Document:

EX-4.4

 Exhibit 4.4 
  

 
  

ANHEUSER-BUSCH COMPANIES, LLC 

and 
 ANHEUSER-BUSCH INBEV
WORLDWIDE INC., 
 as Companies 

and 
 ANHEUSER-BUSCH INBEV SA/NV,

 as Parent Guarantor 

and 
 the SUBSIDIARY GUARANTORS
party hereto from time to time 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

 
 THIRD SUPPLEMENTAL INDENTURE 

Dated as of November 13, 2018 
  

 
 To the Indenture, dated as of
November 13, 2018, 
 among Anheuser-Busch Companies, LLC, Anheuser-Busch InBev Worldwide Inc., as Companies, 

Anheuser-Busch InBev SA/NV, as Parent Guarantor, the Subsidiary Guarantors party thereto from time to time and 

The Bank of New York Mellon Trust Company, N.A., as Trustee 

3.650% Notes due 2026 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	Definitions and Other Provisions of General Application	  

			
	SECTION 1.01	 	 Definitions
	  	 	2	 
	SECTION 1.02	 	 Effect of Headings
	  	 	4	 
	SECTION 1.03	 	 Separability Clause
	  	 	4	 
	SECTION 1.04	 	 Benefits of Instrument
	  	 	5	 
	
	ARTICLE II 	  

	
	3.650% Senior Notes due 2026	  

			
	SECTION 2.01	 	 Creation of Series; Establishment of Form
	  	 	5	 
	SECTION 2.02	 	 Guarantee
	  	 	6	 
	SECTION 2.03	 	 Interest
	  	 	6	 
	SECTION 2.04      	 	 Payment of Principal, Interest and Other Amounts
	  	 	6	 
	SECTION 2.05	 	 Optional Redemption
	  	 	7	 
	SECTION 2.06	 	 Optional Tax Redemption
	  	 	8	 
	
	ARTICLE III	  

	
	Miscellaneous Provisions	  

			
	SECTION 3.01	 	 Effectiveness
	  	 	9	 
	SECTION 3.02	 	 Original Issue
	  	 	9	 
	SECTION 3.03	 	 Ratification and Integral Part
	  	 	9	 
	SECTION 3.04	 	 Priority
	  	 	9	 
	SECTION 3.05	 	 Successors and Assigns
	  	 	9	 
	SECTION 3.06	 	 Counterparts
	  	 	9	 
	SECTION 3.07	 	 Guarantee Limitations
	  	 	9	 
	SECTION 3.08	 	 The Trustee
	  	 	10	 
	SECTION 3.09	 	 Governing Law
	  	 	10	 
			
	 EXHIBIT A
	 		  	 	A-1	 
	 EXHIBIT B
	 		  	 	B-1	 

  

  
 - i - 

 THIRD SUPPLEMENTAL INDENTURE, dated as of November 13, 2018 (the “Third
Supplemental Indenture”), among ANHEUSER-BUSCH COMPANIES, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (herein called “ABC” and a “Company”) and
ANHEUSER-BUSCH INBEV WORLDWIDE INC., a corporation duly organized and existing under the laws of the State of Delaware (herein called “ABIWW” and a “Company” and together with ABC, the “Companies,”
as the context requires), ANHEUSER-BUSCH INBEV SA/NV, a société anonyme/naamloze vennootschap duly organized and existing under the laws of the Kingdom of Belgium (the “Parent Guarantor”), ANHEUSER-BUSCH INBEV
FINANCE INC., a corporation duly organized and existing under the laws of the State of Delaware, BRANDBEV S.à r.l., a société à responsabilité limitée incorporated under the laws of Luxembourg,
with its registered office at Zone Industrielle Breedewues No. 15, L-1259 Senningerberg, Grand-Duchy of Luxemburg, registered with the Luxembourg Register of Commerce and Companies under the number B
80.984, BRANDBREW S.A., a société anonyme incorporated under the laws of Luxembourg, with registered office at Zone Industrielle Breedewues No. 15, L-1259 Senningerberg,
Grand-Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under the number B-75696, COBREW NV, a public limited liability company organized and existing under Belgian law
(each, a “Subsidiary Guarantor”, and together with the Parent Guarantor, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) to the Indenture, dated as
of November 13, 2018, among the Companies, the Guarantors and the Trustee (the “Indenture”). 
 RECITALS OF THE
COMPANIES AND THE GUARANTORS 
 WHEREAS, the Companies, the Guarantors and the Trustee are parties to the Indenture, which provides for
the issuance from time to time of unsecured debt securities of the Companies; 
 WHEREAS, Section 901(9) of the Indenture permits
supplements thereto without the consent of Holders of Securities to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Indenture; 

WHEREAS, as contemplated by Section 301 of the Indenture, the Companies intend to issue a new series of Securities to be known as the
Companies’ “3.650% Notes due 2026” (the “Notes”) under the Indenture; 
 WHEREAS, the Companies and the
Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Third Supplemental Indenture; 
 NOW,
THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH: 

  
 - 1 - 

 For and in consideration of the premises and the other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Companies, the Guarantors and the Trustee mutually agree as follows: 

ARTICLE I 
 Definitions
and Other Provisions of General Application 
 SECTION 1.01      Definitions. 

Except as otherwise expressly provided or unless the context otherwise requires, all terms used in this Third Supplemental Indenture which
are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Third Supplemental Indenture have the following respective meanings: 

“Business Day” means a day on which commercial banks and exchange markets are open, or not authorized to
close, in the City of New York, London and Brussels. If the date of maturity of interest on, or principal of, the Notes or the date fixed for redemption or payment in connection with an acceleration of any Note is not a Business Day, then payment of
interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or payment in connection with acceleration,
and no interest shall accrue as a result of the delayed payment. 
 “Change in Tax Law” has the meaning set
forth in Section 2.06(a). 
 “Company” and “Companies” have the meanings set forth in
the first paragraph of this Third Supplemental Indenture. 
 “Comparable Treasury Issue” means the U.S.
Treasury security (not inflation-indexed) selected by an Independent Investment Banker as having a maturity comparable to November 1, 2025 that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity of November 1, 2025. 
 “Comparable
Treasury Price” means, with respect to a Redemption Date, (i) the average of five (5) Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or
(ii) if the Independent Investment Banker obtains fewer than five (5) such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Depositary” means The Depository Trust Company, or any successor thereto. 

  
 - 2 - 

 “Global Security” has the meaning set forth in
Section 2.01(d). 
 “Guarantors” has the meaning set forth in the first paragraph of this Third
Supplemental Indenture. 
 “Indenture” has the meaning set forth in the first paragraph of this Third
Supplemental Indenture. 
 “Independent Investment Banker” means Barclays Capital Inc., Deutsche Bank
Securities Inc. or Merrill Lynch, Pierce, Fenner & Smith Incorporated, as specified by the Companies, or if all of these firms are unwilling or unable to serve in that capacity, an independent investment banking institution of national
standing in the United States appointed by the Companies. 
 “Initial Issue Date” means November 13,
2018, which is the date of the initial issuance of the Notes. 
 “Interest Payment Date” has the meaning
specified in Section 2.03. 
 “Notes” has the meaning set forth in the Recitals. 

“Parent Guarantor” has the meaning set forth in the first paragraph of this Third Supplemental Indenture.

 “Redemption Notice Date” has the meaning specified in Section 2.05(b). 

“Reference Treasury Dealer” means (i) Barclays Capital Inc., Deutsche Bank Securities Inc. and Merrill,
Lynch, Pierce, Fenner & Smith, Incorporated, and their respective successors, provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in The City of New York (a “Primary
Treasury Dealer”), the Companies will substitute therefor another Primary Treasury Dealer and (ii) any three other Primary Treasury Dealers selected by the Companies after consultation with the Independent Investment Banker. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Regular Record Date” means January 15 and July 15 (whether or not a Business Day). 

  
 - 3 - 

 “Regulation S” means Regulation S under the Securities Act of
1933, as amended. 
 “Restricted Security” means any Note that has not been transferred pursuant to an
exemption from the Securities Act of 1933, as amended. 
 “Rule 144A” means Rule 144A under the Securities
Act of 1933, as amended. 
 “Stated Maturity” has the meaning specified in Section 2.01(f). 

“Third Supplemental Indenture” has the meaning set forth in the Recitals. 

“Treasury Rate” means, with respect to any Redemption Date: 

(i)      the yield, under the heading which represents the average for the immediately preceding
week, appearing in the most recently published statistical release designated “H.l5(5l9)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on
actively traded U.S. treasury securities adjusted to constant maturity under the caption “Treasury constant maturities—Nominal”, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months
before or after the remaining term of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or 
 (ii)      if such release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Trustee” has the meaning set forth in the first paragraph of this Third Supplemental Indenture. 

SECTION 1.02      Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

SECTION 1.03      Separability Clause. 

  
 - 4 - 

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

SECTION 1.04      Benefits of Instrument. 

Nothing in this Third Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Third Supplemental Indenture or the Indenture. 

ARTICLE II 
 3.650%
Senior Notes Due 2026 
 SECTION 2.01      Creation of Series; Establishment of Form. 

(a)      There is hereby established a new series of Securities under the Indenture entitled “3.650% Notes
due 2026”. 
 (b)      The form of the Notes, including the form of the certificate of authentication,
is attached hereto as Exhibit A. The Restricted Security shall include the legends set forth on the face of Exhibit A, substantially in the form so set forth therein. 

(c)      The Companies shall issue the Notes in an aggregate principal amount of USD 8,555,163,000. The
Companies may from time to time, without the consent of the Holders of the Notes, issue additional Notes in accordance with Sections 301 and 901 of the Indenture. Any such additional Notes subsequently issued shall rank equally and ratably with
the Notes in all respects (except for the payment of interest accruing prior to the issue date of such further Notes or except for the first payment of interest following the issue date of such further Notes), so that such further Notes shall be
consolidated and form a single series with the Notes and shall have the same terms as to status, redemption or otherwise as the Notes, provided that either (i) such additional Notes are fungible with the Notes of such series offered hereby for
U.S. federal income tax purposes or (ii) such additional Notes shall have a separate CUSIP number. 

(d)      The Notes shall be initially offered and sold in reliance on Rule 144A and/or Regulation S and shall
be issued initially in the form of one or more permanent global securities, without coupons, registered in the name of the Depositary or a nominee of the Depositary (each, a “Global Security”) and deposited with the Trustee, as
custodian for the Depositary. Any proposed transfer of an interest in the Notes shall consist of a transfer within a Global Security and shall be effected through the book-entry system maintained by the Depositary. 

  
 - 5 - 

 (e)      The Notes shall not have a sinking fund. 

(f)      The stated maturity of the principal of the Notes shall be February 1, 2026 (the “Stated
Maturity”). 
 (g)      The outstanding principal amount of the Notes shall accrue interest at a
rate equal to 3.650% per annum, as provided in Section 2.03. 
 (h)      The Notes shall be issued in
denominations of USD 1,000 in principal amount and integral multiples of USD 1,000 in excess thereof. 

(i)      The Notes shall be subject to both Defeasance and Covenant Defeasance in accordance with the
Indenture. 
 (j)      The Notes shall be senior unsecured obligations of the Companies and will rank equally
with all other existing and future unsecured and unsubordinated debt obligations of the Companies. 
 SECTION
2.02      Guarantee. Subject to the terms and applicable limitations set forth in the Indenture and the form of Notes, the Notes shall be jointly and severally, irrevocably, fully and unconditionally guaranteed
by the Guarantors as to all payments due on the Notes whether at their Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of such Guarantees and the Indenture. In the case of the failure of the
Companies to pay punctually any principal, premium or interest on the Notes, the Guarantors shall cause any such payment to be made as it becomes due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise. The
Guarantees shall be unsecured and unsubordinated indebtedness of the Guarantors and rank equally with other unsecured and unsubordinated indebtedness of the Guarantors that is currently outstanding or that they may issue in the future. 

SECTION 2.03      Interest. The Notes shall bear interest at a rate equal to 3.650% per annum, and
computed on the basis of a 360-day year consisting of twelve (12) 30-day months. Interest on the Notes will accrue from August 1, 2018 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, as the case may be. Interest is payable semi-annually, in arrears, on February 1 and August 1 of each year (each, an “Interest Payment
Date”), subject to deferral of such payment in accordance with the definition of “Business Day” contained in Section 1.01 hereof, commencing February 1, 2019 to the Person in whose name the Notes were registered
at the close of business on the applicable Regular Record Date until the principal thereof is paid or made available for payment. 

SECTION 2.04      Payment of Principal, Interest and Other Amounts. Payments of principal of, premium,
if any, and interest on the Notes shall be made in such coin or currency of the United States of America as at the time of payment is legal 

  
 - 6 - 

 
tender for payment of public and private debts and such payments on Notes represented by a Global Security shall be made through one or more Paying Agents appointed under the Indenture to the
Depositary or its nominee, as the Holder of the Global Security. Initially, the Paying Agent and Registrar for the Notes will be The Bank of New York Mellon Trust Company, N.A., in St. Louis, Missouri. The Companies may change the Paying Agent or
Registrar without prior notice to the Holders of the Notes, and in such an event either Company may act as Paying Agent or Registrar. Payments of principal of, premium, if any, and interest on the Notes represented by a Global Security shall be made
by wire transfer of immediately available funds to the Holder thereof; provided, however, that in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 

SECTION 2.05      Optional Redemption. 

(a)      The Companies may, at their option, redeem the Notes as a whole or in part at any time and from time
to time prior to November 1, 2025 upon not less than thirty (30) nor more than sixty (60) days’ prior notice, as provided in Section 1104 of the Indenture, at a redemption price equal to the greater of: 

(i)      100% of the aggregate principal amount of the Notes to be redeemed; and 

(ii)      as determined by the Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes to be redeemed as if the Notes matured on November 1, 2025 (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a
semiannual basis (assuming a 360-day year consisting of twelve (12) 30-day months) at the Treasury Rate plus 25 basis points; 

plus, in each case described above, accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption
Date. The Treasury Rate will be calculated on the third Business Day preceding such Redemption Date. 

(b)      The Companies may, at their option, redeem the Notes as a whole or in part at any time and from time
to time on or after November 1, 2025 upon not less than thirty (30) nor more than sixty (60) days’ prior notice, as provided in Section 1104 of the Indenture, at a redemption price equal to 100% of the principal amount of
the Notes being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. 

(c)      Notice of redemption shall be given by first-class mail,
postage prepaid, mailed (or otherwise transmitted in accordance with applicable procedures of the 

  
 - 7 - 

 
Depositary) to the Holders of the Notes being redeemed (the date on which such notice is given to be termed a “Redemption Notice Date”). 

(d)      Unless the Companies (and/or a Guarantor) default on payment of the redemption price, from and after
the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. On the Redemption Date, the Companies will deposit with the Trustee or with one or more Paying Agents (or, if either Company is acting as its
own Paying Agent, set aside, segregate and hold in trust as provided in the Indenture) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on such date. 

(e)      If fewer than all of the Notes are to be redeemed, the Trustee will select, not more than sixty
(60) days prior to the Redemption Date, the particular Notes or portions thereof for redemption from the outstanding Notes not previously called for redemption, on a pro rata basis or by such method as the Trustee deems fair and appropriate.

 SECTION 2.06      Optional Tax Redemption. 

(a)      The Companies may, at their or the Parent Guarantor’s option, redeem the Notes in whole but not
in part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Notes then outstanding plus accrued and unpaid interest on the principal amount
being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which either Company or any
Guarantor is incorporated, organized or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws, treaties,
regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after October 26, 2018 (any such change or amendment, a “Change in Tax Law”), the relevant
Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the relevant Company or the relevant Guarantor taking reasonable
measures available to it; provided, however, that the Notes may not be redeemed to the extent such Additional Amounts arise solely as a result of a Company assigning its obligations under the Notes to a Substitute Company (as defined in
Section 801 of the Indenture), unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 

(b)      Prior to the mailing of any notice of redemption pursuant to this Section 2.06, the relevant
Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the 

  
 - 8 - 

 
relevant Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result of such Change in Tax Law. 

(c)      No notice of redemption pursuant to this Section 2.06 may be given earlier than ninety
(90) days prior to the earliest date on which the relevant Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. 

ARTICLE III 

Miscellaneous Provisions 

SECTION 3.01      Effectiveness. This Third Supplemental Indenture will become effective upon its
execution and delivery. 
 SECTION 3.02      Original Issue. The Notes may, upon execution of this
Third Supplemental Indenture, be executed by the Companies and delivered by the Companies and the Parent Guarantor to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Notes as in such Company
Order provided. 
 SECTION 3.03      Ratification and Integral Part. The Indenture, as supplemented by
this Third Supplemental Indenture, is in all respects ratified and confirmed, and this Third Supplemental Indenture will be deemed an integral part of the Indenture in the manner and to the extent herein and therein provided. 

SECTION 3.04      Priority. This Third Supplemental Indenture shall be deemed part of the Indenture in
the manner and to the extent herein and therein provided. The provisions of this Third Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Indenture to the extent the Indenture is inconsistent herewith. 

SECTION 3.05      Successors and Assigns. All covenants and agreements in the Indenture, as supplemented
and amended by this Third Supplemental Indenture, by the Companies and the Guarantors will bind their respective successors and assigns, whether so expressed or not. 

SECTION 3.06      Counterparts. This Third Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 3.07      Guarantee Limitations. The limitations applicable to the Guarantees, as set forth in
Section 209 of the Indenture, will apply to the Guarantees issued hereunder; provided, however, that any further limitations, or any 

  
 - 9 - 

 
amendments or modifications to such Guarantees or limitations thereon, shall be set forth in an additional supplemental indenture, in each case in accordance with the Indenture. 

SECTION 3.08      The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Companies and the Guarantors. 

SECTION 3.09      Governing Law. This Third Supplemental Indenture and the Notes and Guarantees will be
governed by and construed in accordance with the laws of the State of New York. 

  
 - 10 - 

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

			
	 ANHEUSER-BUSCH COMPANIES, LLC

as Company

		
	By:	 	/s/ Bryan Warner
		 	Name: Bryan Warner
		 	Title: Authorized Officer
	
	 ANHEUSER-BUSCH INBEV WORLDWIDE INC.

as Company

		
	By:	 	/s/ Bryan Warner
		 	Name: Bryan Warner
		 	Title: Authorized Officer
	
	 ANHEUSER-BUSCH INBEV SA/NV

as Parent Guarantor

		
	By:	 	/s/ Bryan Warner
		 	Name: Bryan Warner
		 	Title: Authorized Officer
		
	By:	 	/s/ Margot Miller
		 	Name: Margot Miller
		 	Title: Authorized Officer
	
	THE BANK OF NEW YORK MELLON, TRUST COMPANY, N.A.,
as Trustee
		
	By:	 	/s/ R. Tarnas
		 	Name: R. Tarnas
		 	Title: Vice President

 [Third Supplemental Indenture Signature Page] 

 
			
	 ANHEUSER-BUSCH INBEV FINANCE INC. 

as Subsidiary Guarantor

		
	By:	 	/s/ Bryan Warner
		 	Name: Bryan Warner
		 	Title: Authorized Officer
	
	 COBREW NV 
 as
Subsidiary Guarantor

		
	By:	 	/s/ Ann Randon
		 	Name: Ann Randon
		 	Title: Authorized Officer
		
	By:	 	/s/ Jan Vandermeersch
		 	Name: Jan Vandermeersch
		 	Title: Authorized Officer
	
	 BRANDBREW SA
 as
Subsidiary Guarantor

		
	By:	 	/s/ Ann Randon / Jan Vandermeersch
		 	Name: Ann Randon / Jan Vandermeersch
		 	Title: Authorized Officer
	
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	By:	 	/s/ Ann Randon / Jan Vandermeersch
		 	Name: Ann Randon / Jan Vandermeersch
		 	Title: Authorized Officer

  
 [Third Supplemental Indenture
Signature Page] 

 Exhibit A 
  

 FORM OF NOTES 

FACE OF SECURITY 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ANHEUSER-BUSCH COMPANIES, LLC, ANHEUSER-BUSCH INBEV WORLDWIDE INC. OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF (I) IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM SUCH REGISTRATION, (II) WITHIN THE UNITED STATES TO, OR FOR THE ACCOUNT OR BENEFIT OF, PERSONS OTHER THAN “QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN
TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (III) OUTSIDE THE UNITED STATES OTHER THAN TO PERSONS WHO ARE U.S. PERSONS IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH THE REQUIREMENTS OF RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT. EACH PERSON ACQUIRING AN OWNERSHIP INTEREST IN THIS SECURITY (1) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT EITHER (A) IS A 

  
 A-1 

 Exhibit A 
  

 
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IS NOT A U.S. PERSON (AS DEFINED IN REGULATION S) AND IS OUTSIDE THE UNITED STATES OR (C) IS
ACQUIRING SUCH OWNERSHIP INTEREST PURSUANT TO A VALID REGISTRATION STATEMENT OR IN ANOTHER TRANSACTION EXEMPT FROM SUCH REGISTRATION; (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT IN ACCORDANCE WITH THE FOREGOING
RESTRICTIONS, AND IN ANY CASE IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION; (3) PRIOR TO SUCH TRANSFER, AGREES THAT IT WILL FURNISH TO THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., AS SECURITY REGISTRAR (OR A SUCCESSOR REGISTRAR, AS APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE SECURITY REGISTRAR AND THE COMPANIES MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING
MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “UNITED STATES”, “U.S. PERSON” AND “OFFSHORE TRANSACTION” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) IT IS NOT AND FOR SO LONG AS IT HOLDS THIS SECURITY (OR
ANY INTEREST HEREIN) WILL NOT BE (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (II) A
“PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR
OTHER PLAN SUBJECT TO SECTION 4975 OF THE CODE, OR (IV) A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY STATE, LOCAL, OTHER FEDERAL LAW OF THE UNITED STATES OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR (B) ITS ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT RESULT IN A PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR, IN THE CASE OF SUCH A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY SUCH SUBSTANTIALLY SIMILAR STATE, LOCAL, OTHER FEDERAL LAW OF THE UNITED STATES OR NON-U.S. LAW, FOR WHICH AN EXEMPTION IS NOT AVAILABLE. 

  
 A-2 

 Exhibit A 
  

 THIS SECURITY AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED
FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THIS SECURITY TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED
SECURITIES GENERALLY. THE HOLDER OF THIS SECURITY SHALL BE DEEMED BY THE ACCEPTANCE OF THIS SECURITY TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT. 

THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR FEDERAL INCOME TAX PURPOSES (“OID”). HOLDERS MAY
OBTAIN THE ISSUE PRICE, THE AMOUNT OF OID, THE ISSUE DATE AND THE YIELD TO MATURITY BY CONTACTING GLOBAL DIRECTOR – TREASURY AT ANHEUSER-BUSCH INBEV SERVICES, LLC, AT (212) 573-8800. 

  
 A-3 

 Exhibit A 
  

 Anheuser-Busch Companies, LLC 

and 
 Anheuser-Busch InBev Worldwide
Inc. 
 3.650% Note due 2026 

Payment of Principal, Premium, if any, 

and Interest Irrevocably, Fully and Unconditionally Guaranteed by 

Anheuser-Busch InBev SA/NV, Anheuser-Busch InBev Finance Inc., Brandbev
S.à r.l., 
 Brandbrew S.A. and Cobrew NV 
  

			
	 No. ...
	  	USD ...

  

			
	 CUSIP No.: [03522A AD2/U00323 AD4]
	  	ISIN: [US03522AAD28/ USU00323AD40]

 Anheuser-Busch Companies, LLC (“ABC” and a “Company”), a
limited liability company duly organized and existing under the laws of the State of Delaware and Anheuser-Busch InBev Worldwide Inc., a corporation duly organized and existing under the laws of the State of Delaware (“ABIWW” and a
“Company” and together with ABC, the “Companies,” as the context requires, and which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promise to pay to
Cede & Co., or its registered assigns, on February 1, 2026 (the “Maturity Date”), the principal sum of                U.S. dollars, and to
pay interest thereon from August 1, 2018 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, in arrears, on February 1 and August 1, in each year, commencing on
February 1, 2019, at the rate of 3.650% per annum, until the principal hereof is paid or made available for payment, subject to deferral of such interest payment in accordance with the Indenture in case such date is not a Business Day. 

The interest so payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 15 and July 15 (whether or
not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

  
 A-4 

 Exhibit A 
  

 Subject to the terms of the Indenture, this Security is fully and
unconditionally guaranteed as to all payments due hereon whether at the Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of the Guarantees and the Indenture. 

Payments of principal of, premium, if any, and interest on the Notes shall be made in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts and such payments on Notes represented by a Global Security shall be made through one or more Paying Agents appointed under the Indenture to the
Depositary or its nominee, as the Holder of this Security. Initially, the Paying Agent and Registrar for the Securities will be The Bank of New York Mellon Trust Company, N.A., St. Louis, Missouri. The Companies may change the Paying Agent or
Registrar without prior notice to the Holders, and in such an event either Company may act as Paying Agent or Registrar. Payments of principal, premium, if any, and interest on the Securities represented by this Security shall be made by wire
transfer of immediately available funds; provided, however, that in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 

Notwithstanding any provision of this Security or the Indenture, the Companies may make any and all payments of principal,
premium (if any) and interest on this Security pursuant to the applicable procedures of the Depositary for this Security as permitted in the Indenture. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-5 

 Exhibit A 
  

 IN WITNESS WHEREOF, the
Companies have caused this instrument to be duly executed. 
 Dated: 

 

			
	ANHEUSER-BUSCH COMPANIES, LLC
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer

  

			
	ANHEUSER-BUSCH INBEV WORLDWIDE INC.
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-6 

 Exhibit A 
  

 REVERSE OF SECURITY 

1.    Securities and Indenture 

This Security is one of a duly authorized issue of securities of the Companies (payable in U.S. dollars) (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of November 13, 2018 (the “Base Indenture”), as supplemented by the Third Supplemental Indenture, dated as of
November 13, 2018 (the “Third Supplemental Indenture” and together with the Base Indenture, the “Indenture”), in each case among the Companies, Anheuser-Busch InBev SA/NV, as Parent Guarantor, the Subsidiary
Guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Companies, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. 
 2.    Series and Denomination 

This Security is one of the series designated on the face hereof, initially limited to an aggregate principal amount of USD
8,555,163,000, except as provided in the Indenture. References herein to “this series” mean the series of securities designated on the face hereof and any additional securities issued under the Third Supplemental Indenture. Except as
provided in the preceding paragraph, references herein to the “Securities” means (unless the context otherwise requires) the Securities of this series and includes any other securities issued, as provided in the Indenture and
forming a single series with the Securities of this series, provided that either (i) such additional Securities are fungible with the Securities of such series offered hereby for U.S. federal income tax purposes or (ii) such additional
Securities shall have a separate CUSIP number. 
 The Securities are issuable only in registered form without coupons in
denominations of USD 1,000 in principal amount and integral multiples of USD 1,000 in excess thereof. 

3.    Redemption at the Companies’ Option 

The Companies may, at their option, redeem the Securities of this series as a whole or in part at any time and from time to
time prior to November 1, 2025 upon not less than thirty (30) nor more than sixty (60) days prior notice at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Securities to be redeemed and
(ii) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed as if the Securities matured on November 1, 2025 (not
including any portion of such payments of interest accrued to the Redemption Date) 

  
 A-7 

 Exhibit A 
  

 
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve (12) 30-day
months) at the Treasury Rate plus 25 basis points; plus, in each case described above, accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. 

The Companies may also, at their option, redeem the Securities of this series as a whole or in part at any time and from time
to time on or after November 1, 2025 upon not less than thirty (30) nor more than sixty (60) days prior notice at a redemption price equal to 100% of the principal amount of the Securities being redeemed, plus accrued and unpaid
interest on the principal amount being redeemed to (but excluding) such Redemption Date. 
 In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

4.    Optional Tax Redemption 

The Companies may, at their or the Parent Guarantor’s option, redeem the Securities of this series in whole, but not in
part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Securities of this series then outstanding plus accrued and unpaid interest on the
principal amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which either
Company or any Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws,
treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after October 26, 2018 (any such change or amendment, a “Change in Tax Law”), the
relevant Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the relevant Company or the relevant Guarantor taking
reasonable measures available to it; provided, however, that the Securities of this series may not be redeemed to the extent such Additional Amounts arise solely as a result of the relevant Company assigning its obligations under the
Securities of this series to a Substitute Company, unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 

Prior to the mailing of any notice of redemption pursuant to this Section, the relevant Company or the relevant Guarantor will
deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the relevant Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result of such Change in Tax Law. 

  
 A-8 

 Exhibit A 
  

 No notice of redemption pursuant to this Section may be given earlier than
ninety (90) days prior to the earliest date on which the relevant Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Securities of this series were then due. 

5.    Additional Amounts 

In the event that any Guarantor becomes obligated to make payments in respect of the Securities of this series, such Guarantor
will make all payments in respect of the Securities of this series without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on
behalf of any jurisdiction in which such Guarantor is incorporated, organized or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax (the “Relevant Taxing Jurisdiction”) unless
such withholding or deduction is required by law. In such event, such Guarantor will pay to the Holders of the Securities of this series such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net
amounts received by the Holders, after such withholding or deduction, shall equal the respective amounts of principal and interest which would otherwise have been receivable in the absence of such withholding or deduction; except that no such
Additional Amounts shall be payable on account of any taxes or duties which: 
 (a)    are payable by
any person acting as custodian bank or collecting agent on behalf of such Holder, or otherwise in any manner which does not constitute a deduction or withholding by such Guarantor from payment of principal or interest made by it, or 

(b)    are payable by reason of such Holder or beneficial owner having, or having had, some personal or
business connection with such Relevant Taxing Jurisdiction and not merely by reason of the fact that payments in respect of the Securities of this series or the Guarantees thereof are, or for purposes of taxation are deemed to be, derived from
sources in, or are secured in, the Relevant Taxing Jurisdiction, or 
 (c)    are imposed or withheld
by reason of the failure of such Holder or beneficial owner to provide certification, information, documents or other evidence concerning the nationality, residence, or identity of the Holder and beneficial owner or to make any valid or timely
declaration or similar claim or satisfy any other reporting requirements relating to such matters, whether required or imposed by statute, treaty, regulation or administrative practice, as a precondition to exemption from, or a reduction in the rate
of withholding or deduction of, such taxes, or 
 (d)    consist of any estate, inheritance, gift,
sales, excise, transfer, personal property or similar taxes, or 

  
 A-9 

 Exhibit A 
  

 (e)    are imposed on or with respect to any payment by
the applicable Guarantor to the registered Holder of this Security if such Holder is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that taxes would not have been imposed on such payment
had such registered Holder been the sole beneficial owner of this Security, or 
 (f)    are deducted
or withheld pursuant to (i) any European Union directive or regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Relevant Taxing Jurisdiction or
the European Union is a party, or (iii) any provision of law implementing, or complying with, or introduced to conform with, such directive, regulation, treaty or understanding, or 

(g)    are payable by reason of a change in law or practice that becomes effective more than thirty
(30) days after the relevant payment of principal or interest becomes due, or is duly provided for and written notice thereof is provided to the Holders, whichever occurs later, or 

(h)    are payable because this Security was presented to a particular paying agent for payment if this
Security could have been presented to another paying agent without any such withholding or deduction, or 

(i)    are payable for any combination of (a) through (h) above. 

References to principal or interest in respect of the Securities of this series shall be deemed to include any Additional
Amounts which may be payable as set forth in the Indenture. 
 The covenant regarding Additional Amounts shall not apply to
any Guarantor at any time when such Guarantor is incorporated in a jurisdiction in the United States, and will apply to each Company any time it is incorporated in a jurisdiction outside of the United States. 

In addition, any amounts to be paid by either Company or any Guarantor on the Securities of this series will be paid net of
any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations thereunder or official interpretations thereof, any agreement entered
into pursuant to Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor either Company will be required to pay Additional Amounts on account of any FATCA Withholding. 

  
 A-10 

 Exhibit A 
  

 6.    Transfer and Exchange 

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

As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Companies may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Companies, the Guarantors, the Trustee and any agent of the Companies, the Guarantors or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Companies, the Guarantors, the Trustee nor any such agent shall be affected by notice to the contrary. 

7.    Limitation on Suits 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made a written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee indemnity and/or security, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 A-11 

 Exhibit A 
  

 No reference herein to the Indenture and no provision of this Security or of
the Indenture shall alter or impair the obligation of the Companies, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed. 
 8.    Amendment, Modification and Waiver 

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

9.    Defeasance 

The Indenture contains provisions for defeasance at any time of certain restrictive covenants and Events of Default with
respect to this Security upon compliance with certain conditions set forth in the Indenture. 

10.    Governing Law 

This Security shall be governed by and construed in accordance with the laws of the State of New York. 

11.    Defined Terms 

All terms used in this Security which are defined in the Base Indenture or the Third Supplemental Indenture shall have the
meanings assigned to them in the Base Indenture or the Third Supplemental Indenture. 

  
 A-12 

 Exhibit A 
  

 SCHEDULE 

Anheuser-Busch Companies, LLC 
 and

 Anheuser-Busch InBev Worldwide Inc. 

3.650% Note due 2026 

The initial principal amount of this Global Security is USD
             . The following increases or decreases in this Global Security have been made: 
  

									
	Date of Exchange	  	Amount of decrease in Principal Amount
of
this Global Security	  	Amount of increase in Principal Amount
of
this Global Security	  	Principal Amount
of this Global Security following such decrease
(or increase)	  	Signature of authorized officer of Trustee or Custodian

  
 A-1 

 Exhibit B 
  

 FORM OF GUARANTEE 

For value received, the undersigned (herein called the “Guarantors”, and each, a
“Guarantor”, which terms include any successor Person or Persons under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby jointly and severally, irrevocably, fully and unconditionally guarantee
to the Trustee and to each Holder of this Security, which has been authenticated and delivered by the Trustee, the due and punctual payment of the principal of (including any amount in respect of original issue discount), and any premium and
interest (together with any Additional Amounts payable pursuant to the terms of this Security), on this Security and the due and punctual payment of the sinking fund payments, if any, and analogous obligations, if any, provided for pursuant to the
terms of this Security, when and as the same shall become due and payable, whether at Stated Maturity or upon redemption or upon declaration of acceleration or otherwise according to the terms of this Security and of the Indenture. In case of
default by the Companies in the payment of any such principal (including any amount in respect of original issue discount), interest (together with any Additional Amounts payable pursuant to the terms of this Security), sinking fund payment or
analogous obligation, each Guarantor agrees duly and punctually to pay the same. Each Guarantor hereby agrees that its obligations hereunder shall rank pari passu with all other unsecured and unsubordinated obligations of such Guarantor,
shall be as principal and not merely as surety, and shall be absolute and unconditional irrespective of any extension of the time for payment of this Security, any modification of this Security, any invalidity, irregularity or unenforceability of
this Security or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Companies with respect thereto by the Holder of this Security or the Trustee, or any other circumstances which may
otherwise constitute a legal or equitable discharge of a surety or guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of either Company, any right to
require a demand or proceeding first against either Company, protest or notice with respect to this Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this
Security except by payment in full of the principal of (including any amount payable in respect of original issue discount), and any premium and interest (together with any Additional Amounts payable pursuant to the terms of this Security), thereon.

 Each Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of law or otherwise, upon
making any payment hereunder (i) to be subrogated to the rights of a Holder against the Companies with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Companies in respect thereof or (ii) to receive
any payment, in the nature of contribution or for any other reason, from any other obligor with respect to such payment. 

This Guarantee shall not be valid or become obligatory for any purpose with respect to this Security until the certificate of
authentication on this Security shall have been signed by the Trustee. 

  
 B-1 

 Exhibit B 
  

 All terms used in this Guarantee which are not defined herein shall have the
meaning assigned to them in the Security upon which this Guarantee is endorsed. 
 This Guarantee is subject to the release
upon the terms set forth in the Indenture. 
 This Guarantee is subject to certain limitations and waivers set forth in the
Indenture, as it may be supplemented from time to time. 
 This Guarantee is governed by and construed in accordance with
the laws of the State of New York. 

  
 B-2 

 Exhibit B 
  

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be
signed by facsimile by its duly authorized officer or representative and, if required by applicable law, has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 

 

			
	ANHEUSER-BUSCH INBEV SA/NV
as Parent Guarantor
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer
	
	 Anheuser-Busch InBev Finance Inc.

as Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer
	
	 COBREW NV 
 as
Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer

  
 B-3 

 Exhibit B 
  

 
			
	 BRANDBREW SA
 as
Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer
	
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer

  
 B-4Blueprint

 

 

 

CONTRACT OF SALE

 

(Frederick,
Maryland)

 

THIS
CONTRACT OF SALE (this "Contract") is entered into as of the
20th day of July, 2016, by and between SeD Maryland Development,
LLC, a Delaware limited liability company qualified to conduct and
transact business in the State of Maryland ("Seller"), and ORCHARD DEVELOPMENT
CORPORATION, a Maryland corporation, or its permitted assignee as
provided for herein ("Buyer").

 

RECITALS:

 

R-1.
Seller is the owner of certain real property cons1stmg of
approximately 13 acres of land, located in Frederick, Maryland
generally described and identified on the attached Illustrative
Aerial Plan for the Ballenger Run PUD as "Future Multifamily", as
EXHIBIT A attached hereto
(the "Property"), together
with all rights, easements and appurtenances pertaining thereto,
trees, bushes, landscaping and foliage thereon, free and clear of
any existing improvements except as otherwise shown on EXHIBIT
A (i.e., storm
water management facilities and portion of hiker/biker trail shown
thereon), and to be delivered at Closing with the following
utilities stubbed to the Property lines: sewer, water, stormdrain,
electric and cable. Verizon service will not be provided by
Seller.

 

R-2.
Seller desires to sell and Buyer desires to purchase, upon the
terms and conditions hereinafter set forth, the Property, intended
to be developed by Buyer with approximately Two Hundred and Ten
(210) multi-family residential dwelling units, in accordance with
the terms and conditions of this Contract.

 

NOW,
THEREFORE, in consideration of the mutual covenants of Seller and
Buyer and for other good and valuable consideration, the receipt,
sufficiency and adequacy of which the parties hereby mutually
acknowledge, Seller and Buyer hereby agree as follows:

 

1.       
Agreement to Sell and
Purchase. Buyer agrees to buy from Seller and Seller agrees
to sell and convey to Buyer, in fee simple, under the terms and
conditions hereinafter set forth, the Property.

 

2.    
   Deposit.

 

A.            Posting
of Deposit. Not later than the Effective Date (as defined
below in the last paragraph of this Contract), Buyer shall deliver
to Carney Kelehan Bresler Bennett &
Scherr, LLP, as Escrow Agent ("Escrow Agent"), in cash or
immediately available funds, a deposit in the amount of One Hundred
Thousand Dollars ($100,000.00) (the "Initial Deposit"). In the event that
Buyer fails to terminate this Contract prior to the expiration of
Feasibility Study Period, as defined in Para. 4, Buyer shall,
within two (2) business days following the expiration of the
Feasibility Study Period deposit an additional One Hundred Fifty
Thousand and No/100 Dollars ($150,000 .00) with the Escrow Agent as
an additional Deposit (the "Additional Deposit"). The Initial
Deposit and the First Additional Deposit, and all subsequent
deposits, if any shall collectively be referred to as the Deposit
("Deposit"). The Deposit shall be held by Escrow Agent in a
federally insured, interest-bearing account in a national bank or
savings and loan institution reasonably acceptable to Buyer and
Seller (and any interest and other amounts accruing
on the
Deposit shall be deemed part of the Deposit for all purposes
hereunder) and disbursed in accordance with the provisions of this
Contract.

 

 

 

 

B.  
         Termination. If, prior to the end of the Feasibility
Study Period, Buyer, in its sole discretion as described in Para.4,
elects to terminate the Agreement by written notice described
therein, Escrow Agent shall promptly return the full Deposit to the
Buyer and neither party shall have any further obligation to the
other party.

 

C.            Deposit
Non-Refundable after Feasibility Study Period. Following the
expiration of the Feasibility Study Period, the Deposit shall be
non-refundable to Buyer except in the event of termination of this
Contract as a result of an uncured default by Seller, or as
otherwise provided for herein.

 

D.           Dispute
as to Deposit. In the event of any dispute between Seller
and Buyer with respect to the Deposit, Escrow Agent, Buyer and
Seller agree to the terms and conditions of the Escrow Agreement
("Escrow Agreement") as shown in EXHIBIT 
B. Seller
and Buyer each acknowledge that Escrow Agent shall have no
liability to either or to any other party on account of Escrow
Agent's disbursement of the Deposit or failure to disburse the
Deposit if a dispute shall have arisen with respect to the Deposit,
and each agrees to indemnify Escrow Agent against any loss, damage
or liability (including specifically attorneys' fees and litigation
expenses) arising from Escrow Agent's role as escrow agent
hereunder except in the event of Escrow Agent's negligence or
willful misconduct.

 

3.        
   Purchase
Price and Intended Use. The purchase price for the Property
is Five Million Two Hundred Fifty Thousand Dollars ($5,250,000)
(the "Purchase Price"). Buyer shall pay fully all of the costs of
obtaining all state, local and federal approvals applicable
exclusively to the Property.

 

4.    
       Feasibility Tests and Studies;
Access.

 

A.            Beginning
on the Effective Date and continuing until 5:00 p.m. EST on the One
Hundred Twentieth (1201h) calendar
day thereafter (the "Feasibility Study Period) Buyer shall have the
right, at its own expense, to go upon the Property to complete all
necessary due diligence efforts, including but not limited to:
completion of a Phase I Environmental Survey and Engineering
Survey; appraisal report; property inspections; title report;
initiation of financing process, and; initiate preliminary design
and investigate final site engineering and site plan approval
issues, and to cause boring tests and architectural, engineering,
subdivision, access and other tests and studies, including market
analyses and development and economic feasibility studies, to be
made upon any portion of the Property. In the event that one or
more of the investigations conducted by Buyer during the
Feasibility Study Period is unsatisfactory to Buyer, as determined
by Buyer in its sole discretion, Buyer shall have the right, by
written notice sent to Seller and Escrow Agent prior to the
expiration of the Feasibility Study Period, to terminate this
Contract, in which event the Deposit shall promptly be returned to
Buyer by Escrow Agent and upon written notice to all parties shall
thereupon be relieved of further liability and obligations
hereunder, except that Buyer agrees to (i) indemnify and save
harmless Seller from any costs (including reasonable attorney's
fees), expenses, loss or liability arising out of any study or
analysis, whether on-site or off-site, performed by or at the
request of Buyer, and (ii) repair any damage caused by
any such study or analysis and restore the Property, as near as
reasonably practical, to its condition before such study or
analysis.

 

- 2 -

 

 

B.           Seller
shall grant Buyer and Buyer's employees, agents, representatives
and consultants the right to enter upon the Property at any time
before Closing hereunder for purposes of surveying, engineering,
testing and all other work which Buyer may deem necessary, provided
Buyer (i) shall not materially alter the present condition of the
Property and shall repair any damage caused by any such entry and
restore the Property, as near as reasonably practical, to its
condition before such entry, and (ii) shall indemnify and save
harmless Seller from any costs (including reasonable attorney's
fees), expenses, loss or liability arising out of any such entry.
Seller shall allow reasonable access to the Property through the
date of Settlement subject to the rights of existing tenants if
applicable. Seller shall further allow Buyer to inspect and review
the Ballenger Run Development Rights and Responsibilities
Agreement ("DRRA")
as well as any tax bills, title
policies, leases, contracts, service agreements, insurance loss
history, environmental or engineering surveys and certifications,
building plans specifications, surveys & plats, site plans, licenses & permits, code violations or other material
pertaining to the ownership of the Property (a complete checklist
will be included as an addendum to this Contract as
EXHIBIT C) which are in Sellers' possession and readily
accessible. Buyer acknowledges and agrees that it will be
responsible for ongoing repair and maintenance of the storm water
management facilities to be located on the Property (to be
constructed by Seller) and that it shall grant the Seller and/or a
future homeowners association an easement to construct and maintain
(at no expense to Buyer) the hiker/biker trail to be located on the
Property as shown on EXHIBIT
A.

 

C.           Upon
the Effective Date, Buyer shall have in place a comprehensive
general liability insurance policy insuring that Buyer's and
Buyer's employees, agents, representatives and consultants
activities hereunder at the Property are covered under said policy
with a combined single limit of no less than One Million Dollars
($1,000,000.00) and naming the Seller as an additional insured.
Buyer will deliver a certificate of insurance to Seller evidencing
this coverage prior to entry onto the Property.

 

D.           The
repair and indemnification provisions of this Section 4 shall
survive any termination of this Contract.

 

E.           If
this Contract is terminated or expires for any reason other than
consummation of Closing, then, within fifteen (15) days after such
termination or expiration Buyer shall deliver or cause to be
delivered to Seller (at no cost to Seller), if available and,
except with respect to architectural and engineering, owned by
Buyer, all drawings, plats, surveys, tests, reports, investigations
and studies and all plans, specifications, architectural and
engineering work product, and governmental applications and
approvals prepared by third parties in connection with the Property
(each a "Study" and
collectively "Studies") prepared by
or for Buyer in connection with this Contract or Buyer's intended
acquisition, ownership or development of the Property, but
excluding: any Studies that involve analyses regarding the
financial viability of Buyer's intended use of the Property;
anything that would require the Buyer to incur additional costs
beyond those already committed; or any information, data, reports
or studies that the Buyer, in its sole discretion, considers
proprietary. The Studies are delivered without any representation
or warranty by Buyer as to the validity or correctness of any of
the Studies. This Section 4.E shall survive termination of this
Contract.

 

- 3 -

 

 

F.      It
is the Buyer's intent to include 107 LIHTC units as part of the 210
total units in order to meet Frederick County, Maryland's
Moderately Priced Dwelling Units ("MPDUs") requirement
for the Ballenger Run project. In order to accomplish this, the
Seller must obtain the approval from Frederick County (the
"County") to amend the DRRA to allow Low Income Housing Tax Credits
("LIHTC")
units to satisfy this requirement. Further, Buyer's project
requires the County's participation in development incentive
programs for affordable housing in order to accomplish this. The
DRRA amendment and a commitment, in form and substance reasonably
acceptable to Buyer, of the cooperation of the County such the
development incentives must be accomplished by the Seller prior to
the end of the Feasibility Study Period. In the event the Seller
has not obtained the approval by the County to amend the DRRA as
provided for in in this Paragraph 4.F., by the end of the
Feasibility Study Period, Seller and Buyer shall mutually determine
whether to extend the Feasibility Study Period. Failure by the
Seller to have amended the DRRA prior to completion of the
Feasibility Study Period shall not be deemed a default by Seller of
this Contract, but Buyer shall be permitted to terminate the
Contract pursuant to Paragraph 4.A. if the parties cannot agree to
extend the Feasibility Study Period, and the Deposit shall be
promptly returned to the Buyer. Notwithstanding the aforegoing,
once Seller has amended the DRRA as provided in this Paragraph
4.F., it shall be a default by Buyer under this Contract to not
construct the MPDUs as provided herein; this provision of the
Contract shall survive Closing and shall not merge with the deed of
conveyance. In order to satisfy this requirement of Buyer, Buyer
shall be required to record the LIHTC covenants required under
§l -6A-5.2(B) and (C) of the Frederick County Code prior to
Closing, which shall run with and bind the Property.

 

G.          During
the Feasibility Study Period, Buyer shall provide Seller with
initial architectural drawings for the intended multi-family
project. Seller shall have ten (10) business days to review and
approve these drawings, such approval not to be unreasonably
withheld, conditioned or delayed. Failure by the Seller to respond
within this period shall be deemed approval. Any further revisions
to said drawings prior to Closing other than non-material red-line
changes which do not change the layout or unit mix of the buildings
or materially alter the road circulation or amenities on the
Property as approved by the Seller shall require Seller's further
review and approval in accordance with this Paragraph 4.G., such
approval again shall not to be unreasonably withheld, conditioned
or delayed.

 

5.           
Title.

 

A.            .Buyer
shall order, at Buyer's expense, from a reputable title insurance
company of Buyer's choice (the "Title Company")
a report on title (the
"Title
Report") for the Property and
a survey (the "Survey") of the Property, which Survey shall reflect
the actual dimensions of, and the gross area within, the Property,
the location of any easements, rights-of- way, setback lines,
encroachments, or overlaps thereon or thereover, and the outside
boundary lines of any improvements. Not later than fifteen days
prior to the expiration of the Feasibility Study Period, Buyer
shall give notice to Seller of any objections to or defects of
title disclosed by the Title Report or Survey. If such notice is
not given, Buyer shall be deemed to accept title to the Property in
its condition existing as of the Effective Date. Within ten ( 10)
days after receiving notification of any objectionable title items
from Buyer, Seller shall give notice to Buyer as to whether Seller
shall cure or cause the cure of such objections to title. In the
event that Seller elects to remove or cause the removal of such
noted exceptions, Seller shall exercise diligent, good faith
efforts to do so. If such notice is not given or in the event that
Seller declines to cure or cause the cure of all items or if Seller
(despite Seller's diligent, good faith efforts) is unable within
the permitted time period to
cure all items Seller has elected to cure, then Buyer shall have
the option, to be exercised by written notice to Seller within five
(5) days after receipt of Seller's notice of Seller's unwillingness
or inability to cure the objectionable title items or the date
Seller was to have provided notice to Buyer as provided for herein,
to (i) accept title as shown by the Title Report and proceed to
Closing hereunder, OR (ii) terminate this Contract by giving notice
of Buyer's intention to terminate, in which event the Deposit shall
be returned to Buyer, and thereafter neither party shall have any
further liability hereunder except for those obligations which
specifically survive such termination. If Buyer fails to make an
election within such five (5)
day period, then Buyer shall be deemed to have elected item
(ii).

 

 

- 4 -

 

 

B. Fee
simple title to the Property is to be conveyed at the time of
Closing to Buyer or its designees, subject to any liens,
encumbrances, judgments, tenancies, covenants, restrictions,
easements and rights-of-way, recorded or unrecorded, or such other
items that Buyer has accepted as title defects or are expressly
permitted by this Contract (the "Permitted
Exceptions") except for those items that Seller is required
to or has agreed to cure. Title is to be marketable, good of record
and in fact, and insurable at regular rates by the Title Company,
subject only to the Permitted Exceptions.

 

C.
During the term of this Contract, Seller shall not execute nor
approve the execution of any easements, covenants, conditions or
restrictions with respect to the Property except as expressly
permitted by the terms of this Contract or, if not expressly
permitted, without first obtaining the written approval of Buyer,
which approval shall not be unreasonably withheld, conditioned nor
delayed.

 

6.           Representations
and Warranties of Seller. Seller hereby represents and
warrants that each of the following is true and correct on the
Effective Date and shall be true and correct in all material
respects on, and restated as of, the date of Closing:

 

A.            Seller
is a limited liability company, duly organized and validly existing
and in good standing under the laws of the State of Delaware and
qualified to conduct and transact business in the State of
Maryland, (ii) has the full and unrestricted power and authority to
execute and deliver this Contract and all other documents required
or contemplated by the terms of this Contract (collectively, the
"Seller
Documents") and to consummate the transactions contemplated
herein, and (iii) has taken all requisite company action required
to authorize the execution and delivery of the Seller
Documents.

 

B.           The
execution and delivery of the Seller Documents by Seller and
compliance with the provisions of such documents by Seller will not
violate the provisions of the constitutive documents of Seller or
any other such similar document or rule regarding Seller or any
agreement to which Seller is bound.

 

C.           The
execution, delivery and performance of the Seller Documents by
Seller will not violate any provision of any applicable statute,
regulation, rule, court order or judgment or other legal
requirements applicable to Seller.

 

D.           To
the best of Seller's knowledge, there are no lawsuits or legal
proceedings pending or threatened regarding or resulting from
encumbrances on, or the ownership, use or possession of, the
Property.

 

- 5 -

 

 

E.           To
the best of Seller's knowledge, there are no notices, suits or
judgments pending or threatened relating to violations of any
governmental regulations, ordinances or requirements affecting or
which may affect the Property. In the event Seller receives such a
notice of violation, Seller shall immediately take all actions
reasonably required to comply with the terms thereof, and the
Property shall be free and clear of all such violations prior to
Closing.

 

F.           Except
for this Contract, Seller has not entered into any contracts of
sale, options to purchase, reversionary rights, rights of first
refusal or similar rights of any kind which are or shall be binding
upon the Property or any part thereof or which shall become binding
upon Buyer upon Closing.

 

G.           Except
as otherwise disclosed in EXHIBIT C to this
Contract, Seller has not made and has no knowledge of (and to
Seller's knowledge, Seller's predecessors in title have not made
and have no knowledge of) any commitments to any governmental or
quasi-governmental authority, school board, church or other
religious body, or to any other organization, group or individual
relating to the Property which would impose any obligations upon
Buyer to make any contributions of money or land or to install or
maintain any improvements, or which would interfere with Buyer's
ability to use, develop or improve the Property as herein
contemplated (including any agreements or understandings to annex
the Property or any portion thereof to any homeowners' association
governing any project or subdivision adjacent to or in the vicinity
of the Property), and there are no special understandings or
agreements, whether oral or written, between Seller and any
jurisdictional authority whether contained in ordinances,
agreements or otherwise, limiting or defining the use and
development of the Property, the construction of improvements
thereon, the availability to the Property of public improvements
and municipal services, any requirement to share in the cost
thereof by recapture, contribution, special assessment or
otherwise, or any requirement to contribute in land or cash to any
school, library, park or other sort of county, municipal or
governmental district or body in connection with the development of
the Property. Buyer shall be responsible for any "proffers" to be
paid to the County with respect solely to the Property, including
but not limited to payment of County Impact Fees and School
Construction Fees for all approved Units, construction of public
and/or private roads within the Property, and installation of all
utilities within the Property ..

 

H.           To
the best of Seller's knowledge, there is no actual, pending or
threatened designation of any portion of the Property or
improvements thereon, as a historic landmark or archeological
district, site or structure. To the best of Seller's knowledge,
there is no graveyard lying within the Property. Notwithstanding
the aforegoing to the contrary, within the Ballenger Run PUD there
are improvements which the Maryland Historical Trust ("MHT") has
investigated for historic status. Any such improvements located on
the Property will be removed by Seller in accordance with MHT
requirements prior to Closing. Seller shall notify Buyer
immediately in the event such MHT requirements change. In the event
Seller cannot satisfy or reasonably anticipates not being able to
satisfy any such changed MHT requirements which affect the Property
by Closing, Seller shall notify Buyer within sixty (60) days prior
to the expiration of the Site Plan Approval Period. Buyer may elect
to extend Closing by written notice to the Seller for an additional
period of time to allow Seller time to comply with MHT requirements
applicable to the Property. Such extension shall only be for such
amount of time as is necessary for Seller to comply with MHT
requirements, not to exceed one (1) year.

 

- 6 -

 

 

I. Except
as otherwise set forth in environmental studies previously
performed on behalf of Seller, by GTA dated June, 2014 copies of
which have been provided to Buyer, and including any remediation
efforts performed by Seller in accordance with such reports,
including the removal of underground storage tanks on the Property,
for which the Maryland Department of the Environment has issued a
closure report, all which have been performed in order to remove
any Contamination as required by any state, local or federal agency
having jurisdiction thereunder, to the best of Seller's knowledge,
the Property, including the land, surface water, ground water and
any improvements, is free of "contamination" from (i) any
"hazardous waste," any "hazardous substance," and any "oil,
petroleum products, and their by-products," as such terms are
defined by any federal, state, county or local law, ordinance,
regulation or requirement applicable to any portion of the
Property, as the same may be amended from time to time, and
including any regulations promulgated thereunder, and (ii) any
substance the presence of which on the Property is regulated or
prohibited by any law (collectively, "Hazardous
Substances"). "Contamination" means the presence of
Hazardous Substances at the Property or arising from the Property
that may require remediation or cleanup under any applicable law.
Seller has not used any Hazardous Substances on, from or affecting
the Property in any manner that violates any applicable law, and to
Seller's knowledge, no prior owner or user of the Property has used
such substances on, from or affecting the Property in any manner
which violates any applicable law. To Seller's knowledge, there are
not now, nor have there ever been on or in the Property underground
storage tanks or surface impoundments, asbestos-containing
materials or any material spills of polychlorinated biphenyls,
including those used in hydraulic oils, electric transformers or
other equipment, except as may be disclosed in the Environmental
Reports. Without limiting in any respect the generality of the
foregoing, to Seller's knowledge, there are no actual, alleged or
perceived health issues applicable to any portion of the Property.
To the best of Seller's knowledge, without independent
investigation, no landfill has occurred on the Property, and no
debris has been buried or placed on the Property.

 

J.            Seller
will make available at Seller's offices (or Seller's engineer's
offices) all documents relating to or affecting the Property in
Seller's possession or available to Seller and required by this
Contract (including, but not limited to, all plats, plans, and
wetlands reports and permits).

 

K.            All
bills and claims for labor performed and materials furnished to or
for the benefit of the Property by or on behalf of Seller for all
periods prior to Closing have been paid in full or adjustment
therefor shall be made at Closing on the settlement
sheet.

 

L.           
Seller is not a "foreign person" as defined in the Internal Revenue
Code of 1986, and the regulations issued pursuant thereto, and
Seller shall deliver to Buyer at Closing an affidavit to such
effect containing Seller's taxpayer identification
number.

 

M.           No
insolvency proceeding or petition in bankruptcy or for the
appointment of a receiver has been filed by or against Seller,
Seller has not made an assignment for the benefit of creditors or
filed a petition for, or entered into an arrangement with,
creditors, and Seller has not failed generally to pay its debts as
they become due.

 

N.            There
are no leases or occupancy agreements currently affecting any
portion of the Property. Buyer acknowledges and agrees that Seller
may enter into agreements with respect to the lease, license or
rental of the Property for surface parking provided that any such
agreement shall terminate not
later than Closing. Exclusive possession of the Property shall be
delivered by Seller to Buyer at Closing free of the rights or
claims of any tenants, occupants or other parties in possession of
or having or claiming any right to possession or use of the
Property under, by or through the rights of Seller whether such
rights or claims are through lease, easement, license or
otherwise.

 

- 7 -

 

 

7,
Representations and
Warranties of Buyer. Buyer hereby represents and warrants as
follows, which representations and warranties shall be true and
correct as of the date of Closing:

 

A.            Buyer
is a corporation duly organized, validly existing and in good
standing under the laws of the State of Maryland, and has the full
and unrestricted power and authority to execute and deliver this
Contract and all other documents required or contemplated by the
terms of this Contract (collectively, the "Buyer Documents") and
to consummate the transactions contemplated herein. Buyer has taken
all requisite corporate action required to authorize the
appropriate officer(s) of Buyer to execute and deliver the Buyer
Documents.

 

B.           The
execution and delivery of the Buyer Documents by Buyer and
compliance with the provisions of such documents by Buyer will not
violate the provisions of the Articles of Incorporation, Bylaws or
any other such similar document or rule regarding Buyer, or any
agreement to which Buyer is subject or by which Buyer is
bound.

 

C.           The
execution, delivery and performance of the Buyer Documents by Buyer
will not violate any provision of any applicable statute,
regulation, rule, court order or judgment or other legal
requirements applicable to Buyer.

 

D.           No
insolvency proceeding or petition in bankruptcy or for the
appointment of a receiver has been filed by or against Buyer, Buyer
has not made an assignment for the benefit of creditors or filed a
petition for, or entered into an arrangement with, creditors, and
Buyer has not failed generally to pay its debts as they become
due.

 

8.    
       Conditions
Precedent.

 

A.          
The obligation of Buyer to proceed with Closing is contingent upon
all of the following conditions being satisfied as of the date of
Closing:

 

(i)            Seller's
representations and warranties in this Contract shall be true and
correct as of the date of Closing, and Seller shall execute a
certificate of reconfirmation of such representations and
warranties at Closing. Although certain of Seller's representations
and warranties are limited to the extent of Seller's knowledge,
this condition precedent is not so limited. Therefore, the
condition shall be deemed satisfied as the date of Closing if the
facts stated in all such representations and warranties are
accurate without reference to Seller's knowledge.

 

(ii)          
The condition of title to the Property shall be as required by this
Contract.

 

(iii)            Buyer
shall have received all Approvals (as defined in Section 9),
including Building Permits, and the approved record plat
subdividing the Property from the balance of the Seller's property,
and such approvals shall be final and all appeal periods in
connection therewith shall have expired, with no appeal having been
filed, or if an appeal is filed, same shall have been dismissed and
the approvals upheld.

 

- 8 -

 

 

(iv)           All
offsite (not located within the Project) easements necessary for
the development and use of the Property including, without
limitation, access and utility easements for water, sanitary sewer,
stormwater management and drainage, electric and cable shall have
been obtained and (except for storm water management and drainage)
all such utilities have been installed and stubbed at the property
line, and Seller has completed base course paving from existing
public roads to the Property along with any other required
improvements to allow Buyer to obtain Building Permits and to
provide full vehicular and pedestrian access to the Property from
such public roadways.

 

(v)           No
lawsuit, appeal or other action shall have been filed by any party,
directly or indirectly, involving the Property or Buyer's
development of the Property as a multifamily apartment
complex.

 

(vi)           There
shall exist no moratorium or other action or directive by any
governmental authority which would prohibit or enjoin Buyer from
constructing a multifamily apartment complex as contemplated
herein. If, from the date of
this Contract until the Closing, any state, county, city, public
school district or governmental agency declares or effects any
moratorium, which moratorium is applicable to the Property or any
portion thereof, then, in such event, Buyer's obligations under
this Contract and all time frames required under this Contract
shall be suspended until such time as the moratorium is lifted;
provided, however that if such moratorium lasts or is declared by
any such authority to last for a duration in excess of twelve (12)
months from the date of the onset of such moratorium, then Buyer
may, at its sole option by written notice to the Seller, declare
this Contract to be null and void, the Deposit shall be returned to
the Buyer, and the parties shall thereafter have no further
obligation to one another.

 

(vii)            Any
other conditions precedent to Closing set forth in other provisions
of this Contract shall have been satisfied, and Seller shall not be
in default of any of Seller's obligations under this
Contract.

 

B. 

Failure of any
Conditions Precedent:

 

(i)          If,
after written notice to Seller and the expiration of any applicable
cure period, the conditions set forth in Section 8A except for 8A
(iii) or (iv) hereof are not met at the time of Closing, then Buyer
shall have the option, to be exercised in its sole discretion
either to (i) waive the requirement for satisfaction of the
unsatisfied conditions and proceed to Closing without reduction in
the Purchase Price, or (ii) declare this Contract terminated in its
entirety, in which event. the Deposit shall be released to and
retained by Buyer, and thereafter neither party shall have any
further liability hereunder, except for those obligations which
specifically survive such termination, or (iii) exercise its
remedies under Section 14 below in the event the failure of the
condition(s) precedent to be satisfied is due to Seller's default;
or

 

(ii)          If,
after written notice to Seller and the expiration of any applicable
cure period, the conditions set forth in Section 8A(iii) hereof are
not met at the time of Closing, then Buyer shall have the option,
to be exercised in its sole discretion either to (i) waive the
requirement for satisfaction of the unsatisfied conditions and
proceed to Closing without reduction in the Purchase Price, or (ii)
declare this Contract terminated in its entirety, in which event.
the Deposit shall be released to Seller, and thereafter neither
party shall have any further liability hereunder, except for those
obligations which specifically survive such termination;
or

 

- 9 -

 

 

(iii)
If, after
written notice to Seller and the expiration of any applicable cure
period, the conditions set forth in Section 8A(iv) hereof are not
met at the time of Closing, then Buyer shall have the option, to be
exercised in its sole discretion either to (i) waive the
requirement for satisfaction of the unsatisfied conditions and
proceed to Closing without reduction in the Purchase Price, (ii)
elect to extend Closing by written notice to the Seller for an
additional period of time to allow Seller time to comply with
Section 8A(iv) requirements, not to exceed one ( 1) year, or (iii)
declare this Contract terminated in its entirety, in which event.
the Deposit shall be released to Seller, and thereafter neither
party shall have any further liability hereunder, except for those
obligations which specifically survive such
termination.

 

C.           The
obligation of Seller to proceed with Closing is contingent upon all
of the following conditions being satisfied as of the date of
Closing:

 

(i)           The
representations and warranties of Buyer made in this Contract shall
be true and correct as of the date of Closing with the same force
and effect as though such representations and warranties had been
made on and as of such date.

 

(ii)            Buyer
shall have performed in all material respects all covenants and
obligations and complied in all material respects with all
conditions required by this Contract to be performed or completed
with by it on or before the date of Closing, and Buyer shall have
executed and delivered to Seller a certificate, dated as of the
date of Closing, to the foregoing effect.

 

9.            Development
and Permitting Approvals.

 

A.           Site
Plan. Buyer shall submit upon the conclusion of the
Feasibility Study Period (and shall thereafter use reasonable
commercial efforts, proceeding diligently and in good faith to
obtain in as expeditious a manner as reasonably possible) its
application for Site Plan and subdivision plat approval for all
necessary municipal, state and federal approvals for the
construction of the multifamily apartment project on the Property
(collectively, "Site Plan Approval").
Buyer, proceeding diligently shall have one (1) year from the
expiration of the Feasibility Study Period to obtain Site Plan
Approval (the "Site Plan Approval
Period"). During the Site Plan Approval Period and prior to
any official submission of a Site Plan to the County, Buyer shall
provide Seller with an initial Site Plan for the intended
multi-family project. Seller shall have ten (10) business days to
review and approve the Site Plan, such approval not to be
unreasonably withheld, conditioned or delayed. Failure by the
Seller to respond within this period shall be deemed approval. Any
further revisions to said Site Plan prior to Closing other than
non­ material red-line changes which do not change the layout
or unit mix of the buildings or materially alter the road
circulation or amenities on the Property as approved by the Seller
shall require Seller's further review and approval in accordance
with this Paragraph 9.A., such approval again not to be
unreasonably withheld, conditioned or delayed.

 

B. Building
Permit. . Promptly upon Site
Plan Approval, Buyer shall pursue, at its sole cost and expense,
and take all actions required to be taken to obtain building
permits ("Building Permit
Approval"), to construct the
Buyer's proposed improvements to the Property. Not later than
thirty (30) days following the expiration of the Site Plan Approval
Period, Buyer shall obtain the Building Permits (the
"Building Permit Approval
Period").

	

 

 

- 10 -

 

 

C.           Extensions
to Site Plan Approval Period and/or Building Permit Approval
Period. If the
governing authorities having jurisdiction thereunder have not
granted all required approvals for the Buyer to construct its
multifamily project within the Site Plan Approval Period or the
Building Permit Approval Period, respectively, despite the
diligent, good faith, and commercially reasonable efforts of the
Buyer to obtain the required Site Plan Approval or the Building
Permit Approval, the Buyer may, upon written notice delivered to
the Seller before the expiration of the Site Plan Approval Period
or Building Permit Approval Period, extend the Site Plan Approval
Period or Building Permit Approval Period for up to a combined
extension period not to exceed ninety (90) days (the "90 Day Extension
Period"). The 90 Day Extension Period can be used to extend
either the Site Plan Approval Period or the Building Permit
Approval Period but in no event shall it exceed 90 days in total.
The Buyer can use the 90 Day Extension Period in 30 day increments,
and it can be divided between the Site Plan Approval Period and the
Building Permit Approval Period (i.e., by way of example, it can be
used for a 30 day extension to the Site Plan Approval Period and
for a 60 day extension to the Building Permit Approval Period) so
long as the combined extensions do not exceed 90 days in
total.

 

D.            Cooperation
in Development of the Project. Buyer covenants to use
reasonable commercial efforts and due diligence and good faith in
pursuit of the Site Plan Approval, preparation and recordation of
the record plat subdividing the Property from the balance of the
Seller's property and obtaining the Building Permit Approval
(collectively, the "Approvals") during
the Site Plan Approval Period and agrees to keep Seller currently
apprised (but not less often than monthly) of its efforts in
respect of the Approvals. Buyer and Seller shall in all events
promptly advise the other party of any on-going communications with
governmental authorities, and each of Buyer and Seller agree to
provide the other party at least five (5) days prior notice of any
meetings with any neighborhood groups, civic associations,
governmental authorities or other "stakeholders" and afford the
other party the opportunity to attend all such meetings. Buyer
shall advise Seller of the matters discussed at any meetings with
neighborhood groups, civic associations, governmental authorities
or other "stakeholders" or other public hearings at which the
Property is discussed which Seller does not attend.

 

10. 

Time of Closing.

 

A.            Closing
(each a "Closing"), subject to
satisfaction or written waiver of all conditions precedent
contained herein, shall occur no later than twenty (20) days
following the completion of the Building Permit Approval Period;
provided however that in no event shall Closing occur later than
March 31, 2018 (the "Outside Closing Date").

 

B.            Closing
shall be held at the offices of Escrow Agent or another title
company designated by Buyer, which offices shall be located in the
Baltimore/Washington, D.C., metropolitan area. Notwithstanding the
foregoing, however, the parties acknowledge that Closing may occur
through delivery of the Closing documents by reputable overnight
delivery and delivery of the payment by wire transfer or title
company check (at Seller's option) so that either or both parties
will not need to attend Closing. Buyer shall give Seller at least
five (5) business days' prior notice of the time and place of
Closing.

 

C.            Any
general real estate taxes and rents and usual water and sewer
charges shall be pro-rated for the portion of the Property conveyed
at such Closing as of the date of Closing. Applicable special
assessments for public improvements that are substantially
completed prior to Closing
and any "roll-back" taxes applicable to the portion of the Property
conveyed at such Closing shall be paid by Seller. Transfer and
recordation taxes and any other recording charges shall be divided
equally between the parties, provided that the Buyer will pay any
recording tax attributable solely to any financing in excess of the
Purchase Price. Seller shall pay for the preparation of the deed
and the preparation of and the recording fees for the release of
any monetary encumbrances against the portion of the Property
conveyed at such Closing. Each party shall pay its own attorneys'
fees. Seller is aware that the Escrow Agent will be required to
collect from the proceeds of the sale a Maryland non-resident
withholding tax as prescribed by the Tax­ Property Article of
the Maryland Annotated Code unless it can provide the required
Certification as set forth in (E)(c), below.

 

- 11 -

 

 

D.           At
Closing, Buyer shall pay the applicable portion of the Purchase
Price as adjusted in accordance with the provisions of this
Contract; and Buyer shall execute and deliver to Seller the
following:

 

(a)           an
update of Buyer's representations executed by Buyer;

 

(b)           evidence
of Buyer's (and its members) organizational authority, incumbency
and good standing as may be required by the Title Company;
and

 

(c)          
such other instruments as Seller or Title Company may reasonably
desire in connection with or to consummate the transactions
contemplated by this Contract.

 

E.    
      At Closing, Seller shall deliver to Buyer the
following:

 

(a)          
a F.l.R.P.T.A. affidavit;

 

(b)    
      an update of Seller's representations executed
by Seller;

 

(c)           a
Certification of Exemption from Withholding Upon Disposition of
Maryland Real Estate executed by Seller if applicable;

 

(d)          
an owner's affidavit in form reasonably required by the Title
Company; 

 

(e)           a
Gap Indemnity reasonably acceptable to Seller, if required by the
Title Company for payment of the Purchase Price to Seller prior to
recording.

 

(f)           evidence
of Seller's (and its members) organizational authority, incumbency
and good standing as may be required by the Title
Company.

 

(g)         
written instructions regarding delivery of the net proceeds to
Seller at Closing;
and 

 

(h)         
such other instruments as Seller or Title Company may reasonably
desire in connection with or to consummate the transact
contemplated by this Contract

 

11.            Special
Warranty Deed; Delivery of Possession. At Closing, Seller shall
convey the Property to Buyer in fee simple by special warranty
deed, containing covenants against encumbrances and
with further assurances. Possession of the Property shall be
delivered to Buyer at the time of Closing, free and clear of any
licensees, occupants or tenants.

 

 

- 12 -

 

 

12.           Risk
of Loss. Until execution, delivery and delivery of the deed
described in Section 10, the risk of loss or damage to the
Property, or any applicable portion thereof, by any cause, is
assumed by Seller.

 

13.           Condemnation.
If, prior to
Closing, any material portion of the Property is condemned or taken
under the power of eminent domain (or is the subject of a pending
taking that has not yet been consummated), then Seller shall so
notify Buyer and Buyer shall have the right either to (i) terminate
this Contract, in which event the Deposit shall be returned to the
Buyer in accordance with Paragraph 2.C. of this Contract, and
thereafter neither party shall have any further liability hereunder
except for those obligations which specifically survive such
termination, or (ii) proceed to Closing hereunder, in which case
Seller shall pay over or assign, as applicable, at Closing all
awards and proceeds of such condemnation or taking with respect to
the Property, and there shall be no adjustment of the Purchase
Price. If, prior
to Closing hereunder, less than a material portion of the Property
is condemned or taken under the power of eminent domain (or is the
subject of a pending taking that has not yet been consummated),
then Buyer and Seller shall proceed to Closing hereunder and all
proceeds received by Seller with respect to such condemnation will
be credited against the Purchase Price (or applicable portion
thereof) at Closing and Seller shall assign shall assign, transfer,
and set over to Buyer at Closing all of Seller's rights, title and
interest in such condemnation proceeding with respect to the
Property and any awards that may be made with respect thereto. As
used in this Section 13, "material portion of the Property" shall
apply to a condemnation or taking resulting in the loss of more
than ten percent (10%) of the area of the Property.

 

14.         
Default.

 

A.           If
Buyer defaults under this Contract and Seller is not in default
under this Contract, has satisfied all of Seller's conditions
precedent under this Contract and is willing and able to proceed,
Seller shall be entitled to terminate this Contract, in which event
the Deposit shall be retained by Seller as liquidated damages and
as Seller's sole and exclusive remedy, and the parties hereto shall
thereafter have no further liability hereunder to each other
hereunder, except for those obligations which specifically survive
such termination.

 

B.            If
Seller defaults hereunder and Buyer is not in default under this
Contract and is willing and able to proceed, then Buyer shall be
entitled, as its sole and exclusive remedy, to either: (i)
terminate this Contract, in which event the Deposit shall be
returned to Buyer, and thereafter neither party shall have any
further liability hereunder except for those obligations which
specifically survive such termination, or (ii) enforce all of the
terms of this Contract by specific performance.

 

C.           Notwithstanding
the provisions of Sections 14A and 14B to the contrary, neither
party shall be considered in default under such sections unless
such party has received written notice of the claimed default from
the non-defaulting party and failed to cure the default within
thirty (30) days of receiving notice for any non-monetary default
other than failure to close, and five (5) days of receiving notice
for any monetary default.

 

 

- 13 -

 

 

15.          Commission.
Other than a three percent (3%) sales commission payable solely by
the Seller under a separate agreement to Mackenzie Commercial Real
Estate Services, LLC, Seller and Buyer each represents to the other
that there is no real estate agent or real estate broker
responsible for bringing about this transaction. Each of Seller and
Buyer shall indemnify and hold harmless the other from any claims
for fees or commissions or any damage as a result of any such claim
(including reasonable attorneys' fees charged to defend such claim)
that arises from any breach of such party's representations in this
Section 15. This Section 15 shall survive Closing and any earlier
termination of this Contract.

 

16.           Waiver
of Jury Trial. SELLER AND BUYER JOINTLY WAIVE TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO WHICH SELLER AND BUYER MAY BE
PARTIES, ARISING OUT OF OR IN ANY WAY PERTAINING TO THIS CONTRACT.
This waiver is knowingly, willingly and voluntarily made by Seller
and Buyer, each of whom hereby acknowledges that no representations
of fact or opinion have been made by any individual to induce this
waiver of trial by jury or to in any way modify or nullify its
effect. Seller and Buyer each further represents that it has been
represented in the signing of this Contract and in the making of
this waiver by independent legal counsel, selected of its own free
will, and that it has had the opportunity to discuss this waiver
with counsel.

 

17.    
      Miscellaneous.

 

A.            Waiver
of Conditions. Each party reserves the right to waive any of the
terms, conditions and contingencies of this Contract that are for
the benefit of such party and to consummate the transactions
contemplated by this Contract in accordance with the terms and
conditions of this Contract which have not been so waived. Failure
to take any action reserved to a party pursuant to this Contract
shall not be deemed a waiver by such party of such action, and all
waivers must be in writing. A waiver in one or more instances of
any term, covenant or contingency of this Contract shall apply to
the particular instance or instances and at the particular time or
times only, and no such waiver shall be deemed a continuing waiver,
but every term, covenant or contingency shall survive and continue
to remain in full force and effect.

 

B.           Notices.
All Notices, demands, requests and other communications required
pursuant to the provisions of this Contract shall be in writing and
shall be deemed to have been properly given or served for all
purposes (i) if sent by Federal Express or any other nationally
recognized overnight carrier for next Business Day delivery, on the
first Business Day following deposit of such Notice with such
carrier, or (ii) if personally delivered, on the actual date of
delivery or (iii) if sent by certified mail, return receipt
requested postage prepaid, or electronic mail (email), read-receipt
requested) on the third (3rd) Business Day following the date of
mailing addressed as follows:

 

 

If to
Buyer: 

Orchard
Development Corporation

 

5032 Dorsey Hall
Drive 

 

Ellicott City,
Maryland 21042

 

Attn: L. Scott
Armiger, President  

 

Telephone:
410-964-2334; Fax: 410-964-2215  

 

Email
Address:scott@orcharddevelopment.com

 

- 14 -

 

 

with a copy
to:

Carney, Kelehan,
Bresler, Bennett &
Scherr, LLP  

 

10715 Charter
Drive, Suite 200 

 

Columbia, Maryland
21044

 

Attn: Kevin J.
Kelehan, Esq.  

 

Telephone:
410-740-4600; Fax: 410-730-7729 

 

Email Address:
kjk@carneykelehan.com
 

 

 

Ifto
Seller:

c/o SeD Development
USA, Inc. 

 

Hampden
Square  

 

4800 Montgomery
Lane, Suite 210  

 

Bethesda, Maryland
208143

 

Attn: Charley
MacKenzie

 

Conn
Flanigan 

 

Jeffrey
Busch 

 

Telephone: (301)
971-3940; Fax:
 _______________

 

Email
Addresses:  charley@sed.com.sg  

 

                      
      
conn@sed.com.sg

 

                             
jeff
@sed.com.sg

 

 

 

 

 

And To:

 

 

 

SeD Ballenger,
LLC   

 

c/o Singapore
Development Limited

 

10 Winstedt Road
#02-02 

 

Singapore
227977

 

Attn: Moe
Chan 

 

Telephone:                             
; Fax: ____________

 

Email Address :
moe@sed.com.sg 

 

 

With a copy
to:

Linowes and
Blocher LLP

 

31 West Patrick
Street, Suite 130 

 

Frederick, Maryland
21701

 

Attn : Bruce N.
Dean, Esq. 

 

Telephone:
301-620-1175; Fax: 301-732-4835 

 

Email Address
:bdean@linowes-law.com 

 

 

If to Escrow
Agent:   

Carney, Kelehan,
Bresler, Bennett &
Scherr, LLP

  

10715 Charter
Drive, Suite 200 

   

Columbia, Maryland
21044

 

Attn: Michelle
DiDonato, Esq. 

   

Telephone:
410-740-4600; Fax : 410-730-7729 

   

Email Address:
mdd@carneykelehan.com 

C.           Entire
Agreement and Interpretation. This Contract contains the entire
agreement between Seller and Buyer. There are no promises or other
agreements, oral or written, express or implied, between Seller and
Buyer other than as herein set forth. This Contract may not
be
amended or modified except by written instrument signed by the
party to be charged with such amendment or modification. The
section and paragraph headings in this Contract are inserted for
convenience only and in no manner expand, limit or otherwise define
the terms hereof. Whenever in this Contract a time period shall end
on a day that is a Saturday, Sunday or legal holiday, the time
period shall be extended automatically to the next date that is not
a Saturday, Sunday or legal holiday. Both Seller and Buyer have
participated in the preparation of this Contract and no
construction of the terms hereof shall be taken against either as
the one drafting the Contract.

 

- 15 -

 

 

D.          
Partial Invalidity. If any term, covenant or
condition of this Contract shall be invalid or unenforceable, the
remainder of this Contract shall not be affected and shall remain
in full force and effect.

 

E.          
Governing Law. It is the intention of the
parties that all questions with respect to this Contract and the
rights and liabilities of the parties hereunder shall be determined
in accordance with the laws of the State of Maryland.

 

F.           
Binding Effect; Assignment. All of the covenants, conditions and
obligations contained herein shall be binding upon and inure to the
benefit of the respective successors and assigns of Seller and
Buyer. Buyer shall not have the right to assign this Contract or
its rights under this Contract without obtaining in each instance
Seller's prior written consent. Notwithstanding the foregoing,
Buyer shall have the right, without Seller's consent, to assign its
entire right, title and interest in and to this Contract, expressly
including the Deposit, to any entity controlling, controlled by, or
under common control with Buyer; provided that, not less than three
(3) business days prior to Closing, Seller receives an executed
assignment and assumption agreement, in a form reasonably
acceptable to Seller, which expressly assigns the Deposit and in
which such assignee expressly assumes performance of this Contract
for the benefit of Seller. No such assignment or designation shall
relieve or release Buyer from any obligations under this Contract
(whether arising pre- or post-closing), and Buyer shall remain
jointly and severally liable for all of same together with such
assignee.

 

G.         
Survival. Except as otherwise provided herein, the prov1s1ons of
this Contract shall survive Closing and delivery of the deed(s) for
a period of six (6) months and shall not be deemed merged
therein.

 

H.         
Memorandum of Contract. This Contract shall not be recorded or
otherwise filed or made a matter of public record or lien records
and any attempt to record or file same by Buyer shall be deemed a
default by Buyer hereunder.

 

I.           Time
of the Essence. Time is of the essence with respect to this
Contract.

 

J.          
Exhibits. Each of the exhibits attached to this Contract is
incorporated herein by reference. Any exhibit not available at the
time this Contract is executed shall be agreed upon, initialed and
attached by the parties as soon after execution as it is
practicable, but failure to attach any exhibit shall not affect the
validity of this Contract unless the parties are in material
disagreement as to the contents of such exhibit.

 

K.         
Counterparts. This Contract may be executed in one or more
counterparts, all of which shall be but one Contract and all of
which shall have the same force and effect as if all parties hereto
had executed a single copy.

 

 

- 16 -

 

 

L.           Attorneys'
Fees. In the event of any legal action or arbitration proceeding
between the parties regarding this Contract or the Property, the
prevailing party shall be entitled to payment by the non-prevailing
party of the prevailing party's reasonable attorneys' fees and
litigation or arbitration expenses as determined in the course of
the proceeding.

 

M.          
No Third Party Beneficiaries. The parties do not intend to confer
any benefit hereunder on any person, firm or corporation other than
the parties hereto and their respective successors or
assigns.

 

 

[Signatures
commence on following page]

 

- 17 -

 

 

IN
WITNESS WHEREOF, the parties hereto have signed, sealed and
delivered these presents as their own free act and deed, intending
that this Contract be effective as of the later of the dates set
forth beneath the signatures of the parties below (the "Effective Date"). 

 

 

 

WITNESS/ATTEST:                   

SELLER: 

 

SeD Maryland Development, LLC, a
Delaware

 

limited liability company 

 

By: SeD Development Management,
LLC, Manager 

 

___________________________________________

                                                                 

(SEAL)

Name: Charles W.S. MacKenzie,
Manager

Date: ______________________________________

 

 

BUYER: 

 

ORCHARD DEVELOPMENT CORPORATION ,
a 

 

 

 

 

- 18 -

 

 

ACKNOWLEDGMENT AND CONSENT OF ESCROW AGENT:

 

 

Escrow
Agent hereby: (i) acknowledges receipt of the Deposit, and (ii)
agrees to be bound by the provisions and perform the obligations
hereof applicable to Escrow Agent.

 

	

 

	

Carney
Kelehan Bresler Bennett &
Scherr, LLP

  

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
 

	

 

	

 

	

 

	
Name: Michelle
DiDonato

	

 

	

 

	

 

	

Title:
Partner

	

 

 

 

- 19 -

 

 

EXHIBIT A

 

LEGAL
DESCRIPTION

 

 

 

 

 

 

 

	

 

 

- 20 -

 

 

EXHIBIT
B

 

ESCROW
AGREEMENT

 

 

 

 

 

 

 

- 21 -

 

 

EXHIBIT C

 

LIST OF BALLENGER RUN PROPERTY APPROVALS

 

 

 

 

 

 

	

APPROVALS:

	

DATE

	

LIBER/FOLIO

	

Rezoning

(Ordinance No.
13-20-648)

	

10/13/2013

	

NIA

	

Combined
Preliminary/Site Development Plan

	

10/8/2014

	

NIA

	

(S-1143, SP-14-18 & AP#14623)

	
 

	
 

	

Improvement
Plans

	

5/5/2016

	

NIA

 

 

AGREEMENTS:

 

	

Development Rights
and Responsibilities Agreement (Frederick County)

	

10/17/2013

	

9814112

	

Adequate Public
Facilities Letter of Understanding (Frederick County)

	

10/17/2013

	

9814/51

	

Memorandum of
Understanding (Board of Education)

	

10/8/2014

	

10241/351

 

- 22 -

 

 

 

	

EASEMENTS:

	

DATE

	

    
LIBER/FOLIO

	

Forest Resource
Easement

	

111 112016

	

    109491470

	

2 Year
Forest Improvement Agreement

	

111 112016

	

NIA

	

Irrevocable Letter
of Credit for Forestation Issued by Bank of Hampton Roads
($201,322.99)

	
 

	

NIA

	

Stormwater
Management Pond Easement (Ponds 3-7)

	

31412016

	

110191225

	

Private Storm Drain Easements (#1, 2, 3
& 4)

	

2129/2016

	

11019/245

	

Public Storm Drain Easements (#1,
2, 3, 4, 5, 6, 7, 8, 9, 10 & 11)

	

2129/2016

	

11019/257

 

 

 

 

**L&B 583034 l v l/
12869.0002

 

- 23 -

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