Document:

Fifth Loan and Security Agreement Supplement and Amendment

 Exhibit 10.3 
 EXECUTION VERSION 
  

 
  

FIFTH 
 LOAN AND
SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT 
 among 

SBA PROPERTIES, INC., 
 SBA SITES, INC., 
 SBA STRUCTURES, INC. 

as Borrowers, 

SBA INFRASTRUCTURE, LLC, 
 SBA TOWERS USVI II, INC., 
 and 

SBA MONARCH TOWERS III, LLC, 
 as Additional Borrowers, 
 and 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, 

as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee 

dated as of August 9, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 Section 1.01
	 	 Definitions
	  	 	3	  
	
	ARTICLE II	  
	
	2012-1 COMPONENT DETAILS	  
			
	 Section 2.01
	 	 2012-1 Component Details
	  	 	4	  
	
	ARTICLE III	  
	
	MORTGAGE LOAN INCREASE	  
			
	 Section 3.01
	 	 Loan Increase
	  	 	6	  
	 Section 3.02
	 	 Use of Proceeds
	  	 	7	  
	 Section 3.03
	 	 Funding of Reserves
	  	 	7	  
	
	ARTICLE IV	  
	
	ADDITION OF ADDITIONAL BORROWERS	  
			
	 Section 4.01
	 	 Election
	  	 	7	  
	 Section 4.02
	 	 Further Assurances
	  	 	9	  
	 Section 4.03
	 	 Joinder
	  	 	9	  
	
	ARTICLE V	  
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS	  
			
	 Section 5.01
	 	 Representations and Warranties
	  	 	10	  
	 Section 5.02
	 	 Additional Representations, Warranties and Covenants of the Closing Date Borrowers
	  	 	10	  
	 Section 5.03
	 	 Amendments to the Loan Agreement Schedules
	  	 	12	  

  
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	ARTICLE VI	 
	
	AMENDMENT OF THE LOAN AGREEMENT	  
			
	 Section 6.01
	 	 Manner of Prepayment
	  	 	13	  
	 Section 6.02
	 	 Principal Place of Business
	  	 	13	  
	 Section 6.03
	 	 Performance of Agreements and Leases
	  	 	13	  
	 Section 6.04
	 	 Ground Leases
	  	 	13	  
	 Section 6.05
	 	 Easements
	  	 	13	  
	 Section 6.06
	 	 Cash Trap Reserve
	  	 	14	  
	 Section 6.07
	 	 Definitions
	  	 	14	  
	 Section 6.08
	 	 Conditional Amendments
	  	 	15	  
	
	ARTICLE VII	  
	
	AMENDMENT OF ORGANIZATIONAL DOCUMENTS	  
			
	 Section 7.01
	 	 Consent by Lender
	  	 	16	  
	
	ARTICLE VIII	  
	
	GENERAL PROVISIONS	  
			
	 Section 8.01
	 	 Governing Law
	  	 	16	  
	 Section 8.02
	 	 Severability
	  	 	17	  
	 Section 8.03
	 	 Counterparts
	  	 	17	  
	
	ARTICLE IX	  
	
	APPLICABILITY OF LOAN AND SECURITY AGREEMENT	  
			
	 Section 9.01
	 	 Applicability
	  	 	17	  

  
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 FIFTH LOAN AND SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT 

This FIFTH LOAN AND SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT (this “Loan Agreement Supplement”) is dated as of
August 9, 2012, and entered into by and among SBA PROPERTIES, INC., a Florida corporation (“SBA Properties”), SBA SITES, INC., a Florida corporation (“SBA Sites”), SBA STRUCTURES,
INC., a Florida corporation (“SBA Structures” and, collectively with SBA Properties and SBA Sites, the “Existing Borrowers” and, each individually, an “Existing Borrower”), SBA
INFRASTRUCTURE, LLC, a Delaware limited liability company (“SBA Infrastructure”), SBA TOWERS USVI II, INC., a Florida corporation (“SBA USVI II”), SBA MONARCH TOWERS III, LLC, a Delaware limited
liability company (“SBA Monarch”, and collectively with SBA Infrastructure and SBA USVI II, the “Additional Borrowers” and collectively, with the Existing Borrowers, the “Closing Date
Borrowers” and, each individually, a “Closing Date Borrower”), and MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION (f/k/a Midland Loan Services, Inc.), as servicer (the
“Servicer”), on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS (as successor trustee to Bank of America, N.A. successor trustee by merger to LaSalle Bank National Association), as trustee (the “Trustee”)
under that certain Trust and Servicing Agreement (the “Trust Agreement”) dated as of November 18, 2005 among SBA DEPOSITOR LLC (f/k/a SBA CMBS-1 Depositor LLC) (the “Depositor”), the Servicer and
the Trustee. 
 RECITALS 
 WHEREAS, SBA Properties entered into an Amended and Restated Loan and Security Agreement, dated as of November 18, 2005 (the “Loan Agreement”), between SBA Properties and the
Depositor; 
 WHEREAS, the Depositor assigned all of its right, title and interest in the Loan Agreement to the Trustee
on behalf of the Certificateholders pursuant to the Trust Agreement and the Servicer is authorized to enter into this Loan Agreement Supplement on behalf of the Trustee pursuant to Section 3.25 of the Trust Agreement; 

WHEREAS, on November 6, 2006, SBA Properties, SBA Structures, SBA Sites, SBA Towers, Inc., a Florida corporation
(“SBA Towers”), SBA Puerto Rico, Inc., a Florida corporation (“SBA PR”) and SBA Towers USVI, Inc., a U.S. Virgin Islands corporation (“SBA USVI” and, collectively with SBA
Structures, SBA Sites, SBA Towers and SBA PR, the “Added Borrowers”) entered into the Second Loan and Security Agreement Supplement and Amendment together with the Servicer on behalf of the Trustee (the “Second Loan
Supplement”) whereby a Loan Increase in the amount of $1,150,000,000 (the “First Mortgage Loan Increase”) was agreed upon and the Added Borrowers were added as Additional Borrowers under the Loan Agreement in accordance
with Section 2.3 of the Loan Agreement, and each Added Borrower agreed to be bound by and perform all of the obligations of a Borrower under the Loan Agreement and the other Loan Documents; 

 WHEREAS, SBA Towers, SBA PR and SBA USVI (collectively the “Released
Borrowers”) entered into a Payoff, Termination and Release Agreement, dated as of July 28, 2009, among the Released Borrowers, the Existing Borrowers, the Servicer and Bank of America, N.A., (successor by merger to LaSalle Bank
National Association) on behalf of SBA Tower Trust and the holders of the Certificates corresponding to the 2005-1 Components, whereby the 2005-1 Components were repaid and the Released Borrowers were released from their obligations under the Loan
Documents; 
 WHEREAS, on April 16, 2010 (the “Prior Closing Date”), the Existing Borrowers entered
into the Third Loan and Security Agreement Supplement and Amendment with the Servicer on behalf of the Trustee (the “Third Loan Supplement”) whereby a Loan Increase in the amount of $680,000,000 (the “Second Mortgage Loan
Increase”), in the form of one (1) component designated as 2010-1C (the “2010-1C Component”), was agreed upon; 
 WHEREAS, on the Prior Closing Date, the Existing Borrowers entered into the Fourth Loan and Security Agreement Supplement and Amendment with the Servicer on behalf of the Trustee (the
“Fourth Loan Supplement”) whereby a Loan Increase in the amount of $550,000,000 (the “Third Mortgage Loan Increase”), in the form of one (1) component designated as 2010-2C (the “2010-2C
Component” and, together with the 2010-1C Component, the “2010 Components”) was agreed upon; 

WHEREAS, the Existing Borrowers entered into a Payoff, Termination and Release Agreement, dated as of the Prior Closing Date,
among the Existing Borrowers, the Guarantor, the Servicer, the Trustee and Bank of America, N.A., as Paying Agent, on behalf of the trust established pursuant to the Trust Agreement and the holders of the Certificates corresponding to the 2006-1
Components, whereby the 2006-1 Components were repaid and the Existing Borrowers were released from their obligations under the Loan Documents with respect to the 2006-1 Components; 

WHEREAS, each Existing Borrower and each Additional Borrower intend to, and the Lender has agreed to, add each Additional Borrower
as a Borrower under the Loan Agreement in accordance with Section 2.3 of the Loan Agreement and Section 3.25 of the Trust Agreement, and each Additional Borrower has agreed to become a Borrower thereunder, and be bound by and perform all
of the obligations of a Borrower under the Loan Agreement and the other Loan Documents; 
 WHEREAS, upon the addition of
the Additional Borrowers in accordance with Section 2.3 of the Loan Agreement and Section 3.25 of the Trust Agreement, the properties (including land and Improvements) and all related facilities that are owned or leased by the Additional
Borrowers will become Additional Borrower Sites under the Loan Agreement, as provided for therein; 
 WHEREAS, pursuant
to Section 3.2 of the Loan Agreement, the Closing Date Borrowers desire to effect a Loan Increase in an amount equal to $610,000,000 (the “Fourth Loan Increase”), in the form of one (1) component designated as 2012-1C (the
“2012-1 Component”), and the Lender has agreed to the Fourth Loan Increase and to advance the amount of the Fourth Loan Increase; 

  
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 WHEREAS, the 2012-1 Component constitutes a Component as defined in the Loan
Agreement; 
 WHEREAS, the Closing Date Borrowers and the Lender have agreed to certain amendments to the Loan Agreement;

 WHEREAS, the Closing Date Borrowers and the Lender intend these recitals to be a material part of this Agreement; and

 WHEREAS, all things necessary to make this Loan Agreement Supplement the valid and legally binding obligation of the
Closing Date Borrowers in accordance with its terms, for the uses and purposes herein set forth, have been done and performed. 

NOW, THEREFORE, it is mutually covenanted and agreed as follows: 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. All defined terms used herein and not defined herein shall have the meanings ascribed to such terms in the Loan Agreement. All words and phrases defined in the Loan
Agreement shall have the same meanings in this Loan Agreement Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Loan Agreement Supplement unless the context clearly requires
otherwise: 
 “2012-1 Component” shall have the meaning ascribed to it in the Recitals hereto. 

“2012-1 Note” shall have the meaning ascribed to it in Section 3.01(b) hereof. 

“Anticipated Repayment Date” shall have the meaning ascribed to it in Section 2.01(b) hereof. 

“Certificates” shall mean the Series 2012-1 certificates issued by the trust established pursuant to the Trust Agreement
corresponding to the 2012-1 Component. 
 “Component Rate” shall mean the rate per annum set forth in
Section 2.01(a)(i) hereof. 
 “Date of Issuance” shall mean, with respect to the 2012-1 Component,
August 9, 2012. 

  
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 “Initial Increase Reserve Account” shall mean the account described in
Section 2.01(a)(v) hereof. 
 “Initial Purchasers” shall mean Barclays Capital Inc., Deutsche Bank
Securities Inc. and the other Initial Purchasers listed in Schedule I of the Purchase Agreement. 
 “Maturity
Date” shall mean the date set forth in Section 2.01(a)(iii) hereof. 
 “Mortgage File” shall have
the meaning ascribed to it in the Trust Agreement. 
 “Offering Memorandum” shall mean the Offering Memorandum
dated July 26, 2012, relating to the offering and sale of the Certificates. 
 “Post-ARD Additional Interest
Rate” shall have the meaning ascribed to it in Section 2.01(a)(ii) hereof. 
 “Purchase
Agreement” shall mean the Purchase Agreement, dated July 26, 2012, relating to the purchase by the Initial Purchasers of the Certificates. 
 “Yield Maintenance” shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 
 Words importing the masculine gender include the feminine gender. Words importing persons include firms, associations and corporations. Words importing the singular number include the plural number and
vice versa. Additional terms are defined in the body of this Loan Agreement Supplement. 
 In the event that any term or
provision contained herein with respect to the 2012-1 Component shall conflict with or be inconsistent with any term or provision contained in the Loan Agreement, the terms and provisions of this Loan Agreement Supplement shall govern. 

ARTICLE II 

2012-1 COMPONENT DETAILS 
 Section 2.01 2012-1 Component Details. (a) The 2012-1 Component authenticated and delivered under this Loan Agreement Supplement shall consist of one (1) Component having:

 (i) the designation, Component Principal Balance and Component Rate set forth below. 

 

									
	 Component
	  	Initial Component Principal
Balance	 	  	Component Rate	 
	 2012-1C
	  	$	610,000,000	  	  	 	2.933	% 

  
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 (ii) Post-ARD Additional Interest Rate determined by the Servicer to be the
greater of (i) five percent (5%) and (ii) the amount, if any, by which the sum of the following exceeds the Component Rate for such Component: (x) the yield to maturity (adjusted to a “mortgage equivalent basis”
pursuant to the standards and practices of the Securities Industry Association) on such Anticipated Repayment Date of the United States Treasury Security having a term closest to ten (10) years plus (y) the “Spread” set forth
below in the appropriate row corresponding to such Component plus (z) five percent (5%): 
  

					
	 Component
	  	Spread	 
	 2012-1C
	  	 	2.37	% 

 (iii) a Maturity Date which is the Due Date occurring in December 2042 or such earlier
date on which the final payment of principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such stated Maturity Date, by acceleration, or otherwise. 

(iv) Yield Maintenance, which for the 2012-1 Component shall be in an amount equal to the excess, if any, of (i) the
present value as of the date of prepayment (by acceleration or otherwise) of all future installments of principal and interest that the Borrowers would otherwise be required to pay on the 2012-1 Component (or portion thereof) on the related Due Date
from the date of such prepayment to and including the first Due Date that occurs twelve months prior to the Anticipated Repayment Date for the 2012-1 Component absent such prepayment, assuming the entire unpaid Principal Amount of the 2012-1
Component is required to be paid on such Due Date, with such present value determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and
practices of the Securities Industry Association), on the Due Date relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs twelve months prior to the Assumed
Final Distribution Date related to the Anticipated Repayment Date for the 2012-1 Component plus (y) 0.50% over (ii) the Component Principal Balance of the 2012-1 Component (or portion thereof) on the date of such prepayment. No Yield
Maintenance is payable in connection with any prepayment of the 2012-1 Component that occurs less than twelve months prior to the Anticipated Repayment Date with respect to the 2012-1 Component. 

(v) Interest shall accrue on the 2012-1 Component and the corresponding 2012-1 Note from and including the date hereof. An
amount equal to the interest for the period from and including the date hereof until the Distribution Date in September, 2012 shall be deposited on the date hereof in the Initial Increase Reserve Account and applied by the Lender to the payment of
such interest on the Due Date in September, 2012. No interest will be payable on the 2012-1 Component on the Due Date in August, 2012. 

  
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 (b) There are no Scheduled Principal Payments in respect of the 2012-1 Component and the
Closing Date Borrowers shall not be required to pay any principal of the 2012-1 Component prior to the Due Date in December 2017 (such date with respect to the 2012-1 Component, the “Anticipated Repayment Date”), other than after
the occurrence and during the continuation of an Amortization Period or an Event of Default as provided in the Loan Agreement or as otherwise required under the terms of the Loan Documents. 

ARTICLE III 
 MORTGAGE LOAN INCREASE 
 Section 3.01 Loan Increase.
(a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Closing Date Borrowers agree to the Fourth Loan Increase, constituting the Component described in Section 2.01. 

(b) On the date hereof, each Closing Date Borrower shall execute and deliver to the Trustee a promissory note payable to the order of the
Trustee evidencing the 2012-1 Component, in the initial principal amount equal to $610,000,000 (the “2012-1 Note”). The 2012-1 Note shall bear interest on the unpaid principal amount thereof at the Component Rate and mature on the
Maturity Date. The Closing Date Borrowers shall also, on the date hereof, execute and deliver to the Trustee in exchange for (i) the promissory note evidencing the 2010-1C Component, in an initial principal amount equal to $680,000,000 (the
“2010-1C Note”) and (ii) the promissory note evidencing the 2010-2C Component, in an initial principal amount equal to $550,000,000 (the “2010-2C Note” and, together with the 2010-1C Note, the “2010
Notes”), each executed and delivered to the Trustee by the Existing Borrowers on the Prior Closing Date, an amended and restated 2010-1C Note and an amended and restated 2010-2C Note, each payable to the order of the Trustee, under which
each Closing Date Borrower agrees to be jointly and severally liable for the payment of all amounts payable thereunder. 
 (c)
The Closing Date Borrowers hereby represent and warrant to the Lender that each condition of Section 3.2 of the Loan Agreement in respect of the Fourth Loan Increase has been satisfied, as of the date hereof. 

(d) The parties hereto agree that the date hereof is an Allocated Loan Amount Determination Date, pursuant to Section 11.8 of the
Loan Agreement, the Servicer has determined the Allocated Loan Amounts for each Site after giving effect to the Addition of the Additional Borrower Sites and the Fourth Loan Increase, as described herein, based on information provided to it by the
Manager, and until any subsequent Allocated Loan Amount Determination Date, such Allocated Loan Amounts shall be as set forth on Exhibit A hereto. 
 (e) The parties hereto agree that Exhibits C and D of the Loan Agreement are hereby deleted in their entirety and replaced by Exhibits C and D hereto. 

  
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 Section 3.02 Use of Proceeds. The proceeds from the sale of the Certificates
shall be used to fund the Fourth Loan Increase and the proceeds of the Fourth Loan Increase shall be used to (i) pay all recording fees and taxes, title insurance premiums, reasonable out of pocket costs and expenses incurred by the Lender,
including reasonable legal fees and expenses of counsel to the Lender, and other costs and expenses approved by the Lender (which approval will not be unreasonably withheld or delayed) related to 2012-1 Component; (ii) pay all fees and expenses
incurred by the Closing Date Borrowers; (iii) fund the reserve deposits described in Section 3.03 hereof; and (iv) make a cash distribution to each Closing Date Borrower. 

Section 3.03 Funding of Reserves. (a) Pursuant to Section 6.3 of the Loan Agreement, on the date hereof, the
Closing Date Borrowers shall deposit with Central Account Bank $1,390,758 for deposit in the Impositions and Insurance Reserve as required in connection with the Addition of the Additional Borrower Sites hereunder, and has delivered to Lender an
Officer’s Certificate setting forth in reasonable detail the calculation of the forgoing. 
 (b) Pursuant to
Section 6.2 of the Loan Agreement, on the date hereof, the Closing Date Borrowers shall deposit with Central Account Bank $1,777,887 for deposit in the Advance Rents Reserve Sub-Account in connection with the Addition of the Additional Borrower
Sites hereunder. 
 (c) The Lender shall designate a Sub-Account of the Central Account to be the “Fourth Loan
Increase Reserve Account”. On the date hereof, the Closing Date Borrowers shall deposit an amount equal to the amount of interest that will accrue on the 2012-1 Component from the date hereof to but excluding the Distribution Date in August
2012 (such amount, the “Fourth Loan Increase Reserve”). The Fourth Loan Increase Reserve shall be a Reserve under the Loan Agreement, and shall be applied by the Lender on the Due Date in September 2012 to the payment of such
interest. 
 (d) The deposits into the Reserves described in clauses (a), (b) and (c) above shall occur by
deduction from the amount of the Fourth Loan Increase disbursed to the Closing Date Borrowers pursuant to Section 3.02 hereof on the date hereof. Notwithstanding such deductions, the Fourth Loan Increase contemplated hereby shall be deemed for
all purposes to be fully disbursed. 
 ARTICLE IV 
 ADDITION OF ADDITIONAL BORROWERS 
 Section 4.01 Election.
(a) Pursuant to Sections 2.3 and 3.2 of the Loan Agreement, the Existing Borrowers elect to cause each Additional Borrower to assume and become jointly and severally liable under the Notes, the Loan Agreement and the other Loan Documents,
and each Additional Borrower hereby covenants and agrees upon the execution and delivery of this Loan Agreement Supplement by such Additional Borrower: 
 (i) such Additional Borrower shall be a Borrower jointly and severally liable under the Loan Agreement and each of the other Loan Documents and Mortgage Loan Documents (as defined in the Trust Agreement)
to which such Additional Borrower shall be a party, and shall be entitled to all of the respective rights and privileges, and subject to all of the respective duties and obligations of a Borrower thereunder, and 

(ii) such Additional Borrower shall perform in accordance with their terms all of the obligations which by the terms of
the Loan Agreement and the other Loan Documents and Mortgage Loan Documents to which such Additional Borrower shall be a party are required to be performed by it as a Borrower and shall be bound by all of the provisions of the Loan Agreement and
such other Loan Documents and Mortgage Loan Documents as if it had been an original party to such agreements. 

  
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 (b) On the date hereof, each Additional Borrower shall assume and become jointly and
severally obligated under the 2010 Notes in accordance with Section 3.01(b) hereof and shall enter into the following other Loan Documents: 
 (i) Joinder and Amendment to the Cash Management Agreement, dated as of August 9, 2012, among the Closing Date Borrowers, the Servicer, the Manager and the Trustee; 

(ii) the Deeds of Trust; 
 (iii) Joinder to the Assignment and Subordination of Management Agreement, dated as of August 9, 2012, among the Closing Date Borrowers and the Manager; 

(iv) Joinder to the Environmental Indemnity, dated as of August 9, 2012, from the Closing Date Borrowers in favor of
the Trustee; 
 (v) Joinder and Amendment to the Management Agreement, dated as of August 9, 2012, among the
Closing Date Borrower, the Parent and the Manager; 
 (vi) Contribution and Subrogation Agreement, dated as of
August 9, 2012, among the Closing Date Borrowers; 
 (vii) Joinder to the Advance Reimbursement Agreement,
dated as of August 9, 2012, among the Closing Date Borrowers, the Servicer and the Trustee; 
 (viii)
Deposit Account Control Agreement, dated as of August 9, 2012, among SBA Infrastructure, the Servicer, the Trustee and Wells Fargo Bank, N.A.; 
 (ix) Deposit Account Control Agreement, dated as of August 9, 2012, among SBA USVI II, the Servicer, the Trustee and Wells Fargo Bank, N.A.; 

(x) Deposit Account Control Agreement, dated as of August 9, 2012, among SBA Monarch, the Servicer, the Trustee and
Wells Fargo Bank, N.A.; and 
 (xi) the Financing Statements. 

(c) Each Additional Borrower hereby pledges, assigns and grants to Lender a security interest in and to all of such Additional
Borrower’s fixtures and personal property 

  
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including, but not limited to all, (i) equipment in all forms, now or hereafter existing, all parts thereof and all accessions thereto, including but not limited to machinery, towers,
satellite receivers, antennas, headend electronics, furniture, motor vehicles, aircraft and rolling stock, (ii) such Additional Borrower’s fixtures now existing and or hereafter acquired, all substitutes and replacements therefore, all
accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures on or above all Sites and all other real property now owned or hereafter acquired by such Additional Borrower
and all substitutes and replacements for, accessions, attachments and other additions to, tools, parts and equipment used in connection with, and all proceeds, products, and increases of, any and all of the foregoing Collateral (including, without
limitation, proceeds which constitute property of the types described herein), (iii) accounts now or hereafter existing, (iv) inventory now or hereafter existing, (v) general intangibles (other than Site Management Agreements) now or
hereafter existing, (vi) investment property now or hereafter existing, (vii) deposit accounts now or hereafter existing, (viii) chattel paper now or hereafter existing, (ix) instruments now owned or hereafter existing,
(x) any Site Management Agreements now or hereafter existing (including all rights to payment thereunder, but excluding any other rights that cannot be assigned without third party consent under such Site Management Agreements), and
(xi) the equity interests of any subsidiary of such Additional Borrower now owned or hereafter existing and the proceeds of the foregoing, as security for the payment and performance of all of the Obligations. 

(d) Each Additional Borrower hereby represents and warrants that it has satisfied (i) all of the provisions of Section 11.7(A)
with respect to each of its Additional Borrower Sites that is to be a Mortgaged Site and has delivered an Officer’s Certificate dated the date hereof to that effect and (ii) all of the provisions of Section 11.7(B) with respect to
each of its Additional Borrower Sites that is to be an Other Pledged Site and has delivered an Officer’s Certificate dated the date hereof to that effect. 
 Section 4.02 Further Assurances. (a) Each of the Existing Borrowers and the Additional Borrowers hereby agree that they will deliver to and deposit with, or cause to be delivered to and
deposited with, the Servicer such documents and agreements as reasonably requested to evidence the Addition of the Additional Borrower Sites of the Additional Borrowers or as are required to be delivered by the Closing Date Borrowers pursuant to
Section 2.01 of the Trust Agreement in connection with such Addition, this Fourth Loan Increase, or the addition of the Additional Borrowers, including, without limitation (i) the documents with respect to the Fourth Loan Increase or the
addition of the Additional Borrowers required for the Mortgage File pursuant to Section 2.01(e) of the Trust Agreement and (ii) originals or copies of all other documents, certificates and opinions in the possession or under the control of
the Closing Date Borrowers with respect to the Fourth Loan Increase or the addition of the Additional Borrowers and that are necessary for the ongoing servicing and administration of the Loan (or, if any of the foregoing items are not in the actual
possession of the Closing Date Borrowers, as soon as reasonably practical, but in any event within 90 days after the date of the Addition). 
 Section 4.03 Joinder. All references to Borrower or Borrowers contained in the Loan Agreement and the Loan Documents are hereby deemed, for all purposes to refer to and include each of the
Additional Borrowers as a Borrower. 

  
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 ARTICLE V 
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS 

Section 5.01 Representations and Warranties. (a) Each Closing Date Borrower hereby represents and warrants to the Lender
that, as to itself and its Sites, each of the representations and warranties set forth in Article IV of the Loan Agreement, other than Section 4.30, is true as of the date hereof. 

(b) Each of the Closing Date Borrowers hereby represents and warrants to the Lender that, as to itself, each of the representations and
warranties set forth in Section 9.1 of the Loan Agreement, is true as of the date hereof. 
 (c) Each of the Closing Date
Borrowers hereby represents and warrants to the Lender that each condition of Section 2.3 of the Loan Agreement and Section 3.25 of the Trust Agreement have been satisfied as of the date hereof. 

Section 5.02 Additional Representations, Warranties and Covenants of the Closing Date Borrowers. 

(a) Each of the Closing Date Borrowers hereby represents, warrants, and covenants to the Lender that, as to itself, from the date of such
entity’s formation, and until such time as all Obligations are paid in full, that such Closing Date Borrower: 
 (i) except for capital contributions and distributions properly reflected on the books and records of such entity, has not entered and shall not enter into any contract or agreement with any of its
Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any of the foregoing (individually, a “Related Party” and collectively, the “Related Parties”), except upon terms
and conditions that are commercially reasonable and substantially similar to those available in an arm’s-length transaction with an unrelated party; 
 (ii) has paid and shall pay all of its debts and liabilities from its own assets, except as contemplated by the Loan Documents from the date hereof with respect to the Borrower Parties; 

(iii) has done and shall do or caused to be done and shall cause to be done all things necessary to observe all
organizational formalities applicable to it and to preserve its existence; 
 (iv) has maintained and shall
maintain all of its books, records, financial statements and since the date of incorporation or formation, as the case may be, its bank accounts separate from those of any other Person; 

(v) has been and shall be, and at all times has held and shall hold itself out to the public as, a legal entity separate
and distinct from any other Person (including any Affiliate or other Related Party); 

  
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 (vi) has corrected and shall correct any known misunderstanding regarding
its status as a separate entity; 
 (vii) has conducted and shall conduct all of its business and has held and
shall hold all of its assets in its own name; 
 (viii) has not identified and shall not identify itself or any
of its affiliates as a division or part of the other; 
 (ix) has maintained and utilized and shall maintain and
utilize separate stationery, invoices and checks bearing its own name; 
 (x) has not commingled and shall not
commingle its funds or other assets with those of any other Person, except as contemplated by the Loan Documents from the date hereof with respect to the Borrower Parties, and has held all of its funds or other assets in its own name other than any
improper deposits by third parties which have been promptly corrected; 
 (xi) has not guaranteed or become
obligated for the debts of any other Person with respect to debts that are still outstanding or, in the case of the Additional Borrowers, will not be discharged as a result of the closing of the Fourth Loan Increase, other than the Loan and shall
not guaranty or become obligated for the debts of any other Person, except as contemplated by the Loan Documents from the date hereof with respect to the Borrower Parties; 

(xii) has not held itself out as being responsible for the debts or material obligations of any other Person with respect
to debts or obligations that are still outstanding or will not be discharged as a result of the Fourth Loan Increase other than the Loan and shall not hold itself out as being responsible for the debts or material obligations of any other Person,
except as contemplated by the Loan Documents from the date hereof with respect to the Borrower Parties; 
 (xiii)
has allocated and shall allocate fairly and reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any employee of an Affiliate or Related Party; 

(xiv) has not pledged its assets to secure the obligations of any other Person with respect to obligations that are still
outstanding or will not be discharged as a result of the Fourth Loan Increase other than the Loan and shall not pledge its assets to secure the obligations of any other Person, except as contemplated by the Loan Documents from the date hereof with
respect to the Borrower Parties; 
 (xv) has maintained and shall maintain adequate capital in light of its
contemplated business operations; 
 (xvi) has not incurred any indebtedness that is still outstanding and shall
not incur any indebtedness other than indebtedness that is permitted under the Loan Documents; 

  
 -11-

 (xvii) has not had any of its obligations guaranteed by an affiliate, except
for guarantees that have been either released or discharged (or that will be discharged as a result of the Fourth Loan Increase) or guarantees that are expressly contemplated by the Loan Documents; and 

(xviii) has received and reviewed copies of the Loan Agreement and the other Mortgage Loan Documents (as defined in the
Trust Agreement). 
 Section 5.03 Amendments to the Loan Agreement Schedules. 

(a) The parties hereto agree that Schedule 1 of the Loan Agreement is hereby deleted in its entirety and replaced by
Schedule 1 hereto. 
 (b) The parties hereto agree that Schedule 4 of the Loan Agreement is hereby deleted in
its entirety and replaced by Schedule 4 hereto. 
 (c) The parties hereto agree that Schedule 4.1(C) of the
Loan Agreement is hereby deleted in its entirety and replaced by Schedule 4.1(C) hereto. 
 (d) The parties hereto
agree that Schedule 4.19 of the Loan Agreement is hereby deleted in its entirety and replaced by Schedule 4.19 hereto. 
 (e) The parties hereto agree that Schedules 4.25 and 4.26 of the Loan Agreement are hereby deleted in their entirety and replaced by Schedules 4.25 and 4.26,
respectively, hereto. 
 ARTICLE VI 
 AMENDMENT OF THE LOAN AGREEMENT 
 Section 6.01 Prepayment. The
parties hereto agree that the first sentence of Section 2.6(A) of the Loan Agreement is hereby deleted and replaced with the following: “The Borrowers may prepay the Loan in whole or in part on any date upon payment of the applicable Yield
Maintenance, and no Yield Maintenance is payable in connection with any prepayment of a Component of the Loan that occurs (i) (A) in the case of the 2010-1 Component or the 2010-2 Component, less than nine months prior to the Anticipated
Repayment Date with respect to such Component or (B) in the case of any other Component, less than the number of months prior to the Anticipated Repayment Date with respect to such Component set forth in the Loan Agreement Supplement relating
to such Component, (ii) with Loss Proceeds received as a result of any condemnation or casualty of a Site or (iii) during an Amortization Period.” 
 Section 6.02 Performance of Agreements and Leases. The parties hereto agree that clause (ii) of the first sentence of Section 5.9 of the Loan Agreement is hereby amended and revised
such that the words “(including, but not limited to, any obligation of such Borrower Party under a Net Rent Tenant Lease to pay amounts to a Tenant thereunder on account of rent payable by third-party co-location sub-tenants who sublease Site
Space at the related Site)” shall be inserted at the end thereof. 

  
 -12-

 Section 6.03 Principal Place of Business. The parties hereto agree that
Section 4.27 of the Loan Agreement is hereby amended and restated in its entirety as follows: “The Initial Borrower has had its principal place of business located in the State of Florida for the past five (5) years, and was
originally organized in the State of Florida.” 
 Section 6.04 Conversion of the Borrowers. The parties hereto
agree that the following new Section be added to the Loan Agreement, immediately following Section 5.24: 

“Section 5.25. Conversion of the Existing Borrowers. At any time prior to January 31, 2013, each Existing
Borrower may elect to amend its articles of incorporation to convert into a limited liability company organized under the laws of the State of Delaware, upon satisfaction of the following conditions precedent: 

(A) On the date of any such conversion, such Existing Borrower shall deliver to the Lender an opinion of counsel reasonably satisfactory
to the Lender regarding the valid existence of such Existing Borrower as a limited liability company under the laws of the State of Delaware and the power and authority of such Existing Borrower to perform its obligations under the Loan Documents to
which it is a party under such laws and other related matters, in form and substance reasonably satisfactory to the Lender. 

(B) On or prior to the date of any such conversion, such Existing Borrower shall deliver to the Lender an opinion of counsel reasonably
satisfactory to the Lender stating that such conversion does not constitute a “significant modification” of the Loan or “deemed exchange” of the Notes under Section 1001 of the IRC and will not cause a taxable event for U.S.
federal income tax purposes to any holder of a Certificate, in form and substance reasonably satisfactory to the Lender. 
 (C)
On or prior to the date of any such conversion, the Existing Borrower shall deliver to the Lender an opinion of Cadwalader, Wickersham & Taft LLP, special New York counsel to such Existing Borrower, in form and substance reasonably
satisfactory to the Lender, to the effect that such conversion, does not, in and of itself, invalidate the conclusions contained in its opinion provided to the Lender dated August 9, 2012 regarding the substantive nonconsolidation of the assets
and liabilities of such Existing Borrower with those of SBA Finance. 
 (D) On or prior to the date of such conversion, such
Existing Borrower shall deliver to the Lender an opinion of counsel reasonably satisfactory to the Lender as to the enforceability of the limited liability company agreement of such Existing Borrower against the Guarantor, including certain
provisions thereof relating to the filing of a voluntary bankruptcy petition by the Guarantor, the rights of a judgment creditor of the Guarantor against the property of such Existing Borrower, treatment of such Existing Borrower as a separate legal
entity and the impact of the bankruptcy or dissolution of the Guarantor on such Existing Borrower, in each case, under the laws of the State of Delaware, in form and substance reasonably satisfactory to the Lender. 

(E) On or prior to the date of such conversion, such Existing Borrower shall deliver to the Lender an opinion of counsel reasonably
satisfactory to the Lender regarding the 

  
 -13-

 
applicability under the Bankruptcy Code of Delaware law to the determination of what persons have the authority to file a voluntary bankruptcy petition on behalf of such Existing Borrower, in
form and substance reasonably satisfactory to the Lender. 
 (F) On or prior to the date of any such conversion, such Existing
Borrower shall deliver to the Lender one or more opinions of counsel reasonably satisfactory to the Lender regarding the filing of UCC-1 financing statements and the perfection of the security interests created under the Loan Documents the
perfection of which are governed by Delaware law, in form and substance reasonably satisfactory to the Lender. 
 (G) On or
prior to the date of any such conversion, such Existing Borrower shall deliver to the Lender an opinion of counsel reasonably satisfactory to the Lender to the effect that the Lender has a perfected security interest in the equity interests in such
Existing Borrower, in form and substance reasonably satisfactory to the Lender. 
 (H) On or prior to the date of any such
conversion, such Existing Borrower shall deliver to the Lender an officer’s certificate that such conversion is permitted under the Loan Documents and that all conditions precedent related thereto have been satisfied. 

(I) The limited liability company agreement for such Existing Borrower is in the form attached as Exhibit G hereto. 

The Borrowers shall provide each Rating Agency with copies of the opinions of counsel, the officer’s certificate, and the limited
liability agreement referred to above. The Rating Agencies shall not be addressees of any such opinions of counsel, and shall not be entitled to rely upon them. Upon such conversion, the Lender shall grant such consents or take such other actions as
may be necessary to the continued perfection of the security interest granted under the Loan Documents in the equity interests of such Existing Borrower. 
 Section 6.05 Cash Trap Reserve. The parties hereto agree that the last sentence of Section 6.5 of the Loan Agreement is hereby amended and restated in its entirety as follows:
“Notwithstanding the foregoing, during a Cash Trap Condition or an Amortization Period the Lender may apply Excess Cash Flow or amounts in the Cash Trap Reserve to the payment of contingent earn-out obligations of the Borrowers, or to pay
amounts payable by the Borrowers to Tenants on account of rent payable by third-party co-location sub-tenants who sublease Site Space at Sites, in the Lender’s sole discretion.” 

Section 6.06 Definitions. The parties hereto agree that the following definitions are hereby incorporated in alphabetical
order into Section 1.01 of the Loan Agreement, and if such definitions are already found in Section 1.01 of the Loan Agreement, hereby replaces it in its entirety: 
 “Annualized Run Rate Net Cash Flow” means, for any Site as of any date of determination, the Annualized Run Rate Revenue for such Site as of such date (including site maintenance fees
paid, license and easement fees and similar fees and revenues), less the sum, as of such date, of (i) current year annual real and personal property taxes (including payments in lieu of taxes), current year annual insurance expenses and ground
lease payments, if applicable, annualized as of such date of determination with respect to such Site, and amounts payable to a 

  
 -14-

 
Third Party Owner under a Site Management Agreement, if applicable, (ii) trailing twelve (12) month expenses in respect of such Site for maintenance (including maintenance capital
expenditures, which for each Site are assumed to be $700 (or $0, in the case of a Site subject to a Net Rent Tenant Lease) during such period), utilities, licenses and permits (excluding portfolio support personnel), and (iii) a Management Fee
equal to the Management Fee Rate of the Annualized Run Rate Revenue for such Site. For purposes of clause (ii) of this definition, for any Additional Site or Additional Borrower Site, the calculation of the trailing twelve (12) month
expenses shall be based on, at the time of, acquisition of such Site and through three (3) full calendar months thereafter, the applicable Borrower’s annual budgeted expenses in respect of such Site for maintenance (including maintenance
capital expenditures, which for each Site are assumed to be $700 (or $0, in the case of a Site subject to a Net Rent Tenant Lease) during such period), utilities, licenses and permits (excluding portfolio support personnel), and following the third
full calendar month following the acquisition of such Site and through the date that the Site ceases to be an Unseasoned Site, actual expenses in respect of such Site for maintenance (including maintenance capital expenditures, which for each Site
are assumed to be $700 (or $0, in the case of a Site subject to a Net Rent Tenant Lease) during such period), utilities, licenses and permits (excluding portfolio support personnel) annualized based upon the number of full calendar months of
ownership of such Site. 
 “Loan Documents” means this Loan Agreement, the Notes, the Deeds of Trust, the
Assignment of Management Agreement, the Payment Guaranty, the Parent Guaranty, the Pledge Agreement, the Environmental Indemnity, the Financing Statements, the Cash Management Agreement, the documents listed on Schedule 6 and any and all other
documents and agreements from the Borrowers, Guarantor, SBA Holdings, or Manager and accepted by Lender for the purposes of evidencing and/or securing the Loan. 
 “Net Rent Tenant Lease” means a Tenant Lease under which a Tenant is obligated to reimburse the Borrower for certain costs and expenses, including, among other things, site maintenance,
utilities, real estate taxes, ground lease rents and the maintenance of property insurance. 
 “Scheduled Defeasance
Payments” means payments on or prior to, but as close as possible to (i) each Due Date after the date of defeasance and through and including the first Due Date that is after the date for each Component that no Yield Maintenance is
payable in respect of any prepayment of such Component in amounts equal to the scheduled payments due on such dates under the Loan Documents, including payment of any Workout Fees due under the Trust Agreement, and (ii) the first Due Date that
is after the date for each Component of the Loan that no Yield Maintenance is payable in respect of any prepayment of such Component in an amount equal to the Principal Amount of the Loan and accrued interest thereon, including payment of any
Workout Fees due under the Trust Agreement. 
 Section 6.07 Conditional Amendments. The parties hereto agree that
the amendments to the Loan Agreement set forth in this Section 6.07 shall automatically become effective upon the payment in full of the principal of the Note corresponding to the 2010-1C Component and the Note corresponding to the 2010-2C
Component and all accrued and unpaid interest thereon and the satisfaction of any other Obligations in respect of the 2010 Components. 

  
 -15-

 (a) Conditions to any Loan Increase. The second sentence in
Section 3.2(C) of the Loan Agreement shall be deleted in its entirety. 
 (b) Substitution of a Mortgaged
Site. 
 The following words shall be deleted from Clause (C) of Section 11.5 of the Loan Agreement
and replaced with a period: “contain such Lender protections as are contained in similar instruments accepted by Lender at Closing, and is accompanied by an estoppel or similar instrument reasonably satisfactory to Lender”. 

(c) Substitution of Other Pledged Sites 

Clause (M) of Section 11.6 shall be deleted in its entirety and replaced with “[Reserved.]”.

 (d) Addition of an Additional Site or Additional Borrower Site. 

(i) The following words shall be deleted from clause (ii) of Sections 11.7(A) and 11.7(B) of the Loan Agreement:
“contain such Lender protections as are contained in similar instruments accepted by Lender at the Closing, and is accompanied by an estoppel or similar instrument reasonably satisfactory to Lender.”; and 

(ii) Clause (vii) of Section 11.7(B) of the Loan Agreement shall be deleted in its entirety and replaced with
“[Reserved.]”. 
 ARTICLE VII 
 AMENDMENT OF ORGANIZATIONAL DOCUMENTS 
 Section 7.01 Consent by
Lender. The Lender consents to the amendments to the organizational documents of the Existing Borrowers in the forms set forth as Exhibit E hereto; provided, however, that, prior to the filing thereof, the Lender shall have
received an opinion of counsel reasonably satisfactory to the Lender to the effect that the filing of any such amendment will not cause a taxable event for U.S. federal income tax purposes to any holder of a Certificate and an officer’s
certificate to the effect that such amendment is permitted under the Loan Documents and that all conditions precedent related thereto have been satisfied. 
 ARTICLE VIII 
 GENERAL PROVISIONS 

Section 8.01 Governing Law. THIS LOAN AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK. THE CLOSING DATE BORROWERS IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS LOAN AGREEMENT SUPPLEMENT. 

  
 -16-

 Section 8.02 Severability. In case any provision in this Loan Agreement
Supplement 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 8.03 Counterparts. This Loan Agreement Supplement may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. 
 ARTICLE IX 
 APPLICABILITY OF LOAN AND SECURITY AGREEMENT 

Section 9.01 Applicability. The provisions of the Loan Agreement are hereby ratified, approved and confirmed, as supplemented
by this Loan Agreement Supplement. The representations, warranties and covenants contained in the Loan Agreement (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again
as of the date hereof. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -17-

 IN WITNESS WHEREOF, the Closing Date Borrowers and the Servicer on behalf of the Trustee,
have caused this Loan Agreement Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written. 
  

													
	 SBA PROPERTIES, INC., as Existing Borrower
	 		 	 SBA SITES, INC., as Existing Borrower

					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Senior Vice President and General Counsel	 		 		 	Title:	 	Senior Vice President and General Counsel
			
	 SBA STRUCTURES, INC., as Existing Borrower
	 		 	 SBA INFRASTRUCTURE, LLC, as Additional Borrower

					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Senior Vice President and General Counsel	 		 		 	Title:	 	Senior Vice President and General Counsel
			
	 SBA TOWERS USVI II, INC., as Additional Borrower
	 		 	 SBA MONARCH TOWERS III, LLC, as Additional Borrower

					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Senior Vice President and General Counsel	 		 		 	Title:	 	Senior Vice President and General Counsel
					
	 MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer
	 		 		 		 	
						
	By:	 	 /s/ Lawrence D. Ashley
	 		 		 		 	
		 	Name:	 	Lawrence D. Ashley	 		 		 		 	
		 	Title:	 	Senior Vice President	 		 		 		 	

 Signature Page for Fifth Loan SupplementSecond Amended and Restated Weight Watchers Executive Profit Sharing Plan

 Exhibit 10.1 
 SECOND AMENDED AND RESTATED 
 WEIGHT WATCHERS 

EXECUTIVE PROFIT SHARING PLAN 
 Amended and Restated 
 as of August 1, 2012 

 Article I 
 Introduction 
  

	1.01	Name. This Plan shall be known as the Second Amended and Restated Weight Watchers Executive Profit Sharing Plan (the “Plan”).

  

	1.02	Purpose. The purpose of the Plan is to provide a replacement retirement benefit for certain senior manager level employees who are not eligible to receive a
profit-sharing contribution under the Weight Watchers Savings Plan (the “Qualified Plan”) but are otherwise eligible to participate under the 401(k) feature of the Qualified Plan. 

 

	1.03	Unfunded Plan. The Plan is intended to be an unfunded plan for purposes of the Employee Retirement Income Security Act of 1974, as amended, and maintained
primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees. 

 Article II 
 Definitions 

The following capitalized terms used in the Plan shall have the respective meanings set forth in this Article: 

 

	2.01	Board. “Board” means the Board of Directors of the Company or the Executive Committee of such Board. 

 

	2.02	Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

 

	2.03	Committee. “Committee” means the committee appointed by the Board (or its delegate including the Compensation Committee of the Board) or such other
committee or board as the Board may subsequently designate as being responsible for the general administration of the Plan. 

  

	2.04	Company. “Company” means the Weight Watchers International or any successor entity thereto, including without limitation, the transferee of all
or substantially all of the stock or assets of the Company. Effective October 3, 1999, Weight Watchers North America, Inc. (including any wholly owned domestic subsidiaries) and W/W TwentyFirst Corporation (including any wholly owned domestic
subsidiaries) were added as Companies under the Plan, and their employees who met the membership requirements of Section 4.01 became Members of this Plan. Effective January 1, 2006, WeightWatchers.com, Inc. (including any wholly owned
domestic subsidiaries) is added as a Company under the Plan and its employees who meet the membership requirements of Section 4.01 shall be Members of this Plan. 

  
 2 

	2.05	Disability. “Disability” means that the Member is by reason of a medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months (A) unable to engage in any substantial gainful activity, or (B) receiving income replacement benefits for a period of not less than 3 months under the
Company’s long-term disability (or similar) insurance plan. 

  

	2.06	Member. “Member” means any individual who is eligible to participate in the Plan as provided in Section 4.01 hereof.

  

	2.07	Profit Sharing Account. “Profit Sharing Account” means the notional account established and maintained for each Member in accordance with
Article IV hereof, for bookkeeping purposes only, to measure the value of Profit Sharing Contributions made under the Plan and the earnings thereon. Amounts credited to the Profit Sharing Account shall be in dollars and cents.

  

	2.08	Profit Sharing Contribution. “Profit Sharing Contribution” means the notional contribution made under the Plan pursuant to Section 4.02 hereof to
each Member’s Profit Sharing Account. 

  

	2.09	Qualified Plan Contribution. “Qualified Plan Contribution” means the “Monthly Profit Sharing Contribution” that is made on behalf of a
participant of the Qualified Plan under Section 4.01(a) thereof, plus the “Supplemental Profit Sharing Contribution” that the Company makes on behalf a participant of the Qualified Plan under Section 4.01(b) thereof.

  

	2.10	Qualified Plan Contribution Limits. “Qualified Plan Contribution Limits” means (a) the maximum compensation of a Member that may be recognized
under the Qualified Plan pursuant to Section 401(a)(17) of the Code, (b) the limitations on annual contributions under the Qualified Plan pursuant to Section 415 of the Code, and (c) the contributions that exceed the applicable
limitations of Section 401(a)(4) of the Code. 

  

	2.11	Unforeseeable Emergency. “Unforeseeable Emergency” means a severe financial hardship of the Member resulting from an illness or accident of the
Member, the Member’s spouse, or the Member’s dependent (as defined in Section 152(a) of the Code), loss of the Member’s property due to casualty, or other similar and unforeseeable circumstances arising as a result of events
beyond the control of the Member. In all events, whether an Unforeseeable Emergency has occurred shall be determined pursuant to Section 409A of the Code. 

 Article III 
 Administration 

 

	3.01	Committee. Except as otherwise provided in the Plan, the Committee shall have full power to construe and interpret the Plan, establish and amend rules and
regulations for its administration, and perform all other acts relating to the Plan, including the delegation of administrative responsibilities that it believes reasonable and proper. 

  
 3 

	3.02	Duties. The Committee, or any person or entity designated by the Committee, shall be responsible for the administration of the Plan including but not limited to
determination of eligibility, distribution of benefits hereunder, maintenance of account balances, calculation of hypothetical investment returns and any other duties concerning the day-to-day operation of the Plan. 

 

	3.03	Adjudication. Any decision made, or action taken, by the Committee or the Board arising out of, or in connection with, the interpretation and
administration of the Plan, including but not limited to the adjudication of claims and payment of benefits hereunder, shall be final and conclusive. 

  

	3.04	Indemnification. The members of the Board and the Committee shall be indemnified by the Company to the fullest extent permitted by law against all costs
and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan and against all amounts paid by
them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except a judgment based upon a finding of
bad faith. 

 Article IV 
 Participation 
  

	4.01	Membership. Any salaried employee who is eligible to participate under the Qualified Plan (in accordance with Article III thereof), but is ineligible to
receive a Qualified Plan Contribution under Section 4.01(c)(i)(B) or (C) of the Qualified Plan shall be a Member under this Plan. 

  

	4.02	 Profit Sharing Contribution. Subject to the below, an amount equal to the Qualified Plan Contribution (both the Monthly Profit Sharing
Contribution and the Supplemental Profit Sharing Contribution portions) that otherwise would have been made on behalf of a Member under the Qualified Plan, if such Member were eligible to receive such contributions under the Qualified Plan,
determined without regard to the Qualified Plan Contribution Limits, shall be credited to the Member’s Profit Sharing Account as and when such Qualified Plan Contributions otherwise would have been made under the Qualified Plan. However,
notwithstanding the above, with respect to the Supplemental Profit Sharing Contribution portion of the Qualified Plan Contribution, (i) the Member must be actively employed on the last day of the last payroll period ending prior to, or
coincident with, the fiscal year end, and (ii) effective for Plan Years beginning on or after January 1, 2008, Members must be employed on the date the Company makes the Supplemental Profit Sharing Contribution portion of the Qualified
Plan Contribution in order to be eligible for the same. In addition, any Member who becomes ineligible for 

  
 4 

	 	
Qualified Plan Contributions under Section 4.01(c)(i)(B) or (C) of the Qualified Plan after the first day of a Plan Year shall not receive the Supplemental Profit Sharing Contribution
portion of the Qualified Plan Contribution otherwise allocable to him or her under the Qualified Plan; but shall instead receive his or her entire Supplemental Profit Sharing Contribution for such year under this Plan. 

 

	4.03	Vesting. A Member’s interest in the Profit Sharing Account (1) with regard to Profit Sharing Contributions made for years commencing after
December 31, 2006, shall be fully vested when the Member’s aggregate Service (as defined in the Qualified Plan) totals at least 3 years, and (2) with regard to Profit Sharing Contributions made for Plan Years commencing before
January 1, 2007 (including any Contribution for 2006 that is credited during 2007) shall be fully vested when the Member’s aggregate Service totals at least 5 years; or, with respect to (1) and (2), if earlier, upon the Member’s
attainment of age 65, death, disability or “Discharge without Cause” (as defined under the Qualified Plan) by the Company or an affiliated employer. Notwithstanding any other provision of this Plan to the contrary, a Member’s right to
receive any benefit herein, whether otherwise vested or not, shall terminate and be forfeited immediately upon termination of the Member’s service with the Company for cause (as determined by the Committee). 

 

	4.04	Interest Credits. Subject to a maximum annualized interest rate cap of 15%, each Member’s Profit Sharing Account shall be credited with interest at
an annual rate equal to the sum of (a) 2% plus (b) the annualized prime rate, as published in the Wall Street Journal, compounded as of the end of each fiscal month. 

Article V 

Distributions 
  

	5.01	 Timing of Payment. Except as set forth in Section 5.03, payment of a Member’s Profit Sharing Account shall be made in a lump
sum as soon as reasonably practicable after the Member’s separation from service from the Company (as determined pursuant to Section 409A of the Code), and in all events no later than the later of (i) December 31st of the year of the Member’s separation from service or
(ii) 90 days following the Member’s separation from service; provided, however, that if a payment is to be made within 90 days of the Member’s separation from service and such 90-day period spans more than one taxable year, such
payment should be made in the later of the two taxable years. Notwithstanding the foregoing, if the Member is a “specified employee” (as defined in Code Section 409A), such distribution shall be made six months after his or her
separation from service. For purposes of the preceding sentence, whether a Member is a “specified employee” is determined on December 31 of each calendar year, but not to take effect until April 1 of the following calendar year,
and such status continues until the following March 31. 

  

	5.02	Form of Payment. Any payment under this Article shall be in the form of cash or a cash equivalent. 

  
 5 

	5.03	Death or Disability. 

  

	 	(a)	 In the event of the Member’s death, the balance of such Member’s Profit Sharing Account shall be paid to the Member’s designated
beneficiary or, if no beneficiary has been designated, to the Member’s estate in a lump sum as soon as practicable following the Member’s death, and in all events no later than the later of (i) December 31st of the year of the Member’s death or (ii) 90 days
following the Member’s death; provided, however, that if a payment is to be made within 90 days of the Member’s death and such 90-day period spans more than one taxable year, such payment should be made in the later of the two taxable
years. 

  

	 	(b)	 In the event of the Member’s Disability, the balance of such Member’s Profit Sharing Account shall be paid to the Member (or the
Member’s legal representative) in a lump sum as soon as practicable following the Member’s Disability, and in all events no later than the later of (i) December 31st of the year of the Member’s Disability or (ii) 90 days following the Member’s Disability; provided,
however, that if a payment is to be made within 90 days of the Member’s Disability and such 90-day period spans more than one taxable year, such payment should be made in the later of the two taxable years. Notwithstanding the above, if the
Member is a specified employee and becomes Disabled after his or her separation from service, the 6 month delay in Section 5.01 above continues to apply. 

 

	5.04	Hardship Distribution. In the event of an Unforeseeable Emergency, a Member shall be entitled to an early payment from the Member’s Profit Sharing Account
in an amount reasonably necessary to satisfy the Emergency (which may include amounts necessary to pay any Federal, state or local income taxes or penalties reasonably anticipated to result from the payment). Whether a Member has an Unforeseeable
Emergency shall be determined, upon his application to the Committee, based on the relevant facts and circumstances, but payment may not be made to the extent that such Emergency is or may be relieved through reimbursement or compensation from
insurance or otherwise, or by liquidation of the Member’s assets (to the extent that liquidation would not cause severe financial hardship). 

 Article VI 
 Statement of Accounts 

Statements shall be sent annually to each Member (or such Member’s estate, beneficiary or legal representative) or as otherwise provided by the
Committee. 

  
 6 

 Article VII 
 Beneficiary Designation 
 Each Member shall have the right, at any time, to designate any
person, persons or entity as such Member’s designated beneficiary. A beneficiary designation shall be made, and may be amended, by the Member by filing a written designation in accordance with the procedures adopted by the Committee.

 Article VIII 
 Amendment or Termination 
 The Board, or its delegate, including any Board committee,
reserves the right to amend, modify or terminate the Plan at any time to any extent that it may deem advisable including, but without limiting the generality of the foregoing; any amendment necessary to comply with applicable law; provided however
no amendment, modification or termination shall, without the consent of the Member, adversely affect such Member’s right to payment from the Member’s vested balance under the Profit Sharing Account as of the date of such amendment,
modification or termination. Furthermore, this Plan may be amended by the Committee, provided the amendment (a) does not materially increase the cost of the Plan to the Employer, and (b) does not materially impact Members. The Company
reserves the right to terminate the Plan for any period of time and from time to time. In addition, termination of the Plan shall not be a permitted distribution event, except to the extent permitted under Section 409A of the Code without
imposition of the additional tax set forth in Section 409A(a)(1)(B) of the Code. 
 Article IX 

Miscellaneous 
  

	9.01	Unsecured Right. Any right to receive a payment under the Plan shall be no greater than that of an unsecured general creditor of the Company. No amount
payable under the Plan may be assigned, transferred, encumbered or subject to any legal process for the payment of any claim against a Member. 

  

	9.02	No Right to Continued Employment. Participation in the Plan shall not give any employee any right to remain in the employ of the Company or any affiliate
thereof. 

  

	9.03	Withholding. The Company shall withhold to the extent required by law all applicable income and other taxes from amounts deferred or paid under the Plan.

  

	9.04	Governing Law. The Plan shall be construed, governed and enforced in accordance with the laws of the State of New York without reference to rules relating to
conflicts of law, except to the extent preempted by federal law. 

  
 7 

	9.05	Compliance with Securities Laws. The Committee may, from time to time, impose additional restrictions upon Members as it deems necessary, advisable or
appropriate in order to comply with applicable federal and state securities laws. 

  
 8 

 ACKNOWLEDGEMENT AND AGREEMENT 
 I acknowledge and agree that I have received and reviewed a copy of the Plan. I understand that this Beneficiary Designation Form may not be revoked except by operation of a subsequent filing of such
form. 
  

									
	Signature of Member	 		 		 		 	Date
					
	 	 		 		 		 	
	Printed Name of Member	 		 		 		 	
		 		 		 		 	

  
 9 

 EXHIBIT A 
 SECOND AMENDED AND RESTATED 
 WEIGHT WATCHERS 

EXECUTIVE PROFIT SHARING PLAN 
 BENEFICIARY DESIGNATION FORM 
 Please complete each section as instructed. The capitalized
terms as used herein have the meaning set forth in the Second Amended and Restated Weight Watchers Executive Profit Sharing Plan. 
  

	1.	MEMBER INFORMATION 

  

									
	Name 	  	 	  	Social Security # 	  	 

									
		
	Address 	  	 

									
	
	 I hereby designate the following individual as my beneficiary in accordance with Article VII of the Plan:

 

	1)	 	Beneficiary 	  	 	  	Social Security # 	  	 
		 	Address	  	 
					
	2)	 	Beneficiary 	  	 	  	Social Security # 	  	 
		 	Address	  	 
					
	3)	 	Beneficiary 	  	 	  	Social Security # 	  	 
		 	Address	  	 
					
	4)	 	Beneficiary 	  	 	  	Social Security # 	  	 
		 	Address

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