Document:

EX-10.1

 Exhibit 10.1 

[Dealer address] 
  

			
	 To:
	  	 The RealReal, Inc.

55 Francisco Street Suite 600

San Francisco, CA 94133

		
	 From:
	  	 [Dealer]

		
	 Re:
	  	 Base Capped Call Transaction

		
	 Date:
	  	 June 18, 2020

 Dear Ladies and Gentlemen: 

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced
transaction entered into on the Trade Date specified below (the “Transaction”) between [Dealer] (“Dealer”) and The RealReal, Inc., a Delaware corporation (“Counterparty”). This communication
constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 
 1. This Confirmation is subject to,
and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”,
and together with the 2006 Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006
Definitions and the Equity Definitions, the Equity Definitions will govern and in the event of any inconsistency between terms defined in the Equity Definitions and this Confirmation, this Confirmation shall govern. 

This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this
Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty had executed an agreement in such form on the Trade Date (but
without any Schedule except for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine, and (ii) the election that the “Cross Default” provisions of
Section 5(a)(vi) of the Agreement shall apply to Dealer, (a) with a Threshold Amount” of 3% of the shareholders’ equity of [Dealer] on the Trade Date, (b) “Specified Indebtedness” having the meaning set forth in
Section 14 of the Agreement, except that it shall not include any obligation in respect of deposits received in the ordinary course of Dealer’s banking business, (c) the phrase “, or becoming capable at such time of being
declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, and (d) the following sentence shall be added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a
default under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the relevant party
to make payment when due; and (iii) the payment is made within two (2) Local Business Days of such party’s receipt of written notice of its failure to pay.”). 

All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein.
In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern. 

The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and
Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master
Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement. 

  
 1 

 2. The Transaction constitutes a Share Option Transaction for purposes of the Equity
Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms: 

 

			
	 Trade Date:
	  	June 18, 2020.
		
	 Effective Date:
	  	June 22, 2020, or such other date as agreed by the parties in writing.
		
	 Components:
	  	The Transaction will be divided into individual Components, each with the terms set forth in this Confirmation, and, in particular, with the Number of Options and Expiration Date set forth in Annex A to this Confirmation. The
exercise, valuation and settlement of the Transaction will be effected separately for each Component as if each Component were a separate Transaction under the Agreement.
		
	 Option Style:
	  	“European”, as described under “Procedures for Exercise” below.
		
	 Option Type:
	  	Call.
		
	 Seller:
	  	Dealer.
		
	 Buyer:
	  	Counterparty.
		
	 Shares:
	  	Common Stock of Counterparty, par value USD$0.00001 (Ticker Symbol: “REAL”).
		
	 Number of Options:
	  	For each Component, as provided in Annex A to this Confirmation.
		
	 Option Entitlement:
	  	One Share Per Option.
		
	 Strike Price:
	  	USD 17.7735.
		
	 Cap Price:
	  	USD 27.8800; provided that in no event shall the Cap Price be reduced to an amount less than the Strike Price in connection with any adjustment by the Calculation Agent under this Confirmation.
		
	 Number of Shares:
	  	As of any date, a number of Shares equal to the product of (i) the Number of Options and (ii) the Option Entitlement.
		
	 Premium:
	  	USD [        ] (Premium per Option approximately USD [    ]); Dealer and Counterparty hereby agree that notwithstanding anything to the contrary herein or in the
Agreement, following the payment of the Premium, in the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv)
of the Agreement that is within the Counterparty’s control) occurs or is designated with respect to the Transaction and, as a result, Counterparty owes to Dealer the amount calculated under Section 6(d) and Section 6(e) or otherwise
under the Agreement with respect to the Transaction or (b) Counterparty owes to Dealer, pursuant to Sections 12.2, 12.3, 12.6, 12.7, 12.8 or 12.9 of the Equity Definitions or otherwise under the Equity Definitions, an amount calculated under
Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.
		
	 Premium Payment Date:
	  	The Effective Date.

  
 2 

			
	 Exchange:
	  	The NASDAQ Global Select Market.
		
	 Related Exchange:
	  	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such Section.
		
	 Procedures for Exercise:
	  	
		
	 Expiration Time:
	  	The Valuation Time.
		
	 Expiration Date:
	  	For any Component, as provided in Annex A to this Confirmation (or, if such date is not a Scheduled Valid Day, the next following Scheduled Valid Day that is not already an Expiration Date for another Component);
provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Valid Day that is not a Disrupted Day and is not or is not deemed to be an Expiration Date in respect of any other
Component of the Transaction hereunder; and provided further that in no event shall the Expiration Date be postponed to a date later than the Final Termination Date and, notwithstanding anything to the contrary in this Confirmation or the
Equity Definitions, the Relevant Price for an Expiration Date that is the Final Termination Date and also a Disrupted Day shall be the prevailing market value per Share determined by the Calculation Agent in a good faith and commercially reasonable
manner. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine in a good faith and commercially reasonable manner that
such Expiration Date is a Disrupted Day only in part, in which case the Calculation Agent shall make commercially reasonable adjustments to the Number of Options for the relevant Component for which such day shall be the Expiration Date, shall
designate the Scheduled Valid Day determined in the manner described in the immediately preceding sentence as the Expiration Date for the remaining Options for such Component and may determine in a good faith and commercially reasonable manner the
Relevant Price based on transactions in the Shares on such Disrupted Day taking into account the nature and duration of such Market Disruption Event on such day. Any Scheduled Valid Day on which, as of the date hereof, the Exchange is scheduled to
close prior to its normal close of trading shall be deemed not to be a Scheduled Valid Day; if a closure of the Exchange prior to its normal close of trading on any Scheduled Valid Day is scheduled following the date hereof, then such Scheduled
Valid Day shall be deemed to be a Disrupted Day in full. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date occurring on an Expiration Date.
		
	 Final Termination Date:
	  	August 8, 2025.
		
	 Automatic Exercise:
	  	Applicable; which means that the Number of Options for the relevant Component will be deemed to be automatically exercised at the Expiration Time on the Expiration Date for such Component if at such time such Component is In-the-Money, unless Buyer notifies Seller (in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur with respect to
such Component, in which case Automatic Exercise will not apply with respect to such Component. “In-the-Money” means, in respect of any Component, that
the Relevant Price on the Expiration Date for such Component is greater than the Strike Price for such Component.

  
 3 

			
	 Valuation Time:
	  	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in a good faith and commercially
reasonable manner.
		
	 Valuation Date:
	  	For any Component, the Expiration Date therefor.
		
	 Market Disruption Event:
	  	 Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “during the one hour period that ends at the
relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.

 
 Section 6.3(d) of the Equity Definitions is hereby amended by deleting the
remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.

		
	 Settlement Terms:
	  	
		
	 Settlement Method Election:
	  	 Applicable; provided that (a) Section 7.1 of the Equity Definitions is hereby amended by replacing the term
“Physical Settlement” with the term “Net Share Settlement”, (b) Counterparty must make a single irrevocable election for all Components and (c) if Counterparty is electing Cash Settlement, such Settlement Method
Election would be effective only if Counterparty represents and warrants to Dealer in writing on the date of such Settlement Method Election that (i) Counterparty is not in possession of any material
non-public information regarding Counterparty or the Shares, and (ii) such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities
laws.
  
 Without limiting the generality of the foregoing, Counterparty acknowledges
its responsibilities under applicable securities laws, and in particular Sections 9 and 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder in respect of
such election.

		
	 Electing Party:
	  	Counterparty.
		
	 Settlement Method Election Date:
	  	The second Scheduled Valid Day prior to the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.
		
	 Default Settlement Method:
	  	Net Share Settlement.
		
	 Net Share Settlement:
	  	 With respect to any Component, if Net Share Settlement is applicable to the Options exercised or deemed exercised hereunder, Dealer will
deliver to Counterparty, on the relevant Settlement Date for such Component, a number of Shares (the “Net Share Settlement Amount”) equal to (i) the Daily Option Value on the Expiration Date of such Component divided by
(ii) the Relevant Price on such Expiration Date.
  
 Dealer will deliver cash in
lieu of any fractional Shares to be delivered with respect to any Net Share Settlement Share Amount valued at the Relevant Price for the Expiration Date of such Component.

  
 4 

			
	 Cash Settlement:
	  	With respect to any Component, if Cash Settlement is applicable to the Options exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant
Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the Daily Option Value on the Expiration Date of such Component.
		
	 Delivery Obligation:
	  	For any Settlement Date, the Net Share Settlement Amount or the Cash Settlement Amount payable or deliverable on such Settlement Date.
		
	 Daily Option Value:
	  	For any Component, an amount equal to (i) the Number of Options in such Component, multiplied by (ii) (A) the lesser of the Relevant Price on the Expiration Date of such Component and the Cap Price, minus
(B) the Strike Price on such Expiration Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Component shall be deemed to be zero. In no event will the
Daily Option Value be less than zero.
		
	 Valid Day:
	  	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market,
“Valid Day” means a Business Day.
		
	 Scheduled Valid Day:
	  	A day that is scheduled to be a Valid Day on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Scheduled Valid Day” means a Business Day.
		
	 Business Day:
	  	Any day other than a Saturday, a Sunday or other day on which banking institutions are authorized or required by law, regulation or executive order to close or be closed in the State of New York.
		
	 Relevant Price:
	  	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “REAL <equity> AQR” (or its equivalent successor if such page is not
available) (the “VWAP”) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Valid Day (or if such volume-weighted average price is unavailable at
such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent in a good faith and commercially reasonable manner using, if practicable, a volume-weighted average method substantially similar to the method for
determining the VWAP). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
		
	 Settlement Date:
	  	For all Components of the Transaction, the date one Settlement Cycle immediately following the Expiration Date for the Component with the latest scheduled Expiration Date.
		
	 Settlement Currency:
	  	USD.
		
	 Other Applicable Provisions:
	  	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net
Share Settlement.”

  
 5 

			
	 Representation and Agreement:
	  	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery,
subject to restrictions, obligations and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in
lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities
Act”)).
		
	 Adjustments:
	  	
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment; provided that the parties agree that (x) open market Share repurchases at prevailing market price and (y) Share repurchases through a dealer pursuant to accelerated share
repurchases, forward contracts or similar transactions (including, without limitation, any discount to average VWAP prices) that are entered into at prevailing market prices, in a commercially reasonable manner, and in accordance with customary
market terms for transactions of such type to repurchase the Shares shall not be considered Potential Adjustment Events; provided, further, that, the entry into any such accelerated share repurchase transaction, forward contract or similar
transaction described in the immediately preceding proviso shall constitute a Potential Adjustment Event to the extent that, after giving effect to such transaction, either (i) the aggregate number of Shares repurchased during the term of the
Transaction pursuant to all such transactions described in the immediately preceding proviso would exceed the greater of 20% of the number of Shares outstanding (x) as of the Trade Date and (y) as set forth in Counterparty’s most
recent quarterly report on Form 10-Q, in each case, as determined by Calculation Agent; or (ii) the aggregate number of Shares repurchased during any 12 month period during the term of the Transaction
pursuant to all such transactions described in the immediately preceding proviso would exceed 10% of the number of Shares outstanding immediately prior to the date of such repurchase, as determined by Calculation Agent.
		
	 Extraordinary Events:
	  	
		
	 New Shares:
	  	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, (a) the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of
The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors)” and (b) the following phrase shall be inserted immediately prior to the period: “and (iii) of a
corporation organized under the laws of the United States, any State thereof or the District of Columbia that (x) also becomes Counterparty under the Transaction or (y) agrees to be subject to Sections 8(d) and 8(e) of the Confirmation
governing the Transaction, in either case, following such Merger Event or Tender Offer”.
		
	 Merger Events:
	  	Applicable.

  
 6 

			
		
	 Consequences of Merger Events:
	  	
		
	
(a)    
Share-for-Share:
	  	Modified Calculation Agent Adjustment.
		
	
(b)    
Share-for-Other:
	  	Cancellation and Payment (Calculation Agent Determination).
		
	
(c)    
Share-for-Combined:
	  	Cancellation and Payment (Calculation Agent Determination); provided that the Calculation Agent may elect Component Adjustment for all or part of the Transaction.
		
	 Tender Offer:
	  	Applicable; provided that the definition of “Tender Offer” in Section 12.1 of the Equity Definitions will be amended by replacing the phrase “greater than 10% and less than 100% of the outstanding
voting shares of the Counterparty” in the third and fourth line thereof with “(a) greater than 20% and less than 100% of the outstanding Shares of the Counterparty”. In addition, Section 12.1(e) of the Equity Definitions shall be
amended by replacing “voting shares” in the first line thereof with “Shares” and Section 12.1(l) of the Equity Definitions shall be amended by replacing “voting shares” in the fifth line thereof with
“Shares”.
		
	 Consequences of Tender Offers:
	  	
		
	
(a)    
Share-for-Share:
	  	Modified Calculation Agent Adjustment.
		
	
(b)    
Share-for-Other:
	  	Modified Calculation Agent Adjustment.
		
	
(c)    
Share-for-Combined:
	  	Modified Calculation Agent Adjustment.
		
	 Consequences of Announcement Events:
	  	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by
references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the
Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a
commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “which” in the seventh line, and (z) for the avoidance of doubt, the
Calculation Agent shall, in good faith and a commercially reasonable manner, determine whether the relevant Announcement Event has had a material economic effect on the Transaction and, if so, shall adjust the Cap Price accordingly in a commercially
reasonable manner and to account solely for changes in stock price, volatility, expected dividends, interest rates, stock loan rate, value of any commercially reasonable hedge positions in connection with the Transaction, and liquidity relevant to
the Shares or to such Transaction on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that any
adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this
Confirmation, the Equity Definitions or the Agreement; provided that in no event shall the Cap Price be adjusted to

  
 7 

			
		
		  	be less than the Strike Price. An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable; provided further that
upon the Calculation Agent making an adjustment, determined in a commercially reasonable manner, to the Cap Price upon any Announcement Event, then the Calculation Agent shall make an adjustment in a commercially reasonable manner to the Cap Price
upon any announcement regarding the same event that gave rise to the original Announcement Event regarding the abandonment of any such event to the extent necessary to reflect the economic effect of such subsequent announcement on the Transaction
(provided that in no event shall the Cap Price be less than the Strike Price).
		
	 Announcement Event:
	  	(i) The public announcement (whether by Counterparty (or any of its subsidiaries or affiliates) or a Valid Third Party Entity) of any transaction or event, including any intention to enter into such a transaction or event, that,
if completed, would constitute a Merger Event or Tender Offer, (ii) the public announcement (whether by Counterparty (or any of its subsidiaries or affiliates) or a Valid Third Party Entity) of any potential acquisition or disposition by
Counterparty and/or its subsidiaries where the consideration exceeds 30% of the market capitalization of the Counterparty as of the date of such announcement (an “Acquisition Transaction”), (iii) the public announcement (whether by
Counterparty (or any of its subsidiaries or affiliates) or a Valid Third Party Entity) of an intention by Counterparty or such Valid Third Party Entity to solicit or enter into, or to explore strategic alternatives or other similar undertaking that
may include, a Merger Event, Tender Offer or Acquisition Transaction, or (iv) any subsequent public announcement (whether by Counterparty or a Valid Third Party Entity) of a change to a transaction or intention that is the subject of an
announcement of the type described in clause (i), (ii) or (iii) of this sentence (including, without limitation, a new announcement relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or
discontinuation of, such a transaction or intention, whether or not by the same party); provided that, for the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the
occurrence of a later Announcement Event with respect to such transaction or intention.
		
	 Valid Third Party Entity:
	  	In respect of any transaction, any third party that the Calculation Agent determines has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party
has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to the Shares and if such effect is material, may deem such third party
to have a bona fide intent to enter into or consummate such transaction).
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not
immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The
NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any
such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

  
 8 

			
		
	 Additional Disruption Events:
	  	
		
	 (a) Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public
announcement of, the formal or informal interpretation”, (ii) by adding the phrase “and/or Hedge Position” after the word “Shares” in clause (X) thereof, (iii) by, immediately following the word “Transaction”
in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date assuming Hedging Party maintains a commercially reasonable hedge position”; and provided further that
Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and
without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)” and (ii) adding the words “, or holding, acquiring or disposing of Shares or any Hedge
Positions relating to,” after the words “obligations under” in clause (Y) thereof.
		
	 (b) Failure to Deliver:
	  	Applicable.
		
	 (c) Insolvency Filing:
	  	Applicable.
		
	 (d) Hedging Disruption:
	  	Applicable; provided that (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section: “For the avoidance of doubt, (i) the term
“equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions or assets referred to in phrases (A) or (B) above must be available on commercially
reasonable pricing and other terms.”; and (ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a
portion of the Transaction affected by such Hedging Disruption”.
		
	 (e) Increased Cost of Hedging:
	  	Not Applicable.
		
	 Hedging Party:
	  	Dealer.

  
 9 

			
		
	 Determining Party:
	  	For all applicable Extraordinary Events, Dealer; provided that all calculations and determinations made by the Determining Party shall be made in good faith and in a commercially reasonable manner; provided further
that, upon receipt of written request from Counterparty, the Determining Party shall promptly provide Counterparty with a written explanation describing in reasonable detail any calculation, adjustment or determination made by it (including any
quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, in a commonly used file format for the storage and manipulation of financial data, but without
disclosing Determining Party’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to
provide such written explanation within three (3) Exchange Business Days from the receipt of such request.
		
	 Non-Reliance:
	  	Applicable.
		
	 Agreements and Acknowledgments Regarding Hedging Activities:
	  	Applicable.
		
	 Additional Acknowledgments:
	  	Applicable.

 3. Calculation Agent: Dealer; provided that, following the occurrence and during the continuance
of an Event of Default of any of the types described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with
respect to such Event of Default, as the Calculation Agent. 
 All calculations and determinations made by the Calculation Agent shall be
made in good faith and in a commercially reasonable manner; provided that, upon receipt of written request from Counterparty, the Calculation Agent shall promptly provide Counterparty with a written explanation describing in reasonable detail
any calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing
Dealer’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide such written
explanation within three (3) Exchange Business Days from the receipt of such request. 
 4. Account Details: 

Dealer Payment Instructions: 

[                ] 

Counterparty Payment Instructions: To be advised. 

5. Offices: 
 The Office
of Dealer for the Transaction is: [                ] 
 The
Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party. 

  
 10 

 6. Notices: For purposes of this Confirmation: 

(a) Address for notices or communications to Counterparty: 
  

			
	To:	 	The RealReal, Inc.
		 	55 Francisco Street, Suite 600
		 	San Francisco, CA 94133
	Attention:	 	Todd Suko, Chief Legal Officer
		 	Steve Lo, Chief Accounting Officer
		 	Matt Gustke, Chief Financial Officer
	Telephone No.:	 	(855) 435-5893
	Email:	 	todd.suko@therealreal.com
		 	steve.lo@therealreal.com
		 	matt.gustke@therealreal.com

 (b) Any and all notices, demands, or communications of any kind relating to the Transaction between Dealer and
Counterparty shall be transmitted exclusively through Agent at the following address: 

[            ] 

For the avoidance of doubt, any notice or other communication delivered by electronic messaging system,
e-mail or facsimile message shall be deemed to be “in writing.” 
 7. Representations,
Warranties and Agreements:  
 (a) Each of the representations and warranties of Counterparty set forth in Section 3 of the Purchase
Agreement (the “Purchase Agreement”) dated as of June 10, 2020, among Counterparty, [            ],
[            ] and [            ], as representatives of the initial purchasers party thereto, are true and correct and are
hereby deemed to be repeated to Dealer as if set forth herein. 
 (b) In addition to the representations and warranties in the Purchase
Agreement, the Agreement and those contained elsewhere herein, Counterparty represents and warrants to and for the benefit of, and agrees with, Dealer as follows: 

(i) Counterparty has all necessary corporate power and authority to execute, deliver and perform its obligations in respect of
the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty and constitutes
its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity)
and except that rights to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto. 

(ii) Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of Counterparty
hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent documents) of Counterparty, or any applicable law or regulation, or any order, writ,
injunction or decree of any court or governmental authority or agency, or any agreement or instrument to which Counterparty or any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty
or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument. 

(iii) No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court is
required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except such as have been obtained or made and such as may be required under applicable securities laws. 

  
 11 

 (iv) On the Trade Date (A) none of Counterparty and its officers and
directors is aware of any material non-public information regarding Counterparty or the Shares, and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission
(the “SEC”) pursuant to the Exchange Act when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain
any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. 

(v) On the Trade Date, (A) the Shares or securities that are convertible into, or exchangeable or exercisable for Shares,
are not, and shall not be, subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”), and (B) Counterparty is not engaged in any “distribution,” as
such term is defined in Regulation M, other than a distribution meeting the requirements of the exceptions set forth in Rules 101(b)(10) and 102(b)(7) or Rule 102(c)(1)(i) of Regulation M. 

(vi) On the Trade Date, neither Counterparty nor any “affiliated purchaser” (as defined in Rule 10b-18 of the Exchange Act) shall directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit
order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into
or exchangeable or exercisable for Shares, except through Dealer. 
 (vii) Without limiting the generality of
Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the
Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements). 

(viii) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. 
 (ix)
Prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors authorizing the Transaction. 

(x) Counterparty is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any
security convertible into or exchangeable for Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act. 

(xi) Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to register as,
an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (xii) On each
of the Trade Date and the Premium Payment Date, Counterparty is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”))
and Counterparty would be able to purchase the aggregate Number of Shares for the Transaction in compliance with the laws of the jurisdiction of Counterparty’s incorporation. 

(xiii) To Counterparty’s knowledge, no U.S. state or local law, rule, regulation or regulatory order applicable to the
Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however
defined) Shares; provided that no such representation shall be made by Counterparty with respect to any rules and regulations applicable to Dealer (including FINRA) arising from Dealer’s status as a regulated entity under applicable law.

  
 12 

 (xiv) Counterparty (A) is capable of evaluating investment risks
independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated
persons, unless it has otherwise notified the broker-dealer in writing, (C) has total assets of at least $50 million. 

(xv) The assets of Counterparty do not constitute “plan assets” under the Employee Retirement Income Security Act of
1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law. 
 (c) Each of Dealer and Counterparty agrees
and represents that it is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended. 

(d) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to
bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with
the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the
Transaction for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted
under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to
satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks
of the Transaction.  
 (e) Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial
institution,” “swap participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this
Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination
value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and
(ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment
amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the
protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code. 

(f) As a condition to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the
Effective Date, in substantially the form attached hereto as Annex B. 
 (g) Counterparty understands that notwithstanding any other
relationship between Counterparty and Dealer and its affiliates, in connection with the Transaction and any other over-the-counter derivative transactions between
Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. 

(h) Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of
the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”. 

8. Other Provisions: 
 (a)
Right to Extend. Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Options for each such Component if Dealer determines, in good faith and a commercially reasonable manner, that
such further division would be necessary or advisable to preserve Dealer’s 

  
 13 

 
commercially reasonable hedging or hedge unwind activity with respect to the Transactions in light of existing liquidity conditions or to enable Dealer to effect purchases or sell Shares or enter
into swap or other derivatives transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity with respect to the Transaction in a manner that would, if Dealer were Counterparty or an
affiliated purchaser of Counterparty, be compliant and consistent with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures, generally applicable to transactions of the type of the Transactions;
provided that in no event shall any Expiration Date for any Component be postponed to a date later than the Final Termination Date.  

(b) Additional Termination Events. (i) Promptly (but in any event within five (5) Scheduled Trading Days) following any
repurchase, redemption or conversion of any of the Counterparty’s 3.00% Convertible Senior Notes due 2025 (the “Convertible Notes”) issued pursuant to the Counterparty’s indenture (the “Indenture”) to be dated
June 15, 2020 between the Counterparty and [            ], as trustee, Counterparty shall notify Dealer in writing of (i) such repurchase, redemption or conversion, (ii) the
number of Convertible Notes so repurchased, redeemed or converted and (iii) the number of Shares underlying each USD 1,000 principal amount of Convertible Notes (any such notice, a “Note Repurchase Notice” and any such event, a
“Repurchase Event”); provided that any “Repurchase Notification” delivered to Dealer pursuant to the Base Capped Call Transaction Confirmation letter agreement dated June 10, 2020 between Dealer and
Counterparty (the “Base Call Option Confirmation”) shall be deemed to be a Repurchase Notification pursuant to this Confirmation and the terms of such Repurchase Notification shall apply, mutatis mutandis, to this
Confirmation. Notwithstanding anything to the contrary in this Confirmation, the occurrence of any Repurchase Event shall constitute an Additional Termination Event as provided in this paragraph. Upon the occurrence of any Repurchase Event, Dealer
shall promptly designate an Exchange Business Day following the earlier of (i) receipt of any Note Repurchase Notice and (ii) Dealer’s knowledge of such Repurchase Event, as an Early Termination Date with respect to the portion of
this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) (x) the aggregate number of Shares underlying the Convertible Notes subject to such Repurchase Event minus
(y) the number of “Repurchase Options” (as defined in the Base Call Option Confirmation), if any, that relate to such Convertible Notes (and for purposes of determining whether any Options under this Confirmation or under the Base
Call Option Confirmation will be among the Repurchase Options hereunder or under, and as defined in, the Base Call Option Confirmation, the number of Convertible Notes subject to such Repurchase Event shall be allocated first to the Base Call Option
Confirmation until all Options thereunder are exercised or terminated) and (B) the aggregate Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the aggregate Number of Options shall be reduced
by the number of Repurchase Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction
having terms identical to this Transaction and an aggregate Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated
portion of the Transaction were the sole Affected Transaction. 
 (ii) Notwithstanding anything to the contrary in this Confirmation if an event of default
with respect to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, then such event of default shall constitute an Additional Termination Event applicable to the Transaction and, with
respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early
Termination Date pursuant to Section 6(b) of the Agreement. 
 (c) Alternative Calculations and Payment on Early Termination and on
Certain Extraordinary Events. If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or
terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists solely of cash, (ii) a Merger Event or
Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination Event
resulted from an event or events within the Counterparty’s control), and if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity
Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives

  
 14 

 
irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement
Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) as of the date of such election,
Counterparty represents that is not in possession of any material non-public information regarding Counterparty or the Shares, and that such election is being made in good faith and not as part of a plan or
scheme to evade compliance with the federal securities laws, and (c) Dealer agrees, in its commercially reasonable discretion, to such election, in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions,
or the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply. 
  

			
	Share Termination Alternative:	  	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due
pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of
payment.
		
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent
shall in a commercially reasonable manner adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to
calculate the Share Termination Unit Price.
		
	Share Termination Unit Price:	  	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of
notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the market price of the Share Termination Delivery Units and/or
the purchase price paid in connection with the commercially reasonable purchase of Share Termination Delivery Property.
		
	Share Termination Delivery Unit:	  	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the
“Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any
securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
		
	Failure to Deliver:	  	Applicable.
		
	Other Applicable Provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement”
in Section 2 will be applicable, except that all references in such provisions to “Physically-settled”

  
 15 

			
		  	shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in
relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

 (d) Disposition of Hedge Shares. Counterparty hereby agrees that if, in the good faith reasonable
judgment of Dealer, based on the advice of legal counsel, the Shares acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction (the “Hedge Shares”) cannot be sold in the U.S. public market by
Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the
Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered offering for companies of
a similar size in a similar industry, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities for companies of a similar size in a similar industry, (C) provide disclosure
opinions of nationally recognized outside counsel to Counterparty in customary form for registered offerings of equity securities for companies of a similar size in a similar industry, (D) provide other customary opinions, certificates and
closing documents customary in form for registered offerings of equity securities for companies of a similar size in a similar industry and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation with
respect to Counterparty customary in scope for underwritten offerings of equity securities for companies of a similar size in a similar industry; provided, however, that, if Counterparty elects clause (i) above but Dealer, in its
commercially reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or
clause (iii) of this Section 8(d) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private
placement purchase agreements customary for private placements of equity securities of companies of a similar size in a similar industry, in form and substance commercially reasonably satisfactory to Dealer using commercially reasonable efforts to
include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates
and such other documentation as is customary for private placements agreements of equity securities of companies of a similar size in a similar industry, as is commercially reasonably acceptable to Dealer (in which case, the Calculation Agent shall
make any adjustments to the terms of the Transaction that are necessary, in its good faith and commercially reasonable judgment, to compensate Dealer for any commercially reasonable customary liquidity discount from the public market price of the
Shares incurred on the sale of Hedge Shares in a private placement); provided that no “comfort letter” or accountants’ consent shall be required to be delivered in connection with any private placements or (iii) purchase
the Hedge Shares from Dealer at the Relevant Price on such Exchange Business Days, and in the amounts and at such time(s), commercially reasonably, requested by Dealer. 

(e) Repurchase Notices. Counterparty shall, at least one Scheduled Valid Day prior to any day on which Counterparty intends to effect
any repurchase of Shares, give Dealer written notice of such repurchase (a “Repurchase Notice”) on such day if, following such repurchase, the number of outstanding Shares would be (i) less than
[            ] (in the case of the first such notice) and (ii) thereafter more than [            ] less than the number of
Shares included in the immediately preceding Repurchase Notice; provided that, with respect to any repurchase of Shares pursuant to a plan under Rule 10b5-1 under the Exchange Act, Counterparty may
elect to satisfy such requirement by promptly giving Dealer written notice of entry into such plan, the maximum number of Shares that may be purchased thereunder and the approximate dates or periods during which such repurchases may occur (with such
maximum deemed repurchased on the date of such notice for purposes of this Section 8(e). In the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then
Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified Party”) from and
against any and all losses (including losses relating to the Dealer’s commercially reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any
forbearance from commercially reasonable hedging activities or cessation of commercially reasonable hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages and liabilities (or actions in respect
thereof), joint or several, to which such Indemnified Party may become 

  
 16 

 
subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act or under any U.S. state or federal law, regulation or regulatory order, in each case
relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent
permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any Indemnified Party for all commercially reasonable expenses (including
commercially reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or
proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty, in each case relating to or arising out of such
failure. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any
permitted assignee of Dealer. Counterparty will not be liable under this indemnity provision to the extent any loss, claim, damage, liability or expense has resulted directly from Dealer’s gross negligence or willful misconduct. 

(f) Transfer and Assignment. Either party may transfer or assign any of its rights or obligations under the Transaction with the prior
written consent of the non-transferring party, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign its rights and obligations hereunder, in whole or in
part, to (A) without Counterparty’s consent, to any affiliate of Dealer with a rating for its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer’s (or its guarantor’s) rating at the time of such
transfer or assignment or whose obligations would be guaranteed by Dealer or its ultimate parent or (B) with Counterparty’s consent (such consent not to be unreasonably withheld or delayed), any person, or any person whose obligations
would be guaranteed by another person with a rating for its long-term, unsecured and unsubordinated indebtedness of not less than A3 from Moody’s Investor Service, Inc. or its successor or A- from
Standard and Poor’s Rating Group, Inc. or its successor (any such affiliate or other person, a “Designated Transferee”); provided further that (i) Dealer will notify Counterparty in writing prior to any proposed
transfer or assignment to a Designated Transferee, (ii) as a result of any such transfer or assignment, Counterparty will not be required to pay the Designated Transferee of such rights or obligations on any payment date an amount under
Section 2(d)(i)(4) of the Agreement greater than the amount, if any, that Counterparty would have been required to pay Dealer in the absence of such transfer or assignment and (iii) the Designated Transferee shall provide Counterparty with
a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8 (as applicable) prior to becoming a party to the Transaction. If at any time at which (1) the
Equity Percentage exceeds 9.0% or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer
Person”) under any applicable business combinations statute or other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts of Counterparty applicable to ownership of Shares
(“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of
Shares that would give rise to reporting, registration, filing or notification obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Restrictions and with respect
to which such requirements have not been met or the relevant approval has not been received minus (y) 1% of the number of Shares outstanding on the date of determination (either such condition described in clause (1) or (2), an
“Excess Ownership Position”), if Dealer, in its commercially reasonable discretion, is unable to effect a transfer or assignment to a third party in accordance with the requirements set forth above after its commercially reasonable
efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Valid Day as an Early Termination Date with respect to a portion (the
“Terminated Portion”) of the Transaction, such that an Excess Ownership Position no longer exists following such partial termination. In the event that Dealer so designates an Early Termination Date with respect to a portion of the
Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical
to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the
party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The “Equity Percentage” as of any day is the
fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of 

  
 17 

 
its affiliates subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all persons who may form a
“group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”) “beneficially own” (within the meaning of Section 13
of the Exchange Act) without duplication on such day and (B) the denominator of which is the number of Shares outstanding on such day. 

In the case of a transfer or assignment by Counterparty of its rights and obligations hereunder and under the Agreement, in whole or in part
(any such Options so transferred or assigned, the “Transfer Options”), to any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not meet the commercially reasonable
conditions that Dealer may impose including, but not limited, to the following conditions: 
 (A) with respect to any
Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation; 

(B) any Transfer Options shall only be transferred or assigned to a third party that is a U.S. person (as defined in the
Internal Revenue Code of 1986, as amended); 
 (C) such transfer or assignment shall be effected on terms, including any
reasonable undertakings by such third party (including, but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks
under applicable securities laws) and execution of any documentation and delivery of customary legal opinions with respect to securities laws and other matters by such third party and Counterparty as are reasonably requested and reasonably
satisfactory to Dealer; 
 (D) Dealer will not, as a result of such transfer and assignment, be required to pay the
transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment; 

(E) an Event of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and
assignment; 
 (F) without limiting the generality of clause (B), Counterparty shall have caused the transferee to make such
Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

 (G) Counterparty shall be responsible for all commercially reasonable costs and expenses, including commercially
reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment. 
 (g) Staggered Settlement. If upon
advice of counsel with respect to applicable legal and regulatory requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer determines reasonably and in good faith that the number
of Shares required to be delivered to Counterparty hereunder on any Settlement Date would result in an Excess Ownership Position, then Dealer may, by notice to Counterparty prior to such Settlement Date (a “Nominal Settlement
Date”), elect to deliver any Shares due to be delivered on two or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows: 

(i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or
prior to the 20th Exchange Business Day after such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver under “Delivery Obligation”
(above) among the Staggered Settlement Dates or delivery times; and 
 (ii) the aggregate number of Shares that Dealer will
deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; provided that in no event shall
any Staggered Settlement Date be a date later than the Final Termination Date. 

  
 18 

 (h) Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.  

(i) No Netting and Set-off. The provisions of Section 2(c) of the Agreement shall not
apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment
obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. 

(j) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the
Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during
Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of Counterparty
under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. 

(k) Early Unwind. In the event the sale of the Additional Securities (as defined in the Purchase Agreement) is not consummated pursuant
to the Purchase Agreement for any reason by the close of business in New York on June 22, 2020 (or such later date as agreed upon by the parties) (such date or such later date as agreed upon being the “Accelerated Unwind
Date”), the Transaction shall automatically terminate on the Accelerated Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction shall be cancelled and
terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be
performed in connection with the Transaction either prior to or after the Accelerated Unwind Date. 
 (l) Illegality. The parties
agree that, for the avoidance of doubt, for purposes of Section 5(b)(i) of the Agreement, “any applicable law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated
thereunder and any similar law or regulation, without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation
promulgated, on or after the Trade Date, and the consequences specified in the Agreement, including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising from any such act, rule or
regulation.  
 (m) Amendments to Equity Definitions and the Agreement. The following amendments shall be made to the
Equity Definitions: 
 (i) solely for purposes of applying the Equity Definitions and for purposes of this Confirmation, any
reference in the Equity Definitions to a Strike Price shall be deemed to be a reference to either of the Strike Price or the Cap Price, or both, as appropriate; 

(ii) for the purpose of any adjustment under Section 11.2(c) of the Equity Definitions, the first sentence of
Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is hereby amended to read as follows: “(c) If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of a
Share Option Transaction, then following the announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has, in the commercially reasonable judgment of the Calculation
Agent, a material economic effect on the theoretical value of the relevant Shares or options on the Shares (provided that such event is not based on (x) an observable market, other than the market for Counterparty’s own stock or
(y) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own operations) and, if so, will (i) make appropriate adjustment(s), if any, determined in a commercially reasonable manner,

  
 19 

 
to any one or more of:” and the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative” and the
words “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing such latter phrase with the words
“(provided that, solely in the case of Sections 11.2(e)(i), (ii)(A), (iv) and (v), no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares
but, for the avoidance of doubt, solely in the case of Sections 11.2(e)(ii)(B) through (D), (iii) (vi) and (vii), adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to
the relevant Shares)”; 
 (iii) Section 11.2(a) of the Equity Definitions is hereby amended by (1) deleting
the words “in the determination of the Calculation Agent, a diluting or concentrative effect” and replacing these words with “in the commercially reasonable judgment of the Calculation Agent, a material economic effect”; and
(2) adding at the end thereof “; provided that such event is not based on (i) an observable market, other than the market for Counterparty’s own stock or (ii) an observable index, other than an index calculated and
measured solely by reference to Counterparty’s own operations”; 
 (iv) Section 11.2(e)(vii) of the Equity
Definitions is hereby amended and restated as follows: “any other corporate event involving the Issuer that in the commercially reasonable judgment of the Calculation Agent has a material economic effect on the theoretical value of the Shares
or options of the Shares; provided that such corporate event involving the Issuer is not based on (a) an observable market, other than the market for Counterparty’s own stock or (b) an observable index, other than an index
calculated and measured solely by reference to Counterparty’s own operations.”; 
 (v) Section 12.6(a)(ii) of
the Equity Definitions is hereby amended by (1) inserting “(1)” immediately following the word “means” in the first line thereof and (2) inserting immediately prior to the semi-colon at the end of subsection
(B) thereof the following words: “or (2) the occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer”; 

(vi) Section 12.7(b) of the Equity Definitions is hereby amended by deleting the words “(and in any event within five
(5) Exchange Business Days) by the parties after” appearing after the words “agreed promptly” and replacing with the words “by the parties on or prior to”; 

(vii) Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party may
elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section; and 

(viii) Section 12.9(b)(vi) of the Equity Definitions is hereby amended by (1) adding the word “or”
immediately before subsection “(B)”, (2) deleting the comma at the end of subsection (A), (3) deleting subsection (C) in its entirety, (4) deleting the word “or” immediately preceding subsection (C) and (5)
replacing the words “either party” in the last sentence of such Section with “the Hedging Party”. 
 (n) Governing
Law. THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO
ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW). THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW
YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY. 

(o) Adjustments. For the avoidance of doubt, whenever the Calculation Agent or Determining Party is called upon to make an adjustment
pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent or Determining Party shall make such adjustment by reference to the effect of such event on the Hedging Party,
assuming that the Hedging Party maintains a commercially reasonable hedge position. 

  
 20 

 (p) Notice of Certain Other Events. Counterparty covenants and agrees that: 

(i) promptly following the public announcement of the results of any election by the holders of Shares with respect to the
consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the weighted average of the types and amounts of consideration received by holders of Shares upon consummation of such Merger Event (the date
of such notification, the “Consideration Notification Date”); provided that in no event shall the Consideration Notification Date be later than the date on which such Merger Event is consummated; and 

(ii) (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one Exchange Business
Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein, pursuant to which any adjustment will be made to the Convertible Notes in connection with any Potential Adjustment Event, Merger Event or Tender
Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment. 

(q) Delivery or Receipt of Cash. For the avoidance of doubt, other than payment of the Premium by Counterparty, nothing in this
Confirmation shall be interpreted as requiring Counterparty to cash settle the Transaction, except in circumstances where cash settlement is within Counterparty’s control (including, without limitation, where Counterparty elects to deliver or
receive cash) or in those circumstances in which holders of Shares would also receive cash. 
 (r) Waiver of Jury Trial. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY.  

(s) Amendment. This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed
by Counterparty and Dealer.  
 (t) Counterparts. This Confirmation may be executed in several counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument. 
 (u) Tax Matters. For the
purpose of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to Dealer one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and
Dealer agrees to deliver to Counterparty, as applicable, a U.S. Internal Revenue Service Form W-8 or Form W-9 (or successor thereto). Such forms or documents shall be
delivered upon (i) execution of this Confirmation, and (ii) reasonable request of the other party. 
 (v) CARES Act.
Counterparty represents and warrants that it and any of its subsidiaries has not applied, and shall not until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation
or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)) or other investment, or to receive any
financial assistance or relief under any program or facility (collectively “Financial Assistance”) that (i) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or
amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (ii) (A) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with
jurisdiction for such program or facility) as a condition of such Financial Assistance, that Counterparty comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition,
repurchased, or will not repurchase, any equity security of Counterparty, and that it has not, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (B) where the terms of the Transaction
would cause Counterparty under any circumstances to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively “Restricted Financial Assistance”); provided, that
Counterparty may apply for Restricted Financial Assistance if Counterparty either (x) determines based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty to fail to satisfy any
condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or facility as of the date of such advice or (y) delivers to Dealer evidence or other guidance from a governmental authority
with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all
relevant respects). 

  
 21 

 (w) U.S. Resolution Stay Protocol. The parties acknowledge and agree that (i) to
the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Stay Protocol”), the terms of the Stay Protocol are incorporated into and form a part of the Agreement, and for
such purposes the Agreement shall be deemed a Protocol Covered Agreement, the Dealer entity that is a party to the Agreement (“Dealer”) shall be deemed a Regulated Entity and the other entity that is a party to the Agreement
(“Counterparty”) shall be deemed an Adhering Party; (ii) to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is to amend the qualified financial contracts between them
to conform with the requirements of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be deemed a
Covered Agreement, Dealer shall be deemed a Covered Entity and Counterparty shall be deemed a Counterparty Entity; or (iii) if clause (i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related
defined terms (together, the “Bilateral Terms”) of the form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA
on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties
thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be deemed a “Covered Agreement,” Dealer shall be deemed a
“Covered Entity” and Counterparty shall be deemed a “Counterparty Entity.” In the event that, after the date of the Agreement, both parties hereto become adhering parties to the Stay Protocol, the terms of the Stay Protocol will
replace the terms of this paragraph. In the event of any inconsistencies between the Agreement and the terms of the Stay Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC
Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to “the Agreement” include any related credit
enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to
Dealer replaced by references to the covered affiliate support provider. “QFC Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the
Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into
certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements. 
 (x) [Dealer
Boilerplate. Insert additional Dealer boilerplate, if applicable] 
 (signature page follows) 

  
 22 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by sending
to us a letter or telex substantially similar to this facsimile, which letter or telex sets forth the material terms of the Transaction to which this Confirmation relates and indicates your agreement to those terms. 

 

			
	Yours faithfully,
	
	[            ]
		
	By:	 	  

		 	Name:
		 	Title:

  
 23 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by sending
to us a letter or telex substantially similar to this facsimile, which letter or telex sets forth the material terms of the Transaction to which this Confirmation relates and indicates your agreement to those terms. 

 

			
		  	Agreed and Accepted By:
		
		  	THE REALREAL, INC.
		
	By	  	  

		  	Name:
		  	Title:

  
 24 

 Annex A 

For each Component of the Transaction, the Number of Options and Expiration Date is set forth below. 

 

					
	 Component Number
	  	 Number of Options
	  	 Expiration Date

	 1
	  		  	
	 2
	  		  	
	 3
	  		  	
	 4
	  		  	
	 5
	  		  	
	 6
	  		  	
	 7
	  		  	
	 8
	  		  	
	 9
	  		  	
	 10
	  		  	
	 11
	  		  	
	 12
	  		  	
	 13
	  		  	
	 14
	  		  	
	 15
	  		  	
	 16
	  		  	
	 17
	  		  	
	 18
	  		  	
	 19
	  		  	
	 20
	  		  	
	 21
	  		  	
	 22
	  		  	
	 23
	  		  	
	 24
	  		  	
	 25
	  		  	
	 26
	  		  	
	 27
	  		  	
	 28
	  		  	
	 29
	  		  	
	 30
	  		  	
	 31
	  		  	
	 32
	  		  	
	 33
	  		  	
	 34
	  		  	
	 35
	  		  	
	 36
	  		  	
	 37
	  		  	
	 38
	  		  	
	 39
	  		  	
	 40
	  		  	

  
 25Exhibit 4.2

 

 

 

SECOND SUPPLEMENTAL INDENTURE

 

between

 

OFFICE PROPERTIES INCOME TRUST

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

Dated as of June 23, 2020

 

SUPPLEMENTAL TO THE INDENTURE DATED AS OF
JULY 20, 2017

 

 

 

OFFICE PROPERTIES INCOME TRUST

 

6.375% Senior Notes due 2050

 

 

 

 

 

    

     

    

 

This SECOND SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”) dated as of June 23, 2020 between Office Properties Income Trust (formerly
known as Government Properties Income Trust), a real estate investment trust organized and existing under the laws of the State
of Maryland (the “Company”), having its principal office at Two Newton Place, 255 Washington Street, Suite 300,
Newton, Massachusetts 02458-1634, and U.S. Bank National Association, a national banking organization organized and existing under
the laws of the United States, as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company (then known
as Government Properties Income Trust) and the Trustee are parties to an Indenture, dated as of July 20, 2017 (as from time to
time hereafter amended, supplemented or otherwise modified in so far as it applies to the Notes (as defined herein), the “Base
Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to
time, the “Indenture”) to provide for the future issuance of the Company’s senior unsecured debentures,
notes or other evidences of indebtedness (the “Securities”), to be issued from time to time in one or more series;
and

 

Pursuant to the terms
of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities, to be known as its 6.375%
Senior Notes due 2050, the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth
as provided in the Indenture;

 

NOW, THEREFORE, THIS
SUPPLEMENTAL INDENTURE WITNESSETH:

 

ARTICLE
1

 

DEFINED TERMS

 

Section
1.1            Terms Defined
in Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed to such terms in the Base Indenture.

 

Section
1.2           Supplemental
Definitions. The following definitions supplement, and, to the extent inconsistent with, replace the definitions in Section 101
of the Base Indenture:

 

“Acquired
Debt” means Debt of a Person: (i) existing at the time such Person becomes a Subsidiary; or (ii) assumed in connection
with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation
of, such Person becoming a Subsidiary or such acquisition. Acquired Debt is deemed to be incurred on the date of the related acquisition
of assets from any Person or the date the acquired Person becomes a Subsidiary.

 

“Adjusted
Total Assets” has the meaning provided in clause (i) of Section 3.1(a) of this Supplemental Indenture.

 

“Annual Debt
Service” as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the
Company and its Subsidiaries, excluding amortization of debt discounts and deferred financing costs.

 

    

     

    

 

“Business
Day” means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York or
in the city in which the Corporate Trust Office is located are required or authorized to close.

 

“Capital Stock”
means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participation or other ownership
interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for capital
stock), warrants or options to purchase any thereof.

 

“Cash Equivalents”
means demand deposits, certificates of deposit or repurchase agreements with banks or other financial institutions, marketable
obligations issued or directly and fully guaranteed as to timely payment by the United States of America or any of its agencies
or instrumentalities, or any commercial paper or other obligation rated, at time of purchase, “P-2” (or its equivalent)
or better by Moody’s Investors Service, Inc. (or any successor thereof) or “A-2” (or its equivalent) or better
by Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business (or any successor
thereof).

 

“Consolidated
Income Available for Debt Service” for any period means Earnings from Operations of the Company and its Subsidiaries
plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest
on Debt of the Company and its Subsidiaries; (ii) provision for taxes of the Company and its Subsidiaries based on income; (iii)
amortization of debt premium/discount and deferred debt issuance costs; (iv) provisions for gains and losses on properties and
property depreciation and amortization; (v) the effect of any noncash charge resulting from a change in accounting principles in
determining Earnings from Operations for such period; and (vi) amortization of deferred charges.

 

“Debt”
of the Company or any Subsidiary means, without duplication, any indebtedness of the Company or any Subsidiary, whether or not
contingent, in respect of:

 

(i)            
borrowed money or evidenced by bonds, notes, debentures or similar instruments;

 

(ii)           
borrowed money secured by any Encumbrance existing on property owned by the Company or any Subsidiary, to the extent
of the lesser of (x) the amount of indebtedness so secured and (y) the fair market value of the property subject to such Encumbrance;

 

(iii)          
the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued
(other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Company
or any Subsidiary otherwise reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase
price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional
sale obligations or obligations under any title retention agreement;

 

(iv)          
the principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or
other repurchase of any Disqualified Stock; or

 

(v)           
 any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated
balance sheet as a capitalized lease in accordance with GAAP;

 

    2

     

    

 

to the extent, in the
case of items of indebtedness under (i) through (v) above, that any such items (other than letters of credit) would be properly
classified as a liability on the Company’s consolidated balance sheet in accordance with GAAP. Debt also (1) excludes any
indebtedness (A) with respect to which a defeasance or covenant defeasance or discharge has been effected (or an irrevocable deposit
is made with a trustee in an amount at least equal to the outstanding principal amount of such indebtedness, the remaining scheduled
payments of interest thereon to, but not including, the applicable maturity date or redemption date, and any premium or otherwise
as provided in the terms of such indebtedness) in accordance with the terms thereof or which has been repurchased, retired, repaid,
redeemed, irrevocably called for redemption (and an irrevocable deposit is made with a trustee in an amount at least equal to the
outstanding principal amount of such indebtedness, the remaining scheduled payments of interest thereon to, but not including,
such redemption date, and any premium) or otherwise satisfied or (B) that is secured by cash or Cash Equivalents irrevocably deposited
with a trustee in an amount, in the case of this clause (B), at least equal to the outstanding principal amount of such indebtedness
and the remaining scheduled payments of interest thereon and (2) includes, to the extent not otherwise included, any obligation
by the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection
in the ordinary course of business), Debt of another Person (other than the Company or any Subsidiary) (it being understood that
Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume,
guarantee or otherwise become liable in respect thereof).

 

“Depositary”
has the meaning provided in Section 2.1(d) of this Supplemental Indenture.

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or
by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of
any event or otherwise: (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than
Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt);
(ii) is convertible into or exchangeable or exercisable for Debt (other than Subordinated Debt or Disqualified Stock); or (iii)
is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in
exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the Stated Maturity
of the principal of the Notes.

 

“Earnings
from Operations” for any period means (i) net earnings, excluding (1) gains and losses on sales of investments, (2) extraordinary
items, (3) gains and losses on early extinguishment of debt, (4) property valuation losses and (5) equity in the earnings and losses
of Equity Method Investments, plus (ii) to the extent not included in net earnings, cash distributions received by the Company
or its Subsidiaries from Equity Method Investments, in each case as reflected in the financial statements of the Company and its
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

 

“Encumbrance”
means any mortgage, lien, charge, pledge or security interest or other encumbrance.

 

    3

     

    

 

“Equity Method
Investments” means equity securities that at the time of determination: (i) are part of a class of equity securities
that is traded on a national or regional securities exchange or a recognized over-the-counter market; (ii) issued by an entity
(a) to which the Company’s manager at such time or an Affiliate of the Company’s manager at such time provides management
services, (b) that operates in a manner intended to qualify such entity for taxation as a “real estate investment trust”
under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended, and (c) that is not a consolidated Subsidiary of the
Company; and (iii) are or in any prior period were accounted for in the consolidated financial statements of the Company using
the equity method of accounting.

 

“Fair Value”
means, for an Equity Method Investment, the lower of: (i) the original cost of such investment; or (ii) last reported sale price
on the exchange or market on which the class of equity securities of which the investment is a part is primarily traded at the
time of valuation.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board, or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which were in effect on the date of initial issuance of securities pursuant to the Base Indenture (i.e., July 20, 2017).

 

“Interest
Payment Date” with respect to the Notes has the meaning provided in Section 101 of the Base Indenture and Section 2.1(e)
of this Supplemental Indenture.

 

“Issue Date”
means June 23, 2020.

 

“Joint Venture
Interests” means assets of the Company and its Subsidiaries constituting an equity investment in real estate assets or
other properties, or in an entity holding real estate assets or other properties, jointly owned by the Company and its Subsidiaries,
on the one hand, and one or more other Persons not constituting Affiliates of the Company, on the other, excluding any entity or
properties (i) which is a Subsidiary or are properties if the co-ownership thereof (if in a separate entity) would constitute or
would have constituted a Subsidiary, or (ii) to which, at the time of determination, the Company’s manager at such time or
an Affiliate of the Company’s manager at such time provides management services. In no event shall Joint Venture Interests
include equity securities that are part of a class of equity securities that are traded on a national or regional securities exchange
or a recognized over-the-counter market or any investments in debt securities, mortgages or other Debt or Equity Method Investments.

 

“Notes”
means the Company’s 6.375% Senior Notes due 2050, issued under the Indenture, as amended
or supplemented from time to time.

 

“Regular Record
Date” with respect to the Notes has the meaning provided in Section 101 of the Base Indenture and Section 2.1(e)
of this Supplemental Indenture.

 

“Secured Debt”
means Debt secured by an Encumbrance on the property of the Company or its Subsidiaries.

 

“Significant
Subsidiary” means any Subsidiary which is a “significant subsidiary” (within the meaning of Regulation S-X
promulgated by the Commission under the Securities Act) of the Company.

 

    4

     

    

 

“Subordinated
Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest
and premium, if any, on the Notes.

 

“Subsidiary”
means any corporation or other Person of which a majority of (1) the voting power of the voting equity securities or (2) the outstanding
equity interests of which are owned, directly or indirectly, by the Company or one or more other Subsidiaries of the Company, and
which is required to be consolidated in accordance with GAAP. For the purposes of this definition, “voting equity securities”
means equity securities having voting power for the election of directors or persons serving comparable functions as directors,
whether at all times or only so long as no senior class of security has such voting power by reason of any contingency.

 

“Total Assets”
as of any date means the sum of (i) the Undepreciated Real Estate Assets; (ii) the Fair Value of all Equity Method Investments
of the Company and its Subsidiaries; and (ii) all other assets of the Company and its Subsidiaries on such date determined in accordance
with GAAP (but excluding accounts receivable and intangibles); provided that the portion of Total Assets attributable to
Equity Method Investments of the Company and its Subsidiaries may not exceed 35%.

 

“Total Unencumbered
Assets” as of any date means the sum of (i) those Undepreciated Real Estate Assets not securing any portion of Secured
Debt; (ii) the Fair Value of all Equity Method Investments of the Company and its Subsidiaries not securing any portion of Secured
Debt; and (iii) all other assets of the Company and its Subsidiaries not securing any portion of Secured Debt on such date determined
in accordance with GAAP (but excluding accounts receivable and intangibles); provided that, in determining Total Unencumbered
Assets as a percentage of the aggregate outstanding principal amount of Unsecured Debt of the Company and its Subsidiaries on a
consolidated basis for purposes of the covenant set forth in Section 3.1(b) of this Supplemental Indenture, Joint Venture
Interests shall be excluded from Total Unencumbered Assets to the extent such Joint Venture Interests would otherwise be included
therein; and provided further that the portion of Total Unencumbered Assets attributable to Equity Method Investments of
the Company and its Subsidiaries may not exceed 35%.

 

“Undepreciated
Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets of
the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance
with GAAP.

 

“Unsecured
Debt” means any Debt of the Company or its Subsidiaries which is not Secured Debt.

 

ARTICLE
2

 

TERMS OF THE NOTES

 

Section
2.1             Terms of the
Notes. Pursuant to Section 301 of the Base Indenture, the Notes shall have the following terms and conditions:

 

(a)          
Title. The Notes shall be in registered form under the Indenture and shall be known as the Company’s
 “6.375% Senior Notes due 2050.”

 

    5

     

    

 

(b)           Aggregate
Principal Amount. Except (i) as provided in this Section and (ii) for Notes authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906
or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base
Indenture, are deemed never to have been authenticated and delivered hereunder, the Notes will be limited to an aggregate
principal amount of $150,000,000, plus up to an additional $22,500,000 aggregate principal amount of Notes issuable pursuant
to an option granted by the Company to the underwriters of the Notes to cover overallotments, if any, subject to the right of
the Company to reopen such series for issuances of additional Notes having the same terms and conditions as the Notes issued
on the Issue Date except for issue date, issue price and, if applicable, the first Interest Payment Date thereon and related
interest accrual date.

 

(c)          
Form of Notes. The Notes (together with the Trustee’s certificate of authentication) shall be substantially
in the form of Exhibit A hereto, which is hereby incorporated in and made a part of this Supplemental Indenture.

 

(d)          
Registered Securities in Book Entry Form. The Notes shall be initially issued in the form of one or more registered
Global Securities without coupons (each, a “Global Note”) and shall be deposited with, or on behalf of, The
Depository Trust Company (“DTC” and, together with any successor depositary with respect to the Global Notes
appointed under the Indenture, the “Depositary”) and registered in the name of DTC’s nominee, Cede &
Co. Unless and until it is exchanged in whole or in part for the individual Notes represented thereby under the circumstances described
below, a Global Note may not be transferred except as a whole by a Depositary to its nominee, by a nominee of a Depositary to such
Depositary or another nominee of such Depositary, or by a Depositary or its nominee to a successor Depositary or a nominee of such
successor.

 

So long as a Depositary
or its nominee is the Holder of a Global Note, such Depositary or its nominee, as the case may be, will be considered the sole
owner or Holder of the Notes represented by such Global Note for all purposes under the Indenture. Except as provided below, owners
of a beneficial interest in Notes evidenced by a Global Note will not be entitled to have any of the individual Notes represented
by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of any such Notes in
definitive form and will not be considered the owners or Holders thereof under the Indenture for any purpose, including with respect
to giving of any direction, instructions or approvals to the Trustee hereunder.

 

A Global Note may be
exchanged in whole or in part for individual Notes represented thereby only if (i) the Depositary (A) has notified the Company
that it is unwilling or unable to continue as a depositary for such Global Note or (B) has ceased to be a clearing agency registered
under the Exchange Act, and in either case a successor depositary shall not have been appointed by the Company within ninety (90)
days after such notice is received by the Company or the Company becomes aware of such cessation, respectively, or (ii) there shall
have occurred and be continuing an Event of Default with respect to such Global Note and the Security Registrar has received a
written request from an owner of beneficial interest in such Global Note to receive registered Notes. In any such case, the Company
will issue individual Notes in exchange for such Global Note representing such Notes in authorized denominations.

 

Individual Notes so issued
will be issued in denominations of $25.00 and integral multiples thereof.

 

Notwithstanding any
provisions of Section 2.1(e) or Section 2.1(f) of this Supplemental Indenture to the contrary, payments of
principal, premium, if any, and interest on any Global Note shall be made in accordance with the procedures of the Depositary
and its participants in effect from time to time.

    6

     

    

 

(e)          
Interest and Interest Rate. The Notes will bear interest at a rate of 6.375% per annum, from June 23, 2020
(or, in the case of Notes issued after June 23, 2020, from the date designated by the Company in connection with such issuance),
or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable quarterly
in arrears on March 1, June 1, September 1 and December 1 of each year, commencing September 1, 2020 (each of which shall be an
 “Interest Payment Date”), or if such day is not a Business Day, on the next succeeding Business Day, to the
Persons in whose names the Notes are registered in the Security Register at the close of business on the Regular Record Date for
such interest, which shall be February 15, May 15, August 15 or November 15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date (each, a “Regular Record Date”).

 

(f)           
Principal Repayment; Currency. The Stated Maturity of the principal of the Notes is June 23, 2050; provided,
however, the Notes may be earlier redeemed at the option of the Company as provided in Section 2.1(g) of this Supplemental
Indenture. The principal of each Note payable at its Maturity shall be paid against presentation and surrender thereof at the Corporate
Trust Office, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public or private debts.

 

(g)          
Redemption at the Option of the Company. The Notes will be subject to redemption in whole at any time or in
part from time to time on or after June 23, 2025 at the option of the Company upon not less than fifteen (15) nor more than
sixty (60) days’ notice to each Holder of Notes to be redeemed at its address appearing in the Security Register, or, in
the case of any Global Note, in accordance with the procedures of the Depositary and its participants in effect from time to time,
at a Redemption Price equal to 100% of the outstanding principal amount of the Notes being redeemed, plus accrued and unpaid interest,
if any, to, but not including, the applicable Redemption Date. On or before 11:00 a.m. Eastern Time on any Redemption Date, 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 as provided in Section 1003 of the Base Indenture) an amount of money sufficient to pay the Redemption Price
of, and accrued and unpaid interest on, all the Notes which are to be redeemed on such Redemption Date. If the Company instructs
the Trustee in writing to send the notice of redemption in the name of and at the expense of the Company as provided in Section
1104 of the Base Indenture, the Company shall provide the Trustee with such written instruction at least five (5) Business Days
(or such shorter time as the Trustee may agree) prior to the date such notice of redemption is to be sent.

 

(h)          Notices.
Notices to the Company shall be directed to it at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts
02458-1634, fax number (617) 796-8349, Attention: President; notices to the Trustee shall be directed to it at One Federal
Street, 3rd Floor, Boston, Massachusetts 02110, fax number (617) 603-6683, email: david.doucette@usbank.com, Attention:
Corporate Trust Department, Re: Office Properties Income Trust 6.375% Senior Notes due 2050, or as to either party, at such
other address as shall be designated by such party in a written notice to the other party. All notices and communications
(other than those sent to Holders of the Notes) shall be deemed to have been duly given at the time delivered by hand, if
personally delivered; five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except
that a notice of change of address shall not be deemed to have been given until actually received by the addressee); when
receipt is acknowledged, if sent by e-mail or facsimile; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery.

 

    7

     

    

 

 

(i)                
Legal Holidays. If any Interest Payment Date, Redemption Date or the Stated Maturity for the principal of
the Notes falls on a day that is not a Business Day, the payment otherwise payable on such day will be due and payable on the next
succeeding Business Day, and no interest will accrue thereon for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be, through such next succeeding Business Day. The provisions of this Section 2.1(i)
shall supersede and replace Section 113 of the Base Indenture with respect to the Notes.

 

ARTICLE
3

 

ADDITIONAL COVENANTS

 

Section
3.1            Additional
Covenants of the Company. In addition to the covenants of the Company set forth in Article Eight and Article Ten of the Base
Indenture, the Holders of the Notes shall have the benefit of the following covenants:

 

(a)              
Limitations on Incurrence of Debt.

 

(i)                
The Company will not, and will not permit any Subsidiary to, incur any additional Debt if, immediately after giving
effect to the incurrence of such additional Debt and the application of the proceeds therefrom, the aggregate principal amount
of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with GAAP is greater
than 60% of the sum of (without duplication):

 

(A)            
the Total Assets as of the end of the fiscal quarter covered by the Company’s Annual Report on Form 10-K or
Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted
or required under the Exchange Act, with the Trustee) (such quarter, the “Latest Completed Fiscal Quarter”)
prior to the incurrence of such additional Debt; and

 

(B)             
the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering
proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used
to reduce Debt), by the Company or any Subsidiary since the end of such Latest Completed Fiscal Quarter, including those proceeds
obtained in connection with the incurrence of such additional Debt.

 

For purposes of this Supplemental Indenture, the sum
of (A) and (B) above is the Company’s “Adjusted Total Assets.”

 

(ii)             
The Company will not, and will not permit any Subsidiary to, incur any additional Secured Debt if, immediately after
giving effect to the incurrence of such additional Secured Debt and the application of the proceeds therefrom, the aggregate principal
amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with
GAAP is greater than 40% of Adjusted Total Assets.

 

    8

     

    

 

(iii)           
 The Company will not, and will not permit any Subsidiary to, incur any additional Debt if, immediately after giving
effect to the incurrence of such additional Debt and on a pro forma basis, including the application of the proceeds therefrom,
the ratio of Consolidated Income Available for Debt Service to Annual Debt Service for the four consecutive fiscal quarters most
recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, and calculated on the
assumptions that:

 

(A)             
such Debt and any other Debt incurred by the Company and its Subsidiaries on a consolidated basis since the first
day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had occurred
at the beginning of such period;

 

(B)             
the repayment, retirement or other discharge of any other Debt by the Company and its Subsidiaries on a consolidated
basis since the first day of such four-quarter period had occurred at the beginning of such period (except that, in making such
computation, the amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such
Debt during such period);

 

(C)             
in the case of Acquired Debt or Debt incurred in connection with or in contemplation of any acquisition, including
any Person becoming a Subsidiary, since the first day of such four-quarter period, the related acquisition had occurred as of the
first day of such period with appropriate adjustments with respect to such acquisition being included in such pro forma calculation;
and

 

(D)              
in the case of any acquisition or disposition by the Company and its Subsidiaries on a consolidated basis of any
asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase
or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with
the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.

 

If the Debt giving rise
to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period
bears interest at a floating interest rate, then, for purposes of calculating the Annual Debt Service, the interest rate on such
Debt will be computed on a pro forma basis as if the average interest rate which would have been in effect during the entirety
of such four-quarter period had been the applicable rate for the entirety of such period.

 

(b)              
Maintenance of Total Unencumbered Assets. The Company and its Subsidiaries will at all times maintain Total
Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and
its Subsidiaries on a consolidated basis in accordance with GAAP.

 

    9

     

    

 

ARTICLE
4

OTHER PROVISIONS

 

Section
4.1            Restatement
and Amendment of Certain Provisions of Section 101 of the Base Indenture. (a) The provisions of Section 101(a) of the
Base Indenture, as applied to the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the
provisions set forth therein:

 

“(a) the terms defined in
this Article have the meanings assigned to them in this Article and include the plural as well as the singular, and the term “Notes”
has the meaning assigned to it in the Supplemental Indenture and includes the plural as well as the singular;”

 

(b) Section 101 of
the Base Indenture, as applied to the Notes, is further amended by adding the following defined term in its appropriate alphabetical
position:

 

““Supplemental
Indenture” means the Second Supplemental Indenture to this Indenture, dated as of June 23, 2020, by and between the Company
and the Trustee, as the same may be amended or supplemented from time to time.”

 

Section
4.2            Sinking Funds
not Applicable. Section 501(c) of the Base Indenture shall not be applicable to the Notes.

 

Section
4.3            Restatement
of Section 501(d) of the Base Indenture. The provisions of Section 501(d) of the Base Indenture, as applied to
the Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:

 

“(d)           a default in the performance
of, or breach of, any covenant of the Company in this Indenture (not including a covenant a default in whose performance or whose
breach is elsewhere in the Indenture specifically dealt with or which has been expressly included in this Indenture solely for
the benefit of a series of Securities other than that series), and continuance of such default or breach for a period of sixty
(60) days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of more than 25% in principal amount of the Outstanding Securities of that series, a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or”

 

Section
4.4            Restatement
of Section 501(e) of Base Indenture. The provisions of Section 501(e) of the Base Indenture, as applied to the
Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:

 

“(e)           the Company or one
of its Significant Subsidiaries, if any, 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, or (iii) consents to the appointment
of a Custodian of it or for all or substantially all of the Company’s or such Significant Subsidiary’s property; or”

 

Section
4.5            Restatement
of Section 501(f) of Base Indenture. The provisions of Section 501(f) of the Base Indenture, as applied to the
Notes, are restated in their entirety and shall be deemed to read as follows in lieu of the provisions set forth therein:

 

“(f)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the
Company or one of its Significant Subsidiaries, if any, in an involuntary case, (ii) appoints a Custodian of the
Company, or such Significant Subsidiary, or for all or substantially all of the Company’s or such Significant
Subsidiary’s property, or (iii) orders the liquidation of the Company, or such Significant Subsidiary, and the
order or decree remains unstayed and in effect for ninety (90) days; or”

 

    10

     

    

 

Section
4.6            Additional
Events of Default. In accordance with Section 501(g) of the Base Indenture, the following shall also constitute an “Event
of Default” with respect to the Notes:

 

“(1)           a default under any
bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other instrument of
the Company (including a default with respect to Securities issued under the Indenture other than the Notes) under which there
may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment of which the
Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether such indebtedness
now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding
$25,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto
and shall have resulted in such indebtedness in an aggregate principal amount exceeding $25,000,000 becoming or being declared
due and payable prior to the date on which it would otherwise have become due and payable; provided, however, that if there is
no other senior unsecured indebtedness of the Company, the maturity of which would be accelerated by a default under any of the
Company’s indebtedness in an aggregate principal amount of $25,000,000 or less, the references to $25,000,000 in this clause
(c) shall be replaced by the lesser of the indebtedness cross-default amount contained in the Company’s then existing senior
unsecured credit facility or such other senior unsecured indebtedness, as long as such amount is greater than $25,000,000, not
to exceed $50,000,000. Such default shall not be an Event of Default if the indebtedness shall have been discharged, or such acceleration
shall have been rescinded or annulled, within a period of ten (10) days after there shall have been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of more than 25% in aggregate principal amount
of the Outstanding Notes a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged
or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” under
the Indenture;”

 

Section
4.7            Amounts due
on Acceleration. Notwithstanding any provisions to the contrary in the Base Indenture, upon any acceleration of the Notes under Section 502 of
the Base Indenture, the amount immediately due and payable in respect of the Notes shall equal the outstanding principal amount
thereof, plus accrued and unpaid interest thereon.

 

Section
4.8            Applicability
of Satisfaction and Discharge. Article Four of the Base Indenture applies to the Notes, except for the proviso at the end of
Section 401(a).

 

Section
4.9            Applicability
of Defeasance and Covenant Defeasance. Article Thirteen of the Base Indenture applies to the Notes, except for the proviso
in the first sentence of Section 1304(a).

 

ARTICLE
5

EFFECTIVENESS

 

This Supplemental
Indenture shall be effective for all purposes as of the date and time this Supplemental Indenture has been executed and
delivered by the Company and the Trustee in accordance with Article Nine of the Base Indenture. As supplemented hereby, the
Base Indenture is hereby confirmed as being in full force and effect.

 

    11

     

    

 

ARTICLE
6

MISCELLANEOUS

 

Section
6.1            Separability.
In the event any provision of this Supplemental Indenture shall be held invalid or unenforceable by any court of competent jurisdiction,
such holding shall not invalidate or render unenforceable any other provision hereof or any provision of the Indenture.

 

Section
6.2            Construction
of Terms. To the extent that any terms of this Supplemental Indenture or the Notes are inconsistent with the terms of the Base
Indenture, the terms of this Supplemental Indenture or the Notes shall govern and supersede such inconsistent terms.

 

Section
6.3            Effect of
Headings. The section headings herein are for convenience only and shall not affect the construction hereof.

 

Section
6.4            Governing
Law. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section
6.5            Counterparts and Electronic Signatures.
This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument. The words “execution,” “signed,”
 “signature,” and words of like import in this Supplemental Indenture or in any other certificate, agreement or
document related to this Supplemental Indenture or the Notes shall include images of manually executed signatures transmitted
by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or
 “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated,
sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability
as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform
Electronic Transactions Act or the Uniform Commercial Code. The Company agrees to assume all risks arising out of the use of
using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

[Signature Page Follows]

 

    12

     

    

 

IN WITNESS WHEREOF,
the Company and the Trustee have caused this Supplemental Indenture to be executed as an instrument under seal in their respective
corporate names as of the date first above written.

 

	 	OFFICE PROPERTIES INCOME TRUST
	 	 
	 	By:	/s/ Matthew C. Brown

	 	 	Name:	 Matthew C. Brown
	 	 	Title:	 Chief Financial Officer and Treasurer

 

	 	U.S. BANK
    NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ David W. Doucette
	 	 	Name:	 David W. Doucette
	 	 	Title:	Vice President

 

[Signature Page: Second
Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

[Form of Face of Security]

 

[Insert Applicable Legends]

 

OFFICE PROPERTIES INCOME TRUST

 

6.375%
Senior Notes due 2050

 

	No. ____	$ ___________

 

Office Properties Income
Trust (formerly known as Government Properties Income Trust), a real estate investment trust duly organized and existing under
the laws of Maryland (the “Company”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to _____________________________, or registered assigns, the principal
sum of ___________________ Dollars ($_____________) [(as the same may be revised from time to time on the Schedule of Exchanges
of Interests in the Global Security attached hereto)] on June 23, 2050, and to pay interest thereon from               , 20    
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on March 1, June
1, September 1 and December 1 in each year, commencing September 1, 2020 at the rate of 6.375%
per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be February 15, May 15, August 15 or November 15 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than ten (10) days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained
for that purpose in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts or, in the case of any Note that is a Global Security, in accordance with the procedures of The Depository
Trust Company (“DTC”), or any successor depositary with respect to the Global Notes appointed under the Indenture,
the “Depositary”), and its participants in effect from time to time; provided, however, that at
the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

THE AMENDED AND RESTATED
DECLARATION OF TRUST ESTABLISHING OFFICE PROPERTIES INCOME TRUST, DATED JUNE 8, 2009, AS AMENDED, AS FILED WITH THE STATE DEPARTMENT
OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF OFFICE PROPERTIES
INCOME TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, OFFICE PROPERTIES
INCOME TRUST. ALL PERSONS DEALING WITH OFFICE PROPERTIES INCOME TRUST IN ANY WAY SHALL LOOK ONLY TO THE ASSETS OF OFFICE PROPERTIES
INCOME TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

    A-1

     

    

 

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

 

	Dated:	OFFICE PROPERTIES INCOME TRUST
	 	 
	 	By:	             
		 	Name:
		 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

Dated:

 

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

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	                 
		 	Name:
		 	Title:

 

    A-2

     

    

 

[Form of Reverse of Security]

 

1.       General.
This Security is one of a duly authorized issue of securities of the Company (the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of July 20, 2017 (the “Base Indenture”), between
the Company and U.S. Bank National Association (the “Trustee”, which term includes any successor trustee under
the Base Indenture), as supplemented by a Second Supplemental Indenture, dated as of June 23, 2020 (as amended, supplemented or
otherwise modified from time to time, the “Supplemental Indenture” and the Base Indenture, as supplemented by
such Supplemental Indenture, the “Indenture”), between the Company and the Trustee, and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof (such series, the “Notes”).

 

2.       Optional
Redemption. The Notes will be subject to redemption in whole at any time or in part from time to time on or after June
23, 2025 at the option of the Company upon not less than fifteen (15) nor more than sixty (60) days’ notice to each Holder
of Notes to be redeemed at its address appearing in the Security Register or, in the case of any Note that is a Global Security,
in accordance with the procedures of the Depositary and its participants in effect from time to time, at a Redemption Price equal
to 100% of the outstanding principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the applicable Redemption Date.

 

The Company shall not
be required to make sinking fund or redemption payments with respect to the Notes.

 

In the event of redemption
of this Security in part only, a new Note or Notes and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof.

 

3.       Discharge
and Defeasance. The Indenture contains provisions for discharge or defeasance at any time of the entire indebtedness of this
Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with
certain conditions set forth in the Indenture.

 

4.       Defaults
and Remedies. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes, plus
accrued and unpaid interest thereon, may be declared due and payable in the manner and with the effect provided in the Indenture.

 

5.       Actions
of Holders. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal
amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of
the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or this Security or for the appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes,
the Holders of not less than a majority in principal amount of the Notes at the time Outstanding shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such
notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

 

    A-3

     

    

 

6.       Payments
Not Impaired. No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this
Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

7.       Denominations,
Transfer, Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or
agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable
only in registered form without coupons in denominations of $25.00 and integral multiples of $25.00 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount
of Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

8.       Persons
Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to
the contrary.

 

9.       Defined
Terms. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    A-4

     

    

 

 

[ASSIGNMENT FORM]

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

 

	TEN COM	--	as tenants in common	UNIF GIFT MIN ACT --                      Custodian                            
	TEN ENT	--	as tenants by the entireties	(Cust)                            (Minor)
	JT TEN	--	as joint tenants with right of survivorship

and not as tenants in common 	Under Uniform Gifts to Minors

                                                 Act                                 

		
	 	(State)

 

 

Additional abbreviations may also be used
though not in the above list.

 

______________________________________

 

FOR VALUE RECEIVED, the undersigned registered
Holder hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	
         

         

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
OF ASSIGNEE

 

 

the within security and all rights thereunder,
hereby irrevocably constituting and appointing

 

                                                                                                                                                                                                                                                  Attorney

to transfer said security on the books of
the Company with full power of substitution in the premises.

 

	Dated:                                                                                           	 	Signed:                                                                                                                               
	 	 	 
	 	 	Notice: The signature to this assignment
    must correspond with the name as it appears upon the face of the within security in every particular, without alteration or
    enlargement or any change whatever.
	 	 	 
	 	 	Signature Guarantee*:                                                                                                    
	 	 	 
	 	 	* Participant in a recognized Signature
    Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-5

     

    

 

[Include
this Schedule only for a Global Security]

 

SCHEDULE OF
EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY

 

The initial principal
amount of this Global Security is $[●].

 

The following
exchanges, transfers or cancellations of this Global Security have been made:

 

	 	 	 	 	 	 	 	 	 
	Date of

 Exchange  	 	Amount of
 Decrease in
 Principal

Amount of this
 Global Security	 	Amount of
 Increase in
 Principal
 Amount of this

Global Security	 	Principal
 Amount of this
 Global
Security
 Following Such
 Decrease (or
 Increase)	 	Signature of
 Authorized
 Officer of
 Trustee 

 

    A-6

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