Document:

EX-4.2

 Exhibit 4.2 
  

 
 ESSENTIAL PROPERTIES, L.P.,

 ESSENTIAL PROPERTIES REALTY TRUST, INC., 

AS GUARANTOR, 
 AND

 U.S. BANK NATIONAL ASSOCIATION, 

AS TRUSTEE 
  

 
 FIRST SUPPLEMENTAL INDENTURE

 DATED AS OF JUNE 28, 2021 

TO INDENTURE DATED JUNE 28, 2021 
  

 
 $400,000,000 

OF 
 2.950% SENIOR NOTES
DUE 2031 
  
  

 CONTENTS 
  

							
	 ARTICLE I. RELATION TO BASE INDENTURE; DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	Relation to Base Indenture	  	 	1	 
	 Section 1.2
	 	Definitions	  	 	2	 
		
	 ARTICLE II. TERMS OF THE SECURITIES
	  	 	9	 
	 Section 2.1
	 	Title of the Securities	  	 	9	 
	 Section 2.2
	 	Price	  	 	9	 
	 Section 2.3
	 	Limitation on Initial Aggregate Principal Amount; Further Issuances	  	 	9	 
	 Section 2.4
	 	Interest and Interest Rates; Stated Maturity of Notes	  	 	9	 
	 Section 2.5
	 	Method of Payment	  	 	10	 
	 Section 2.6
	 	Currency	  	 	11	 
	 Section 2.7
	 	Additional Notes	  	 	11	 
	 Section 2.8
	 	Redemption	  	 	11	 
	 Section 2.9
	 	No Sinking Fund	  	 	11	 
	 Section 2.10
	 	Registrar and Paying Agent	  	 	12	 
		
	 ARTICLE III. FORM OF THE SECURITIES
	  	 	12	 
	 Section 3.1
	 	Global Form	  	 	12	 
	 Section 3.2
	 	Transfer and Exchange	  	 	13	 
		
	 ARTICLE IV. REDEMPTION OF NOTES
	  	 	18	 
	 Section 4.1
	 	Optional Redemption of Notes	  	 	18	 
	 Section 4.2
	 	Notice of Optional Redemption, Selection of Notes	  	 	18	 
	 Section 4.3
	 	Payment of Notes Called for Redemption by the Company	  	 	19	 
		
	 ARTICLE V. GUARANTEE
	  	 	20	 
	 Section 5.1
	 	Note Guarantee	  	 	20	 
	 Section 5.2
	 	Execution and Delivery of Note Guarantee	  	 	21	 
	 Section 5.3
	 	Limitation of Guarantor’s Liability	  	 	21	 
	 Section 5.4
	 	Application of Certain Terms and Provisions to the Guarantor	  	 	22	 
		
	 ARTICLE VI. ADDITIONAL COVENANTS
	  	 	22	 
	 Section 6.1
	 	Limitations on Incurrence of Debt	  	 	22	 
	 Section 6.2
	 	Existence	  	 	24	 
	 Section 6.3
	 	Merger, Consolidation or Sale	  	 	25	 
	 Section 6.4
	 	Payment of Taxes and Other Claims	  	 	25	 
	 Section 6.5
	 	Provision of Financial Information	  	 	25	 
	 Section 6.6
	 	Maintenance of Properties	  	 	26	 
	 Section 6.7
	 	Insurance	  	 	26	 
		
	 ARTICLE VII. DEFAULTS AND REMEDIES
	  	 	26	 
	 Section 7.1
	 	Events of Default	  	 	27	 
	 Section 7.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	28	 

  
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	 ARTICLE VIII. AMENDMENTS AND WAIVERS
	  	 	29	 
	 Section 8.1
	 	Without Consent of Holders	  	 	29	 
	 Section 8.2
	 	With Consent of Holders	  	 	30	 
		
	 ARTICLE IX. MEETINGS OF HOLDERS OF NOTES
	  	 	31	 
	 Section 9.1
	 	Purposes for Which Meetings May Be Called	  	 	31	 
	 Section 9.2
	 	Call, Notice and Place of Meetings	  	 	32	 
	 Section 9.3
	 	Persons Entitled to Vote at Meetings	  	 	32	 
	 Section 9.4
	 	Quorum; Action	  	 	32	 
	 Section 9.5
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	33	 
	 Section 9.6
	 	Counting Votes and Recording Action of Meetings	  	 	34	 
		
	 ARTICLE X. MISCELLANEOUS PROVISIONS
	  	 	34	 
	 Section 10.1
	 	Evidence of Compliance with Conditions Precedent, Certificates to Trustee	  	 	34	 
	 Section 10.2
	 	No Recourse Against Others	  	 	35	 
	 Section 10.3
	 	Trust Indenture Act Controls	  	 	35	 
	 Section 10.4
	 	Governing Law	  	 	35	 
	 Section 10.5
	 	Counterparts	  	 	35	 
	 Section 10.6
	 	Successors	  	 	35	 
	 Section 10.7
	 	Severability	  	 	36	 
	 Section 10.8
	 	Table of Contents, Headings, Etc	  	 	36	 
	 Section 10.9
	 	Ratifications	  	 	36	 
	 Section 10.10
	 	Effectiveness	  	 	36	 
	 Section 10.11
	 	The Trustee	  	 	36	 

  

  
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 THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”) is
entered into as of June 28, 2021 among Essential Properties, L.P., a Delaware limited partnership (the “Company”), Essential Properties Realty Trust, Inc., a Maryland corporation, as guarantor (the
“Guarantor”), and U.S. Bank National Association, as trustee (the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company has delivered to the Trustee an Indenture, dated as of June 28, 2021 (the “Base Indenture”),
providing for the issuance by the Company from time to time of Securities in one or more Series; 
 WHEREAS, Section 2.2 of the Base
Indenture provides for various matters with respect to any Series of Securities issued under the Base Indenture to be established in an indenture supplemental to the Base Indenture; 

WHEREAS, each of the Company and the Guarantor desires to execute this First Supplemental Indenture to establish the form and to provide for
the issuance of a Series of the Company’s senior notes designated as 2.950% Senior Notes due 2031 (the “Notes”), in an initial aggregate principal amount of $400,000,000; 

WHEREAS, the Board of Directors, on behalf of the sole member of the General Partner (as defined below), and as the Board of Directors of the
Guarantor, has duly adopted resolutions authorizing the Company and the Guarantor, respectively, to execute and deliver this First Supplemental Indenture; and 

WHEREAS, all of the other conditions and requirements necessary to make this First Supplemental Indenture, when duly executed and delivered, a
valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

THEREFORE, for and in consideration of the premises and the purchase of the Series of Securities provided for herein by the Holders thereof,
it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such Series, as follows: 

ARTICLE I. 
 RELATION TO
BASE INDENTURE; DEFINITIONS 
 Section 1.1 Relation to Base Indenture. 

This First Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this First
Supplemental Indenture, all provisions of this First Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other Securities issued under the Base
Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes. 

 Section 1.2 Definitions. 

For all purposes of this First Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

  

	(a)	 Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base
Indenture; and 

  

	(b)	 All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles
and Sections of this First Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

“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 shall be 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. 
 “Additional Notes” means additional
Notes (other than the Initial Notes) issued under the Indenture in accordance with Sections 2.3, 2.7 and 8.1 hereof, as part of the same series as the Initial Notes. 

“Annual Service Charge” means, for any period, without duplication, the maximum amount that is payable for interest expense on, and original
issue discount of, the Guarantor’s and its Subsidiaries’ Debt in such period. 
 “Applicable Procedures” means, with respect to
any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Authentication Order” means a Company Order to the Trustee to authenticate and deliver the Notes, signed by an Officer of the General
Partner. 
 “Bankruptcy Law” shall have the meaning ascribed thereto in Section 7.1. 

“Business Day” means any day, other than a Saturday or Sunday, or legal holidays on which banks in The City of New York are not required or
authorized by law or executive order to be closed. 
 “Capital Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting), including partnership or limited liability company interests, whether general or limited, in the equity of such Person,
outstanding as of any date, including all options, warrants or other rights issued by such Person to purchase Capital Stock of such Person. 

“Clearstream” means Clearstream Banking, Société Anonyme. 

  
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 “Company Order” means a written order signed in the name of the Company by the General
Partner by an Officer. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date) that could be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption, (1) the average of the Reference Treasury Dealer Quotations for such
redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Consolidated Income Available for Debt Service” means, for any period, Earnings from Operations of the Guarantor and its Subsidiaries plus
amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): 
  

	(a)	 interest expense on Debt of the Guarantor and its Subsidiaries; 

 

	(b)	 provision for taxes of the Guarantor and its Subsidiaries based on income; 

 

	(c)	 amortization of debt discount, premium and deferred financing costs; 

 

	(d)	 provisions for unrealized gains and losses, impairment losses, depreciation and amortization and the effect of
any other non-cash items; 

  

	(e)	 amortization or right-of-use
assets associated with finance leases of property; 

  

	(f)	 credit losses recognized on financial assets and certain other instruments not measured at fair value;

  

	(g)	 extraordinary, non-recurring and other unusual items (including,
without limitation, any costs and fees incurred in connection with any debt financing or amendments thereto, or any acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed));

  

	(h)	 gains and losses resulting from the extinguishment of debt; 

 

	(i)	 the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from
Operations for such period; 

  

	(j)	 amortization of deferred charges; 

 

	(k)	 gains or losses on derivative financial instruments; and 

  
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	(l)	 acquisition expenses. 

“Debt” of the Guarantor or any of its Subsidiaries means any indebtedness of the Guarantor or any of its Subsidiaries, excluding any accrued
expense or trade payable, whether or not contingent, in respect of: 
  

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

 

	(b)	 indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on
property owned by the Guarantor or any of its Subsidiaries, but only 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 mortgage, pledge, lien, charge,
encumbrance or any security interest existing on property owned by the Guarantor or any of its Subsidiaries, 

  

	(c)	 the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually
issued and drawn or amounts representing the balance deferred and unpaid of the purchase price of any property, or all conditional sale obligations or obligations under any title retention agreement, or 

 

	(d)	 any lease of property by the Guarantor or any of its Subsidiaries as lessee that is reflected on the
Guarantor’s consolidated balance sheet and classified as a finance lease in accordance with GAAP; provided, however, that in the case of this clause, Debt excludes operating lease liabilities on a Person’s balance sheet in accordance with
GAAP 

 and to the extent, in the case of items of indebtedness under clauses (a) and (c) of this definition, that any such items
(other than letters of credit) would appear as a liability on the Guarantor’s consolidated balance sheet in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation by the Guarantor or any of its
Subsidiaries 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 Guarantor or any of its Subsidiaries); provided,
however, that the term “Debt” shall not include Permitted Non-Recourse Guarantees of the Guarantor or any of its Subsidiaries until they become primary obligations of, and payments are due and
required to be made thereunder by, the Guarantor or any of its Subsidiaries. 
 “Defaulted Interest” shall have the meaning ascribed
thereto in Section 2.5. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 3.2, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
 “Depositary” means, with respect to the Notes, The Depository Trust Company and any successor thereto. 

“Earnings from Operations” means, for any period, net income excluding gains and losses on sales of investments, net, as reflected in the
financial statements of the Guarantor and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 

  
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 “Encumbrance” means any mortgage, pledge, lien, charge, encumbrance or any security
interest existing on property owned by the Guarantor or any of its Subsidiaries securing indebtedness for borrowed money, other than a Permitted Encumbrance. 

“Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system. 

“Event of Default” shall have the meaning ascribed thereto in Section 7.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“GAAP” means generally accepted accounting principles as used in the United States applied on a consistent basis as in effect from time to
time. 
 “General Partner” means Essential Properties OP G.P., LLC, a Delaware limited liability company and the sole general partner of
the Company. 
 “Global Note Legend” means the legend set forth in Section 3.2(f), which is required to be placed on all Global Notes
issued under the Indenture. 
 “Global Notes” means, individually and collectively, each of the Notes deposited with or on behalf of and
registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto, issued in accordance with the Indenture. 
 “Holders” shall have the meaning ascribed thereto in Section 2.4. 

“Indenture” means the Base Indenture, as supplemented by this First Supplemental Indenture, and as further supplemented, amended or restated.

 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the Independent
Investment Banker from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a
Participant. 
 “Initial Notes” means the first $400,000,000 aggregate principal amount of Notes issued under this First Supplemental
Indenture on the date hereof. 
 “interest” means, when used with reference to the Notes, any interest payable under the terms of the
Notes. 
 “Interest Payment Date” shall have the meaning ascribed thereto in Section 2.4. 

  
 5 

 “Make-Whole Premium” means, with respect to any Note redeemed before the Par Call Date, the
excess, if any, of (a) the sum of the present values of the remaining scheduled payments of principal and interest, if any, thereon (exclusive of interest, if any, accrued to the date of redemption) that would be due if the Notes matured on the
Par Call Date, determined by discounting to the Redemption Date, on a semiannual basis, each such scheduled payment of principal and interest, if any, at the Treasury Rate plus 25 basis points, determined on the third Business Day preceding the date
the notice of redemption is given from the respective dates on which such principal and interest would have been payable if such redemption had not been made; over (b) the principal amount of such Notes. 

“Non-Recourse Debt” means Debt of a joint venture or Subsidiary of the Company (or an entity in which
the Company is the general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including Capital Stock) of the joint venture or Subsidiary of the Company (or entity in which
the Company is the general partner or managing member) that is the borrower and is non-recourse to the Guarantor or any of its Subsidiaries (other than pursuant to a Permitted
Non-Recourse Guarantee and other than with respect to the joint venture or Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower);
provided further that, if any such Debt is partially recourse to the Guarantor or any of its Subsidiaries (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the
joint venture or Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower) and therefore does not meet the criteria set forth above, only the portion of such Debt that does meet the
criteria set forth above shall constitute “Non-Recourse Debt.” 
 “Note Guarantee” means
the Guarantee by the Guarantor of the Company’s obligations under the Indenture and the Notes, executed pursuant to the provisions of the Base Indenture and this First Supplemental Indenture. 

“Notes” has the meaning assigned to it in the preamble to this First Supplemental Indenture. The Initial Notes and the Additional Notes shall
be treated as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Officer” means the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the
Secretary or any Assistant Secretary, and any Vice President of the General Partner or any Guarantor, as applicable. 
 “Officer’s
Certificate” means a certificate signed by any Officer of the General Partner on behalf of the Company or the Guarantor, as applicable. 

“Opinion of Counsel” means a written opinion of legal counsel. The counsel may be an employee of or counsel to the Company or the General
Partner. The opinion may contain customary limitations, conditions and exceptions. 
 “Par Call Date” means April 15, 2031 (three
months prior to the Stated Maturity of the Notes). 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a
Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Permitted Encumbrances” means leases, Encumbrances securing taxes, assessments and similar charges, mechanics’ liens and other similar
Encumbrances. 

  
 6 

 “Permitted Non-Recourse Guarantees” means customary
completion or budget guarantees, indemnities or other customary guarantees provided to lenders (including by means of separate indemnification agreements, carve-out guarantees or pledges of the equity
interests in the borrower) under such Non-Recourse Debt in the ordinary course of business of the Guarantor or any of its Subsidiaries in financing transactions that are directly or indirectly secured by real
estate assets or other real estate-related assets (including Capital Stock) of a joint venture or Subsidiary of the Company (or an entity in which the Company is the general partner or managing member), in each case that is the borrower in such
financing, but is non-recourse to the Guarantor or any of its other Subsidiaries, except for such completion or budget guarantees, indemnities or other guarantees (including by means of separate
indemnification agreements or carve-out guarantees or pledges of the equity interests in the borrower) as are consistent with customary industry practice (such as environmental indemnities and recourse
triggers based on violation of transfer restrictions and other customary exceptions to non-recourse liability). 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Primary Treasury Dealer” shall have the
meaning ascribed thereto in the definition of “Reference Treasury Dealer.” 
 “Record Date” shall have the meaning ascribed
thereto in Section 2.4. 
 “Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the
provisions of Section 4.1, the date fixed for such redemption in accordance with the provisions of Section 4.1. 
 “Redemption
Price” shall have the meaning ascribed thereto in Section 4.1. 
 “Reference Treasury Dealer” means, each of BofA Securities,
Inc., Citigroup Global Markets Inc., Barclays Capital Inc. and Goldman Sachs & Co. LLC and their successors, and one other firm that is a primary U.S. Government securities dealer (each a “Primary Treasury Dealer”) which the
Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption, the average, as determined
by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on
the third Business Day preceding the date the notice of such redemption is given. 
 “SEC” means the Securities and Exchange Commission.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from
time to time. 
 “Significant Subsidiary” shall have the meaning ascribed thereto in Section 7.1. 

  
 7 

 “Stated Maturity” shall have the meaning ascribed thereto in Section 2.4(c). 

“Subsidiary” means, with respect to any Person, a corporation, partnership, trust, joint venture, limited liability company or other entity
the majority of the shares of the voting capital stock or other equivalent ownership interests of which (except directors’ qualifying shares) are at the time directly or indirectly owned by such Person and/or any other Subsidiary or
Subsidiaries of such Person and which is required to be consolidated with the accounts of such Person. For the purposes of this definition, “voting capital stock” means capital stock having voting power for the election of directors,
trustees or managers, as the case may be, whether at all times or only so long as no senior class of capital stock has such voting power by reason of any contingency. 

“Total Assets” means, as of any date, the sum of (i) Undepreciated Real Estate Assets and (ii) all of the Guarantor’s and its
Subsidiaries’ other assets, in each case excluding accounts receivable, right-of-use operating lease assets and non-real
estate intangibles, and in each case, determined on a consolidated basis in accordance with GAAP. 
 “Total Unencumbered Assets” means the
sum of the Guarantor’s and its Subsidiaries’ Undepreciated Real Estate Assets and the value determined in accordance with GAAP of all of the Guarantor’s and its Subsidiaries’ other assets, excluding accounts receivable, right-of-use operating lease assets and non-real estate intangibles, in each case not subject to an Encumbrance; provided,
however, that “Total Unencumbered Assets” does not include investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities. 

“Treasury Rate” means, with respect to any redemption, the rate per year equal to: (1) the yield, under the heading which represents the
average for the week immediately preceding the third Business Day prior to the date the notice of such redemption is given, appearing in the most recently published statistical release designated “H.15” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or after the remaining term of the Notes to be redeemed, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption. The Treasury Rate shall be calculated on the third Business Day preceding the date the notice of redemption is
given. In the case of a satisfaction and discharge, such rates shall be determined as of the date of the deposit with the Trustee. 

  
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 “Undepreciated Real Estate Assets” as of any date means the cost (original cost plus
capital improvements) of real estate assets, loans and direct financing lease receivables, right-of-use assets associated with leases of property required to be
reflected as finance leases on the balance sheet of the Guarantor and its Subsidiaries and related intangibles of the Company and its Subsidiaries on such date, before depreciation and amortization charges and unrealized loan loss allowances,
determined on a consolidated basis in accordance with GAAP; provided, however, that “Undepreciated Real Estate Assets” shall not include right-of-use assets
associated with leases of property required to be reflected as operating leases on the balance sheet of the Guarantor and its Subsidiaries in accordance with GAAP. 

“Uniform Fraudulent Conveyance Act” means any applicable federal, provincial or state fraudulent conveyance legislation and any successor
legislation. 
 “Uniform Fraudulent Transfer Act” means any applicable federal, provincial or state fraudulent transfer legislation and any
successor legislation. 
 “Unsecured Debt” means Debt of the types described in clauses (a) and (c) of the definition thereof that is
not secured by any mortgage, pledge, lien, charge or security interest of any kind upon any of the properties of the Guarantor or any of its Subsidiaries. 

ARTICLE II. 
 TERMS OF
THE SECURITIES 
 Section 2.1 Title of the Securities. 

There shall be a Series of Securities designated the “2.950% Senior Notes due 2031.” 

Section 2.2 Price. 

The Initial Notes shall be issued at a public offering price of 99.800% of the principal amount thereof, other than any offering discounts
pursuant to the initial offering and resale of the Notes. 
 Section 2.3 Limitation on Initial Aggregate
Principal Amount; Further Issuances. 
 The aggregate principal amount of the Notes initially shall be limited to $400,000,000. The
Company may, without notice to or consent of the Holders, issue Additional Notes from time to time in the future in an unlimited principal amount, subject to compliance with the terms of the Indenture. 

Nothing contained in this Section 2.3 or elsewhere in this First Supplemental Indenture, or in the Notes, is intended to or shall limit
execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Base Indenture. 

Section 2.4 Interest and Interest Rates; Stated Maturity of Notes. 

(a) The Notes shall bear interest at the rate of 2.950% per year. Interest on the Notes will accrue from June 28, 2021 and will be payable
semiannually in arrears on January 15 and July 15 of each year, commencing on January 15, 2022 (each such date being an “Interest Payment Date”), to the persons in whose names the Notes are registered in the
security register (the “Holders”) on the preceding January 1 or July 1, whether or not a Business Day, as the case may be (each such date being a “Record Date”). Interest on the Notes will be computed on
the basis of a 360-day year consisting of twelve 30-day months. 

  
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 (b) If any Interest Payment Date, Stated Maturity or Redemption Date falls on a day that is
not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that Interest Payment Date, Stated
Maturity or Redemption Date, as the case may be, until the next Business Day. 
 (c) The Stated Maturity of the Notes shall be July 15,
2031. 
 Section 2.5 Method of Payment. 

Principal, premium, if any, and interest shall be payable at the Corporate Trust Office of the Trustee, initially located at 111 Fillmore
Avenue E, St. Paul, Minnesota 55107. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the person entitled thereto as it appears in the security register; provided, however, that a
Holder of any Notes in certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company (with a copy to the Trustee) that it pay interest by wire transfer of immediately available funds to the
account specified by the Holder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. Any interest on any Note which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the
Company, at its election in each case, as provided in clause (a) or (b) below: 
 (a) The Company may elect to make payment of any
Defaulted Interest to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 calendar days after the receipt by the Trustee of such notice, unless the Trustee shall
consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special
record date for the payment of such Defaulted Interest which shall be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment, and not less than 10 calendar days after the receipt by the Trustee of
the notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the special record date therefor to be sent to each Holder at its address as it appears in the security register, not less than 

  
 10 

 
10 calendar days prior to such special record date (unless, the Trustee shall consent to an earlier date). Notice of the proposed payment of such Defaulted Interest and the special record date
therefor having been so mailed, such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following
clause (b) of this Section 2.5. 
 (b) The Company may make payment of any Defaulted Interest in any other lawful manner not
inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if,
after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.6 Currency. 

Principal and interest on the Notes shall be payable in U.S. Dollars. 

Section 2.7 Additional Notes. 

The Company will be entitled, without the consent of any Holders of the Notes, upon delivery of an Officer’s Certificate, Opinion of
Counsel and Authentication Order to the Trustee, and, subject to its compliance with Section 6.1, to issue Additional Notes under the Indenture that will have identical terms to the Initial Notes issued on the date of the Indenture other than
with respect to the date of issuance, issue price, interest accrued prior to the date of issuance of the Additional Notes, and, if applicable, the initial Interest Payment Date; provided, however, that if such Additional Notes will not be
fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number. Such Additional Notes will rank equally and ratably in right of payment and will be treated as a single series for all
purposes under the Indenture. 
 With respect to any Additional Notes, the Company will set forth in a Board Resolution of the sole member
of the General Partner and an Officer’s Certificate, a copy of each of which will be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and 

(b) the issue price, the issue date and the CUSIP number of such Additional Notes. 

Section 2.8 Redemption. 

The Notes may be redeemed at the option of the Company prior to the Stated Maturity as provided in Article IV. 

Section 2.9 No Sinking Fund. 

The provisions of Article XI of the Base Indenture shall not be applicable to the Notes. 

  
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 Section 2.10 Registrar and Paying Agent. 

The Trustee shall initially serve as Registrar and Paying Agent for the Notes. 

ARTICLE III. 
 FORM OF
THE SECURITIES 
 Section 3.1 Global Form. 

The Notes shall initially be issued in the form of one or more fully registered Global Notes that will be deposited with, or on behalf of the
Depositary, and registered in the name of the Depositary or its nominee, as the case may be, subject to Sections 2.7 and 2.14 of the Base Indenture. So long as the Depositary, or its nominee, is the registered owner of the Global Note, the
Depositary or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture. 

The Notes shall not be issuable in definitive form except as provided in Section 3.2(a) of this First Supplemental Indenture. The Notes
and the Trustee’s certificate of authentication shall be substantially in the form attached as Exhibit A hereto. The Company shall execute and the Trustee shall, in accordance with Section 2.3 of the Base Indenture, authenticate and
hold each Global Note as custodian for the Depositary. Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to
reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Registrar or the custodian, at the direction of the Trustee. The terms and provisions contained in the form
of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the Company, the Guarantor and the Trustee, by their execution and delivery of this First
Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Participants of the Depositary shall have
no rights either under the Indenture or with respect to the Global Notes. The Depositary or its nominee, as applicable, may be treated by the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee as the
absolute owner and Holder of such Global Notes for all purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Guarantor or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or its nominee, as applicable, or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a
beneficial interest in the Global Notes. 

  
 12 

 Section 3.2 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary with respect to such
Global Note to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All
Global Notes will be exchanged by the Company for Definitive Notes if: 
 (1) such Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for a Global Note or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered
as a clearing agency under the Exchange Act within 90 days of the notification to the Company or of the Company becoming aware of the Depositary ceasing to be so registered; 

(2) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Note shall be
so exchangeable; or 
 (3) there shall have occurred and be continuing an Event of Default with respect to the Global Note.

 Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the
Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 3.2 or Section 2.8 and 2.11 of the Base Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note
other than as provided in this Section 3.2(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.2(b) or (c). 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or
(2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of
Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be
required to be delivered to the Registrar to effect the transfers described in this Section 3.2(b)(1). 
 (2) All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 3.2(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either: 

  
 13 

 both: 

(A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to
be credited with such increase; or 
 both: 

(C) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(D) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (b)(1) above. 
 Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this First Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 3.2(g). 
 (c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any
holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in Section 3.2(b)(2) and written notice to the Trustee, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 3.2(g)
hereof, and the Company will execute and, upon the receipt of an Authentication Order, the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 3.2(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions
to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

  
 14 

 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global
Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. If any such exchange or transfer from
a Definitive Note to a beneficial interest is effected pursuant to the previous sentence at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 3.2,
the Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon the written request by a Holder of Definitive Notes and such
Holder’s compliance with the provisions of this Section 3.2(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form reasonably satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 3.2(e). A Holder of Definitive Notes may transfer such Notes to a Person who
takes delivery thereof in the form of a Definitive Note. Upon receipt of a written request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 

(f) Legend. Each Global Note issued under the Indenture, unless specifically stated otherwise in the applicable provisions of the
Indenture, will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 3.2 OF THE FIRST SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE FIRST SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO
THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ESSENTIAL PROPERTIES, L.P., AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE 

  
 15 

 
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of
the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order or at the Registrar’s request. 
 (2) No service charge
will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 9.6 of the Base Indenture and Section 4.3 of this First
Supplemental Indenture). 
 (3) [Reserved] 

(4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

  
 16 

 (5) Neither the Registrar nor the Company will be required: 

(A) to issue, to register the transfer of or to exchange any Note during a period beginning at the opening of business fifteen
days before any selection of Notes for redemption under Article IV and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record
date and the next succeeding Interest Payment Date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee
will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 3.1 hereof. 
 (8) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 3.2 to effect a registration of transfer or exchange may be submitted by facsimile. 

(i) In connection with any proposed transfer outside the book-entry system, there shall be provided to the Trustee all information necessary to
allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may conclusively rely on the information provided
to it and shall have no responsibility to verify or ensure the accuracy of such information. 
 (j) None of the Trustee or any Agent shall
have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly. 

  
 17 

 ARTICLE IV. 

REDEMPTION OF NOTES 
 The
provisions of Article III of the Base Indenture, as amended by the provisions of this First Supplemental Indenture, shall apply to the Notes. 

Section 4.1 Optional Redemption of Notes. 

The Notes shall be redeemable in whole at any time or in part from time to time, at the Company’s option, at a redemption price (the
“Redemption Price”) calculated by the Company and equal to the sum of (1) 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest, if any, up to, but not including, the Redemption Date plus
(2) a Make-Whole Premium; provided that if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest, if any, due on such
Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption) and the Redemption Price shall not include accrued and unpaid interest, if any, up
to, but not including, the Redemption Date. Notwithstanding the foregoing, if any Notes are redeemed on or after the Par Call Date, the Redemption Price will equal 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid
interest, if any, up to, but not including, the Redemption Date, without a Make-Whole Premium. The Company shall not redeem the Notes pursuant to this Section 4.1 if on any date the principal amount of the Notes has been accelerated, and such
acceleration has not been rescinded or cured on or prior to such date. 
 Section 4.2 Notice of Optional Redemption, Selection of
Notes. 
 (a) In case the Company shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant
to Section 4.1, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of
redemption is to be sent, the Trustee in the name of and at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission, a notice of such redemption not fewer than fifteen calendar days but not more than sixty
calendar days prior to the Redemption Date to each Holder of Notes to be redeemed at its last address as the same appears on the security register; provided that if the Company makes such request of the Trustee, it shall, together with such
request, also give written notice of the Redemption Date to the Trustee, provided further that the text of the notice shall be prepared by the Company. Such mailing shall be by first class mail or by electronic transmission. The notice, if
sent in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or electronic submission or any defect in the notice to the
Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

  
 18 

 (b) Each such notice of redemption shall specify: (i) the aggregate principal amount of
Notes to be redeemed, (ii) the CUSIP number or numbers of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of
payment and that payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date
interest thereon or on the portion thereof to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is
to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Note in principal amount
equal to the unredeemed portion thereof will be issued. 
 (c) On or prior to the Redemption Date specified in the notice of redemption given
as provided in this Section 4.2, the Company will deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.5 of the Base Indenture) an amount of
money in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date,
it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date. The Company shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 4.2 in excess of
amounts required hereunder to pay the Redemption Price. 
 (d) If less than all of the outstanding Notes are to be redeemed at the
Company’s option, the Trustee will select the Notes or portions thereof of the Global Notes or the Notes in certificated form to be redeemed by lot, subject to Applicable Procedures (in the case of Global Notes), in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof. 

Section 4.3 Payment of Notes Called for Redemption by the Company. 

(a) If notice of redemption has been given as provided in Section 4.2, the Notes or portion of Notes with respect to which such notice has
been given shall become due and payable and if the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless the Company
defaults in the payment of the Redemption Price, then on and after such date (i) interest, if any, will cease to accrue on any Notes called for redemption at the Redemption Date, (ii) on and after the Redemption Date (unless the Company
defaults in the payment of the Redemption Price) such Notes shall cease to be entitled to any benefit or security under the Indenture and (iii) the Holders thereof shall have no right in respect of such Notes except the right to receive the
Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Company at the Redemption Price, together with
interest accrued thereon to, but excluding, the Redemption Date. Such will be the case whether or not book-entry transfer of the Notes in book-entry form is made and whether or not the Notes in certificated form, together with necessary
endorsements, are delivered to the Paying Agent; provided, however, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid
interest, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date. 

  
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 (b) Upon presentation of any Note redeemed in part only, the Company shall execute and the
Trustee shall, upon receipt of an Authentication Order, authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed
portion of the Notes so presented. 
 ARTICLE V. 

GUARANTEE 
 Sections 5.1,
5.2 and 5.3 hereof shall replace Sections 12.1, 12.2 and 12.3 of the Base Indenture with respect to the Notes and the Note Guarantee. 

Section 5.1 Note Guarantee. 

(a) Subject to this Article 5, the Guarantor hereby fully and unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Trustee and to the Trustee and its successors and assigns, that: 
 (1) the principal of, premium, if any, and
interest, if any, on the Notes will be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, irrespective of the validity and
enforceability of the Indenture, the Notes or the obligations of the Company under the Indenture or the Notes, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture
or the Notes will be promptly paid in full or performed, all in accordance with the terms under the Indenture or the Notes; and 

(2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will be obligated to
pay the same immediately. The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantor
hereby agrees that its obligations under the Indenture and the Notes are full and unconditional, irrespective of the validity, regularity or enforceability of the Indenture or the Notes, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Notes with respect to any provisions of the Indenture or the Notes, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of the 

  
 20 

 
Guarantor. The Guarantor hereby agrees that in the event of a default in payment of the principal of or interest on the Notes entitled to the Guarantee, whether at the Stated Maturity or upon
acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.7 of the Base Indenture, by the Holders, on the terms and conditions set forth in the
Indenture, directly against the Guarantor to enforce the Guarantee without first proceeding against the Company. The Guarantor hereby (i) waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever (ii) acknowledges that any agreement, instrument or document evidencing the Guarantee may be transferred and
that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it and (iii) covenants that this Note Guarantee will not be discharged except by
complete performance of the obligations contained in the Indenture and the Notes. 
 (c) If any Holder or the Trustee is required by any
court or otherwise to return to the Company, the Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantor, any amount paid by either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 
 (d) The Guarantor agrees that it will not be
entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, as between the Guarantor, on the one hand,
and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VII for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article VII, such obligations (whether or not due and payable)
will forthwith become due and payable by the Guarantor for the purpose of this Note Guarantee. 
 Section 5.2 Execution and Delivery
of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 5.1, the Guarantor hereby agrees that this First
Supplemental Indenture will be executed on its behalf by one of its Officers. If an Officer whose signature is on this First Supplemental Indenture no longer holds that office at the time the Trustee authenticates the Note on which the Note
Guarantee is endorsed, the Note Guarantee will be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this First Supplemental
Indenture on behalf of the Guarantor. 
 Section 5.3 Limitation of Guarantor’s Liability. 

The Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of the Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance 

  
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Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to the Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and
the Guarantor hereby irrevocably agree that the obligations of the Guarantor will be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of the Guarantor that are relevant under such laws,
result in the obligations of the Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance. 
 Section 5.4
Application of Certain Terms and Provisions to the Guarantor. 
 (a) For purposes of any provision of the Indenture which provides for
the delivery by the Guarantor of an Officer’s Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.2 shall apply to the Guarantor as if references therein to the Company or the Guarantor, as applicable, were
references to the Guarantor. 
 (b) Upon any demand, request or application by the Guarantor to the Trustee to take any action under the
Indenture, the Guarantor shall furnish to the Trustee such Officer’s Certificate and Opinion of Counsel as are required in Section 10.1 as if all references therein to the Company were references to the Guarantor. 

ARTICLE VI. 
 ADDITIONAL
COVENANTS 
 The covenants set forth in Sections 4.1, 4.3 and 4.4 of the Base Indenture and the following additional covenants shall
apply with respect to the Notes so long as any of the Notes remain outstanding: 
 Section 6.1 Limitations on
Incurrence of Debt. 
 (a) Aggregate Debt Test. The Guarantor will not, and will not permit any of its Subsidiaries to, incur any
Debt if, immediately after giving effect to the incurrence of such additional Debt and the application of the proceeds of such additional Debt on a pro forma basis, the aggregate principal amount of all the Guarantor’s outstanding Debt and that
of its Subsidiaries on a consolidated basis as determined in accordance with GAAP is greater than 60% of the sum of (without duplication): 

(1) the Guarantor’s Total Assets as of the end of the fiscal quarter covered in the Guarantor’s Annual Report on Form
10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the SEC (or, if such filing is not permitted under the Exchange Act, furnished to the
Trustee) prior to the incurrence of such additional Debt; and 
 (2) the purchase price of any real estate assets or
mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Guarantor or any of its
Subsidiaries since the end of such fiscal quarter, including those proceeds obtained in connection with the incurrence of such additional Debt. 

  
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 (b) Debt Service Test. The Guarantor will not, and will not permit any of its
Subsidiaries to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Service Charge for the most recent quarterly period covered in the Guarantor’s Annual Report on Form
10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the SEC (or, if such filing is not permitted under the Exchange Act, furnished to the
Trustee) prior to such time, annualized (i.e., multiplied by four) prior to the date on which such additional Debt is to be incurred shall have been less than 1.5, on a pro forma basis after giving effect thereto and to the application of the
proceeds therefrom, and calculated on the assumption that: 
 (1) such Debt and any other Debt incurred by the Guarantor or
its Subsidiaries since the first day of such quarterly period and the application of the proceeds therefrom, including to refinance other Debt since the first day of such period, had occurred at the beginning of such period; 

(2) the repayment or retirement of any other Debt (other than Debt repaid or retired with the proceeds of any other Debt, which
repayment or retirement shall be calculated pursuant to Section 6.1(b)(1) and not this Section 6.1(b)(2)) by the Guarantor or its Subsidiaries since the first day of such quarterly period had been repaid or retired at the beginning of such
period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period); 

(3) in the case of Acquired Debt or Debt incurred by the Guarantor or any of its Subsidiaries in connection with any
acquisition since the first day of such quarterly period, the related acquisition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and

 (4) in the case of any acquisition or disposition by the Guarantor or any of its Subsidiaries of any asset or group of
assets since the first day of such quarterly period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition and 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 calculation described in this Section 6.1 or any other Debt incurred after the first day of the relevant quarterly period bears interest at a floating rate (to the extent such Debt has been hedged to bear interest at a fixed rate,
only the portion of such Debt, if any, that has not been so hedged), then, for purposes of calculating the Annual Service Charge, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate that would have
been in effect during the entire such period had been the applicable rate for the entire such period. 

  
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 (c) Maintenance of Total Unencumbered Assets. The Guarantor and its Subsidiaries may
not at any time own Total Unencumbered Assets equal to less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Guarantor and its Subsidiaries on a consolidated basis. 

(d) Secured Debt Test. The Guarantor will not, and will not permit any of its Subsidiaries to, incur any Debt secured by any mortgage,
lien, charge, pledge, encumbrance or security interest upon any of the Guarantor’s property or the property of any of its Subsidiaries, whether owned at the date hereof or hereafter acquired, if, immediately after giving effect to the
incurrence of such additional Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Guarantor’s outstanding Debt and the outstanding Debt of its Subsidiaries on a consolidated basis for borrowed money
that is secured by any mortgage, lien, charge, pledge, encumbrance or security interest on the Guarantor’s property or the property of any of its Subsidiaries is greater than 40% of the sum of (without duplication): 

(1) the Guarantor’s Total Assets as of the end of the fiscal quarter covered in the Guarantor’s Annual Report on Form
10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the SEC (or, if such filing is not permitted under the Exchange Act, furnished to the
Trustee) prior to the incurrence of such additional Debt; and 
 (2) the purchase price of any real estate assets or
mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Guarantor or any of its
Subsidiaries since the end of such fiscal quarter, including those proceeds obtained in connection with the incurrence of such additional Debt. 
 For
purposes of this Section 6.1, Debt shall be deemed to be “incurred” by the Guarantor or any of its Subsidiaries whenever the Guarantor or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.
Furthermore, nothing in the covenants described under this Section 6.1 shall prevent the incurrence by the Guarantor or any of its Subsidiaries of Debt between or among the Guarantor or any of its Subsidiaries. 

Section 6.2 Existence. 

Except as permitted by Section 6.3, the Guarantor will do or cause to be done all things necessary to preserve and keep in full force and
effect the existence, rights, both charter and statutory, and franchises of the Guarantor and its Subsidiaries; provided, however, that the Guarantor will not be required to take any such action to preserve and keep in full force and effect
the existence of any Subsidiary or preserve and keep in force and effect any such right or franchise if the Guarantor determines that the preservation of such existence or the right or franchise is no longer desirable in the conduct of the
Guarantor’s business and that the loss of such existence, right or franchise is not disadvantageous in any material respect to the Holders of the Notes. 

  
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 Section 6.3 Merger, Consolidation or Sale. 

The Company or the Guarantor may consolidate with, or sell, lease or convey all or substantially all of its respective assets to, or merge with
or into, any other entity, provided that the following conditions are met: 
 (a) the Company or the Guarantor, as the case may be,
shall be the continuing entity, or the successor entity (if other than the Company or the Guarantor, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be an entity
organized and existing under U.S. laws and expressly assume payment of principal of, and premium, if any, and interest, if any, on, all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in the
Indenture; 
 (b) immediately after giving effect to the transaction, no Event of Default under the Indenture, and no event which, after
notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 
 (c) an Officer’s
Certificate covering these conditions shall be delivered to the Trustee. 
 In the case of any such consolidation, sale, conveyance or
merger, but not a lease, in a transaction in which there is a successor entity, the successor entity will succeed to, and be substituted for, the Company or the Guarantor, as the case may be, under the Indenture and, subject to the terms of the
Indenture, the Company or the Guarantor, as the case may be, will be released from their respective obligations, as the case may be, under the Indenture. 

Section 6.4 Payment of Taxes and Other Claims. 

The Guarantor will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and
governmental charges levied or imposed upon the Guarantor or any of its Subsidiaries or upon the Guarantor’s or any such Subsidiary’s income, profits or property and all lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien upon the Guarantor’s or any such Subsidiary’s property; provided, however, that the Guarantor will not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings, and provided further that, if a tenant or borrower of the Guarantor or any of its Subsidiaries fails to meet a contractual obligation to pay
taxes, assessments or governmental charges related to property leased from or financed by the Guarantor or any of its Subsidiaries, it will not constitute a violation if the Guarantor pays or discharges or causes to be paid or discharged any such
tax, assessment or charge promptly following its actual awareness of such failure. 
 Section 6.5 Provision of Financial
Information. 
 For so long as any Notes are outstanding, if at any time the Guarantor is not subject to the periodic reporting
requirements of the Exchange Act for any reason, the Guarantor will, at the Guarantor’s option, either (i) file with the SEC or (ii) post on the Guarantor’s website and will deliver to the Trustee within 15 days of the filing
date that would be applicable to a non-accelerated filer at that time pursuant to applicable SEC rules and regulations, the quarterly and audited annual financial statements and accompanying
“Management’s Discussion and Analysis 

  
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of Financial Condition and Results of Operations” that would have been required to be contained in annual reports on Form 10-K and quarterly reports
on Form 10-Q, respectively, had the Guarantor been subject to such Exchange Act reporting requirements. The Trustee shall have no obligation to determine whether or not such reports, information, statements or
documents have been filed, posted or delivered. Delivery of such reports, information, statements and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute notice of any information
contained therein or determinable from information contained therein, including the Company’s or the Guarantor’s compliance with any of the covenants under the Indenture. 

Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of
such filing via EDGAR for purposes of this Section 6.5; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR. Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s or the Guarantor’s compliance with any of the covenants relating to the Notes (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

Section 6.6 Maintenance of Properties. 

The Guarantor will cause all of its properties used or useful in the conduct of the Guarantor’s business or the business of any of its
Subsidiaries to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements of the Guarantor’s and its Subsidiaries’ properties, all as in the Guarantor’s judgment may be necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, that the Guarantor and its Subsidiaries will not be prevented from selling or otherwise disposing for value the Guarantor’s or its Subsidiaries’ properties in the ordinary
course of business. 
 Section 6.7 Insurance. 

The Guarantor will, and will cause each of its Subsidiaries to, keep in force upon all of its properties and operations policies of insurance
carried with responsible companies in such amounts and covering all such risks as shall be customary in the industry in accordance with prevailing market conditions and availability. 

ARTICLE VII. 
 DEFAULTS
AND REMEDIES 
 Sections 7.1 and 7.2 hereof shall replace Sections 6.1 and 6.2 of the Base Indenture with respect to the Notes only.

  
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 Section 7.1 Events of Default. 

“Event of Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
  

	(a)	 default for 30 days in the payment of any installment of interest under the Notes; 

 

	(b)	 default in the payment of the principal amount or any other portion of the Redemption Price due with respect to
the Notes, when the same becomes due and payable; 

  

	(c)	 the Note Guarantee is not (or is claimed by the Guarantor in writing to the Trustee not to be) in full force
and effect (other than in accordance with the terms of the Indenture) with respect to the Notes; 

  

	(d)	 failure by the Company or the Guarantor to comply with any of the Company’s or the Guarantor’s
respective other agreements in the Notes or this First Supplemental Indenture with respect to the Notes upon receipt by the Company of notice of such default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the
Notes then outstanding and the Company’s failure to cure (or obtain a waiver of) such default within 60 days after it receives such notice; 

  

	(e)	 failure to pay any Debt (other than Non-Recourse Debt) (a) of the
Company’s or the Guarantor’s or any Subsidiary in which the Company or the Guarantor has invested at least $50,000,000 in capital (a “Significant Subsidiary”) and (b) in an outstanding principal amount in excess of
$50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt is not discharged, or such default in payment or acceleration is not cured or rescinded, within 60 days after written notice to the
Company from the Trustee (or to the Company and the Trustee from Holders of at least 25% in principal amount of the Notes then outstanding); or 

  

	(f)	 the Company, the Guarantor or any Significant Subsidiary pursuant to or under or within the meaning of any
Bankruptcy Law: 

  

	 	(i)	 commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to
the Company, the Guarantor or a Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part
of the property of the Company, the Guarantor or a Significant Subsidiary; or 

  

	 	(ii)	 consents to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against the Company, the Guarantor or a Significant Subsidiary; or 

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

  

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

 

	(g)	 an involuntary case or other proceeding shall be commenced against the Company, the Guarantor or any
Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or a Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or a Significant
Subsidiary, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or 

  

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

  

	 	(i)	 is for relief against the Company, the Guarantor or any of Significant Subsidiary in an involuntary case or
proceeding; 

  

	 	(ii)	 appoints a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or
a Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or a Significant Subsidiary; or 

  

	 	(iii)	 orders the liquidation of the Company, the Guarantor or a Significant Subsidiary; 

, in each case in this clause (h), the order or decree remains unstayed and in effect for thirty (30) calendar days. 

The term “Bankruptcy Law” means title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

Section 7.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to the Notes at the time outstanding occurs and is continuing (other than an Event of Default referred to
in Sections 7.1(f), 7.1(g) or 7.1(h), which shall result in an automatic acceleration), then, in every case, the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal amount of and accrued
and unpaid interest, if any, on all of the outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount)
and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Sections 7.1(f), 7.1(g) or 7.1(h) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if
any, on all outstanding Notes shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

  
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 At any time after the principal amount of and accrued and unpaid interest, if any, on the
Notes shall have been so declared due and payable, but before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then
outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all
respects to Section 6.13 of the Base Indenture, if: (a) the Company or the Guarantor has deposited with the Trustee all required payments of the principal of, and premium, if any, and interest on, the Notes, plus the reasonable
compensation and reimbursement for the Trustee’s expenses, disbursements and advances pursuant to Section 7.7 of the Base Indenture; and (b) all Events of Default, other than the non-payment of
accelerated principal of (or specified portion thereof), or premium, if any, and interest on, the Notes that have become due solely because of such acceleration, have been cured or waived. No such rescission and annulment shall extend to or shall
affect any subsequent default or Event of Default, or shall impair any right consequent thereon. The Company shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in
Section 4.3 of the Base Indenture and the nature and status thereof. 
 ARTICLE VIII. 

AMENDMENTS AND WAIVERS 

Sections 8.1 and 8.2 hereof shall replace Sections 9.1 and 9.3 of the Base Indenture with respect to the Notes only. 

Section 8.1 Without Consent of Holders. 

The Company, when authorized by resolutions of the Board of Directors of the sole member of the sole General Partner and the Board of Directors
of the Guarantor, and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental without the consent of the Holders of the Notes hereto for one or more of the following purposes: 

(a) to cure any ambiguity, defect or inconsistency in the Indenture if this action shall not adversely affect the interests of the Holders of
the Notes in any material respect; 
 (b) to evidence a successor to the Company as obligor or to the Guarantor as guarantor under the
Indenture with respect to the Notes; 
 (c) to make any change that does not adversely affect the interests of the Holders of any Notes then
outstanding; 
 (d) to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture; 

(e) to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under the Indenture by
more than one Trustee; 

  
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 (f) to comply with the requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the TIA; 
 (g) to reflect the release of the Guarantor, as guarantor, in accordance with the Indenture;

 (h) to secure the Notes; 

(i) to add guarantors with respect to the Notes; and 

(j) to conform the text of the Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus
Supplement or the Prospectus. 
 Upon the written request of the Company, accompanied by a copy of the resolutions of the Board of Directors
of the sole member of the sole General Partner and the Board of Directors of the Guarantor, in each case, certified by the corresponding Secretary or Assistant Secretary, authorizing the execution of any supplemental indenture, the Trustee is hereby
authorized to join with the Company and the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and
assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise.

 Any supplemental indenture authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantor and the
Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 8.2. 

Section 8.2 With Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Company,
the Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of modifying or amending provisions of the Indenture or any supplemental indenture or modifying in any
manner the rights of the Holders of the Notes; provided that no such modification or amendment may, without the consent of the Holder of each Note so affected: 

(a) reduce the principal amount of the Notes whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including Defaulted Interest) on the Notes; 

(c) reduce the principal of or premium, if any, on or change the Stated Maturity of the Notes; 

(d) waive a Default or Event of Default in the payment of the principal of, or premium, if any, or interest on, the Notes (except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

  
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 (e) make the principal of, or premium, if any, or interest on, the Notes payable in any
currency other than that stated in the Notes; 
 (f) make any change in Section 6.8 of the Base Indenture, 6.13 of the Base Indenture or
Section 8.2(f) of this First Supplemental Indenture (this sentence); 
 (g) waive a redemption payment with respect to the Notes; or

 (h) release the Guarantor other than as provided in the Indenture or modify the Guarantee in any manner adverse to the Holders. 

Upon the written request of the Company, accompanied by a copy of the resolutions of the Board of Directors of the sole member of the sole
General Partner and the Board of Directors of the Guarantor, in each case, certified by the corresponding Secretary or Assistant Secretary, authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of Holders as aforesaid, the Trustee shall join with the Company and the Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities
under the Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. In executing or accepting the additional trusts created by any supplemental indenture permitted
by this Article or the modification thereby of the trusts created by the Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel or an Officer’s Certificate or both stating that
the execution of such supplemental indenture is authorized or permitted by the Indenture, that all conditions precedent to the execution of such supplemental indenture have been complied with, and that the supplemental indenture is a legal, valid
and binding obligation of the Company and the Guarantor as applicable, enforceable against it in accordance with its terms. 
 It shall not
be necessary for the consent of the Holders under this Section 8.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

ARTICLE IX. 
 MEETINGS
OF HOLDERS OF NOTES 
 Section 9.1 Purposes for Which Meetings May Be Called. 

A meeting of Holders may be called at any time and from time to time pursuant to this Article IX to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other act provided by the Indenture to be made, given or taken by Holders. 

  
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 Section 9.2 Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1, to be held at such time and at such
place in The City of New York, New York as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in
the manner provided in Section 10.2 of the Base Indenture, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(b) In case at any time the Company, the Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes shall have
requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice
of or made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company, the Guarantor, if applicable, or the
Holders in the amount above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause
(a) of this Section 9.2. 
 Section 9.3 Persons Entitled to Vote at Meetings. 

To be entitled to vote at any meeting of Holders, a person shall be (a) a Holder of one or more outstanding Notes, or (b) a person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders; provided, that none of the Company, any other obligor upon the Notes or any Affiliate of the Company shall be
entitled to vote at any meeting of Holders or be counted for purposes of determining a quorum at any such meeting in respect of any Notes owned by such persons. The only persons who shall be entitled to be present or to speak at any meeting of
Holders shall be the persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of the Guarantor and its counsel and any representatives of the Company and its counsel. 

Section 9.4 Quorum; Action. 

The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders;
provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the persons
holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such
adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned
meeting shall be given as provided in Section 9.2, except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting
shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes which shall constitute a quorum. 

  
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 Except as limited by the proviso to Section 8.2, any resolution presented at a meeting
or adjourned meeting duly reconvened at which a quorum is present as aforesaid will be permitted to be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided, however, that,
except as limited by the proviso to Section 8.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides may be made, given or taken by the
Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote
of the Holders of such specified percentage in principal amount of the outstanding Notes. Any such resolution passed or decision taken at any meeting of Holders duly held in accordance with this Section 9.4 shall be binding on all the Holders,
whether or not such Holders were present or represented at the meeting. 
 Section 9.5 Determination of Voting Rights; Conduct and
Adjournment of Meetings. 
 (a) Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable regulations
as it may deem advisable for any meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 

(b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders as provided in Section 9.2(b), in which case the Company, the Guarantor or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of the outstanding Notes of such series represented at the meeting. 

(c) At any meeting, each Holder or proxy shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to
vote, except as a Holder or proxy. 
 (d) Any meeting of Holders duly called pursuant to Section 9.2 at which a quorum is present may be
adjourned from time to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and the meeting may be held as so adjourned without further notice. 

  
 33 

 Section 9.6 Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the signatures of the
Holders or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of
each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 9.2 and, if applicable, Section 9.4. Each copy shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and the Guarantor, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 ARTICLE X. 

MISCELLANEOUS PROVISIONS 

Section 10.1 Evidence of Compliance with Conditions Precedent, Certificates to Trustee. 

This Section 10.1 shall replace Sections 10.4 and 10.5 of the Base Indenture with respect to the Notes only. 

Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of the Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate in a form reasonably acceptable to the Trustee stating that all covenants and conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied
with, and an Opinion of Counsel in a form reasonably acceptable to the Trustee stating that, in the opinion of such counsel, all such covenants and conditions precedent have been complied with. The Officer’s Certificate or Opinion of Counsel
provided for in the Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in the Indenture shall include: (1) a statement that the person making such Officer’s Certificate or Opinion of
Counsel has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such Officer’s Certificate or Opinion of Counsel are
based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an
Officer’s Certificate or certificates of public officials. 

  
 34 

 Section 10.2 No Recourse Against Others. 

This Section 10.2 shall replace Section 10.8 of the Base Indenture with respect to the Notes only. 

Except as otherwise expressly provided in Article V of this First Supplemental Indenture, no recourse for the payment of the principal of
(including the Redemption Price upon redemption pursuant to Article IV) or premium, if any, or interest on any Note or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the Company in this First Supplemental Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director
or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Company or any of the Company’s Subsidiaries or
any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this First Supplemental Indenture and the issue of the Notes. 

Section 10.3 Trust Indenture Act Controls. 

If any provision of this First Supplemental Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be
included in this First Supplemental Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.4 Governing
Law. 
 THIS FIRST SUPPLEMENTAL INDENTURE, THE NOTES AND THE NOTE GUARANTEE, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR
RELATING TO THE BASE INDENTURE, FIRST SUPPLEMENTAL INDENTURE, THE NOTES OR THE GUARANTEE, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

Section 10.5 Counterparts. 

This First Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 10.6 Successors. 

All agreements of the Company and the Guarantor in this First Supplemental Indenture and the Notes shall bind their respective successors. 

  
 35 

 All agreements of the Trustee in this First Supplemental Indenture shall bind its successor.

 Section 10.7 Severability. 

In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.8 Table of
Contents, Headings, Etc. 
 The Table of Contents and headings of the Articles and Sections of this First Supplemental Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.9 Ratifications. 

The Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed. The Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this First Supplemental Indenture with respect to the Notes supersede any conflicting provisions included in the Base Indenture unless not permitted by
law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

Section 10.10 Effectiveness. 

The provisions of this First Supplemental Indenture shall become effective as of the date hereof. 

Section 10.11 The Trustee. 

The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or the due execution thereof by the Company. The recitals contained herein shall be taken as the
statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship
listed in TIA Section 311(b), the Trustee shall be subject to the provisions of the TIA regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest within
the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and the Indenture. 

  
 36 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

					
	ESSENTIAL PROPERTIES, L.P., as the Company
		
	By:	 	Essential Properties OP G.P., LLC
		 	Its Sole General Partner
		
	By:	 	 /s/ Mark E. Patten

		 	Name:	 	Mark E. Patten
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	ESSENTIAL PROPERTIES REALTY TRUST, INC., as the Guarantor
		
	By:	 	 /s/ Mark E. Patten

		 	Name:	 	Mark E. Patten
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, as the Trustee
		
	By:	 	 /s/ Sheryl Lear

		 	Name:	 	Sheryl Lear
		 	Title:	 	Vice President

  

  
 [Signature Page to
Supplemental Indenture] 

 EXHIBIT A 

ESSENTIAL PROPERTIES, L.P. 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE FIRST SUPPLEMENTAL INDENTURE, (2) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE FIRST SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND
(4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ESSENTIAL PROPERTIES, L.P., AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

ESSENTIAL PROPERTIES, L.P. 

2.950% SENIOR NOTES DUE 2031 

Certificate No. [                ] 

CUSIP No.: [                ] 

ISIN: [                ] 

$[                ] 

Essential Properties, L.P., a Delaware limited partnership (herein called the “Company”, which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the principal 

  
 Exhibit A-1 

 
sum of [    ] MILLION DOLLARS ($[                ])[, or such lesser amount as is set forth in
the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,] on July 15, 2031 at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or
currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semiannually in arrears on January 15 and July 15 of each year, commencing on
January 15, 2022 to the Holder in whose name the Note is registered in the security register on the preceding January 1 or July 1, whether or not a Business Day, as the case may be, in accordance with the terms of the Indenture.
Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Company shall pay interest on any Notes in certificated
form by check mailed to the address of the person entitled thereto as it appears in the security register; provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2,000,000 may
specify by written notice to the Company (with a copy to the Trustee) that it pay interest by wire transfer of immediately available funds to the account specified by the Holder in such notice, or on any Global Notes by wire transfer of immediately
available funds to the account of the Depositary or its nominee. This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or a
duly authorized authenticating agent under the Indenture. 
 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: June 28, 2021 
  

			
	ESSENTIAL PROPERTIES, L.P.
		
	By:	 	Essential Properties OP G.P., LLC
		 	Its Sole General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes described in the within-named Indenture. :
[                ], 20[    ] 
  

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

		 	Authorized Signatory

  
 Exhibit A-3 

 [FORM OF REVERSE SIDE OF NOTE] 

ESSENTIAL PROPERTIES, L.P. 

2.950% SENIOR NOTES DUE 2031 
 This Note
is one of a duly authorized issue of Securities of the Company, designated as its 2.950% Senior Notes due 2031 (herein called the “Notes”), issued under and pursuant to an Indenture dated as of June 28, 2021 (herein called the
“Base Indenture”), among the Company, the Guarantor and U.S. Bank National Association, as trustee (herein called the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of June 28, 2021
(herein called the “First Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Guarantor and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings
ascribed thereto in the Indenture. 
 If an Event of Default (other than an Event of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the First
Supplemental Indenture) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 7.1(f), 7.1(g) and 7.1(h) of the First Supplemental Indenture occurs, the principal of and
premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action. 

The Indenture contains provisions permitting the Company, the Guarantor and the Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or
modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 8.2 of the First Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate
principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of the Notes, the
obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and in the
Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

  
 Exhibit A-4 

 The Notes are issuable in fully registered form, without coupons, in minimum denominations of $2,000
principal amount and any multiple of $1,000. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of
a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized
denominations. 
 The Company shall have the right to redeem the Notes under certain circumstances as set forth in Section 4.1, Section 4.2 and
Section 4.3 of the First Supplemental Indenture. 
 The Notes are not subject to redemption through the operation of any sinking fund. 

The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in
Article V of the First Supplemental Indenture and reference is hereby made to such Indenture for the precise terms of the Note Guarantee. 
 Except as
expressly provided in Article V of the First Supplemental Indenture, no recourse for the payment of the principal of (including the Redemption Price (as defined in Section 4.1 of the First Supplemental Indenture) upon redemption pursuant to
Article IV of the First Supplemental Indenture) or any premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the
Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or
future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as
consideration for, the execution of the Indenture and the issue of this Note. 

  
 Exhibit A-5 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 (I) or (we)
assign and transfer this Note to:
                                        
                                         
                                         
                                         
            
 (Insert assignee’s legal name) 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
                                         
  
 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

							
	Date:	 	  
	  		  	
		 		  	Your Signature:	  	  

		 		  	 (Sign exactly as your name appears on the face of

this Note)

							
				
	Signature Guarantee*:	 	  
	  		  	

  

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 Exhibit A-6 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE * 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of

decrease in
 principal
amount
 at maturity of

this Global Note
	 	 Amount of

increase in
 principal
amount
 at maturity of

this Global Note
	 	 Principal amount at

maturity of
 this Global
Note
 following such

decrease (or

increase)
	 	 Signature of

authorized
 officer
of
 Trustee or

Custodian

  

 

	* 	 This Schedule should be included only if the Note is issued in global form. 

  
 Exhibit A-7Exhibit 10.1 

   

 [_____], 2021 

   

 G3 VRM Acquisition Corp. 

 420 Boylston Street, Suite 302 

 Boston, MA 02116 

   

   

		 Re: 	 Initial Public Offering  

   

   

 Ladies and Gentlemen: 

   

 This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and among G3 VRM Acquisition Corp., a Delaware corporation (the “Company”), and Maxim Group LLC, as
representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”),
of 11,500,000 of the Company’s units (including up to 1,500,000 units that may be purchased to cover over-allotments, if any) (the
“Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share
(the “Common Stock”), and one right (the “Right”) entitling the
holder to receive one-tenth (1/10) of one share of Common Stock (subject to adjustment) upon completion of a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”). The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 (File No.
333-255226) and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission
(the “Commission”) and the Company has applied to have the Units listed on The Nasdaq Capital Market. Certain
capitalized terms used herein are defined in paragraph 11 hereof. 

   

 In order to induce the Company and the Underwriters to enter
into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each of G3 VRM Holdings LLC (the “Sponsor”) and the undersigned
individuals, each of whom is a member of the Company’s board of directors and/or management team (each, an “Insider”
and collectively, the “Insiders”), hereby agrees with the Company as follows: 

   

 1.       The
Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall: (i) vote any shares of Capital Stock owned by it, him or her in favor of
any proposed Business Combination; and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder
approval. If the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor and each Insider
agrees that it, he or she will not seek to sell its, his or her shares of Capital Stock to the Company in connection with such tender
offer. Any such payments would be made in the form of a non-interest bearing loan. 

   

 2.       (a)
In the event that the Company fails to consummate a Business Combination within twelve (12) months, the Sponsor may extend the time period
by which the Company must consummate a Business Combination by an additional three (3) months up to two times for a total of 18 months.
If the Sponsor elects to extend, for each 3-month extension the Sponsor will deposit into the Trust Account an amount equal to 1% of
the gross proceeds of the Offering, representing $0.10 for each share of Common Stock sold in the Public Offering on or prior to the
date of the deadline.  Such payment would be in the form of a non-interest-bearing loan.  Pursuant to this Letter
Agreement, the Sponsor has agreed to waive its right to be repaid for such loan in the event that the Company fails to complete a Business
Combination. 

   

    	 		 

    	 

    

   

 (b)       The
Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the timeframe
set forth in the Company’s amended and restated certificate of incorporation, as it may be amended from time to time (the “Charter”),
and Section 2(a) herein, the Sponsor and each Insider shall take all reasonable steps to cause the Company to: (i) cease all operations
except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject
to lawfully available funds therefor, redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”),
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely
extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the
Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses
(ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law. 

   

 The Sponsor and each Insider agrees
not to propose any amendment to the Charter to modify: (i) the substance or timing of the ability of holders of Offering Shares to seek
redemption in connection with a Business Combination or amendments to the Charter prior thereto; or (ii) (A) the Company’s obligation
to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within such time set forth in the Charter;
or (B) any other provisions relating to stockholders' rights or pre-initial Business Combination activity, unless the Company provides
its public stockholders with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Offering
Shares. 

   

 The Sponsor and each Insider acknowledges
that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset
of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and
each Insider hereby further waives, with respect to any shares of Common Stock held by it, him or her, if any, whether acquired now or
hereafter, any redemption rights it, he or she may have in connection with the consummation of a Business Combination or amendments to
the Charter prior thereto, including, without limitation, any such rights available in the context of a stockholder vote to approve such
Business Combination or a stockholder vote to approve an amendment to the Charter to modify: (i) (A) the substance or timing of the Company’s
obligation to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set
forth in the Charter; or (B) any other provisions relating to stockholders' rights or pre-initial Business Combination activity; or (ii)
in the context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their
respective affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the
Company fails to consummate a Business Combination within the time period set forth in the Charter). 

   

 3.       During
the period commencing on the date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall
not, without the prior written consent of the Representative: (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with
respect to any Units, shares of Capital Stock, Rights or any securities convertible into, or exercisable, or exchangeable for, shares
of Capital Stock owned by it, him or her; (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any Units, shares of Capital Stock, Rights or any securities convertible into, or exercisable,
or exchangeable for, shares of Capital Stock owned by it, him or her, whether any such transaction is to be settled by delivery of such
securities, in cash or otherwise; or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii).
Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions
set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through
a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted shall
only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply
if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be
bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the
time of the transfer. 

   

    	 		 

    	 

    

   

 4.       In
the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within
the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless
the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal
or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened)
to which the Company may become subject as a result of any claim by: (i) any third party for services rendered or products sold
to the Company; or (ii) any prospective target business with which the Company has entered into a written letter of intent, confidentiality
or other similar agreement or Business Combination agreement (a “Target”); provided, however, that such indemnification
of the Company by the Indemnitor shall: (x) apply only to the extent necessary to ensure that such claims by a third party or a
Target do not reduce the amount of funds in the Trust Account to below the lesser of: (i) $10.15 per Offering Share; and (ii)
the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.15
per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets, less interest earned on the
Trust Account which may be withdrawn to pay taxes; (y) not apply to any claims by a third party or a Target which executed
a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable); and (z) not
apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under
the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice
reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor
notifies the Company in writing that it shall undertake such defense. 

   

 5.       To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units in full
within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost,
a number of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction: (i) the numerator of which is 1,500,000 minus
the number of Units purchased by the Underwriters upon the exercise of their over-allotment option; and (ii) the denominator of which
is 1,500,000. The Sponsor will be required to forfeit only that number of Founder Shares as is necessary so that the Founder Shares will
equal 20.0% of the sum of the Founder Shares, plus the Offering Shares. For the avoidance of doubt, no other shares of Capital Stock,
including the Representative Shares, shall impact the calculation of the number of Founder Shares to be forfeited pursuant to this section. 

   

 6.       (a)
Each of the officers and directors of the Company hereby agrees not to participate in the formation of, or become an officer or director
of, any other special purpose acquisition company with a class of securities registered under the Securities Exchange Act of 1934, as
amended, or the Exchange Act until the Company has entered into a definitive agreement regarding an initial Business Combination or until
the Company has liquidated the Trust Account. Also, subject to their pre-existing fiduciary duties, the Sponsor and the officers and
directors of the Company will offer all suitable Business Combination opportunities within the technology industry (and other related
sectors, as discussed in the Prospectus) to the Company before any other person or company, until the Company has entered into a definitive
agreement regarding an initial Business Combination, or until the Company has failed to complete an initial Business Combination within
12 months from the closing of the offering (or 18 months from the closing of the offering, if extended). 

   

 (b)       The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the
event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6(a), 7(a), 7(b), and
9, as applicable, of this Letter Agreement; (ii) monetary damages may not be an adequate remedy for such breach; and (iii) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach. 

   

 7.       (a)
The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or shares of Common Stock issuable upon
conversion thereof) until the earlier of: (A) one year after the completion of the Company’s initial Business Combination; or (B)
subsequent to the Business Combination: (x) if the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 60 days after the Company’s initial Business Combination; or (y) the date on which the Company completes
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property (the “Founder Shares
Lock-up Period”). 

   

    	 		 

    	 

    

   

 (b)       The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Units (and the underlying securities), until
30 days after the completion of a Business Combination (the “Private Placement Lock-up Period”, together with
the Founder Shares Lock-up Period, the “Lock-up Periods”). 

   

 (c)       Notwithstanding
the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Units (and the underlying securities)
or the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph
7(c)), are permitted: (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s
officers or directors or any affiliate of the Sponsor or to any member(s) of the Sponsor; (b) in the case of an individual, by gift to
a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate
family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent
and distribution upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e)
by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the
price at which the securities were originally purchased; (f) in the event of the Company’s liquidation prior to the completion
of an initial Business Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company
agreement upon dissolution of the Sponsor or (h) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common
stock for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; provided, however,
that in the case of clauses (a) through (e) or (g), these permitted transferees must enter into a written agreement with the Company
agreeing to be bound by the transfer restrictions herein. 

   

 8.       The
Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true
and accurate in all respects and does not omit any material information with respect to the Insider’s background. Each Insider’s
questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants that: it, he or she
is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or
refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of,
or pleaded guilty to, any crime: (i) involving fraud; (ii) relating to any financial transaction or handling of funds of another person;
or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding. 

   

 9.       Except
as disclosed in the Prospectus, neither the Sponsor nor any officer, director, advisor or any affiliate of the Sponsor, officer, director
or advisor of the Company, shall receive any finder’s fee from the Company, reimbursement, consulting fee, monies in respect of
any repayment of a loan, or other compensation prior to, or in connection with any services rendered in order to effectuate, the consummation
of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

   

 10.       The
Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as
applicable, to serve as an officer and/or director on the board of directors or an advisor of the Company and hereby consents to being
named in the Prospectus as an officer and/or director of the Company or an advisor of the Company. 

   

    	 		 

    	 

    

   

 11.       As
used herein: (i) “Business Combination” shall mean a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital Stock”
shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares”
shall mean the 2,875,000 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to the Sponsor
(up to 375,000 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised
by the Underwriters) for an aggregate purchase price of $25,000, or approximately $0.0087 per share, prior to the consummation of the
Public Offering; (iv) “Initial Stockholders” shall mean the Sponsor and any Insider that
holds Founder Shares; (v) “Private Placement Units” shall mean 547,500
Units (or 600,000 Units if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase
price of $5,475,000 (or $6,000,000 if the over-allotment option is exercised in full) in the aggregate, or $10.00 per Unit, in a private
placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public Stockholders”
shall mean the holders of securities issued in the Public Offering; (vi) “Representative Shares” shall mean
the 100,000 shares of Common Stock (or 115,000 shares of Common Stock if the over-allotment option is exercised in full) that will be
issued to the Representative or its designees as compensation in connection with the Public Offering (vii) “Trust Account”
shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (viii) “Transfer”
shall mean the: (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the
rules and regulations of the Commission promulgated thereunder with respect to, any security; (b) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction
is to be settled by delivery of such securities, in cash or otherwise; or (c) public announcement of any intention to effect any
transaction specified in clause (a) or (b). 

   

 12.       The
Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and each Director
shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for
any of the Company’s directors or officers. 

   

 13.       This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they
relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended,
modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed
by all parties hereto. 

   

 14.       No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each
Insider and their respective successors, heirs and assigns and permitted transferees. 

   

 15.       Nothing
in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right,
remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof.
All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive
benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees. 

   

 16.       This
Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

   

 17.       This
Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

   

 18.       This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
hereto: (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive; and (ii) waive any objection to such exclusive jurisdiction and venue or that
such courts represent an inconvenient forum. 

   

    	 		 

    	 

    

   

 19.       Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission. 

   

 20.       This
Letter Agreement shall terminate on the earlier of: (i) the expiration of the Lock-up Periods; or (ii) the liquidation of the
Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by December 31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation. 

   

 21.       The
Company, the Sponsor, and each Insider hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party
beneficiary of this Letter Agreement. 

   

   

 [Signature Page Follows] 

   

    	 		 

    	 

    

   

	   	 Sincerely, 
	   	   
	   	   
	   	 G3 VRM Holdings LLC  
	   	   	   
	   	 By: 	   
	   	   	 Name: Matthew Konkle 
	   	   	 Title: President and Chief Executive Officer  
	   	   	   
	   	 By: 	   
	   	   	 Name: Matthew Konkle  
	   	   	   
	   	 By: 	   
	   	   	 Name: Don Van der Wiel  
	   	   	   
	   	 By: 	   
	   	   	 Name: Tamar Elkeles 
	   	   	   
	   	 By: 	   
	   	   	 Name: Marshall Geller   
	   	   	   
	   	 By: 	   
	   	   	 Name: Theresa L. Mock  
	   	   	   
	   	 By:  	   
	   	   	 Name: Michael T. Sullivan 

   

   

   

 Acknowledged and Agreed:  

   

   

 G3 VRM ACQUISITION CORP.   

   

   

	 By: 	   	   
	   	 Name: Matthew Konkle 	   
	   	 Title: Chief Executive Officer  	   

   

 [Signature Page to Letter Agreement]

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