Document:

Exhibit 10.28

 

CONFIDENTIAL
PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO REGULATION S-K ITEM 601(b)(10)(iv) OF THE SECURITIES ACT OF 1933,
AS AMENDED. CERTAIN CONFIDENTIAL INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT (i) IS NOT MATERIAL AND
(ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO EYENOVIA, INC. IF PUBLICLY DISCLOSED. THE REDACTED TERMS HAVE BEEN MARKED
IN THIS EXHIBIT AT THE APPROPRIATE PLACES WITH EMPTY BRACKETS INDICATED BY [               
].

 

LICENSE AGREEMENT

 

This License
Agreement (the “Agreement”) is entered into on August 10, 2020 (the “Effective Date”)
between Eyenovia, Inc., a Delaware corporation with a place of business
at 295 Madison Ave., New York, NY 10017 (“Eyenovia”), and Arctic Vision
(Hong Kong) Limited, a Hong Kong company with a registered office at 23/F Nan Fung Tower 88 Connaught Road C &
173 Des Voeux Road C, Central, Hong Kong (“Arctic Vision”). Eyenovia and Arctic Vision may be referred to herein
individually as a “Party” and collectively as the “Parties”.

 

Recitals

 

Whereas,
Eyenovia, a clinical stage biopharmaceutical company, is developing ophthalmic therapeutic products, and owns or controls certain
patent, know-how, and other intellectual property rights relating to such products; and

 

Whereas,
Arctic Vision wishes to obtain from Eyenovia, and Eyenovia is willing to grant to Arctic Vision, an exclusive license to research,
develop, manufacture, and commercialize such products in the Territory (as defined below), all on the terms and conditions set
forth herein.

 

Now
Therefore, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, Arctic Vision and Eyenovia hereby agree as follows:

 

Article 1

DEFINITIONS

 

Unless the context otherwise
requires, the terms in this Agreement with initial letters capitalized, have the meanings set forth below, or the meaning as designated
in the indicated places throughout this Agreement.

 

1.1            “1st
Generation Device” has the meaning set forth in Section 5.2(c)(i).

 

1.2            “2nd
Generation Device” has the meaning set forth in Section 5.2(c)(ii).

 

1.3            “Accounting
Standards” means, with respect to a Party and its Affiliates, either (a) International Financial Reporting Standards
(“IFRS”) or (b) United States generally accepted accounting principles (“GAAP”), in
either case ((a) or (b)) that are used at the applicable time, and as consistently applied across its business, by such Party
or any of its Affiliates.

 

1.4            “Additional
Indication” means any Indication other than (a) presbyopia with respect to the MicroLine Product and (b) myopia
with respect to the MicroPine Product.

 

    1

     

    

 

1.5            “Additional
Indication Plan” has the meaning set forth in Section 4.3(a).

 

1.6            “Additional
Indication Registration Trial” has the meaning set forth in Section 4.3(a).

 

1.7            “Affiliate”
means, with respect to a Party, any Person that controls, is controlled by, or is under common control with that Party. For the
purpose of this definition, “control” (including, with correlative meaning, the terms “controlled by” and
“under the common control”) means the actual power, either directly or indirectly through one or more intermediaries,
to direct or cause the direction of the management and policies of such Person, whether by the ownership of fifty percent (50%)
or more of the voting stocking of such Person, by contract or otherwise.

 

1.8            “Alliance
Manager” has the meaning set forth in Section 3.6.

 

1.9            “Arctic
Vision Indemnitees” has the meaning set forth in Section 9.1.

 

1.10            “AV
Know-How” means, subject to Section 11.2(b), all Know-How that (a) is Controlled by Arctic Vision or any of
its Affiliates at any time during the Term and (b) is necessary or reasonably useful for the Development, manufacture, use,
importation, offer for sale, sale, or other Commercialization of any Product or any component thereof.

 

1.11            “AV
Patents” means, subject to Section 11.2(b), all Patents that Arctic Vision or any of its Affiliates Control at any
time during the Term that (a) Cover any (i) AV Know-How or (ii) Product or any component thereof, or (b) are
necessary or reasonably useful for the Development, manufacture, use, importation, offer for sale, sale, or other Commercialization
of any Product or component thereof.

 

1.12            “AV
Product Contracts” means, with respect to any Terminated Product or Terminated Jurisdiction, as applicable, any manufacturing,
supplier, distributor, Development, clinical study, or other agreement between Arctic Vision or any of its Affiliates and a Third
Party, other than any agreement with a Sublicensee pursuant to which rights to Products are sublicensed hereunder, that is solely
related to the Development, manufacture, or Commercialization of such Terminated Product or a Product in such Terminated Jurisdiction,
as applicable.

 

1.13            “AV
Product-Related Materials” means, with respect to a Terminated Product or Terminated Jurisdiction, as applicable, all
advertising and promotional materials (including but not limited to flyers, brochures, pamphlets and electronic media) and labeling
and packaging materials, in each case, that (a) pertain solely to such Terminated Product or a Product in such Terminated
Jurisdiction, as applicable, and (b) Arctic Vision or any of its Affiliates possess as of the effective date of termination
for such Termination Product or Terminated Jurisdiction, as applicable.

 

1.14            “AV
Technology” means the AV Patents, AV Know-How, and Arctic Vision’s interest in any Joint Inventions and Joint Patents.

 

1.15            “Business
Day” means a day, other than a Saturday or Sunday, on which banking institutions in Hong Kong, China and New York, New
York, U.S. are open for business.

 

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1.16            “Calendar
Quarter” means each of the three (3) month periods ending March 31, June 30, September 30, and December 31,
provided that: (a) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first complete
such three (3)-month period thereafter and (b) the final Calendar Quarter of the Term shall end on the last day of the Term.

 

1.17            “Calendar
Year” means (a) the period beginning on the Effective Date and ending on December 31 of the calendar year in
which the Effective Date falls, and (b) thereafter each successive period of twelve (12) consecutive calendar months beginning
on January 1 and ending on December 31, provided that the final Calendar Year of the Term shall end on the last day of
the Term.

 

1.18            “China”
or “PRC” means the People’s Republic of China, which for the purpose of this Agreement does not include
Taiwan, Hong Kong, and Macao.

 

1.19            “Change
of Control” means, with respect to a Party, (a) a merger, consolidation, recapitalization, or reorganization of
such Party with a Third Party that results in the voting securities of such Party outstanding immediately prior thereto, or any
securities into which such voting securities have been converted or exchanged, ceasing to represent at least fifty percent (50%)
of the combined voting power of the voting securities of the surviving entity or the parent of the surviving entity outstanding
immediately after such merger, consolidation, recapitalization, or reorganization, (b) a transaction or series of related
transactions in which a Third Party, together with its Affiliates, becomes the direct or indirect beneficial owner of fifty percent
(50%) or more of the combined voting power of the outstanding securities of such Party, or (c) the sale or other transfer
to a Third Party of all or substantially all of such Party’s and its controlled Affiliates’ assets (or that portion
thereof related to the subject matter of this Agreement). Notwithstanding the foregoing, any transaction or series of transactions
effected for the purpose of financing the operations of the applicable Party or changing the form or jurisdiction of organization
of such Party (such as an initial public offering or other offering of equity securities to non-strategic investors or corporate
reorganization) will not be deemed a “Change of Control” for purposes of this Agreement.

 

1.20            “Claims”
has the meaning set forth in Section 9.1.

 

1.21            “CMO”
means contract manufacturing organization.

 

1.22            “Commercialize”
or “Commercialization” means the conduct of all activities undertaken before and after Regulatory Approval
relating to the promotion, sales, marketing, and distribution for sale of Products in the Field in the Territory (including
importing, exporting, transporting, customs clearance, warehousing, invoicing, handling, and delivering Products to customers),
including sales force efforts, detailing, advertising, market research, market access (including price and reimbursement
activities), medical education and information services, publication, scientific and medical affairs, medical support,
advisory and collaborative activities with opinion leaders and professional societies including symposia, marketing, sales
force training, and sales (including receiving, accepting, and filling Product orders) and distribution for sale, and all
activities directed to obtaining pricing and reimbursement approvals for Products.

 

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1.23            “Commercially
Reasonable Efforts” means with respect to a particular activity or Product and a Party, that measure of efforts and resources
that is consistent with the efforts and resources that a similarly-situated biopharmaceutical or biotechnology company commits
to its own activities or products that it is actively developing or commercializing that are at a similar stage of development
or commercialization and have similar market potential, taking into account efficacy, safety, patent and regulatory exclusivity,
anticipated or approved labeling, present and future market potential, competitive market conditions, the profitability of the
product in light of pricing and reimbursement issues, and all other relevant factors. Commercially Reasonable Efforts shall be
determined on a Product-by-Product and Jurisdiction-by-Jurisdiction basis, and it is anticipated that the level of efforts required
may be different for different Products in different countries and may change over time.

 

1.24            “Competitive
Combination Product” means (a) for the MicroLine Product, pilocarpine
and [  ].

 

1.25            “Competitive
Senju Product” means a Senju Product for the treatment of (i) myopia (in the case of a MicroPine Product) or (ii) improvement
in near vision or presbyopia (in the case of a MicroLine Product).

 

1.26            “Confidential
Information” of a Party means all Know-How, unpublished patent applications, and other information and data of a financial,
commercial, business, operational, or technical nature of such Party that is: (a) disclosed or otherwise made available by
or on behalf of such Party or any of its Affiliates to the other Party or any of its Affiliates, whether made available orally,
in writing, or in electronic form, or (b) learned from a Party or any of its Affiliates by the other Party or any Affiliate
thereof pursuant to this Agreement or the Supply Agreement; provided that the terms of this Agreement and all Joint Inventions
will be deemed both Parties’ Confidential Information.

 

1.27            “Control”
or “Controlled” means, with respect to any Know-How, Patents, or other intellectual property rights, that a
Party or an Affiliate thereof has the legal authority or right (whether by ownership, license, or otherwise) to grant a license,
sublicense, access, or other right (as applicable) under such Know-How, Patents, or other intellectual property rights to the other
Party on the terms and conditions set forth herein, in each case without breaching the terms of any agreement between such Party
or any Affiliate thereof and a Third Party.

 

1.28            “Cost
of Goods” means, [  ].

 

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1.29            “Cover”
means, with respect to a particular subject matter at issue and a relevant Patent, that the manufacture, use, sale, offer for sale,
or importation of such subject matter would fall within the scope of a pending or issued claim in such Patent.

 

1.30            “Data”
means, with respect to a Product, any and all scientific or technical data directly pertaining to such Product that is generated
by or on behalf of a Party, their respective Affiliates and, to the extent Controlled by such Party or its Affiliates, licensees,
sublicensees, including such research data, clinical pharmacology data, pre-clinical data, clinical data, clinical study reports,
or submissions made in association with any Regulatory Materials for such Product.

 

1.31            “Develop”
or “Development” means all development activities for any Product that are directed to obtaining Regulatory
Approval(s) of such Product and lifecycle management of such Product in any country or Jurisdiction in the world, including
all non-clinical, preclinical, and clinical testing and studies of such Product; toxicology, pharmacokinetic, and pharmacological
studies; statistical analyses; assay development; protocol design and development; the preparation, filing, and prosecution of
any MAA for such Product; development activities directed to label expansion and/or obtaining Regulatory Approval for one or more
additional indications following initial Regulatory Approval; development activities conducted after receipt of Regulatory Approval;
and all regulatory affairs related to any of the foregoing.

 

1.32            “Development
Costs” means the costs incurred by a Party or its Affiliate that are specifically directed (or reasonably allocable)
to the Development of a Product or a component thereof, including amounts that a Party pays to Third Parties involved in the Development
of such Product or component (at cost), and all internal costs (calculated on an FTE basis) and out-of-pocket costs incurred by
or on account of a Party in conducting Development activities with respect to such Product or component.

 

1.33            “Development
Plan” has the meaning set forth in Section 4.2(b).

 

1.34            “Dollar”
means U.S. dollars, and “$” shall be interpreted accordingly.

 

1.35            “Eyenovia
Indemnitees” has the meaning set forth in Section 9.2.

 

1.36            “FDA”
means the U.S. Food and Drug Administration, or its successor.

 

1.37            “Field”
means the Initial Indications.

 

1.38            “First
Commercial Sale” means the first sale of a Product in a Jurisdiction by Arctic Vision, its Affiliates, or Sublicensees
to a Third Party for end use of such Product after Regulatory Approval of such Product has been granted in such Jurisdiction. For
clarity, First Commercial Sale does not include the supply or transfer of Product to an Affiliate or Sublicensee or for clinical
trials or compassionate use.

 

1.39            “FTE”
means the equivalent of a full-time individual’s work for a twelve (12) month period, consisting of a total of
[  ] hours per year of dedicated effort. Any person who
devotes more or less than [  ] hours per year on the
applicable activities shall be treated as an FTE on a pro-rata basis, based upon the actual number of hours worked by such
person on such activities, divided by [  ]. For clarity, the hours spent by temporary workers and contractors on applicable
activities may be treated as FTE on a pro-rata basis.

 

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1.40            “FTE
Costs” means the FTE Rate multiplied by the number of FTEs applied by Eyenovia or any of its Affiliates to the relevant
activity.

 

1.41            “FTE
Rate” means a rate of [ ] Dollars ($[ ]) per FTE per year.

 

1.42            “Generic
Product” means, with respect to a Product in a Jurisdiction, any combination of pharmaceutical and medical device product
that (a) contains (i) the same active pharmaceutical ingredient(s) as such Product and (ii) either the Optejet
Dispenser Base or a similar medical device that is intended to deliver such active pharmaceutical ingredient(s) in substantially
the same manner as such Product; (b) is approved by the Regulatory Authority in such regulatory jurisdiction as a freely substitutable
generic for such Product on an expedited or abbreviated basis based on bioequivalence or interchangeability with the Product; and
(c) is sold in such jurisdiction by a Third Party that is not a Sublicensee and did not purchase such product in a chain of
distribution that included any of Arctic Vision or its Affiliates or Sublicensees.

 

1.43            “Government
Authority” means any federal, state, national, state, provincial, or local government, or political subdivision thereof,
or any multinational organization or any authority, agency, or commission entitled to exercise any administrative, executive, judicial,
legislative, police, regulatory, or taxing authority or power, any court, or tribunal (or any department, bureau or division thereof,
or any governmental arbitrator or arbitral body).

 

1.44            “IDE”
means any investigational device exemption or similar or equivalent application filed with the applicable Regulatory Authority
for approval to conduct clinical testing of a medical device in humans in the applicable Jurisdiction.

 

1.45            “Improvement”
means any modification, addition, improvement, update, or upgrade to a Product, or any component thereof, that is (a) developed
by or on behalf of Eyenovia or any of its Affiliates during the Term, including any alternative or improved dosage forms of a Product,
novel formulation technology Developed for a Product, or modification or improvement to the Optejet Dispenser Base, and (b) incorporated
into a Product that is being Developed or Commercialized outside of the Territory.

 

1.46            “IND”
means any investigational new drug application, clinical trial application, clinical trial exemption, or similar or equivalent
application filed with the applicable Regulatory Authority for approval to conduct clinical testing of a pharmaceutical product
in humans in the applicable Jurisdiction.

 

1.47            “Indemnified
Party” has the meaning set forth in Section 9.3.

 

1.48            “Indemnifying
Party” has the meaning set forth in Section 9.3.

 

1.49            “Indication”
means, with respect to a Product, a diagnostic, prophylactic, or therapeutic use for a particular disease or condition with respect
to which use at least one human clinical trial is required to support the inclusion of such disease or condition in the indication
statement of a package insert approved by a Regulatory Authority for such Product and for which an MAA (or a supplement, extension,
or amendment thereto) must be filed to obtain such approval by such Regulatory Authority.

 

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1.50            “Initial
Indications” means, with respect to (a) the MicroLine Product, presbyopia and (b) the MicroPine Product, myopia.

 

1.51            “Invention”
means any discovery, improvement, process, method, composition of matter, article of manufacture, or invention, patentable or otherwise,
that is invented, first reduced to practice, or otherwise first made by either Party or any Affiliate thereof in exercising its
rights or carrying out its obligations under this Agreement, or, in the case of Arctic Vision or any of its Affiliates, as a result
of its or their access to Eyenovia’s Confidential Information, or, in the case of Eyenovia or any of its Affiliates, as a
result of its or their access to Arctic Vision’s Confidential Information, in each case whether directly or via its or its
Affiliates’ employees, directors, officers, agents, other representatives, contractors or, to the extent Controlled by a
Party or its Affiliates, Sublicensees, including all intellectual property rights therein.

 

1.52            “Joint
Invention” has the meaning set forth in Section 6.1(b)(ii).

 

1.53            “Joint
Patent” has the meaning set forth in Section 6.1(b)(ii).

 

1.54            “JSC”
has the meaning set forth in Section 3.1.

 

1.55            “Jurisdiction”
has the meaning set forth in Section 1.100.

 

1.56            “Know-How”
means all technical information, know-how, and data, including inventions, discoveries, trade secrets, specifications, instructions,
processes, formulae, compositions of matter, cells, cell lines, assays, animal models, and other physical, biological, or chemical
materials, expertise and other technology, including all biological, chemical, pharmacological, biochemical, toxicological, pharmaceutical,
physical, and analytical, safety, nonclinical, and clinical data, regulatory documents, data and filings, instructions, processes,
formulae, expertise, and information in each case that is relevant to the research, development, use, importation, offering for
sale, or sale of, or which may be useful in studying, testing, or developing, pharmaceutical, biologic, or medical device products
or any combination thereof.

 

1.57            “Law”
means any federal, state, local, foreign or multinational law, statute, standard, ordinance, code, rule, regulation, resolution
or promulgation, or any order by any Government Authority, or any license, franchise, permit, or similar right granted under any
of the foregoing, or any similar provision having the force or effect of law.

 

1.58            “Licensed
Know-How” means, subject to Section 11.2(b), all Know-How that (a) is Controlled by Eyenovia or any of its
Affiliates as of the Effective Date or at any time during the Term and (b) is necessary or reasonably useful for the Development,
manufacture, use, importation, offer for sale, sale, or other Commercialization of any Product in the Field, including, for the
avoidance of doubt, (i) all such Know-How in any and all Improvements and (ii) Eyenovia’s and its Affiliates’
interest in any Joint Invention satisfying clauses (a) and (b) above.

 

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1.59            “Licensed
Patents” means, subject to Section 11.2(b), all Patents that Eyenovia or any of its Affiliates Control as of the
Effective Date or at any time during the Term that (a) Cover any (i) Licensed Know-How or (ii) Product or any component
thereof, or (b) are necessary or reasonably useful for the Development, manufacture, use, importation, offer for sale, sale,
or other Commercialization of any Product in the Field, including Eyenovia’s and its Affiliates’ interest in any such
Joint Patent. The Licensed Patents existing as of the Effective Date are set forth in Exhibit B (such Patents
and all Patents claiming priority thereto, the “Existing Licensed Patents”).

 

1.60            “Licensed
Technology” means the Licensed Patents, Licensed Know-How, and Eyenovia’s interest in any Joint Inventions and
Joint Patents.

 

1.61            “Losses”
has the meaning set forth in Section 9.1.

 

1.62            “MAA”
or “Marketing Authorization Application” means an application to the appropriate Regulatory Authority for approval
or clearance to market and sell any pharmaceutical, biologic, or medical device product, or any combination thereof, for human
use in a particular country or Jurisdiction, and all amendments and supplements thereto.

 

1.63            “Manufacturing
Territory” means worldwide, but excluding the following countries: Afghanistan, Bahrain, Bangladesh, Bhutan, Brunei,
Burma, Cambodia, Cyprus, East Timor, India, Indonesia, Japan, Laos, Malaysia, Maldives, Mongolia, Myanmar, Nepal, North
Korea, Pakistan, Philippines, Papua New Guinea, Singapore, Sri Lanka, Thailand, Uzbekistan, and Vietnam.

 

1.64            “MicroLine
Product” means pilocarpine, as the sole active pharmaceutical ingredient,
formulated and loaded into a cartridge for delivery using, and delivered by means of, the Optejet Dispenser Base, as further described
in Part 1 of Exhibit A and including any and all Improvements thereto.

 

1.65            “MicroPine
Product” means atropine sulfate, as the sole active pharmaceutical ingredient, formulated and loaded into a
cartridge for delivery using, and delivered by means of, the Optejet Dispenser Base, as further described in
Part 2 of Exhibit A and including any and all Improvements thereto.

 

1.66            “MicroStat
Product” means combination formulation of phenylephrine 2.5%–tropicamide
1% formulated and loaded into a cartridge for delivery using, and delivered by means of, the Optejet Dispenser Base.

 

1.67            “Milestone
Event” has the meaning set forth in Section 5.2(a).

 

1.68            “Milestone
Payment” has the meaning set forth in Section 5.2(a).

 

1.69            “Net
Sales” means [  ]:

 

(a)            [  ];

 

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(b)            [  ];

 

(c)            [  ];

 

(d)            [  ];

 

(e)            [  ]; and

 

(f)            [  ].

 

[  ].

 

1.70            “NMPA”
means National Medical Products Administration of China (formerly known as the China Food and Drug Administration), or its successor.

 

1.71            “Optejet
Dispenser Base” means the Optejet Dispenser Base®, as further described in Part 3 of Exhibit A
and including any and all Improvements thereto.

 

1.72            “Other
Licensee” means a Third Party to whom Eyenovia or an Affiliate thereof has granted rights to Develop, use, make, have
made, sell, offer for sale, have sold, import, or otherwise Commercialize either Product, or any component thereof, outside the
Territory.

 

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1.73            “Patents”
means all patents and patent applications (which for the purpose of this Agreement shall be deemed to include certificates of invention
and applications for certificates of invention), including all divisionals, continuations, substitutions, continuations-in-part,
re-examinations, reissues, additions, renewals, revalidations, extensions, registrations, pediatric exclusivity periods, and supplemental
protection certificates and the like of any such patents and patent applications, and any and all foreign equivalents of the foregoing.

 

1.74            “Person”
means any individual, partnership, limited liability company, firm, corporation, association, trust, unincorporated organization
or other entity.

 

1.75            “Primary
Royalty Term” means, on a Product-by-Product and Jurisdiction-by-Jurisdiction basis, the period from the Effective Date
until the later of (A) the expiration of the last-to-expire Valid Claim in the Licensed Patents that Cover the composition
of matter or method of use of a particular Product in a particular Jurisdiction and (B) the tenth (10th) anniversary of the
First Commercial Sale of such Product in such Jurisdiction.

 

1.76            “Product”
means (a) the MicroLine Product and/or (b) the MicroPine Product, as the context dictates.

 

1.77            “Product
Infringement” has the meaning set forth in Section 6.3(a).

 

1.78            “Recall”
has the meaning set forth in Section 4.9.

 

1.79            “Region”
means each of (a) China, Taiwan, Hong Kong, and Macao and (b) South Korea.

 

1.80            “Registration
Trial” means (a) with respect to a Product, a clinical study of such Product in human patients (i) with a defined
dose or a set of defined doses of such Product designed to establish statistically significant efficacy and safety of such Product
for the purpose of enabling the preparation and submission of an MAA for such Product to the competent Regulatory Authorities in
a country or other jurisdiction, and (ii) that would satisfy the requirements of 21 C.F.R. § 312.21(c), or its foreign
equivalent, and (b) with respect to the Optejet Dispenser Base, a clinical study of such medical device in human subjects
that would satisfy the IDE requirements set forth in 21 C.F.R. Part 812, or its foreign equivalent.

 

1.81            “Regulatory
Approval” means, with respect to a country or jurisdiction, all approvals of any Regulatory Authority that are necessary
for the use, import, transport, promotion, marketing, distribution, offer for sale, or commercial sale of a pharmaceutical, biologic,
or medical device product or any combination thereof in such country or regulatory jurisdiction, including pricing and reimbursement
approval if required by applicable Law for such purposes.

 

1.82            “Regulatory
Authority” means any applicable Government Authority responsible for granting Regulatory Approvals for the Product, including
the FDA and NMPA.

 

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1.83            “Regulatory
Material” means any and all regulatory applications, submissions, notifications, communications, correspondences, registrations,
and other filings made to, received from, or otherwise conducted with a Regulatory Authority in order to Develop, manufacture,
market, sell, or otherwise Commercialize a pharmaceutical, biologic, or medical device product or any combination thereof in a
particular country or jurisdiction, including IDEs, INDs, MAAs, and Regulatory Approvals.

 

1.84            “Safety
Data” means data related solely to any adverse or serious adverse drug experiences, adverse or serious adverse medical
device experiences, and medical device malfunctions, as such information is reportable to Regulatory Authorities. Safety Data also
includes “adverse events”, “adverse drug reactions”, and “unexpected adverse drug reactions”
as defined in the ICH Harmonised Tripartite Guideline for Clinical Safety Data Management: Definitions and Standards for Expedited
Reporting.

 

1.85            “Safety
Data Exchange Agreement” has the meaning set forth in Section 4.7.

 

1.86            “Senior
Officer” means, with respect to Eyenovia, the Chief Executive Officer or his/her designee, and with respect to Arctic
Vision, the Chief Executive Officer or his/her designee.

 

1.87            “Senju
Affiliate” means any corporation or non-corporate business entity, firm, partnership or other entity that controls,
is controlled by, or is under common control with Senju. For purposes of this definition, "control" shall mean the
ownership of at least fifty percent (50%) of the voting stock of such entity or any other comparable equity or ownership
interest, or (a) in the absence of the ownership of a least fifty percent (50%) of the voting stock of a corporation, or (b) in
the case of a non-corporate business entity, if it possesses, directly or indirectly, the power to direct, or cause the
direction of, the management and policies of the corporation whether through the ownership of control of voting securities,
by contract or otherwise.

 

1.88            “Senju
Competitor” means a pharmaceutical company that, as of the relevant date referenced in this Agreement, holds [ ] percent
([ ]%) of the TRx pharmaceutical topical ophthalmic market in Japan.

 

1.89            “Senju
Invention” means any discovery, invention, improvement, idea, concept, technique, method, process, formula, or technology
within the field of opthamology, whether patentable or not, generated from Senju’s, Senju Affiliates’, or any Senju
Sublicensee’s activities (or those performed on Senju’s, Senju Affiliates’, or any Senju Sublicensee’s
behalf) under the Senju License Agreement for the Senju Product.

 

1.90            “Senju
Licensed Know-How” means any and all information, data, clinical studies, instructions, proprietary information, trade
secrets, techniques or materials which are related to and generated by Senju’s, Senju Affiliates’, or any Senju Sublicensee’s
activities (or those performed on Senju’s, Senju Affiliates’, or any Senju Sublicensee’s behalf) under the Senju
License Agreement for the Senju Product.

 

1.91            “Senju
License Agreement” means that certain Exclusive License Agreement between Eyenovia and Senju Pharmaceutical Co., Ltd.
(“Senju”), dated as of March 18, 2015, as amended April 8, 2020 (the “First Senju Amendment”)
and August 10, 2020 (the “Second Senju Amendment”).

 

1.92            “Senju
Patents” means Patents owned or controlled by Senju, any Senju Affiliate, or any Senju Sublicensee covering any Senju
Invention or Senju Licensed Know-How.

 

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1.93            “Senju
Product” means Licensed Product (as defined in the Senju License Agreement).

 

1.94            “Senju
Sublicensee” means a third party (that is not an affiliate
of Senju) granted a license by Senju for the right to manufacture, distribute, or otherwise market one or more Senju Products
under the Senju License Agreement.

 

1.95            “Senju
Territory” means Afghanistan, Bahrain, Bangladesh, Bhutan, Brunei, Burma, Cambodia, China (including Hong Kong, Macao
and Taiwan), Cyprus, East Timor, India, Indonesia, Japan, Laos, Malaysia, Maldives, Mongolia, Myanmar, Nepal, North Korea,
Pakistan, Philippines, Papua New Guinea, Singapore, Sri Lanka, South Korea, Thailand, Uzbekistan, and Vietnam.

 

1.96            “Shared
Patents” means Licensed Patents (as defined hereunder) that are also Licensed Patents (as defined under the Senju License
Agreement).

 

1.97            “Subcontractor”
means a Third Party contractor engaged by a Party to perform certain obligations or exercise certain rights of such Party
under this Agreement on a fee-for-service basis (including CROs and CMOs), excluding
all Sublicensees and Third Party Distributors.

 

1.98            “Sublicensee”
means any Third Party to whom Arctic Vision or an Affiliate thereof grants a sublicense under Arctic Vision’s rights to the
Licensed Technology granted pursuant to Section 2.1 to Develop, manufacture, or Commercialize any Product in the Territory.

 

1.99            “Supply
Agreement” has the meaning of Section 4.10.

 

1.100            “Term”
has the meaning set forth in Section 10.1.

 

1.101            “Terminated
Jurisdiction” has the meaning set forth in Section 10.3(a).

 

1.102            “Terminated
Product” has the meaning set forth in Section 10.3(a).

 

1.103            “Territory”
means (a) the People’s Republic of China, (b) Taiwan, (c) the Republic of Korea (“South Korea”),
(d) the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”),
and (e) the Macao Special Administrative Region of the People’s Republic of China (“Macao”) (each
of (a) – (e), a “Jurisdiction”).

 

1.104            “Third
Party” means any Person other than a Party or an Affiliate of a Party.

 

1.105            “Third
Party Distributor” means any Third Party that purchases Product from Arctic Vision or its Affiliates or Sublicensees
takes title to such Product, and distributes such Product directly to customers, but does not Develop or manufacture such Product
and does not make any royalty, profit-share, or other payment to Arctic Vision or its Affiliates or Sublicensees, other than payment
for the purchase of such Products for resale.

 

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1.106            “TRx”
means [ ].

 

1.107            “United
States” or “U.S.” means the United States of America and its territories and possessions.

 

1.108            “Valid
Claim” means (a) a claim of a pending Patent application that has not been (i) abandoned, finally rejected
or expired without the possibility of appeal or re-filing or (ii) pending for more than [  ] ([    ]) [   ]
since such claim was first presented to the patent authority; and (b) a claim of an issued and unexpired Patent that has
not been dedicated to the public, disclaimed, abandoned, revoked, or held invalid or unenforceable by a court, Governmental Authority,
national or regional patent office, or other body of competent jurisdiction from which no further appeal can be taken, and that
has not been explicitly disclaimed, or admitted in writing to be invalid or unenforceable or of a scope not Covering a particular
product or service through reissue, disclaimer or otherwise.

 

1.109            Interpretation.
In this Agreement, unless otherwise specified:

 

(a)            The
words “include”, “includes”, and “including” shall be deemed to be followed by the phrase “without
limitation”;

 

(b)            words
denoting the singular shall include the plural and vice versa and words denoting any gender shall include all genders;

 

(c)            the
word “or” is used in the inclusive sense typically associated with the phrase “and/or” unless the subjects
of the conjunction are, or are intended to be, mutually exclusive;

 

(d)            words
such as “herein”, “hereof”, and “hereunder” refer to this Agreement as a whole and not merely
to the particular provision in which such words appear; and

 

(e)            the
Exhibits and other attachments form part of the operative provision of this Agreement and references to this Agreement shall include
references to the Exhibits and attachments.

 

Article 2

LICENSE

 

2.1            License
Grant. Eyenovia hereby grants to Arctic Vision and its Affiliates:

 

(a)            an
exclusive (even as to Eyenovia and its Affiliates) license, with the right to grant sublicenses as provided in Section 2.2
and transferable with this Agreement under Section 11.2, under the Licensed Technology to research, Develop, use, sell, offer
for sale, have sold, import, and otherwise Commercialize the Products in the Field in the Territory; and

 

(b)            a
non-exclusive license, with the right to grant sublicenses as provided in Section 2.2 and transferable with this Agreement
under Section 11.2, under the Licensed Technology to make and have made the Products in the Manufacturing Territory solely
for use or sale in the Territory in accordance with the license granted under Section 2.1; provided that, Arctic
Vision acknowledges and agrees that, notwithstanding anything to the contrary,

 

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(i)            the
rights granted under clause (a) and (b) above with respect to any Senju Know-How and Senju Inventions are not granted
to any Affiliate of Arctic Vision;

 

(ii)            the
rights granted under clause (b) above outside of the Territory shall not include any Know-How or Patents owned or controlled
by Senju, any Senju Affiliate, or any Senju Sublicensee, but Arctic Vision may, as a third party beneficiary of Section 3
of the Second Senju Amendment, enjoy sublicensable rights under Senju Inventions, Senju Licensed Know-How, and Senju Patents to
manufacture or have manufactured Products in the Manufacturing Territory, provided that such rights shall be limited to Products
for marketing and distributing in the Territory and may be applied only to Products manufactured outside the Territory (which rights
are assignable with this Agreement); and

 

(iii)            the
rights granted in clauses (a) and (b) above shall not include any rights to any Senju Licensed Know-How, Senju
Inventions, or Senju Patents following the expiration or termination of the Senju License Agreement, except to the
extent the Senju License Agreement provides for the survival of such rights following such expiration or termination.

 

(iv)            Eyenovia
will use its best efforts to enforce the rights granted Arctic Vision as written in the Senju License Agreement for the benefit
of Artic Vision and provide all such rights thereunder to Arctic Vision consistent with the terms of this Agreement.

 

2.2            Sublicenses.
Arctic Vision shall have the right to grant sublicenses (through multiple tiers) to contractors, other Third Parties, and, with
respect to Senju Licensed Know-How, Senju Inventions, and Senju Patents, Arctic Vision’s Affiliates under the licenses granted
in Section 2.1 [ ]; provided, however, that such right shall not include the right to grant any such sublicense to an Affiliate
or Third Party that, at the time such sublicense grant would become effective, is a Senju Competitor or that would enable a Third
Party to directly or indirectly sell or otherwise provide any Product to a Senju Competitor; and provided further that, [ ]. If
Eyenovia does not respond to Arctic Vision within [  ] ([  ]) [   ] after receiving from Arctic
Vision a written request for consent to a proposed sublicense, such consent shall be deemed given. Arctic Vision shall have the
right to request at any time that Eyenovia seek confirmation from Senju whether a Third Party or Affiliate of Arctic Vision is
a Senju Competitor at the time of such inquiry and, following each such request, Eyenovia shall promptly seek Senju’s written
confirmation with respect thereto and provide Arctic Vision with a copy of each such confirmation promptly following its receipt
thereof. Each sublicense shall be subject to and consistent with the terms and conditions under this Agreement and Arctic Vision
shall remain primarily responsible for the performance of its obligations hereunder and for each of its Affiliates’ and
Sublicensees’ compliance with the relevant terms of this Agreement. Arctic Vision shall notify Eyenovia of the grant of
any sublicense within [  ] ([  ]) [   ] after the execution of the applicable sublicense agreement and shall
provide Eyenovia with a copy of such sublicense agreement (in English), provided that Arctic Vision shall have the right to redact
any confidential terms of such copy (other than the name of the applicable sublicensee) that are not necessary for Eyenovia to
confirm compliance with this Agreement. Eyenovia agrees that (a) Subcontractors and Third Party Distributors are not Sublicensees
and (b) the agreements entered into with (i) Subcontractors (including, for the avoidance of doubt, CMOs) that do not
have the right to Commercialize the Product and (ii) Third Party Distributors do not, in either case ((i) or (ii)),
require Eyenovia’s consent.

 

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2.3            Retained
Rights. Eyenovia retains the right to practice the Licensed Technology outside the scope
of the exclusive licenses granted to Arctic Vision under Section 2.1 and to fulfill its rights and obligations under this
Agreement.

 

2.4            No
Implied License. Except as expressly set forth herein, neither Party shall acquire any
license, right, or other interest, by implication or otherwise, under any intellectual property rights of the other Party.

 

2.5            Technology
Transfer.

 

(a)            Initial
Disclosure of Licensed Know-How. Within [  ] ([  ]) [ ] after the Effective Date, Eyenovia shall, at Eyenovia’s
cost, (i) provide Arctic Vision with all Licensed Know-How that exists as of the Effective Date and is possessed by Eyenovia
or an Affiliate thereof in written or electronic form, including those such specific Know-How items set forth in Exhibit B
and (ii) ensure that any Licensed Know-How that is in the possession of a Third Party (and not Eyenovia’s or
any of its Affiliate’s possession) is provided to Arctic Vision by such Third Party. Eyenovia shall confirm in writing to
Arctic Vision that the foregoing transfer of Licensed Know-How is complete after it has disclosed to Arctic Vision all of such
Licensed Know-How. Arctic Vision may request, from time to time, any additional Licensed Know-How that was not provided by Eyenovia
to Arctic Vision as above within such initial [  ] ([  ]) [  ] period, and Eyenovia shall provide
such additional Licensed Know-How as soon as reasonably practicable.

 

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(b)            Disclosure
of Additional Know-How and Improvements.

 

(i)            On
a Calendar Quarterly basis during the Term, Eyenovia shall notify Arctic Vision of any additional Licensed Know-How (including
any Improvement) developed by Eyenovia or its Affiliates, or that otherwise that has come into Eyenovia’s or its Affiliates’
Control, and is material to the Development or Commercialization of Products since the last such disclosure under this Section 2.5.
Upon written request of Arctic Vision, Eyenovia shall promptly provide copies thereof to Arctic Vision, at no additional cost to
Arctic Vision.

 

(ii)           On
a Calendar Quarterly basis during the Term, Arctic Vision shall notify Eyenovia of (1) any AV Know-How developed by or on
behalf of Arctic Vision or its Affiliates, or that otherwise comes into Arctic Vision’s or its Affiliates’ Control,
and is material to the Development or Commercialization of Products, or (2) any Know-How or Patents that are subject to the
licenses granted under Section 2.8(b) arising since, in either case, the last such disclosure under this Section 2.5;
provided, however, that for the purposes of clause (1) above and the licenses granted under Section 2.8(a), Arctic Vision
shall not be deemed to Control any AV Know-How the practice of which by Eyenovia, its Affiliates, or Other Licensees under rights
granted under this Agreement would result in a payment being owed by Arctic Vision or any Affiliate thereof to any Third Party
pursuant to the terms of the agreement between Arctic Vision or any Affiliate thereof and such Third Party pursuant to which rights
in such AV Know-How were acquired. Upon written request of Eyenovia, Arctic Vision shall promptly provide copies thereof to Eyenovia,
at no additional cost to Eyenovia.

 

(c)            Manufacturing
Know-How. With respect to manufacturing-related Licensed Know-How (including
methods, processes, testing/characterization information, and all documentation constituting material support, performance
advice, standard operating procedures, specifications as to materials to be used, and control methods to use and practice the
manufacturing process for each Product and component thereof), Arctic Vision shall have the right to instruct Eyenovia to
provide all or a portion of such Licensed Know-How to one or more of Arctic Vision’s designees to enable such
designee(s) to manufacture each Product, or any of the components thereof, on behalf of Arctic Vision, and Eyenovia
shall ensure that the Licensed Know-How so provided constitutes the Licensed Know-How for the manufacturing process used for
such Product, or component thereof, as of such date. In such case, Eyenovia will, subject to Section 2.5(e), cooperate
with the applicable designee(s), as reasonably requested by Arctic Vision in writing, to complete and implement the
manufacturing-related technology transfer as quickly as reasonably practicable.

 

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(d)            Technical
Assistance. Upon Arctic Vision’s written request, Eyenovia shall provide Arctic
Vision or its designee with reasonable technical assistance to enable Arctic Vision or its designee to use and practice the Licensed
Technology in connection with the Development of the Product or any component thereof, including reasonable access to Arctic Vision’s
and its Affiliates’ employees, consultants, and, to the extent Eyenovia is able to provide such access through its Commercially
Reasonable Efforts, contractors, in each case involved in the Development of a Product, or any component thereof (including the
Optejet Dispenser Base®), at no additional cost to Arctic Vision.

 

(e)            Limitations.
Notwithstanding anything to the contrary, Eyenovia’s obligations under Section 2.5(c) with respect to the transfer
of manufacturing-related Licensed Know-How or provision of manufacturing-related assistance shall not be required to exceed, in
the aggregate, a total of [ ] ([ ]) hours. Such assistance shall be provided at times mutually agreed by the Parties so as to accommodate
each Party’s scheduling requirements and the availability of each Party’s relevant employees, consultants, and contractors.
For any such assistance requested by Arctic Vision and provided by Eyenovia in excess of [ ] ([ ]) hours, Arctic Vision shall reimburse
Eyenovia for [ ] percent ([ ]%) of Eyenovia’s reasonable internal costs, at the FTE Rate, and [ ] percent ([ ]%) of the reasonable
out-of-pocket costs, incurred by Eyenovia in providing such additional assistance.

 

2.6           Exclusivity.
During the Term for a particular Product in a particular Region, Eyenovia and its Affiliates shall not:

 

(a)            grant
to any Third Party any right under the Licensed Technology that would conflict with the rights granted to Arctic Vision under this
Agreement for such Product in such Region;

 

(b)            directly
or indirectly through a Third Party, Develop or Commercialize any pharmaceutical product for the treatment of (i) myopia (in
the case of a MicroPine Product) or (ii) improvement in near vision or presbyopia (in the case of a MicroLine Product), in
each case in such Region, except, in each case, to the extent rights to Develop or Commercialize such product in such Region are
granted under the Senju License Agreement;

 

(c)            directly
or indirectly through a Third Party, Develop or Commercialize any Competitive Combination Product corresponding to such Product
in such Region, except, in each case, to the extent rights to Develop or Commercialize such Competitive Combination Product in
such Region are granted under the Senju License Agreement;

 

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(d)            supply
the Optejet Dispenser Base that is compatible for use with the cartridges included as a component in a Product, or the cartridge
included as a component in such Product, to any Third Party in such Region to deliver a pharmaceutical product for the treatment
of (i) myopia (in the case of a MicroPine Product) or (ii) improvement in near vision or presbyopia (in the case of a
MicroLine Product);

 

(e)            supply
to any Third Party in such Region (other than a designee of Arctic Vision) the Optejet Dispenser Base described in Section 2.6(d);

 

(f)            supply
to any Third Party in such Region (other than a designee of Arctic Vision) (i) pilocarpine ([ ]) formulated and loaded into
a cartridge for use in the treatment of improvement in near vision or presbyopia or (ii) atropine sulfate ([ ]) formulated
and loaded into a cartridge for the treatment of myopia; or

 

(g)            supply
such Product, the Optejet Dispenser Base described in Section 2.6(d), or the cartridges described in Section 2.6(d),
to any Third Party outside the Territory if Eyenovia knows or would reasonably be expected to anticipate that such Product or such
components will be used or sold in a Region.

 

The Parties acknowledge
that Senju has agreed, in Section 1 of the Second Senju Amendment, that it shall not (and that it shall ensure that Senju
Affiliates and Senju Sublicensees do not) develop, have developed, commercialize, have commercialized, import, or have imported
any pharmaceutical product containing atropine for the treatment of myopia or pilocarpine for the improvement in near vision or
presbyopia in the Territory through the exercise of any rights granted under the Senju License Agreement, and Eyenovia shall use
Commercially Reasonable Efforts to enforce such obligation upon Arctic Vision’s reasonable written request.

 

2.7            Sublicense
under Third Party License. If Eyenovia enters into any agreement with a Third Party
after the Effective Date that includes a license from such Third Party to Eyenovia under any Know-How or Patents that are
necessary to Develop, use, sell, offer for sale, or import the Products in the Territory, then, to the extent such agreement
includes (a) an exclusive license to such rights or (b) a non-exclusive license to such rights and permits the
sublicensing to Arctic Vision of the applicable rights under such Know-How or Patents in the Territory with respect to the
Products on a non-exclusive basis, then in each case ((a) and (b)) Eyenovia shall promptly notify Arctic Vision of such
Third Party license agreement, identify the relevant Know-How or Patents, and provide Arctic Vision with the substantive
terms of the Third Party license agreement applicable to such rights that would be sublicensed to Arctic Vision. Such
Know-How and Patents, to the extent falling within the definition of Licensed Technology, shall be sublicensed to Arctic
Vision under Section 2.1 and/or 2.2 hereof (as applicable) as Licensed Know-How or Licensed Patents, as applicable,
provided that Arctic Vision acknowledges and agrees in writing, in a form of agreement or amendment reasonably acceptable to
both Parties, (i) to add such Patents and Know-How to the definition of Licensed Patents and Licensed Know-How,
respectively, (ii) that its sublicense under such license agreement is subject to the terms and conditions of such
license agreement, (iii) to be responsible, subject to Section 5.6, for the payments that become due under such
Third Party agreement solely and specifically as a result of Arctic Vision’s (or its Affiliate’s or
Sublicensee’s) practice, in the Field in the Territory, of the Know-How and Patent Rights the subject of such Third
Party agreement, and (iv) to comply with the other terms of such license agreement that are applicable to the sublicense
granted to Arctic Vision and its Affiliates thereunder.

 

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2.8            Licenses
to Eyenovia.

 

(a)            General.
Arctic Vision hereby grants to Eyenovia and its Affiliates:

 

(i)            an
exclusive (even as to Arctic Vision and its Affiliates) license, with the right to grant sublicenses through multiple tiers and
transferable with this Agreement under Section 11.2, under the AV Technology to research, Develop, use, sell, offer for sale,
have sold, import, and otherwise Commercialize the Products in the Field outside the Territory; and

 

(ii) a
non-exclusive, worldwide license, with the right to grant sublicenses through multiple tiers and transferable with this Agreement
under Section 11.2, under the AV Technology to make and have made the Products solely for use or sale (i) by Eyenovia
or its Affiliates or Other Licensees outside the Territory, or (ii) by Arctic Vision or its Affiliates or Sublicensees in
the Territory in accordance with the license granted under Section 2.1;

 

provided, however,
that for the purposes of this Section 2.8(a), Arctic Vision shall not be deemed to Control any AV Know-How or AV Patents the
practice of which by Eyenovia, its Affiliates, or Other Licensees under the rights granted this Agreement would result in a payment
being owed by Arctic Vision or any Affiliate thereof to any Third Party pursuant to the terms of the agreement between Arctic Vision
or any Affiliate thereof and such Third Party pursuant to which rights in such AV Know-How or AV Patents were acquired.

 

(b)            Senju.
Without limitation of, and in addition to, the rights granted under Section 2.8(a),
Arctic Vision hereby grants to Eyenovia and its Affiliates, solely for purposes of sublicensing such rights to Senju as required
under Section 3(3) of the Second Senju Amendment, a license (which shall be sublicensable by Eyenovia to Senju, and further
sublicensable by Senju pursuant to the Senju License Agreement) under the Licensed Know-How (for purposes
solely of this Section 2.8(b), as defined in the Senju License Agreement) and Inventions (for purposes solely of this Section 2.8(b),
as defined in the Senju License Agreement) with respect to any Product generated from Arctic Vision’s, its Affiliates’,
or Sublicensees’ activities under this Agreement, to research, develop, commercialize, manufacture, or use (a) Senju
Products other than Products in the Field in the Territory and (b) Senju Products in countries of the Senju Territory other
than China and South Korea.

 

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Article 3

GOVERNANCE

 

3.1            Joint
Steering Committee. Within [  ] ([  ]) [ ] after the Effective Date, the Parties shall establish a joint
steering committee (the “JSC”), composed of two (2) senior employees of each Party, to oversee and guide
the coordination of the Parties under this Agreement. The JSC shall act as a joint consultative body and, to the extent expressly
provided herein, a joint decision-making body. The JSC shall in particular:

 

(a)            review
and discuss the strategy and progress of the Development of the Products in the Territory;

 

(b)            monitor
regulatory actions and pharmacovigilance and safety matters for the Products;

 

(c)            review
and discuss Development of the Products outside the Territory;

 

(d)            review
and discuss Commercialization activities for the Products in the Territory and outside the Territory;

 

(e)            oversee
and facilitate the Parties’ communications and activities with respect to publications under Section 7.4;

 

(f)            establish
joint subcommittees as it deems necessary or advisable to further the purpose of this Agreement; and

 

(g)            perform
such other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this Agreement or allocated
to it by the Parties’ written agreement, including providing financial oversight of the activities conducted pursuant to
this Agreement.

 

The Parties acknowledge
and agree that, as of the Effective Date and unless and to the extent later agreed in good faith by the Parties in writing, the
JSC’s general purpose shall be for information sharing and advisory purposes, and the JSC shall not have any decision-making
power under this Agreement with respect to either Party’s Development, manufacture, or Commercialization of Products.

 

3.2            JSC
Membership and Meetings.

 

(a)            Committee
Members. Each JSC representative shall have appropriate knowledge and expertise and sufficient seniority within the applicable
Party to make decisions arising within the scope of the JSC’s responsibilities. Each Party may replace its representatives
on the JSC on written notice to the other Party, but each Party shall strive to maintain continuity in the representation of its
JSC members. Each Party shall appoint one of its JSC representatives to be a co-chairperson of the JSC. The co-chairpersons shall
prepare and circulate agendas to JSC members at least [  ] ([  ]) [ ] before each JSC meeting and shall
direct the preparation of reasonably detailed minutes for each JSC meeting, which shall be approved by the co-chairpersons and
circulated to JSC members within [  ] ([  ]) [ ] after such meeting. The Parties shall determine their respective
initial members of the JSC within [  ] ([  ]) [ ] following the Effective Date.

 

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(b)            Meetings.
The JSC shall hold meetings at such times as it elects to do so, but in no event shall meetings of the JSC be held less
frequently than once every [  ] ([  ]) 
[  ] prior to obtaining the first Regulatory Approval
of a Product in the Territory. The first JSC meeting shall be held within
[  ] ([  ])
[  ] after the Effective Date. JSC meetings may be held
in person or by audio or video teleconference, or any combination thereof. In-person JSC meetings shall be held at locations
alternately selected by the Parties. Each Party shall be responsible for all of its own expenses of participating in any JSC
meeting. No action taken at any JSC meeting shall be effective unless at least one (1) representative of each Party is
participating. In addition, upon written notice to the other Party, either Party may request that a special ad hoc meeting of
the JSC be convened for the purpose of resolving any disputes in connection with, or for the purpose of reviewing or making a
decision pertaining to any material subject-matter within the scope of the JSC, the review or resolution of which cannot be
reasonably postponed until the following scheduled JSC meeting. Such ad hoc meeting shall be convened at such time as may be
mutually agreed by the Parties, but no later than [  ]
([  ]) [  ] following the notification date of
request that such meeting be held.

 

(c)            Non-Member
Attendance. Each Party may from time to time invite a reasonable number of participants,
in addition to its representatives, to attend JSC meetings in a non-voting capacity; provided that if either Party intends
to have any Third Party (including any consultant) attend such a meeting, such Party shall provide reasonable prior written notice
to the other Party and obtain the other Party’s approval for such Third Party to attend such meeting, which approval shall
not be unreasonably withheld or delayed. Such Party shall ensure that such Third Party is bound by written confidentiality and
non-use obligations consistent with the terms of this Agreement.

 

3.3            Decision-Making.

 

(a)            All
decisions of the JSC, with respect to any matter over which the Parties mutually agree in good faith in writing following the
Effective Date the JSC shall have decision-making authority (“JSC Decision Matters”), shall be made by
unanimous vote, with each Party’s representatives collectively having one (1) vote. If after reasonable discussion
and good faith consideration of each Party’s view on a particular matter subject to the decision of the JSC, the
representatives of the Parties cannot reach an agreement as to such matter within
[  ]
([  ]) [  ] after such
matter was brought to the JSC for resolution, then either Party at any time may refer such issue to the Senior Officers for
resolution.

 

(b)            If
the Senior Officers cannot resolve a JSC Decision Matter within
[  ] ([  ]) 
[  ] after such matter has been referred to them,
then:

 

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(i)            Eyenovia
shall have final decision making authority, which shall be exercised in its reasonable discretion, with respect to any JSC Decision
Matter concerning (1) the Development and Commercialization of the Products outside the Territory or (2) any intellectual
property issues directly pertaining to the Products outside the Territory, in each case (1) – (2) provided that
the exercise of such final decision making authority does not have a material adverse effect, and is not reasonably expected to
have a material adverse effect, on the Development or Commercialization of the Products in the Territory;

 

(ii)            Arctic
Vision shall have final decision making authority, which shall be exercised in its reasonable discretion, with respect to any JSC
Decision Matter concerning (1) the Development and Commercialization of the Products in the Territory or (2) any intellectual
property issues directly pertaining to the Products in the Territory, in each case (1) – (2) provided that the
exercise of such final decision making authority does not have a material adverse effect, and is not reasonably expected to have
a material adverse effect, on the Development or Commercialization of the Products outside the Territory.

 

(iii)            Neither
Party shall have final decision making authority with respect to any JSC Decision Matter not covered by Sections 3.3(b)(i) or
3.3(b)(ii), and the status quo shall persist with respect to such JSC Decision Matter unless and until the Parties agree.

 

3.4            Limitations
on Authority. The JSC shall have only such powers as are expressly assigned to it in this
Agreement, and such powers shall be subject to the terms and conditions of this Agreement. Without limiting the generality of the
foregoing, the JSC will not have the power to amend this Agreement or waive any provision of this Agreement, and no JSC decision
may be in contravention of any terms and conditions of this Agreement.

 

3.5            Discontinuation
of the JSC. The activities to be performed by the JSC shall solely relate to governance
under this Agreement and are not intended to be or involve the delivery of services. The JSC shall continue to exist until the
termination or expiration of this Agreement or, if earlier, the Parties mutually agree in writing to disband the JSC. Thereafter,
each Party shall designate a contact person for the exchange of information under this Agreement or such exchange of information
shall be made through the Alliance Managers, and decisions of the JSC shall be decisions as between the Parties, subject to the
other terms and conditions of this Agreement.

 

3.6            Alliance
Managers. Promptly after the Effective Date, each Party shall appoint an individual who
shall be an employee of such Party having appropriate qualification and experience to act as the alliance manager for such Party
(the “Alliance Manager”). Each Alliance Manager shall be responsible for coordinating and managing processes
and interfacing between the Parties on a day-to-day basis throughout the Term. The Alliance Manager will ensure communication to
the JSC of all relevant matters raised at any joint subcommittees and project teams. Each Alliance Manager shall be permitted to
attend meetings of the JSC, as appropriate and as non-voting participants. The Alliance Managers shall be the primary contact for
the Parties regarding the activities contemplated by this Agreement and shall facilitate all such activities hereunder. Each Party
may replace its Alliance Manager with an alternative representative at any time with prior written notice to the other Party. Any
Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager. Each Party shall bear
its own costs of its Alliance Manager.

 

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Article 4

DEVELOPMENT, manufacture, AND COMMERCIALIZATION

 

4.1           General.
Subject to the terms and conditions of this Agreement, Arctic Vision shall be solely responsible for the Development, manufacture,
and Commercialization of the Products in the Territory, at Arctic Vision’s own cost and expense.

 

4.2          Development.

 

(a)            General.
Arctic Vision (either itself or through its Affiliates and Sublicensees) shall be responsible for the Development of the Products
in the Field in the Territory, including by conducting all pre-clinical studies and all clinical trials of the Products in the
Territory, at Arctic Vision’s own cost and expense.

 

(b)            Development
Plan. Within
[  ] ([  ])
[  ] after the end of each Calendar Year during the
Term until the first receipt of Regulatory Approval of a Product in the Field in the Territory, Arctic Vision shall provide
Eyenovia with a written plan setting forth a summary and an approximate timeline of the Development activities Arctic Vision
expects to conduct (either itself or through its Affiliates and Sublicensees) in respect of the Products (the
“Development Plan”). Each annual update shall include amendments and revisions to any long term
Development activities, as well as a summary of activities projected to be conducted in the then-current Calendar Year,
including any Development activities to be conducted pursuant to Section 4.3(b), and shall include a good faith estimate
of the timelines for such activities. The initial Development Plan is attached hereto as Exhibit C. If the
terms of the Development Plan contradict, or create inconsistencies or ambiguities with, the terms of this Agreement, then
the terms of this Agreement shall govern. For clarity, the Development Plan shall be provided solely for information purposes
and is not binding on Arctic Vision. Arctic Vision shall use Commercially Reasonable Efforts to ensure that no activities
contemplated under any Development Plan, and that the Development of Products under this Agreement, would not reasonably be
anticipated to materially or adversely affect the Development or Commercialization of any Product outside the
Territory.

 

(c)            Reporting.
Within [  ] ([  ])
[  ] days after the end of each Calendar Year, Arctic
Vision shall provide the JSC with a report summarizing in reasonable detail its Development activities in respect of the
Products in the Territory in the previous Calendar Year. The Parties shall review and discuss such report at the JSC
meetings.

 

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4.3            Right
to Co-Develop for Additional Indications.

 

(a)            Additional
Indication Plan. If Eyenovia is interested in Developing a Product for an Additional Indication, then it shall provide Arctic
Vision reasonably promptly with a written reasonably detailed plan and budget for such additional Development work (the “Additional
Indication Plan”). Within [  ] ([  ]) [  ] after Arctic Vision’s receipt of an Additional
Indication Plan, the JSC shall meet to review such Additional Indication Plan and permit Arctic Vision an opportunity to ask questions
and request additional information from Eyenovia related to such Additional Indication Plan. For each Additional Indication Plan,
Arctic Vision shall have the right to request, by written notice to Eyenovia given with [  ] ([  ]) [  ]
following such JSC meeting, that Eyenovia use Commercially Reasonable Efforts to negotiate an amendment of the Senju License Agreement
that would permit the addition of such Additional Indication to the Field for the applicable Product under this Agreement on reasonable
terms acceptable to both Parties (such an amendment, a “Senju Additional Indication Amendment”), provided that
such obligation shall only apply for a period of [  ] ([  ]) [  ] following such request by Arctic
Vision. If a Senju Additional Indication Amendment is signed within such [  ] ([  ]) [  ] period,
Arctic Vision and Senju shall use Commercially Reasonable Efforts to negotiate an amendment to this Agreement adding such Additional
Indication to the Field consistent with the terms of the above-referenced amendment to the Senju License Agreement (such an amendment,
an “Additional Indication Amendment”) and, if the Parties agree upon such an amendment to this Agreement within
[  ] ([  ])  [  ] of the execution of the Senju Additional Indication Amendment, Arctic Vision,
may elect, at its discretion, to collaborate in the conduct of one of the Registration Trials under such Additional Indication
Plan (the “Additional Indication Registration Trial”) by recruiting, in the Territory, up to [  ]
([  ] %), or such other proportion as necessary to ensure statistically meaningful results in the Territory for
submission of an MAA to any applicable Regulatory Authority in the Territory, of the global participants for such Registration
Trial, [ ].

 

(b)            Co-Development.
If, with respect to any Additional Indication that is the subject of an Additional Indication Plan, (i) a Senju
Additional Indication Amendment is executed by Senju and Eyenovia with respect to such Additional Indication by the
applicable date set forth above, (ii) an Additional Indication Amendment adding such Additional Application to the Field
under this Agreement is executed by the Parties by the applicable date set forth above, and (iii) Arctic Vision elects
to collaborate with respect to any Additional Indication Registration Trial by written notice to Eyenovia by the applicable
date set forth above, then, subject to the proviso set forth in the last sentence of Section 4.3(a), the Parties shall
coordinate, through the JSC, on the finalization of the protocol for such Additional Indication Registration Trial and the
selection and engagement of clinical trial sites in the Territory to conduct Arctic Vision’s portion of such Additional
Indication Registration Trial, provided that the Parties shall use Commercially Reasonable Efforts to cause the JSC to meet
to review such Additional Indication Plan within [  ]
([  ]) [  ] of its being provided to the JSC.
In such case, as between the Parties, (i) Arctic Vision shall be solely responsible for (A) overseeing the conduct
of the clinical trial sites for such Additional Indication Registration Trial in the Territory and (B) the Development
Costs incurred in connection with the conduct of such Registration Trial in the Territory and (ii) Eyenovia shall be
solely responsible for (A) overseeing the conduct of the clinical trial sites for such Additional Indication
Registration Trial outside the Territory and (B) the Development Costs incurred in connection with the conduct of such
Registration Trial outside the Territory. In addition, if clauses (i), (ii), and (iii) of the first sentence of this
Section 4.3(b) are satisfied with respect to a particular Additional Indication and Arctic Vision elects in writing
to Eyenovia to collaborate in the corresponding Additional Indication Registration Trial within the above-referenced time
period, the Parties shall discuss and negotiate in good faith to enter into an amendment to this Agreement, or separate
written agreement between the Parties, to further address the Parties’ rights and obligations with respect to the
performance of such Additional Indication Registration Trial.

 

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(c)            Eyenovia
Territory Development. For clarity, if (i) Arctic Vision does not request that
Eyenovia attempt to negotiate a Senju Additional Indication Amendment for a particular Additional Indication by the
applicable date set forth above, (ii) a Senju Additional Indication Amendment is not executed by Senju and Eyenovia with
respect to an Additional Indication by the applicable date set forth above, (iii) an Additional Indication Amendment
adding such Additional Application to the Field under this Agreement is not by the applicable date set forth above,
(iv) Arctic Vision does not elect to collaborate with respect to any Additional Indication Registration Trial by written
notice to Eyenovia by the applicable date set forth above, or (v) Arctic Vision does make such an election but the
Parties do not execute, despite Eyenovia’s application of good faith efforts, an agreement or amendment with respect
thereto as referenced in the last sentence of Section 4.3(b) within
[  ] ([  ])
[  ] after such election, Eyenovia may pursue such
Development work outside the Territory, provided that: (1) it shall provide updates to the JSC with respect to such
Additional Indication Registration Trial at each regularly scheduled JSC meeting and (2) it shall not conduct any
Development of the Product in a manner that, as the time such Development is performed, would be reasonably expected to have
any material adverse effect on the Development or Commercialization of such Product in the Field in the Territory.

 

4.4            Diligence.

 

(a)            Initial
Indications. Arctic Vision (either itself or through its Affiliates and Sublicensees)
shall use Commercially Reasonable Efforts to Develop and Commercialize (a) the MicroLine Product for the treatment of presbyopia
in the Territory and (b) the MicroPine Product for the treatment of myopia in the Territory.

 

(b)            Additional
Indications. If (i) Arctic Vision has the right to, and Arctic Vision does, elect
to collaborate with respect to any Additional Indication Registration Trial pursuant to Section 4.3(b) and (ii) the
Parties execute an agreement or amendment with respect thereto as referenced in the last sentence of Section 4.3(b), the Parties
shall, subject to, and as further described in, such agreement or amendment, each use Commercially Reasonable Efforts to conduct
the Development activities allocated to such Party with respect to such Additional Indication Registration Trial.

 

(c)            No
Guarantee. The Parties acknowledge and agree that no outcome or success is or can be assured
and that failure to achieve desired results will not in and of itself constitute a breach or default of any obligation in this
Agreement.

 

4.5            Data
Use and Exchange.

 

(a)            Initial
Indications.

 

(i)            Arctic
Vision’s Rights. Arctic Vision shall have the sublicensable right (transferable
with this Agreement pursuant to Section 11.2) to use and reference, without additional consideration, any and all Data generated
by or on behalf of Eyenovia or any of its Affiliates outside the Territory for obtaining and maintaining Regulatory Approval of
the Products for the Initial Indications, and otherwise Commercializing the Products for the Initial Indications, in the Territory
in accordance with the terms of this Agreement.

 

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(ii)            Eyenovia’s
Rights. Eyenovia and its Affiliates shall have the sublicensable right (transferable with
this Agreement pursuant to Section 11.2) to use and reference, without additional consideration, any and all Data generated
by or on behalf of Arctic Vision or any of its Affiliates in the Territory for obtaining and maintaining Regulatory Approval of
the Products for the Initial Indications, and otherwise Commercializing the Products for the Initial Indications, outside the Territory
in accordance with the terms of this Agreement.

 

(b)            Additional
Indications.

 

(i)            Rights
to Reference. Each Party shall have the right to use and reference, without additional
consideration, any and all Data generated in the performance of any clinical trial of a Product for any Additional Indication conducted
by or on behalf of the other Party, its Affiliates, or, to the extent Controlled by such other Party or its Affiliates, Sublicensees
(in the case of Arctic Vision) or Other Licensees (in the case of Eyenovia) (including all such Data generated in the performance
of any Additional Indication Registration Trial) to Develop, obtain and maintain Regulatory Approval for, and Commercialize, such
Product for such Additional Indication in the Territory (in the case of Arctic Vision) or outside the Territory (in the case of
Eyenovia) in each case in accordance with the terms of this Agreement. Notwithstanding the foregoing, (i) Arctic Vision shall
only be granted the rights contemplated by the preceding sentence to the extent contemplated by any agreement or amendment executed
by the Parties with respect to such Additional Indication as referenced in the last sentence of Section 4.3(b) and (ii) if
a Party does not Control such use and reference rights with respect to Data generated by any Sublicensee (in the case of Arctic
Vision) or Other Licensee (in the case of Eyenovia), then such Party shall not have the right to grant use and reference rights
to such Sublicensee (in the case of Arctic Vision) or Other Licensee (in the case of Eyenovia) to any Data generated by or on behalf
of the other Party, provided that (1) the foregoing limitation shall not apply to Eyenovia’s rights hereunder to the
extent sublicensed to Senju under the Senju License Agreement and (2) Eyenovia shall be entitled to sublicense such rights
to Senju, its Affiliates, and its and their sublicensees under the Senju License Agreement.

 

(ii)            Data
Exchange. At each regularly scheduled JSC meeting, each Party shall update the JSC regarding
the status, progress, and results of its Development activities in connection with any then-ongoing clinical trial of a Product
in such Party’s territory. In addition, after the completion of any such clinical trial, each Party shall in a timely manner
provide the other Party with a copy of all Data generated from such trial in the Territory (in the case of Arctic Vision) or outside
the Territory (in the case of Eyenovia) for use by the other Party in accordance with this Section 4.5(b).

 

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4.6            Regulatory.

 

(a)            General.
Arctic Vision shall have the sole right to prepare, obtain, and maintain MAAs (including the setting of the overall regulatory
strategy therefor), Regulatory Approvals, and other Regulatory Materials in its own name or in the name of an Affiliate, and to
conduct communications with the applicable Regulatory Authorities, for the Products in the Field in the Territory (which shall
include filings of or with respect to INDs, MAAs, and other filings or communications with the applicable Regulatory Authorities
in the Field in the Territory). At Arctic Vision’s request, Eyenovia shall (i) provide Arctic Vision with any and all
documentation in Eyenovia’s possession and Control not previously provided to Arctic Vision that is requested by a Regulatory
Authority with respect to the foregoing and (ii) review and comment on an English-language summary and original-language copies
of any such Regulatory Materials prior to submission thereof.

 

(b)            Transfer
and Right of Reference. Eyenovia hereby grants to Arctic Vision a right of reference to
all Regulatory Materials pertaining to the Products, and each component thereof, submitted by or on behalf of Eyenovia in and outside
the Territory. Arctic Vision may use such right of reference to seek, obtain, and maintain Regulatory Approval of the Products
in the Field in the Territory. For the purposes of this Agreement, “right of reference” means the “right of reference
or use” as defined in 21 C.F.R. § 314.3(b) and any equivalent regulation outside the US, as each may be amended
from time to time. For clarity, such right shall not include any such right with respect to any Regulatory Materials owned or controlled
by Senju, any Senju Affiliate, or any Senju Sublicensee.

 

4.7            Adverse
Event Reporting; Safety Data Exchange Agreement. As soon as reasonably practicable
after the Effective Date, the Parties shall enter into a reasonable and customary form of safety data exchange agreement
setting forth the pharmacovigilance and safety data exchange procedures for the Parties with respect to the Products, such as
Safety Data sharing, adverse events reporting, medical device malfunction reporting, and safety signal and risk management
(the “Safety Data Exchange Agreement”), which agreement the Parties shall amend from time to time as
necessary to comply with any changes in applicable Laws or any guidance received from Regulatory Authorities. Such procedures
shall be in accordance with, and enable the Parties to fulfill, local and national regulatory reporting obligations under
applicable Laws to monitor patients’ safety. Eyenovia has established, and shall continue to hold (either by itself or
through an Affiliate, or vendor engaged by Eyenovia or its Affiliate), a global safety database for each of the Products and
for the Optejet Dispenser Base, and shall maintain (or ensure the maintenance of) such global safety databases for so long as
the Products are under Development or Commercialization by the Parties, their respective Affiliates, any Sublicensees, or any
Other Licensees. Eyenovia shall bear the costs associated with maintaining such databases and preparing reports for outside
the Territory. Arctic Vision shall maintain, and bear the costs associated with maintaining, its own safety database for the
Products in the Field in the Territory and shall provide all Safety Data, including adverse event reports and medical device
malfunction reports, in such database to Eyenovia in accordance with the Safety Data Exchange Agreement. Eyenovia shall
ensure that each Party is able to access the data from the global safety database in order to meet legal and regulatory
obligations. Each Party shall, as between the Parties, be primarily responsible for reporting quality complaints, adverse
events, and Safety Data related to the Products in the Field and Optejet Dispenser Base therefor to any necessary Regulatory
Authorities in the Territory (in the case of Arctic Vision) or outside the Territory (in the case of Eyenovia), and
responding to safety issues and to all requests of Regulatory Authorities related to the Products in the Field or the Optejet
Dispenser Base therefor, in each case at its own cost. Each Party agrees to comply with its respective obligations under the
Safety Data Exchange Agreement and to cause its Affiliates, Sublicensees (in the case of Arctic Vision), and Other Licensees
with respect to Products (in the case of Eyenovia) to comply with such obligations, [  ].

 

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4.8            Notification
of Threatened Action. Each Party shall notify the other Party within [  ] ([  ]) [ ] of any information
it receives regarding any threatened or pending action, inspection, or communication by any Regulatory Authority which may adversely
affect the safety or efficacy claims of any Product or the continued Development, manufacture, or Commercialization of any Product.
Upon receipt of such information, the Parties shall promptly consult with each other in an effort to arrive at a mutually acceptable
procedure for taking appropriate action.

 

4.9            Recalls.
In the event that a recall, withdrawal, or field correction (including the dissemination of relevant information (e.g.,
“Dear Doctor” letter or its equivalent regarding use of a Product)) of any Product (a
“Recall”) in the Field in the Territory (in the case of Arctic Vision) or outside the Territory (in the
case of Eyenovia) is required by a Regulatory Authority of competent jurisdiction therein, or if a Recall of a Product in the
Field in the Territory (in the case of Arctic Vision) or outside the Territory (in the case of Eyenovia) is deemed advisable
by such Party in its reasonable, good faith discretion, such Party shall so notify the other Party in writing no later than
[  ] ([  ]) [  ] in advance of the earlier of
(a) initiation of a Recall or (b) the submission of plans for such an action to a Regulatory Authority. 
Promptly after being notified of a Recall by the other Party, each Party shall provide the other Party, at the other
Party’s expense, with such assistance in connection with such Recall as may be reasonably requested by such other
Party.  All costs and expenses in connection with a Recall, including the costs and expenses related to the
dissemination of relevant information, in the Territory shall be paid by Arctic Vision (including reimbursement of costs and
expenses incurred by Eyenovia pursuant to the above-referenced assistance); all costs and expenses in connection with a
Recall, including the costs and expenses related to the dissemination of relevant information, outside the Territory shall be
paid by Eyenovia (including reimbursement of costs and expenses incurred by Arctic Vision pursuant to the above-referenced
assistance).  Arctic Vision and Eyenovia, respectively, shall handle exclusively the organization and implementation of
all Recalls of Products in the Field in the Territory and outside the Territory, respectively. Notwithstanding the foregoing,
any Recall related to the manufacture and supply of a Product by Eyenovia to Arctic Vision under the Supply Agreement shall
be governed by the terms and conditions of the Supply Agreement.

 

4.10            Manufacture
and Supply.

 

(a)            Eyenovia
Supply. Except as provided in Section 4.10(c) below, and subject to the
Parties’ execution, and the terms of, the Supply Agreement, Eyenovia shall manufacture and supply, through itself, one
or more of its Affiliates, or one or more Third Party CMO(s), the Products in finished, assembled form for use in the
Development and Commercialization of the Products under this Agreement. Subject to Section 4.10(c), all Products
supplied by Eyenovia to Arctic Vision under the Supply Agreement shall be at a price equal to the Supply Price for such
Product set forth in Section 5.3, and Eyenovia shall source such Products, and the components thereof, from one or more
manufacturers (which may be any combination of Eyenovia, any Affiliates thereof, or Third Party CMOs that Eyenovia or its
Affiliate reasonably determines in good faith to be appropriately qualified for such manufacture), provided that within
[  ] ([  ])
[  ] after submitting the first MAA of a Product in the
U.S., Eyenovia shall have at least two (2) manufacturers (which may be any combination of Eyenovia, any Affiliates
thereof, or Third Parties) able (i.e., with all technology transfer reasonably necessary to be operational completed) to
manufacture and supply for each stage of the manufacturing process of the Products (for example, two (2) manufacturers
providing MicroLine and MicroPine drug substance, two (2) manufacturers manufacturing MicroLine and MicroPine
cartridges, two (2) manufacturers performing drug-cartridge assembly, etc.).

 

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(b)            Supply
Agreement. As soon as reasonably practicable after the Effective Date, but in any
event within [  ] ([  ])
[  ] after the Effective Date, the Parties shall enter
into a supply agreement for the manufacture and supply of the Products to Arctic Vision (the “Supply
Agreement”). The Supply Agreement shall provide for a term of supply, on a Product-by-Product basis, that commences
on the effective date of such agreement and continues for an initial term that expires on the earlier of (i) the date
[  ] ([  ]) 
[  ] after the receipt of the first Regulatory Approval
of such Product in the Territory or (ii) [  ], and thereafter automatically renews for two-year
periods unless terminated by a Party as provided therein.

 

(c)            Arctic
Vision Supply. Subject to the remainder of this Section 4.10(c), Arctic Vision
shall have the right, but not the obligation, to manufacture and supply, itself or through one or more Third Party CMO(s),
the Products for use in the Development and Commercialization of the Products in the Field in the Territory under this
Agreement. If Arctic Vision wishes to so manufacture and supply the Products, it shall terminate the Supply Agreement in
accordance with the terms therein and continue to source Products from Eyenovia until the effective date of such termination.
Following the effective date of termination of the Supply Agreement, (i) Arctic Vision shall be responsible for the
manufacture and supply of the Products for use or sale in the Territory under this Agreement and (ii) in lieu of paying
to Eyenovia the Supply Price for Products set forth in Section 5.3, Arctic Vision shall pay to Eyenovia a royalty on the
Net Sales of the Products in the Territory as set forth in Section 5.5. Upon Arctic Vision’s request, Eyenovia
shall facilitate an introduction to Eyenovia’s Third Party CMO(s) of the Products and reasonably assist Arctic
Vision in negotiating a supply agreement with such CMO(s) for supply of the Products to Arctic Vision, provided such
assistance shall not require the use of counsel, drafting of documents, or any other material dedication of Eyenovia
resources. Arctic Vision shall promptly notify Eyenovia in writing of any Affiliate or Third Party engaged to manufacture any
Product (or portion or component thereof) on behalf of Arctic Vision, any Affiliate thereof, or any Sublicensee (which notice
shall provide the name of such manufacturer).

 

4.11        Commercialization.
Arctic Vision (itself or through its Affiliates and Sublicensees) shall be responsible for all aspects of the Commercialization
of, and use Commercially Reasonable Efforts to Commercialize, the Products in the Field in the Territory, at Arctic Vision’s
own cost and expense, including: (a) developing and executing a commercial launch and pre-launch plan, (b) negotiating
with applicable Government Authorities regarding the price and reimbursement status of the Products; (c) marketing and promotion;
(d) booking sales, distributing Products, and performing related services; (e) handling all aspects of order processing,
invoicing, and collection, inventory and receivables; and (f) providing customer support, including handling medical queries,
and performing other related functions.

 

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4.12        Commercialization
Cooperation. Eyenovia shall support Arctic Vision’s Commercialization of the Products
in the Field in the Territory as reasonably requested by Arctic Vision and at Arctic Vision’s expense, by providing Arctic
Vision with copies of promotional and other materials used by Eyenovia and its Affiliates to Commercialize the Products outside
of the Territory and by providing Arctic Vision with access and introductions to key opinion leaders with respect to Products outside
of the Territory.

 

Article 5

PAYMENTS

 

5.1            Upfront
Payment. Arctic Vision shall pay to Eyenovia a one-time upfront payment of four million
Dollars ($4,000,000) within three (3) Business Days after the Effective Date, with Arctic Vision initiating an irrevocable
wire transfer to Eyenovia therefor, and providing Eyenovia reasonable written evidence thereof, upon the Effective Date.

 

5.2            Development
and Regulatory Milestone Payments.

 

(a)            Milestone
Events. Subject to the remainder of this Section 5.2, Arctic Vision shall pay to
Eyenovia the one-time, non-creditable payments set forth in the table below (“Milestone Payment”) upon the first
achievement of the corresponding milestone event (“Milestone Event”), whether by or on behalf of Arctic Vision
or its Affiliates or Sublicensees.

 

	Development and Regulatory Milestone Events	Milestone Payment
	1)
           [ ] 	$[ ]
	2)
           [ ] 	$[ ]
	3)
           [ ]  	$[ ]
	4)
           [ ] 	$[ ]
	5)
           [ ] 	$[ ]
	6)
           [ ] 	$[ ]
	7)
           [ ]	$[ ]
	8)
           [ ]	$[ ] 
	9)
           [ ]	$[ ] 

 

(b)            Milestone
Payment Reduction for Supply Failure. If following a Supply Failure (as defined in the
Supply Agreement), Arctic Vision elects to terminate the Supply Agreement and assume responsibility for the manufacture and supply
of Products under this Agreement as set forth in Section 4.10(c), the Milestone Payment for each Milestone Event that has
not been achieved as of the date of such Supply Failure shall be reduced by [ ] percent ([ ]%).

 

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(c)            Milestone
Payment Deferral for 1st Generation Device.

 

(i)            With
respect to Milestone Events #1 through #8, if the first achievement of any such Milestone Event is by a Product that incorporates
the Optejet Dispenser Base having the specifications set forth in Part 3 of Exhibit A (the “1st
Generation Device”), the corresponding Milestone Payment shall be reduced by [ ] percent ([ ]%) (such [ ] ([ ]%), the
“Device Reduction Portion”).

 

(ii)            The
Device Reduction Portion of any Milestone Payment reduced pursuant to Section 5.2(c)(i) shall be paid to Eyenovia upon
the first achievement of the corresponding Milestone Event by a Product that incorporates an Optejet Dispenser Base having the
specifications set forth in Part 3 of Exhibit A by or on behalf of Eyenovia after the Effective Date (the
“2nd Generation Device”).

 

(iii)            For
clarity, if the first achievement of any such Milestone Event is by a Product that incorporates the 2nd Generation Device,
the full amount of the corresponding Milestone Payment shall be paid to Eyenovia.

 

(iv)            For
further clarity, Section 5.2(c)(i) shall not apply to Milestone Event #9.

 

(d)            Notice
and Payment. Arctic Vision shall notify Eyenovia in writing within
[  ] ([  ])
[  ] after (i) the first achievement of any
Milestone Event set forth in this Section 5.2 and (ii) in the event a Milestone Event is first achieved by a
Product incorporating a 1st Generation Device, the first achievement of such Milestone Event by a Product
incorporating a 2nd Generation Device, and shall pay to Eyenovia the corresponding Milestone Payment or Device
Reduction Portion within [  ] ([  ])
[  ] after the applicable achievement of such Milestone
Event.

 

(e)            Payment
Deferral. Notwithstanding anything to the contrary in this Agreement, if Eyenovia
has not (1) executed a reasonable and customary form of safety data exchange, pharmacovigilance, or similar agreement
with Senju that is reasonably consistent with the description of such agreement set forth in Section 4.7 and
(2) provided Arctic Vision written notice (and copy) thereof prior to the date a particular payment under this Agreement
would be due (other than the upfront payment under Section 5.1), such payment (including any development payment or
Milestone Payment) shall not be due until the date [  ]
([  ]) [  ] following Eyenovia’s
execution of such agreement with Senju and notice (and copy) thereof to Arctic Vision. For clarity, all payments due by
Arctic Vision under this Agreement (other than Section 5.1) are expressly subject to the conditions of this
Section 5.2(e) and any payment amount deferred shall not be payable (and forgiven by Eyenovia) upon a termination
of this Agreement if the conditions of this Section 5.2(e) are not met at the time of notice of
termination.

 

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5.3            2nd
Generation Device Development Costs.

 

(a)            Cap.
Arctic Vision shall reimburse Eyenovia for up to [ ] percent ([ ]%) of the Development Costs incurred by Eyenovia or any
Affiliate thereof in connection with the Development of the 2nd Generation Device (“Device Development
Costs”), up to a maximum reimbursement of [ ] Dollars ($[ ]) (the “Cap”). In no event shall
Arctic Vision be obliged pursuant to this Section 5.3 to pay to Eyenovia more than (i) [ ] Dollars ($[ ]) within
the first [  ] ([  ]) [  ] after the Effective Date or (ii) the Cap, regardless of the total
Device Development Costs, provided that, in the event Eyenovia invoices Arctic Vision for payment of Device Development Costs
in excess of [ ] Dollars ($[ ]) during the first [  ] ([  ]) [  ] following the Effective Date,
such excess Device Development Costs shall be due within [  ] ([  ]) [  ] after the first
anniversary of the Effective Date.

 

(b)            Invoice
and Payment. Eyenovia shall, on a Calendar Quarter basis, submit to Arctic Vision a
statement setting forth the total Device Development Costs incurred in the previous Calendar Quarter and the portion of such
Device Development Costs to which Eyenovia is entitled to be reimbursed by Arctic Vision pursuant to Section 5.3(a).
Each such invoice shall include a reasonably detailed report for such Device Development Costs, including reasonable
supporting documents. Arctic Vision shall pay each invoice that is not reasonably disputed in good faith by Arctic Vision
within [  ] ([  ]) [  ] after the receipt of such invoice, and the amount properly due under any
other invoice within [  ] ([  ]) [  ] of the resolution of the dispute concerning such invoice
pursuant to Section  11.7, subject to, in either case, Arctic Vision’s right to audit Eyenovia’s records and
books related to such costs as provided in Section 5.10.

 

(c)            Catch-Up
Milestone. If the total amount reimbursed by Arctic Vision to Eyenovia pursuant to Section 5.3(a) (“Total
Amount Reimbursed”) is an amount less than the Cap, then upon the earliest of (i) [ ], (ii) [ ], (iii) [
], or (iv) [ ], Arctic Vision shall pay to Eyenovia an amount equal to the difference between the Cap and the Total Amount
Reimbursed (i.e., Cap – Total Amount Reimbursed = payment amount).

 

5.4            Supply
Price.

 

(a)            Product
Supply Prices. Subject to the remainder of this Section 5.4, in consideration
for the units of Product provided by Eyenovia to Arctic Vision under the Supply Agreement, Arctic Vision shall pay to
Eyenovia a supply prices equal to those set forth in the table in Exhibit D (the “Supply
Price”) for all Products provided to Arctic Vision for use or sale by or on behalf of Arctic Vision, its
Affiliates, or Sublicensees; provided that in no case shall the Supply Price for a Product (i) be an amount less than [
] percent ([ ]%) of the Cost of Goods of such Product or (ii) exceed [ ] percent ([ ]%) of the Cost of Goods of such
Product. For clarity, the Supply Price includes transportation costs for the Product when such Product is supplied in bulk
(i.e., at least one pallet in a shipment). During the Term, Eyenovia shall use Commercially Reasonable Efforts to maintain,
or reduce, the Cost of Goods in effect as of the Effective Date. From time to time during the Term, upon Arctic
Vision’s request, the Parties shall discuss in good faith strategies to reduce the Cost of Goods.

 

(b)            Supply
Price Reduction for Generic Entry. If one or more Generic Products with respect to a Product
is sold in a Jurisdiction in the Territory by a Third Party, the Supply Price for such Product purchased for sale in such Jurisdiction
shall, for Product ordered by Arctic Vision for sale in such Jurisdiction in such Calendar Quarter and each Calendar Quarter thereafter,
be reduced by [ ] percent ([ ]%) of the Supply Price set forth on Exhibit D therefor (as modified by Section 5.4(c),
if applicable), provided, however, that such reduction, the deduction contemplated by Section 5.6, and any reduction pursuant
to Section 10.4 shall not in any event collectively reduce the amount due Eyenovia for the purchase of any such Product to
an amount less than the greater of (i) [ ] percent ([ ]%) of the Supply Price set forth therefor on Exhibit D or
(ii) [ ] percent ([ ]%) of Cost of Goods for such Product.

 

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(c)            Competitive
Combination Products and Competitive Senju Products. If (1) any Competitive Combination
Product with respect to a Product is sold in a Jurisdiction by Eyenovia, any Affiliate thereof, or any Third Party to whom Eyenovia
or an Affiliate thereof has granted rights in such Jurisdiction to Commercialize such Competitive Combination Product or (2) any
Competitive Senju Product with respect to a Product is sold in a Jurisdiction by Senju, a Senju Affiliate, or a Senju Sublicensee,
then the Supply Price for such Product for such Jurisdiction shall be reduced to the greater of (i) [ ] percent ([ ]%) of
the Supply Price set forth therefor on Exhibit D (as modified by Section 5.4(b), if applicable) or (ii) [
] percent ([ ]%) of Cost of Goods for such Product, provided, however, that, (a) in such case, any additional reduction pursuant
to Section 5.4(b), the deduction contemplated by Section 5.6, and any reduction pursuant to Section 10.4, shall
apply and be taken to the extent such reductions do not collectively reduce the amount due Eyenovia for the purchase of any such
Product to an amount less than [ ] percent ([ ]%) of Cost of Goods for such Product and (b) only one reduction shall be applied
under this Section 5.4(c), even if both clause (1) and (2) apply with respect to a particular Product in a particular
Jurisdiction.

 

(d)            Invoice
and Payment. Concurrently with delivery of Product to Arctic Vision, Eyenovia shall
submit to Arctic Vision an invoice for payment, in U.S. Dollars, of the payment for such delivery. Arctic Vision shall pay
each invoice that is not reasonably disputed in good faith, in U.S. Dollars, within [  ] ([  ])
[  ] after receipt of such invoice by wire transfer of immediately available funds into an account designated by
Eyenovia.

 

5.5            Royalties.

 

(a)            Royalty
Rate. Subject to the remainder of this Section 5.5, with respect to any unit of
MicroPine Product or MicroLine Product, respectively, not supplied by Eyenovia under the Supply Agreement, Arctic Vision
shall make quarterly non-refundable royalty payments to Eyenovia on the Net Sales of such MicroPine Products or MicroLine
Products, respectively, sold in the Territory, as calculated by multiplying the applicable royalty rate set forth in the
table below by the corresponding amounts of Net Sales of such MicroPine Products or MicroLine Products, respectively, sold in
the Territory in the applicable Calendar Year. For clarity, no royalty under this Section 5.5 shall be owed for
any unit of Product for which Arctic Vision paid to Eyenovia the Supply Price under the Supply Agreement and sales of all
such units shall be excluded from the computation of Net Sales.

 

	For
    that portion of Net Sales of MicroPine Products or MicroLine Products in the Territory in a particular Calendar Year	Royalty
    Rate
	1)less
    than or equal to	$[
    ]	[
    ]%
	2)greater
    than	$[
    ]	[
    ]%
	but
    less than or equal to	$[
    ]	 
	3)greater
    than 	$[
    ]	[
    ]%
	but
    less than or equal to	$[
    ]	 
	4)greater
    than	$[
    ]	[
    ]%

 

    33

     

    

 

As examples of the
royalties contemplated by this Section 5.5(a), if (i) Net Sales of MicroPine Products in a particular Calendar Year total
$[ ], (ii) Net Sales of MicroLine Products in such Calendar Year total $[ ], (iii) none of such Products were supplied
under the Supply Agreement, and (iv) none of the adjustments set forth in Section 5.5(c) or 5.6 apply, then (1) royalties
due Eyenovia on such Net Sales of MicroPine Products shall equal $[ ] and (2) royalties due Eyenovia on such Net Sales of
MicroLine Products $[ ].

 

(b)            Royalty
Term. Arctic Vision’s obligation to pay royalties pursuant to this Section 5.5
shall (i) commence, on a Product-by-Product and Jurisdiction-by-Jurisdiction basis, following the termination of the Supply
Agreement with respect to such Product and apply to any unit of such Product sold by Arctic Vision, its Affiliates, or Sublicensees
in such Jurisdiction that is not supplied by Eyenovia under the Supply Agreement and (ii) expire upon termination of this
Agreement.

 

(c)            Royalty
Reductions.

 

(i)            Generic
Entry. If a Generic Product is sold in a Jurisdiction by a Third Party during any Calendar
Quarter in the Primary Royalty Term of a Product, the royalty rate set forth in Section 5.5(a) above shall be reduced
by [ ] percent ([ ]%) for such Product in such Jurisdiction for such Calendar Quarter and each Calendar Quarter thereafter during
the remainder of the Primary Royalty Term.

 

(ii)           Patent
Expiry. If the Primary Royalty Term for a particular Product in a Jurisdiction extends
beyond the expiration of the last to expire Valid Claim of a Licensed Patent in such Jurisdiction that Covers the composition of
matter or use of such Product, then the royalty rate set forth in Section 5.5(a) above shall, for all sales of such Product
following such expiration in such Jurisdiction, be reduced by [ ] percent ([ ]%) for such Product in such Jurisdiction.

 

(iii)         Competitive
Combination Products and Competitive Senju Products. If (1) any Competitive
Combination Product is sold for human therapeutic use in a Jurisdiction during any Calendar Quarter of the Primary Royalty
Term of the Product corresponding to such Competitive Combination Product by Eyenovia, any Affiliate thereof, or any
Third Party to whom Eyenovia or an Affiliate thereof has granted rights in such Jurisdiction to Commercialize such
Competitive Combination Product or (2) any Competitive Senju Product is sold for the applicable Initial Indication in a
Jurisdiction during any Calendar Quarter of the Primary Royalty Term of the Product corresponding to such Competitive Senju
Product by Senju, any Senju Affiliate, or any Senju Sublicensee, then the royalty rate set forth in
Section 5.5(a) above, as it may be adjusted pursuant to Sections 5.5(c)(i) and 5.5(c)(ii) (with such
adjustment being calculated for purposes hereof subject to Section 5.5(c)(iv) below), shall be reduced by [ ]
percent ([ ]%) for such Product in such Jurisdiction for such Calendar Quarter and each Calendar Quarter thereafter during
the remainder of the Primary Royalty Term, provided that only one reduction shall be applied
under this Section 5.5(c)(iii), even if both subclauses (1) and (2) apply with respect to a particular Product
in a particular Jurisdiction.

 

(iv)          Royalty
Floor. Notwithstanding the foregoing Sections 5.5(c)(i)and 5.5(c)(ii), with respect to
any Product in any Calendar Quarter, the operation of subsections (i) and (ii) above, individually or in combination,
shall not reduce by more than [ ] percent ([ ]%) the royalties that would otherwise have been due under Section 5.5 with respect
to Net Sales of such Product in the applicable Jurisdiction during the period during which such adjustments apply.

 

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(d)            Expiration
of Primary Royalty Term. Upon the expiration of the Primary Royalty Term for a particular
Product in a particular Jurisdiction, (i) the royalty rate applicable to all Net Sales of such Product in such Jurisdiction
shall be reduced to [ ] percent ([ ]%), and, notwithstanding anything to the contrary, such royalty shall not be subject to further
reduction pursuant to Section 5.5(c), 5.6, or 10.4 and (ii) Sections 4.1, 4.2, 4.3, 4.4, 4.11, and 4.12 shall no longer
apply with respect to such Product in such Jurisdiction.

 

(e)            Report
and Payment. Within [  ] ([  ]) [  ] after the end of each Calendar Quarter during which Net
Sales occur on which Arctic Vision is required to pay to Eyenovia royalties under this Section 5.5, Arctic Vision shall provide
Eyenovia with a royalty report that contains the following information for the applicable Calendar Quarter, on a Product-by-Product
and Jurisdiction-by-Jurisdiction basis: (i) the amount of gross sales of the Product, (ii) a calculation of Net Sales
of the Product (include a reasonably detailed accounting of any deductions from gross sales), (iii) a calculation of the
royalty payment due on such Net Sales, including the application of any reduction made in accordance with Section 5.5(c) or
5.6, (iv) the exchange rate for such Jurisdiction, and (v) the aggregate annual Net Sales of each Product. Concurrent
with the delivery of the applicable quarterly royalty report, Arctic Vision shall pay Eyenovia in Dollars the royalties owed with
respect to Net Sales for such Calendar Quarter.

 

5.6            Third
Party Payment Stacking. If (a) Arctic Vision enters into an agreement with a
Third Party under which it obtains a license or other right to a Third Party’s Patents or Know-How with respect to the
Development, manufacture, or Commercialization of a Product in one or more Jurisdictions in the Territory without which the
sale, offering for sale, use, or import of such Product would not be (i) possible without infringing a Valid Claim of
such Patents in such Jurisdiction or (ii) commercially practicable or (b) Arctic Vision is required to make
payments to Eyenovia pursuant to Section 2.7(iii), Arctic Vision shall be entitled to, as applicable:
(i) deduct from any Supply Price payments payable under the Supply Agreement with respect to such Product purchased for
use or sale in such Jurisdiction [ ] percent ([ ]%) of all royalties and other amounts paid to such Third Party with respect
to such Product in such Jurisdiction pursuant to the terms of such agreement; provided, however, that such deduction together
with any reduction contemplated by Section 5.4(b) or 10.4 shall not in any event collectively reduce the amount due
to Eyenovia for the purchase of any such Product for such Jurisdiction to an amount less than the greater of (A) [ ]
percent ([ ]%) of the Supply Price set forth therefor on Exhibit D and (B) [ ] percent ([ ]%) of Cost of
Goods for such Product, or (ii) deduct from any royalties payable under Section 5.5 with respect to such Product [
] percent ([ ]%) of all royalties and other amounts paid to such Third Party with respect to such Product in such
Jurisdiction pursuant to the terms of such agreement; provided, however, that such deduction together with any reductions
taken pursuant to Section 5.5(c) shall not in any event collectively reduce by more than [ ] percent ([ ]%) the
royalty payment under Section 5.5(a) that would otherwise be due in any Calendar Quarter. Arctic Vision shall have
the right to carry forward to subsequent Calendar Quarters any deductions it is not allowed to take because of the
limitations set forth in the foregoing provisos (in each of subsection (i) and (ii)), subject to such limitations in
each such subsequent Calendar Quarter. Notwithstanding anything to the contrary, none of the adjustments described above
shall apply to any royalties due pursuant to Section 5.5(d).

 

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5.7            Currency;
Exchange Rate. All payments to be made by Arctic Vision to Eyenovia under this Agreement
shall be made in Dollars by bank wire transfer in immediately available funds to a bank account designated by written notice from
Eyenovia. The rate of exchange to be used in computing the amount of currency equivalent in Dollars shall be made at the average
of the closing exchange rates reported in The Wall Street Journal (U.S., Eastern Edition) for the first, middle, and last
Business Days of the applicable reporting period for the payment due.

 

5.8            Late
Payments. If Eyenovia does not receive payment of any sum due to it on or before the due date therefor, simple interest shall
thereafter accrue on the sum due from the due date until the date of payment at a per-annum rate of prime (as reported in The
Wall Street Journal (U.S., Eastern Edition)) plus [ ] percentage points ([ ] pp) or the maximum rate allowable by applicable
Law, whichever is less.

 

5.9            Taxes.

 

(a)            Taxes
on Income. Each Party shall be solely responsible for all income taxes imposed on payments
received from the other Party under this Agreement.

 

(b)            Tax
Cooperation. The Parties agree to reasonably cooperate with one another and use
reasonable efforts, to the extent permitted by applicable Law, to avoid or reduce tax withholding or similar obligations in
respect of the milestone payments, royalty payments, and other payments made by one Party (the “Paying
Party”) to the other Party (the “Paid Party”) under this Agreement. To the extent that a Paying
Party is required by applicable Laws to deduct and withhold taxes on any payment to the other Party, the Paying Party shall
pay the amounts of such taxes to the proper Government Authority in a timely manner and promptly transmit to the other
Party an official tax certificate or other evidence of such payment sufficient to enable Eyenovia to claim such payment of
taxes. The Paid Party shall provide the Paying Party any tax forms that may be reasonably necessary in order for the Paid
Party to not withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty or other
applicable Law, to the extent legally able to do so, and the Paid Party shall use reasonable efforts to provide any such tax
forms to the Paying Party reasonably in advance of any applicable due date. The Paying Party shall provide the Paid Party
with reasonable assistance to enable the Paid Party’s recovery, refund, or credit, as permitted by applicable Laws, of
withholding taxes or similar obligations resulting from payments made under this Agreement, such recovery to be for the
benefit of the Paid Party. The Paying Party shall have the right to deduct any such tax, levy, or charge actually paid from
any payment due to the Paid Party. Each Party agrees to use reasonable efforts to assist the other Party in claiming
exemption from such deductions or withholdings under double taxation or similar agreement or treaty from time to time in
force and in minimizing the amount required to be so withheld or deducted.

 

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5.10          Financial
Records; Audits. Each Party shall maintain complete and accurate records in sufficient
detail in relation to this Agreement to permit the other Party to confirm the accuracy of the amount of Device Development Costs
to be reimbursed, and the amount of royalty and other payments payable under this Agreement. Each Party shall keep such books and
records for at least five (5) years following the Calendar Year to which they pertain.  Upon reasonable prior written
notice, such records shall be inspected during regular business hours at such place or places where such records are customarily
kept by an internationally-recognized (i.e., “Big Four”) independent certified public accountant (the “Auditor”)
selected by the auditing Party and reasonably acceptable to the audited Party for the sole purpose of verifying for the auditing
Party the accuracy of the financial reports furnished by the audited Party pursuant to this Agreement or of any payments made,
or required to be made, by the audited Party pursuant to this Agreement. Before beginning its audit, the Auditor shall execute
an undertaking reasonably acceptable to each Party by which the Auditor agrees to keep confidential all information reviewed during
the audit. Such audits may occur no more often than once each Calendar Year and not more frequently than once with respect to records
covering any specific period of time. Each Party shall only be entitled to audit the books and records from the five (5) Calendar
Years prior to the Calendar Year in which the audit request is made. The Auditor shall not disclose the audited Party’s Confidential
Information to the auditing Party, and shall only verify the accuracy or inaccuracy of the financial reports furnished by the audited
Party or the amount of payments by such Party under this Agreement, and, in the case of any inaccuracy, the amount of such inaccuracy.
In the event that the final result of the inspection reveals an underpayment or overpayment, the underpaid or overpaid amount shall
be settled within thirty (30) days after the Auditor’s report by payment thereof to, or credit against future amounts owed
hereunder by (or reimbursement if no future amounts will be owed hereunder), the Party owed such payment, as promptly elected thereby
in writing. The auditing Party shall bear the reasonable, documented cost of such audit unless such audit reveals an overpayment
to, or an underpayment by, the audited Party, which underpayment or overpayment was more than five percent (5%) of the amount properly
payable with respect to the period covered by such report, in which case the audited Party shall reimburse the auditing Party for
the reasonable, documented costs for such audit.

 

Article 6

INTELLECTUAL PROPERTY RIGHTS

 

6.1            Inventions.

 

(a)            Data.
All Data generated solely by or on behalf of a Party in connection with the Development, Commercialization, manufacture, and other
exploitation of the Products shall be, in each case, the exclusive property of such Party. For clarity, each Party shall have access
and right to use and reference the Data Controlled by the other Party or its Affiliates as set forth in Section 4.5.

 

(b)            Inventions.
Inventorship of all Inventions made under this Agreement shall be determined in accordance with U.S. patent laws.

 

(i)            Each
Party shall, as between the Parties, own any Inventions made solely by such Party or its Affiliates, including its or their employees,
agents, or independent contractors, in the course of conducting its activities under this Agreement. For clarity, any Inventions
pertaining to a Product, or any component thereof, Controlled by Eyenovia, including Know-How in such Inventions and Patents that
Cover such Inventions, are and shall be included in the Licensed Technology.

 

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(ii)           The
Parties shall jointly own any Inventions that are made jointly by a Party or its Affiliates or its or their employees, agents,
or independent contractors, on the one hand, and the other Party or its Affiliate or its or their employees, agents, or independent
contractors on the other hand, in the course of performing activities under this Agreement (“Joint Inventions”).
All Patents Covering patentable Joint Inventions shall be referred to herein as “Joint Patents”. Except to the
extent a Party is restricted by the licenses granted to the other Party herein, each Party shall be entitled to practice, exploit,
and sublicense its rights in Joint Inventions and Joint Patents without the duty of accounting or payment to, or seeking consent
from, the other Party.

 

6.2            Patent
Prosecution.

 

(a)            Licensed
Patents. As between the Parties, Arctic Vision shall have the first right to file,
prosecute, and maintain the Licensed Patents in the Territory, at Arctic Vision’s cost and expense, provided that
Arctic Vision shall use Commercially Reasonable Efforts in exercising such right and shall use Commercially Reasonable
Efforts to not take any actions with respect thereto that would reasonably be anticipated, at the time such decision is made,
to adversely affect any Patents owned or Controlled by Eyenovia or any Affiliate thereof outside the Territory that Cover any
Product or component thereof. In furtherance of the foregoing, (i) upon Arctic Vision’s request, Eyenovia shall
provide Arctic Vision any files and documents in Eyenovia’s or its Affiliates’ possession and Control that are
necessary or materially useful in the prosecution or maintenance of the Licensed Patents in the Territory and (ii) the
Parties shall cooperate in good faith to exchange information on a reasonably periodic basis with respect to the prosecution
and maintenance of the Licensed Patents and the corresponding Patents owned or Controlled by Eyenovia outside the
Territory. Promptly after the Effective Date, Eyenovia shall transfer the prosecution and maintenance of the Licensed Patents
in the Territory to Arctic Vision or its counsel. Without limiting the generality of the foregoing, Arctic Vision shall, on a
reasonably periodic basis, consult with Eyenovia and keep Eyenovia reasonably informed of the status of the Licensed Patents
and shall promptly provide Eyenovia with an English language and, if in a language other than English, original copy of any
material correspondence received from any patent authority in the Territory in connection therewith. In addition, Arctic
Vision shall provide Eyenovia with English language and, if in a language other than English, original drafts of proposed
material filings and correspondence to any patent authority in the Territory with respect to the Licensed Patents to provide
Eyenovia a reasonable opportunity to review and comment thereon prior to submission. Arctic Vision shall notify Eyenovia in
writing of any decision to not file, or to cease prosecution or maintenance of, any Licensed Patents in the Territory. Arctic
Vision shall provide such notice at least [  ] ([  ]) [  ] prior to any filing or payment due
date, or any other due date that requires action, in connection with such Licensed Patent. In such event, upon
Eyenovia’s request, (i) Arctic Vision shall provide Eyenovia any files and documents in Arctic Vision’s or
its Affiliates’ possession and Control that are necessary or materially useful in the prosecution or maintenance of
such Licensed Patent and (ii) Arctic Vision shall transfer the prosecution and maintenance of such Licensed Patent to
Eyenovia, and thereafter Eyenovia shall have the right to file, prosecute, maintain, and defend such Licensed Patent in the
Territory at Eyenovia’s cost and expense and (ii) such Patent, and any Patents
claiming priority thereto, shall no longer be included in the Licensed Patents for purposes of this Agreement.

 

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(b)            Joint
Patents. The Parties shall mutually agree on which Party will prepare, file, prosecute,
and maintain Joint Patents which are not Licensed Patents based on the contribution of each Party to such Joint Invention and each
Party’s potential interest in products based upon such Joint Invention.

 

(c)            Shared
Patents. Notwithstanding anything to the contrary, and without limitation of AV’s
obligations, or Eyenovia’s obligations under Section 6.2(a) or 6.2(b), AV shall, to the extent it has the right
to file, prosecute, and maintain Licensed Patents and Joint Patents in the Territory under Section 6.2(a) or 6.2(b),
file, prosecute and maintain the Licensed Patents and Joint Patents in the Territory, and shall be responsible for all material
actions relating to the filing, prosecution and maintenance thereof, including, without limitation, patent interference, reexaminations,
reissuances, appeals, oppositions and revocation proceedings. AV shall not knowingly take any action during the filing, prosecution
and maintenance of any Licensed Patent or Joint Patents in the Territory that would adversely affect Senju or any corresponding
Patent outside the Territory (including any reduction in claim scope), without Eyenovia’s prior written consent.

 

(d)            Cooperation.
Each Party shall provide the other Party reasonable assistance and cooperation in the patent prosecution efforts under this Section 6.2,
including providing any necessary powers of attorney and executing any other required documents or instruments for such prosecution.

 

6.3            Patent
Enforcement.

 

(a)            Notice.
Each Party shall promptly notify the other Party if it becomes aware of any alleged, threatened, or actual infringement by a Third
Party of the rights granted under Section 2.1(a) to any Licensed Patent (including any Joint Patents which are Licensed
Patents), including such infringement arising by the manufacture, use, import, or sale of a Product, any product substantially
similar to a Product, or, to the extent used or incorporated into a pharmaceutical product delivering the same API as a Product
in substantially the same manner as a Product, any component of any of the foregoing, in each case in the Territory (a “Product
Infringement”).

 

(b)            Enforcement.

 

(i)            [  ]
shall have, as between the Parties, the sole right to bring and control any legal action to enforce the Licensed Patents
against a Product Infringement, or negotiate and enter into any settlement with respect thereto, at its own expense;
provided, however, that (1) [  ], (2) [  ], and (3)  [  ].  In the event
that [  ] enforces the Licensed Patents against a Product Infringement (either on its own behalf or at
[  ] request), [  ] shall have the right to participate, at its own expense and with counsel of its
choice, in such enforcement of the Licensed Patents, provided that [  ] acknowledges that [  ] shall be
the controlling party in such action.  If [  ] does not bring such legal action or commence negotiations to
enter into a settlement with respect to such Product Infringement, either on its own behalf or at [  ] request,
prior to the earlier of the date that is (i)  [  ] ([  ]) [  ] after the notice provided
pursuant to Section 6.3(a) or (ii)  [  ] ([  ]) [  ] prior to the applicable
expiration date for the initiation of such action under applicable Law, then [  ] acknowledges that [  ]
shall have the right to bring and control any legal action to enforce the Licensed Patents against such Product Infringement,
or enter into any settlement thereof, at its own expense. In such case, [  ] shall use Commercially Reasonable
Efforts to (i) provide [  ] a reasonable opportunity to consult with [  ] with respect thereto and
(ii) [  ] ensure that does not enter into any settlement of any Product Infringement, or make any admissions
or assert any position in such claim, suit, proceeding, or threat of any of the foregoing with respect to any Product
Infringement, in a manner that would materially and adversely affect the manufacture, use, or sale of any Product in the
Field in the Territory, without [  ] prior written consent.

 

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(ii)           Notwithstanding
Section 6.3(b)(i), upon [  ] written request with respect to any Product Infringement, [  ] shall
use Commercially Reasonable Efforts to obtain [  ] to have the right to bring and control any legal action to
enforce the Licensed Patents against such Product Infringement, or negotiate and enter into any settlement with respect
thereto, at its own expense and as it reasonably and in good faith determines appropriate.  If such permission or
amendment is obtained from [  ] and [  ] does not bring such legal action, or commence negotiations to
enter into a settlement with respect to such Product Infringement, by a date to be reasonably negotiated and agreed upon in
good by the Parties in conjunction with the negotiation of [  ], which date shall not be any later than the earlier
of (i) the date that is [  ] ([  ]) [  ] after the notice provided pursuant to
Section 6.3(a) or (ii) the date that is [  ] ([  ]) [  ] prior to the applicable
expiration date for the initiation of such action under applicable Law, [  ] acknowledges that either
[  ] shall have the right to bring and control any legal action to enforce the Licensed Patents against such
Product Infringement, or enter into any settlement thereof, at its own expense as it reasonably determines appropriate after
providing [  ] a reasonable opportunity for consultation with respect thereto, provided that in such event
[  ] shall not, and shall use Commercially Reasonable Efforts to ensure that [  ] does not, enter into
any settlement of any Product Infringement, or make any admissions or assert any position in such claim, suit, proceeding, or
threat of any of the foregoing with respect to any Product Infringement, in a manner that would materially and adversely
affect the manufacture, use, or sale of any Product in the Field in the Territory, without [  ] prior written
consent. [  ] agrees not to enter into any settlement of any Product Infringement, or make any admissions or assert
any position in such claim, suit, proceeding, or threat of any of the foregoing with respect to any Product Infringement, in
a manner that would adversely affect any Product or [  ] , or the manufacture, use, or sale of any Product or
[  ], within or outside the Territory, without the prior written consent of [  ].

 

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(c)            Cooperation.
At the request and, subject to the cost-sharing obligation set forth in Section 6.3(b)(i), if applicable, expense of the
Party bringing the action under Section 6.3(b) above (or, in the case of any such action brought by [  ],
[  ]), the other Party shall provide reasonable assistance in connection therewith, including by executing
appropriate documents, cooperating in discovery and joining as a party to the action if required. In connection with any such
proceeding, the Party bringing the action under Section 6.3(b) (or, in the case of any such action brought by
[  ], [  ]) shall keep the other Party reasonably informed on the status of such action and shall not
enter into any settlement (i) admitting the invalidity of, or otherwise impairing the other Party’s rights in, any
Licensed Patent without the prior written consent of the other Party (not to be unreasonably withheld), provided that the
foregoing shall not apply to any Product Infringement action or settlement brought or entered into by [  ], or
(ii) admitting the invalidity of, or that would reasonably be anticipated, at the time such decision is made, to
otherwise impair [  ] rights in, any corresponding Patent outside the Territory without  [  ] prior
written consent. In furtherance of the foregoing, the Parties shall cooperate in good faith to exchange information on a
reasonably periodic basis with respect to the prosecution and maintenance of the Licensed Patents and the corresponding
Patents owned or Controlled by Eyenovia outside the Territory.

 

(d)            Recovery.
The enforcing Party shall be solely responsible for any cost and expenses incurred by such Party or, pursuant to the first
sentence of Section 6.3(c), the other Party, as a result of such enforcement action. If Eyenovia recovers monetary
damages in any enforcement action with respect to, or receives any amounts in settlement of, any Product Infringement, such
recovery shall first be allocated to reimbursing the Parties’ costs and expenses incurred with respect thereto on a pro
rata basis, with the remaining portion thereof being allocated [ ] percent ([ ]%) to Eyenovia and [ ] percent ([ ]%) to
Arctic Vision, with Arctic Vision being paid such amount within [  ] ([  ]) [  ] after
Eyenovia’s receipt thereof, provided that, for clarity, Eyenovia shall not receive, nor be obligated to share with
Arctic Vision, any amounts recovered or received by [  ] with respect to any Product Infringement. If Arctic Vision
is the enforcing Party and recovers monetary damages in any enforcement action with respect to, or receives any amounts in
settlement of, any Product Infringement under Section 6.2(b)(ii), such recovery shall first be allocated to reimbursing
the Parties’ costs and expenses incurred with respect thereto on a pro rata basis, with the remaining portion thereof
being allocated [ ] percent ([ ]%) to Arctic Vision and [ ] percent ([ ]%) to Eyenovia, with Eyenovia being paid such amount
within [  ] ([  ]) [  ] after Arctic Vision’s receipt thereof.

 

(e)            Other
Infringement. Except for Product Infringement as set forth above, each Party shall have
the exclusive right to enforce its own Patents against any infringement anywhere in the world.

 

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6.4            Defense
of Licensed Patents. In the event that a Party receives notice of any claim alleging the invalidity or unenforceability of
any Licensed Patent in the Territory, such Party shall bring such claim to the attention of the other Party, including all relevant
information in its possession related to such claim. The Parties, through the JSC, shall discuss such claim. Where such allegation
is made in an opposition, reexamination, interference, or other patent office proceeding or a declaratory judgement action, then
the provisions of Section 6.2 shall apply to determine the Parties’ respective rights and obligations with respect
to such allegation; provided however that if a Party wishes to bring an infringement claim to enforce the Licensed Patent with
respect to a Product Infringement, then the provisions of Section 6.3 shall apply to determine the Parties’ respective
rights and obligations with respect thereto. Each Party shall provide to the Party defending any Licensed Patent in the Territory
under this Section 6.4 reasonable assistance in such defense, at such defending Party’s request and expense. The defending
Party shall keep the other Party reasonably informed of the status and progress of such efforts and shall reasonably consider
the other Party’s comments on any such efforts. Without the prior written consent of the other Party (not to be unreasonably
withheld), neither Party shall enter into any settlement of any claim, suit, or action that it defended under this Section 6.4
that admits the invalidity or unenforceability of any Licensed Patent or otherwise materially adversely impacts the other Party’s
interest therein. Notwithstanding anything to the contrary, Arctic Vision shall not (i) have any rights to defend any Licensed
Patent, except to the extent provided in Section 6.2, or (ii) enter into any settlement of any claim, suit, or action
that it defended under this Section 6.4 that admits the invalidity or unenforceability of any Patent outside the Territory
which corresponds to any Licensed Patent, or otherwise adversely impacts [ ] or any Licensed Patent or corresponding Patent outside
the Territory (including any reduction in claim scope), without, in the case of clause (ii), Eyenovia’s prior written consent.
In furtherance of the foregoing, the Parties shall cooperate in good faith to exchange information on a reasonably periodic basis
with respect to the prosecution and maintenance of the Licensed Patents and the corresponding Patents owned or controlled by Eyenovia
outside the Territory.

 

6.5            Defense
of Third Party Claims. If a claim is brought against a Party or an Affiliate thereof by
a Third Party alleging infringement of a Patent of such Third Party by the Development, manufacture, or Commercialization of the
Product in the Territory, the Party first having notice of the claim or assertion shall promptly notify the other Party, the Parties
shall use reasonable good faith efforts to agree on and enter into an “common interest agreement” wherein the Parties
agree to their shared, mutual interest in the outcome of such potential dispute, and thereafter, the Parties shall promptly meet
to consider the claim or assertion and the appropriate course of action. Each Party shall be entitled to represent itself in any
litigation to which it is a party, at its own expense, unless otherwise agreed upon by the Parties or as otherwise set forth in
this Agreement.

 

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6.6            Trademarks.

 

(a)            Product
Trademarks. Eyenovia or its Affiliates may develop and adopt trademarks, including
trade names, trade dresses, branding, and logos, to be used with respect to the Products (such trademarks, trade names, trade
dresses, branding, and logos developed thereby, other than those representing Eyenovia or its Affiliates generally, including
those set forth on Exhibit E, “Eyenovia Product Marks”), and Eyenovia and its Affiliates shall
own all Eyenovia Product Marks throughout the world and all goodwill in the Eyenovia Product Marks shall accrue to Eyenovia
and its Affiliates. If Arctic Vision wishes to develop its own trademarks, including trade names, trade dresses, branding,
and logos, for any Products in the Territory that are not Eyenovia Product Marks (such trademarks, trade names, trade
dresses, branding, and logos, other than those representing Arctic Vision or its Affiliates generally, the “AV
Product Marks”; the Eyenovia Product Marks and/or AV Product Marks, “Product Marks”), Arctic
Vision shall have the right to develop and select such AV Product Marks as may be available for registration and marketing of
such Product(s) in the Territory. Eyenovia shall be responsible for, but prior to the initiation of the first
Registration Trial of a Product in the Territory shall not have any obligation with respect to, the registration,
maintenance, defense and enforcement of the Eyenovia Product Marks in the Territory using counsel reasonably acceptable to
Arctic Vision at Arctic Vision’s expense (and Arctic Vision shall reimburse Eyenovia for any such expense within
[  ] ([  ]) [  ] after any invoice received therefor from Eyenovia that is not reasonably
disputed in good faith), and Arctic Vision shall be responsible for the registration, maintenance, defense and enforcement of
the AV Product Marks in the Territory using counsel mutually reasonably acceptable to Eyenovia. Following the initiation of
the first Registration Trial of a Product in the Territory, Eyenovia shall, upon written notice from Arctic Vision with
respect to any Eyenovia Product Mark reasonably selected by Arctic Vision for use in the Territory with respect to such
Product, use Commercially Reasonable Efforts to register, maintain, and defend such Eyenovia Product Mark, at Arctic
Vision’s expense. Each Party shall keep the other Party informed of material progress with regard to the registration,
prosecution, maintenance and defense, if any, of such Party’s Product Marks in the Territory, including content,
timing, and jurisdiction of the filing of such Product Marks in the Territory, sufficiently in advance for the other Party to
be able to review any material documents, and the filing Party shall consult with, and consider in good faith the requests and
suggestions of, the other Party with respect to strategies for filing, prosecuting and defending such Product Marks in the
Territory.

 

(b)            Trademark
License.

 

(i)            Arctic
Vision shall have the right, but not the obligation, to use the Eyenovia Product Marks to Commercialize the Products in the Territory.
Eyenovia hereby grants to Arctic Vision a limited, royalty-free license to use the Eyenovia Product Marks in connection with the
Commercialization of the Products in the Territory under this Agreement. All use of the Eyenovia Product Marks shall comply with
applicable Laws and shall be subject to Eyenovia’s prior review and approval, such approval not to be unreasonably withheld,
conditioned, or delayed.

 

(ii)           Arctic
Vision shall comply with all applicable Laws and regulations pertaining to the proper use and designation of the Eyenovia Product
Marks in connection with the Commercialization of the Products in the Territory. Additionally, Arctic Vision shall use Commercially
Reasonable Efforts to:

 

(1)            after
receipt of a written request from Eyenovia, comply with the reasonable requirements of Eyenovia as to the form, manner, scale and
context of use of the Eyenovia Product Marks, the use of the statements to accompany them, as well as the appearance of the Eyenovia
Product Marks

 

(2)           on
containers, packaging and related marketing and promotional materials to be used for Product; and

 

(3)            include,
on any item which bears an Eyenovia Product Mark, a statement identifying Eyenovia as the owner of such Eyenovia Product Mark and
stating that Arctic Vision is an authorized user of such Eyenovia Product Mark;

 

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(iii)            Arctic
Vision shall not take any action that it knows is, or would reasonably be anticipated to be, inconsistent with Eyenovia’s
or its Affiliates’ ownership of the Eyenovia Product Marks. Any benefits (including good will) accruing from the use of the
Eyenovia Product Marks under this Agreement shall automatically vest in Eyenovia and its Affiliates. Arctic Vision shall not form
any combination trademarks or trade names with any Eyenovia Product Marks.

 

Article 7

CONFIDENTIALITY

 

7.1            Confidentiality
Obligations. Except to the extent expressly authorized by this Agreement or
otherwise agreed in writing by the Parties, each Party agrees that, during the Term of this Agreement and for
[  ] ([  ]) [  ] thereafter, it shall keep confidential and shall not publish or otherwise
disclose and shall not use for any purpose other than as provided for in this Agreement (which includes the exercise of any
rights or the performance of any obligations hereunder) any Confidential Information of the other Party.

 

7.2            Exceptions.
The obligations set forth in Section 7.1 shall not apply to any information that the receiving Party can demonstrate that
such information:

 

(a)            is
known by the receiving Party at the time of its receipt without an obligation of confidentiality, and not through a prior disclosure
by the disclosing Party, as documented by the receiving Party’s business records;

 

(b)            is
in the public domain before its receipt from the disclosing Party, or thereafter enters the public domain other than through the
receiving Party’s breach of the confidentiality obligations set forth herein;

 

(c)            is
subsequently disclosed to the receiving Party, without obligation of confidentiality, by a Third Party who may lawfully do so and
is not under an obligation of confidentiality to the disclosing Party; or

 

(d)            is
developed by the receiving Party independently and without use of, or reference to, any Confidential Information of the disclosing
Party, as documented by the receiving Party’s business records.

 

Any combination of features
or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features are published or
available to the general public or in the rightful possession of the receiving Party unless the combination itself and principle
of operation are published or available to the general public or in the rightful possession of the receiving Party.

 

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7.3            Authorized
Disclosures. Notwithstanding anything to the contrary herein, a Party may disclose the
other Party’s Confidential Information to the extent:

 

(a)            such
disclosure is reasonably necessary: (i) for the filing, prosecution, enforcement, and defense of Patents as contemplated by
this Agreement; (ii) in connection with regulatory filings for a Product or any component thereof; (iii) for prosecuting
or defending litigation as contemplated by this Agreement; or (iv) to its and its Affiliates’ employees, consultants,
contractors, and agents, in each case on a need-to-know basis in connection with the exercise of its rights or the performance
of its obligations under this Agreement, including the Development, manufacture, or Commercialization of any Product, or any component
thereof, in accordance with the terms of this Agreement;

 

(b)            such
disclosure is reasonably necessary: (i) to such Party’s or its Affiliates’ directors, attorneys, independent
accountants, or financial advisors for the purpose of enabling such directors, attorneys, independent accountants, or
financial advisors to provide advice to such Party; or (ii) to actual or potential investors, lenders, investment
bankers, acquirors, acquisition or merger targets, Sublicensees, Subcontractors, Third Party Distributors, Other
Licensees, and other financial or business partners for the purpose of evaluating or carrying out an actual or potential
investment, loan, acquisition, merger, collaboration, license, strategic partnership, or other business relationship;
provided that in each such case on the condition that such recipients are bound by confidentiality and non-use obligations
substantially consistent with those contained in this Agreement;

 

(c)            such
disclosure is required by applicable Laws or judicial or administrative process (including regulations promulgated by securities
exchanges), provided that in such event such Party shall, except where impracticable, give reasonable advance notice to the other
Party of such disclosure, use diligent efforts to secure confidential or protective treatment of such Confidential Information
reasonably consistent to those such Party would use to protect its own confidential information of a similar nature, but in no
event less than reasonable efforts, and cooperate with the other Party, as reasonably requested thereby, in seeking confidential
or protective treatment of such information.

 

Any information disclosed
pursuant to Section 7.3 shall remain Confidential Information and subject to the restrictions set forth in this Agreement,
including the foregoing provisions of this Article 7.

 

7.4            Publications.

 

(a)            Review.
Each Party shall have the right to review and comment on any material proposed for presentation or publication by the other
Party regarding results of such other Party’s Development activities during the Term with respect to the Products,
whether by oral presentation, manuscript, or abstract. Before any such material is submitted for publication, or presentation
of any such material is made, the publishing Party shall deliver an English-language summary, and an original-language
original, of the material proposed for disclosure to the other Party, at least [  ] ([  ])  [  ]
for oral presentations or abstracts or [  ] ([  ]) [  ] for manuscripts, prior to submitting the
material to a publisher or initiating any other disclosure, or as close to these time frames as reasonably possible. The
reviewing Party shall review any such material and give its comments to the publishing Party within [  ]
([  ])  [  ] for oral presentations or abstracts and [  ] ([  ]) [  ] for
manuscripts after the receipt of such material, provided that the reviewing Party shall make reasonable efforts to review
such materials and abstracts and return such items as soon as practicable to the publishing Party with appropriate comments,
if any. Subject to Section 7.4(b), and without limitation of a Party’s obligations under Section 7.1, as
modified by Sections 7.2 and 7.3, following the expiration of the applicable time period for review, the publishing Party
shall be free to submit such proposed manuscript for publication or presentation materials for public disclosure, and does
not need to follow this process for subsequent publications or presentations of the same data or other
information.

 

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(b)            Delays
in Publication. If the reviewing Party notifies the publishing Party within the
applicable time period set forth in subsection (a) above that such publication or presentation, in the reviewing
Party’s reasonable judgment (i) contains an Invention for which the reviewing Party desires to obtain patent
protection, the publishing Party shall delay such publication or presentation for a period of up to [  ]
([  ]) [  ] (or such other time period agreed by the Parties in writing) to permit the preparation and
filing of a patent application for such Invention, or (ii) contains any Confidential Information of the reviewing Party,
or could be expected to have a material adverse effect on the commercial value of any Confidential Information disclosed by
the reviewing Party to the publishing Party, the Parties shall attempt to agree on revisions to the applicable disclosure so
as to preserve both the commercial value of such Confidential Information and the scientific merit of such disclosure, and no
publication or presentation shall be made by the publishing Party until the Parties agree on such revisions (such agreement
not to be unreasonably withheld, conditioned, or delayed) or the Confidential Information of the reviewing Party is
removed.

 

7.5            Publicity.

 

(a)            The
Parties have agreed on language of a joint press release announcing this Agreement, which is attached hereto as Exhibit F,
to be issued by the Parties promptly after the Effective Date. Subject to the rest of this Section 7.5, no disclosure of the
terms of this Agreement may be made by either Party, and, except as permitted under Section 6.6 or 10.3(d), neither Party
shall use the name, trademark, trade name, or logo of the other Party, its Affiliates, or their respective employee(s) in
any publicity, promotion, news release, or disclosure relating to this Agreement or its subject matter, without the prior express
written permission of the other Party, except that is, based on the advice of the disclosing Party’s counsel, required by
Law (including the rules of a securities exchange on which the securities of the disclosing entity are listed or to which
an application for listing has been submitted). Following the initial joint press release announcing this Agreement, either Party
shall be free to disclose or publicize, without the other Party’s prior written consent, the existence of this Agreement,
the identity of the other Party, and those terms of the Agreement which have already been publicly disclosed in accordance herewith.

 

(b)            A
Party may disclose this Agreement and its terms in securities filings with the Securities Exchange Commission or other
Government Authorities to the extent, based on the advice of the disclosing Party’s counsel, such disclosure is
required by Law (or rules of a securities exchange on which the securities of the disclosing entity are listed or to
which an application for listing has been submitted) after complying with the procedure set forth in this Section 7.5.
In such event, the Party seeking such disclosure will prepare a proposed redacted version of this Agreement, and the other
Party agrees to promptly (and in any event, no less than [  ] ([  ]) [  ] after receipt of such
proposed redactions) give its input in a reasonable manner in order to allow the Party seeking disclosure to file the
redacted version of the Agreement within the time lines proscribed by applicable Laws.

 

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(c)            Each
Party acknowledges that the other Party may be legally required to make public disclosures of certain material developments or
material information generated under this Agreement and agrees that each Party may make such disclosures as required by Law or
rules of a securities exchange on which the securities of the disclosing entity are listed (or to which an application for
listing has been submitted).

 

7.6            Prior
CDA. This Agreement supersedes the Confidentiality Agreement between the Parties
dated [  ] (the “Prior CDA”) with respect to information disclosed thereunder, provided that,
notwithstanding anything to the contrary, the standstill restrictions in Section 6 of the Prior CDA shall remain in
effect in accordance with the terms therein. All information disclosed by a Party or its Affiliate under the Prior CDA shall
be deemed Confidential Information of such Party under this Agreement and shall be subject to the terms of this
Article 7.

 

7.7            Equitable
Relief. Each Party acknowledges that a breach of this Article 7 may not reasonably
or adequately be compensated in damages in an action at law and that such a breach may cause the other Party irreparable injury
and damage. Therefore each Party agrees that the other Party shall be entitled, in addition to any other remedies it may have under
this Agreement or otherwise, to preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach
of the obligations relating to Confidential Information set forth in this Agreement.

 

Article 8

REPRESENTATIONS AND WARRANTIES

 

8.1            Mutual
Representations and Warranties. Each Party hereby represents, warrants, and covenants
(as applicable) to the other Party, as of the Effective Date, as follows:

 

(a)            it
is a company or corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction in which
it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and assets and
to carry on its business as it is now being conducted and as contemplated in this Agreement, including, without limitation, the
right to grant the licenses granted by it hereunder;

 

(b)            (i) it
has the corporate power and authority and the legal right to enter into this Agreement and perform its obligations hereunder, including,
without limitation, the right to grant the licenses granted by it hereunder; (ii) it has taken all necessary corporate action
on its part required to authorize the execution and delivery of the Agreement and the performance of its obligations hereunder;
and (iii) the Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and
binding obligation of such Party that is enforceable against it in accordance with its terms;

 

(c)            the
execution, delivery and performance of this Agreement will not cause or result in a violation of any applicable Law or of its charter
documents, and it is not a party to any agreement that would materially prevent it from granting the rights granted to the other
Party under this Agreement or performing its obligations under the Agreement; and

 

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(d)            it
shall comply in all material aspects with all applicable Laws in the course of performing its obligations and exercising its rights
under this Agreement.

  

8.2            Additional
Representations and Warranties of Eyenovia. Eyenovia hereby represents and warrants to
Arctic Vision that, as of the Effective Date:

 

(a)            Eyenovia
solely owns, or is the sole and exclusive licensee of, the entire right, title, and interest in and to the Licensed Technology
in the Territory in the Field with respect to the Products and the components thereof, free and clear of all liens, except as otherwise
set forth in the Senju License Agreement or this Agreement, and has the right to grant to Arctic Vision the licenses and rights
as purported to be granted hereunder;

 

(b)            Eyenovia
has not granted, and will not grant during the Term, any license or right in the Licensed Technology that are inconsistent with
the licenses and rights granted to Arctic Vision under this Agreement;

 

(c)            Eyenovia
and its Affiliates have not received any written notice from any Third Party asserting or alleging that the research, Development,
or manufacture of either Product infringed or misappropriated the intellectual property rights of such Third Party;

 

(d)            to
Eyenovia’s knowledge, the Development, manufacture, and Commercialization of the Products in the Territory can be carried
out as contemplated by this Agreement without infringing or misappropriating any intellectual property rights of any Third Party,
provided that, for purposes of this clause (d), Arctic Vision acknowledges that Eyenovia has not performed (or had performed on
its behalf) any patent or freedom to operate searches or analyses with respect to the Development, manufacture, and Commercialization
of the Products in the Territory and there shall be no implied duty to have performed any such search or analysis for purposes
hereof;

 

(e)            there
are no pending or, to the knowledge of Eyenovia and its Affiliates, alleged or threatened, adverse actions, suits, proceedings,
or claims against Eyenovia or its Affiliates involving the Licensed Technology, either Product, or any component of either Product;

 

(f)             Eyenovia
and its Affiliates are not aware of any infringement or misappropriation of any Licensed Technology by any Third Party;

 

(g)            Exhibit B
includes all Patents Controlled by Eyenovia and its Affiliates as of the Effective Date that Cover the Products in the Territory
(including composition of matter and methods of making and using the Products);

 

(h)            Eyenovia
or its Affiliates possess (either directly or via a Third Party that Eyenovia or its Affiliate has the right to require to provide
to Arctic Vision) the Licensed Know-How that is necessary or reasonably useful to Develop, manufacture, and Commercialize each
Product as such activity is being conducted by Eyenovia or its Affiliates as of the Effective Date outside the Territory;

 

(i)             there
is no pending or, or to the knowledge of Eyenovia and its Affiliates, alleged or threatened, re-examination, opposition, interference,
or litigation, or any written communication alleging that any Licensed Patent is invalid or unenforceable anywhere in the world;

 

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(j)             all
application, registration, maintenance, and renewal fees in respect of the Licensed Patents due prior to the Effective Date have
been paid and all necessary documents and certificates for the purpose of maintaining the issued Patents within the Licensed Patents
due prior to the Effective Date have been filed with the applicable Government Authority;

 

(k)            Eyenovia
and its Affiliates (including, to the knowledge of Eyenovia and its Affiliates, their contractors) have complied with all applicable
Laws in connection with the Development of the Products, and have not used any employee, consultant, or contractor who has been
debarred by any Regulatory Authority, or to its knowledge, is the subject of a debarment proceeding by any Regulatory Authority;
and

 

(l)             Eyenovia
has provided Arctic Vision with complete and accurate copies of all Regulatory Materials, including INDs and device master files,
held by Eyenovia in the Territory for each Product and the Optejet Dispenser Base, respectively;

 

(m)            all
Regulatory Materials filed in the Territory by Eyenovia with respect to each Product and the Optejet Dispenser Base were, at the
time of filing, true, complete, and accurate;

 

(n)             neither
Eyenovia, any Affiliate thereof, nor, to Eyenovia’s and its Affiliates’ knowledge, any Third Party holds any IND or
Regulatory Approval in the Territory for any Product or any component thereof, nor submitted an application for any of the foregoing
to any Regulatory Authority in the Territory;

 

(o)             Eyenovia
has not received any written notice from any Regulatory Authority or other Government Authority commencing or threatening withdrawal
of any active IND for either Product held by Eyenovia;

 

(p)             all
Products manufactured by Eyenovia for use in clinical trials of such Product in the Territory have been manufactured in accordance
with cGMPs;

 

(q)             all
information provided by Eyenovia or its Affiliates to Arctic Vision for due diligence purposes in relation to this Agreement is,
to the knowledge of Eyenovia and its Affiliates with respect to all Licensed Know-How generated by Third Parties, complete and
accurate in all material respects. Without limiting the foregoing, Eyenovia and its Affiliates have made available to Arctic Vision
for review all material Data for each Product and all other material information (including relevant correspondence with Regulatory
Authorities) in the possession and Control of Eyenovia or its Affiliates relating to each Product; and

 

(r)             it
does not plan to file for insolvency protection under Bankruptcy Laws for at least [  ] ([  ])
[  ] after the Effective Date and it is not aware of any fact that would cause a Third Party to initiate any such
proceedings against it.

 

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8.3            Eyenovia
Representations, Warranties, and Covenants Regarding the Senju License Agreement.

 

(a)            Eyenovia
shall make any and all payments that become due under the Senju License Agreement as a result of any activity under this Agreement,
whether by or on behalf of Eyenovia or by Arctic Vision or its Affiliate or Sublicensee, in each case in accordance with the terms
of the Senju License Agreement.

 

(b)            Eyenovia
is, as of the Effective Date, in compliance in all material respects with the Senju License Agreement, and, to Eyenovia’s
knowledge, the other party to the Senju License Agreement is, as of the Effective Date, not in breach or default in any respect
of the Senju License Agreement pertaining to the Product.

 

(c)            In
the event that Eyenovia receives a notice or other communication alleging it is in breach (including a notice or other
communication threatening termination) of the Senju License Agreement, Eyenovia shall promptly Arctic Vision with a copy of
such notice. Without limiting any other right or remedy of Arctic Vision under this Agreement and in order to prevent,
ameliorate, mitigate, or cure a breach of the Senju License Agreement, in the event that Eyenovia fails to perform any of its
obligations under the Senju License Agreement, which failure is not cured within [  ] ([  ]) [  ]
after written notice thereof from Arctic Vision, Arctic Vision may perform such obligation on behalf of Eyenovia, provided
that Arctic Vision shall be entitled to credit any reasonable, documented out-of-pocket costs it incurs in performing any
such obligation against any future payments otherwise owed to Eyenovia under this Agreement. This Agreement sets forth the
obligations of the Parties inter se, and nothing in this Agreement (including any standard of effort set forth herein)
shall limit or modify the obligations of Eyenovia under the Senju License Agreement.

 

(d)            Eyenovia
shall not agree to any amendment or other modification (including termination) to the Senju License Agreement in a manner that
would, at the time of such amendment, modification, or termination, reasonably be anticipated to adversely affect the rights sublicensed
to Arctic Vision under this Agreement without Arctic Vision’s prior written consent, such consent not to be unreasonably
withheld or delayed.

 

8.4            Arctic
Vision Representations, Warranties, and Covenants Regarding the Senju License Agreement.
Arctic Vision represents and warrants that, as of the Effective Date, neither it nor any of its Affiliates is a Senju Competitor.
Notwithstanding anything to the contrary, Arctic Vision shall not, and shall ensure that Sublicensees and its Affiliates do not,
(i) sublicense any rights granted hereunder to any Third Party that is a Senju Competitor at the time such sublicense is granted,
(ii) permit any Sublicensee to sublicense its rights to any Third Party that is a Senju Competitor at the time such sublicense
is granted, or (iii) indirectly or directly sell or otherwise provide, or permit any Affiliate of Arctic Vision or Sublicensee
to indirectly or directly sell or otherwise provide, any Product to any Third Party that is a Senju Competitor.

 

8.5            Disclaimer.
EXCEPT AS EXPRESSLY STATED HEREIN, NO OTHER REPRESENTATIONS OR WARRANTIES WHATSOEVER, INCLUDING WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IS MADE OR GIVEN BY OR ON BEHALF OF A PARTY. ALL SUCH OTHER
REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED. BOTH PARTIES
UNDERSTAND THAT THE PRODUCTS ARE THE SUBJECT OF ONGOING RESEARCH AND DEVELOPMENT AND NEITHER PARTY CAN ASSURE THAT ANY
PRODUCT CAN BE SUCCESSFULLY DEVELOPED AND COMMERCIALIZED.

 

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Article 9

INDEMNIFICATION; LIABILITY

 

9.1            Indemnification
by Eyenovia. Eyenovia shall indemnify, defend, and hold harmless Arctic Vision, its Affiliates,
and their respective officers, directors, agents and employees (“Arctic Vision Indemnitees”) from and against
any and all Third Party suits, claims, actions, or demands (each, a “Claim”) against an Arctic Vision Indemnitee,
and all associated liabilities, expenses, and/or losses, including reasonable legal expenses and attorneys’ fees (collectively
“Losses”), in each case arising out of or caused by:

 

(a)            the
negligence, willful misconduct, or failure to comply with applicable Law of any Eyenovia Indemnitee;

 

(b)            Eyenovia’s
or any of the Eyenovia Indemnitees’ breach of this Agreement, including any representation, warranty, or covenant made by
Eyenovia hereunder; or

 

(c)            the
Development, manufacture, or Commercialization of any Product by or on behalf of Eyenovia or its Affiliates or Other Licensees,
including any Claim alleging that any of such activities infringes or misappropriates any Third Party’s intellectual property
or other rights;

 

except in each
case to the extent (i) such Claims result from any circumstances set forth in clause (a), (b), or (c) of Section 9.2
or (ii) Arctic Vision is obligated to indemnify the Eyenovia Indemnitee for such Claim.

 

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9.2            Indemnification
by Arctic Vision. Arctic Vision shall indemnify and hold Eyenovia, its Affiliates, and
their respective officers, directors, agents and employees (“Eyenovia Indemnitees”) from and against any and
all Losses in each case resulting from any Third Party Claims against an Eyenovia Indemnitee arising out of or caused by:

 

(a)            the
negligence or willful misconduct, or failure to comply with applicable Law of any Arctic Vision Indemnitee;

 

(b)            Arctic
Vision’s or any of the Arctic Vision Indemnitees’ breach of this Agreement, including any representation, warranty,
or covenant made by Arctic Vision hereunder; or

 

(c)            the
Development, manufacture, or Commercialization of any Product by or on behalf of Arctic Vision, its
Affiliates, or Sublicensees, including any Claim alleging that any of such activities infringes or misappropriates any Third
Party’s intellectual property or other rights;

 

except in each case, to the extent (i) such Claims result
from any circumstances set forth in clause (a), (b), or (c) of Section 9.1 or (ii) Eyenovia is obligated to
indemnify the Arctic Vision Indemnitee for such Claim.

 

9.3            Indemnification
Procedure. If either Party is seeking indemnification under Sections 9.1 or 9.2 (the “Indemnified
Party”), it shall inform the other Party (the “Indemnifying Party”) in writing of the Claim giving
rise to the obligation to indemnify pursuant to such Section as soon as reasonably practicable after receiving notice of the
Claim. The Indemnifying Party shall have the right to assume the defense of any such Claim for which it is obligated to indemnify
the Indemnified Party. The Indemnified Party shall cooperate with the Indemnifying Party and the Indemnifying Party’s insurer
as the Indemnifying Party may reasonably request, and at the Indemnifying Party’s cost and expense. The Indemnified Party
shall have the right to participate, at its own expense and with counsel of its choice, in the defense of any Claim that has been
assumed by the Indemnifying Party. Neither Party shall have the obligation to indemnify the other Party in connection with any
settlement made without the Indemnifying Party’s written consent, which consent shall not be unreasonably withheld or delayed.
The Indemnifying Party may not settle any Claim without the prior written consent of the Indemnified Party, such consent shall
not be unreasonably withheld, conditioned, or delayed; provided, however, that the Indemnifying Party shall not be required to
obtain such consent if the settlement: (a) involves only the payment of money and does not cause the Indemnified Party to
be subject to any non-indemnified liability or injunctive or other similar type of relief; (b) does not require an admission
by the Indemnified Party; and (c) does not adversely affect the intellectual property rights Controlled by, or the rights
or licenses granted under this Agreement to, the Indemnified Party (or its Affiliate). If the Parties cannot agree as to the application
of Section 9.1 or 9.2 as to any Claim, pending resolution of the dispute pursuant to Section 11.7, the Parties may conduct
separate defenses of such Claims, with each Party retaining the right to claim indemnification from the other Party in accordance
with Section 9.1 or 9.2 upon resolution of the underlying Claim.

 

9.4            Mitigation
of Loss. Each Indemnified Party shall use Commercially Reasonable Efforts to take, and
shall procure that its Affiliates use Commercially Reasonable Efforts to take, such reasonable steps and action as are reasonably
necessary, or as the Indemnifying Party may reasonably request in writing, in order to mitigate any Claims (or potential associated
Losses) subject to indemnification under this Article 9, provided that the Indemnifying Party shall bear any material, reasonable,
documented costs incurred by the Indemnified Party with respect to any such steps or actions to the extent such costs constitute
Losses subject to indemnification pursuant to Section 9.1 or 9.2. Nothing in this Agreement shall or shall be deemed to relieve
any Party of any common law or other duty under applicable Law to mitigate any losses incurred by it.

 

9.5            Limitation
of Liability. NEITHER PARTY SHALL BE LIABLE
TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO THIS
AGREEMENT, OR DAMAGES FOR LOSS OF PROFIT, LOST SALES, OR LOST OPPORTUNITY IN CONNECTION WITH THIS AGREEMENT, IN
EACH CASE REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.
NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 9.5 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION
RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 9.1 OR 9.2, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF
CONFIDENTIALITY OBLIGATIONS IN Article 7 OR EXCLUSIVITY OBLIGATIONS UNDER SECTION 2.6.

 

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9.6            Insurance.
Each Party, at its own expense, shall maintain commercial general liability insurance and product liability and other
appropriate insurance, in amounts consistent with sound business practice in its respective territory and reasonable in light
of its obligations under this Agreement. Each Party shall maintain such insurance for the period commencing promptly after
the Effective Date until [  ] ([  ]) [  ] after the Term. Each Party shall provide a certificate
of insurance evidencing such coverage to the other Party upon request. It is understood that such insurance shall not be
construed to create any limit of either Party’s obligations or liabilities with respect to its indemnification
obligations under this Agreement.

 

Article 10

TERM AND TERMINATION

 

10.1          Term.
The term of this Agreement (“Term”) shall commence upon the Effective Date and continue until terminated pursuant
to Section 10.2.

 

10.2          Termination.

 

(a)            Termination
by Arctic Vision for Convenience. At any time during the Term, Arctic Vision may terminate
this Agreement in its entirety or on a Product-by-Product or Jurisdiction-by-Jurisdiction basis, for any or no reason, upon ninety
(90) days’ written notice to Eyenovia, provided that, if Arctic Vision terminates this Agreement prior to its payment of
the amount due under Section 5.1, Arctic Vision shall, notwithstanding anything to the contrary, remain liable for such payment.

 

(b)            Termination
for Material Breach.

 

(i)            Each
Party shall have the right to terminate this Agreement immediately upon written notice to the other Party if such other Party materially
breaches this Agreement and has not cured such breach within ninety (90) days (or, in the event of a failure to pay, thirty (30)
days) after receipt from the non-breaching Party of written notice specifying the breach and requesting its cure; provided, however,
that if such breach (other than a payment breach) cannot be cured within such ninety (90)-day period, a Party will not have the
right to terminate pursuant to this Section 10.2(b)(i) if the breaching Party commences Commercially Reasonable Efforts
to cure such breach within such ninety (90)-day period and cures such breach within ninety (90) days after the initial ninety (90)
day period; and provided further that if the breaching Party is Arctic Vision and such material breach relates solely to one Product
under the Agreement (but not to all Products), then Eyenovia shall have the right to terminate this Agreement pursuant to this
Section 10.2(b) solely with respect to the Product to which such material breach relates.

 

(ii)            If
the alleged breaching Party disputes in good faith the existence or materiality of a breach specified in a notice provided by the
other Party, and such alleged breaching Party provides the other Party notice of such dispute within thirty (30) days of notice
from the other Party of such breach, then the other Party shall not have the right to terminate this Agreement under Section 10.2(b) unless
and until an arbitral tribunal, in accordance with Section 11.7, has determined that the alleged breaching Party has materially
breached the Agreement and such Party fails to cure such breach within the applicable cure period set forth above following such
decision.

 

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(c)            Termination
for Insolvency.

 

(i)            In
the event that either Party (i) files for protection under bankruptcy or insolvency laws, (ii) makes an assignment for
the benefit of creditors, (iii) appoints or suffers appointment of a receiver or trustee over substantially all of its property
that is not discharged within sixty (60) days after such filing, (iv) proposes or is a party to any dissolution or liquidation,
(v) files a petition under any bankruptcy or insolvency act or has any such petition filed against that is not discharged
within sixty (60) days of the filing thereof, or (vi) admits in writing its inability generally to meet its obligations as
they fall due in the general course, then the other Party may terminate this Agreement in its entirety effective immediately upon
written notice to such Party.

 

(ii)            All
rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of
Title 11 of the United States Code and other similar laws in any other jurisdiction outside of the Territory (collectively,
the “Bankruptcy Laws”), licenses of rights to “intellectual property” as defined under the
Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy Laws then, unless and until this
Agreement is rejected as provided pursuant to such Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession)
and its successors and assigns (including a Title 11 trustee) shall perform all of the obligations in this Agreement intended
to be performed by such Party. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws, this Agreement
is rejected as provided for under the Bankruptcy Laws, and the non-bankrupt Party elects to retain its rights hereunder as provided
for under the Bankruptcy Laws, then the Party subject to such case under the Bankruptcy Laws (in any capacity, including debtor-in-possession)
and its successors and assigns (including a Title 11 trustee), shall provide to the non-bankrupt Party copies of all Patents
and Know-How Controlled by the bankrupt Party necessary for the non-bankrupt Party to prosecute, maintain and enjoy its rights
under the terms of this Agreement. All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition
to and not in substitution for any and all other rights, powers and remedies now or hereafter existing at law or in equity (including
the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws. In particular,
it is the intention and understanding of the Parties to this Agreement that the rights granted to the Parties under this Section 10.2
are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an adequate remedy.

 

10.3          Effect
of Termination. Upon termination of this Agreement, the following terms will apply (for
clarity, during the pendency of any dispute regarding material breach and/or any termination notice period with respect to such
Product, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all
of their respective obligations hereunder):

 

(a)            Licenses.
Upon termination of this Agreement in its entirety, Arctic Vision’s licenses under Section 2.1 shall terminate. Upon
termination of this Agreement solely with respect to a Product (the “Terminated Product”) or Jurisdiction (the
“Terminated Jurisdiction”), Arctic Vision’s license under Section 2.1 shall terminate with respect
to such Terminated Product or Terminated Jurisdiction and this Agreement shall continue in full force and effect with respect to
all other Products and other Jurisdictions not subject to termination.

 

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(b)            Sublicenses.
Upon any termination of this Agreement, whether in its entirety or with respect to a Product or Jurisdiction, all rights granted
to any Sublicensee under any rights subject to such termination (including any sublicenses thereto) shall, notwithstanding anything
to the contrary, terminate.

 

(c)            Development
Wind-Down or Transition. If any clinical trials that were initiated by or on behalf of
Arctic Vision, any Affiliate thereof, or any Sublicensee prior to the termination of this Agreement are on-going as of the effective
date of termination of this Agreement in its entirety or with respect to a Product, Arctic Vision shall cooperate with Eyenovia
as reasonably requested thereby to wind-down such clinical trial(s) in an orderly fashion at the cost and expense of Arctic
Vision, unless terminated by Arctic Vision pursuant to Section 10.2(b); provided, however, that Arctic Vision shall consider
in good faith any request by Eyenovia to transition the sponsorship of any such ongoing clinical trial to Eyenovia or its designee.
If the Parties agree to transition sponsorship of any clinical trial of a Terminated Product(s) to Eyenovia or its designee,
Arctic Vision shall provide reasonable cooperation to Eyenovia and its designee(s) to facilitate, and the Parties shall use
reasonable efforts to effect, a reasonable, orderly, and prompt transition of the Development activities relating to the Terminated
Product(s) to Eyenovia and/or its designee(s) so that Eyenovia or its designee is able to assume responsibility for same
as of the effective date of termination. If this Agreement is terminated solely with respect to a Product or a Jurisdiction, then
the foregoing shall apply with respect to such Terminated Product or Terminated Jurisdiction. For clarity, nothing in this Section 10.3(c) shall
require Arctic Vision to create any new Know-How.

 

(d)            Reversion.
Upon termination of this Agreement, in whole or in part, for any reason, the following shall apply with respect to the Product(s) and/or
Jurisdiction(s) subject to such termination:

 

(i)            Eyenovia
shall have the right, exercisable within [  ] ([  ]) [  ] after termination, to request that
Arctic Vision provide Eyenovia with a list of all of the material information in Arctic Vision’s or its
Affiliates’ possession or control, and not previously provided to Eyenovia, concerning: AV Patents, AV Know-How, AV
Product Marks, Regulatory Approvals, MAAs, Regulatory Materials, AV Product-Related Materials, and AV Product Contracts, and
Arctic Vision’s and its Affiliates inventory of Products and components thereof (the “Reversion
List”). Arctic Vision shall provide the Reversion List to Eyenovia within [  ] ([  ]) [  ]after
receiving Eyenovia’s request therefor;

 

(ii)           Within
[  ] ([  ]) [  ] after Arctic Vision’s provision to Eyenovia of the Reversion List, Eyenovia
shall indicate to Arctic Vision, in writing, which items of the Reversion List Eyenovia wishes to review in further detail
(the “Data Room Request”). Within [  ] ([  ]) [  ] after Arctic Vision’s
receipt of Eyenovia’s Data Room Request, Arctic Vision shall create a data room including the items specified in the
Data Room Request (the “Reversion Data Room”) and provide Eyenovia with reasonable access to such data
room.

 

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(iii)         To
the extent permitted by applicable Laws and the applicable Regulatory Authority(ies) and requested by Eyenovia in writing
within [  ] ([  ]) [  ] after Eyenovia receives access to the Reversion Data Room, Arctic Vision
shall transfer and assign to Eyenovia or its designee, at Eyenovia’s expense, all Regulatory Approvals, MAAs, and other
Regulatory Materials solely pertaining to the Products in the Territory, and all Data generated by Arctic Vision solely
pertaining to the Products, in each case, in Arctic Vision’s or its Affiliates’ Control and possession as of the
effective date of applicable termination. To the extent any Regulatory Approvals, MAAs, and other Regulatory Materials for,
in each case, the Products cannot be so transferred or do not solely relate to the Products, (A) Arctic Vision shall
cooperate with Eyenovia, as reasonably requested thereby and at Eyenovia’s expense, in preparing, filing, and obtaining
Regulatory Approvals, MAAs, and/or Regulatory Materials for the Products in the name of Eyenovia or its designee that are
equivalent to those that could not be so transferred and (B) the licenses granted under
Section 10.3(d)(iv) shall include a right of reference to all such Regulatory Approvals, MAAs, and/or Regulatory
Materials that could not be so transferred or do not solely relate to the Products (but such right of reference shall be
limited solely to reference in respect of the Products).

 

(iv)          Effective
upon the effective date of termination of this Agreement in part or in its entirety, but subject to Section 2.6, Arctic
Vision shall grant, and hereby grants, to Eyenovia and its Affiliates a non-exclusive, royalty-bearing license under
(A) all AV Know-How actually incorporated by Arctic Vision into a Terminated Product, or any Product in the Terminated
Jurisdiction, as it exists as of the effective date of termination or otherwise necessary for the Development, manufacture
and/or Commercialization of a Terminated Product, or a Product in the Terminated Jurisdiction, as it exists as of the
effective date of termination, (B) all AV Patents necessary for the Development, manufacturing, and Commercialization of
each Terminated Product, or any Product in the Terminated Jurisdiction, as it exists as of the effective date of termination,
and (C) all AV Product Marks actually used in the Commercialization of any Terminated Product or in any Terminated
Jurisdiction as of the effective date of termination, in each case (A) (B), and (C) Controlled by Arctic Vision or
its Affiliates as of the effective date of such termination, to make, have made, use, sell, offer for sale, import, Develop,
and Commercialize the Terminated Products in the Territory or Products in the Terminated Jurisdiction, as applicable;
provided, however, that for the purposes of this Section 10.3(d)(iv), Arctic Vision shall not be deemed to Control any
AV Know-How or AV Patents the practice of which by Eyenovia, its Affiliates, or Other Licensees under the rights granted
under this Agreement would result in a payment being owed by Arctic Vision or any Affiliate thereof to any Third Party
pursuant to the terms of the agreement between Arctic Vision or any Affiliate thereof and such Third Party pursuant to which
rights in such AV Know-How or AV Patents were acquired, unless Eyenovia agrees, pursuant to the Reversion Terms, to be
responsible for such payments.

 

(v)           To
the extent requested by Eyenovia in writing within [  ] ([  ]) [  ] after Eyenovia receives
access to the Reversion Data Room, Arctic Vision shall use Commercially Reasonable Efforts to assign AV Product Contracts to
Eyenovia, to the extent not prohibited by the terms thereof, or otherwise reasonably facilitate introductions between
Eyenovia and the applicable Third Party(ies).

 

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(vi)          To
the extent requested by Eyenovia in writing within [  ] ([  ]) [  ] after the effective date of
termination, Eyenovia shall have the right, but not the obligation, to purchase from Arctic Vision any or all usable
inventory of Products or components thereof in Arctic Vision’s or its Affiliates’ possession or control as of the
date of termination, at a transfer price equal to Arctic Vision’s and its Affiliates’ fully-burdened costs to
acquire such inventory plus shipping, handling, and storage costs incurred by Arctic Vision and its Affiliates with respect
thereto.

 

(vii)         Reversion-Based
Consideration.

 

(1)            In
exchange for Arctic Vision’s obligations set forth in Sections 10.3(d)(iii) and 10.3(d)(iv) above, Eyenovia
shall pay Arctic Vision milestones and/or royalties on sales of the Terminated Products on or after the effective date of
termination by Eyenovia or any of its Affiliates or (sub)licensees. The Parties shall use good faith efforts to negotiate and
agree upon commercially reasonable economic terms for such royalties and/or milestones, taking into account the circumstances
of termination (including any breach of this Agreement by Arctic Vision) and then current stage of the applicable Terminated
Product in the Territory (the “Reversion Terms”), within [  ] ([  ]) [  ] (or
such longer period of time agreed by the Parties) following the effective date of termination. If the Parties are unable to
agree on the Reversion Terms within such [  ] ([  ])-[  ] period (or such longer period agreed by
the Parties), such dispute shall be finally resolved pursuant to the dispute resolution procedures set forth on Exhibit G
pursuant to which the Expert (as defined therein) shall select the entirety of one Party’s proposed Reversion Terms to
the extent reasonably practicable, taking into consideration the circumstances of termination (including, if applicable any
uncured material breach of this Agreement by Arctic Vision or Eyenovia) and then current stage of the applicable Terminated
Product(s) in the applicable Jurisdiction(s) of the Territory. Notwithstanding anything to the contrary, in the
event the Reversion Terms are determined pursuant to Exhibit G and the Expert selects the Reversion Terms
proposed by Arctic Vision, Eyenovia shall have the right, upon written notice to Arctic Vision given within [  ]
([  ]) [  ] of the final determination of the Reversion Terms pursuant to Exhibit G, to
reject such terms. If Eyenovia provides such a written rejection within such time period, the licenses granted under
Section 10.3(d)(iv) shall automatically terminate, Arctic Vision shall not have any obligations under
Section 10.3(d)(iii), 10.3(d)(v), and 10.3(d)(vi), all assignments made to Eyenovia pursuant to Sections 10.3(d)(iii),
10.3(d)(v), and 10.3(d)(vi) shall be deemed null and avoid, and Eyenovia shall reimburse Arctic Vision for any
reasonable, documented, out-of-pocket and internal expenses incurred by Arctic Vision with respect to the process set forth
on Exhibit G that resulted in the selection of such Reversion Terms and any other reasonable, documented expenses
incurred by Arctic Vision pursuant to Sections 10.3(d)(iii), 10.3(d)(v), and 10.3(d)(vi).

 

(2)            Notwithstanding
Section 10.3(d)(vii)(1) above, Eyenovia shall not have any payment obligations to Arctic Vision of any kind with respect
to Arctic Vision’s obligations, or any grant of rights or transfer of assets, under Sections 10.3(d)(iii) and 10.3(d)(iv),
and the proviso set forth in Section 10.3(d)(iv) shall not apply, to the extent necessary to enable Eyenovia to comply
with the last sentence of Section 4 of the First Senju Amendment without incurring any costs or expenses, provided that, notwithstanding
the foregoing, if Senju is granted any rights or assigned any assets that are granted or assigned under Sections 10.3(d)(iii) and
10.3(d)(iv), Eyenovia shall pay Arctic Vision [ ] percent ([ ]%) of the royalties paid to Eyenovia under the Senju License Agreement
with respect to sales of Products in the Field in the Territory following the grant of such rights or transfer of such assets.

 

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(viii)            Upon
termination of this Agreement solely with respect to a Product or a Jurisdiction and not in its entirety, the foregoing Sections
10.3(d)(iii)-10.3(d)(viii) shall apply with respect to the Terminated Product or Terminated Jurisdiction only.

 

10.4          Right
to Maintain License. Notwithstanding the foregoing, if, at any time following Arctic
Vision’s payment to Eyenovia of amounts totaling [ ] Dollars ($[ ]) or more under Section 5.2, Arctic Vision would
otherwise have the right to terminate this Agreement pursuant to Section 10.2(b) for Eyenovia’s uncured
material breach, then in lieu of such termination, Arctic Vision may elect, as its sole and exclusive remedy with respect to
such breach by Eyenovia (and in lieu of its right to terminate this Agreement with respect to such uncured breach), to
continue this Agreement in full force and effect upon written notice to Eyenovia given within [  ] ([  ])
[  ] after the cure period applicable under Section 10.2(b) with respect to such breach by Eyenovia, that
(a) Arctic Vision’s diligence obligations under Section 4.4 shall be deemed fully satisfied with respect to
such Product in such Jurisdiction, (b) any Milestone Payments under Section 5.2 that would have been due to
Eyenovia by Arctic Vision as a result of the achievement of a Milestone after such termination with respect to such Product
in such Jurisdiction shall each be reduced by [ ] percent ([ ]%), and (c) the Supply Price under Section 5.4, and
the royalty rates under Section 5.5(a), applicable to such Product in such Jurisdiction shall thereafter be reduced by [
] percent ([ ]%), provided that such reduction shall not in any event reduce the amount due to Eyenovia for the purchase of
such Product for such Jurisdiction to an amount less than [ ] percent ([ ]%) of Cost of Goods therefor.

 

10.5          Return
of Confidential Information. Upon expiration or termination of this Agreement in its
entirety for any reason, except to the extent that a Party obtains or retains the right to use the other Party’s
Confidential Information, each Party shall return or cause to be returned to the other Party or destroy (and certify such
destruction to such other Party) all Confidential Information and all substances or compositions of the other Party or its
Affiliates delivered or provided by or on behalf of such other Party, as well as any other material provided by or on behalf
of such other Party in any medium, in connection with this Agreement, except that each Party may retain one (1) copy of
all Confidential Information for its legal records.

 

10.6          Survival.
Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or
termination. Without limiting the foregoing, the following provisions shall survive the expiration or termination of this Agreement:
Articles 1, 7, 9, and 11 and Sections 2.3, 2.4, 2.8, 4.5(a)(ii), 4.5(b)(i) (with respect to the rights of Eyenovia), 5.8,
5.9, 5.10, 6.1, 8.4(b), 8.5, 10.3, 10.4, 10.5, 10.6, and 10.7.

 

10.7          Termination
Not Sole Remedy. Termination is not the sole remedy under this Agreement and, whether
or not termination is effected and notwithstanding anything contained in this Agreement to the contrary, all other remedies shall
remain available except as agreed to otherwise herein.

 

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Article 11

GENERAL PROVISIONS

 

11.1            Force
Majeure. Neither Party shall be held liable to the other Party nor be deemed to have defaulted
under or breached this Agreement for failure or delay in performing any obligation under this Agreement, other than any failure
to pay (unless the force majeure directly affects the method of payment), to the extent such failure or delay is caused by or results
from causes beyond the reasonable control of the affected Party, which may include embargoes, war, acts of war (whether war be
declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, fire,
floods, earthquakes or other acts of God, or acts, omissions, or delays in acting by any Government Authority or the other Party.
The affected Party shall notify the other Party in writing of such force majeure circumstances as soon as reasonably practical
and shall promptly undertake and continue diligently all reasonable efforts necessary to cure such force majeure circumstances
or to perform its obligations in spite of the ongoing circumstances.

 

11.2            Assignment.

 

(a)            Except
as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise transferred
by either Party without the prior written consent of the other Party (which consent shall not be unreasonably withheld, conditioned,
or delayed); provided, however, that either Party may assign or otherwise transfer this Agreement and its rights and obligations
hereunder without the other Party’s consent:

 

(i)            in
connection with the transfer or sale of all or substantially all of the business or assets of such Party (or that portion thereof
relating to this Agreement) to a Third Party, whether by merger, consolidation, divesture, restructure, sale of stock, sale of
assets, or otherwise; or

 

(ii)           to
an Affiliate, provided that if the entity to which this Agreement is assigned ceases to be an Affiliate of the assigning
Party, other than in connection with the transfer or sale of all or substantially all of the business or assets of such
Affiliate (or that portion thereof relating to this Agreement) to a Third Party, whether by merger, divesture, sale of stock,
sale of assets, or otherwise, the Agreement shall be automatically assigned back to the assigning Party or its successor
unless otherwise consented to in writing by the other Party (which consent shall not be unreasonably withheld, conditioned,
or delayed);

 

provided that, notwithstanding
anything to the contrary, Arctic Vision shall not be entitled to assign this Agreement to any Senju Competitor (as determined at
the time of the proposed assignment) without Eyenovia’s prior written consent to the extent expressly prohibited by the terms
of the Senju License Agreement. Arctic Vision shall promptly notify Eyenovia in writing of any Affiliate or Third Party to whom
this Agreement is assigned (which notice shall include the name of such assignee).

 

(b)            Notwithstanding
anything to the contrary, all rights to Know-How, Patents, materials, and other intellectual property or assets (i) owned
or otherwise controlled by (A) a Third Party permitted assignee of a Party (or any of such Third Party’s pre-existing
affiliates) immediately prior to such assignment or (B) any Third Party that otherwise acquires all or substantially all of
the stock, assets, or business of a Party (or all or substantially all of the assets or business of a Party related, in either
case, to this Agreement) or otherwise obtains control of a Party (with “control”, for purposes of this definition,
having the meaning set forth in the definition of Affiliate above) (or any of such Third Party’s affiliates) immediately
prior to such acquisition or obtaining of control or (ii) independently developed by a Third Party described in clause (i) (or
any of its affiliates existing prior to such assignment, acquisition, or obtaining of control) following the applicable assignment,
acquisition, or change of control, other than in the exercise of rights or performance of obligations under this Agreement and
without reference to, or use or benefit of, the other Party’s Confidential Information shall, in the case of (i) and
(ii), be automatically excluded from the rights licensed or granted to the other Party under this Agreement, except to the extent
(1) immediately prior to the consummation of such assignment, acquisition, or obtaining of control, such Know-How, Patents,
materials, or other intellectual property or assets were already Controlled by such Party and included in the rights granted to
the other Party under this Agreement or (2) after the consummation of such assignment, acquisition, or obtaining of control,
any of such Third Party’s (or its pre-existing affiliates’) Patent Rights, Know-How, or other intellectual property
rights are used in the performance of such Party’s obligations or exercise of its rights under this Agreement, in each of
which cases ((1) and (2)) such Patent Right, Know-How, or other intellectual property right will be deemed to be “Controlled”
by such Party for the purposes of this Agreement.

 

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(c)            The
rights and obligations of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and
permitted assigns of the Parties, and the name of a Party appearing herein will be deemed to include the name of such Party’s
successors and permitted assigns to the extent necessary to carry out the intent of this Section 11.2. Any assignment not
in accordance with this Section 11.2 shall be null and void and of no legal effect.

 

11.3          Change
of Control. If there is a Change of Control of Eyenovia, then Eyenovia shall provide
written notice to Arctic Vision at least [  ] ([  ])  [  ] prior to the closing date of
such Change of Control, subject to any confidentiality or other legal obligations of Eyenovia then in effect (but in any
event Eyenovia shall notify Arctic Vision within [  ] ([  ])  [  ] after the closing date
of such Change of Control).

 

11.4          Severability.
If any one or more of the provisions contained in this Agreement is held invalid, illegal, or unenforceable in any respect, the
validity, legality, and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties. The Parties
shall in such an instance negotiate in good faith to promptly replace the invalid, illegal, or unenforceable provision(s) with
valid, legal, and enforceable provision(s) which, insofar as practical, implement the original intent of the Parties.

 

11.5          Notices.
All notices which are required or permitted hereunder shall be in writing, in English, and sufficient if delivered personally,
sent by registered or certified mail or overnight courier, sent by nationally-recognized overnight courier or sent by registered
or certified mail, postage prepaid, return receipt requested, addressed as follows:

 

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If to Eyenovia:

 

Eyenovia, Inc 

295 Madison Ave 

Suite 2400 

NY, NY 10017 

USA 

Attn:   John Gandolfo, CFO

 

with a copy (which shall not
constitute notice) to:

 

Wyrick Robbins Yates & Ponton LLP

4101 Lake Boone Trail, Suite 300

Raleigh, NC 27613 

USA

Attn:    Jason S. Wood

Fax:       919-781-4865

 

If to Arctic Vision:

 

23rd Floor, Nan Fung Tower, 

88 Connaught Road C & 173 Des Voeux Road
C, Central, 

Hong Kong, China 

Attn: CEO

 

or to such other address(es) as the Party to whom notice is
to be given may have furnished to the other Party in writing in accordance herewith. Any such notice shall be deemed to have been
given: (a) when delivered if personally delivered on a Business Day (or if delivered on a non-Business Day, then on the next
Business Day); (b) on the fifth Business Day after dispatch if sent by internationally-recognized overnight courier; or (c) on
the tenth (10th) Business Day following the date of mailing, if sent by mail.

 

11.6          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware, U.S., without reference to any rules of conflict of laws that may require the application of the laws
of a different jurisdiction.

 

11.7          Dispute
Resolution.

 

(a)            General.
Any dispute between the Parties in connection with or relating to this Agreement or any document or instrument delivered in connection
herewith, other than as set forth in Section 3.3 and Section 10.3(d)(vii), (a “Dispute”), shall be resolved
pursuant to this Section 11.7.

 

(b)            Senior
Officers. Any Dispute shall first be referred to the Senior Officers of the Parties, who
shall confer in good faith on the resolution of the issue. Any final decision mutually agreed to by the Senior Officers shall be
conclusive and binding on the Parties.

 

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(c)            Intellectual
Property Disputes. If the Senior Officers are not able to agree on the resolution of
a Dispute within [  ] ([  ]) [  ] (or such other period of time as mutually agreed by the
Senior Officers) after such Dispute was first referred to them and such Dispute is with respect to the validity, scope,
enforceability, inventorship, or ownership of any Patent, or trademark right (“IP Dispute”), then, if a Party
wishes to pursue further resolution of such IP Dispute, an action, claim, or proceeding to resolve such IP Dispute shall be
brought in any court of competent jurisdiction in any country or jurisdiction in which such intellectual property rights
apply.

 

(d)            Arbitration.
If the Senior Officers are not able to agree on the resolution of a Dispute within [  ] ([  ])
[  ] (or such other period of time as mutually agreed in writing by the Senior Officers) after such Dispute was
first referred to them, then, except as otherwise set forth in subsection (c) above, if a Party wishes to pursue further
resolution of such Dispute, such Dispute shall be finally resolved by binding arbitration in accordance with this
Section 11.7(d). Such Dispute shall be referred to and finally resolved by arbitration administered by the International
Chamber of Commerce (“ICC”) pursuant to the Rules of Arbitration of the ICC then in effect (the
“Rules”), except as otherwise provided herein and applying the substantive law specified in
Section 11.6. The arbitration will be conducted in London, England, by a panel of three (3) independent, neutral
arbitrators appointed in accordance with the Rules; provided that each Party will, within [  ]
([  ]) [  ] after the institution of the arbitration proceedings, nominate such an arbitrator, and such
arbitrators will together, within [  ] ([  ]) [  ], select a third (3rd) such arbitrator to
serve as the chairperson of the arbitration panel. Each arbitrator must have significant business or legal experience in the
pharmaceutical business. If the two (2) initial arbitrators are unable to select a third (3rd) arbitrator within such
[  ] ([  ]) [  ] period, the third (3rd) arbitrator will be appointed in accordance with Rules.
After conducting any hearing and taking any evidence deemed appropriate for consideration, the arbitrators will be requested
to render their opinion within [  ] ([  ]) [  ] of the final arbitration hearing. The
arbitration shall be conducted, and all documents submitted to the arbitrators shall be, in English. No panel of arbitrators
will have the power to award damages excluded pursuant to Section 9.4 under this Agreement and any arbitral award that
purports to award such damages is expressly prohibited and void ab initio. Each Party shall bear its own legal costs for its
counsel and other expenses, and the Parties shall equally share the costs of the arbitration; provided that the arbitral
tribunal shall have the discretion to provide that the losing Party is responsible for all or a portion of such arbitration
and legal costs, in such case the arbitral award will so provide. Decisions of the panel of arbitrators that conform to the
terms of this Section 11.7(d) shall be final and binding upon the Parties and the Parties undertake to carry out
any award without delay. Judgment on the award may be entered in any court of competent jurisdiction. Except to the extent
necessary to confirm, enforce, or challenge an award of the arbitration, to protect or pursue a legal right, or as otherwise
required by applicable Law or regulation or securities exchange, neither Party nor any arbitrator may disclose the existence,
content, or results of any arbitration hereunder without the prior written consent of both Parties. Notwithstanding anything
to the contrary in the foregoing, in no event shall an arbitration be initiated after the date when commencement of a legal
or equitable proceeding based on the dispute, controversy, or claim would be barred by the applicable Delaware statute of
limitations. Any disputes concerning the propriety of the commencement of the arbitration shall be finally settled by the
arbitral tribunal.

 

(e)            Injunctive
Relief. Notwithstanding anything herein to the contrary, nothing in this Section 11.7
shall preclude either Party from seeking interim or provisional relief, including a temporary restraining order, preliminary injunction,
or other interim equitable relief concerning a Dispute in any court of competent jurisdiction before or after the initiation of
an arbitration as set forth in Section 11.7(d), if necessary to protect the interests of such Party. This Section shall
be specifically enforceable.

 

    62

     

    

 

11.8            Entire
Agreement; Amendments. This Agreement, together with the Exhibits hereto and, if and when
executed by the Parties, the Supply Agreement and Safety Data Exchange Agreement, contains the entire understanding of the Parties
with respect to the subject matter hereof. Any other express or implied agreements and understandings, negotiations, writings and
commitments, either oral or written, with respect to the subject matter hereof are superseded by the terms of this Agreement and,
if and when executed by the Parties, the Supply Agreement and Safety Data Exchange Agreement. The Exhibits to this Agreement are
incorporated herein by reference and shall be deemed a part of this Agreement. This Agreement may be amended, or any term hereof
modified, only by a written instrument duly executed by authorized representative(s) of both Parties.

 

11.9            Headings;
Language. The captions to the several Articles, Sections, and subsections hereof are not
a part of this Agreement, but are merely for convenience to assist in locating and reading the several Articles and Sections hereof.
This Agreement was prepared in the English language, which language shall govern the interpretation of, and any dispute regarding,
the terms of this Agreement. Any data or other documents required to be shared with the other Party shall be provided in the original
language such data or document is generated. In the event the receiving Party requests a translation of such data or document,
the cost of translation shall be borne by the requesting Party.

 

11.10            Independent
Contractors. It is expressly agreed that Eyenovia and Arctic Vision shall be independent
contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture, agency, employer-employee
or similar business relationship, including for all tax purposes. Neither Eyenovia nor Arctic Vision shall have the authority to
make any statements, representations, or commitments of any kind, or to take any action, which shall be binding on the other Party,
without the prior written consent of the other Party.

 

11.11            Waiver.
The waiver by either Party of any right hereunder, or of any failure of the other Party to perform, or of any breach by the other
Party, shall not be deemed a waiver of any other right hereunder or of any other breach by or failure of such other Party whether
of a similar nature or otherwise.

 

11.12            Cumulative
Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each
shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under law.

 

11.13            Further
Assurance. Each Party shall duly execute and deliver, or cause to be duly executed and
delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments,
agreements, documents, and instruments, as may be necessary or as the other Party may reasonably request in connection with this
Agreement or to carry out more effectively the provisions and purposes hereof, or to better assure and confirm unto such other
Party its rights and remedies under this Agreement.

 

11.14            Waiver
of Rule of Construction. Each Party has had the opportunity to consult with counsel
in connection with the review, drafting, and negotiation of this Agreement. Accordingly, the rule of construction that any
ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

 

11.15            Counterparts.
This Agreement may be executed in two or more counterparts by original signature, facsimile or PDF files, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

 

11.16            Recordal
of this Agreement. Eyenovia shall provide Arctic Vision with the necessary
assistance to record this Agreement with the State Intellectual Property Office of the PRC, including the execution of a
short form license agreement in Chinese to effect such recordal. In the event of any conflict between such license
agreement and this Agreement, the terms of this Agreement shall prevail.

 

{Signature
Page Follows}

 

    63

     

    

 

IN WITNESS WHEREOF, the Parties intending
to be bound have caused this License Agreement to be executed by their duly authorized representatives as of the Effective
Date.

 

	 	Eyenovia, Inc.	 	Arctic Vision (Hong Kong) Limited
	 	 	 	 	 
	 	By:	/s/ Tsontcho Ianchulev	 	By:	/s/ Hoi Ti Wu	 
	 	 	 	 	 
	 	Name:	Tsontcho Ianchulev	 	 Name:	Hoi Ti Wu	 
	 	 	 	 	 
	 	Title:	CEO	 	Title:	CEO	 

 

    64

     

    

 

List
of Exhibits

 

	Exhibit A:	 	Part 1: MicroLine, Part 2: MicroPine, Part 3: Optejet
    Dispenser Base
	 	 	 
	Exhibit B:	 	Licensed Patents and Specified Licensed Know-How
	 	 	 
	Exhibit C:	 	Initial Development Plan
	 	 	 
	Exhibit D:	 	Supply Price
	 	 	 
	Exhibit E:	 	Initial Eyenovia Product Marks
	 	 	 
	Exhibit F:	 	Joint Press Release
	 	 	 
	Exhibit G:	 	Reversion Terms Resolution Procedure

 

    65

     

    

 

Exhibit F

 

Eyenovia and Arctic Vision Announce Exclusive
Collaboration and License Agreement to Develop and Commercialize MicroPine and MicroLine in Greater China and South Korea

 

Eyenovia Eligible to Receive up to a
Total of $45.75 million in Upfront Payments and Development and Commercialization Milestones and Development Costs

 

Arctic Vision to Lead Expansion of Novel
Approach to Treating Myopia and Presbyopia in Greater China and South Korea

 

New York, NY and Shanghai, China
– August 11, 2020 – Eyenovia, Inc. (NASDAQ: EYEN), a clinical stage ophthalmic biopharmaceutical company
developing a pipeline of microdose array print (MAPTM) therapeutics and Arctic Vision, a clinical stage biotech company focused
on developing and commercializing innovative ophthalmology therapies in China and Asia, today announced that they have entered
into an exclusive license agreement for Arctic Vision to develop and commercialize MicroPine for the treatment of progressive myopia
and MicroLine for the treatment of presbyopia in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea.

 

Under the terms of the agreement, Eyenovia
may receive up to a total of $45.75 million in upfront payments as well as additional payments, based on various development and
regulatory milestones, including the initiation of clinical research and approvals in Greater China and South Korea, and development
costs.  In addition, Arctic Vision will purchase its supply of MicroPine and MicroLine from Eyenovia or, for such products
not supplied by Eyenovia,  pay Eyenovia a mid-single digit percentage royalty on net sales of such products, subject to certain
adjustments.  Eyenovia will pay a mid-double digit percentage of such payments, royalties, or net proceeds of such supply
to its Asian licensee pursuant to the arrangement by which Eyenovia reacquired rights to such products in Greater China and
South Korea from the original licensee.

 

“This licensing agreement with
Arctic Vision grows our commercial reach to address some of the largest progressive myopia markets in the world,” commented
Dr. Sean Ianchulev, Eyenovia’s Chief Executive Officer and Chief Medical Officer. "With the continued validation
of our therapeutic approach, the agreement also provides non-dilutive capital to further support our planned launch of MicroStat
in the United States next year, as well as the ongoing development of our late stage ophthalmology pipeline including MicroPine
for progressive myopia and MicroLine for improvement in near vision.”

 

Eddy (Hoi Ti) Wu, Ph.D., Founder
and CEO, Arctic Vision added, “Eyenovia is a leader in the field of novel microdosing technology to treat myopia and
presbyopia and we are committed to accelerating the development of MicroPine and MicroLine in Greater China and South Korea.
In Asia, it is estimated that up to 50% of children in some regions are myopic, and the figure is increasing. On the other
end of the spectrum, many people over the age of 40 are gradually suffering from age related presbyopia, which is currently
corrected exclusively with medical devices or surgery-based modalities. We believe MicroPine and MicroLine have the potential
to address the needs unmet by conventional eye drops and can play an important role in growing Arctic Vision’s
innovative pipeline. Through this new partnership, we believe we can lead the Chinese ophthalmology market into the
future.”

 

    

     

    

 

About MicroPine for Progressive
Myopia

 

MicroPine (atropine ophthalmic solution) is for progressive myopia, a back-of-the-eye condition commonly known as nearsightedness.
Progressive myopia is estimated to affect close to 5 million children in the United States who suffer from uncontrolled axial
elongation of the sclera leading to increasing levels of myopia and in some cases major pathologic changes such as retinal atrophy,
macular staphylomas, retinal detachment and visual impairment. MicroPine has been developed for comfort and ease-of-use in children.
Microdose administration of MicroPine is anticipated to result in low systemic and ocular drug exposure. A recent therapeutic
evidence assessment and review by the American Academy of Ophthalmology indicates Level 1 (highest) evidence of efficacy for the
role of low dose atropine for progressive myopia (Ophthalmology 2017;124:1857-1866; Ophthalmology 2016; 123(2) 391:399).

 

Feasibility Dose-finding Atropine Studies: ATOM
1; ATOM 2; LAMP (Independent Collaborative Group Trials)

 

About MicroLine for Presbyopia

 

MicroLine
is a pharmacologic treatment for presbyopia. Presbyopia is the non-preventable, age related hardening of the lens, which causes
a gradual loss of the eye’s ability to focus on nearby objects and is estimated to affect nearly 113 million Americans.
Current treatment options are typically device-based, such as reading glasses and contact lenses. Pilocarpine ophthalmic solution
is known to constrict the pupil and improve near-distance vision by creating an extended depth of focus through its small aperture
effect. Eyenovia believes that its administration of pilocarpine using the company’s high precision microdosing technology
could provide a meaningful improvement in near vision while enhancing tolerability and usability.

 

About Optejet® and MicroRx
Ocular Therapeutics

 

Eyenovia's Optejet microdose formulation and delivery platform for ocular therapeutics uses high-precision
piezo-print technology to deliver 6-8 μL of drug, consistent with the capacity of the tear film of the eye. We believe the
volume of ophthalmic solution administered with the Optejet is less than 75% of that delivered using conventional eyedroppers,
thus reducing overdosing and exposure to drug and preservatives. Eyenovia's patented microfluidic ejection technology is designed
for fast and gentle ocular surface delivery, where solution is dispensed to the ocular surface in approximately 80 milliseconds,
beating the ocular blink reflex. Successful use of the Optejet has been demonstrated more than 85% of the time after basic training
in a variety of clinical settings compared to 40 – 50% with conventional eyedroppers. Additionally, its smart electronics
and mobile e-health technology are designed to track and enhance patient compliance.

 

About Eyenovia

 

Eyenovia, Inc. (NASDAQ:
EYEN) is a clinical stage ophthalmic biopharmaceutical company developing a pipeline of microdose array print (MAPTM)
therapeutics. Eyenovia’s pipeline is currently focused on the late-stage development of microdosed medications for
presbyopia, myopia progression and mydriasis. For more Information, please visit www.eyenovia.com.

 

About Arctic Vision

 

Arctic Vision is a China-based clinical
stage specialty ophthalmology company with a leading portfolio of breakthrough technologies. The company’s vision is to
address ophthalmology’s unmet needs through innovative therapies in China, Asia and globally. Arctic Vision is established
by top-tier life sciences investors, and led by an elite team of ophthalmic industry veterans with substantial and compelling
China and global experiences in R&D and commercialization of eye care products. For more information, please visit www.arcticvision.com.

 

    

     

    

 

Forward Looking Statements

 

Except
for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking
statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations,
strategies, predictions or any other statements relating to our future activities or other future events or conditions, including
estimated market opportunities in the United States for our product candidates. These statements are based on current expectations,
estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees
of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes
and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due
to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be
affected by risks and uncertainties related to, among other things: our ability to timely develop, implement and maintain manufacturing,
commercialization and marketing capabilities and strategies for our product candidates; our estimates regarding the potential
market opportunity for our product candidates; the potential advantages of our product candidates; the rate and degree of market
acceptance and clinical utility of our product candidates; impacts of and uncertainty related to COVID-19; fluctuations in our
financial results, particularly given market conditions and the potential economic impact of COVID-19; our need to raise additional
money to fund our operations for at least the next 12 months as a going concern; the potential impacts of COVID-19 on our supply
chain; risks of our clinical trials, including, but not limited to, the costs, design, initiation and enrollment (which could
still be adversely impacted by COVID-19 and resulting social distancing), timing, progress and results of such trials; the timing
and our ability to submit applications for, obtain and maintain regulatory approvals for our product candidates; the potential
success of our reprioritized pipeline; any cost savings related to our reprioritized pipeline; our ability to attract and retain
key personnel; intellectual property risks; changes in legal, regulatory and legislative environments in the markets in which
we operate and the impact of these changes on our ability to obtain regulatory approval for our products; and our competitive
position. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under
applicable securities laws, we do not undertake any obligation to update any forward-looking statements.

 

Eyenovia Contact:

Eyenovia, Inc.

John Gandolfo

Chief Financial Officer

jgandolfo@eyenovia.com

 

Eyenovia Investor Contact:

The Ruth Group

Alexander Lobo

Phone: 646-536-7037

alobo@theruthgroup.com

 

Eyenovia Media Contact:

Pazanga Health Communications

Diana Soltesz

Phone: 818-618-5634

dsoltesz@pazangahealth.com

 

Arctic Vision Contact:

Ms. Chris Fang

Senior Director, Corporate Development & Investor Relations

chrisfang@arcticvision.com / communications@arcticvision.comEX-10.1

 Exhibit 10.1 

Execution Version 
 Loan
Number: 1019791 
  
  

 
 CREDIT AGREEMENT 

Dated as of August 11, 2020 

by and among 
 PREIT ASSOCIATES,
L.P. and PREIT-RUBIN, INC., 
 each, as a Borrower, 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, 

as Parent and as a Borrower, 
 THE
FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER SECTION 11.6(b), 

as Lenders 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE I.
	  	 Definitions
	  	 	1	 
	 Section 1.1.
	  	 Definitions.
	  	 	1	 
	 Section 1.2.
	  	 General; References to Times.
	  	 	21	 
	 Section 1.3.
	  	 Rates.
	  	 	22	 
	 Section 1.4.
	  	 Incorporation by Reference.
	  	 	22	 
	 Section 1.5.
	  	 Divisions.
	  	 	22	 
			
	 ARTICLE II.
	  	 Credit Facilities
	  	 	23	 
	 Section 2.1.
	  	 [Reserved].
	  	 	23	 
	 Section 2.2.
	  	 Term Loans.
	  	 	23	 
	 Section 2.3.
	  	 Mandatory Principal Repayments.
	  	 	24	 
	 Section 2.4.
	  	 [Reserved].
	  	 	24	 
	 Section 2.5.
	  	 [Reserved].
	  	 	24	 
	 Section 2.6.
	  	 Rates and Payment of Interest on Loans.
	  	 	24	 
	 Section 2.7.
	  	 Number of Interest Periods.
	  	 	24	 
	 Section 2.8.
	  	 Repayment of Loans.
	  	 	25	 
	 Section 2.9.
	  	 Late Charges.
	  	 	25	 
	 Section 2.10.
	  	 Optional Prepayments.
	  	 	25	 
	 Section 2.11.
	  	 Continuation.
	  	 	25	 
	 Section 2.12.
	  	 Conversion.
	  	 	26	 
	 Section 2.13.
	  	 Notes.
	  	 	26	 
	 Section 2.14.
	  	 [Reserved].
	  	 	26	 
	 Section 2.15.
	  	 [Reserved].
	  	 	26	 
	 Section 2.16.
	  	 Voluntary Reduction of the Term Loan Commitments.
	  	 	27	 
	 Section 2.17.
	  	 Joint and Several Liability of the Borrower.
	  	 	27	 
	 Section 2.18.
	  	 Actions of the Borrower.
	  	 	28	 
	 Section 2.19.
	  	 [Reserved].
	  	 	28	 
	 Section 2.20.
	  	 Funds Transfer Disbursements.
	  	 	28	 
			
	 ARTICLE III.
	  	 Payments, Fees and Other General Provisions
	  	 	28	 
	 Section 3.1.
	  	 Payments.
	  	 	28	 
	 Section 3.2.
	  	 Pro Rata Treatment.
	  	 	29	 
	 Section 3.3.
	  	 Sharing of Payments, Etc.
	  	 	29	 
	 Section 3.4.
	  	 Several Obligations.
	  	 	30	 
	 Section 3.5.
	  	 Fees.
	  	 	30	 
	 Section 3.6.
	  	 Computations.
	  	 	30	 
	 Section 3.7.
	  	 Usury.
	  	 	30	 
	 Section 3.8.
	  	 Statements of Account.
	  	 	31	 
	 Section 3.9.
	  	 Defaulting Lenders.
	  	 	31	 
	 Section 3.10.
	  	 Taxes.
	  	 	32	 
			
	 ARTICLE IV.
	  	 Yield Protection, Etc.
	  	 	36	 
	 Section 4.1.
	  	 Additional Costs; Capital Adequacy.
	  	 	36	 
	 Section 4.2.
	  	 Suspension of LIBOR Loans; Alternative Rate of Interest.
	  	 	37	 
	 Section 4.3.
	  	 Illegality.
	  	 	38	 
	 Section 4.4.
	  	 Compensation.
	  	 	38	 
	 Section 4.5.
	  	 Treatment of Affected Loans.
	  	 	39	 
	 Section 4.6.
	  	 Affected Lenders.
	  	 	40	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 4.7.
	  	 Assumptions Concerning Funding of LIBOR Loans.
	  	 	40	 
	 Section 4.8.
	  	 Change of Lending Office.
	  	 	40	 
			
	 ARTICLE V.
	  	 Conditions Precedent
	  	 	41	 
	 Section 5.1.
	  	 Initial Conditions Precedent.
	  	 	41	 
	 Section 5.2.
	  	 Conditions Precedent to All Credit Events.
	  	 	44	 
			
	 ARTICLE VI.
	  	 Representations and Warranties
	  	 	45	 
	 Section 6.1.
	  	 Representations and Warranties.
	  	 	45	 
	 Section 6.2.
	  	 Survival of Representations and Warranties, Etc.
	  	 	45	 
			
	 ARTICLE VII.
	  	 Affirmative Covenants
	  	 	46	 
	 Section 7.1.
	  	 Existing Revolving Credit Agreement Affirmative Covenants.
	  	 	46	 
	 Section 7.2.
	  	 Collateral.
	  	 	46	 
	 Section 7.3.
	  	 Specified Term Loan Affirmative Covenants.
	  	 	46	 
			
	 ARTICLE VIII.
	  	 Negative Covenants
	  	 	48	 
	 Section 8.1.
	  	 Existing Revolving Credit Agreement Negative Covenants.
	  	 	48	 
	 Section 8.2.
	  	 Minimum Liquidity.
	  	 	48	 
	 Section 8.3.
	  	 Specified Term Loan Negative Covenants.
	  	 	49	 
			
	 ARTICLE IX.
	  	 Default
	  	 	50	 
	 Section 9.1.
	  	 Events of Default.
	  	 	50	 
	 Section 9.2.
	  	 Remedies Upon Event of Default.
	  	 	53	 
	 Section 9.3.
	  	 Remedies Upon Default.
	  	 	54	 
	 Section 9.4.
	  	 Marshaling; Payments Set Aside.
	  	 	54	 
	 Section 9.5.
	  	 Allocation of Proceeds.
	  	 	54	 
	 Section 9.6.
	  	 [Reserved].
	  	 	55	 
	 Section 9.7.
	  	 Performance by Administrative Agent.
	  	 	55	 
	 Section 9.8.
	  	 Rescission of Acceleration by Requisite Lenders.
	  	 	55	 
	 Section 9.9.
	  	 Rights Cumulative.
	  	 	55	 
			
	 ARTICLE X.
	  	 The Administrative Agent
	  	 	56	 
	 Section 10.1.
	  	 Appointment and Authorization.
	  	 	56	 
	 Section 10.2.
	  	 Administrative Agent’s Reliance, Etc.
	  	 	57	 
	 Section 10.3.
	  	 Notice of Defaults.
	  	 	57	 
	 Section 10.4.
	  	 Administrative Agent as Lender.
	  	 	58	 
	 Section 10.5.
	  	 Approvals of Lenders.
	  	 	58	 
	 Section 10.6.
	  	 Lender Credit Decision, Etc.
	  	 	58	 
	 Section 10.7.
	  	 Indemnification of Administrative Agent.
	  	 	59	 
	 Section 10.8.
	  	 Successor Administrative Agent.
	  	 	60	 
	 Section 10.9.
	  	 Collateral Matters; Protective Advances.
	  	 	60	 
			
	 ARTICLE XI.
	  	 Miscellaneous
	  	 	61	 
	 Section 11.1.
	  	 Notices.
	  	 	61	 
	 Section 11.2.
	  	 Expenses.
	  	 	63	 
	 Section 11.3.
	  	 Stamp, Intangible and Recording Taxes.
	  	 	64	 
	 Section 11.4.
	  	 Setoff.
	  	 	64	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 11.5.
	  	 Litigation; Jurisdiction; Other Matters; Waivers.
	  	 	64	 
	 Section 11.6.
	  	 Successors and Assigns.
	  	 	65	 
	 Section 11.7.
	  	 Amendments and Waivers.
	  	 	69	 
	 Section 11.8.
	  	 Nonliability of Administrative Agent and Lenders.
	  	 	71	 
	 Section 11.9.
	  	 Confidentiality.
	  	 	71	 
	 Section 11.10.
	  	 Indemnification.
	  	 	72	 
	 Section 11.11.
	  	 Termination; Survival.
	  	 	73	 
	 Section 11.12.
	  	 Severability of Provisions.
	  	 	74	 
	 Section 11.13.
	  	 GOVERNING LAW.
	  	 	74	 
	 Section 11.14.
	  	 Counterparts.
	  	 	74	 
	 Section 11.15.
	  	 Independence of Covenants.
	  	 	74	 
	 Section 11.16.
	  	 Obligations with Respect to Loan Parties.
	  	 	74	 
	 Section 11.17.
	  	 Limitation of Liability.
	  	 	74	 
	 Section 11.18.
	  	 Entire Agreement.
	  	 	75	 
	 Section 11.19.
	  	 Construction.
	  	 	75	 
	 Section 11.20.
	  	 Time of the Essence.
	  	 	75	 
	 Section 11.21.
	  	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions.
	  	 	75	 

  

			
	 SCHEDULE I
	  	 Commitments

	 SCHEDULE 1.1(b)
	  	 Properties

		
	EXHIBIT A	  	Form of Assignment and Assumption Agreement
	EXHIBIT B	  	Form of Guaranty
	EXHIBIT C	  	Form of Notice of Continuation
	EXHIBIT D	  	Form of Notice of Conversion
	EXHIBIT E	  	Form of Notice of Borrowing
	EXHIBIT F	  	Form of Disbursement Instruction Agreement
	EXHIBIT G	  	Form of Term Note
	EXHIBIT H	  	Form of Tax Compliance Certificates

  

  
 iii 

 THIS CREDIT AGREEMENT (this “Agreement”) dated as of August 11, 2020,
by and among PREIT ASSOCIATES, L.P., a Delaware limited partnership (“PREIT”), PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust
(the “Parent”; together with PREIT and PREIT-RUBIN, each individually, a “Borrower” and collectively, the “Borrower”), each of the financial institutions initially a signatory hereto together with their
assignees pursuant to Section 11.6(b) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent. 

WHEREAS, the Lenders desire to make available to the Borrower term loans in the aggregate amount of up to $30,000,000 on and subject to the
terms and conditions contained herein; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties hereto agree as follows: 
 ARTICLE I. DEFINITIONS 

Section 1.1. Definitions. 
 In
addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

“Actual Cash Receipts” means the sum of all cash distributions received by the Borrower from its Subsidiaries during the
relevant period of determination (excluding any borrowings under this Agreement) and which corresponds to the amounts across from the line-item in the Loan Budget titled “Total Cash Receipts”, as determined in a manner consistent with the
Loan Budget. 
 “Actual Company-Side Professional Disbursement Amounts” means the sum of all cash disbursements made by the
Borrower during the relevant period of determination as set forth across from the line-item in the Loan Budget titled “Professional Fees (Company)”, as determined in a manner consistent with the Loan Budget. 

“Actual Debt Service Disbursement Amounts” means the sum of all cash disbursements made by the Borrower during the relevant
period of determination as set forth across from the line-item in the Loan Budget titled “Total Debt Service”, as determined in a manner consistent with the Loan Budget. 

“Actual Disbursement Amounts” means the sum of all cash disbursements made by the Borrower during the relevant period of
determination as set forth across from the line-item in the Loan Budget titled “Total Cash Disbursements”, as determined in a manner consistent with the Loan Budget. 

“Actual Restructuring Related Amounts” means the sum of all cash disbursements made by the Borrower during the relevant
period of determination as set forth across from the line-item in the Loan Budget titled “Restructuring Related Amounts”, as determined in a manner consistent with the Loan Budget. 

“Additional Costs” has the meaning given that term in Section 4.1(b). 

“Administrative Agent” means Wells Fargo, as contractual representative for the Lenders under the terms of this Agreement, or
any successor Administrative Agent appointed pursuant to Section 10.8. 

 “Administrative Questionnaire” means the Administrative Questionnaire
completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Affected Lender” has the meaning given that term in Section 4.6. 

“Affiliate” means with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed to be an Affiliate of any Borrower. 

“Agreement” has the meaning set forth in the introductory paragraph hereof. 

“Agreement Date” means the date as of which this Agreement is dated. 

“Applicable Law” means all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Applicable Margin” means (a) 8.00% per annum with respect to LIBOR Loans, and (b) 7.00% per annum for Base Rate Loans. 

“Appraisal” means a written appraisal of the Mortgaged Property ordered by Administrative Agent and prepared by an
independent MAI appraiser acceptable to Administrative Agent and subject to Administrative Agent’s customary independent appraisal requirements and prepared in compliance with all applicable regulatory requirements, including the Financial
Institutions Recovery, Reform and Enforcement Act of 1989, as amended from time to time, subject to review and adjustment consistent with Administrative Agent’s standard practices. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or
(c) an entity or an Affiliate of any entity that administers or manages a Lender. 
 “Assignment and Assumption
Agreement” means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.6), and accepted by the Administrative Agent,
in substantially the form of Exhibit A or any other form approved by the Administrative Agent. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means, (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule., and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

  
 2 

 “Bankruptcy Code” means the Bankruptcy Code of 1978. 

“Bankruptcy Event” means with respect to a Person, any of the events of the type described or referred to in
Section 9.1(e) or Section 9.1(f). 
 “Base Rate” means, at any time,
the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Market Index Rate plus 1.0%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the
Prime Rate, the Federal Funds Rate or the LIBOR Market Index Rate (provided that clause (c) shall not be applicable during any period in which LIBOR is unavailable or unascertainable); provided, however that the Base Rate shall
not be less than 2.0% per annum. 
 “Base Rate Loan” means a Term Loan (or any portion thereof) bearing interest at a rate
based on the Base Rate. 
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership as
required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is
not a Benefit Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 

“Benefit Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title
IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(ii) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 

“Borrower” means each of PREIT, PREIT-RUBIN and the Parent, individually and collectively, and shall include their respective
successors and permitted assigns. 
 “Borrower Information” has the meaning given that term in
Section 2.6(c). 
 “Budgeted Cash Receipts” means the sum of all cash receipts projected to be
received by the Borrowers from its Subsidiaries during the relevant period of determination (excluding any borrowings under this Agreement) as set forth across from the line-item in the Loan Budget titled “Total Cash Receipts”. 

“Budgeted Company-Side Professional Disbursement Amounts” means the sum of all cash disbursements projected to be made by the
Borrower during the relevant period of determination as set forth across from the line-item in the Loan Budget titled “Professional Fees (Company)”, as determined in a manner consistent with the Loan Budget. 

  
 3 

 “Budgeted Debt Service Disbursement Amounts” means the sum of all cash
disbursements projected to be made by the Borrower during the relevant period of determination as set forth across from the line-item in the Loan Budget titled “Total Debt Service”, as determined a manner consistent with the Loan Budget.

 “Budgeted Disbursement Amounts” means the sum of all cash disbursements projected to be made by the Borrowers during the
relevant period of determination as set forth across from the line-items in the Loan Budget titled “Total Cash Disbursements”, as determined in a manner consistent with the Loan Budget. 

“Budgeted Restructuring Related Amounts” means the sum of all cash disbursements projected to be made by the Borrower during
the relevant period of determination as set forth across from the line-item in the Loan Budget titled “Restructuring Related Amounts”, as determined in a manner consistent with the Loan Budget. 

“Business Day” means (i) a day of the week (but not a Saturday, Sunday or holiday) on which the offices of the
Administrative Agent in San Francisco, California are open to the public for carrying on substantially all of the Administrative Agent’s business functions, and (ii) if such day relates to a LIBOR Loan, or any Base Rate Loan as to which
the interest rate is determined by reference to LIBOR, any such day that is also a day on which dealings in Dollars are transacted in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to
“days” shall be to calendar days. 
 “Capital Event” means (a) any transaction in which the Borrower,
Guarantor, any Subsidiary of the Borrower, or any joint venture directly or indirectly owned by the Borrower or Guarantor, (i) refinances or incurs any Indebtedness, (ii) sells, transfers or otherwise disposes (including pursuant to a
sale-leaseback transaction) of any property or asset, (iii) forms a joint venture, or (iv) issues private or public equity, stock or other financial instrument, (b) any casualty or other insured damage to, or any taking under power of
eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower, Guarantor, any Subsidiary of the Borrower, or any joint venture directly or indirectly owned by the Borrower or Guarantor, or (c) any other
transaction entered into for the purposes of generating cash to recapitalize the Borrower’s balance sheet, provided, that notwithstanding the foregoing, no Excluded Stimulus Transaction shall be a Capital Event. 

“Capitalized Lease Obligation” means obligations under a lease that are required to be capitalized for financial reporting
purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation determined in accordance with GAAP. 

“Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its
agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States federal or state chartered commercial bank of
recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or
agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least
A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from
the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated
under the laws of the United States of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof
by Moody’s, in 

  
 4 

 
each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, as amended, which
have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“Collateral” means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.

 “Collateral Agreement” means the collateral agreement of even date herewith executed by the Loan Parties in favor of the
Administrative Agent, for the ratable benefit of the Secured Parties, which shall be in form and substance acceptable to the Administrative Agent. 

“Commitment” means a Term Loan Commitment. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Continue”, “Continuation” and
“Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.11. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type
into a Loan of another Type pursuant to Section 2.12. 
 “Credit Event” means any of the
following: (a) the making (or deemed making) of any Loan, (b) the continuation of a LIBOR Loan, and (c) the Conversion of a Base Rate Loan into a LIBOR Loan. 

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to time in effect.

 “Default” means any of the events specified in Section 9.1, whether or not there has been
satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means, subject to
Section 3.9(e), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding set forth in Article V (each of which conditions
precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within
two (2) Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding set

  
 5 

 
forth in Article V (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within 3 Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding
obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or
indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its
assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any
one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9(e)) upon delivery of written
notice of such determination to the Borrower and each Lender. 
 “Deposit Account Control Agreements” means, with respect
to each deposit account that is required by the Collateral Agreement to be subject to a control agreement, a deposit account control agreement executed by the Borrower, the Administrative Agent as the secured party thereto, and the deposit bank, as
each may be amended, restated, supplemented or otherwise modified from time to time. 
 “Disbursement Instruction
Agreement” means an agreement substantially in the form of Exhibit F, as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Dollars” or “$” means the lawful currency of the United States of America. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the later of (a) the Agreement Date and (b) the date on which all of the conditions
precedent set forth in Section 5.1 shall have been fulfilled or waived in accordance with the provisions of Section 11.7. 

  
 6 

 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a
Lender, (c) an Approved Fund and (d) any other Person (other than a natural person); provided, that notwithstanding the foregoing, “Eligible Assignee” shall not include (A) a Borrower or any of its respective Affiliates or
Subsidiaries, or (B) an Affiliate of a Lender or an Approved Fund that (1) if organized under the laws of the United States of America, any state thereof or the District of Columbia, does not have total assets in excess of $5,000,000,000,
or if organized under the laws of any other country or a political subdivision thereof, is not organized in such a country that is a member of the Organization for Economic Co-operation and Development, does
not have total assets in excess of $10,000,000,000, or does not act through a branch or agency located in the United States or (2) does not have a rating of BBB or higher by S&P, Baa2 or higher by Moody’s or the equivalent or higher of
either such rating by another rating agency acceptable to the Administrative Agent with respect to such Affiliate of a Lender or Approved Fund’s (or if such Affiliate or Approved Fund is a Subsidiary, such Affiliate’s or Approved
Fund’s parent’s) senior unsecured long term indebtedness. 
 “Equity Interest” means, with respect to any Person
(a) any share of preferred stock, common stock, units or other capital stock of (or other ownership or profit interests in) such Person, (b) any warrant, option or other right for the purchase or other acquisition from such Person of any
share of preferred stock, common stock, units or other capital stock of (or other ownership or profit interests in) such Person whether or not certificated, (c) any security convertible into or exchangeable for any preferred stock, common
stock, units or other share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares or units (or such other interests), and
(d) any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, unit, warrant, option, right or other
interest is authorized or otherwise existing on any date of determination. 
 “Equity Issuance” means any issuance or sale
by a Person of any Equity Interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from
time to time. 
 “ERISA Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined
in Section 4043 of ERISA with respect to a Benefit Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from a Benefit Plan
subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any member of the ERISA Group of any liability under
Title IV of ERISA with respect to the termination of any Benefit Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Benefit Plan or Multiemployer Plan by the PBGC; (f) the failure by any member of the ERISA
Group to make when due required contributions to a Multiemployer Plan or Benefit Plan unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard; (g) the termination of, or the appointment of a trustee to administer, any Benefit Plan or Multiemployer Plan under Section 4042 of ERISA or the imposition of liability under
Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice, concerning the imposition of Withdrawal Liability
or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status (within the
meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the imposition of any liability 

  
 7 

 
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of a Lien in favor of the
PBGC under Title IV of ERISA upon any member of the ERISA Group; or (j) a determination that a Benefit Plan is in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA).

 “ERISA Group” means each Borrower, the other Subsidiaries and all members of a controlled group of corporations and all
trades or businesses (whether or not incorporated) under common control that, together with the Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the Board
of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar
category of liabilities for a member bank of the Federal Reserve System in New York City. 
 “Event of Default” means any
of the events specified in Section 9.1, provided that any requirement for notice or lapse of time or any other condition has been satisfied. 

“Excluded Stimulus Transaction” means any loans, equity investments, grants or other transaction pursuant to which the
Borrower, Guarantor, any Subsidiary of the Borrower, or any joint venture directly or indirectly owned by the Borrower or Guarantor receives funds in connection with local, state or federal COVID-19 stimulus
efforts. 
 “Excluded Subsidiary” means any (a) Subsidiary (i) which holds title to assets which are or are to
become collateral for any Secured Indebtedness of such Subsidiary, is an owner of the Equity Interests of a Subsidiary holding title to such assets (but has no assets other than such Equity Interests and other assets of nominal value incidental
thereto), or is required to be a single purpose entity in connection with any Secured Indebtedness and (ii) which is prohibited from Guarantying the Indebtedness of any other Person pursuant to (A) any document, instrument or agreement
evidencing such Secured Indebtedness, (B) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured
Indebtedness or (C) any fiduciary obligation owing to the holders of an Equity Interest in such Subsidiary and imposed under Applicable Law or (b) Non-Wholly Owned Subsidiary that is prohibited from
Guarantying the Indebtedness of any Person other than a Wholly Owned Subsidiary of such Non-Wholly Owned Subsidiary pursuant to (i) such Non-Wholly Owned
Subsidiary’s organizational documents as a condition to the negotiated business arrangement with the holder of an Equity Interest in such Non-Wholly Owned Subsidiary or (ii) any fiduciary obligation
owing to the holders of an Equity Interest in such Non-Wholly Owned Subsidiary and imposed under Applicable Law. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case
of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with 

  
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respect to an applicable interest in a Loan or Commitment pursuant to an Applicable Law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other
than pursuant to an assignment request by the Borrower under Section 4.6) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.10,
amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 3.10(g) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing Term Loan Agreement” means that certain Seven-Year Term Loan Agreement, dated as of January 8, 2014 (as
amended, amended and restated, supplemented or otherwise modified and in effect as of the date hereof, including the Seventh Amendment to Existing Term Loan Agreement), by and among PREIT, PREIT-RUBIN, the Parent, the financial institutions party
thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other parties thereto. 
 “Existing Revolving Credit
Agreement” means that certain Amended and Restated Credit Agreement, dated as of May 24, 2018 (as amended, amended and restated, supplemented or otherwise modified and in effect as of the date hereof, including the Second Amendment to
Existing Revolving Credit Agreement), by and among PREIT, PREIT-RUBIN, the Parent, the financial institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other parties thereto. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(i) of the
Internal Revenue Code and any fiscal or regulatory legislation or rules adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such sections of the Internal Revenue Code. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal Funds brokers of recognized
standing selected by the Administrative Agent. If the Federal Funds Rate determined as provided above would be less than zero, the Federal Funds Rate shall be deemed to be zero. 

“Fees” means the fees and commissions provided for or referred to in Section 3.5 and any other fees
payable by the Borrower hereunder or under any Loan Document. 
 “Foreign Lender” means (a) if the Borrower is a U.S.
Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United States of America, which are applicable to the
circumstances as of the date of determination. 

  
 9 

 “Governmental Approvals” means all authorizations, consents, approvals,
permits, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental
Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, administrative,
public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve
Board, any central bank or any comparable authority) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union
or the European Central Bank), or any arbitrator with authority to bind a party at law. 
 “Guarantor” means any Person
that is party to the Guaranty as a “Guarantor”. 
 “Guaranty”, “Guaranteed” or to
“Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any
part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the
event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for
the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such
obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying
of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the
context requires, “Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 5.1 of this Agreement or Section 7.15(a)(ii) of the Existing Revolving Credit Agreement as incorporated
herein by Section 7.1 of this Agreement and substantially in the form of Exhibit B. 

“Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without
duplication): (a) obligations of such Person in respect of money borrowed or for the deferred purchase price of property or services (other than trade debt incurred in the ordinary course of business); (b) obligations of such Person,
whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase
money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property; (c) all
master lease obligations; (d) Capitalized Lease Obligations of such Person; (e) all reimbursement obligations of such Person under and in respect of any letters of credit or acceptances that have been presented for payment net of any cash
collateral provided therefor; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person; (g) all
Indebtedness of other Persons which (i) such Person has Guaranteed (other than Guarantees which are solely Guarantees of performance and not of payment and other Guarantees of such Person for liabilities arising from Nonrecourse Exceptions) or
is otherwise 

  
 10 

 
recourse to such Person or (ii) is secured by a Lien on any property of such Person; provided, that such Indebtedness shall be limited to the value of such property so encumbered; and
(h) the Recourse Share of all Indebtedness of any partnership of which such Person is a general partner. For purposes of this definition preferred equity (other than Mandatorily Redeemable Stock) of a Person shall not be considered to be
Indebtedness. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of the Borrower or any other Loan Party under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause (a), Other Taxes. 

“Initial Borrowing” has the meaning given that term in Section 2.2(a)(ii). 

“Initial Borrowing Amount” means, with respect to the principal amount of the Initial Borrowing, an amount equal to (a)
$20,000,000 plus (b) the aggregate amount of all closing costs incurred by the Borrower as of the Effective Date in connection with the transactions contemplated under this Agreement (b) minus (c) the aggregate amount of
unrestricted cash of the Borrower as of the date of such Initial Borrowing. 
 “Initial Loan Budget” means a 13-week cash flow budget that sets forth Budgeted Cash Receipts, Budgeted Disbursement Amounts, and Budgeted Restructuring Related Amounts, which such Initial Loan Budget shall be in form and substance reasonably
acceptable to the Administrative Agent. 
 “Interest Period” means with respect to any LIBOR Loan, the period commencing on
the date of the borrowing of such LIBOR Loan and ending on the date numerically corresponding day in the calendar month that is one month thereafter. The duration of each Interest Period shall be one month. In no event shall an Interest Period of a
Loan extend beyond the Term Loan Maturity Date, as applicable. Whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next
succeeding Business Day; provided, however, that if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding
Business Day. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by
such Person, whether by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or
purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets
of another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall
constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. The foregoing shall not include advances and allowances to tenants of a Person in the ordinary course of business. 

“Lender” means each financial institution from time to time party hereto as a “Lender” together with its respective
successors and permitted assigns. 

  
 11 

 “Lending Office” means, for each Lender and for each Type of Loan, the
office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption Agreement, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time
to time. 
 “LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by
dividing (i) the rate of interest per annum determined on the basis of the rate as set by the ICE Benchmark Administration (“ICE”)(or the successor thereto if ICE is no longer making such rate available) for deposits in Dollars
for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period
by (ii) a percentage equal to 1 minus the Eurodollar Reserve Percentage. If, for any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor
page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank
market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period. Any change in the maximum rate of reserves
described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. Notwithstanding the foregoing, (x) in no event shall LIBOR (including, without limitation,
any Replacement Rate with respect thereto) be less than 1.0%, and (y) unless otherwise specified in any amendment to this Agreement entered into accordance with Section 4.2(b), in the event that a Replacement Rate with
respect to LIBOR is implemented then all references herein to LIBOR shall be deemed references to such Replacement Rate. 
 “LIBOR
Loan” means a Term Loan (or any portion thereof) (other than a Base Rate Loan) bearing interest at a rate based on LIBOR. 

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 10:00 a.m. Central time for such day (rather than 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period as otherwise
provided in the definition of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day; provided that, in respect of the Term Loans, in no event shall the LIBOR Market Index Rate shall be less than
1.00% per annum. The LIBOR Market Index Rate shall be determined on a daily basis. 
 “Lien” as applied to the property of
any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, pledge, lien, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other
security title or encumbrance of any kind in respect of any property of such Person, or upon the income or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or
otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing
statement under the Uniform Commercial Code or its equivalent in any jurisdiction, excluding any financing statement filed to give notice of the existence of an operating lease; and (d) any agreement by such Person to grant, give or otherwise
convey any of the foregoing. 
 “Loan” means a Term Loan. 

  
 12 

 “Loan Budget” means initially, the Initial Loan Budget delivered pursuant
to Section 5.1(a)(xiii) until such budget is replaced in accordance with Section 7.3(a), and thereafter the most recent budget to become effective in accordance with
Section 7.3(a). 
 “Loan Budget Variance Report” means a report provided by the Borrower to the
Administrative Agent each week beginning the first full week after the Effective Date (a) showing, in each case, on a line item by line item and cumulative basis, the amounts in the Loan Budget constituting the Actual Cash Receipts, the Actual
Disbursement Amounts, the Actual Restructuring Related Amounts and the Actual Debt Service Disbursement Amounts as of the Friday of the week prior to the applicable Variance Report Date, (b) noting therein all variances in the Loan Budget, on a
line item by line item basis and a cumulative basis, and providing explanations for such variances for such period as set forth in the Loan Budget as in effect for such period, (c) starting with the report relating to the fourth full week
following the Effective Date and on each Variance Report Date for each Variance Testing Period thereafter, certifying compliance or non-compliance with Sections 7.3(a)(ii) and 7.3(b) for such
period, (d) including explanations for all material variances and violations, if any, of such covenant and if any such violation exists, setting forth the actions which the Borrower has taken or intends to take with respect thereto, and
(e) which such reports shall be certified by a Responsible Officer of the Borrower and shall be in a form reasonably satisfactory to the Administrative Agent. 

“Loan Document” means this Agreement, each Note, the Guaranty, the Security Documents and each other document or instrument
now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement. 
 “Loan
Party” means each Borrower and each Guarantor. 
 “Mandatorily Redeemable Stock” means, with respect to any
Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise,
(a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the
issuer of such Equity Interest or any Person controlling such issuer), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole
or part (other than an Equity Interest which is redeemable solely in exchange for common stock or other equivalent common Equity Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full. 

“Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, financial
condition, results of operations or business prospects of PREIT and its Subsidiaries taken as a whole, or the Parent and its Subsidiaries taken as a whole, (b) the legal ability of the Borrower or any other Loan Party that is a Material
Subsidiary to perform its obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders and the Administrative Agent under any of
such Loan Documents or (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith. 

“Material Indebtedness” has the meaning given that term in Section 9.1(d)(i). 

“Material Subsidiary” means a Subsidiary (other than any Borrower) to which more than $25,000,000 of Gross Asset Value (as
defined in the Existing Revolving Credit Agreement) is directly or indirectly attributable. 

  
 13 

 “Mortgage” means a mortgage, deed of trust, deed to secure debt or similar
security instrument made or to be made by a Person owning an interest in real estate granting a Lien on such interest in real estate to Administrative Agent for its benefit and the benefit of the other Lenders as security for the payment of
Indebtedness. 
 “Mortgaged Property” means each Property identified on Schedule 1.1(b) which is
subject to a Mortgage. 
 “Multiemployer Plan” means at any time a multiemployer plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which
ceased to be a member of the ERISA Group during such six year period. 
 “Net Cash Proceeds” means, with respect to any
Capital Event by a Person, the aggregate amount of all cash received by such Person in respect of such Capital Event less (a) the repayment of any secured indebtedness attributable to the applicable Property, and (b) legal fees,
accountants fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by or on behalf of such Person in connection with such Capital Event and paid or payable to a Person other than an Affiliate of such
Person. 
 “Net Proceeds” means with respect to an Equity Issuance by a Person, the aggregate amount of all cash or the
Fair Market Value of all other property received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees, accountants fees, underwriting discounts and commissions and other customary fees and expenses actually
incurred by or on behalf of such Person in connection with such Equity Issuance and paid or payable to a Person other than an Affiliate of such Person. 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or
amendment that (a) requires the approval of all affected Lenders in accordance with the terms of Section 11.7(b) and (b) has been approved by the Requisite Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “Nonrecourse Exceptions” means, with respect to Nonrecourse Indebtedness, reasonable and customary
exceptions for fraud, willful misrepresentation, misapplication of funds (including misappropriation of security deposits and failure to apply rents to operating expenses or debt service), indemnities relating to environmental matters and waste of
property constituting security for such Nonrecourse Indebtedness, post-default interest, attorney’s fees and other costs of collection to the extent not covered by the value of the property constituting security for such Nonrecourse
Indebtedness and other similar exceptions to nonrecourse liability. Nonrecourse Exceptions shall also include the contingent liability of a Person in respect of Nonrecourse Indebtedness of another Person providing for liability arising upon the
occurrence of a Bankruptcy Event with respect to such other Person or the occurrence of other contingent events such as a violation of a due on sale clause or a due on finance clause or a violation of special purpose entity covenants (whether such
liability arises under a Guaranty of such Nonrecourse Indebtedness enforceable only upon the occurrence of such Bankruptcy Event or such other contingent event, as an obligation to pay to the holder of such Nonrecourse Indebtedness damages resulting
from the occurrence of such Bankruptcy Event or other contingent event, or otherwise); provided, however, upon the occurrence of any Bankruptcy Event or other contingent event with respect to such other Person, or once such liability
shall otherwise cease to be contingent, then such liability shall no longer be considered to be Nonrecourse Indebtedness. 

  
 14 

 “Nonrecourse Indebtedness” means, with respect to a Person,
(a) Indebtedness for borrowed money in respect of which recourse for payment (except for obligations in respect to Nonrecourse Exceptions) is contractually limited to specific assets of such Person encumbered by a Lien securing such
Indebtedness or (b) if such Person is a Single Asset Entity, any Indebtedness for borrowed money of such Person. Liability of a Person under (i) a Guaranty of Nonrecourse Exceptions or (ii) completion guarantees for Projects Under
Development, to the extent relating to the Nonrecourse Indebtedness of another Person, shall not, in and of itself, prevent such liability from being characterized as Nonrecourse Indebtedness. For the purposes of this definition of “Nonrecourse
Indebtedness,” the terms “Single Asset Entity” and “Projects Under Development” shall have the definitions given to them in the Existing Revolving Credit Agreement. 

“Note” means a Term Note. 

“Notice of Continuation” means a notice substantially in the form of Exhibit C (or such other form reasonably acceptable
to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.11 evidencing the Borrower’s request for the Continuation of a
LIBOR Loan. 
 “Notice of Conversion” means a notice substantially in the form of Exhibit D (or
such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.12 evidencing the Borrower’s
request for the Conversion of a Loan from one Type to another Type. 
 “Notice of Borrowing” means a notice substantially
in the form of Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent evidencing the
Borrower’s request for the borrowing of Term Loans. 
 “Obligations” means, individually and collectively:
(a) the aggregate principal balance of, and all accrued and unpaid interest on, the Loans; and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing to the
Administrative Agent, or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees, any other fees payable under any Loan Document and
indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 

  
 15 

 “Parent” has the meaning set forth in the introductory paragraph hereof and
shall include the Parent’s successors and permitted assigns. 
 “Participant” has the meaning given that term in
Section 11.6(d). 
 “Participant Register” has the meaning given that term in
Section 11.6(d). 
 “Patriot Act” means The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 

“Permitted Liens” means, with respect to any asset or property of a Person, (a)(i) Liens securing taxes, assessments and
other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or (ii) the claims of materialmen, mechanics, carriers, warehousemen or
landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in the case of both clauses (i) and (ii), are not at the time required to be paid or discharged under Section 7.7 of the Existing
Revolving Credit Agreement as incorporated herein by Section 7.1 of this Agreement; (b) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of,
obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances in the nature of zoning restrictions, easements, covenants, and rights or restrictions of record on the use of
real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person including without limitation, easements, covenants and restrictions created in connection with the sale
and/or development of real property of any Borrower, Subsidiary or Guarantor pursuant to the Real Estate Sale Agreements; (d) the rights of tenants under leases or subleases not materially interfering with the ordinary conduct of business of
such Person; (e) the rights of the purchasers under the Real Estate Sale Agreements not materially interfering with the ordinary conduct of business of such Person, including, without limitation, the exercise of any option rights thereunder;
(f) Liens in favor of the Administrative Agent for its benefit and the Lenders; (g) in the case of any Collateral encumbered by a Security Document, other Liens expressly permitted by such Security Document, (h) all liens,
encumbrances and other matters disclosed in the title insurance policies delivered in connection with the Mortgaged Properties, (i) Liens securing judgments so long as the judgment it secures does not give rise to an Event of Default under
Section 9.1(h); (j) Liens securing the payment and performance of obligations of any Borrower, Subsidiary or Guarantor under the Real Estate Sale Agreements and any other agreements for the sale and/or development of real
property of any Borrower, Subsidiary or Guarantor; (k) Liens securing Capitalized Lease Obligations and purchase money Indebtedness and (l) Liens existing on the Effective Date and securing Indebtedness permitted pursuant to
Section 8.3(a)(ix). 
 “Permitted Variance” means 20% of the sum of (i) Budgeted
Disbursement Amounts, (ii) Budgeted Company Side Professional Fees, and (iii) Budgeted Debt Service Payments for the relevant Variance Testing Period. 

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited
liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any
Governmental Authority. 

  
 16 

 “Pledge Agreement” means the Pledge Agreement dated as of the date hereof,
entered into by the Borrower and certain Subsidiaries of the Borrower in favor of the Administrative Agent, for its benefit and for the benefit of the other Lenders. 

“PM Gallery Loan Agreement” means that certain Term Loan Agreement, dated as of January 22, 2018, as amended by that
certain First Modification to Term Loan Agreement, dated as of July 8, 2019, by and among PM GALLERY LP, a Delaware limited partnership, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the financial
institutions from time to time party thereto. 
 “Post-Default Rate” means a rate per annum equal to 5.0 % plus the
rate applicable to LIBOR Loans. 
 “PREIT” has the meaning set forth in the introductory paragraph hereof and shall include
PREIT’s successors and permitted assigns. 
 “PREIT-RUBIN” has the meaning set forth in the introductory paragraph
hereof and shall include PREIT-RUBIN’s successors and permitted assigns. 
 “Prime Rate” means, at any time, the rate
of interest per annum publicly announced from time to time by the Lender acting as the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate
occurs. The rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 

“Principal Office” means the office of the Administrative Agent located at 600 South 4th St., 9th Floor, Minneapolis, Minnesota 55415, or any other subsequent office that the Administrative Agent shall have specified by written notice
to the Borrower and the Lenders as the Principal Office referred to herein, to which payments due are to be made and at which Loans will be disbursed. 

“Pro Rata Share” means, as to each Lender, the ratio, expressed as a percentage of (a) the amount of such Lender’s
Term Loan Commitment plus (ii) the amount of such Lender’s outstanding Term Loans to (b) (i) the aggregate amount of the Term Loan Commitments of all Lenders plus (ii) the aggregate amount of all outstanding Term Loans;
provided, however, that if at the time of determination the Term Loan Commitments have terminated or been reduced to zero, the “Pro Rata Share” of each Lender shall be the ratio, expressed as a percentage of (A) the sum of the
unpaid principal amount of all outstanding Loans owing to such Lender as of such date to (B) the sum of the aggregate unpaid principal amount of all outstanding Loans of all Lenders as of such date. If at the time of determination the
Commitments have been terminated or reduced to zero and there are no outstanding Loans, then the Pro Rata Shares of the Lenders shall be determined as of the most recent date on which Commitments were in effect or Loans were outstanding. 

“Protective Advance” means all sums expended as determined by the Administrative Agent to be necessary or appropriate after
the Borrowers fail to do so when required: (a) to protect the validity, enforceability, perfection or priority of the Liens in any of the Collateral and the instruments evidencing the Obligations; (b) to prevent the value of any Collateral
from being materially diminished (assuming the lack of such a payment within the necessary time frame could potentially cause such Collateral to lose material value); or (c) to protect any of the Collateral from being materially damaged,
impaired, mismanaged or taken, including, without limitation, any amounts expended in connection therewith in accordance with Section 10.9. 

  
 17 

 “Qualified Plan” means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code. 
 “Real Estate Sale
Agreements” means (a) that certain Agreement of Purchase and Sale between PR Magnolia LLC, PR Jacksonville Limited Partnership, PR CC Limited Partnership, PR Valley Limited Partnership, PR Valley
Anchor-S LLC, PR Valley Anchor-M Limited Partnership, Moorestown Mall LLC, PR Moorestown Anchor-M, LLC and PR Moorestown Anchor-L&T, LLC, as seller, and Geyser Holdings, LLC, as buyer, dated February 25, 2020, (b) that certain Purchase and Sale Agreement between PR Exton Square Property, L.P., as seller and Hanover R.S.
Limited Partnership, as buyer, dated January 27, 2020, (c) that certain Purchase and Sale Agreement between PR Plymouth Meeting Associates PC, L.P., PR AEKI Plymouth, L.P., PR Plymouth Meeting Limited Partnership, as seller, and Hanover R.S.
Limited Partnership, as buyer, dated February 10, 2020, (d) that certain Purchase and Sale Agreement between PR Springfield Town Center LLC, as seller and Hanover R.S. Limited Partnership, as buyer, dated February 25, 2020, (e) that
certain Real Estate Purchase and Sale Agreement between PR Prince George’s Plaza, LLC, as seller and Avalonbay Communities, Inc., as buyer, dated February 25, 2020, (f) that certain Purchase and Sale Agreement between WG Park, L.P., as
seller, and Bel Canto Asset Growth Fund LLC, as buyer, dated February 25, 2020, (g) that certain Purchase and Sale Agreement between PR Moorestown Anchor – M, LLC and PR Moorestown Anchor – L&T, LLC, as seller, and Briad
Development, LLC, as buyer, dated September 6, 2019, (h) that certain Real Estate Purchase and Sale Agreement between PR Woodland Limited Partnership, a seller, and Development Link, LLC, as buyer, dated January 31, 2019, (i) that certain
Purchase and Sale Agreement between PR Sunrise Outparcel 2 LLC, as seller, and 2020 Equities, LLC, as buyer, dated July 21, 2020, (j) an agreement to be entered into between Cherry Hill Center LLC, as seller, and MCB Acquisition Company, Angelo
Gordon Real Estate Inc., NRP and/or any assignees thereof, as buyer, for certain parcels of the property commonly known as Cherry Hill Mall, Cherry Hill, New Jersey, (k) an agreement to be entered into between Franconia II LLC, as seller, and
Intermountain Management, LLC or its assignee, as buyer, for certain parcels of the property commonly known as Springfield Town Center, Springfield, Virginia, and (l) an agreement to be entered into between Moorestown Mall, LLC, as seller, and
MCB Acquisition Company, Angelo Gordon Real Estate Inc., NRP and/or any assignees thereof, as buyer, for certain parcels of the property commonly known as Moorestown Mall, Moorestown, NJ, as each of the agreements set forth in subsections
(a) through (l) may be amended, supplemented, or assigned from time to time. 
 “Recipient” means (a) the
Administrative Agent, and (b) any Lender. 
 “Register” has the meaning given that term in
Section 11.6(c). 
 “Regulatory Change” means, with respect to any Lender, any change effective
after the Agreement Date (or with respect to any Lender that becomes a party to this Agreement after the Agreement Date, any change effective after the date on which such Lender becomes a party hereto) in Applicable Law (including without
limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable
Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender
with any request or directive regarding capital adequacy. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted or issued. 

  
 18 

 “Replacement Rate” has the meaning given that term in
Section 4.2(b). 
 “Requisite Lenders” means, as of any date, Lenders having more than 66 2/3% of
the aggregate amount of the outstanding Term Loans of all Lenders; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or
more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders. 

“Resolution Authority” means (a) any EEA Resolution Authority or (b) any UK Resolution Authority. 

“Responsible Officer” means with respect to a Borrower or any other Subsidiary, the chief executive officer, president and/or
chief financial officer or treasurer of such Borrower, or the corresponding officer of each such Subsidiary, or if any of the foregoing is a partnership, such officer of its general partner. 

“Restricted Group” means the Parent, each other Borrower, each Guarantor and each of their respective Subsidiaries. 

“Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any Equity
Interest of the Parent or any of its Subsidiaries now or hereafter outstanding, except a dividend payable to holders of Equity Interests solely in the form of Equity Interests of the Parent or any such Subsidiary, as the case may be; (b) any
redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares or similar units of any class of stock or other equity interest of the Parent or any of its
Subsidiaries now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares or similar units of any class of stock or other equity interest of
the Parent or any of its Subsidiaries now or hereafter outstanding. 
 “Second Amendment to Existing Revolving Credit
Agreement” means that certain Second Amendment to Amended and Restated Credit Agreement, dated as of July 27, 2020, by and among PREIT, PREIT-RUBIN, the Parent, the financial institutions party thereto as “Lenders”, Wells
Fargo, as Administrative Agent, and the other parties thereto. 
 “Secured Obligations” means, collectively, the
Obligations. 
 “Secured Parties” means, collectively, the Administrative Agent, the Lenders, each co-agent or sub-agent appointed by the Administrative Agent from time to time, any other holder from time to time of any of any Secured Obligations and, in each case, their
respective successors and permitted assigns. 
 “Securities Act” means the Securities Act of 1933, as amended from time to
time, together with all rules and regulations issued thereunder. 
 “Security Documents” means the collective reference to
the Collateral Agreement, the Mortgages, the Pledge Agreements, the Deposit Account Control Agreements, and each other agreement or writing pursuant to which any Loan Party pledges or grants a security interest in any property or assets securing the
Secured Obligations. 

  
 19 

 “Seventh Amendment to Existing Term Loan Agreement” means that certain
Seventh Amendment to Seven-Year Term Loan Agreement, dated as of July 27, 2020, by and among PREIT, PREIT-RUBIN, the Parent, the financial institutions party thereto as “Lenders”, Wells Fargo, as Administrative Agent, and the other
parties thereto. 
 “Subsidiary” means, for any Person, any corporation, partnership or other entity (other than a
condominium association) of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of
such corporation, partnership or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more
Subsidiaries of such Person. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.2. 

“Term Loan Commitment” means, as to each Lender, such Lender’s obligation to make Term Loans prior to the Term Loan
Maturity Date pursuant to Section 2.2, in an amount up to, but not exceeding the amount set forth for such Lender on Schedule I as such Lender’s “Term Loan Commitment Amount”, as the
same may be reduced from time to time pursuant to Section 2.16. 
 “Term Loan Commitment
Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (i) the aggregate unpaid principal amount of such Lender’s Term Loans to (ii) the aggregate unpaid principal amount of all Term Loans. 

“Term Loan Maturity Date” means the date that is the earlier of (a) September 30, 2020, or (b) the date the
Obligations have been accelerated in accordance with the terms herein. 
 “Term Loan Specified Event of Default” means,
without limiting the rights and remedies of the Lenders with respect to any Event of Default hereunder or under any of the other Loan Documents, any Loan Party asserts, challenges or initiates a suit or action, (a) contesting or seeking to
invalidate the payment or lien priority of the Term Loans as set forth herein, or (b) asserting that any other Indebtedness or Lien is senior in right of payment or lien priority to the Term Loans, or such payment or lien priority of the Term
Loans is held to be junior to any other Indebtedness (in each case, other than any such Indebtedness incurred in the amount of and solely to finance the purchase or lease of any asset and secured by a Lien solely on such asset to the extent
permitted hereunder). 
 “Term Note” has the meaning given that term in Section 2.13(a). 

“Type” with respect to Loan, or any portion thereof, refers to whether such Loan or portion is a LIBOR Loan or a Base Rate
Loan. 
 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

  
 20 

 “UK Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK Financial Institution. 
 “U.S. Person” means
any Person that is a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code. 
 “U.S.
Tax Compliance Certificate” has the meaning assigned to such term in Section 3.10(g)(ii)(B)(III). 

“Variance Report Date” has the meaning assigned to such term in Section 7.3(a)(iii). 

“Variance Testing Period” means the rolling four-week calendar period up to and through the Friday of the week most recently
ended prior to the applicable Variance Report Date (provided that, the first Variance Testing Period shall include the entire period from the first Saturday after the Effective Date through the Friday of the week most recently ended prior to the
applicable Variance Report Date). 
 “Wells Fargo” means Wells Fargo Bank, National Association, and its successors and
permitted assigns. 
 “Withdrawal Liability” means any liability as a result of a complete or partial withdrawal from a
Multiemployer Plan as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding
Agent” means (a) the Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 Section 1.2. General;
References to Times. 
 Unless otherwise indicated (other than in the definition of the term “GAAP”), all accounting
terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect as of May 24, 2018. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other financial accounting standard promulgated by the
Financial Accounting Standards Board having a similar result or effect) to value any Indebtedness or other liabilities of the Parent, any other Borrower or any other Subsidiary at “fair value”, as defined therein. References in this
Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document,

  
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instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include, unless otherwise indicated, all documents, instruments or agreements
issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean, unless otherwise indicated, such document, instrument or agreement, or replacement thereto, as amended, supplemented, restated or otherwise modified
from time to time to the extent permitted hereby and in effect at any given time. References in this Agreement to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any
reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. Wherever from the context it appears appropriate, each term stated in either the singular
or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to
“Subsidiary” means a Subsidiary of the Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Parent. Titles and captions of Articles, Sections, subsections and
clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Central time. Certifications as to the matters contained in any
certificate delivered by an officer of a Borrower to any or all of the Administrative Agent and the Lenders under the terms of this Agreement or any other Loan Document are made in such officer’s capacity as an officer of such Borrower and not
in such officer’s individual capacity. 
 Section 1.3. Rates. 

The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to the rates in the definition of “LIBOR”. 
 Section 1.4. Incorporation by Reference. 

To the extent that any term or provision of the Existing Revolving Credit Agreement is incorporated by reference into this Agreement
(a) each such reference shall be based on the Existing Revolving Credit Agreement as in effect on the date hereof without giving effect to any amendment, waiver, supplement or other modification thereto made after the date hereof unless such
amendment, waiver, supplement or other modification is consented or agreed to in writing by the Requisite Lenders or all of the Lenders, as applicable, and (b) any reference within such term or provision to “Administrative Agent”,
“Lender”, “Loans”, “Borrower”, “Guarantor” or other similar defined terms shall be deemed to mean each such defined term as set forth in this Agreement as the context requires. Notwithstanding the foregoing,
in the event that any term or provision of the Existing Revolving Credit Agreement that is incorporated herein by reference conflicts with any express term set forth in this Agreement or any other Loan Document, the express terms of this Agreement
or the other Loan Documents, as applicable, shall govern and control. 
 Section 1.5. Divisions. 

For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time. 

  
 22 

 ARTICLE II. CREDIT FACILITIES 

Section 2.1. [Reserved]. 
 Section 2.2. Term
Loans. 
 (a) Making of Term Loans. 

(i) Borrowings Generally. Subject to the terms and conditions hereof, each Lender severally and not jointly agrees to
make Term Loans denominated in Dollars to the Borrower during the period from and including the Effective Date to but excluding the Term Loan Maturity Date, in the aggregate principal amount of up to, but not exceeding, such Lender’s Term Loan
Commitment. Subject to subsection (ii) and (iii) below, each borrowing of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof. Upon a Lender’s funding of a Loan, such
Lender’s Commitment shall be permanently reduced by the principal amount of such Loan. On the Term Loan Maturity Date, unless previously terminated, the Commitment of each Lender shall terminate. Any Loan or portion of a Loan made under this
Section and repaid or prepaid may not be re-borrowed. 
 (ii) Initial
Borrowing. The first borrowing of Loans (the “Initial Borrowing”) shall be in an amount equal to the Initial Borrowing Amount. 

(iii) Subsequent Borrowings. After the Initial Borrowing, each subsequent borrowing of Loans will be in an aggregate
principal amount not to exceed (A) the sum of the aggregate Budgeted Disbursement Amounts plus the aggregate Budgeted Restructuring Related Amounts plus the aggregate amount set forth across from the line-item in the Loan Budget then in effect
titled “Total Debt Service,” in each case for the week following the proposed borrowing date in accordance with the Loan Budget then in effect multiplied by (B) 120% (or, in the case of this subclause (B), such larger amount as is
otherwise approved by the Administrative Agent). Notwithstanding the foregoing, the Borrower shall only be permitted to draw when Borrower’s unrestricted cash and cash equivalents is equal to or less than $12,500,000. 

(b) Requests for Term Loans. Not later than 11:00 a.m. Central time at least 3 Business Days prior to the anticipated borrowing
date, the Borrower shall give the Administrative Agent notice requesting that the Lenders make the Term Loans on the proposed borrowing date and specifying the aggregate principal amount of Term Loans to be borrowed, the Type of the Term Loans, if
such Term Loans are to be LIBOR Loans, the initial Interest Period for the Term Loans and the date of such borrowing, which shall be a Business Day. Such notice shall be irrevocable once given and binding on the Borrower. Upon receipt of such notice
the Administrative Agent shall promptly notify each Lender. 
 (c) Funding of Term Loans. Each Lender shall deposit an amount equal
to the Term Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds, not later than 11:00 a.m. Central time on the proposed borrowing date. Subject to fulfillment of all
applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified by the Borrower in the Disbursement Instruction Agreement, not later than 2:00 p.m. Central time on the proposed borrowing
date, the proceeds of such amounts received by the Administrative Agent. The Borrower may not reborrow any portion of the Term Loans once repaid. 

  
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 Section 2.3. Mandatory Principal Repayments. 

At any time that the Borrower, any Guarantor, any Subsidiary thereof or any unconsolidated joint venture thereof (to the extent that the
Borrower or Guarantor has the ability to require a distribution from such joint venture of its portion of such Net Cash Proceeds) receives Net Cash Proceeds from any Capital Event, in addition to any required monthly amortization payments, the
Borrower shall prepay the Term Loans under this Agreement in an amount equal to 100% of such Net Cash Proceeds (or with respect to any such joint venture, the portion of such Net Cash Proceeds distributed to the Borrower or any Guarantor), within
three (3) Business Days of the Borrower’s, such Guarantor’s, such Subsidiary’s or such joint venture’s receipt of such Net Cash Proceeds. 

Section 2.4. [Reserved]. 
 Section 2.5.
[Reserved]. 
 Section 2.6. Rates and Payment of Interest on Loans. 

(a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal
amount of each Loan made by such Lender, for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: 

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the
Applicable Margin; and 
 (ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the Interest
Period therefor (from the first day to, but excluding, the last day of such Interest Period), plus the Applicable Margin. 
 Notwithstanding the foregoing,
during the continuance of an Event of Default the Borrower shall pay to the Administrative Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of each Loan made by such Lender and on any other
amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable in cash
(i) monthly in arrears on the 10th day of each month, commencing on August 11, 2020 and (ii) on any date on which the principal balance of such Loan is due and payable in full
(whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and
binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 Section 2.7. Number of Interest Periods. 

There may be no more than five (5) different Interest Periods for LIBOR Loans outstanding at the same time. 

  
 24 

 Section 2.8. Repayment of Loans. 

The Borrower promises to repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Term Loans on the Term
Loan Maturity Date. 
 Section 2.9. Late Charges. 

If any payment required by the Borrower under this Agreement is not paid within 10 days after it becomes due and payable, the Requisite Lenders
may, by notice to the Borrower, require that the Borrower pay a late charge for late payment to compensate the Lenders for the loss of use of funds and for the expenses of handling the delinquent payment, in an amount not to exceed four percent
(4.0%) of such delinquent payment. Such late charge shall be paid in any event not later than the due date of the next subsequent installment of principal and/or interest. In the event the maturity of the Obligations hereunder occurs or is
accelerated pursuant to Section 9.2, this Section shall apply only to payments overdue prior to the time of such acceleration. This Section shall not be deemed to be a waiver of the Lenders’ right to accelerate payment
of any of the Obligations as permitted under the terms of this Agreement. 
 Section 2.10. Optional Prepayments. 

Subject to Section 4.4, the Borrower may prepay any Loan, in whole or part, at any time without premium or penalty.
The Borrower shall give the Administrative Agent at least 3 Business Days prior written notice of the prepayment of any Loan. Each voluntary prepayment of Loans by the Borrower shall be in an aggregate minimum amount of $1,000,000 and integral
multiples of $100,000 in excess thereof. 
 Section 2.11. Continuation. 

So long as no Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan
or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan or any portion thereof. Each Continuation of LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess
of that amount. Each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative
Agent a Notice of Continuation not later than 11:00 a.m. (Central time) on the third Business Day prior to the date of any such Continuation. Such notice of a Continuation shall be by telephone (confirmed immediately in writing), telecopy,
electronic mail or other similar form of communication, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loan and portion
thereof subject to such Continuation, and (c) the duration of the selected Interest Period, all of which of the foregoing (a), (b) and (c) shall be specified in such manner as is necessary to comply with all limitations on Loans
outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender by telecopy, or other similar
form of transmission of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan owing by it in accordance with this Section, such Loan will automatically, on the last day of the
current Interest Period therefor, Continue as a LIBOR Loan having an Interest Period of one month; provided, however, that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest
Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.12 or the Borrower’s failure to comply with any terms of this Section. 

  
 25 

 Section 2.12. Conversion. 

So long as no Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the
Administrative Agent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each
Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 11:00 a.m. (Central
time) one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three Business Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative
Agent shall notify each Lender by telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing), telecopy,
electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be
Converted, (d) the Type of Loan such Loan is to be Converted into, and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding
on the Borrower once given. 
 Section 2.13. Notes. 

(a) Notes. Except in the case of a Lender that has notified the Administrative Agent in writing that it elects not to receive a Term
Loan Note, the Term Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note substantially in the form of Exhibit G (each a “Term Loan Note”), payable to the
order of such Lender in a principal amount equal to the amount of its Term Loan Commitment, as applicable, as originally in effect and otherwise duly completed. 

(b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to
the Borrower and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided, however, that (i) the failure
of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents to which it is a party and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts
maintained by the Administrative Agent pursuant to Section 3.8, in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8 shall be
controlling. 
 (c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender
that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower or (B) in
the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 

Section 2.14. [Reserved]. 
 Section 2.15.
[Reserved]. 

  
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 Section 2.16. Voluntary Reduction of the Term Loan Commitments. 

The Borrower may terminate or reduce the amount of the Term Loan Commitments at any time and from time to time without penalty or premium upon
not less than 5 Business Days prior written notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial
reduction of the Term Loan Commitments shall not be less than $5,000,000 and integral multiples of $1,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only upon receipt by the Administrative Agent
(such notice, a “Commitment Reduction Notice”); provided, however, that if the Borrower seeks to reduce the aggregate amount of the Term Loan Commitments below $5,000,000 then, unless the Administrative Agent and all of the Lenders have
previously agreed in writing, the Term Loan Commitments shall be reduced to zero. Promptly after receipt of a Commitment Reduction Notice, the Administrative Agent shall notify each Lender of the proposed termination or Term Loan Commitment
reduction. The Term Loan Commitments, once reduced or terminated pursuant to this Section, may not be increased. The Borrower shall pay all interest and fees, on the Term Loans accrued to the date of such reduction or termination of the Term Loan
Commitments to the Administrative Agent for the account of the Lenders, including but not limited to any applicable compensation due to each Lender in accordance with Section 4.4. 

Section 2.17. Joint and Several Liability of the Borrower. 

(a) The obligations of each Borrower hereunder and under the other Loan Documents to which any Borrower is a party shall be joint and several,
and accordingly, each Borrower confirms that it is liable for the full amount of the Obligations, regardless of whether incurred by such Borrower or another Borrower. 

(b) Each Borrower represents and warrants to the Administrative Agent and the Lenders that each Borrower, though separate legal entities, are
mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Lenders through their collective efforts. 

(c) Neither the Administrative Agent nor any Lender shall be obligated or required before enforcing any Loan Document against a Borrower:
(a) to pursue any right or remedy any of them may have against any other Borrower, any Guarantor or any other Person or commence any suit or other proceeding against any other Borrower, any Guarantor or any other Person in any court or other
tribunal; (b) to make any claim in a liquidation or bankruptcy of any other Borrower, any Guarantor or any other Person; or (c) to make demand of any other Borrower, any Guarantor or any other Person or to enforce or seek to enforce or
realize upon any collateral security held by the Administrative Agent or any Lender which may secure any of the Obligations. 
 (d) It is
the intent of each Borrower, the Administrative Agent and the Lenders that in any proceeding of the types described in Section 9.1(e) or Section 9.1(f), a Borrower’s maximum obligation
hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Borrower hereunder to be avoidable or unenforceable against such Borrower in such proceeding as a result of Applicable Law, including
without limitation, (i) Section 548 of the Bankruptcy Code, as amended and (ii) any state fraudulent transfer or fraudulent conveyance act or statute applied in such proceeding, whether by virtue of Section 544 of the Bankruptcy
Code, as amended, or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Borrower hereunder shall be determined in any such proceeding are referred to as the “Avoidance
Provisions”. Accordingly, to the extent that the obligations of a Borrower hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Obligations for which such Borrower shall be liable hereunder shall be
reduced to that amount which, as of the time any of the Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such 

  
 27 

 
Borrower hereunder, to be subject to avoidance under the Avoidance Provisions. This subsection is intended solely to preserve the rights of the Administrative Agent and the Lenders hereunder to
the maximum extent that would not cause the obligations of a Borrower hereunder to be subject to avoidance under the Avoidance Provisions, and no Borrower or any other Person shall have any right or claim under this Section that would not otherwise
be available to such Person under the Avoidance Provisions. 
 (e) To the extent that a Borrower shall be required hereunder to pay any
portion of the Obligations exceeding the greater of (a) the amount of the value actually received by such Borrower and its Subsidiaries from the Loans and other Obligations and (b) the amount such Borrower would otherwise have paid if such
Borrower had paid the aggregate amount of Obligations in the same proportion as such Borrower’s net worth on the date enforcement is sought hereunder bears to the aggregate net worth of the Borrower on such date, then such Borrower shall be
reimbursed by each other Borrower for the amount of such excess. 
 (f) Each Borrower assumes all responsibility for being and keeping
itself informed of the financial condition of each other Borrower, and of all other circumstances bearing upon the risk of nonpayment of any of the Obligations and the nature, scope and extent of the risks that such Borrower assumes and incurs
hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty whatsoever to advise any Borrower of information regarding such circumstances or risks. 

Section 2.18. Actions of the Borrower. 

Each Borrower hereby appoints each other Borrower to act as its agent for all purposes under the Loan Documents (including, without limitation,
with respect to all matters related to the borrowing and repayment of Loans). Each Borrower acknowledges and agrees that (i) one Borrower may execute such documents as such Borrower deems appropriate in its sole discretion, and with respect to
any such document executed by only one Borrower, each Borrower shall be bound by and obligated by all of the terms of any such document, (ii) any notice or other communication delivered by the Administrative Agent or any Lender hereunder to any
Borrower shall be deemed to have been delivered to each Borrower and (iii) the Administrative Agent and the Lenders shall accept (and shall be permitted to rely on) any document or agreement executed by each Borrower or any Borrower
individually. Each Borrower agrees that any action taken by one Borrower without the consent of, or notice to, any other Borrower shall not release or discharge any Borrower from its obligations hereunder. 

Section 2.19. [Reserved]. 
 Section 2.20.
Funds Transfer Disbursements. 
 The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the
Lenders pursuant to the Loan Documents as requested by an authorized representative of PREIT to any of the accounts designated in the Disbursement Instruction Agreement. 

ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL
PROVISIONS 
 Section 3.1. Payments. 

(a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest and other amounts to be
made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office, not later than
1:00 p.m. Central time on the date on which such payment shall become due (each such payment made after such time on such 

  
 28 

 
due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 9.5, the Borrower shall, at the time of making each payment under this
Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account of a Lender under this
Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for the account of such Lender at
the applicable Lending Office of such Lender. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day
and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 
 (b)
Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due from the Borrower to the Administrative Agent for the account of the
Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such
assumption, distribute to the applicable Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent on demand that amount so distributed to
such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 
 Section 3.2. Pro Rata Treatment. 

Except to the extent otherwise provided herein: (a) each termination or reduction of the amount of the Term Loan Commitments under
Section 2.16 shall be applied to the respective Term Loan Commitments of the Lenders, pro rata according to the amounts of their respective Term Loan Commitments; (b) the making of Term Loans under
Section 2.2(a) shall be made from the Lenders, pro rata according to the amounts of their respective Term Loan Commitments; (c) each payment or prepayment of principal of Term Loans shall be made for the account of the
Lenders pro rata in accordance with the respective unpaid principal amounts of the Term Loans held by them; (d) each payment of interest on Term Loans shall be made for the account of the Lenders pro rata in accordance with the amounts of
interest on such Term Loans then due and payable to the respective Lenders; and (e) the Conversion or Continuation of Term Loans of a particular Type (other than Conversions provided for by Section 4.5) shall be made
pro rata among the Lenders according to the amounts of their respective Term Loans and the then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous. Any payment or prepayment of principal or
interest made during the existence of an Event of Default shall be made for the account of the Lenders in accordance with the order set forth in Section 9.5. 

Section 3.3. Sharing of Payments, Etc. 

If a Lender shall obtain payment of any principal of, or interest on, any Loan under this Agreement or shall obtain payment on any other
Obligation owing by any Loan Party through the exercise of any right of set-off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other
payments made by the Borrower or any other Loan Party to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 3.2 or
Section 9.5, such Lender shall promptly purchase from such other Lenders participations in (or, if and to the extent specified by such Lender, 

  
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direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable,
to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of
Section 3.2 or Section 9.5, as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is
rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of
set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained
herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 

Section 3.4. Several Obligations. 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by
such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other
obligation to be made or performed by such other Lender. 
 Section 3.5. Fees. 

(a) Loan Fees. On the Effective Date, the Borrower agrees to pay to the Administrative Agent all loan fees as have been agreed to in
writing by the Borrower and the Administrative Agent and as have been agreed to in writing by the Borrower and any Lender. 
 (b) Ticking
Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a ticking fee, which shall accrue 0.50% per annum on the daily amount of the remaining Term Loan Commitments during the period (i) commencing on the
Effective Date (after giving effect to the initial Loans hereunder) and (ii) ending on the Term Loan Maturity Date (the date in this clause (ii) being referred to as the “Ticking Fee End Date”). Accrued and unpaid ticking
fees shall be payable on the Ticking Fee End Date. 
 (c) Other Fees. The Borrower agrees to pay the administrative and other fees of
the Administrative Agent as may be agreed to in writing from time to time by the Borrower and the Administrative Agent. 
 Section 3.6.
Computations. 
 Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or other Obligations due
hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed. 
 Section 3.7. Usury. 

In no event shall the amount of interest due or payable on the Loans or the other Obligations exceed the maximum rate of interest allowed by
Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing
that the Borrower 

  
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elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and that the Lenders not receive, directly or indirectly, in any
manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this
Agreement is and shall be the interest specifically described in Section 2.6(a)(i) and Section 2.6(a)(ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all
agency fees, syndication fees, loan fees, letter of credit fees, facility fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and
expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative
services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and under no circumstances shall be deemed to be charges for the use of money. Unless
otherwise expressly provided herein, all fees and all charges, other than charges for the use of money, shall be fully earned and nonrefundable when due. 

Section 3.8. Statements of Account. 

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made
pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of
accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
 Section 3.9. Defaulting Lenders. 

Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such
Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a) Waivers and Amendments. Such Defaulting
Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders and in Section 11.7. 

(b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 11.4 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; fourth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this subsection shall be deemed paid to and redirected by
such Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (c) Certain Fees. No Defaulting Lender shall be entitled to receive any Fee payable
under Section 3.5(b) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender). 
 (d) Purchase of Defaulting Lender’s Commitment. During any period that a Lender is a Defaulting Lender, the Borrower
may, by the Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Commitment and Loans to an Eligible Assignee subject to and in accordance
with the provisions of Section 11.6(b). No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting
Lender may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or a portion of such Defaulting Lender’s Commitment and Loans via an assignment subject to and in accordance with the provisions of
Section 11.6(b). In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Assumption
Agreement and, notwithstanding Section 11.6(b), shall pay to the Administrative Agent an assignment fee in the amount of $7,500. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s
sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders and shall not constitute a waiver or release of any claim against a Defaulting Lender. 

(e) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion
of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with their respective Term Loan Commitment
Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender;
and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender. 
 Section 3.10. Taxes. 

(a) Defined Terms. For purposes of this Section, the term “Applicable Law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any other Loan Party under any
Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or
withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or other applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (c) Payment of Other Taxes by the Borrower. The Borrower and the other Loan Parties
shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient,
within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to
be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within
10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Borrower and the other Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.6 relating to the maintenance of a
Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender
from any other source against any amount due to the Administrative Agent under this subsection. The provisions of this subsection shall continue to inure to the benefit of an Administrative Agent following its resignation or removal as
Administrative Agent. 
 (f) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower or any other
Loan Party to a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such

  
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Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in the immediately following clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person: 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), whichever of the following is applicable: 
 (I) in the case of a Foreign Lender claiming the
benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed
IRS Form W-8BEN, or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(II) an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI; 
 (III) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of
IRS Form W-8BEN or W-8BEN-E, as applicable,; or 

  
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 (IV) to the extent a Foreign Lender is not the beneficial owner, an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner,
as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax,
duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this 

  
 35 

 
subsection (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (i) Survival. Each
party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document. 
 ARTICLE IV. YIELD PROTECTION,
ETC. 
 Section 4.1. Additional Costs; Capital Adequacy. 

(a) Capital Adequacy. If any Lender reasonably determines that any Regulatory Change, compliance with any law or regulation or with any
guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required or expected to be maintained by such Lender, or any corporation
controlling such Lender, as a consequence of, or with reference to, such Lender’s Commitment or its making or maintaining Loans below the rate which such Lender or such corporation controlling such Lender could have achieved but for such
compliance (taking into account the policies of such Lender or such corporation with regard to capital adequacy or liquidity), then the Borrower shall, from time to time, within thirty (30) calendar days after written demand by such Lender, pay
to such Lender additional amounts sufficient to compensate such Lender or such corporation controlling such Lender to the extent that such Lender determines such increase in capital is allocable to such Lender’s obligations hereunder. 

(b) Additional Costs. In addition to, and not in limitation of the immediately preceding clause (a), the Borrower shall promptly pay to
the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may reasonably determine to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are
attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such
LIBOR Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitment (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting
from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or its Commitment (other than
(A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes), or (ii) imposes or modifies any reserve, special deposit or similar requirements
(excluding Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to which the
interest rate on LIBOR Loans is determined) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent
corporation), or any commitment of such Lender (including without limitation, the Commitment of such Lender hereunder) or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such
Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy). 

  
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 (c) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the
provisions of the immediately preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of
deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes
LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation
of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.5 shall apply).

 Section 4.2. Suspension of LIBOR Loans; Alternative Rate of Interest. 

(a) Anything herein to the contrary notwithstanding and unless and until a Replacement Rate is implemented in accordance with clause
(b) below, if, on or prior to the determination of LIBOR for any Interest Period: 
 (i) the Administrative Agent shall
reasonably determine (which determination shall be conclusive absent manifest error) that reasonable and adequate means do not exist for ascertaining LIBOR for such Interest Period; 

(ii) the Administrative Agent reasonably determines (which determination shall be conclusive, absent manifest error) that
quotations of interest rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided
herein or is otherwise unable to determine LIBOR, or 
 (iii) the Administrative Agent reasonably determines (which
determination shall be conclusive) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to adequately
cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period; 
 then the Administrative Agent shall give the Borrower and
each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional or maintain LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the
Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 

(b) Notwithstanding anything to the contrary in Section 4.2(a) above, if the Administrative Agent has made the
determination (such determination to be conclusive absent manifest error) that (i) the circumstances described in Section 4.2(a)(i) or Section 4.2(a)(ii) have arisen and that such
circumstances are unlikely to be temporary, (ii) any applicable interest rate specified herein is no longer a widely recognized benchmark rate for newly originated loans in the U.S. syndicated loan market in the applicable currency or
(iii) the applicable supervisor or administrator (if any) of any applicable interest rate specified herein or any Governmental Authority having, or purporting to have, jurisdiction over the Administrative

  
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Agent has made a public statement identifying a specific date after which any applicable interest rate specified herein shall no longer be used for determining interest rates for loans in the
U.S. syndicated loan market in the applicable currency, then the Administrative Agent may, to the extent practicable (in consultation with the Borrower and as determined by the Administrative Agent to be generally in accordance with similar
situations in other transactions in which it is serving as administrative agent or otherwise consistent with market practice generally), establish a replacement interest rate (the “Replacement Rate”), in which case, the Replacement Rate
shall, subject to the next two sentences, replace such applicable interest rate for all purposes under the Loan Documents unless and until (A) an event described in Section 4.2(a)(i),
Section 4.2(a)(ii), Section 4.2(b)(i), Section 4.2(b)(ii) or Section 4.2(b)(iii) occurs with respect to the Replacement Rate or (B) the
Administrative Agent (or the Requisite Lenders through the Administrative Agent) notifies the Borrower that the Replacement Rate does not adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement
Rate, and in which case, the provisions of the last paragraph of Section 4.2(a) shall apply to any Loans accruing interest at the Replacement Rate in the same manner as would apply to LIBOR Loans affected by the same
circumstances. In connection with the establishment and application of the Replacement Rate, this Agreement and the other Loan Documents shall be amended solely with the consent of the Administrative Agent and the Borrower, as may be necessary or
appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 4.2(b). Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including, without
limitation, Section 11.7), such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five
(5) Business Days of the delivery of such amendment to the Lenders, written notices from such Lenders that in the aggregate constitute Requisite Lenders, with each such notice stating that such Lender objects to such amendment (which such
notice shall note with specificity the particular provisions of the amendment to which such Lender objects). To the extent the Replacement Rate is approved by the Administrative Agent in connection with this clause (b), the Replacement Rate shall be
applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such Replacement Rate shall be applied as otherwise reasonably
determined by the Administrative Agent (it being understood that any such modification by the Administrative Agent shall not require the consent of, or consultation with, any of the Lenders). 

Section 4.3. Illegality. 

Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that
it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation
to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of Section 4.5 shall be
applicable). 
 Section 4.4. Compensation. 

The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of such Lender through the Administrative
Agent, such amount or amounts as shall be sufficient to compensate such Lender for any loss, cost or expense that such Lender reasonably determines is attributable to: 

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such
Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 

  
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 (b) any failure by the Borrower for any reason (including, without
limitation, the failure of any of the applicable conditions precedent specified in Article V. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue
a LIBOR Loan on the requested date of such Conversion or Continuation. 
 Not in limitation of the foregoing, such compensation shall include, without
limitation; in the case of a LIBOR Loan, an amount equal to the then present value of (i) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less
(ii) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or
Continue such LIBOR Loan, as applicable, calculating present value by using as a discount rate LIBOR quoted on such date plus the Applicable Rate. Upon the Borrower’s request (made through the Administrative Agent), any Lender seeking
compensation under this Section shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error.

 Section 4.5. Treatment of Affected Loans. 

If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant
to Section 4.1(c) or Section 4.3 then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans
(or, in the case of a Conversion required by Section 4.1(c) or Section 4.3 on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy
to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 4.1(c) or
Section 4.3 that gave rise to such Conversion no longer exist: 
 (a) to the extent that such
Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 

(b) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as
Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
 If such
Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 4.1(c) or
Section 4.3 that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such
circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such
outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with
the respective unpaid principal amount of the Loans held by each of the Lenders. 

  
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 Section 4.6. Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.10 or Section 4.1, and the
Requisite Lenders are not also doing the same, (b) the obligation of a Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into LIBOR Loans shall be suspended pursuant to Section 4.1(c) or
Section 4.3 but the obligation of the Requisite Lenders shall not have been suspended under such Sections, or (c) a Lender is a Non-Consenting Lender, then, so long as there does
not then exist any Default or Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitments and all of its outstanding Loans to an
Eligible Assignee subject to and in accordance with the provisions of Section 11.6(b) for a purchase price equal to the aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid
interest thereon and accrued but unpaid fees and other amounts owing to the Affected Lender under the Loan Documents. Each of the Administrative Agent, the Borrower and the Affected Lender shall reasonably cooperate in effectuating the replacement
of such Affected Lender under this Section, but at no time shall the Administrative Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee.
The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section
shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to Section 3.10 or Section 4.1. No assignment resulting
from a Lender being a Non-Consenting Lender shall be permitted unless the applicable assignee Lender shall have consented to the applicable amendment, waiver or consent. 

Section 4.7. Assumptions Concerning Funding of LIBOR Loans. 

Calculation of all amounts payable to a Lender under this Article IV shall be made as though such Lender had actually
funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest
Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article IV.

 Section 4.8. Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts to designate an alternate Lending Office with respect to any of its Loans affected by
the matters or circumstances described in Section 3.10, Section 4.1 or Section 4.3 to reduce the liability of the Borrower or avoid the results provided thereunder, so
long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 

  
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 ARTICLE V. CONDITIONS PRECEDENT 

Section 5.1. Initial Conditions Precedent. 

The effectiveness of this Agreement and the obligation of the Administrative Agent and the Lenders to effect or permit the occurrence of the
first Credit Event hereunder are subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative
Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 
 (i)
counterparts of this Agreement executed by each of the parties hereto; 
 (ii) Term Notes executed by the Borrower, payable
to each applicable Lender (excluding any Lender that has requested that it not receive a Note) and complying with the terms of Section 2.13; 

(iii) the Guaranty executed by each of the Guarantors initially to be a party thereto; 

(iv) counterparts of the Security Documents executed (and acknowledged, if applicable) by each of the parties thereto; 

(v) [Reserved]; 

(vi) an opinion of counsel to the Borrower and the other Loan Parties addressed to the Administrative Agent and the Lenders and
covering such matters as the Administrative Agent may reasonably request; 
 (vii) a certificate of incumbency signed by the
Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party,
and in the case of the Borrower, the officers of the Borrower then authorized to execute and deliver (or make by telephone in the case of Notices of Conversion or Continuation) on behalf of the Borrower Notices of Borrowing, Notices of Conversion
and Notices of Continuation; 
 (viii) the certificate or articles of incorporation, articles of organization, certificate of
limited partnership, declaration of trust or other comparable organizational instrument (if any) of the Borrower and each other Loan Party, certified as of a recent date by the Secretary of State of the State of formation of the Borrower and each
such Loan Party; provided that, to the extent any of the foregoing organizational documents for any Guarantor have not been amended or modified from those previously delivered to the Administrative Agent, an officer’s certificate from the
applicable Guarantor certifying the absence of changes to such previously delivered organizational documents may be delivered in place of such certified copy; 

(ix) a Certificate of Good Standing or certificate of similar meaning with respect to the Borrower, each other Loan Party and
each Subsidiary party to a Mortgage or the Pledge Agreement (and in the case of a Loan Party or Subsidiary that is a limited partnership, the general partner of such Loan Party) issued as of a recent date by the Secretary of State of the state of
formation of each such Person and certificates of qualification to transact business or other comparable certificates issued by each Secretary of State (and any state department of taxation, as applicable) of each state in which any such Mortgaged
Property is located, if different from the state of formation of such Person; 

  
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 (x) copies certified by the Secretary or Assistant Secretary (or other
individual performing similar functions) of the Borrower and each other Loan Party of the by-laws of such Person, if a corporation, the operating agreement, if a limited liability company, the partnership
agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity; provided that, to the extent any of the foregoing organizational documents for any Guarantor have not been amended or
modified from those previously delivered to the Administrative Agent, an officer’s certificate from the applicable Guarantor certifying the absence of changes to such previously delivered organizational documents may be delivered in place of
such certified copy; 
 (xi) copies certified by the Secretary or Assistant Secretary (or other individual performing similar
functions) of the Borrower, each other Loan Party of all corporate, partnership, member or other necessary action taken by each such Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 

(xii) the Disbursement Instruction Agreement executed by the Borrower effective as of the Agreement Date; 

(xiii) the Initial Loan Budget; 

(xiv) evidence satisfactory to the Administrative Agent that the Fees then due and payable under
Section 3.5, together with all other fees, expenses and reimbursement (including, without limitation, all fees, charges and disbursements of counsel to the Administrative Agent, and the fees and expenses of any local
counsel, appraisers, consultants and other advisors) amounts then due and payable to the Administrative Agent and any of the Lenders for which payment has been demanded, have been paid; 

(xv) such other documents and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may
reasonably request; 
 (b) No litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be
pending or threatened which could reasonably be expected to (i) have a Material Adverse Effect or (ii) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of any Loan
Party to fulfill its obligations under the Loan Documents to which it is a party; 
 (c) The Borrower and the other Loan Parties shall have
received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under or violation of
(i) any Applicable Law or (ii) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the
receipt, making or giving of which, or the failure to make, give or receive which, would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise
materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; and 

  
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 (d) The Borrower and each other Loan Party shall have provided (i) all information
requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act and (ii) any Borrower that
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Borrower to the Administrative Agent and each Lender. 

(e) [Reserved]. 
 (f) With
respect to any personal property owned, the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 

(i) (A) if certificated, original stock certificates or other certificates evidencing the certificated Equity Interests pledged
pursuant to the Security Documents, together with an undated stock power for each such certificate duly executed in blank by the registered owner thereof and (B) each original promissory note pledged pursuant to the Security Documents together
with an undated allonge for each such promissory note duly executed in blank by the holder thereof; 
 (ii) the results of a
Lien search made against the Loan Parties under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect
security interests in all assets of such Loan Party, indicating among other things that the assets of each such Loan Party are free and clear of any Lien (except for Permitted Liens); 

(iii) evidence of property, business interruption and liability insurance covering each Loan Party (with appropriate
endorsements naming the Administrative Agent as lender’s loss payee (and mortgagee, as applicable) on all policies for property hazard insurance and as additional insured on all policies for liability insurance), and if requested by the
Administrative Agent, copies of such insurance policies; 
 (iv) duly executed counterparts of Deposit Account Control
Agreements with respect to each deposit account required to be subject to a control agreement pursuant to the Collateral Agreement; and 

(v) UCC-1 Financing Statements filed (or to be filed concurrently with the closing of
the initial Loan hereunder) naming each Subsidiary party to a Security Document as debtor and appropriate for filing in the applicable jurisdiction of formation of such Subsidiary, as required or authorized by the applicable Security Document. 

(g) With respect to each Mortgaged Property, the Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent: 
 (i) A Mortgage with respect to each such Mortgaged Property duly executed and delivered by the
record owner of such real property (together with UCC fixture filings if requested by the Administrative Agent), which Mortgage shall have been submitted for recordation in the real property records of the county in which such Mortgaged Property
lies; 
 (ii) a policy or policies of title insurance (or a commitment on behalf of the title insurance company to issue its
title policy as of the Effective Date in the form of a pro forma policy approved by the Administrative Agent) in the amount equal to the allocated loan amount 

  
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of such real property and fixtures issued by Stewart Title Guaranty Company (the “Title Company”) insuring the Lien of each such Mortgage as a first priority Lien on the real
property described therein, free of any other Liens except for Permitted Liens, together with such customary endorsements as the Administrative Agent may reasonably request to the extent available in the applicable jurisdiction at commercially
reasonable rates and available based upon the existing survey and zoning reports for such Mortgaged Property, together with evidence reasonably satisfactory to the Administrative Agent of payment of all expenses and premiums of the Title Company and
all other sums required in connection with the issuance of each title policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Mortgages in the appropriate real estate
records; 
 (iii) (A) a completed
“Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each such real property location in the United States
(together with a notice about special flood hazard area status and flood disaster assistance, which, if applicable, shall be duly executed by the applicable Loan Party relating to such real property) and (B) if any such real property is located
in an area determined by the Federal Emergency Management Agency to have special flood hazards, evidence of such flood insurance as may be required under Applicable Law, including Regulation H of the FRB and the other Flood Insurance Laws and as
required under Section 7.6 of the Existing Revolving Credit Agreement; 
 (iv) customary legal
opinions in form and substance reasonably satisfactory to the Administrative Agent with respect to the mortgagor of such Mortgage and the enforceability and perfection of the applicable Mortgage and such other matters as the Administrative Agent
shall reasonably require; 
 (v) owner’s title affidavits in reasonable form if necessary to induce the Title Company to
issue the title policies and endorsements contemplated above; and 
 (vi) an opinion of counsel with respect to the
enforceability of each Mortgage addressed to the Administrative Agent and the Lenders and covering such matters as the Administrative Agent may reasonably request. 

Section 5.2. Conditions Precedent to All Credit Events. 

The obligations of the Lenders to make any Loans are all subject to the further condition precedent that: 

(a) no Default or Event of Default shall have occurred and be continuing as of the date of the making of such Loan or would exist immediately
after giving effect thereto; 
 (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the
Loan Documents to which any of them is a party, shall be true and correct on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents;

 (c) for any Term Loan requests after the Effective Date, the Administrative Agent shall have received a certificate signed by a
Responsible Officer of the Borrower, certifying that the Loan Parties are in compliance with the covenants set forth in Sections 7.3(a)(ii), 7.3(b) and 8.2; and 

  
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 (d) the Administrative Agent shall have received a timely Notice of Borrowing. 

Each Credit Event shall constitute a certification by the Borrower to the effect set forth in clauses (a), (b) and (c) of the preceding sentence (both as
of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, if
such Credit Event is the making of a Loan, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time such Loan is made that all conditions to the occurrence of such Credit Event contained in this
Article V have been satisfied or waived as permitted hereunder. 
 ARTICLE VI. REPRESENTATIONS
AND WARRANTIES 
 Section 6.1. Representations and Warranties. 

In order to induce the Administrative Agent and each Lender to enter into this Agreement and the Lenders to make the Loans, each Borrower
hereby represents to the Administrative Agent and each Lender that each of the representations and warranties set forth in Section 6.1 of the Existing Revolving Credit Agreement (the “Existing Credit Agreement
Representations and Warranties”) are true and correct on and as of the date of this Agreement and as of the date of the making of the Initial Borrowing and, with respect to each subsequent Loan, true and correct to the extent required by
Section 5.2(b), with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall
have been true and correct on and as of such earlier date, including such Existing Credit Agreement Representations and Warranties that expressly relate to the “Agreement Date” or the “Effective Date”, which shall refer to such
terms as defined in the Existing Revolving Credit Agreement), each of which Existing Credit Agreement Representations and Warranties are incorporated herein by reference and made a part hereof; provided, that the representation in
Section 6.1(l) of the Existing Credit Agreement, as incorporated herein, shall be deemed to be qualified by the information disclosed in writing to the Administrative Agent and in the Borrower’s reports filed or furnished with the
Securities Exchange Commission, in each case, on or before the Agreement Date. 
 Section 6.2. Survival of Representations and Warranties, Etc.

 All statements contained in any certificate, financial statement or other instrument delivered by, or at the direction of, any Loan
Party or any other Subsidiary to the Administrative Agent or any Lender (other than the content of any projections or other similar forward looking statements) pursuant to or in connection with this Agreement or any of the other Loan Documents
(including, but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by, or at the direction of, the Parent or PREIT
prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by the Parent and PREIT under this Agreement.
All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and at and as of the date of the occurrence of any Credit Event, except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual
circumstances not prohibited under the Loan Documents. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans. 

  
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 ARTICLE VII. AFFIRMATIVE COVENANTS 

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to
Section 11.7(b), all of the Lenders directly affected thereby) shall otherwise consent in the manner provided for in Section 11.7, the Parent and each other Borrower, as applicable, shall at all
times comply with the following affirmative covenants: 
 Section 7.1. Existing Revolving Credit Agreement Affirmative Covenants. 

Parent and each other Borrower, as applicable, shall and shall cause each of their respective Subsidiaries to comply with all the affirmative
covenants set forth in Article VII of the Existing Revolving Credit Agreement, each of which affirmative covenants are incorporated herein by reference and made a part hereof. 

Section 7.2. Collateral. 
 (a)
Additional Collateral. Comply with the requirements set forth in the Security Documents with respect to any property constituting Collateral thereunder. 

(b) Real Property Collateral. After the acquisition of any owned real property by any Loan Party that is not subject to a
Mortgage (i) promptly, (and, in any event, within ten (10) days after such acquisition or event, as such time period may be extended by the Administrative Agent in its sole discretion), notify the Administrative Agent and
(ii) promptly (and in any event, within sixty (60) days of such acquisition or event (as such time period may be extended by the Administrative Agent, or such requirement is waived by the Administrative Agent, in each case in its sole
discretion), deliver the items required, and otherwise satisfy each of the conditions precedent, with respect to Mortgaged Properties on the Effective Date under Section 5.1(g). 

(c) Exclusions. The provisions of this Section 7.2 shall be subject to the limitations and exclusions set
forth in the Security Documents. 
 Section 7.3. Specified Term Loan Affirmative Covenants. 

(a) Loan Budget. 

(i) The Loan Parties shall use proceeds of the Term Loans for purposes consistent with the categories identified in the Loan
Budget. The Loan Budget shall set forth, on a weekly basis (from the Saturday up to and including the Friday of the relevant week) Budgeted Cash Receipts, Budgeted Disbursement Amounts, Budgeted Restructuring Related Amounts and Budgeted Debt
Service Disbursement Amounts for the period beginning on the Effective Date for 13 weeks following the week in which the Effective Date occurs. The Loan Budget shall be approved in writing by, and be in form and substance reasonably satisfactory to,
the Administrative Agent (it being acknowledged and agreed that the Initial Loan Budget is approved by and satisfactory to the Administrative Agent and is and shall be the approved Loan Budget unless and until replaced in accordance with terms of
this Section). The Initial Loan Budget shall commence on the Effective Date and thereafter, the Loan Budget shall be updated by the Borrower in writing transmitted to the Administrative Agent and the Lenders on the fourth Business Day of each
successive four-week period following the Effective Date. Each such updated Loan Budget shall be in form and substance at least as detailed as the Initial Loan Budget, and no such updated budget shall be effective if the Administrative Agent (or the
legal counsel or financial advisors to the Administrative Agent at the direction of the Administrative 

  
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Agent) objects, using its reasonable discretion in writing within two Business Days of receipt (any such Loan Budget that is not so reasonably objected to, an “Acceptable
Budget”); provided, however, that in the event the Administrative Agent, on the one hand, and the Borrower, on the other hand, cannot agree as to an updated budget, then the current approved Loan Budget shall remain in effect
unless and until a new Acceptable Budget is in effect. Each Loan Budget delivered to the Administrative Agent shall be accompanied by such supporting documentation as reasonably requested by the Administrative Agent. Each Loan Budget shall be
prepared in good faith based upon assumptions believed by the Borrower to be reasonable. 
 (ii) Starting with the Variance
Testing Period ended on the fourth full week following the Effective Date and on each Variance Report Date for each Variance Testing Period thereafter, the Borrower shall cause (a) the sum of (i) the Actual Disbursement Amounts, plus
(ii) the Actual Company-Side Professional Disbursement Amounts plus (iii) the Actual Debt Service Disbursement Amounts for such Variance Testing Period not to exceed (b) the sum of (i) the Budgeted Disbursement Amounts plus
(ii) the Budgeted Company-Side Professional Disbursement Amounts, plus (iii) the Budgeted Debt Service Disbursement Amounts for such Variance Testing Period by more than the Permitted Variance for such Variance Testing Period. 

(iii) The Borrower shall deliver to the Administrative Agent and the Lenders on or before 12:00 p.m. (New York City time) on
Thursday of each week (commencing on the first full week immediately following the Effective Date) (each, a “Variance Report Date”) a Loan Budget Variance Report and with respect to each variance testing under
Section 7.3(a)(ii) above, starting the with Loan Budget Variance Report related to the fourth full week following the Effective Date and on each Variance Report Date for each Variance Testing Period thereafter, a
certificate which shall include such detail as is reasonably satisfactory to the Administrative Agent, signed by a Responsible Officer of the Borrower, certifying that (x) the Loan Parties are in compliance with the covenants contained in
Section 7.3(a)(ii) above and (y) no Default or Event of Default has occurred or, if such a Default or Event of Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed
to be taken with respect thereto. 
 (iv) If, on any Variance Testing Period, there is a deviation in the calculation
contained in Section 7.3(a)(ii) that exceeds the Permitted Variance in the Loan Budget, (x) the Borrower shall include an explanation for such deviation in the certificate delivered under
Section 7.3(a)(iii) above and (y) any requests for Term Loans under Section 2.2 shall be suspended until the Loan Parties deliver a Loan Budget Variance Report evidencing compliance with the
applicable covenants in Section 7.3(a)(ii) for a subsequent Variance Testing Period. 
 (v) The
Administrative Agent and the Lenders (i) may assume that the Loan Parties will comply with the Loan Budget, (ii) shall have no duty to monitor such compliance and (iii) shall not be obligated to pay (directly or indirectly from the
Collateral) any unpaid expenses incurred or authorized to be incurred pursuant to any Loan Budget. The line items in the Loan Budget for payment of interest, expenses and other amounts to the Administrative Agent and the Lenders are estimates only,
and the Loan Parties remain obligated to pay any and all Obligations in accordance with the terms of the Loan Documents regardless of whether such amounts exceed such estimates. Nothing in any Loan Budget shall constitute an amendment or other
modification of any Loan Document or other lending limits set forth therein. 
 (b) Milestones. The Loan Parties shall, or
shall cause the following to occur, by the times and dates set forth below (as any such time and date may be extended with the consent of the Administrative Agent acting at the direction of the Requisite Lenders, which consent may be delivered via
electronic mail): 

  
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 (i) Prior to August 31, 2020, the Borrower, the Lenders, and the
lenders under each of the Existing Revolving Credit Agreement and the Existing Term Loan Agreement shall agree to a non-binding term sheet, in form and substance acceptable to the Borrower, the Lenders, and
the lenders under each of the Existing Revolving Credit Agreement and the Existing Term Loan Agreement, for amendments or other agreements (such amendments and other agreements, the “Approved Amendments”) to the Existing Revolving
Credit Agreement and the Existing Term Loan Agreement. 
 (c) Rental and Leased Properties. No later than 45 days following the last
day of the Parent’s fiscal quarter, the Borrower shall furnish to the Administrative Agent operating statements, rent rolls, collections and leasing information (including copies of accounts receivable and accounts payable aging reports and
rent deferral information (including negotiated, proposed and collected rentals)) for each of the Mortgaged Properties. 
 (d) Real
Property Covenants. If requested by Administrative Agent, Borrower shall obtain and deliver at its sole cost and expense, with respect to each Mortgaged Property, the following: 

(i) an environmental site assessment with respect to the presence, if any, of Hazardous Materials on the Mortgaged Property;

 (ii) an Appraisal of the Mortgaged Property; 

(iii) any seismic reports on the Mortgaged Property; 

(iv) evidence indicating compliance with applicable zoning requirements; 

(v) a property condition report; and 

(vi) copies of each material property agreement, together with such consents and estoppel certificates with respect to such
material property agreements as Administrative Agent may reasonably require. 
 ARTICLE VIII. NEGATIVE
COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to
Section 11.7(b), all of the Lenders directly affected thereby) shall otherwise consent in the manner set forth in Section 11.7, the Parent and each other Borrower, as applicable, shall at all times
comply with the following negative covenants: 
 Section 8.1. Existing Revolving Credit Agreement Negative Covenants. 

Parent and each other Borrower, as applicable, shall and shall cause each of their respective Subsidiaries to comply with the negative
covenants set forth in Article VIII of the Existing Revolving Credit Agreement as of the date hereof after giving effect to the Second Amendment to Existing Revolving Credit Agreement, each of which negative covenants are
incorporated herein by reference and made a part hereof. 
 Section 8.2. Minimum Liquidity. 

The Borrower shall at all times not allow liquidity (the “Minimum Liquidity”) to be less than Eight Million Five Hundred
Thousand Dollars ($8,500,000), such Minimum Liquidity to be comprised 

  
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solely of the sum of (i) unrestricted cash of the Borrower held in deposit accounts that are subject to Deposit Account Control Agreements, plus (ii) up to $5,000,000 held in the
Excluded Deposit Account (as defined in the Collateral Agreement), plus (iii) unused Term Loan Commitments under this Agreement (to the extent available to be drawn at the date of determination in accordance with this Agreement). 

Section 8.3. Specified Term Loan Negative Covenants. 

In addition to the covenants set forth in Section 8.1 and Section 8.2 above: 

(a) Indebtedness. From and after the Effective Date, no member of the Restricted Group shall, directly or indirectly, create, incur,
assume or otherwise become or remain liable with respect to any Indebtedness, except (i) any Indebtedness under the Loan Documents, (ii) Indebtedness outstanding under each of the Existing Revolving Credit Agreement and the Existing Term
Loan Agreement, in each, case not in excess of the principal amount outstanding thereunder on the Effective Date, (ii) Indebtedness incurred in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation or in respect of surety and appeal bonds, performance bonds and other similar obligations, (iii) obligations owing from a Borrower or a Guarantor to a Borrower or a Guarantor;
(iv) obligations owing from a Subsidiary that is not a Guarantor to a Subsidiary that is not a Guarantor; (v) Indebtedness arising in connection with the endorsement of instruments for deposit in the ordinary course of business; (vi) Non-recourse Indebtedness incurred in order to finance the payment of insurance premiums in the ordinary course of business; and (vii) other Indebtedness outstanding on the Effective Date and any
amendments, modifications, refinancings or forbearances of the same, in each case that do not increase the principal amount outstanding thereunder as of the Effective Date. 

(b) Liens. From and after the Effective Date, no member of the Restricted Group shall create, incur, assume or permit or suffer to
exist any Lien on or with respect to any property of any kind owned by it, whether now owned or hereafter acquired, or any income or profits therefrom, except for any Permitted Liens. 

(c) Restricted Payments; Certain Payments of Indebtedness. No member of the Restricted Group shall (i) pay or make, directly or
indirectly, any Restricted Payment, other than any Restricted Payment by a member of the Restricted Group to a Loan Party (or to another member of the Restricted Group and then to a Loan Party), or (ii) make any prepayment (whether in cash,
securities or other property) on or in respect of principal of or interest on any Indebtedness, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such
Indebtedness prior to the scheduled maturity. 
 (d) Investments. No member of the Restricted Group shall make or own any Investment
in any other Person, except (i) any Investments existing as of the Effective Date and (ii) additional Investments in members of the Restricted Group and joint ventures of members of the Restricted Group as of the Effective Date. 

(e) Organizational Documents. No member of the Restricted Group shall amend or modify their respective organizational documents in a
manner adverse to the Lenders without obtaining the prior written consent of the Administrative Agent. 
 (f) Parking Cash. No more
than $6,500,000, in the aggregate, may be held in property-level accounts of Subsidiaries of the Borrower that are owners of real property for more than two (2) Business Days, except for (i) cash in property level accounts where
distribution is prohibited by (i) an executed forbearance agreement that has been provided to the Administrative Agent, (ii) loan documents in effect 

  
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as of the Effective Date which loan documents expressly prohibit the distribution of cash outside of such property-level accounts as of the date of determination, or (iii) joint venture
agreements in effect as of the Effective Date, which joint venture agreements require the consent of an unaffiliated joint venture entity party thereto to permit the distribution of cash outside of such property level accounts, and such unaffiliated
joint venture party has not so consented as of the date of determination (provided that Borrower or its Subsidiary has requested such consent). 

ARTICLE IX. DEFAULT 

Section 9.1. Events of Default. 

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary
or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a) Default in
Payment. 
 (i) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon
demand, at maturity, by reason of acceleration or otherwise) the principal of, or any interest on, any of the Loans, or shall fail to pay any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document; or

 (ii) Any other Loan Party shall fail to pay when due any payment obligation owing by such Loan Party under any Loan
Document to which it is a party and in the case of this clause (ii) only, any such failure shall continue for a period of one (1) calendar day thereafter. 

(b) Default in Performance. 

(i) The Borrower shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or
observed and contained in Article VII or Article VIII; or 
 (ii) The
Borrower or any other Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and such failure
shall continue for a period of three (3) days after the earlier of (x) the date upon which the Parent or PREIT obtains knowledge of such failure or (y) the date upon which the Parent or PREIT has received written notice of such
failure from the Administrative Agent; 
 (c) Misrepresentations. Any written statement, representation or warranty made or deemed
made by or on behalf of any Borrower or any other Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement (other than forward looking statements) at any time
furnished by, or at the direction of, any Borrower or any other Loan Party to the Administrative Agent or any Lender, shall at any time prove to have been incorrect or misleading in any material respect when furnished or made. 

(d) Indebtedness Cross-Default. 

(i) Any Borrower, any other Loan Party, any other Subsidiary shall fail to pay when due and payable the principal of, or
interest on, any Indebtedness (other than the Loans) having an aggregate outstanding principal amount of $5,000,000 or more (or $250,000,000 or more in the case of Nonrecourse Indebtedness) (“Material Indebtedness”), and in any such
case such failure shall continue beyond any applicable notice and cure periods; or 

  
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 (ii) The maturity of any Material Indebtedness shall have been accelerated
in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Indebtedness or any Material Indebtedness shall have been required to be prepaid or repurchased prior
to the stated maturity thereof; or 
 (iii) Any other event shall have occurred and be continuing which would permit any
holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be
prepaid, repurchased, redeemed or defeased prior to its stated maturity; or 
 (iv) An Event of Default under and as defined
in the Existing Term Loan Agreement shall occur; or 
 (v) An Event of Default under and as defined in the Existing Revolving
Credit Agreement shall occur; or 
 (vi) An Event of Default under and as defined in the PM Gallery Loan Agreement shall
occur. 
 (e) Voluntary Bankruptcy Proceeding. Any member of the Restricted Group (except for PR Valley View Limited Partnership, PR
Valley View LLC or PR VV LLC) shall: (i) commence a voluntary case under the Bankruptcy Code, as amended or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other
Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and
appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to,
or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in
writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance voidable as to creditors under any Applicable Law; or (viii) take any corporate or
partnership action for the purpose of effecting any of the foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other
proceeding shall be commenced against any member of the Restricted Group (except for PR Valley View Limited Partnership, PR Valley View LLC or PR VV LLC) in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code, as
amended or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition
or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person or an order granting the relief
requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

(g) Revocation of Loan Documents. Any Borrower or any other Loan Party shall disavow, revoke or terminate any Loan Document to which it
is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or any material provision of any Loan Document shall cease to
be in full force and effect (except as a result of the express terms thereof). 

  
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 (h) Judgment. A judgment or order for the payment of money shall be entered against
any member of the Restricted Group and (i) such judgment or order shall continue for a period of thirty (30) days without being paid, bonded over, stayed or dismissed through appropriate appellate proceedings (provided however, that if a
bond has been issued in favor of the claimant or other Person obtaining such judgment or order, the issuer of such bond shall have executed an agreement in form and substance satisfactory to the Administrative Agent pursuant to which the issuer of
such bond waives any Lien it may have on the assets of any such Person), and (ii) either (A) the amount for which the insurer has denied liability exceeds, individually or together with all other such judgments or orders entered,
$5,000,000 in amount (or $250,000,000 or more if the judgment or order for the payment of money directly related to Nonrecourse Indebtedness and is itself nonrecourse) or (B) could reasonably be expected to have a Material Adverse Effect. 

(i) Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property of any member of the
Restricted Group in an amount greater than $5,000,000 (or $250,000,000 or more if the warrant, writ of attachment, execution or similar process directly related to Nonrecourse Indebtedness and is itself nonrecourse) and such warrant, writ, execution
or process shall not be paid, discharged, vacated, stayed or bonded for a period of thirty (30) days; provided however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ of attachment,
execution or process, the issuer of such bond shall have executed an agreement in form and substance satisfactory to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement or subrogation to the
Obligations and waives any Lien it may have on the assets of any member of the Restricted Group. 
 (j) ERISA. 

(i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of
the ERISA Group aggregating in excess of $5,000,000; or 
 (ii) The “benefit obligation” of all Benefit Plans
exceeds the “fair market value of plan assets” for such Benefit Plans by more than $5,000,000, all as determined, and with such terms defined, in accordance with Statement of Financial Accounting Standards No. 158. 

(k) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents; 

(l) Change of Control. 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act,
except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of
more than 35.0% of the total voting power of the then outstanding voting shares of the Parent other than such Persons who are, as of the Agreement Date, current officers or trustees of the Parent, or Affiliates of current officers or trustees of the
Parent; or 

  
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 (ii) During any period of 12 consecutive months ending after the Agreement
Date, individuals who at the beginning of any such 12-month period constituted the Board of Trustees of the Parent (together with any new trustees whose election by such Board or whose nomination for election
by the shareholders of the Parent was approved by a vote of a majority of the trustees then still in office who were either trustees at the beginning of such period or whose election or nomination for election was previously so approved) cease for
any reason to constitute a majority of the Board of Trustees of the Parent then in office; or 
 (iii) The Parent shall cease
(A) to be the sole general partner of PREIT or (B) to own and control, directly or indirectly, at least 80.0% (or such lesser percentage not less than 70.0% as may be acceptable to the Administrative Agent) of all partnership interests of
PREIT. 
 (m) Strike; Casualty. Any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other
casualty which causes, for more than 30 consecutive days beyond the coverage period of any applicable business interruption insurance, the cessation or substantial curtailment of revenue producing activities of any Borrower, any other Loan Party and
any other Subsidiary taken as a whole and only if any such event or circumstance could reasonably be expected to have a Material Adverse Effect. 

(n) Term Loan Specified Event of Default. A Term Loan Specified Event of Default shall occur. 

Section 9.2. Remedies Upon Event of Default. 

Upon the occurrence of an Event of Default the following provisions shall apply: 

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Section 9.1(e) or
Section 9.1(f), (A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding and (3) all of the other Obligations of the Borrower, including, but not limited to, the other amounts
owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents, shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of
which are expressly waived by the Borrower, and, (B) the Commitments, the obligation of the Lenders to make Loans hereunder shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall have occurred and be continuing, the Administrative Agent may, and at
the direction of the Requisite Lenders shall: (A) (1) declare the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, and (2) all of the other Obligations, including, but not limited to, the other
amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand,
protest or other notice of any kind, all of which are expressly waived by the Borrower and (B) terminate the Commitments and the obligation of the Lenders to make Loans hereunder. 

(b) Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall,
exercise any and all of its rights and remedies under or in respect of any and all of the other Loan Documents. 

  
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 (c) Applicable Law. The Requisite Lenders may direct the Administrative Agent to, and
the Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 
 (d)
Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice
of any kind whatsoever and without regard to the adequacy of any security for the Obligations, or the solvency of any party bound for its payment, to take possession of all or any portion of the property and/or the business operations of the
Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 
 Section 9.3. Remedies Upon Default.

 Upon the occurrence of a Default specified in Section 9.1(f), the Commitments shall immediately and
automatically terminate. 
 Section 9.4. Marshaling; Payments Set Aside. 

None of the Administrative Agent or any Lender shall be under any obligation to marshal any assets in favor of any Loan Party or any other
party or against or in payment of any or all of the Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent or any Lender, or the Administrative Agent or any Lender enforces its security interest or
exercise its right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a
trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and
remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

Section 9.5. Allocation of Proceeds. 

If an Event of Default shall have occurred and be continuing, all payments received by the Administrative Agent under any of the Loan
Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower or any other Loan Party hereunder or thereunder, shall be applied in the following order and priority: 

(i) amounts due to the Administrative Agent and the Lenders in respect of Fees and other fees and expenses due under
Section 11.2; 
 (ii) amounts due to the Administrative Agent and the Lenders in respect of
Protective Advances; ratably among the Administrative Agent and Lenders in proportion to the respective amounts described in this clause (ii) payable to them; 

(iii) payments of interest on all other Loans to be paid to the Lenders equally and ratably in accordance with the respective
amounts thereof then due and owing; 
 (iv) payments of principal of all other Loans to be paid to the Lenders equally and
ratably in accordance with the respective amounts thereof then due and owing to such Persons; 
 (v) amounts due to the
Administrative Agent and the Lenders pursuant to Section 10.7 and Section 11.10; 

  
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 (vi) payments of all other Obligations and other amounts due under any of
the Loan Documents, if any, to be applied for the ratable benefit of the Lenders; and 
 (vii) any amount remaining after
application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 
 Section 9.6. [Reserved]. 

Section 9.7. Performance by Administrative Agent. 

If the Borrower shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Administrative Agent may
perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative Agent, promptly pay
any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable Post-Default Rate from the
date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower under this Agreement or
any other Loan Document. 
 Section 9.8. Rescission of Acceleration by Requisite Lenders. 

If at any time after acceleration of the maturity of the Loans and the other Obligations, the Borrower shall pay all arrears of interest and
all payments on account of principal of the Obligations, which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified in this
Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the Requisite
Lenders, then by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences. The provisions of the preceding sentence are intended
merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower the right to require the Lenders to rescind or annul any
acceleration hereunder, even if the conditions set forth herein are satisfied. 
 Section 9.9. Rights Cumulative. 

(a) Generally. The rights and remedies of the Administrative Agent and the Lenders under this Agreement and each of the other Loan
Documents shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies, the Administrative Agent and the Lenders may be selective and no
failure or delay by the Administrative Agent or any of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any
other power or right. 
 (b) Enforcement by Administrative Agent. Notwithstanding anything to the contrary contained herein or in any
other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such
enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Article IX for the benefit of all the Lenders; provided that the foregoing shall not prohibit (i) the
Administrative Agent from exercising 

  
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on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) any Lender from
exercising setoff rights in accordance with Section 11.4 (subject to the terms of Section 3.3), or (iii) any Lender from filing proofs of claim or appearing and filing pleadings on its own
behalf during the pendency of a Bankruptcy Event relative to any Loan Party; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (x) the
Requisite Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Article IX and (y) in addition to the matters set forth in clauses (ii), (iii) and (iv) of the preceding proviso
and subject to Section 3.3, any Lender may, with the consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by the Requisite Lenders. 

ARTICLE X. THE ADMINISTRATIVE AGENT 

Section 10.1. Appointment and Authorization. 

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent in its capacity as Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except
as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with
such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the
Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar
terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a
matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative
Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Section 7.1 that the Borrower is not otherwise required to deliver to the
Lenders. The Administrative Agent will also furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by
the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such Lender pursuant to the terms of this Agreement or any such
other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion
or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any
other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the
Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the
Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders 

  
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have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the
Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders. 

Section 10.2. Administrative Agent’s Reliance, Etc. 

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors,
officers, agents, employees or counsel shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection
with its duties expressly set forth herein or therein. Without limiting the generality of the foregoing, the Administrative Agent: may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party),
independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative
Agent nor any of its directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender or any other Person and shall be responsible to any Lender or any other Person for any statement, warranty or
representation made or deemed made by any Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons or inspect
the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan
Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders in any such collateral; (d) shall
have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith;
and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed
by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects
in the absence of gross negligence or willful misconduct. 
 Section 10.3. Notice of Defaults. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the
Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default”. If any
Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”. Further, if the Administrative
Agent receives such a “notice of default”, the Administrative Agent shall give prompt notice thereof to the Lenders. 

  
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 Section 10.4. Administrative Agent as Lender. 

The Lender acting as Administrative Agent or as a Lender, as the case may be, shall have the same rights and powers under this Agreement and
any other Loan Document, as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include the Lender acting as
Administrative Agent, as applicable and in each case, in its individual capacity. The Lender acting as Administrative Agent and its Affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as
trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with any Borrower, any other Loan Party or any other Affiliate thereof as if it were any other bank and without any duty to account therefor to
the other Lenders. Further, the Lender acting as Administrative Agent and its Affiliates may each accept fees and other consideration from the Borrower for services in connection with this Agreement or otherwise without having to account for the
same to the other Lenders. The Lenders acknowledge that, pursuant to such activities, the Lender acting as Administrative Agent and its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other
Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Lender acting as Administrative Agent and its Affiliates shall be under no obligation to provide such information
to them. 
 Section 10.5. Approvals of Lenders. 

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval
(a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender
where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to
such Lender, written materials and a summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course
of action or determination in respect thereof. 
 Section 10.6. Lender Credit Decision, Etc. 

Each Lender expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents,
counsel, attorneys-in-fact or other Affiliates has made any representations or warranties to such Lender and that no act by the Administrative Agent hereafter taken,
including any review of the affairs of any Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Lender. Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial
statements of the Parent, any other Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Parent, each other Borrower, the other
Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed
appropriate, made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any
other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own
decisions in taking or not taking action under the Loan Documents. The Administrative 

  
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Agent shall not be required to keep itself informed as to the performance or observance by the Parent, any other Borrower or any other Loan Party of the Loan Documents or any other document
referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Parent, any other Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and
information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, financial and other condition or creditworthiness of the Parent, any other Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the
Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each Lender acknowledges that the Administrative
Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to such Lender. 

Section 10.7. Indemnification of Administrative Agent. 

Regardless of whether the transactions contemplated by this Agreement and the other Loan Documents are consummated, each Lender agrees to
indemnify the Administrative Agent (to the extent not reimbursed by the Borrower, and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s Pro Rata Share (determined at the time that the applicable
unreimbursed expense or indemnity payment is sought) of any claim, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which
may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a “Lender”) in any way relating to or arising out of the Loan Documents, any transaction
contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of
such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable
judgment; provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct
for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so)
promptly upon demand for its Pro Rata Share (determined as of the time that the applicable reimbursement is sought) of any out-of-pocket expenses (including the
reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal
proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect
any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such
out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that
the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of
competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the
termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the
Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 

  
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 Section 10.8. Successor Administrative Agent. 

The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the
Lenders and the Borrower. Upon thirty (30) days’ prior written notice to the Administrative Agent, the Administrative Agent may be removed as Administrative Agent under the Loan Documents by the Requisite Lenders (other than the Lender
then acting as Administrative Agent) for any acts or omissions of the Administrative Agent in connection with its duties set forth in this Agreement or the other Loan Documents that constitute gross negligence or willful misconduct. Upon any such
resignation or removal, the Requisite Lenders (other than the Lender then acting as the Administrative Agent in the case of the removal of the Administrative Agent under the immediately preceding sentence) shall have the right to appoint a successor
Administrative Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed. If no successor Administrative Agent shall have
been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within thirty (30) days after the current Administrative Agent’s giving of notice of resignation or its removal, then the
current Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee; provided that if the Administrative
Agent shall notify the Borrower and the Lenders that no Lender has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made to or by each Lender directly,
until such time as a successor Administrative Agent has been appointed as provided for above in this Section; provided, further that such Lenders so acting directly shall be and be deemed to be protected by all indemnities and other provisions
herein for the benefit and protection of the Administrative Agent as if each such Lender were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such
successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and
obligations under the Loan Documents. After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article X shall continue to inure to its benefit as to any actions
taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of
its Affiliates by giving the Borrower and each Lender prior written notice. The resignation or removal of the Administrative Agent, or the assignment by the Administrative Agent of its rights and duties under the Loan Documents, as provided in this
Section shall have no effect on the obligations as a “Lender” of the Lender then acting as the Administrative Agent. 
 Section 10.9.
Collateral Matters; Protective Advances. 
 (a) Each Lender hereby authorizes the Administrative Agent, without the necessity of any
notice to or further consent from any Lender, from time to time prior to an Event of Default, to take any action with respect to any Collateral or Loan Documents which may be necessary to perfect and maintain perfected the Liens upon the Collateral
granted pursuant to any of the Loan Documents. 
 (b) The Lenders hereby authorize the Administrative Agent to, and the Administrative Agent
shall with each such Lien, release any Lien granted to or held by the Administrative Agent upon any 

  
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Collateral (i) upon termination of the Commitments and indefeasible payment and satisfaction in full of all of the Obligations; (ii) as expressly permitted by, but only in accordance
with, the terms of the applicable Loan Document; and (iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater number of Lenders as this Agreement or any other Loan Document may expressly provide). Upon
request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section. 

(c) Upon any sale and transfer of Collateral which is expressly permitted pursuant to the terms of this Agreement, and upon at least five
(5) Business Days’ prior written request by the Borrowers, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to release of the Liens granted to the
Administrative Agent for its benefit and the benefit of the Lenders herein or pursuant hereto upon the Collateral effective upon the sale or transfer of the Collateral; provided, however, that (i) the Administrative Agent shall not be required
to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or
warranty and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of the Borrowers or any other Loan Party in respect of) all interests retained by the Borrowers or any other
Loan Party, including (without limitation) the proceeds of such sale or transfer, all of which shall continue to constitute part of the Collateral. In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the
Collateral, the Administrative Agent shall be authorized to deduct all of the expenses reasonably incurred by the Administrative Agent from the proceeds of any such sale, transfer or foreclosure. 

(d) The Administrative Agent shall have no obligation whatsoever to the Lenders or to any other Person to assure that the Collateral exists or
is owned by a Borrower, any other Loan Party, any Subsidiary of Borrower or any joint venture of any such Persons or is cared for, protected or insured or that the Liens granted to the Administrative Agent herein or pursuant hereto have been
properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the
rights, authorities and powers granted or available to the Administrative Agent in this Section or in any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, the
Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, and that the Administrative Agent shall have no duty or liability whatsoever to the Lenders, except to the extent resulting from its gross negligence or
willful misconduct. 
 (e) The Administrative Agent may make, and shall be reimbursed by the Lenders (in accordance with their Pro Rata
Shares) to the extent not reimbursed by the Borrowers for, Protective Advances during any one calendar year with respect to each Mortgaged Property up to the sum of (i) amounts expended to pay real estate taxes, assessments and governmental
charges or levies imposed upon such Borrowing Base Property; (ii) amounts expended to pay insurance premiums for policies of insurance related to such Borrowing Base Property; and (iii) $1,000,000. Protective Advances in excess of said sum
during any calendar year for any Borrowing Base Property shall require the consent of the Requisite Lenders. The Borrowers agree to pay on demand all Protective Advances. 

ARTICLE XI. Miscellaneous 

Section 11.1. Notices. 
 Unless
otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered as follows: 

  
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 If to the Borrower: 

PREIT Associates, L.P. 

2005 Market Street, Suite 1000 

Philadelphia, PA 19103 

Attention: Andrew Ioannou 

Telephone:    (215) 875-0700 

Telecopy:      (215) 546-7311 

With a copy of notices of Defaults, Events of Default or notices pursuant to Article IX to: 

PREIT Associates, L.P. 

2005 Martket Street, Suite 1000 

Philadelphia, PA 19103 

Attention: Lisa Most 

Telephone:    (215) 875-0700 

Telecopy:      (215) 546-7311 

and 

Faegre Drinker Biddle & Reath LLP 

One Logan Square, Suite 2000 

Philadelphia, PA 19103-6996 

Attention: Eirik Tellefsen 

Telephone:    (215) 988-2625 

Telecopy:      (215) 988-2757 

If to the Administrative Agent: Administrative Agent: 

Wells Fargo Bank, National Association 

10 South Wacker Drive, 32nd Floor 

Chicago, IL 60606 

Attention: Brandon Barry 

Telecopy: (312) 782-0969 

with copies to: 

Wells Fargo Bank, National Association 

10 South Wacker Drive, 32nd Floor 

Chicago, IL 60606 

Attention: Karen Turnbull Skutt 

Telephone: (312) 269-4809 

Telecopy: (312) 782-0969 

and: 

Wells Fargo Bank, National Association 

600 South 4th Street, 9th Floor 

Minneapolis, MN 55415 

MAC N9300-091 

Attention: Anthony J. Gangelhoff 

Telephone: (612) 316-0109 

Telecopy: (877) 410-5023 

  
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 If to a Lender: 

To the address or telecopy number, as applicable, of the Administrative Agent or such Lender, as the case may be, set forth on
the 
 Administrative Questionnaire. 

or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this
Section. All such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of three (3) days after the deposit in the United States Postal Service mail, postage prepaid;
(ii) if telecopied, upon mechanical confirmation of transmission if received on a Business Day prior to 5:00 p.m. local time at the point of destination and, if otherwise, on the next succeeding Business Day; (iii) if hand delivered, when
delivered or (iv) if delivered in accordance with Section 7.1(b) of the Existing Revolving Credit Agreement as incorporated herein by Section 7.1 of this Agreement to the extent applicable; provided,
however that in the case of the immediately preceding clauses (i), (ii) and (iii) non-receipt of any communication as of the result of any change of address of which the sending party was not
notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent or any Lender under
Article II shall be effective only when actually received. Any notice to the Borrower received by any individual designated by the Borrower to receive such notice shall be effective notwithstanding the fact that any other
individual designated by the Borrower to receive a copy of such notice did not receive such copy. None of the Administrative Agent or any Lender shall incur any liability to the Borrower (nor shall the Administrative Agent incur any liability to the
Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise
acting in good faith hereunder. 
 Section 11.2. Expenses. 

The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents, and the consummation of
the transactions contemplated thereby, including due diligence expense and reasonable travel expenses related to closing and the reasonable fees and disbursements of counsel to the Administrative Agent, (b) to pay or reimburse the
Administrative Agent, and, after the occurrence and during the continuance of an Event of Default, the Lenders, for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents,
including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the
Lenders to the Administrative Agent pursuant to the Loan Documents, (c) to pay, indemnify and hold the Administrative Agent, and the Lenders harmless from any and all recording and filing fees and any and all liabilities with respect to, or
resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or
consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay the fees and disbursements of
counsel to the Administrative Agent and any Lender incurred in connection with the representation of the Administrative Agent or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in
Section 9.1(e) or Section 9.1(f), including, without limitation (i) any 

  
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motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and
preparation of any debtor-in-possession financing or any plan of reorganization of the Parent, any other Borrower or any other Loan Party, whether proposed by the
Parent, any other Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding.

 Section 11.3. Stamp, Intangible and Recording Taxes. 

The Borrower will pay any and all stamp, excise, intangible, registration, recordation and similar taxes, fees or charges and shall indemnify
the Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or determined to be payable in connection
with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or waiver of or consent under this Agreement, the Notes, any of the other
Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes, any of the other Loan Documents. 
 Section 11.4. Setoff.

 Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not
by way of limitation of any such rights, the Administrative Agent, each Lender, and each Participant is hereby authorized by the Borrower, at any time or from time to time while an Event of Default exists, without notice to the Borrower or to any
other Person, any such notice being hereby expressly waived, but in the case of a Lender, or a Participant subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and
to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such
Lender or any Affiliate of the Administrative Agent, or such Lender, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other
Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 9.2, and although such obligations shall be contingent or unmatured. Promptly following any such set-off the Administrative Agent shall notify the Borrower thereof and of the application of such set-off, provided that the failure to give such notice shall not invalidate
such set-off. Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of Section 3.9 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent and the Lenders and (y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it
exercised such right of setoff. 
 Section 11.5. Litigation; Jurisdiction; Other Matters; Waivers. 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, OR ANY OF THE
LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND THE BORROWER
HEREBY WAIVES ITS 

  
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RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT. 
 (b) EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT, AND EACH LENDER HEREBY AGREES THAT THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (BOROUGH OF MANHATTAN), ANY STATE COURT LOCATED IN NEW YORK COUNTY (BOROUGH OF MANHATTAN) AND ANY APPELLATE COURT FROM ANY THEREOF, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS
OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE BORROWER, THE
ADMINISTRATIVE AGENT, EACH OF THE LENDERS EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. 

(c) EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT
OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. 
 (d) THE CHOICE OF
FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER
APPROPRIATE JURISDICTION. 
 (e) THE FOREGOING WAIVERS HAVE BEEN MADE WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL
CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT. 

Section 11.6. Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the
prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the immediately
following subsection (b), (ii) by way of participation in accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
the immediately following subsection (e) (and, subject to the last sentence of the immediately following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to
the extent expressly contemplated hereby, the respective partners, shareholders, directors, officers, employees, agents, counsel, other advisors and representatives of the Administrative Agent and the Lenders and of the respective Affiliates of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following
conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of an assigning Lender’s Commitment and/or the Loans at
the time owing to it, in the case of contemporaneous assignments to related Approved Funds that equal at least the amount specified in the immediately following clause (B) in the aggregate, or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in the
immediately preceding subsection (A), the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment (in each case, determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption Agreement, as of the Trade Date) shall not be less than $1,000,000, unless the Administrative Agent otherwise consents (such consent not to be unreasonably withheld or delayed); provided,
however, that if, after giving effect to such assignment, the amount of the Commitment held by such assigning Lender or the outstanding principal balance of the Loans of such assigning Lender, as applicable, would be less than $1,000,000,
then such assigning Lender shall assign the entire amount of its Commitment and the Loans at the time owing to it. 
 (ii)
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
clause (i)(B) of this subsection (b) and, in addition, the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Commitment if such assignment is to
a Person that is not already a Lender with a Commitment, an Affiliate of such a Lender or an Approved Fund with respect to such a Lender; and 

(iv) Assignment and Acceptance; Notes. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may, in its sole discretion, elect to waive), and the assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the transferor Lender, the Administrative Agent and the Borrower shall make
appropriate arrangements so that new Notes are issued to the assignee and such transferor Lender, as appropriate, upon return to the Borrower of any Notes being replaced (subject to Section 2.13(d)). 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be
made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing
Persons described in this clause (B). 
 (vi) No Assignment to Natural Persons. No such assignment shall be made
to a natural person. 
 (vii) Certain Additional Payments. In connection with any assignment of rights and obligations
of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent
in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all
Loans in accordance with its Term Loan Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance
with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to the immediately following subsection (c), from and after the
effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption Agreement, have the rights and obligations
of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Section 4.4, Section 11.2 and Section 11.10 and the other provisions of this Agreement and the other Loan Documents as provided in Section 11.11
with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with the immediately following subsection (d). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent
of the Borrower, shall maintain at the Principal Office in the United States of America a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The 

  
 67 

 
entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any bank or other financial institution (but in no event to a natural Person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries or a Defaulting Lender) (each, a “Participant”) in all or a
portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to
(w) increase such Lender’s Commitment (unless such increase will not result in an increase in the Participant’s share), (x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender
except as otherwise provided in Section 2.15, (y) reduce the rate at which interest is payable thereon or (z) release any Guarantor from its Obligations under the Guaranty except as contemplated by
Section 7.15(d) of the Existing Revolving Credit Agreement as incorporated herein by Section 7.1 of this Agreement, in each case, as applicable to that portion of such Lender’s rights and/or obligations that are
subject to the participation. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.10, Section 4.1, Section 4.4 (subject to the
requirements and limitations therein, including the requirements under Section 3.10(g) (it being understood that the documentation required under Section 3.10(g) shall be delivered to the
participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Section 4.6 as if it were an assignee under subsection (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 4.1 or
Section 3.10, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Regulatory Change that
occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of
Section 4.6. with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.4 as though it were a Lender; provided that such Participant
agrees to be subject to Section 3.3 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

  
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 (e) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (f) No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or
qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction. 

(g) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and
anti-money laundering rules and regulations, including without limitation, the Patriot Act, prior to any Lender that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative
Agent may request, and such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law.

 (h) Information to Assignee, Etc. A Lender may furnish any information concerning the Parent, any other Borrower, any other Loan
Party or any other Subsidiary in the possession of such Lender from time to time to assignees and Participants of such Lender (including prospective assignees and Participants) subject to compliance with the applicable terms of
Section 11.9. 
 Section 11.7. Amendments and Waivers. 

(a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this
Agreement or in any Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower or any other Loan Party of any
terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only
with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto.

 (b) Consent of Lenders Directly Affected. In addition to the foregoing requirements, no amendment, waiver or consent shall: 

(i) increase, extend or reinstate any Commitment of a Lender (excluding any increase as a result of an assignment of
Commitments permitted under Section 11.6) or subject a Lender to any additional obligations without the written consent of such Lender; 

(ii) reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding
principal amount of, the Loans or the other Obligations of a Lender without the written consent of such Lender; 

  
 69 

 (iii) reduce the amount of any Fees payable to a Lender hereunder without
the written consent of such Lender; 
 (iv) modify the definition of “Term Loan Maturity Date”, or otherwise
postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Term Loans or for the payment of Fees or any other Obligations owing to any Lender, in each case, without the written consent of such Lender; 

(v) amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as such
definitions affect the substance of this Section without the written consent of each Lender; 
 (vi) modify the definition of
the term “Requisite Lenders” or “Pro Rata Share” or otherwise modify the provisions of Section 3.2 or Section 9.5 without the written consent of each Lender; 

(vii) release any Guarantor from its obligations under the Guaranty without the written consent of each Lender, except as
contemplated under Section 7.15(d) of the Existing Revolving Credit Agreement; 
 (viii) waive a Default or Event of
Default under Section 9.1(a) without the written consent of each Lender to whom such payment is due, except as permitted by Section 9.8; or 

(ix) amend, or waive the Borrower’s compliance with, Section 2.19 without the written consent of
each Lender adversely affected thereby. 
 (c) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent
unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents. The
Administrative Agent may, without the consent of any Lender, enter into the amendments or modifications to this Agreement or any of the other Loan Documents or enter into additional Loan Documents as the Administrative Agent reasonably deems
appropriate in order to implement any Replacement Rate or otherwise effectuate the terms of Section 4.2(b) in accordance with the terms of Section 4.2(b). No waiver shall extend to or affect any
obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be
effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of a Defaulting Lender may not be increased, reinstated or extended without the written consent of such Defaulting Lender and
(y) any waiver, amendment or modification requiring the consent of each affected Lender under the immediately preceding (b) that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the
written consent of such Defaulting Lender. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of
Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Parent, any other Borrower, any
other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to
other or further notice or demand in similar or other circumstances. 

  
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Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and without further consent of any Lender (but with
the consent of the Borrower and the Administrative Agent), to amend or amend and restate this Agreement if, upon giving effect to such amendment or amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended or
amended and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitments or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued
for its account under this Agreement. 
 (d) Technical Amendments. Notwithstanding anything to the contrary in this
Section 11.7, if the Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement, the
Administrative Agent and the Borrower shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interests of the Lenders or
materially change the intent of any provision of this Agreement. Any such amendment shall become effective without any further action or consent of any of other party to this Agreement. The Administrative Agent will provide the Lenders with a copy
of any such amendment. 
 Section 11.8. Nonliability of Administrative Agent and Lenders. 

The relationship between the Borrower, on the one hand, and the Lenders and the Administrative Agent, on the other hand, shall be solely that
of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any
of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent or any Lender to any Lender, the Borrower, any other Subsidiary or any other Loan Party. Neither the Administrative Agent nor any Lender undertakes
any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the business or operations of the Borrower. 

Section 11.9. Confidentiality. 

Except as otherwise provided by Applicable Law, the Administrative Agent and each Lender shall utilize all
non-public information obtained pursuant to the requirements of this Agreement which has been identified as confidential or proprietary by the Parent or PREIT in accordance with its customary procedure for
handling confidential information of this nature and in accordance with safe and sound banking practices solely in connection with the transactions contemplated by this Agreement but in any event may make disclosure: (a) to any of their
respective Affiliates (provided any such Affiliate shall agree to keep such information confidential in accordance with the terms of this Section); (b) as reasonably requested by any bona fide assignee, Participant or other transferee in
connection with the contemplated transfer of any Commitment and/or Loans or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of this Section); (c) as
required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings; (d) to the Administrative Agent’s or such Lender’s independent auditors and other
professional advisors (provided they shall be notified of the confidential nature of the information); (e) if an Event of Default exists, to any other Person, in connection with the exercise by the Administrative Agent or the Lenders of rights
hereunder or under any of the other Loan Documents; (f) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent or any
Lender on a non-confidential basis from a source other than the Parent, any other Borrower or any Affiliate; (g) to the extent requested by, or required to be disclosed to, any nationally recognized
rating agency or regulator or similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting to have jurisdiction over it; and (h) with the consent of the Parent or
PREIT. 

  
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 Section 11.10. Indemnification. 

(a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, any Affiliate of the Administrative
Agent and each of the Lenders and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all losses, costs, claims, damages,
liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the fees and disbursements of counsel incurred in connection with any litigation, investigation,
claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by
Section 3.10 or Section 4.1 or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of
action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this
Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of any Loans hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Administrative Agent’s
or any Lender’s entering into this Agreement; (v) the fact that the Administrative Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent and
the Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Parent, PREIT and the other Subsidiaries; (vii) the fact that the
Administrative Agent and the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Parent, PREIT and the other Subsidiaries or their financial condition;
(viii) the exercise of any right or remedy the Administrative Agent or the Lenders may have under this Agreement or the other Loan Documents including, but not limited to, the foreclosure upon, or seizure of, any collateral or the exercise of
any other rights of a secured party; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in
clause (i) or (viii) to the extent found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful
misconduct; or (ix) any violation or non-compliance by the Parent, PREIT or any other Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity
Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or
other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties) (or the Administrative Agent and/or the Lenders as successors to the Borrower) to be in compliance with such Environmental Laws.

 (b) The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or
related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all costs and expenses of any Indemnified Party in connection with any deposition of
any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower or
any Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or
any Subsidiary or by any Governmental Authority. 

  
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 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency
of any bankruptcy proceeding filed by or against the Parent, PREIT, any other Loan Party or any other Subsidiary. 
 (d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party in connection with an Indemnity
Proceeding shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by
such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 

(e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity
Proceeding covered by this Section and, as provided above, all costs and expenses incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending
against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided, however, that (i) if the Borrower
is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for
any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be
unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where (x) no monetary relief is sought against such
Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party. 
 (f) If
and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under
Applicable Law. 
 (g) The Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan
Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to which it is a party. 

Section 11.11. Termination; Survival. 

This Agreement shall terminate and any and all security interest in the Collateral provided for in the Loan Documents shall be released in
accordance with the terms of each respective Loan Document, as applicable, at such time as (a) all of the Commitments have been terminated, (b) none of the Lenders is obligated any longer under this Agreement to make any Loans, and
(c) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full. Notwithstanding any termination of this Agreement, or of the other Loan Documents, the indemnities to which
the Administrative Agent and the Lenders are entitled under the provisions of Section 10.7, Section 11.2 and Section 11.10 and any other provision of this Agreement and
the other Loan Documents, and the waivers of jury trial and submission to jurisdictions contained in Section 11.5, shall continue in full force and effect and shall protect the Administrative Agent and the Lenders
(i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with
respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 

  
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 Section 11.12. Severability of Provisions. 

If any provision under this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or
unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as thought the invalid, illegal, or unenforceable provision had never
been part of the Loan Documents. 
 Section 11.13. GOVERNING LAW. 

THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON OR ARISING OUT OF
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 11.14. Counterparts. 

To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as
may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute
a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Delivery of an executed
counterpart via facsimile, portable document format (“PDF”) or electronic mail shall constitute delivery of an original. 

Section 11.15. Independence of Covenants. 

All covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by
any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition
exists. 
 Section 11.16. Obligations with Respect to Loan Parties. 

The obligations of PREIT, PREIT-RUBIN or the Parent to direct or prohibit the taking of certain actions by the other Loan Parties as specified
herein shall be absolute and not subject to any defense PREIT, PREIT-RUBIN, the Parent or any other Loan Party may have that it does not control such Loan Parties. 

Section 11.17. Limitation of Liability. 

None of the Administrative Agent, any Lender, nor any Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or
any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in
connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby

  
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waives, releases, and agrees not to sue the Administrative Agent or any Lender or any of their respective Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in
respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby. Notwithstanding anything in this
Section to the contrary, no Defaulting Lender shall be entitled to claim any of the benefits of this Section. 
 Section 11.18. Entire Agreement.

 This Agreement and the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and
supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral
agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 
 Section 11.19. Construction. 

The Borrower, the Administrative Agent and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and
has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Borrower, the Administrative Agent and
each Lender. 
 Section 11.20. Time of the Essence. 

Time is of the essence of each and every provision in this Agreement. 

Section 11.21. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion
Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

  
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 [Signatures on Next Page] 

  
 76 

 IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be executed by
their authorized officers all as of the day and year first above written. 
  

					
	 “BORROWER” 

	
	PREIT ASSOCIATES, L.P.
	
	 By: Pennsylvania Real Estate Investment Trust, its general partner

			
		 	By:	 	 /s/ Andrew Ioannou

		 	Name:	 	 Andrew Ioannou

	        
	 	 Title:
	 	 Executive Vice President, Finance & Acquisitions

and Treasurer

  

			
	 PREIT-RUBIN, INC. 

		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	 Andrew Ioannou

	 Title:
	 	Executive Vice President, Finance & Acquisitions and Treasurer

  

			
	 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 

		
	By:	 	 /s/ Andrew Ioannou

	Name:	 	 Andrew Ioannou

	 Title:
	 	Executive Vice President, Finance & Acquisitions and Treasurer

 [Signatures Continued on Next Page] 

 [Signature Page to Credit Agreement with PREIT Associates, L.P. et al.] 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender

		
	By:	 	 /s/ Ryan Sansavera

	Name:	 	 Ryan Sansavera

	 Title:
	 	 Senior Vice President

 SCHEDULE I 

Commitments 
 Term Loan Commitments

  

			
	
Lenders
  
	  	
Term Loan Commitment Amount
  

	 Wells
Fargo Bank, National Association
	  	$30,000,000
	
TOTAL
	  	$30,000,000

  

 SCHEDULE 1.1(b) 

Properties 
  

			
	
Property Name
  
	  	
Street Address
  

	 Woodland
Mall Anchor (prior Sears parcel)
	  	3195 28th Street SE, Kentwood, MI 49512 (a/k/a 3099-3195 28th Street, Kentwood,
MI)
	 Mall at
Prince Georges Plaza
	  	3500 East West Highway and 6400 Belcrest Road, Hyattsville, MD 20782
	 Valley
Mall
	  	17301, 176044, 17618 and 17318 Valley Mall Road and Cole Road, Hagerstown, MD (a/k/a 17301—17318 Valley Mall Road, Hagerstown,
MD)
	
Jacksonville Mall
	  	375 Western Boulevard, Jacksonville, NC 28546 (a/k/a 375 Jacksonville Mall, Jacksonville, North Carolina 28546)
	 One
Cherry Hill Plaza
	  	2000 Route 38, Cherry Hill, NJ 08002 (a/k/a 1 Mall Drive, Cherry Hill, NJ)
	
Moorestown Mall
	  	400 West Route 38 / 400 Highway 38, Moorestown, NJ 08057 (a/k/a 400 NJ-38, Moorestown, NJ)
	 Exton
Square Mall
	  	126, 435, 441, 455, 475 Exton Square Parkway, East Lincoln Highway, North Pottstown Park, and Swedesford Road, Exton, PA 19341 (a/k/a 260
Exton Square Parkway, Exton, PA 19341)
	 Capital
City Mall
	  	3506 Capital City Mall Drive, Camp Hill, PA 17011
	 Plymouth
Meeting Mall (not Plymouth Commons parcel)
	  	West Germantown Pike, Plymouth Meeting, PA 19462 (a/k/a 500 W Germantown Pike, Plymouth Meeting, PA 19462)
	 Magnolia
Mall
	  	2701 David H McLeod Boulevard, Florence, SC 29501
	
Springfield Town Center
	  	6601, 6302, 6500 and 6320 Springfield Mall, 6717 and 6500 Frontier Drive and 6417 Loisdale Road, Springfield, VA 22150
	
Valleyview Mall outparcel (recently subdivided from mall)
	  	4400 State Road 16, La Crosse, WI 54601 (a/k/a 4400-4444 Rt 16, La Crosse, WI)

 EXHIBIT A 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 

This Assignment and Assumption Agreement (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee
identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not
joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended from time to time, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions for Assignment and Assumption (the “Standard Terms and Conditions”) set forth in Annex 1 attached hereto are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the Credit Agreement
(including without limitation any Guarantees included in such Credit Agreement), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the][any] Assignor (in its
capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in
equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred
to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by
[the][any] Assignor. 
  

					
	 1.
	  	Assignor[s]:	  	_______________________
			
		  		  	_______________________

  

	1 	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a
single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	 Select as appropriate. 

	4 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 A-1 

					
		  	 [Assignor [is] [is not] a Defaulting Lender]

			
	 2.
	  	 Assignee[s]:
	  	_______________________
			
		  		  	_______________________
		  	 [for each Assignee, indicate [Affiliate][Approved Fund] of [identify
Lender]

			
	 3.
	  	 Borrower(s):
	  	PREIT Associates, L.P., PREIT-RUBIN, Inc. and Pennsylvania Real Estate Investment Trust
			
	 4.
	  	 Administrative Agent:
	  	Wells Fargo Bank, National Association, as the administrative agent under the Credit Agreement
			
	 5.
	  	 Credit Agreement:
	  	The $30,000,000 Credit Agreement dated as of August 11, 2020 by and among the Borrowers, the Lenders parties thereto, Wells Fargo Bank, National Association, as Administrative Agent, and the other parties thereto
			
	 6.
	  	 Assigned Interest[s]:
	  	

  

											
	Assignor[s]5	  	Assignee[s]6	  	Aggregate Amount of Commitment/Loans for all Lenders7	  	Amount of Commitment/Loans Assigned8	  	Percentage Assigned of Commitment/ Loans8	  	CUSIP Number
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 

  

					
	7.	  	 Trade Name:
	  	_______________________]9

  

	5 	 List each Assignor, as appropriate. 

	6 	 List each Assignee, as appropriate. 

	7 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	8 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

	9 	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be
determined as of the Trade Date. 

  
 A-2 

 Effective Date: _____________________ __, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to:

  

			
	 ASSIGNOR[S]10

[NAME OF ASSIGNOR] 

		
	By:	 	 
		 	Name:_______________________________________________
		 	 Title:________________________________________________

  

			
	 [NAME OF ASSIGNOR] 

		
	By:	 	 
		 	Name:_______________________________________________
		 	 Title:________________________________________________

  

			
	 ASSIGNEE[S]11

[NAME OF ASSIGNEE] 

		
	By:	 	 
		 	Name:_______________________________________________
		 	 Title:________________________________________________

  

			
	 [NAME OF ASSIGNEE]

		
	By:	 	 
		 	Name:_______________________________________________
		 	 Title:________________________________________________

  

	10 	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

	11 	 Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if
applicable). 

  
 A-3 

 [Consented to and]12 Accepted: 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent 

		
	By:	 	 
		 	Name:_______________________________________________
		 	 Title:________________________________________________

  

			
	 [Consented to:]13 

	
	[NAME OF RELEVANT PARTY]
		
	By:	 	 
		 	Name:_______________________________________________
		 	 Title:________________________________________________

  

	12 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

	13 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

  
 A-4 

 ANNEX 1 

[__________________]1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1. Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is
the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements,
warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each]
Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it meets all the requirements to be an Eligible Assignee as defined in the Credit Agreement (subject to such consents, if any, as may be required under such definition), (iii) from and after the Effective
Date specified for this Assignment and Assumption, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in
acquiring assets of such type, (v) it has received a copy of the Credit Agreement and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to
purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, Fees and 

 

	1 	 Describe Credit Agreement at option of Administrative Agent.

  
 A-5 

 
other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date specified for this Assignment and Assumption. The Assignor[s] and the
Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to such Effective Date or with respect to the making of this assignment directly between themselves. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 A-6 

 EXHIBIT B 

FORM OF GUARANTY 
 THIS GUARANTY
(this “Guaranty”) dated as of ____________________ executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex
I hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the
“Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT
Associates, L.P. (“PREIT”), PREIT-RUBIN, Inc. (“PREIT-Rubin”), Pennsylvania Real Estate Investment Trust (the “Parent”; together with PREIT and PREIT-Rubin, each individually, a “Borrower” and collectively,
the “Borrower”), the financial institutions party thereto and their assignees under Section 11.6.(b) thereof (the “Lenders”), and the Administrative Agent, and the other parties thereto, for its benefit and the benefit of
the Lenders (the Administrative Agent and the Lenders, each individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 

WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, each Guarantor is owned or controlled by
the Borrower, or is otherwise an Affiliate of the Borrower; 
 WHEREAS, the Borrower and each Guarantor, though separate legal entities, are
mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing under the Credit Agreement through their collective efforts;

 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders
making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee obligations of the Borrower to the Administrative Agent and the Lenders on the terms and conditions
contained herein; and 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by each Guarantor, each Guarantor agrees as follows: 
 Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and
unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all
Obligations; (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing and (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the
Administrative Agent or any other Guarantied Party in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder to the extent set forth in the Credit Agreement. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of
each Guarantor for its own account. Accordingly, the Guarantied Parties shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy the Guarantied Parties may have against the
Borrower or any other Loan Party or any other Person or commence any suit or other proceeding against the Borrower, any other Loan 

  
 B-1 

 
Party or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Loan Party or any other Person; or (c) to make
demand of the Borrower, any other Loan Party or any other Person or to enforce or seek to enforce or realize upon any collateral security, if any, held by the Guarantied Parties which may secure any of the Guarantied Obligations. 

Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with
the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto. The liability of each Guarantor
under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any
circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the
time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document or any
other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit
Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment
or transfer of any of the foregoing; 
 (b) any lack of validity or enforceability of the Credit Agreement or any of the other Loan
Documents or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

(c) any furnishing to the Guarantied Parties of any security for the Guarantied Obligations, or any sale, exchange, release or surrender of,
or realization on, any collateral securing any of the Guarantied Obligations; 
 (d) any settlement or compromise of any of the Guarantied
Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other
Loan Party; 
 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding
relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any act or failure to act by the Borrower, any other Loan Party or any other Person which may adversely affect such Guarantor’s
subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 
 (g) any invalidity or nonperfection of any
security interest or lien on, if any, or any other impairment of, any collateral, if any, securing any of the Guarantied Obligations or any failure of the Administrative Agent or any other Person to preserve any collateral security or any other
impairment of such collateral; 

  
 B-2 

 (h) any application of sums paid by the Borrower, any Guarantor or any other Person with
respect to the liabilities of the Borrower to the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 
 (i)
any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; 
 (j) any defense, set off,
claim or counterclaim (other than indefeasible payment and performance in full) which any at any time be available to or be asserted by the Borrower, any other Loan party or any other Person against the Administrative Agent or any Lender; 

(k) any change in the corporate existence, structure or ownership of the Borrower or any other Loan Party; 

(l) any statement, representation or warranty made or deemed made by or on behalf of the Borrower, any Guarantor or any other Loan Party under
any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (m) any other
circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than termination of this Guaranty as provided in Section 21 hereof). 

Section 4. Action with Respect to Guarantied Obligations. The Guarantied Parties may, at any time and from time to time, without
the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any
of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend,
modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Guarantied Obligations; (d) release any Loan Party or
other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Loan Party or any other Person; and (f) apply any sum, by
whomsoever paid or however realized, to the Guarantied Obligations in such order as the Guarantied Parties shall elect. 
 Section 5.
Representations and Warranties. Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor
in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 
 Section 6. Covenants.
Each Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents. 

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or
any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to
discharge such Guarantor from its obligations hereunder. 

  
 B-3 

 Section 8. Inability to Accelerate Loan. If the Guarantied Parties or any of
them are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the other Guarantied Parties shall be
entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

Section 9. Reinstatement of Guarantied Obligations. If a claim is ever made on the Administrative Agent or any other Guarantied
Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any
judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including
the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation
of the Credit Agreement, any of the other Loan Documents or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so
repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such other Guarantied Party. 

Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such Guarantor
shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of any other
claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly paid and
performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Guarantied Parties and
shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent
as collateral security for any Guarantied Obligations existing. 
 Section 11. Payments Free and Clear. All sums payable by each
Guarantor hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any
Taxes), and if such Guarantor is required by Applicable Law or by any Governmental Authority to make any such deduction or withholding provided the requirements set forth in Section 3.10. of the Credit Agreement are satisfied, such Guarantor
shall pay to the Administrative Agent and the Lenders such additional amount as will result in the receipt by the Administrative Agent and the Lenders of the full amount payable hereunder had such deduction or withholding not occurred or been
required. 
 Section 12. Set-off. In addition to any rights now or hereafter granted
under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes each Guarantied Party and each Participant, at any time while an Event of Default has occurred and is
continuing, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or a Participant subject to receipt of the prior written consent of the Administrative Agent
exercised in its sole discretion, to set-off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether
matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Lender or such Participant or any Affiliate of the Administrative Agent 

  
 B-4 

 
or such Lender to or for the credit or the account of the Borrower against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. Each
Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of setoff or counterclaim and other rights with respect to its participation as fully as if such Participant were a direct creditor of such
Guarantor in the amount of such participation. 
 Section 13. Subordination. Each Guarantor hereby expressly covenants and
agrees for the benefit of the Guarantied Parties that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower
(collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or
securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent and the other Guarantied Parties
that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the
Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy
Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible
avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”.
Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced
to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the
Guarantied Parties), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause
the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Guarantied Parties that would not otherwise be
available to such Person under the Avoidance Provisions. 
 Section 15. Contribution. To the extent that any Guarantor shall be
required hereunder to pay any portion of any Guarantied Obligation exceeding the greater of (a) the amount of the value actually received by such Guarantor and its Subsidiaries from the Loans and the other Obligations and (b) the amount
such Guarantor would otherwise have paid if such Guarantor had paid the aggregate amount of the Guarantied Obligations (excluding the amount thereof repaid by the Borrower) in the same proportion as such Guarantor’s net worth on the date
enforcement is sought hereunder bears to the aggregate net worth of all the Guarantors on such date, then such Guarantor shall be reimbursed by such other Guarantors for the amount of such excess, pro rata, based on the respective net worth of such
other Guarantors on such date. 
 Section 16. Information. Each Guarantor assumes all responsibility for being and keeping
itself informed of the financial condition of the Borrower and the other Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such
Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any other Guarantied Party shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

  
 B-5 

 Section 17. Governing Law. THIS GUARANTY AND ANY CLAIMS, CONTROVERSY, DISPUTE OR
CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON OR ARISING OUT OF THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 18. WAIVER OF JURY TRIAL. 

(a) EACH GUARANTOR, AND EACH OF THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, ACKNOWLEDGES THAT
ANY DISPUTE OR CONTROVERSY BETWEEN SUCH GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTIES WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO
THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH
AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY. 
 (b) EACH GUARANTOR, AND EACH OF THE
ADMINISTRATIVE AGENT AND THE OTHER GUARANTIED PARTIES BY ACCEPTING THE BENEFITS HEREOF, HEREBY AGREES THAT THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (BOROUGH OF MANHATTAN), ANY STATE COURT LOCATED IN NEW YORK COUNTY
(BOROUGH OF MANHATTAN) AND ANY APPELLATE COURT FROM ANY THEREOF SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE GUARANTORS, THE ADMINISTRATIVE AGENT OR ANY OF THE OTHER GUARANTIED PARTIES, PERTAINING
DIRECTLY OR INDIRECTLY TO THIS GUARANTY. EACH GUARANTOR AND EACH OF THE GUARANTIED PARTIES EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. 

(c) EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT
OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. 
 (d) THE CHOICE OF
FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY OTHER GUARANTIED PARTY OF ANY JUDGMENT
OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (e) THE FOREGOING WAIVERS HAVE BEEN CONSIDERED BY EACH PARTY WITH THE
ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, AND THE TERMINATION OF THIS GUARANTY. 

  
 B-6 

 Section 19. Loan Accounts. The Administrative Agent and each Lender may maintain
books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations arising under or in connection with the Credit Agreement, and in the case of any dispute relating to any
of the outstanding amount, payment or receipt of any of such Guarantied Obligations or otherwise, the entries in such books and accounts shall constitute prima facie evidence of the outstanding amount of such Guarantied Obligations and the amounts
paid and payable with respect thereto absent manifest error. The failure of the Administrative Agent or any Lender to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 

Section 20. Waiver of Remedies. In exercising their respective rights and remedies, the Administrative Agent and the Guarantied
Parties may be selective and no failure or delay by the Administrative Agent or any of the Guarantied Parties in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other
or further exercise or the exercise of any other power or right. 
 Section 21. Termination. This Guaranty shall remain in full
force and effect with respect to each Guarantor until indefeasible payment in full of the Guarantied Obligations and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 

Section 22. Successors and Assigns. Each reference herein to the Administrative Agent or any other Guarantied Party shall be
deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each
Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Guarantied Parties may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or
sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations
hereunder. Each Guarantor hereby consents to the delivery by the Administrative Agent and any other Guarantied Party to any assignee or Participant of a Lender (or any prospective assignee or Participant of a Lender) of any financial or other
information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders
have not so consented shall be null and void. 
 Section 23. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS
HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 24. Amendments. This Guaranty may not be amended except in writing signed by the Administrative Agent and each Guarantor.

 Section 25. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in
immediately available funds to the Administrative Agent at its Principal Office, not later than 11:00 a.m. Central time, on the date one Business Day after demand therefor. 

Section 26. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to each Guarantor at its 

  
 B-7 

 
address set forth below its signature hereto, (b) to the Administrative Agent or any other Guarantied Party at its respective address for notices provided for in the Credit Agreement, or
(c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when received; (ii) if
telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 

Section 27. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 28. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of
this Guaranty. 
 Section 29. Limitation of Liability. Neither the Administrative Agent nor any other Guarantied Party, nor any
Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any other Guarantied Party, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any
claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions
contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any other Guarantied Party or any of the Administrative Agent’s or
any other Guarantied Party’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any
of the other Loan Documents, or any of the transactions contemplated thereby. 
 Section 30. [RESERVED]. 

Section 31. [RESERVED]. 

Section 32. Definitions. (a) For the purposes of this Guaranty: 

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be commenced
under the Bankruptcy Code of 1978, as amended; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor;
(iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in
effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction;
(vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any
Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the
foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Terms
not otherwise defined herein are used herein with the respective meanings given to them in the Credit Agreement. 

  
 B-8 

 [Signatures on Following Page] 

  
 B-9 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty as of the
date and year first written above. 
  

			
	[GUARANTOR]
		
	By:	 	                                      
                                      
		 	Name:
                                         
                       
		 	Title:
                                         
                         
	
	Address for Notices for all Guarantors: 
	
	 c/o PREIT Associates, L.P.
 2005
Market Street, Suite 1000
 Philadelphia, PA 191023
 Attention:
Andrew Ioannou
 Telephone: (215) 875-0700

Telecopy: (215) 546-7311 

  
 B-10 

 ANNEX I 

FORM OF ACCESSION AGREEMENT 

THIS ACCESSION AGREEMENT dated as of _________________ __, executed and delivered by ___________________, a ____________________ (the
“New Guarantor”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of August 11, 2020 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-RUBIN, Inc. (“PREIT-Rubin”), Pennsylvania Real Estate Investment
Trust (the “Parent”; together with PREIT and PREIT-Rubin, each individually, a “Borrower” and collectively, the “Borrower”), the financial institutions party thereto and their assignees under Section 11.6.(b)
thereof (the “Lenders”) and the Administrative Agent, and the other parties thereto, for its benefit and the benefit of the Lenders (the Administrative Agent and the Lenders, each individually a “Guarantied Party” and
collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders
have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the New Guarantor is owned or controlled by the Borrower, or is otherwise an Affiliate of the Borrower; 

WHEREAS, the Borrower, the New Guarantor and the existing Guarantors, though separate legal entities, are mutually dependent on each other in
the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing under the Credit Agreement through their collective efforts; 

WHEREAS, the New Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making
such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions
contained herein; and 
 WHEREAS, the New Guarantor’s execution and delivery of this Accession Agreement is a condition to the
Administrative Agent and the other Guarantied Parties continuing to make such financial accommodations to the Borrower. 
 NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor, the New Guarantor agrees as follows: 

Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is a “Guarantor” under that certain Guaranty
dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by the Guarantors party thereto in favor of the Administrative Agent, for its benefit and the benefit of
the other Guarantied Parties and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the
foregoing, the New Guarantor hereby: 
 (a) irrevocably and unconditionally guarantees the due and punctual payment and performance when
due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

  
 B-11 

 (b) makes to the Administrative Agent and the other Guarantied Parties as of the date hereof
each of the representations and warranties with respect to or in any way relating to itself contained in Section 6. of the Guaranty and agrees to be bound by each of the covenants contained in Section 7. of the Guaranty; and 

(c) consents and agrees to each provision set forth in the Guaranty. 

Section 2. GOVERNING LAW. THIS ACCESSION AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR
TORT OR OTHERWISE) BASED UPON OR ARISING OUT OF THIS ACCESSION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 3. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined
meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

  
 B-12 

 IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly
executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

			
	[NEW GUARANTOR]
		
	By:	 	                                      
                                      
		 	Name:
                                         
                       
		 	Title:
                                         
                         
	
	(CORPORATE SEAL)
	
	Address for Notices:
	
	 c/o PREIT Associates, L.P.
 2005
Market Street, Suite 1000
 Philadelphia, PA 19103
 Attention:
Andrew Ioannou
 Telephone: (215) 875-0700

Telecopy: (215) 546-7311

 Accepted: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	                                      
                                      
		 	Name:
                                         
                       
		 	Title:
                                         
                         

  
 B-13 

 EXHIBIT C 

FORM OF NOTICE OF CONTINUATION 

___________________, 20__ 
 Wells Fargo Bank,
National Association, 
   as Administrative Agent 

10 South Wacker Drive, 32nd Floor 
 Chicago, IL 60606 

Attention: Brandon Barry 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-RUBIN, Inc. (“PREIT-RUBIN”), Pennsylvania Real Estate Investment Trust (the “Parent”; together with PREIT and
PREIT-RUBIN, each individually, a “Borrower” and collectively, the “Borrower”), the financial institutions party thereto and their assignees under Section 11.6.(b) thereof (the “Lenders”), and Wells Fargo Bank,
National Association, as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.11. of the Credit Agreement, the Borrower hereby requests a Continuation of LIBOR Loan(s) under the Credit
Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 
  

	 	1.	 The requested date of such Continuation is ____________________, 20__. 

 

	 	2.	 The aggregate principal amount of the LIBOR Loan(s) subject to such Continuation is $____________________ and
the portion of such principal amount subject to such Continuation is $_______________________.1 

  

	 	3.	 The current Interest Period of the LIBOR Loan(s) subject to such Continuation ends on _______________________,
20__. 

  

	 	4.	 The duration of the Interest Period for such LIBOR Loan(s) or portion thereof subject to such Continuation is
one month. 

  
  

	1 	 Each Continuation of LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples
of $250,000 in excess of that amount. 

  
 C-1 

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the
date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, no Event of Default shall have occurred and be continuing. 

If notice of the requested Continuation was given previously by telephone, this Notice of Continuation is to be considered written
confirmation of such telephone notice required by Section 2.11. of the Credit Agreement. 
 [Remainder of Page Intentionally Left Blank]

  
 C-2 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of
Continuation as of the date first written above. 
  

					
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust, its general partner 

			
		 	By:	 	Name:
                                         
           
		 		 	Title:
                                         
             
	
	PREIT-RUBIN, INC.
		
	By:	 	 
 

                          
                                         
       

		 	 Name:
	 	                                     
                         
		 	Title:	 	                                     
                         
	
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	 
 

                          
                                         
       

		 	 Name:
	 	                                     
                         
		 	Title:	 	                                     
                         

  
 C-3 

 EXHIBIT D 

FORM OF NOTICE OF CONVERSION 

_________________, 20__ 
 Wells Fargo Bank,
National Association, 
   as Administrative Agent 

10 South Wacker Drive, 32nd Floor 
 Chicago, IL 60606 

Attention: Brandon Barry 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-Rubin, Inc. (“PREIT-Rubin”), Pennsylvania Real Estate Investment Trust (the “Parent”; together with PREIT and
PREIT-RUBIN, each individually, a “Borrower” and collectively, the “Borrower”), the financial institutions party thereto and their assignees under Section 11.6.(b) thereof (the “Lenders”), and Wells Fargo Bank,
National Association, as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.12. of the Credit Agreement, the Borrower hereby requests a Conversion of a Loan of one Type into a Loan of another
Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 
  

	 	1.	 The requested date of such Conversion is , 20__. 

 

	 	2.	 The Type of the Loan(s) to be Converted pursuant hereto is currently: 

[Check one box only] 

☐ Base Rate Loans 

☐ LIBOR Loans 
  

	 	3.	 The aggregate principal amount of the Type of Loans subject to the requested Conversion is
$______________________ and the portion of such principal amount subject to such Conversion is $_______________________.1 

 

	 	4.	 The amount of such Type of Loans to be so Converted is to be converted into a Loan of the following Type:

  
  

	1 	 Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and
integral multiples of $250,000 in excess of that amount. 

  
 D-1 

 [Check one box only] 

☐ Base Rate Loans 

☐ LIBOR Loan, with an initial Interest Period for a duration of one month. 

 
  

The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the proposed date of the requested
Conversion, and after giving effect to such Conversion, no Event of Default shall have occurred and be continuing (provided the certification under this clause (a) shall not be made in connection with a Conversion of a Loan into a Base Rate
Loan), and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct with the same force and effect as if made
on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and
except for changes in factual circumstances not prohibited under the Loan Documents. 
 If notice of the requested Conversion was given
previously by telephone, this Notice of Conversion is to be considered the written confirmation of such telephone notice required by Section 2.12. of the Credit Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 D-2 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of
Conversion as of the date first written above. 
  

					
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust, its general partner

			
		 	By:	 	Name:
                                         
           
		 		 	Title:
                                         
             
	
	PREIT-RUBIN, INC.
		
	By:	 	 
 

                          
                                         
       

		 	 Name:
	 	                                     
                         
		 	Title:	 	                                     
                         
	
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	 
 

                          
                                         
       

		 	 Name:
	 	                                     
                         
		 	Title:	 	                                     
                         

  
 D-3 

 EXHIBIT E 

FORM OF NOTICE OF BORROWING 

__________________________, 20__ 
 Wells Fargo
Bank, National Association, 
   as Administrative Agent 

10 South Wacker Drive, 32nd Floor 
 Chicago, IL 60606 

Attention: Brandon Barry 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), by and among PREIT Associates, L.P. (“PREIT”), PREIT-RUBIN, Inc. (“PREIT-RUBIN”), Pennsylvania Real Estate Investment Trust (the “Parent”; together with PREIT and
PREIT-RUBIN, each individually, a “Borrower” and collectively, the “Borrower”), the financial institutions party thereto and their assignees under Section 11.6.(b) thereof (the “Lenders”), and Wells Fargo Bank,
National Association, as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

 

	 	1.	 Pursuant to Section 2.2(b) of the Credit Agreement, the Borrower hereby requests that the Term Loan
Lenders make Term Loans to the Borrower in an aggregate amount equal to $___________________________. 

  

	 	2.	 The Borrower requests that the Term Loans be made available to the Borrower on ______________________, 20__.1 

  

	 	3.	 The Borrower hereby requests that such Loans be of the following Type: 

[Check one box only] 

☐ Base Rate Loans 

☐ LIBOR Loan, with an initial Interest Period for a duration of one month. 

The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the
requested Loans, and after making such Loans, (a) no Default or Event of Default shall have occurred and be continuing; and (b) the representations and warranties of the Borrower and the Guarantors contained in the Credit Agreement and in
the other Loan Documents to which any of them is a party, are and shall be true and correct with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an
earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. In 

 
  

	1 	 Request for Term Loans must be made no later than 11:00 a.m. Central time at least 3 Business Days prior to the
anticipated borrowing date. 

  
 E-1 

 
addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Loans contained in Article V. of the Credit Agreement will have
been satisfied at the time such Loans are made. 
 [Remainder of Page Intentionally Left Blank] 

  
 E-2 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Borrowing
as of the date first written above. 
  

					
	PREIT ASSOCIATES, L.P.
		
	By:	 	 Pennsylvania Real Estate Investment Trust, its general partner

		 	By:	 	Name:
                                         
           
		 		 	Title:
                                         
             
	
	PREIT-RUBIN, INC.
		
	By:	 	 
 

                          
                                         
       

		 	 Name:
	 	                                     
                         
		 	Title:	 	                                     
                         
	
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	 
 

                          
                                         
       

		 	 Name:
	 	                                     
                         
		 	Title:	 	                                     
                         

  
 E-3 

 EXHIBIT F 

FORM OF DISBURSEMENT INSTRUCTION AGREEMENT 
  

	
	 
	
Borrower: PREIT Associates, L.P., PREIT-RUBIN, Inc. and Pennsylvania Real Estate Investment
Trust

	 
	
Administrative Agent: Wells Fargo Bank, National Association

	 
	Loan: Loan Number _________________ made pursuant to that certain Credit Agreement
dated as of August 11, 2020 by and among the Borrower, the Administrative Agent and the Lenders party thereto (as amended from time to time, the “Credit Agreement”)
	 
	
Effective Date: INSERT DATE

	 
	
Check applicable box:
  

☐New – This is the first Disbursement Instruction Agreement submitted in connection with the
Loan.
  
 ☐Replace Previous
Agreement – This is a replacement Disbursement Instruction Agreement. All prior instructions submitted in connection with this Loan are cancelled as of the Effective Date set forth above.

 This Agreement must be signed by the Borrower and is used for the following purposes: 

 

	 	(1)	 to designate an individual or individuals with authority to request disbursements of Loan proceeds, whether at
the time of Loan closing/origination or thereafter; 

  

	 	(2)	 to designate an individual or individuals with authority to request disbursements of funds from Restricted
Accounts (as defined in the Terms and Conditions attached to this Agreement), if applicable; and 

  

	 	(3)	 to provide Administrative Agent with specific instructions for wiring or transferring funds on Borrower’s
behalf. 

 Any of the disbursements, wires or transfers described above are referred to herein as a “Disbursement.” 

Specific dollar amounts for Disbursements must be provided to Administrative Agent at the time of the applicable Disbursement in the form of a signed closing
statement, an email instruction or other written communication, or telephonic request pursuant to 2.2(b) of the Credit Agreement (each, a “Disbursement Request”) from an applicable Authorized Representative (as defined in the Terms
and Conditions attached to this Agreement). 
 A new Disbursement Instruction Agreement must be completed and signed by the Borrower if (i) all or any
portion of a Disbursement is to be transferred to an account or an entity not described in this Agreement or (ii) Borrower wishes to add or remove any Authorized Representatives. 

  
 F-1 

 See the Additional Terms and Conditions attached hereto for additional information and for definitions of
certain capitalized terms used in this Agreement. 

  
 F-2 

					
	Disbursements of Loan Proceeds Subsequent to Loan Closing/Origination
	Subsequent Disbursement Authorizers: Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named
below (each, a “Subsequent Disbursement Authorizer”) to disburse Loan proceeds after the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Subsequent
Disbursement”):
	 	  	Individual’s Name	  	
Title

	 1.
	  	 	  	 
	 2.
	  	 	  	 
	 3.
	  	 	  	 
	 Describe Restrictions, if any, on the authority of the
Subsequent Disbursement Authorizers (dollar amount limits, wire/deposit destinations, etc.):
  

DESCRIBE APPLICABLE RESTRICTIONS OR INDICATE “N/A”

 
 If there are no restrictions described here, any Subsequent Disbursement Authorizer may
submit a Disbursement Request for all available Loan proceeds.

 DELETE FOLLOWING SECTION IF NO SUBSEQUENT WIRE TRANSFERS ANTICIPATED 

 

			
	Permitted Wire Transfers: Disbursement Requests for Subsequent Disbursements to be made by wire transfer must specify the amount and applicable
Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below. Administrative Agent is authorized to use the wire instructions that have been provided directly to Administrative Agent by the Receiving Party or
Borrower and attached as the Subsequent Disbursement Exhibit. All wire instructions must be in the format specified on the Subsequent Disbursement Exhibit.
	 	  	 Names of
Receiving Parties for Subsequent Disbursements (may include as many parties as needed;
 wire

instructions for each Receiving Party must be attached as the Subsequent Disbursement Exhibit)

	 1.
	  	 
	 2.
	  	 
	 3.
	  	 

 DELETE FOLLOWING SECTION IF NO SUBSEQUENT DEPOSITS INTO WFB ACCOUNTS ANTICIPATED 

 

	
	Direct Deposit: Disbursement Requests for Subsequent Disbursements to be deposited into an account at Wells Fargo Bank, N.A. must specify the amount and
applicable account. Each account included in any such Disbursement Request must be listed below.
	
Name on Deposit Account:

	
Wells Fargo Bank, N.A. Deposit Account Number:

	
Further Credit Information/Instructions:

  
 F-3 

 Borrower acknowledges that all of the information in this Agreement is correct and agrees to the terms and
conditions set forth herein and in the Additional Terms and Conditions on the following page. 
  

							
	PREIT ASSOCIATES, L.P.
		
	By: 	 	Pennsylvania Real Estate Investment Trust, its general partner
			
		 	 By:
	 	 
		 		 	 Name:
	 	 
		 		 	 Title:
	 	 

  

							
	 PREIT-RUBIN, INC. 

		
	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

  

							
	 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 

		
	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

  
 F-4 

 Additional Terms and Conditions to the Disbursement Instruction Agreement 

Definitions. The following capitalized terms shall have the meanings set forth below: 

“Authorized Representative” means any or all of the Closing Disbursement Authorizers, Subsequent Disbursement Authorizers and Restricted
Account Disbursement Authorizers, as applicable. 
 “Receiving Bank” means the financial institution where a Receiving Party maintains its
account. 
 “Receiving Party” means the ultimate recipient of funds pursuant to a Disbursement Request. 

“Restricted Account” means an account at Wells Fargo Bank, N.A. associated with the Loan to which Borrower’s access is restricted. 

Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and not otherwise defined herein shall have the meanings
given to such terms in the body of the Agreement. 
 Disbursement Requests. Except as expressly provided in the Credit Agreement, Administrative
Agent must receive Disbursement Requests in writing. Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the Disbursement Instruction Agreement. Disbursement Requests will be processed subject to
satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort to execute each Disbursement Request and may use agents of its choice to execute
Disbursement Requests. Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through another bank, government agency, or other third party that Administrative Agent
considers to be reasonable. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made. Administrative Agent may delay or refuse to accept a Disbursement Request if
the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank unacceptable to Administrative Agent or Lenders or prohibited by government authority; (iii) cause Administrative Agent or Lenders to violate
any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Administrative Agent or Lenders to violate any applicable law or regulation. 

Limitation of Liability. Administrative Agent and Lenders shall not be liable to Borrower or any other parties for: (i) errors, acts or failures
to act of others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s requested Disbursements may be made or information received or transmitted, and no such entity shall be deemed an agent of
the Administrative Agent or any Lender; (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal
constraints or other events beyond Administrative Agent’s or any Lender’s control; or (iii) any special, consequential, indirect or punitive damages, whether or not (A) any claim for these damages is based on tort or contract or
(B) Administrative Agent, any Lender or Borrower knew or should have known the likelihood of these damages in any situation. Neither Administrative Agent nor any Lender makes any representations or warranties other than those expressly made in
this Agreement. IN NO EVENT WILL ADMINISTRATIVE AGENT OR ANY LENDER BE LIABLE FOR DAMAGES ARISING DIRECTLY OR INDIRECTLY IF A DISBURSEMENT REQUEST IS EXECUTED BY ADMINISTRATIVE AGENT IN GOOD FAITH AN IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

 Reliance on Information Provided. Administrative Agent is authorized to rely on the information provided by Borrower or any Authorized
Representative in or in accordance with this Agreement when executing a Disbursement Request until Administrative Agent has received a new Agreement signed by 

  
 F-5 

 
Borrower. Borrower agrees to be bound by any Disbursement Request: (i) authorized or transmitted by Borrower; or (ii) made in Borrower’s name and accepted by Administrative Agent
in good faith and in compliance with this Agreement, even if not properly authorized by Borrower. Administrative Agent may rely solely (i) on the account number of the Receiving Party, rather than the Receiving Party’s name, and
(ii) on the bank routing number of the Receiving Bank, rather than the Receiving Bank’s name, in executing a Disbursement Request. Administrative Agent is not obligated or required in any way to take any actions to detect errors in
information provided by Borrower or an Authorized Representative. If Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfers or requests or takes any actions in an attempt to detect
unauthorized Disbursement Requests, Borrower agrees that, no matter how many times Administrative Agent takes these actions, Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the
future, and such actions shall not become any part of the Disbursement procedures authorized herein, in the Loan Documents, or in any agreement between Administrative Agent and Borrower. 

International Disbursements. A Disbursement Request expressed in US Dollars will be sent in US Dollars, even if the Receiving Party or Receiving Bank
is located outside the United States. Administrative Agent will not execute Disbursement Requests expressed in foreign currency unless permitted by the Credit Agreement. 

Errors. Borrower agrees to notify Administrative Agent of any errors in the Disbursement of any funds or of any unauthorized or improperly authorized
Disbursement Requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower of such Disbursement. 
 Finality of
Disbursement Requests. Disbursement Requests will be final and will not be subject to stop payment or recall; provided that Administrative Agent may, at Borrower’s request, make an effort to effect a stop payment or recall but will incur no
liability whatsoever for its failure or inability to do so. 

  
 F-6 

 SUBSEQUENT DISBURSEMENT EXHIBIT 

WIRE INSTRUCTIONS 

ADMINISTRATIVE AGENT 
 TO
ATTACH WIRE INSTRUCTIONS FROM RECEIVING PARTIES 
 All wire instructions must contain the following information: 

 

	
	 
	Transfer/Deposit Funds to (Receiving Party Account Name)
	 
	Receiving Party Deposit Account Number
	 
	Receiving Bank Name, City and State
	 
	Receiving Bank Routing (ABA) Number
	 
	
Further identifying information, if applicable (title escrow number, borrower name, loan number,
etc.)

  
 F-7 

 EXHIBIT G 

FORM OF TERM LOAN NOTE 
  

	 $[______________________] 
	[______], 2020 

 FOR VALUE RECEIVED, the undersigned, PREIT ASSOCIATES, L.P., a Delaware limited partnership
(“PREIT”), PREIT-RUBIN, INC., a Pennsylvania corporation (“PREIT-RUBIN”), and PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the “Parent”; together
with PREIT and PREIT-RUBIN, each individually, a “Borrower” and collectively, the “Borrower”) jointly and severally hereby unconditionally promise to pay to the order of [________________________]
(together with its successor and assigns, “Lender”), in care of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (together with its successors and assigns, “Administrative Agent”), to
its address at 608 Second Avenue, 11th Floor, Minneapolis, Minnesota 55402, or at such other address as may be specified by the Administrative Agent, to Borrower, the principal sum of [________________________] DOLLARS ($[_____________]), or such
lesser amount as may be the then outstanding and unpaid balance of all Term Loans made by Lender to Borrower pursuant to, and in accordance with the terms of, the Credit Agreement (as defined below). 

Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time to time on the dates and at
the rates and at the times specified in the Credit Agreement. 
 This Term Loan Note (this “Note”) is one of the “Notes”
referred to in that certain Credit Agreement, dated as August 11, 2020 (as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Credit Agreement”), by and among
Borrower, the financial institutions party thereto and their assignees under Section 11.6.(b) thereof, Administrative Agent and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. 

Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. 

The Credit Agreement, among other things, (a) provides for the making of Term Loans by Lender to Borrower in the aggregate principal Dollar amount first
above mentioned, (b) permits the prepayment of the Term Loans by Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Term Loans upon the occurrence of certain specified events. 

Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising any rights hereunder on the
part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for this Note. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, 

THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 G-1 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Term Note under seal as
of the date written above. 
  
  

					
	“BORROWER”
	
	 PREIT ASSOCIATES, L.P.,
 a Delaware
limited partnership

		
	By:	 	Pennsylvania Real Estate Investment Trust,a Pennsylvania business trust its general partner
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

			
	PREIT-RUBIN, INC.,
	
	a Pennsylvania corporation
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, 

	
	 a Pennsylvania business trust 

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 G-2 

 EXHIBIT H-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of August 11, 2020 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among PREIT ASSOCIATES, L.P. (“PREIT”), PREIT-RUBIN, INC. (“PREIT-Rubin”) and PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (the “Parent”; together with PREIT and PREIT-Rubin,
each individually, a “Borrower” and collectively, the “Borrower”), each of the financial institutions initially a signatory thereto together with their assignees under Section 11.6.(b). thereof (the “Lenders”), and
Wells Fargo Bank, National Association, as the Administrative Agent (the “Administrative Agent”). 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and
the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to
be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

					
	[NAME OF LENDER]
		
	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

 Date: _________________, 20__ 

  
 H-1 - 1 

 EXHIBIT H-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of August 11, 2020 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among PREIT ASSOCIATES, L.P. (“PREIT”), PREIT-RUBIN, INC. (“PREIT-Rubin”) and PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (the “Parent”; together with PREIT and PREIT-Rubin,
each individually, a “Borrower” and collectively, the “Borrower”), each of the financial institutions initially a signatory thereto together with their assignees under Section 11.6.(b). thereof (the “Lenders”), and
Wells Fargo Bank, National Association, as the Administrative Agent (the “Administrative Agent”). 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the
meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a certificate
of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	 [NAME OF PARTICIPANT] 

		
	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

 Date: _________________, 20__ 

  
 H-2 - 1 

 EXHIBIT H-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of August 11, 2020 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among PREIT ASSOCIATES, L.P. (“PREIT”), PREIT-RUBIN, INC. (“PREIT-Rubin”) and PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (the “Parent”; together with PREIT and PREIT-Rubin,
each individually, a “Borrower” and collectively, the “Borrower”), each of the financial institutions initially a signatory thereto together with their assignees under Section 11.6.(b). thereof (the “Lenders”), and
Wells Fargo Bank, National Association, as the Administrative Agent (the “Administrative Agent”). 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are
the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or
W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have
at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	 [NAME OF PARTICIPANT]

		
	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

 Date: _________________, 20__ 

  
 H-3 - 1 

 EXHIBIT H-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of August 11, 2020 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among PREIT ASSOCIATES, L.P. (“PREIT”), PREIT-RUBIN, INC. (“PREIT-Rubin”) and PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (the “Parent”; together with PREIT and PREIT-Rubin,
each individually, a “Borrower” and collectively, the “Borrower”), each of the financial institutions initially a signatory thereto together with their assignees under Section 11.6.(b). thereof (the “Lenders”), and
Wells Fargo Bank, National Association, as the Administrative Agent (the “Administrative Agent”). 
 Pursuant to the provisions of
Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan
Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:
(i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the
Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

					
	[NAME OF LENDER]
		
	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

 Date: _________________, 20__ 

  
 H-4 - 1

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