, authorizing
the terms of issuance of any series of Debt Securities; 
 (b) an executed supplemental Indenture, if any; 

(c) an Officers’ Certificate; and 

(d) an Opinion of Counsel prepared in accordance with Section 13.5 which shall also state: 

(i) that the form of such Debt Securities has been established by or pursuant to a resolution of the Members or by a
supplemental Indenture as permitted by Section 2.1 in conformity with the provisions of this Indenture; 

(ii) that the terms of such Debt Securities have been established by or pursuant to a resolution of the Members or by a
supplemental Indenture as permitted by Section 2.3 in conformity with the provisions of this Indenture; 

(iii) that such Debt Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner
and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights generally and rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability; 

(iv) that the Company has the power to issue such Debt Securities and has duly taken all necessary action with respect to
such issuance; 
 (v) that the issuance of such Debt Securities will not contravene the organizational documents
of the Company or result in any material violation of any of the terms or provisions of any law or regulation or of any material indenture, mortgage or other agreement known to such counsel by which the Company is bound; 

 

 11 

 (vi) that authentication and delivery of such Debt Securities and the
execution and delivery of any supplemental Indenture will not violate the terms of this Indenture; and 
 (vii)
such other matters as the Trustee may reasonably request. 
 Such Opinion of Counsel need express no opinion as to whether a
court in the United States would render a money judgment in a currency other than that of the United States. 
 The Trustee
shall have the right to decline to authenticate and deliver any Debt Securities under this Section 2.5 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by its board
of directors or trustees, executive committee or a trust committee of directors, trustees or Officers (or any combination thereof) shall determine that such action would expose the Trustee to personal liability to existing Holders. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate Debt Securities of any series.
Unless limited by the terms of such appointment, an authenticating agent may authenticate Debt Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as any Registrar, paying agent or agent for service of notices and demands. 
 Unless
otherwise provided in the form of Debt Security for any series, each Debt Security shall be dated the date of its authentication. 

Section 2.6 Denomination of Debt Securities. Unless otherwise provided in the form of Debt Security for any series, the Debt
Securities of each series shall be issuable only as fully registered Debt Securities in such Dollar denominations as shall be specified or contemplated by Section 2.3. In the absence of any such specification with respect to the Debt Securities
of any series, the Debt Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

Section 2.7 Registration of Transfer and Exchange. 

(a) The Company shall keep or cause to be kept a register for each series of Debt Securities issued hereunder (hereinafter collectively
referred to as the “Debt Security Register”), in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of all Debt Securities and the transfer of Debt Securities as in this
Article II provided. At all reasonable times the Debt Security Register shall be open for inspection by the Trustee. Subject to Section 2.15, upon due presentment for registration of transfer of any Debt Security at any office or agency to be
maintained by the Company in accordance with the provisions of Section 4.2, the Company shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Debt Security or Debt Securities of
authorized denominations for a like aggregate principal amount. In no event may Debt Securities be issued as, or exchanged for, bearer securities. 
  

 12 

 Unless and until otherwise determined by the Company by resolution of the Members, the Debt
Security Register shall be kept at the principal corporate trust office of the Trustee and, for this purpose, the Trustee shall be designated “Registrar.” 

Debt Securities of any series (other than a Global Security, except as set forth below) may be exchanged for a like aggregate principal
amount of Debt Securities of the same series of other authorized denominations. Subject to Section 2.15, Debt Securities to be exchanged shall be surrendered at the office or agency to be maintained by the Company as provided in
Section 4.2, and the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor the Debt Security or Debt Securities which the Holder making the exchange shall be entitled to receive. 

(b) All Debt Securities presented or surrendered for registration of transfer, exchange or payment shall (if so required by the Company,
the Trustee or the Registrar) be duly endorsed or be accompanied by a written instrument or instruments of transfer, in form satisfactory to the Company, the Trustee and the Registrar, duly executed by the Holder or his attorney duly authorized in
writing. 
 All Debt Securities issued in exchange for or upon transfer of Debt Securities shall be the valid obligations of the
Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Debt Securities surrendered for such exchange or transfer. 

No service charge shall be made for any exchange or registration of transfer of Debt Securities (except as provided by Section 2.9),
but the Company may require payment of a sum sufficient to cover any tax, fee, assessment or other governmental charge that may be imposed in relation thereto, other than those expressly provided in this Indenture to be made at the Company’s
own expense or without expense or without charge to the Holders. 
 The Company shall not be required (i) to issue,
register the transfer of or exchange any Debt Securities for a period of 15 days next preceding any mailing of notice of redemption of Debt Securities of such series or (ii) to register the transfer of or exchange any Debt Securities selected,
called or being called for redemption. 
 Prior to the due presentation for registration of transfer of any Debt Security, the
Company, the Guarantors, the Trustee, any paying agent or any Registrar may deem and treat the Person in whose name a Debt Security is registered as the absolute owner of such Debt Security for the purpose of receiving payment of or on account of
the principal of, and premium, if any, and (subject to Section 2.12) interest on, such Debt Security and for all other purposes whatsoever, whether or not such Debt Security is overdue, and none of the Company, the Guarantors, the Trustee, any
paying agent or any Registrar shall be affected by notice to the contrary. 
 None of the Company, the Guarantors, the Trustee,
any agent of the Trustee, any paying agent or any Registrar will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests of a Global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests. 
  

 13 

 Section 2.8 Temporary Debt Securities. Pending the preparation of definitive Debt
Securities of any series, the Company may execute and the Trustee shall authenticate and deliver temporary Debt Securities (printed, lithographed, photocopied, typewritten or otherwise produced) of any authorized denomination, and substantially in
the form of the definitive Debt Securities in lieu of which they are issued, in registered form with such omissions, insertions and variations as may be appropriate for temporary Debt Securities, all as may be determined by the Company with the
concurrence of the Trustee. Temporary Debt Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Debt Security shall be executed by the Company and be authenticated by the Trustee upon the
same conditions and in substantially the same manner, and with like effect, as the definitive Debt Securities. 
 If temporary
Debt Securities of any series are issued, the Company will cause definitive Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of such series, the temporary Debt Securities
of such series shall be exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt Securities of such series at the office or agency of the Company at a Place of Payment for such series, without charge to the
Holder thereof, except as provided in Section 2.7 in connection with a transfer. Upon surrender for cancellation of any one or more temporary Debt Securities of any series, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Debt Securities of the same series of authorized denominations and of like tenor. Until so exchanged, temporary Debt Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as definitive Debt Securities of such series. 
 Upon any exchange of a portion of a
temporary Global Security for a definitive Global Security or for the individual Debt Securities represented thereby pursuant to Section 2.7 or this Section 2.8, the temporary Global Security shall be endorsed by the Trustee to reflect the
reduction of the principal amount evidenced thereby, whereupon the principal amount of such temporary Global Security shall be reduced for all purposes by the amount to be exchanged and endorsed. 

Section 2.9 Mutilated, Destroyed, Lost or Stolen Debt Securities. If (a) any mutilated Debt Security is surrendered to the
Trustee at its corporate trust office or (b) the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security, and there is delivered to the Company and the Trustee such security or
indemnity as may be required by them to save each of them and any paying agent harmless, and neither the Company nor the Trustee receives notice that such Debt Security has been acquired by a bona fide purchaser, then the Company shall execute and,
upon a Company Order, the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Debt Security, a new Debt Security of the same series of like tenor, form, terms and principal amount,
bearing a number not contemporaneously Outstanding. Upon the issuance of any substituted Debt Security, the Company or the Trustee may require the payment of a sum sufficient to cover any tax, fee, assessment or other governmental charge that may be
imposed in 
  

 14 

 
relation thereto and any other expenses connected therewith. In case any Debt Security which has matured or is about to mature or which has been called for redemption shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substituted Debt Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment shall
furnish the Company and the Trustee with such security or indemnity as either may require to save it harmless from all risk, however remote, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of
the destruction, loss or theft of such Debt Security and of the ownership thereof. 
 Every substituted Debt Security of any
series issued pursuant to the provisions of this Section 2.9 by virtue of the fact that any Debt Security is destroyed, lost or stolen shall constitute an original additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Debt Security shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Debt Securities of that series duly issued hereunder. All Debt Securities shall
be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities, and shall preclude any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.10 Cancellation of Surrendered Debt Securities. All Debt Securities surrendered for payment, redemption, registration of
transfer or exchange shall, if surrendered to the Company or any paying agent or a Registrar, be delivered to the Trustee for cancellation by it, or if surrendered to the Trustee, shall be canceled by it, and no Debt Securities shall be issued in
lieu thereof except as expressly permitted by any of the provisions of this Indenture. All canceled Debt Securities held by the Trustee shall be destroyed (subject to the record retention requirements of the Exchange Act) and certification of their
destruction delivered to the Company, unless otherwise directed. On request of the Company, the Trustee shall deliver to the Company canceled Debt Securities held by the Trustee. If the Company shall acquire any of the Debt Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the Debt represented thereby unless and until the same are delivered or surrendered to the Trustee for cancellation. The Company may not issue new Debt Securities to replace Debt
Securities it has redeemed, paid or delivered to the Trustee for cancellation. 
 Section 2.11 Provisions of the Indenture
and Debt Securities for the Sole Benefit of the Parties and the Holders. Nothing in this Indenture or in the Debt Securities, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto, the Holders or
any Registrar or paying agent, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all its covenants, conditions and provisions being for the sole
benefit of the parties hereto, the Holders and any Registrar and paying agents. 
 Section 2.12 Payment of Interest; Interest
Rights Preserved. 
 (a) Interest on any Debt Security that is payable and is punctually paid or duly provided for on any
interest payment date shall be paid to the Person in whose name such Debt 
  

 15 

 
Security is registered at the close of business on the regular record date for such interest notwithstanding the cancellation of such Debt Security upon any transfer or exchange subsequent to the
regular record date. Payment of interest on Debt Securities shall be made at the corporate trust office of the Trustee (except as otherwise specified pursuant to Section 2.3), or at the option of the Company, by check mailed to the address of
the Person entitled thereto as such address shall appear in the Debt Security Register or, if provided pursuant to Section 2.3 and in accordance with arrangements satisfactory to the Trustee, at the option of the Holder by wire transfer to an
account designated by the Holder. 
 (b) Subject to the foregoing provisions of this Section 2.12 and Section 2.17,
each Debt Security of a particular series delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Debt Security of the same series shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Debt Security. 
 Section 2.13 Securities Denominated in Dollars. Except as
otherwise specified pursuant to Section 2.3 for Debt Securities of any series, payment of the principal of, and premium, if any, and interest on, Debt Securities of such series will be made in Dollars. 

Section 2.14 Wire Transfers. Notwithstanding any other provision to the contrary in this Indenture, the Company may make any
payment of moneys required to be deposited with the Trustee on account of principal of, or premium, if any, or interest on, the Debt Securities (whether pursuant to optional or mandatory redemption payments, interest payments or otherwise) by wire
transfer in immediately available funds to an account designated by the Trustee before 11:00 a.m., New York City time, on the date such moneys are to be paid to the Holders of the Debt Securities in accordance with the terms hereof. 

Section 2.15 Securities Issuable in the Form of a Global Security. 

(a) If the Company shall establish pursuant to Sections 2.1 and 2.3 that the Debt Securities of a particular series are to be issued in
whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee or its agent shall, in accordance with Section 2.5, authenticate and deliver, such Global Security or Securities, which shall
represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Debt Securities of such series to be represented by such Global Security or Securities, or such portion thereof as the Company shall specify
in an Officers’ Certificate, shall be registered in the name of the Depositary for such Global Security or Securities or its nominee, shall be delivered by the Trustee or its agent to the Depositary or pursuant to the Depositary’s
instruction and shall bear a legend substantially to the following effect: 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 

 

 16 

 
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO HEREIN.” 
 or such other legend as may then be required by the Depositary for such Global Security or Securities.

 (b) Notwithstanding any other provision of this Section 2.15 or of Section 2.7 to the contrary, and subject to the
provisions of paragraph (c) below, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for definitive Debt Securities in registered form, a Global Security may be transferred, in whole
but not in part and in the manner provided in Section 2.7, only by the Depositary to a nominee of the Depositary for such Global Security, or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the
Depositary or a nominee of the Depositary to a successor Depositary for such Global Security selected or approved by the Company, or to a nominee of such successor Depositary. 

(c) (i) If at any time the Depositary for a Global Security or Securities notifies the Company that it is unwilling or unable to continue
as Depositary for such Global Security or Securities or if at any time the Depositary for the Debt Securities for such series shall no longer be eligible or in good standing under the Exchange Act or other applicable statute, rule or regulation, the
Company shall appoint a successor Depositary with respect to such Global Security or Securities. If a successor Depositary for such Global Security or Securities is not appointed by the Company within 120 days after the Company receives such notice
or becomes aware of such ineligibility, the Company shall execute, and the Trustee or its agent, upon receipt of a Company Order for the authentication and delivery of such individual Debt Securities of such series in exchange for such Global
Security or Securities, will authenticate and deliver, individual Debt Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security or Securities in
exchange for such Global Security or Securities. 
 (ii) If an Event of Default occurs and the Depositary for a
Global Security or Securities notifies the Trustee of its decision to require that the Debt Securities of any series or portion thereof issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global
Security or Securities, the Company shall appoint a successor Depositary with respect to such Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery
of individual Debt Securities of such 
  

 17 

 
series in exchange in whole or in part for such Global Security or Securities, will authenticate and deliver individual Debt Securities of such series of like tenor and terms in definitive form
in an aggregate principal amount equal to the principal amount of such series or portion thereof in exchange for such Global Security or Securities. 

(iii) If specified by the Company pursuant to Sections 2.1 and 2.3 with respect to Debt Securities issued or issuable in
the form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Debt Securities of such series of like tenor and terms in definitive form on such terms as are
acceptable to the Company, the Trustee and such Depositary. Thereupon the Company shall execute, and the Trustee or its agent upon receipt of a Company Order for the authentication and delivery of definitive Debt Securities of such series shall
authenticate and deliver, without service charge, to each Person specified by such Depositary a new Debt Security or Securities of the same series of like tenor and terms and of any authorized denomination as requested by such Person in aggregate
principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and to such Depositary a new Global Security of like tenor and terms and in an authorized denomination equal to the difference, if any,
between the principal amount of the surrendered Global Security and the aggregate principal amount of Debt Securities delivered to Holders thereof. 

(iv) In any exchange provided for in any of the preceding three paragraphs, the Company will execute and the Trustee or
its agent will authenticate and deliver individual Debt Securities. Upon the exchange of the entire principal amount of a Global Security for individual Debt Securities, such Global Security shall be canceled by the Trustee or its agent. Except as
provided in the preceding paragraph, Debt Securities issued in exchange for a Global Security pursuant to this Section 2.15 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or the Registrar. The Trustee or the Registrar shall deliver such Debt Securities to the Persons in whose names such Debt Securities are so
registered. 
 (v) Payments in respect of the principal of and interest on any Debt Securities registered in the
name of the Depositary or its nominee will be payable to the Depositary or such nominee in its capacity as the registered owner of such Global Security. The Company, any Guarantors and the Trustee may treat the Person in whose name the Debt
Securities, including the Global Security, are registered as the owner thereof for the purpose of receiving such payments and for any and all other purposes whatsoever. None of the Company, any Guarantors, the Trustee, any Registrar, the paying
agent or any agent of the Company, any Guarantors or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of the beneficial ownership interests of the Global Security by the
Depositary or its nominee or any of the Depositary’s direct or indirect participants, or for maintaining, supervising or reviewing any records of the Depositary, its nominee or any of its direct or indirect participants relating to the
beneficial ownership interests of the Global Security, the payments to the beneficial owners of the Global Security of amounts paid to the Depositary or its nominee, or any other matter relating to the actions and practices of the

  

 18 

 
Depositary, its nominee or any of its direct or indirect participants. None of the Company, any Guarantors, the Trustee or any such agent will be liable for any delay by the Depositary, its
nominee, or any of its direct or indirect participants in identifying the beneficial owners of the Debt Securities, and the Company, any Guarantors and the Trustee may conclusively rely on, and will be protected in relying on, instructions from the
Depositary or its nominee for all purposes (including with respect to the registration and delivery, and the respective principal amounts, of the Debt Securities to be issued). 

Section 2.16 Medium Term Securities. Notwithstanding any contrary provision herein, if all Debt Securities of a series are not to
be originally issued at one time, it shall not be necessary for the Company to deliver to the Trustee an Officers’ Certificate, resolutions of the Members, supplemental Indenture, Opinion of Counsel or written order or any other document
otherwise required pursuant to Section 2.1, 2.3, 2.5 or 13.5 at or prior to the time of authentication of each Debt Security of such series if such documents are delivered to the Trustee or its agent at or prior to the authentication upon
original issuance of the first such Debt Security of such series to be issued; provided, that any subsequent request by the Company to the Trustee to authenticate Debt Securities of such series upon original issuance shall constitute a
representation and warranty by the Company that, as of the date of such request, the statements made in the Officers’ Certificate delivered pursuant to Section 2.5 or 13.5 shall be true and correct as if made on such date and that the
Opinion of Counsel delivered at or prior to such time of authentication of an original issuance of Debt Securities shall specifically state that it shall relate to all subsequent issuances of Debt Securities of such series that are identical to the
Debt Securities issued in the first issuance of Debt Securities of such series. 
 A Company Order delivered by the Company to
the Trustee in the circumstances set forth in the preceding paragraph, may provide that Debt Securities which are the subject thereof will be authenticated and delivered by the Trustee or its agent on original issue from time to time upon the
telephonic or written order of Persons designated in such written order (any such telephonic instructions to be promptly confirmed in writing by such Person) and that such Persons are authorized to determine, consistent with the Officers’
Certificate, supplemental Indenture or resolution of the Members relating to such written order, such terms and conditions of such Debt Securities as are specified in such Officers’ Certificate, supplemental Indenture or such resolution.

 Section 2.17 Defaulted Interest. Any interest on any Debt Security of a particular series which is payable, but is not
punctually paid or duly provided for, on the dates and in the manner provided in the Debt Securities of such series and in this Indenture (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the
relevant record date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

(i) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Debt Securities of
such series are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each such Debt Security of such series and the date of the proposed payment, and at the same time the 

 

 19 

 
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a
special record date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date
therefor to be mailed, first class postage pre-paid, to each Holder thereof at its address as it appears in the Debt Security Register, not less than 15 days prior to such special record date. Notice of the proposed payment of such Defaulted
Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Debt Securities of such series are registered at the close of business on such special record date.

 (ii) The Company may make payment of any Defaulted Interest on the Debt Securities of such series in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Debt Securities of such series may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Section
2.18 CUSIP Numbers. The Company in issuing the Debt Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the accuracy of such numbers either as printed on the Debt Securities or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Debt Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP”
numbers. 
 ARTICLE III 

REDEMPTION OF DEBT SECURITIES 

Section 3.1 Applicability of Article. The provisions of this Article shall be applicable to the Debt Securities of any series
which are redeemable before their Stated Maturity except as otherwise specified as contemplated by Section 2.3 for Debt Securities of such series. 

Section 3.2 Notice of Redemption; Selection of Debt Securities. In case the Company shall desire to exercise the right to redeem
all or, as the case may be, any part of the Debt Securities of any series in accordance with their terms, by resolution of the Members or a supplemental Indenture, the Company shall fix a date for redemption and shall give notice of such redemption
at least 30 and not more than 60 days prior to the date fixed for redemption to 
  

 20 

 
the Holders of Debt Securities of such series so to be redeemed as a whole or in part, in the manner provided in Section 13.3. The notice if given in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Debt Security of a series designated for redemption as a whole
or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security of such series. 

Each such notice of redemption shall specify (i) the date fixed for redemption, (ii) the redemption price at which Debt
Securities of such series are to be redeemed (or the method of calculating such redemption price), (iii) the Place or Places of Payment that payment will be made upon presentation and surrender of such Debt Securities, (iv) that any
interest accrued to the date fixed for redemption will be paid as specified in said notice, (v) that the redemption is for a sinking fund payment (if applicable), (vi) that, unless otherwise specified in such notice, if the Company
defaults in making such redemption payment, (vii) that on and after said date any interest thereon or on the portions thereof to be redeemed will cease to accrue, (viii) that in the case of Original Issue Discount Securities original issue
discount accrued after the date fixed for redemption will cease to accrue, (ix) the terms of the Debt Securities of that series pursuant to which the Debt Securities of that series are being redeemed and (x) that no representation is made
as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Debt Securities of that series. If less than all the Debt Securities of a series are to be redeemed the notice of redemption shall specify the
certificate numbers of any Debt Securities of that series to be redeemed that are not in global form. In case any Debt Security of a series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount
thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Debt Security, a new Debt Security or Debt Securities of that series in principal amount equal to the unredeemed portion thereof, will be
issued. 
 At least five days before the giving of any notice of redemption, unless the Trustee consents to a shorter period,
the Company shall give written notice to the Trustee of the Redemption Date, the principal amount of Debt Securities to be redeemed and the series and terms of the Debt Securities pursuant to which such redemption will occur. Such notice shall be
accompanied by an Officers’ Certificate and an Opinion of Counsel from the Company to the effect that such redemption will comply with the conditions herein, and such notice may be revoked at any time prior to the giving of a notice of
redemption to the Holders pursuant to this Section 3.2. If fewer than all the Debt Securities of a series are to be redeemed, the record date relating to such redemption shall be selected by the Company and given in writing to the Trustee,
which record date shall be not less than three days after the date of notice to the Trustee. 
 By 11 a.m., New York City time,
on the Redemption Date for any Debt Securities, the Company shall deposit with the Trustee or with a paying agent (or, if the Company is acting as its own paying agent, segregate and hold in trust) an amount of money in Dollars (except as provided
pursuant to Section 2.3) sufficient to pay the redemption price of such Debt Securities or any portions thereof that are to be redeemed on that date, together with any interest accrued to the Redemption Date. 

If less than all the Debt Securities of like tenor and terms of a series are to be redeemed (other than pursuant to mandatory sinking
fund redemptions), the Trustee shall select, on a pro 
  

 21 

 
rata basis, by lot or by such other method as in its sole discretion it shall deem appropriate and fair, the Debt Securities of that series or portions thereof (in multiples of $1,000) to be
redeemed. In any case where more than one Debt Security of such series is registered in the same name, the Trustee in its discretion may treat the aggregate principal amount so registered as if it were represented by one Debt Security of such
series. The Trustee shall promptly notify the Company in writing of the Debt Securities selected for redemption and, in the case of any Debt Securities selected for partial redemption, the principal amount thereof to be redeemed. If any Debt
Security called for redemption shall not be so paid upon surrender thereof on such Redemption Date, the principal, premium, if any, and interest shall bear interest until paid from the Redemption Date at the rate borne by the Debt Securities of that
series. If less than all the Debt Securities of unlike tenor and terms of a series are to be redeemed, the particular Debt Securities to be redeemed shall be selected by the Company. Provisions of this Indenture that apply to Debt Securities called
for redemption also apply to portions of Debt Securities called for redemption. 
 Section 3.3 Payment of Debt Securities
Called for Redemption. If notice of redemption has been given as provided in Section 3.2, the Debt Securities or portions of Debt Securities of the series with respect to which such notice has been given shall become due and payable on the
date and at the Place or Places of Payment stated in such notice at the applicable redemption price, together with any interest accrued to the date fixed for redemption, and on and after said date (unless the Company shall default in the payment of
such Debt Securities at the applicable redemption price, together with any interest accrued to said date) any interest on the Debt Securities or portions of Debt Securities of any series so called for redemption shall cease to accrue, and any
original issue discount in the case of Original Issue Discount Securities shall cease to accrue. On presentation and surrender of such Debt Securities at the Place or Places of Payment in said notice specified, the said Debt Securities or the
specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with any interest accrued thereon to the date fixed for redemption. 

Any Debt Security that is to be redeemed only in part shall be surrendered at the Place of Payment with, if the Company, the Registrar or
the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing, and the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder of such Debt Security without service charge, a new Debt Security or Debt Securities of the same series, of like tenor and form, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Debt Security so surrendered; except that if a Global Security is so surrendered, the Company shall execute, and the Trustee
shall authenticate and deliver to the Depositary for such Global Security, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In
the case of a Debt Security providing appropriate space for such notation, at the option of the Holder thereof, the Trustee, in lieu of delivering a new Debt Security or Debt Securities as aforesaid, may make a notation on such Debt Security of the
payment of the redeemed portion thereof. 
  

 22 

 Section 3.4 Mandatory and Optional Sinking Funds. The minimum amount of any sinking
fund payment provided for by the terms of Debt Securities of any series, resolution of the Members or a supplemental Indenture is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount
provided for by the terms of Debt Securities of any series, resolution of the Members or a supplemental Indenture is herein referred to as an “optional sinking fund payment.” 

In lieu of making all or any part of any mandatory sinking fund payment with respect to any Debt Securities of a series in cash, the
Company may at its option (a) deliver to the Trustee Debt Securities of that series theretofore purchased or otherwise acquired by the Company or (b) receive credit for the principal amount of Debt Securities of that series which have been
redeemed either at the election of the Company pursuant to the terms of such Debt Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Debt Securities, resolution or supplemental Indenture;
provided, that such Debt Securities have not been previously so credited. Such Debt Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Debt Securities, resolution or supplemental
Indenture for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 

Section 3.5 Redemption of Debt Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any
series of Debt Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, any resolution or supplemental
Indenture, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Debt Securities of that series pursuant to Section 3.4 (which Debt
Securities, if not previously redeemed, will accompany such certificate) and whether the Company intends to exercise its right to make any permitted optional sinking fund payment with respect to such series. Such certificate shall also state that no
Event of Default has occurred and is continuing with respect to such series. Such certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, by 11 a.m., New
York City time, on the next succeeding sinking fund payment date. Failure of the Company to deliver such certificate (or to deliver the Debt Securities specified in this paragraph) shall not constitute a Default, but such failure shall require that
the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of such Debt Securities subject to a mandatory sinking fund payment
without the option to deliver or credit Debt Securities as provided in Section 3.4 and without the right to make any optional sinking fund payment, if any, with respect to such series. 

Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of any preceding sinking fund payments
made in cash which shall equal or exceed $100,000 (or a lesser sum if the Company shall so request) with respect to the Debt Securities of any particular series shall be applied by the Trustee on the sinking fund payment date on which such payment
is made (or, if such payment is made before a sinking fund payment date, on the sinking fund payment date following the date of such payment) to the redemption of such Debt Securities at the redemption price specified in such Debt Securities,
resolution or supplemental Indenture for operation of the sinking fund together with any accrued interest to the 
  

 23 

 
date fixed for redemption. Any sinking fund moneys not so applied or allocated by the Trustee to the redemption of Debt Securities shall be added to the next cash sinking fund payment received by
the Trustee for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 3.5. Any and all sinking fund moneys with respect to the Debt Securities of any particular series held by the
Trustee on the last sinking fund payment date with respect to Debt Securities of such series and not held for the payment or redemption of particular Debt Securities shall be applied by the Trustee, together with other moneys, if necessary, to be
deposited sufficient for the purpose, to the payment of the principal of the Debt Securities of that series at its Stated Maturity. 

The Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment date in the manner specified in the last
paragraph of Section 3.2 and the Company shall cause notice of the redemption thereof to be given in the manner provided in Section 3.2 except that the notice of redemption shall also state that the Debt Securities are being redeemed by
operation of the sinking fund. Such notice having been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Section 3.3. 

The Trustee shall not redeem any Debt Securities of a series with sinking fund moneys or mail any notice of redemption of such Debt
Securities by operation of the sinking fund for such series during the continuance of a Default in payment of interest on such Debt Securities or of any Event of Default (other than an Event of Default occurring as a consequence of this paragraph)
with respect to such Debt Securities, except that if the notice of redemption of any such Debt Securities shall theretofore have been mailed in accordance with the provisions hereof, the Trustee shall redeem such Debt Securities if cash sufficient
for that purpose shall be deposited with the Trustee for that purpose in accordance with the terms of this Article III. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such Default or Event of Default shall
occur and any moneys thereafter paid into such sinking fund shall, during the continuance of such Default or Event of Default, be held as security for the payment of such Debt Securities; provided, however, that in case such Default or Event of
Default shall have been cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for such Debt Securities on which such moneys may be applied pursuant to the provisions of this
Section 3.5. 
 ARTICLE IV 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.1 Payment of Principal of, and Premium, If Any, and Interest on, Debt Securities. The Company, for the benefit of each
series of Debt Securities, will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest on, each of the Debt Securities at the place, at the respective times and in the manner provided herein or in the Debt
Securities. Each installment of interest on any Debt Securities not in global form may at the Company’s option be paid by mailing checks for such interest payable to the Person entitled thereto pursuant to Section 2.7(a) to the address of
such Person as it appears on the Debt Security Register. 
  

 24 

 Principal of and premium and interest on Debt Securities of any series shall be considered
paid on the date due if, by 11 a.m., New York City time, on such date the Trustee or any paying agent holds in accordance with this Indenture money sufficient to pay all principal, premium and interest then due. 

The Company shall pay interest on overdue principal or premium, if any, at the rate specified therefor in the Debt Securities, and it
shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 Section 4.2 Maintenance of
Offices or Agencies for Registration of Transfer, Exchange and Payment of Debt Securities. The Company will maintain in each Place of Payment for any series of Debt Securities an office or agency where Debt Securities of such series may be
presented or surrendered for payment, and it shall also maintain (in or outside such Place of Payment) an office or agency where Debt Securities of such series may be surrendered for transfer or exchange and where notices and demands to or upon the
Company in respect of the Debt Securities of such series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the office of the Trustee where its
corporate trust business is principally administered in the United States, and the Company hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands. 

The Company may also from time to time designate different or additional offices or agencies to be maintained for such purposes (in or
outside of such Place of Payment), and may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations described in the preceding paragraph. The
Company will give prompt written notice to the Trustee of any such additional designation or rescission of designation and any change in the location of any such different or additional office or agency. 

Section 4.3 Appointment to Fill a Vacancy in the Office of Trustee. The Company, whenever necessary to avoid or fill a vacancy in
the office of Trustee, will appoint, in the manner provided in Section 7.8, a Trustee, so that there shall at all times be a Trustee hereunder with respect to each series of Debt Securities. 

Section 4.4 Duties of Paying Agents, etc. 

(a) The Company shall cause each paying agent, if any, other than the Trustee, to execute and deliver to the Trustee an instrument in
which such agent shall agree with the Trustee, subject to the provisions of this Section 4.4, 
 (i) that it
will hold all sums held by it as such agent for the payment of the principal of, and premium, if any, or interest on, the Debt Securities of any series (whether such sums have been paid to it by the Company or by any other obligor on the Debt
Securities of such series) in trust for the benefit of the Holders of the Debt Securities of such series; 
  

 25 

 (ii) that it will give the Trustee notice of any failure by the Company (or
by any other obligor on the Debt Securities of such series) to make any payment of the principal of, and premium, if any, or interest on, the Debt Securities of such series when the same shall be due and payable; and 

(iii) that it will at any time during the continuance of an Event of Default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held by it as such agent. 
 (b) If the Company shall act as its own paying agent, it
will, on or before each due date of the principal of, and premium, if any, or interest on, the Debt Securities of any series, set aside, segregate and hold in trust for the benefit of the Holders of the Debt Securities of such series a sum
sufficient to pay such principal, premium, if any, or interest so becoming due. The Company will promptly notify the Trustee of any failure by the Company to take such action or the failure by any other obligor on such Debt Securities to make any
payment of the principal of, and premium, if any, or interest on, such Debt Securities when the same shall be due and payable. 

(c) Anything in this Section 4.4 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it or any paying agent, as required by this Section 4.4, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such paying agent. 
 (d) Whenever the Company shall have one
or more paying agents with respect to any series of Debt Securities, it will, prior to each due date of the principal of, and premium, if any, or interest on, any Debt Securities of such series, deposit with any such paying agent a sum sufficient to
pay the principal, premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless any such paying agent is the Trustee) the Company will promptly notify the Trustee of its action or
failure so to act. 
 (e) Anything in this Section 4.4 to the contrary notwithstanding, the agreement to hold sums in trust
as provided in this Section 4.4 is subject to the provisions of Section 11.5. 
 Section 4.5 SEC Reports.

 The Company shall file with the Trustee, within 15 days after the Company or any Guarantor is required to file the same with
the SEC, copies of the annual reports and of the information, documents, and other reports that the Company or such Guarantor is required to file with the SEC pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s and any Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

 

 26 

 Section 4.6 Compliance Certificate. The Company shall, so long as any of the Debt
Securities are Outstanding, deliver to the Trustee, on or before January 31 in each year, a brief certificate from the principal executive, financial or accounting officer of the Company as to his or her knowledge of the Company’s
compliance with all conditions and covenants under the Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under the Indenture). 

Section 4.7 Further Instruments and Acts. The Company will, upon request of the Trustee, execute and deliver such further
instruments and do such further acts as may reasonably be necessary or proper to carry out more effectually the purposes of this Indenture. 

Section 4.8 Waiver of Certain Covenants. The Company and the Guarantors may, with respect to the Debt Securities of any series,
omit in any particular instance to comply with any covenant made applicable to such Debt Securities pursuant to Section 2.3, if, before or after the time for such compliance, the Holders of at least a majority in principal amount of the
Outstanding Debt Securities of each series affected, waive such compliance in such instance with such covenant, but no such waiver shall extend to or affect such covenant except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the Guarantors and the duties of the Trustee in respect of any such covenant shall remain in full force and effect. 

ARTICLE V 

HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE 

Section 5.1 Company to Furnish Trustee Information as to Names and Addresses of Holders; Preservation of Information. The Company
covenants and agrees that it will furnish or cause to be furnished to the Trustee with respect to the Debt Securities of each series: 

(a) not more than 10 days after each record date with respect to the payment of interest, if any, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such record date, and 
 (b) at such other times as the
Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and contents as of a date not more than 15 days prior to the time such list is furnished; 

provided, however, that so long as the Trustee shall be the Registrar, such lists shall not be required to be furnished. 

The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
Holders (i) contained in the most recent list furnished to it as provided in this Section 5.1 or (ii) received by it in the capacity of paying agent or Registrar (if so acting) hereunder. 

The Trustee may destroy any list furnished to it as provided in this Section 5.1 upon receipt of a new list so furnished.

  

 27 

 Section 5.2 Communications to Holders. Holders may communicate pursuant
to Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture or the Debt Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the TIA. 

Section 5.3 Reports by Trustee. Within 60 days after each January 31, beginning with the first January 31 following the date of
this Indenture, and in any event on or before April 1 in each year, the Trustee shall mail to Holders a brief report dated as of such January 31 that complies with TIA Section 313(a); provided, however, that if no event described in TIA Section
313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted. The Trustee also shall comply with TIA Section 313(b). 

Reports pursuant to this Section 5.3 shall be transmitted by mail: 

(a) to all Holders, as the names and addresses of such Holders appear in the Debt Security Register; and 

(b) except in the cases of reports under Section 313(b)(2) of the TIA, to each Holder of a Debt Security of any series whose name and
address appear in the information preserved at the time by the Trustee in accordance with Section 5.1. 
 A copy of each report
at the time of its mailing to Holders shall be filed with the Securities and Exchange Commission and each stock exchange (if any) on which the Debt Securities of any series are listed. The Company agrees to notify promptly the Trustee whenever the
Debt Securities of any series become listed on any stock exchange and of any delisting thereof. 
 Section 5.4 Record Dates
for Action by Holders. If the Company shall solicit from the Holders of Debt Securities of any series any action (including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other
action), the Company may, at its option, by resolution of the Members, fix in advance a record date for the determination of Holders of Debt Securities entitled to take such action, but the Company shall have no obligation to do so. Any such record
date shall be fixed at the Company’s discretion. If such a record date is fixed, such action may be sought or given before or after the record date, but only the Holders of Debt Securities of record at the close of business on such record date
shall be deemed to be Holders of Debt Securities for the purpose of determining whether Holders of the requisite proportion of Debt Securities of such series Outstanding have authorized or agreed or consented to such action, and for that purpose the
Debt Securities of such series Outstanding shall be computed as of such record date. 
 ARTICLE VI 

REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT 

Section 6.1 Events of Default. “Event of Default” with respect to the Debt Securities of any series means each one of
the following events which shall have occurred and be continuing: 
 (a) default in the payment of any installment of interest
upon any Debt Securities of that series as and when the same shall become due and payable, and continuance of such default for a period of 30 days; or 
  

 28 

 (b) default in the payment of the principal of or premium, if any, on any Debt Securities of
that series as and when the same shall become due and payable, whether at Stated Maturity, upon redemption, by declaration, upon required repurchase or otherwise; or 

(c) default in the payment of any sinking fund payment with respect to any Debt Securities of that series as and when the same shall
become due and payable; or 
 (d) failure on the part of the Company or, if any series of Debt Securities Outstanding under this
Indenture is entitled to the benefits of a Guarantee by a Guarantor, any of the Guarantors, duly to observe or perform any other of the covenants or agreements on the part of the Company, or if applicable, any of the Guarantors, in the Debt
Securities of that series, in any resolution of the Members authorizing the issuance of that series of Debt Securities, in this Indenture with respect to such series or in any supplemental Indenture with respect to such series (other than a covenant
a default in the performance of which is elsewhere in this Section specifically dealt with), continuing for a period of 60 days (or 180 days in the case of a Reporting Failure) after the date on which written notice specifying such failure and
requiring the Company, or if applicable, the Guarantors, to remedy the same and stating that such notice is a “Notice of Default” hereunder shall have been given to the Company and if applicable, the Guarantors, by the Trustee or to the
Company and, if applicable, the Guarantors, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Debt Securities of that series at the time Outstanding; or 

(e) the Company or, if any series of Debt Securities Outstanding under this Indenture is entitled to the benefits of the Guarantee by a
Guarantor, any of the Guarantors, pursuant to or within the meaning of any Bankruptcy Law, 
 (i) commences a
voluntary case, 
 (ii) consents to the entry of an order for relief against it in an involuntary case,

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

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

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

(i) is for relief against the Company or, if any series of Debt Securities Outstanding under this Indenture is entitled to
the benefits of the Guarantee by a Guarantor, any of the Guarantors, as debtor in an involuntary case, 
  

 29 

 (ii) appoints a Custodian of the Company or, if any series of Debt
Securities Outstanding under this Indenture is entitled to the benefits of the Guarantee by a Guarantor, any of the Guarantors, or a Custodian for all or substantially all of the property of the Company, or if applicable, any of the Guarantors, or

 (iii) orders the liquidation of the Company or, if any series of Debt Securities Outstanding under this
Indenture is entitled to the benefits of the Guarantee by a Guarantor, any of the Guarantors, 
 and the order or decree remains unstayed and in
effect for 60 days; or 
 (g) if any series of Debt Securities Outstanding under this Indenture is entitled to the benefits of
the Guarantee by a Guarantor, the Guarantee of any of the Guarantors ceases to be in full force and effect with respect to Debt Securities of that series (except as otherwise provided in this Indenture) or is declared null and void in a judicial
proceeding or any of the Guarantors denies or disaffirms its obligations under this Indenture or such Guarantee; or 
 (h) any
other Event of Default provided with respect to Debt Securities of that series; 
 (i) provided, however, that the
occurrence of any of the events described in the foregoing clause (d) shall not constitute an Event of Default if such occurrence is the result of changes in generally accepted accounting principles as recognized by the American Institute of
Certified Public Accountants at the date as of which this Indenture is executed and a certificate to such effect is delivered to the Trustee by the Company’s independent public accountants. 

(j) If an Event of Default described in clause (a), (b), (c), (d), (g), or (h) with respect to Debt Securities of that series at the
time Outstanding occurs with respect to the Company or any Guarantor and is continuing, unless the principal of, premium, if any, and accrued and unpaid interest on all the Debt Securities of that series shall have already become due and payable,
either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Debt Securities of that series then Outstanding hereunder, by notice in writing to the Company and the Guarantor (and to the Trustee if given by Holders),
may declare the principal of (or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms of that series), premium, if any, and interest on all the Debt
Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Debt Securities of that series contained to the contrary
notwithstanding. If an Event of Default described in clause (e) or (f) occurs with respect to the Company, then and in each and every such case, unless the principal of and accrued and unpaid interest on all the Debt Securities shall have
become due and payable, the principal of (or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms thereof), premium, if any, and interest on all the
Debt Securities then Outstanding hereunder shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders, anything in this Indenture or in the Debt Securities
contained to the contrary notwithstanding. 
  

 30 

 The Holders of a majority in aggregate principal amount of the Debt Securities of a
particular series by written notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction already rendered and if all existing Events of
Default with respect to that series have been cured or waived except nonpayment of principal, premium, if any, or interest that has become due solely because of acceleration. Upon any such rescission, the parties hereto shall be restored
respectively to their several positions and rights hereunder, and all rights, remedies and powers of the parties hereto shall continue as though no such proceeding had been taken. 

Section 6.2 Collection of Debt by Trustee, etc. If an Event of Default occurs and is continuing, the Trustee, in its own name and
as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid or enforce the performance of any provision of the Debt Securities of the
affected series or this Indenture, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against any of the Guarantors or the Company or any other obligor upon the Debt
Securities of such series (and collect in the manner provided by law out of the property of any of the Guarantors or the Company or any other obligor upon the Debt Securities of such series wherever situated the moneys adjudged or decreed to be
payable). 
 In case there shall be pending proceedings for the bankruptcy or for the reorganization of any of the Guarantors or
the Company or any other obligor upon the Debt Securities of any series under any Bankruptcy Law, or in case a Custodian shall have been appointed for its property, or in case of any other similar judicial proceedings relative to any of the
Guarantors or the Company or any other obligor upon the Debt Securities of any series, its creditors or its property, the Trustee, irrespective of whether the principal of Debt Securities of any series shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.2, shall be entitled and empowered, by intervention in such proceedings or otherwise, to
file and prove a claim or claims for the whole amount of principal, premium, if any, and interest (or, if the Debt Securities of such series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the
terms of such series) owing and unpaid in respect of the Debt Securities of such series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation to the Trustee, its agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or bad faith) and of the Holders thereof
allowed in any such judicial proceedings relative to any of the Guarantors or the Company, or any other obligor upon the Debt Securities of such series, its creditors or its property, and to collect and receive any moneys or other property payable
or deliverable on any such claims, and to distribute all amounts received with respect to the claims of such Holders and of the Trustee on their behalf, and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by
each of such Holders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Holders, to pay to the Trustee such amount as shall be sufficient to cover reasonable compensation to
the Trustee, its agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or bad faith. 

 

 31 

 All rights of action and of asserting claims under this Indenture, or under any of the Debt
Securities of any series, may be enforced by the Trustee without the possession of any such Debt Securities, or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment (except for any amounts payable to the Trustee pursuant to Section 7.6) shall be for the ratable benefit of the Holders of all the Debt Securities in
respect of which such action was taken. 
 In case of an Event of Default hereunder the Trustee may in its discretion proceed to
protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law. 
 Section 6.3 Application of Moneys Collected by Trustee. Any moneys or other property collected by the
Trustee pursuant to Section 6.2 with respect to Debt Securities of any series shall be applied, in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys or other property, upon presentation of the
several Debt Securities of such series in respect of which moneys or other property have been collected, and the notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid: 

FIRST: To the payment of all money due the Trustee pursuant to Section 7.6; 

SECOND: In case the principal of the Outstanding Debt Securities in respect of which such moneys have been collected shall not have
become due, to the payment of interest on the Debt Securities of such series in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue
installments of interest at the rate or Yield to Maturity (in the case of Original Issue Discount Debt Securities) borne by the Debt Securities of such series, such payments to be made ratably to the Persons entitled thereto, without discrimination
or preference; 
 THIRD: In case the principal of the Outstanding Debt Securities in respect of which such moneys have been
collected shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the Debt Securities of such series for principal and premium, if any, and interest, with interest on the overdue principal
and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate or Yield to Maturity (in the case of Original Issue Discount Debt Securities) borne by the Debt
Securities of such series; and, in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Debt Securities of such series, then to the payment of such principal and premium, if any, and interest, without
preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Debt Security of such series over any Debt
Security of such series, ratably to the aggregate of such principal and premium, if any, and interest; and 
  

 32 

 FOURTH: The remainder, if any, shall be paid to the Guarantors or the Company, as
applicable, its successors or assigns, or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.3. At least 15 days before
such record date, the Company shall mail to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

Section 6.4 Limitation on Suits by Holders. No Holder of any Debt Security of any series shall have any right by virtue or by
availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise, upon or under or with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of an Event of Default with respect to Debt Securities of that same series and of the continuance thereof and unless the Holders of not less than 25% in
aggregate principal amount of the Outstanding Debt Securities of that series shall have made written request upon the Trustee to institute such action or proceedings in respect of such Event of Default in its own name as Trustee hereunder and shall
have offered to the Trustee such reasonable indemnity or security as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity or security shall have failed to institute any such action or proceedings and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.6; it being understood and intended, and
being expressly covenanted by the Holder of every Debt Security with every other Holder and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect,
disturb or prejudice the rights of any Holders, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all such Holders. For the protection and enforcement of the provisions of this Section 6.4, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision in this Indenture, however, the right of any Holder of any Debt Security to receive payment of the
principal of, and premium, if any, and (subject to Section 2.12) interest on, such Debt Security, on or after the respective due dates expressed in such Debt Security, and to institute suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.5 Remedies
Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of Default. All powers and remedies given by this Article VI to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any
thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission
of the Trustee or of any Holder 
  

 33 

 
to exercise any right or power accruing upon any Default occurring and continuing as aforesaid, shall impair any such right or power, or shall be construed to be a waiver of any such Default or
an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given by this Article VI or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Holders. 
 Section 6.6 Rights of Holders of Majority in Principal Amount of Debt Securities to Direct
Trustee and to Waive Default. The Holders of not less than a majority in aggregate principal amount of the Debt Securities of any series at the time Outstanding shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or of exercising any right, trust or power conferred on the Trustee, with respect to the Debt Securities of such series; provided, however, that such direction shall not be otherwise than in
accordance with law and the provisions of this Indenture, and that subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee being advised by counsel shall determine that
the action so directed may not lawfully be taken or is inconsistent with any provision of this Indenture, or if the Trustee shall by a responsible officer or officers determine that the action so directed would involve it in personal liability or
would be unduly prejudicial to Holders of Debt Securities of such series not taking part in such direction; and provided, further, however, that nothing in this Indenture contained shall impair the right of the Trustee to take any action deemed
proper by the Trustee and which is not inconsistent with such direction by such Holders. The Holders of not less than a majority in aggregate principal amount of the Debt Securities of any series at the time Outstanding may on behalf of the Holders
of all the Debt Securities of that series waive any past Default or Event of Default and its consequences for that series, except a Default or Event of Default in the payment of the principal of, and premium, if any, or interest on, any of the Debt
Securities and a Default or Event of Default in respect of a provision that under Section 9.2 cannot be amended without the consent of each Holder affected thereby. In case of any such waiver, such Default shall cease to exist, any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, and the Guarantors, the Company, the Trustee and the Holders of the Debt Securities of that series shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 6.7 Trustee to Give Notice of Events of Defaults Known to It, but May Withhold Such Notice in Certain Circumstances. The
Trustee shall, within 90 days after the occurrence of an Event of Default, or if later, within 30 days after the Trustee obtains actual knowledge of the Event of Default, with respect to a series of Debt Securities give to the Holders thereof, in
the manner provided in Section 13.3, notice of all Events of Default with respect to such series known to the Trustee, unless such Events of Default shall have been cured or waived before the giving of such notice; provided, that, except in the
case of an Event of Default in the payment of the principal of, or premium, if any, or interest on, any of the Debt Securities of such series or in the making of any sinking fund payment with respect to the Debt Securities of such series, the
Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a committee of directors or responsible officers of the Trustee in good faith determines that the withholding of such notice
is in the interests of the Holders thereof. 
  

 34 

 Section 6.8 Requirement of an Undertaking to Pay Costs in Certain Suits under the
Indenture or Against the Trustee. All parties to this Indenture agree, and each Holder of any Debt Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit in the manner and to the
extent provided in the TIA, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 6.8 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 25
percent in principal amount of the Outstanding Debt Securities of that series or to any suit instituted by any Holder for the enforcement of the payment of the principal of, or premium, if any, or interest on, any Debt Security on or after the due
date for such payment expressed in such Debt Security. 
 ARTICLE VII 

CONCERNING THE TRUSTEE 

Section 7.1 Certain Duties and Responsibilities. The Trustee, prior to the occurrence of an Event of Default and after the curing
or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived), the
Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, its own bad faith or its own willful misconduct, except that: 
 (a) this paragraph shall not be
construed to limit the effect of the first paragraph of this Section 7.1; 
 (b) prior to the occurrence of an Event of
Default with respect to the Debt Securities of a series and after the curing or waiving of all Events of Default with respect to such series which may have occurred: 

(i) the duties and obligations of the Trustee with respect to Debt Securities of any series shall be determined solely by
the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations with respect to such series as are specifically set forth in this Indenture, and no implied covenants or
obligations with respect to such series shall be read into this Indenture against the Trustee; 
 (ii) in the
absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions 

 

 35 

 
expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by
any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; but the Trustee shall examine the
evidence furnished to it pursuant to Sections 4.5 and 4.6 to determine whether or not such evidence conforms to the requirement of this Indenture; 

(iii) the Trustee shall not be liable for an error of judgment made in good faith by a responsible officer, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iv) the Trustee shall
not be liable with respect to any action taken or omitted to be taken by it with respect to Debt Securities of any series in good faith in accordance with the direction of the Holders of not less than a majority in aggregate principal amount of the
Outstanding Debt Securities of that series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to
Debt Securities of such series. 
 None of the provisions of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any personal financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. 
 Whether or not therein expressly so
provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

Section 7.2 Certain Rights of Trustee. Except as otherwise provided in Section 7.1: 

(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper
party or parties; 
 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced
by a Company Order (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Members may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 (c) the Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 
  

 36 

 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested
in it by this Indenture at the request, order or direction of any of the Holders of Debt Securities of any series pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which may be incurred therein or thereby; 
 (e) the Trustee shall not be liable for
any action taken or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(f) prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval or other paper or document, unless requested
in writing to do so by the Holders of a majority in aggregate principal amount of the then Outstanding Debt Securities of a series affected by such matter; provided, however, that if the payment within a reasonable time to the Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such investigation is not, in the opinion of the Trustee, reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding, and the reasonable expense of every such investigation shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon
demand; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or
by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed by it with due care hereunder; and 

(h) if any property other than cash shall at any time be subject to a Lien in favor of the Holders, the Trustee, if and to the extent
authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property to such Lien, shall be entitled to make advances for the purpose of preserving such property or of discharging tax
Liens or other prior Liens or encumbrances thereon. 
 Section 7.3 Trustee Not Liable for Recitals in Indenture or in Debt
Securities. The recitals contained herein and in the Debt Securities (except the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debt Securities of any series, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate
the Debt Securities and perform its obligations hereunder, and that the statements made by it or to be made by it in a Statement of Eligibility and Qualification on Form T-1 supplied to the Company are true and accurate. The Trustee shall not be
accountable for the use or application by the Company of any of the Debt Securities or of the proceeds thereof. 
  

 37 

 Section 7.4 Trustee, Paying Agent or Registrar May Own Debt Securities. The Trustee
or any paying agent or Registrar, in its individual or any other capacity, may become the owner or pledgee of Debt Securities and subject to the provisions of the TIA relating to conflicts of interest and preferential claims may otherwise deal with
the Company with the same rights it would have if it were not Trustee, paying agent or Registrar. 
 Section 7.5 Moneys
Received by Trustee to Be Held in Trust. Subject to the provisions of Section 11.5, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need
not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder. So long as no Event of Default shall have occurred and be continuing, all interest
allowed on any such moneys shall be paid from time to time to the Company upon a Company Order. 
 Section 7.6 Compensation
and Reimbursement. The Company covenants and agrees to pay in Dollars to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust), and, except as otherwise expressly provided herein, the Company will pay or reimburse in Dollars the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents, attorneys and counsel and of all Persons
not regularly in its employ), including without limitation, Section 6.2, except any such expense, disbursement or advances as may arise from its negligence, willful misconduct or bad faith. The Company also covenants to indemnify in Dollars the
Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on the part of the Trustee, arising out of or in connection with the acceptance or administration of this trust
or trusts hereunder, including the reasonable costs and expenses of defending itself against any claim of liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligations of the Company under this
Section 7.6 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional Debt hereunder and shall survive the satisfaction and discharge of this Indenture. The
Company and the Holders agree that such additional Debt shall be secured by a Lien prior to that of the Debt Securities upon all property and funds held or collected by the Trustee, as such, except funds held in trust for the payment of principal
of, and premium, if any, or interest on, particular Debt Securities. 
 When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.1(e) or (f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.7 Right of Trustee to Rely on an Officers’ Certificate Where No Other Evidence Specifically Prescribed. Except as
otherwise provided in Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable 

 

 38 

 
that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may,
in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on
the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof. 

Section 7.8 Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or
more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by giving notice to the Company. The Holders of a majority in principal amount of the Debt Securities of a particular
series may remove the Trustee for such series and only such series by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 

 

	 	(a)	 	the Trustee fails to comply with Section 7.10; 

  

	 	(b)	 	the Trustee is adjudged bankrupt or insolvent; 

  

	 	(c)	 	a Custodian takes charge of the Trustee or its property; or 

  

	 	(d)	 	the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and
such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee. No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of this
Section 7.8. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to
the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice
of its succession to Holders of Debt Securities of each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.6. 

If a successor Trustee does not take office within 60 days after the retiring Trustee gives notice of resignation or is removed, the
retiring Trustee or the Holders of 25% in principal amount of the Debt Securities of any applicable series may petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series.

 If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of any applicable series may petition
any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. 
  

 39 

 Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the
Company’s obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. 
 In the case of the
appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series
shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the
Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such
separate, retiring or successor Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. 

Section 7.9 Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee. 

In case at the time such successor or successors to the Trustee by merger, conversion, consolidation or transfer shall succeed to the
trusts created by this Indenture any of the Debt Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Debt Securities
so authenticated; and in case at that time any of the Debt Securities shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the Trustee shall have. 

Section 7.10 Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the
TIA. The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. No obligor upon the Debt Securities of a particular series or Person directly or indirectly
controlling, controlled by or under common control with such obligor shall serve as Trustee for the Debt Securities of such series. The Trustee shall comply with Section 310(b) of the TIA; provided, however, that there shall be excluded from
the operation of Section 310(b)(1) of the TIA this Indenture or any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for
such exclusion set forth in Section 310(b)(1) of the TIA are met. 
 Section 7.11 Preferential Collection of Claims
Against Company. The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of
the TIA to the extent indicated therein. 
  

 40 

 Section 7.12 Compliance with Tax Laws. The Trustee hereby agrees to comply with all
U.S. Federal income tax information reporting and withholding requirements applicable to it with respect to payments of premium (if any) and interest on the Debt Securities, whether acting as Trustee, Registrar, paying agent or otherwise with
respect to the Debt Securities. 
 ARTICLE VIII 

CONCERNING THE HOLDERS 

Section 8.1 Evidence of Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage in
aggregate principal amount of the Debt Securities of any or all series may take action (including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the
time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in Person or by agent or proxy appointed in
writing, (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Section 5.2, (c) by a combination of such instrument or instruments and any such
record of such a meeting of Holders or (d) in the case of Debt Securities evidenced by a Global Security, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s applicable
procedures. 
 Section 8.2 Proof of Execution of Instruments and of Holding of Debt Securities. Subject to the provisions
of Sections 7.1, 7.2 and 13.9, proof of the execution of any instrument by a Holder or his agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as
shall be satisfactory to the Trustee. The ownership of Debt Securities of any series shall be proved by the Debt Security Register or by a certificate of the Registrar for such series. The Trustee may require such additional proof of any matter
referred to in this Section 8.2 as it shall deem necessary. 
 Section 8.3 Who May Be Deemed Owner of Debt
Securities. Prior to due presentment for registration of transfer of any Debt Security, the Company, the Guarantors, the Trustee, any paying agent and any Registrar may deem and treat the Person in whose name any Debt Security shall be
registered upon the books of the Company as the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of
or on account of the principal of and premium, if any, and (subject to Section 2.12) interest on such Debt Security and for all other purposes, and none of the Company, the Guarantors or the Trustee nor any paying agent nor any Registrar shall
be affected by any notice to the contrary; and all such payments so made to any such Holder for the time being, or upon his order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for
moneys payable upon any such Debt Security. 
 None of the Company, the Guarantors, the Trustee, any paying agent or any
Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests. 
  

 41 

 Section 8.4 Instruments Executed by Holders Bind Future Holders. At any time prior to
(but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Debt Securities of any series specified in this Indenture in connection
with such action and subject to the following paragraph, any Holder of a Debt Security which is shown by the evidence to be included in the Debt Securities the Holders of which have consented to such action may, by filing written notice with the
Trustee at its corporate trust office and upon proof of holding as provided in Section 8.2, revoke such action so far as concerns such Debt Security. Except as aforesaid any such action taken by the Holder of any Debt Security shall be
conclusive and binding upon such Holder and upon all future Holders and owners of such Debt Security and of any Debt Security issued upon transfer thereof or in exchange or substitution therefor, irrespective of whether or not any notation in regard
thereto is made upon such Debt Security or such other Debt Securities. Any action taken by the Holders of the percentage in aggregate principal amount of the Debt Securities of any series specified in this Indenture in connection with such action
shall be conclusively binding upon the Company, the Guarantors, the Trustee and the Holders of all the Debt Securities of such series. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders of Debt Securities entitled
to give their consent or take any other action required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders of Debt Securities at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders of Debt
Securities after such record date. No such consent shall be valid or effective for more than 120 days after such record date unless the consent of the Holders of the percentage in aggregate principal amount of the Debt Securities of such series
specified in this Indenture shall have been received within such 120-day period. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.1 Purposes for Which Supplemental Indenture May Be Entered into Without Consent of Holders. The Company and any
Guarantors, when authorized by resolutions of the Members, and the Trustee may from time to time and at any time, without the consent of Holders, enter into an Indenture or Indentures supplemental hereto (which shall conform to the provisions of the
TIA as in force at the date of the execution thereof) for one or more of the following purposes: 
 (a) to evidence the
succession pursuant to Article X of another Person to the Company, or successive successions, and the assumption by the Successor Company (as defined in Section 10.1) of the covenants, agreements and obligations of the Company in this Indenture
and in the Debt Securities; 
  

 42 

 (b) to surrender any right or power herein conferred upon the Company or the Guarantors, to
add to the covenants of the Company or the Guarantors such further covenants, restrictions, conditions or provisions for the protection of the Holders of all or any series of Debt Securities (and if such covenants are to be for the benefit of less
than all series of Debt Securities, stating that such covenants are expressly being included solely for the benefit of such series) as the Members shall consider to be for the protection of the Holders of such Debt Securities, and to make the
occurrence, or the occurrence and continuance, of a Default in any of such additional covenants, restrictions, conditions or provisions a Default or an Event of Default permitting the enforcement of all or any of the several remedies provided in
this Indenture; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental Indenture may provide for a particular period of grace after Default (which period may be shorter or longer than that
allowed in the case of other Defaults) or may provide for an immediate enforcement upon such Default or may limit the remedies available to the Trustee upon such Default or may limit the right of the Holders of a majority in aggregate principal
amount of any or all series of Debt Securities to waive such Default; 
 (c) to cure any ambiguity or omission or to correct or
supplement any provision contained herein, in any supplemental Indenture or in any Debt Securities of any series that may be defective or inconsistent with any other provision contained herein, in any supplemental Indenture or in the Debt Securities
of such series; to convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in regard to matters or questions arising under this Indenture as shall not adversely affect the interests of any
Holders of Debt Securities of any series; 
 (d) to permit the qualification of this Indenture or any Indenture supplemental
hereto under the TIA as then in effect, except that nothing herein contained shall permit or authorize the inclusion in any Indenture supplemental hereto of the provisions referred to in Section 316(a)(2) of the TIA; 

(e) to permit or facilitate the issuance of Debt Securities of any series in uncertificated form; 

(f) to reflect the release of any Guarantor in accordance with Article XIV; 

(g) to add Guarantors with respect to any or all of the Debt Securities or to secure any or all of the Debt Securities or the Guarantee;

 (h) to make any change that does not adversely affect the rights hereunder of any Holder; 

(i) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Debt Securities; provided,
however, that any such addition, change or elimination not otherwise permitted under this Section 9.1 shall neither apply to any Debt Security of any series created prior to the execution of such supplemental Indenture and entitled to the
benefit of such provision nor modify the rights of the Holder of any such Debt Security with respect to such provision or shall become effective only when there is no such Debt Security Outstanding; 

 

 43 

 (j) to evidence and provide for the acceptance of appointment hereunder by a successor or
separate Trustee with respect to the Debt Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee; and 
 (k) to establish the form or terms of Debt Securities of any series as permitted by Sections 2.1 and 2.3.

 The Trustee is hereby authorized to join with the Company and the Guarantors in the execution of any such supplemental
Indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter
into any such supplemental Indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental Indenture authorized by the provisions of this Section 9.1 may be executed by the Company, the Guarantors and the
Trustee without the consent of the Holders of any of the Debt Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2. 

Section 9.2 Modification of Indenture with Consent of Holders of Debt Securities. Without notice to any Holder but with the
consent (evidenced as provided in Section 8.1) of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series affected by such supplemental Indenture (including consents obtained in
connection with a tender offer or exchange offer for any such series of Debt Securities), the Company and the Guarantors, when authorized by resolutions of the Members, and the Trustee may from time to time and at any time enter into an Indenture or
Indentures supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental Indenture or of modifying in any manner the rights of the Holders of the Debt Securities of such series; provided, that no such supplemental Indenture, without the consent of the Holders of each Debt Security so
affected, shall: reduce the percentage in principal amount of Debt Securities of any series whose Holders must consent to an amendment; reduce the rate of or extend the time for payment of interest on any Debt Security; reduce the principal of or
extend the Stated Maturity of any Debt Security; reduce any premium payable upon the redemption of any Debt Security or change the time at which any Debt Security may or shall be redeemed in accordance with Article III; make any Debt Security
payable in currency other than the Dollar; impair the right of any Holder to receive payment of premium, if any, principal of and interest on such Holder’s Debt Securities on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Debt Securities; release any security that may have been granted in respect of the Debt Securities, other than in accordance with this Indenture; make any change in Section 6.6
or this Section 9.2; or, except as provided in Section 11.2(b) or Section 14.4, release the Guarantors other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders. 

 

 44 

 A supplemental Indenture which changes or eliminates any covenant or other provision of this
Indenture which has been expressly included solely for the benefit of one or more particular series of Debt Securities or which modifies the rights of the Holders of Debt Securities of such series with respect to such covenant or other provision,
shall be deemed not to affect the rights under this Indenture of the Holders of Debt Securities of any other series. 
 Upon the
request of the Company and the Guarantors, accompanied by a copy of resolutions of the Members authorizing the execution of any such supplemental Indenture, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the
Trustee shall join with the Company in the execution of such supplemental Indenture unless such supplemental Indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion but shall not be obligated to enter into such supplemental Indenture. 
 It shall not be necessary for the
consent of the Holders under this Section 9.2 to approve the particular form of any proposed supplemental Indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

After an amendment under this Section 9.2 requiring the consent of the Holders of any series of Debt Securities becomes effective,
the Company shall mail to Holders of that series of Debt Securities of each series affected thereby a notice briefly describing such amendment. The failure to give such notice to any such Holders, or any defect therein, shall not impair or affect
the validity of an amendment under this Section 9.2 with respect to other Holders. 
 Section 9.3 Effect of Supplemental
Indentures. Upon the execution of any supplemental Indenture pursuant to the provisions of this Article IX, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture of the Trustee, the Company, the Guarantors and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental Indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

The Trustee, subject to the provisions of Sections 7.1and 7.2, may receive an Officers’ Certificate and an Opinion of Counsel as
conclusive evidence that any such supplemental Indenture complies with the provisions of this Article IX. 
 Section 9.4 Debt
Securities May Bear Notation of Changes by Supplemental Indentures. Debt Securities of any series authenticated and delivered after the execution of any supplemental Indenture pursuant to the provisions of this Article IX may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental Indenture. New Debt Securities of any series so modified as to conform, in the opinion of the Trustee and the Members, to any
modification of this Indenture contained in any such supplemental Indenture may be prepared and executed by the Company, authenticated by the Trustee and delivered in exchange for the Debt Securities of such series then Outstanding. Failure to make
the appropriate notation or to issue a new Debt Security of such series shall not affect the validity of such amendment. 
  

 45 

 ARTICLE X 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 10.1 Consolidations and Mergers of the Company. The Company shall not consolidate or amalgamate with or merge with or into
any Person, or sell, convey, transfer, lease or otherwise dispose of all or substantially all its assets to any Person, whether in a single transaction or a series of related transactions, unless: (a) either (i) the Company shall be the
surviving Person in the case of a merger or (ii) the resulting, surviving or transferee Person if other than the Company (the “Successor Company”), shall be a Person organized and existing under the laws of the United States, any
State thereof or the District of Columbia and the Successor Company shall expressly assume, by an Indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under
this Indenture and the Debt Securities according to their tenor; (b) immediately after giving effect to such transaction or series of transactions (and treating any Debt which becomes an obligation of the Successor Company or any Subsidiary of
the Company as a result of such transaction as having been incurred by the Successor Company or such Subsidiary at the time of such transaction or series of transactions), no Default or Event of Default would occur or be continuing; (c) if the
Company is not the continuing Person, then each Guarantor, unless it has become the Successor Company, shall confirm that its Guarantee shall continue to apply to the obligations under the Debt Securities and this Indenture; and (d) the Company
shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or disposition and such supplemental Indenture (if any) comply with this Indenture. 

Section 10.2 Rights and Duties of Successor Company. In case of any consolidation, amalgamation or merger where the Company is not
the continuing Person, or disposition of all or substantially all of the assets of the Company in accordance with Section 10.1, the Successor Company shall succeed to and be substituted for the Company with the same effect as if it had been
named herein as the respective party to this Indenture, and the predecessor entity shall be released from all liabilities and obligations under this Indenture and the Debt Securities, except that no such release will occur in the case of a lease of
all or substantially all of the Company’s assets. The Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all the Debt Securities issuable hereunder which theretofore
shall not have been signed by or on behalf of the Company and delivered to the Trustee; and, upon the order of the Successor Company, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the
Trustee shall authenticate and shall deliver any Debt Securities which previously shall have been signed and delivered by or on behalf of the Company to the Trustee for authentication, and any Debt Securities which the Successor Company thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the Debt Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debt Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all such Debt Securities had been issued at the date of the execution hereof. 
  

 46 

 In case of any such consolidation, amalgamation, merger, sale or disposition such changes in
phraseology and form (but not in substance) may be made in the Debt Securities thereafter to be issued as may be appropriate. 

ARTICLE XI 

SATISFACTION AND DISCHARGE OF 

INDENTURE; DEFEASANCE; UNCLAIMED MONEYS 

Section 11.1 Applicability of Article. The provisions of this Article XI relating to discharge or defeasance of Debt Securities
shall be applicable to each series of Debt Securities except as otherwise specified pursuant to Section 2.3 for Debt Securities of such series. 

Section 11.2 Satisfaction and Discharge of Indenture; Defeasance. 

(a) If at any time the Company shall have delivered to the Trustee for cancellation all Debt Securities of any series theretofore
authenticated and delivered (other than any Debt Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.9 and Debt Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 11.5) or all Debt Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by
their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit with the Trustee as trust
funds the entire amount in cash sufficient to pay at final maturity or upon redemption all Debt Securities of such series not theretofore delivered to the Trustee for cancellation, including principal and premium, if any, and interest due or to
become due on such date of maturity or Redemption Date, as the case may be, and if in either case the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect
(except as to any surviving rights of registration of transfer or exchange of such Debt Securities herein expressly provided for) with respect to the Debt Securities of such series, and the Trustee, on demand of the Company accompanied by an
Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Debt Securities of such series.

 (b) Subject to Sections 11.2(c), 11.3 and 11.7, the Company at any time may terminate, with respect to Debt Securities of a
particular series, all its obligations under the Debt Securities of such series and this Indenture with respect to the Debt Securities of such series (“legal defeasance option”) or the operation of (x) any covenant made applicable to
such Debt Securities pursuant to Section 2.3, (y) Sections 6.1(d), (g) and (h) and (z) as they relate to the Guarantors only, Sections 6.1(e) and (f) (“covenant defeasance option”). If the Company exercises
either its legal defeasance option or its covenant defeasance option with respect to Debt Securities of a particular series that are entitled to the benefit of the Guarantee, the Guarantee will terminate with respect to that series of Debt
Securities. The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 
  

 47 

 If the Company exercises its legal defeasance option, payment of the Debt Securities of the
defeased series may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment of the Debt Securities of the defeased series may not be accelerated because of an Event of Default specified in
Sections 6.1(d), (g) and (h) and, with respect to the Guarantors only, Sections 6.1(e) and (f). 
 Upon satisfaction
of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 

(c) Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.7, 2.9, 4.2, 4.3, 4.4, 5.1, 7.6,
11.5, 11.6 and 11.7 shall survive until the Debt Securities of the defeased series have been paid in full. Thereafter, the Company’s obligations in Sections 7.6, 11.5 and 11.6 shall survive. 

Section 11.3 Conditions of Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option with
respect to Debt Securities of a particular series only if: 
 (a) the Company irrevocably deposits in trust with the Trustee
money or U.S. Government Obligations for the payment of principal of, and premium, if any, and interest on, the Debt Securities of such series to final maturity or redemption, as the case may be; 

(b) the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their
opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient
to pay the principal, premium, if any, and interest when due on all the Debt Securities of such series to final maturity or redemption, as the case may be; 

(c) 91 days pass after the deposit is made and during the 91-day period no Default specified in Section 6.1(e) or (f) with
respect to the Company occurs which is continuing at the end of the period; 
 (d) no Default has occurred and is continuing on
the date of such deposit and after giving effect thereto; 
 (e) the deposit does not constitute a default under any other
agreement binding on the Company; 
 (f) the Company delivers to the Trustee an Opinion of Counsel to the effect that the trust
resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 

(g) in the event of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that the
Company has received from the Internal Revenue Service a ruling, or since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such

  

 48 

 
Opinion of Counsel shall confirm that, the Holders of Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and
will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; 

(h) in the event of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such covenant defeasance had not occurred; and 
 (i) the Company delivers to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Debt Securities of such series as contemplated by this Article XI have been complied with.

 Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Debt
Securities of such series at a future date in accordance with Article III. 
 Section 11.4 Application of Trust Money.
The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article XI. It shall apply the deposited money and the money from U.S. Government Obligations through any paying agent and in accordance with
this Indenture to the payment of principal of, and premium, if any, and interest on, the Debt Securities of the defeased series. 

Section 11.5 Repayment to Company. The Trustee and any paying agent shall promptly turn over to the Company upon request any
excess money or securities held by them at any time. 
 Subject to any applicable abandoned property law, the Trustee and any
paying agent shall pay to the Company upon request any money held by them for the payment of principal, premium or interest that remains unclaimed for two years, and, thereafter, Holders entitled to such money must look to the Company for payment as
general creditors. 
 Section 11.6 Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify
the Trustee and the Holders against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

Section 11.7 Reinstatement. If the Trustee or any paying agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article XI by reason of any legal proceeding or by reason of any order or judgment of any court or government authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this
Indenture and the Debt Securities of the defeased series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XI until such time as the Trustee or any paying agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article XI. 
  

 49 

 ARTICLE XII 

[RESERVED] 

ARTICLE XIII 

MISCELLANEOUS PROVISIONS 

Section 13.1 Successors and Assigns of Company Bound by Indenture. All the covenants, stipulations, promises and agreements in
this Indenture contained by or in behalf of the Company, the Guarantors or the Trustee shall bind their respective successors and assigns, whether so expressed or not. 

Section 13.2 Acts of Members, Board, Committee or Officer of Successor Company Valid. Any act or proceeding by any provision of
this Indenture authorized or required to be done or performed by any member, board, committee or officer of the Company shall and may be done and performed with like force and effect by the like member, board, committee or officer of any Successor
Company. 
 Section 13.3 Required Notices or Demands. Any notice or communication by the Company, the Guarantors or the
Trustee to the others is duly given if in writing and delivered in Person or mailed by registered or certified mail (return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the other’s address:

 If to the Company or any Guarantor: 

Rayonier Operating Company LLC 

50 North Laura Street 

Jacksonville, FL 32202 

Attn: Chief Financial Officer 

Telephone No.: (904) 357-9100 

If to the Trustee: 

[                   
                     ] 

The Company, any Guarantor or the Trustee by notice to the others may designate additional or different addresses for subsequent notices
or communications. 
 All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; on the first Business Day on or after being sent, if telecopied and the sender receives confirmation of successful transmission; and the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  

 50 

 Any notice required or permitted to a Holder by the Company, any Guarantor or the Trustee
pursuant to the provisions of this Indenture shall be deemed to be properly mailed by being deposited postage prepaid in a post office letter box in the United States addressed to such Holder at the address of such Holder as shown on the Debt
Security Register. Any report pursuant to Section 313 of the TIA shall be transmitted in compliance with subsection (c) therein. 

Notwithstanding the foregoing, any notice to Holders of Floating Rate Securities regarding the determination of a periodic rate of
interest, if such notice is required pursuant to Section 2.3, shall be sufficiently given if given in the manner specified pursuant to Section 2.3. 

In the event of suspension of regular mail service or by reason of any other cause it shall be impracticable to give notice by mail, then
such notification as shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder. 

In the event it shall be impracticable to give notice by publication, then such notification as shall be given with the approval of the
Trustee shall constitute sufficient notice for every purpose hereunder. 
 Failure to mail a notice or communication to a Holder
or any defect in it or any defect in any notice by publication as to a Holder shall not affect the sufficiency of such notice with respect to other Holders. If a notice or communication is mailed or published in the manner provided above, it is
conclusively presumed duly given. 
 Section 13.4 Indenture and Debt Securities to Be Construed in Accordance with the Laws
of the State of New York. THIS INDENTURE, EACH DEBT SECURITY AND THE GUARANTEE SHALL BE DEEMED TO BE NEW YORK CONTRACTS, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE. 

Section 13.5 Officers’ Certificate and Opinion of Counsel to Be Furnished upon Application or Demand by the Company. Upon any
application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with, except that in the case of any such application or
demand as to which the furnishing of such document is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture shall include (a) a statement that the Person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

 

 51 

 Section 13.6 Payments Due on Legal Holidays. In any case where the date of maturity
of interest on or principal of and premium, if any, on the Debt Securities of a series or the date fixed for redemption or repayment of any Debt Security or the making of any sinking fund payment shall not be a Business Day at any Place of Payment
for the Debt Securities of such series, then payment of interest or principal and premium, if any, or the making of such sinking fund payment need not be made on such date at such Place of Payment, but may be made on the next succeeding Business Day
at such Place of Payment with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. If a record date is not a Business Day, the record date shall
not be affected. 
 Section 13.7 Provisions Required by TIA to Control. If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with another provision included in this Indenture which is required to be included in this Indenture by any of Sections 310 to 318, inclusive, of the TIA, such required provision shall control. 

Section 13.8 Computation of Interest on Debt Securities. Interest, if any, on the Debt Securities shall be computed on the basis
of a 360-day year of twelve 30-day months, except as may otherwise be provided pursuant to Section 2.3. 
 Section 13.9
Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar and any paying agent may make reasonable rules for their functions. 

Section 13.10 No Recourse Against Others. The Company and its directors, officers, employees, incorporators and capital
stockholders, as such, shall have no liability for any obligations of the Guarantors or the Company under the Debt Securities, this Indenture or the Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their
creation. By accepting a Debt Security, each Holder shall be deemed to have waived and released all such liability. The waiver and release shall be part of the consideration for the issue of the Debt Securities. 

Section 13.11 Severability. In case any provision in this Indenture or the Debt Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 13.12 Effect of Headings. The article and section headings herein and in the Table of Contents are for convenience only
and shall not affect the construction hereof. 
 Section 13.13 Indenture May Be Executed in Counterparts. This Indenture
may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

 

 52 

 ARTICLE XIV 

GUARANTEE 

Section 14.1 Unconditional Guarantee. 

(a) Notwithstanding any provision of this Article XIV to the contrary, the provisions of this Article XIV shall be applicable only to, and
inure solely to the benefit of, the Debt Securities of any series designated, pursuant to Section 2.3, as entitled to the benefits of the Guarantee of each of the Guarantors. 

(b) For value received, each of the Guarantors hereby fully, unconditionally and absolutely guarantees (the “Guarantee”) to the
Holders and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on the Debt Securities and all other amounts due and payable under this Indenture and the Debt Securities by the Company, when and as such
principal, premium, if any, and interest shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of the Debt Securities and this Indenture, subject to
(i) the limitations set forth in Section 14.3. 
 (c) Failing payment when due of any amount guaranteed pursuant to
the Guarantee, for whatever reason, each of the Guarantors will be jointly and severally obligated to pay the same immediately. The Guarantee hereunder is intended to be a general, unsecured, senior obligation of each of the Guarantors and will rank
pari passu in right of payment with all Debt of each Guarantor that is not, by its terms, expressly subordinated in right of payment to the Guarantee. Each of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional
and absolute, irrespective of the validity, regularity or enforceability of the Debt Securities, the Guarantee (including the Guarantee of any other Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Debt Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise
constitute a legal or equitable discharge or defense of any of the Guarantors. Each of the Guarantors hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on the Debt Securities, whether at the
Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.4, by the Holders, on the terms and conditions set forth
in this Indenture, directly against such Guarantor to enforce the Guarantee without first proceeding against the Company or any other Guarantor. 

(d) The obligations of each of the Guarantors under this Article XIV shall be as aforesaid full, unconditional and absolute and shall not
be impaired, modified, released or limited by any occurrence or condition whatsoever, including, without limitation, (A) any compromise, settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in, any of
the obligations and liabilities of the Company or any of the Guarantors contained in the Debt Securities or this Indenture, (B) any impairment, modification, release or limitation of the liability of the Company, any of the Guarantors or any of
their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any 
  

 53 

 
present or future provision of any applicable Bankruptcy Law, as amended, or other statute or from the decision of any court, (C) the assertion or exercise by the Company, any of the
Guarantors or the Trustee of any rights or remedies under the Debt Securities or this Indenture or their delay in or failure to assert or exercise any such rights or remedies, (D) the assignment or the purported assignment of any property as
security for the Debt Securities, including all or any part of the rights of the Company or any of the Guarantors under this Indenture, (E) the extension of the time for payment by the Company or any of the Guarantors of any payments or other
sums or any part thereof owing or payable under any of the terms and provisions of the Debt Securities or this Indenture or of the time for performance by the Company or any of the Guarantors of any other obligations under or arising out of any such
terms and provisions or the extension or the renewal of any thereof, (F) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of the Company or any of the Guarantors set forth in this Indenture,
(G) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Company or any of the Guarantors or any of their respective assets, or the disaffirmance of the Debt Securities, the Guarantee or this Indenture
in any such proceeding, (H) the release or discharge of the Company or any of the Guarantors from the performance or observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (I) the
unenforceability of the Debt Securities, the Guarantee or this Indenture or (J) any other circumstances (other than payment in full or discharge of all amounts guaranteed pursuant to the Guarantee) which might otherwise constitute a legal or
equitable discharge of a surety or guarantor. 
 (e) Each of the Guarantors hereby (A) waives diligence, presentment,
demand of payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever, (B) acknowledges that any agreement, instrument or document evidencing
the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it and (C) covenants that the Guarantee will not
be discharged except by complete performance of the Guarantee. Each of the Guarantors further agrees that if at any time all or any part of any payment theretofore applied by any Person to the Guarantee is, or must be, rescinded or returned for any
reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the Company or any of the Guarantors, the Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have
continued in existence notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not been made. 

(f) Each of the Guarantors shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts
paid by such Guarantor pursuant to the provisions of this Indenture, provided, however, that such Guarantor, shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until all of the Debt
Securities and the Guarantee shall have been paid in full or discharged. 
 Section 14.2 Execution and Delivery of
Guarantee. To further evidence the Guarantee set forth in Section 14.1, each of the Guarantors hereby agrees that a notation relating to such 

 

 54 

 
Guarantee, substantially in the form attached hereto as Annex A, shall be endorsed on each Debt Security entitled to the benefits of the Guarantee authenticated and delivered by the Trustee and
executed by either manual or facsimile signature of an officer of such Guarantor, or in the case of a Guarantor that is a limited partnership, an officer of the general partner of each Guarantor. Each of the Guarantors hereby agrees that the
Guarantee set forth in Section 14.1 shall remain in full force and effect notwithstanding any failure to endorse on each Debt Security a notation relating to the Guarantee. If any officer of any Guarantor, or in the case of a Guarantor that is
a limited partnership, any officer of the general partner of the Guarantor, whose signature is on this Indenture or a Debt Security no longer holds that office at the time the Trustee authenticates such Debt Security or at any time thereafter, the
Guarantee of such Debt Security shall be valid nevertheless. The delivery of any Debt Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the
Guarantors. 
 The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions herein set forth.

 Section 14.3 Limitation on Guarantors’ Liability. Each Guarantor and by its acceptance hereof each Holder of a
Debt Security entitled to the benefits of the Guarantee hereby confirm that it is the intention of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance for purposes of any
Federal or state law. To effectuate the foregoing intention, the Holders of a Debt Security entitled to the benefits of the Guarantee and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under the Guarantee shall be
limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such
other Guarantor under the Guarantee, not result in the obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent transfer under Federal or state law. 

Section 14.4 Release of Guarantors from Guarantee. 

(a) Notwithstanding any other provisions of this Indenture, the Guarantee of any Guarantor may be released upon the terms and subject to
the conditions set forth in Section 11.2(b) and in this Section 14.4. Provided that no Default shall have occurred and shall be continuing under this Indenture, the Guarantee incurred by a Guarantor pursuant to this Article XIV shall be
unconditionally released and discharged (i) automatically upon (A) any sale, exchange or transfer, whether by way of merger or otherwise, to any Person that is not an Affiliate of the Company, of all of the Company’s direct or
indirect limited partnership or other equity interests in such Guarantor (provided such sale, exchange or transfer is not prohibited by this Indenture) or (B) the merger of such Guarantor into the Company or any other Guarantor or the
liquidation and dissolution of such Guarantor (in each case to the extent not prohibited by this Indenture) or (ii) following delivery of a written notice of such release or discharge by the Company to the Trustee, upon the release or discharge
of all guarantees by such Guarantor of any Debt of the Company other than obligations arising under this Indenture and any Debt Securities issued hereunder, except a discharge or release by or as a result of payment under such guarantees.

  

 55 

 (b) The Trustee shall deliver an appropriate instrument evidencing any release of a
Guarantor from the Guarantee upon receipt of a written request of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel to the effect that the Guarantor is entitled to such release in accordance with the provisions of
this Indenture. Any Guarantor not so released shall remain liable for the full amount of principal of (and premium, if any) and interest on the Debt Securities entitled to the benefits of the Guarantee as provided in this Indenture, subject to the
limitations of Section 14.3. 
 Section 14.5 Guarantor Contribution. In order to provide for just and equitable
contribution among the Guarantors, the Guarantors hereby agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under the Guarantee, such Funding Guarantor shall be entitled to a
contribution from each other Guarantor (if any) in a pro rata amount based on the net assets of each Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the
Company’s obligations with respect to the Debt Securities or any other Guarantor’s obligations with respect to the Guarantee. 

[Remainder of This Page Intentionally Left Blank.] 
  

 56 

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

			
	RAYONIER OPERATING COMPANY LLC
		
	By:	 	 
		 	 
		 	 
	
	[NAME OF GUARANTOR(S)]
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	[                           
             ], as Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 57 

 ANNEX A 

NOTATION OF GUARANTEE 

Each of the Guarantors (which term includes any successor Person under the Indenture), has fully, unconditionally and absolutely
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Debt Securities and all other amounts due and payable
under the Indenture and the Debt Securities by the Company. 
 The obligations of the Guarantors to the Holders of Debt
Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]