Document:

EX-4.2

 Exhibit 4.2 

EIGHTEENTH SUPPLEMENTAL INDENTURE 

THIS EIGHTEENTH SUPPLEMENTAL INDENTURE, dated as of November 10, 2021 (this “Supplemental Indenture”), is between The
Sherwin-Williams Company, an Ohio corporation (the “Company”), and U.S. Bank National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (the
“Trustee”). 
 WITNESSETH 

WHEREAS, pursuant to the Indenture, dated as of July 31, 2015 (the “Base Indenture” and, as supplemented by this Supplemental
Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Original Trustee”), the Company may from time to time issue and sell debt securities in one or more series; 

WHEREAS, the Company executed and delivered the Base Indenture to provide for, among other things, the issuance from time to time of the
Company’s debt securities in one or more series as might be authorized under the Indenture; 
 WHEREAS, the Base Indenture provides
that the Company may enter into an indenture supplemental to the Base Indenture to establish the form and terms of any series of Notes (as defined in the Base Indenture) as provided by Sections 2.01 and 2.02 of the Base Indenture; 

WHEREAS, the Company desires to create and authorize a series of Notes entitled “2.900% Senior Notes due 2052”, limited initially to
$500,000,000 in aggregate principal amount (the “2052 Notes”), and to provide the terms and conditions upon which the 2052 Notes are to be executed, registered, authenticated, issued and delivered, and the Company has duly authorized the
execution and delivery of this Supplemental Indenture; 
 WHEREAS, the Company had duly appointed U.S. Bank National Association as Trustee,
Paying Agent and Registrar with respect to the 2052 Notes (but only with respect to the 2052 Notes) as contemplated by Section 11.04 of the Base Indenture, with all of the rights, powers, trusts, duties and obligations under the Indenture with
respect to the 2052 Notes (but only with respect to the 2052 Notes), and U.S. Bank National Association is willing to accept such appointments with respect to the 2052 Notes; 

WHEREAS, the Company is entering into this Supplemental Indenture with the Trustee to evidence and provide for the acceptance of appointment
thereunder by the Trustee with respect to the 2052 Notes (but only with respect to the 2052 Notes); 
 WHEREAS, the 2052 Notes are a series
of Notes and are being issued under the Indenture and are subject to the terms contained therein and herein; 
 WHEREAS, the 2052 Notes are
to be substantially in the form attached hereto as Exhibit A; and 
 WHEREAS, all acts and things necessary to make the 2052 Notes,
when executed by the Company and authenticated and delivered by or on behalf of the Trustee as provided in this Supplemental Indenture, the valid, binding and legal obligations of the Company, and to make this Supplemental Indenture a legal, binding
and enforceable agreement, have been done and performed. 

 NOW, THEREFORE, in order to declare the terms and conditions upon which the 2052 Notes are
executed, registered, authenticated, issued and delivered, and in consideration of the foregoing premises and the purchase of such 2052 Notes by the Holders thereof, the Company and the Trustee mutually covenant and agree, for the benefit of each
other and for the equal and proportionate benefit of the Holders from time to time of the 2052 Notes, as follows: 
 Section 1.
Definitions. Terms used in this Supplemental Indenture and not defined herein shall have the respective meanings given such terms in the Indenture. 

“Attributable Indebtedness” in respect of a Sale/Leaseback Transaction means, as of the time of determination, (a) if
the obligation in respect of such Sale/Leaseback Transaction is a Capital Lease Obligation, the amount of such obligation determined in accordance with GAAP and included in the financial statements of the lessee or (b) if the obligation in
respect of such Sale/Leaseback Transaction is not a Capital Lease Obligation, the total Net Amount of Rent required to be paid by the lessee under such lease during the remaining term thereof (including any period for which the lease has been
extended), discounted from the respective due dates thereof to such determination date at the rate per annum borne by the weighted average interest rate per annum borne by the Notes then outstanding under the Indenture compounded semiannually. 

“Change of Control” means the occurrence of any of the following: 

(1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” (as that term is used in Section 13(d) of the Exchange Act) (other than the Company or one of its Subsidiaries) becomes the beneficial owner (as defined in Rules 13d-3 and 13d- 5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company or other Voting Stock into which the Voting Stock of the Company is reclassified, consolidated, exchanged
or changed, measured by voting power rather than number of shares; 
 (2) the direct or indirect sale, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and the assets of its Subsidiaries, taken as a whole, to one or more
“persons” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than to the Company or one of its Subsidiaries); 

(3) the Company consolidates with, or merges with or into, any “person” (as that term is used in Section 13(d)
of the Exchange Act) or any such person consolidates with, or merges with or into, the Company, in either case, pursuant to a transaction in which any of the outstanding Voting Stock of the Company or the Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than pursuant to a transaction in which shares of the Voting Stock of the Company outstanding immediately prior to the transaction constitute, or are converted into or
exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction; 

  
 2 

 (4) the adoption of a plan relating to the liquidation or dissolution of the
Company; or 
 (5) the first day on which a majority of the members of the Board of Directors of the Company are not
Continuing Directors. 
 Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if (i) the
Company becomes a direct or indirect wholly owned subsidiary of a holding company and (ii) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the
holders of the Voting Stock of the Company immediately prior to that transaction. 
 “Change of Control Triggering Event”
means the occurrence of both (1) a Change of Control and (2) a Rating Event. 
 “Consolidated Net Tangible
Assets” means, as of any date of determination, the sum of the amounts that would appear on a consolidated balance sheet of the Company and its Subsidiaries for the total assets (less accumulated depletion, depreciation or amortization,
allowances for doubtful receivables, other applicable reserves and other properly deductible items) of the Company and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, after giving effect to purchase accounting and after
deducting therefrom, to the extent included in total assets, in each case as determined on a consolidated basis in accordance with GAAP (without duplication): (i) the aggregate amount of liabilities of the Company and its Subsidiaries which may
properly be classified as current liabilities (including taxes accrued as estimated); (ii) current Indebtedness and current maturities of long-term Indebtedness; (iii) minority interests in the Company’s Subsidiaries held by Persons other
than the Company or a Wholly Owned Subsidiary of the Company; and (iv) unamortized debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization
or developmental expenses and other intangible items. 
 “Continuing Director” means, as of any date of determination, any
member of the Board of Directors of the Company who (1) was a member of such Board of Directors on the date of this Supplemental Indenture, (2) was nominated for election to such Board of Directors with the approval of a committee of the
Board of Directors consisting of a majority of independent Continuing Directors or (3) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of
such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection
to such nomination). 

  
 3 

 “Indebtedness” means, with respect to any Person, any indebtedness of such
Person, whether or not contingent (without duplication): 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments; 

(3) in respect of letters of credit, banker’s acceptances or other similar instruments or credit transactions (including
reimbursement obligations with respect thereto), other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) – (2), (4) or (5) hereof) entered into in the ordinary course
of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent such letters of credit are drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a
demand for reimbursement following payment on the letter of credit; 
 (4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing any Hedging Obligations, 

if and to the extent any of the preceding items, other than letters of credit and Hedging Obligations, would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person, whether or not such Indebtedness is assumed by the
specified Person, and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person or any liability of any Person, whether or not contingent and whether or not it appears on the balance sheet
of such Person. Notwithstanding anything to the contrary in the foregoing, the term “Indebtedness” excludes (x) any indebtedness of the Company or any Subsidiary of the Company to the Company or another Subsidiary of the Company and
(y) any Guarantee by the Company or any Subsidiary of the Company of indebtedness of the Company or any Subsidiary of the Company. 
 The amount of any
Indebtedness outstanding as of any date shall be: 
 (1) the accreted value of the Indebtedness, in the case of any
Indebtedness that does not require the current payment of interest; and 
 (2) the principal amount of the Indebtedness,
together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, if applicable, the equivalent investment grade credit rating from any Substitute Rating Agency selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

  
 4 

 “Net Amount of Rent” as to any lease for any period means the aggregate
amount of rent payable by the lessee with respect to such period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case of any lease that is
terminable by the lessee upon the payment of a penalty, such net amount shall also include the amount of such penalty, but no rent shall be considered as payable under such lease subsequent to the first date upon which it may be so terminated. 

“Permitted Lien” means, with respect to any Person, 

(a) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith
deposits in connection with bids, tenders, contracts (including government contracts, but excluding contracts for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such
Person or deposits of cash or United States government bonds to secure performance, surety or appeal bonds to which such Person is a party or which are otherwise required of such Person, or deposits as security for contested taxes or import duties
or for the payment of rent or other obligations of like nature, in each case incurred in the ordinary course of business; 
 (b) Liens
imposed by law, such as carriers’, warehousemen’s, laborers’, materialmen’s, landlords’, vendors’, workmen’s, operators’, producers’ and mechanics’ Liens, in each case for sums not yet due or being
contested in good faith by appropriate proceedings; 
 (c) Liens for property taxes, assessments and other governmental charges or levies not
yet delinquent or that are being contested in good faith by appropriate proceedings; 
 (d) survey exceptions, encumbrances, easements,
defects, irregularities or deficiencies in title to easements, or reservations of or with respect to, or rights of others for or with respect to, licenses,
rights-of-way, sewers, electric and other utility lines and usages, telegraph and telephone lines, pipelines, surface use, operation of equipment, permits, servitudes
and other similar matters, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties that, in all such cases, were not incurred in
connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(e) Liens existing on or provided for under the terms of agreements existing on February 1, 1996; 

(f) Liens on property at the time the Company or any of its Subsidiaries acquired the property or the entity owning such property, including
any acquisition by means of a merger or consolidation with or into the Company; provided, however, that any such Lien may not extend to any other property owned by the Company or any of its Subsidiaries; 

(g) Liens securing a Hedging Obligation so long as such Hedging Obligation is of the type customarily entered into in connection with, and is
entered into for the purpose of, limiting risk; 
 (h) Liens on accounts receivable or inventory to secure working capital or revolving
credit indebtedness incurred in the ordinary course of business; 

  
 5 

 (i) Purchase Money Liens; 

(j) Liens securing only Indebtedness of a Wholly Owned Subsidiary of the Company to the Company or one or more Wholly Owned Subsidiaries of the
Company; 
 (k) Liens on property or shares of stock of another Person at the time such other Person becomes a Subsidiary of such Person;
provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming such a Subsidiary of such Person; 

(l) Liens created, assumed or existing in connection with a tax-free financing; 

(m) Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing Indebtedness of the Company or
any of its Subsidiaries; 
 (n) legal or equitable encumbrances deemed to exist by reason of negative pledges or the existence of any
litigation or other legal proceeding and any related lis pendens filing (excluding any attachment prior to judgment, judgment lien or attachment lien in aid of execution on a judgment); 

(o) rights of a common owner of any interest in property held by such Person; 

(p) Liens placed upon any real property owned on the date of this Supplemental Indenture or thereafter acquired by the Company or any of its
Subsidiaries securing Indebtedness in an amount up to 80% of the fair market value of such real property; 
 (q) Liens to secure any
refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements), as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses
(e) through (l) and (p); provided, however, that (i) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property) and (ii) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (e) through (l) and (p) at the
time the original Lien became a Permitted Lien under this Supplemental Indenture and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement. 

“Principal Property” means any manufacturing plant or manufacturing facility, located within the United States of America
(other than its territories and possessions), owned or leased by the Company or any Restricted Subsidiary, unless, in the opinion of the Board of Directors, such plant, facility or property is not of material importance to the total business
conducted by the Company and its Restricted Subsidiaries as an entirety. 
 “Purchase Money Lien” means a Lien on property
securing Indebtedness incurred by the Company or any of its Subsidiaries to provide funds for all or any portion of the cost of acquiring, constructing, altering, expanding, improving or repairing such property or assets used in connection with such
property. 

  
 6 

 “Rating Agencies” means (1) each of Moody’s and S&P and
(2) if any of Moody’s and S&P ceases to rate the 2052 Notes or fails to make a rating of the 2052 Notes publicly available for reasons outside of the Company’s control, a Substitute Rating Agency in lieu thereof. 

“Rating Event” means the rating on the 2052 Notes is lowered by each of the Rating Agencies and the 2052 Notes are rated
below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing on the earlier of (i) the occurrence of the Change of Control and (ii) the first public announcement by the Company of any Change of
Control and ending 60 days following consummation of such Change of Control (which period will be extended so long as the rating of the 2052 Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies);
provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating
Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising
as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event). 

“Restricted Subsidiary” means at any time any Subsidiary of the Company (i) substantially all the property of which is
located, or substantially all of the business of which is carried on, within the United States of America (other than its territories or possessions) and (ii) that owns or leases a Principal Property or that, in the event of a Sale/Leaseback
Transaction, will own or lease a Principal Property. 
 “S&P” means S&P Global Ratings, a division of S&P
Global Inc., or any successor thereto. 
 “Sale/Leaseback Transaction” means an arrangement relating to Principal Property
owned on the date of this Supplemental Indenture or thereafter acquired whereby the Company or any of its Restricted Subsidiaries transfers such Principal Property to a Person and the Company or any of its Restricted Subsidiaries leases it from such
Person. 
 “Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the
meaning of Section 3(a)(62) under the Exchange Act selected by the Company (as certified by a resolution of the Board of Directors of the Company). 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d) of the
Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such person. 

“Wholly Owned Subsidiary” means a Restricted Subsidiary all the Capital Stock of which (other than directors’ qualifying
shares) is owned by the Company or one or more Wholly Owned Subsidiaries. 

  
 7 

 Section 2. Creation and Authorization of Series. 

(a) There is hereby created and authorized the following new series of Notes to be issued under the Indenture, to be designated as the
“2.900% Senior Notes due 2052.” 
 (b) The 2052 Notes shall be limited initially to $500,000,000 in aggregate principal amount.
Notwithstanding the foregoing initial aggregate principal amount, the Company may, from time to time, without notice to or consent of the Holders of the 2052 Notes, increase the principal amount of the 2052 Notes that may be issued under this
Supplemental Indenture and issue such increased principal amount (or any portion thereof), in which case any additional notes so issued will have the same terms (other than the date of issuance and, under certain circumstances, the initial interest
payment date, the date from which interest thereon will begin to accrue and the issue price), and will carry the same right to receive accrued and unpaid interest, as the 2052 Notes previously issued, and such additional notes will form a single
series with the 2052 Notes, including for purposes of voting, redemptions and offers to purchase and will rank equally and ratably with the 2052 Notes previously issued; provided that if such additional notes are not fungible with the 2052
Notes for U.S. federal income tax purposes, the additional notes will have a separate CUSIP number. 
 (c) The date on which the principal is
payable on the 2052 Notes shall be as provided in the form of security attached hereto as Exhibit A. 
 (d) The 2052 Notes shall bear
interest as provided in the form of security attached hereto as Exhibit A. The interest payment dates and the record dates for the determination of Holders of the 2052 Notes to whom such interest is payable shall be as provided in the form of
security attached hereto as Exhibit A. 
 (e) The 2052 Notes shall be redeemable at the option of the Company as set forth in Section 4
of the form of security attached hereto as Exhibit A. 
 (f) The 2052 Notes are not entitled to any sinking fund. 

(g) Upon a Change of Control Triggering Event, the Company shall be required to make an offer to repurchase the 2052 Notes as provided in
Section 3 of this Supplemental Indenture. 
 (h) The 2052 Notes will be issued only in fully registered form, without coupons, in
denominations provided in Section 8 of the form of security attached hereto as Exhibit A. 
 (i) Article 8 of the Indenture shall be
applicable to the 2052 Notes. The covenants described in Section 3, 4, 5 and 6 of this Supplemental Indenture shall be subject to the covenant defeasance option set forth in Section 8.03 of the Indenture. 

(j) The 2052 Notes shall be issued in the form of one or more Global Notes substantially in the form of Exhibit A attached hereto. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to the 2052 Notes. Additional provisions applicable to the 2052 Notes issued in the form of one or more Global Notes are set forth in Section 10 of the form of
2052 Note attached hereto as Exhibit A. To the extent inconsistent therewith, such provisions supersede the provisions set forth in Section 2.14 of the Indenture. 

  
 8 

 (k) The Trustee, initial Paying Agent and Registrar for the 2052 Notes will be U.S. Bank
National Association, and the initial place of payment (“Place of Payment”) will be the office or agency of the Trustee located at 111 Fillmore Ave E, St. Paul, Minnesota 55107, Attn: Global Corporate Trust. 

(l) The covenants and definitions set forth in the Indenture and the terms set forth in Article 5 of the Indenture shall be applicable to the
2052 Notes. 
 (m) Except as otherwise set forth herein and in the 2052 Notes, the terms of the 2052 Notes shall be as set forth in the
Indenture, including those made part of the Indenture by reference to the TIA. 
 Section 3. Purchase of Notes upon a Change of
Control Triggering Event. 
 (a) If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem
the 2052 Notes as set forth in Section 4 of the form of security attached hereto as Exhibit A, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder to repurchase all or any part (equal to
$2,000 or any integral multiple of $1,000 in excess thereof) of that Holder’s 2052 Notes on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the principal amount
of 2052 Notes repurchased, plus accrued and unpaid interest, if any, on the 2052 Notes repurchased up to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event or, at the option of the Company, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed to Holders of the 2052 Notes with
a copy to the Trustee describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the 2052 Notes on the date specified in the notice, which date will be no earlier than 30 days and
no later than 60 days from the date such notice is mailed (or with respect to Global Notes, to the extent permitted or required by the Applicable Procedures, sent electronically) or, if the notice is mailed or sent prior to the Change of Control, no
earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering Event occurs (the “Change of Control Payment Date”). The notice shall, if mailed or sent prior to the date of consummation of the Change
of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

(b) By 10:00 a.m., Eastern Time on the Change of Control Payment Date, the Company shall, to the extent lawful, (1) accept for payment all
2052 Notes or portions of 2052 Notes properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent (or, if the Company is acting as the Company’s own Paying Agent, segregate and hold in trust) an amount equal
to the Change of Control Payment in respect of all 2052 Notes or portions of 2052 Notes properly tendered and (3) deliver or cause to be delivered to the Trustee the 2052 Notes properly accepted together with an Officer’s Certificate
stating the aggregate principal amount of 2052 Notes or portions of 2052 Notes being repurchased. 

  
 9 

 (c) The Company shall publicly announce the results of the Change of Control Offer on or as
soon as possible after the date of purchase. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the rating status of the Company, making any request upon any of the Rating Agencies or any Substitute Rating Agency, or
determining whether any Rating Event has occurred. 
 (d) The Company shall not be required to make a Change of Control Offer upon the
occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all 2052 Notes
properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any 2052 Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture or this
Supplemental Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

(e) The Company shall comply in all material respects with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2052 Notes as a result of a Change of Control Triggering Event. To the extent that
the provisions of any such securities laws or regulations conflict with the provisions of this Section 3, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s
obligations under this Section 3 by virtue of any such conflict. 
 Section 4. Limitation on Liens. The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, issue, incur, create, assume, guarantee or permit to exist any Indebtedness secured by a Lien on any Principal Property, or shares of capital stock of any Restricted Subsidiary, whether
owned on the date of this Supplemental Indenture or thereafter acquired, unless the Company contemporaneously secures the 2052 Notes equally and ratably with (or prior to) such Indebtedness; provided that any Lien created for the benefit of
the Holders of the 2052 Notes pursuant to this provision shall be automatically and unconditionally released and discharged upon release and discharge of the Lien that resulted in such provision becoming applicable. The preceding sentence shall not
require the Company to secure the 2052 Notes if the Lien consists of the following: 
 (a) Permitted Liens; or 

(b) Liens other than Permitted Liens, provided that the aggregate amount of all Indebtedness secured by Liens other than Permitted Liens
shall not exceed 20% of Consolidated Net Tangible Assets calculated as of the date of the creation or incurrence of such Lien. 

Section 5. Limitation on Sale and Lease-Back Transactions. The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, enter into any Sale/Leaseback Transaction with respect to any Principal Property unless (a) the Company or such Restricted Subsidiary would be entitled to create a Lien on such Principal Property securing Indebtedness in an
amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback Transaction without securing the 2052 Notes pursuant to Section 4 of this Supplemental Indenture or (b) the Company, within six months from the effective
date of such Sale/Leaseback Transaction, applies to the voluntary defeasance or retirement of the 2052 Notes or other Indebtedness ranking pari passu with the 2052 Notes (excluding retirements as a result of conversions or pursuant to
mandatory sinking fund or 

  
 10 

 
mandatory prepayment provisions or by payment at maturity) an amount equal to the Attributable Indebtedness in respect of such Sale/Leaseback Transaction; provided that the foregoing will
not prevent the Company or any Restricted Subsidiary from (x) entering into any Sale/Leaseback Transaction involving a lease with a term of less than three years or (y) entering into any Sale/Leaseback Transaction between a Restricted
Subsidiary and the Company or between Restricted Subsidiaries. 
 Section 6. SEC Reports. 

(a) The Company shall file with the Trustee, within 15 days after the Company is required to file the same with the SEC, after giving effect to
any grace period provided by Rule 12b-25 under the Exchange Act, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC
may from time to time by rules and regulations prescribe) that the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents
or reports pursuant to either of such sections, then the Company shall file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC and within 15 days after such information, documents or
reports are due with respect to a non-accelerated filer and after giving effect to any grace period provided by Rule 12b- 25 under the Exchange Act, such information,
documents or reports that may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations.
Notwithstanding the foregoing, (i) the Company will be deemed to have furnished such information, documents or reports referred to above to the Trustee if the Company has filed such information, documents or reports with the SEC via the EDGAR
filing system (or any successor system) or, if at any time the Company is no longer subject to reporting under Section 13 or 15(d) of the Exchange Act and is not permitted to file such information, documents or reports with the SEC, if the
Company posts such information, documents or reports on the Company’s publicly available website and (ii) if at any time the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Company will not be deemed to have failed to comply with any of its obligations under this Section 6(a) until 30 days after the date any information, document or report hereunder is required to be filed with the Trustee. 

(b) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants under the Indenture or this Supplemental
Indenture (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the
EDGAR filing system (or its successor) or postings to any website have occurred. 

  
 11 

 Section 7. Events of Default. The Events of Default in Section 6.01 of the
Indenture shall be applicable to the 2052 Notes. In addition, the following shall be Events of Default with respect to the 2052 Notes: 
 (a)
failure to make the required Change of Control Payment when due and payable in accordance with the terms of Section 3 of this Supplemental Indenture; and 

(b) default in the performance or breach of any covenant of the Company in any of Section 4, 5 or 6 of this Supplemental Indenture, which
default continues uncured for a period of 90 days after (i) the Company receives written notice from the Trustee or (ii) the Company and the Trustee receive written notice from Holders of not less than 25% in aggregate principal amount of
the 2052 Notes outstanding. 
 Section 8. Appointment, Acceptance and Eligibility of Trustee. 

(a) As provided in the Officer’s Certificate, dated as of the date hereof, as contemplated by Section 11.04 of the Base Indenture,
the Trustee for the 2052 Notes shall initially be U.S. Bank National Association. The duties and responsibilities of the Trustee with respect to the 2052 Notes (and only the 2052 Notes) shall be as set forth in the Indenture and the 2052 Notes and
no implied covenants nor obligations shall be read into this Indenture against the Trustee, except as otherwise required by the Trust Indenture Act of 1939, as amended (the “TIA”). 

(b) U.S. Bank National Association hereby accepts its appointment as Trustee, Paying Agent and Registrar under the Indenture with respect to
the 2052 Notes (but only with respect to the 2052 Notes) and accepts all of the rights, powers, trusts, duties and obligations of Trustee, Paying Agent and Registrar under the Indenture with respect to the 2052 Notes (but only with respect to the
2052 Notes), upon the terms and conditions set forth herein and therein, with like effect as if originally named as such in the Base Indenture. Pursuant to the Base Indenture, there shall continue to be vested in the Original Trustee all of its
rights, powers, trusts, duties and obligations as trustee under the Base Indenture with respect to all of the series of Notes as to which it has served and continues to serve as trustee, and the Original Trustee shall have no rights, powers, trusts,
duties and obligations with respect to the 2052 Notes. 
 (c) The Trustee hereby represents that it is qualified and eligible under the
provisions of the TIA and Section 7.10 of the Base Indenture to accept its appointment as Trustee with respect to the 2052 Notes. 
 (d)
Neither the Original Trustee nor the Trustee assumes any duties, responsibilities or liabilities by reason of this Supplemental Indenture other than as set forth in the Indenture and, in carrying out its respective responsibilities thereunder, each
shall have all of the rights, powers, privileges, protections, duties and immunities which it possesses under the Indenture. The Original Trustee and the Trustee shall not constitute co-trustees of the same
trust, and each of the Original Trustee and the Trustee shall be trustee of a trust or trusts under the Indenture separate and apart from any trust or trusts under the Indenture administered by the other trustee. The Original Trustee shall have no
liability for any acts or omissions of the Trustee and the Trustee shall have no liability for any acts or omissions of the Original Trustee. 

(e) Section 7.09 of the Base Indenture shall be deleted in its entirety and replaced with the following, with respect to the 2052 Notes
(and only with respect to the 2052 Notes): 

  
 12 

 “Section 7.09. Successor Trustee by Merger, etc. 

Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any
organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee shall be the
successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article 7, without the execution or filing of any paper or any further act on the part of any of the parties hereto.”

 Section 9. Amendments. The Company and the Trustee may amend or supplement the Indenture or this Supplemental Indenture or
the 2052 Notes as provided in Article 9 of the Indenture. 
 Section 10. Effect of Supplemental Indenture. The provisions of
this Supplemental Indenture are intended to supplement those of the Indenture as in effect immediately prior to the execution and delivery hereof. The Indenture shall remain in full force and effect except to the extent that the provisions of the
Indenture are expressly modified by the terms of this Supplemental Indenture. 
 Section 11. Governing Law. THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE 2052 NOTES, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY. 
 Section 12. Trustee Not Responsible for Recitals or Issuance of 2052 Notes. The recitals contained
herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Supplemental
Indenture or of the 2052 Notes other than with respect to the Trustee’s authentication of the 2052 Notes and execution of this Supplemental Indenture. The Trustee shall not be accountable for the use or application by the Company of the 2052
Notes or the proceeds thereof. 
 Section 13. Conflict with TIA. If any provision of this Supplemental Indenture limits,
qualifies or conflicts with a provision of the TIA that is required under the TIA to be a part of and govern this Supplemental Indenture, the latter provisions shall control. If any provision of this Supplemental Indenture modifies or excludes any
provision of the TIA that may be so modified or excluded, the latter provision shall be deemed to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be. 

Section 14. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF may be used in lieu of the originals shall be deemed to be their original signatures for all
purposes. 
 [The remainder of this page is left blank intentionally] 

  
 13 

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

			
	THE SHERWIN-WILLIAMS COMPANY
		
	By:	 	 /s/ Allen J. Mistysyn

		 	Name: Allen J. Mistysyn
		 	Title: Senior Vice President—Finance and Chief Financial Officer

  
 14 

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

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Earl Hunt

		 	Name: Earl Hunt
		 	Title: Vice President

  
 15 

 Exhibit A 

FORM OF LEGEND FOR GLOBAL NOTE 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”)
AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

[Insert if Global Note: THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH A SUCCESSOR DEPOSITARY] 
  

			
	 THE SHERWIN-WILLIAMS COMPANY

2.900% SENIOR NOTE DUE 2052

		
	 Registered
 No.
	  	 Registered
 CUSIP 824348 BP0

	Original Issue Date: November 10, 2021	  	Maturity Date: March 15, 2052
	Principal Amount: $	  	
	Interest Rate: 2.900%	  	Specified Currency: U.S. Dollars
	 Interest Payment Dates:

March 15

September 15
	  	 Regular Record Dates:

March 1

September 1

	Redemption at Option of the Company:	  	
	Redemption Date(s)	  	Redemption Price(s)
	 At Any Time
	  	 As set forth in Section 4 on the reverse

side hereof.

 This security (this “Security”) is a registered security of THE SHERWIN- WILLIAMS COMPANY, an Ohio
corporation (together with its successors, if any, the “Company”). This Security is one of a series of Notes (as defined on the reverse hereof) issued under the Indenture referred to on the reverse hereof designated as the 2.900% Senior
Notes due 2052. Subject to the provisions hereof, the Company, for value received, hereby promises to pay to [•] [Insert if Global Note: CEDE & CO.], or registered assigns, the Principal Amount set forth on the face hereof [Insert if
Global Note: or such 

  
 A-2 

 
amount as may be set forth on the Schedule of Increases or Decreases of Interests in the Global Note attached hereto] on the Maturity Date shown above and to pay the premium, if any, and interest
thereon, as described on the reverse hereof. 
 The principal of (and premium, if any) and interest on this Security are payable by the
Company in such coin or currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts. 

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 manually executed
by or on behalf of the Trustee under the Indenture by an authorized signatory thereof, this Security shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

[The remainder of this page is left blank intentionally] 

  
 A-3 

 
			
	THE SHERWIN-WILLIAMS COMPANY
		
	By:	 	  

	Name:
	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 	Authorized Signatory

 Dated: 

  
 A-4 

 REVERSE OF SECURITY 

THE SHERWIN-WILLIAMS COMPANY 

2.900% SENIOR NOTE DUE 2052 
 1. This
Security is one of the duly authorized issue of notes or other debt instruments (hereinafter called the “Notes”) of the Company, of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, dated as
of July 31, 2015 (the “Base Indenture”), between the Company and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, and the Eighteenth
Supplemental Indenture, dated as of November 10, 2021 (the “Eighteenth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, a national
banking association organized and existing under the laws of the United States of America (herein called the “Trustee”) (collectively, the “Indenture”), to which Indenture and all other indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, obligations and duties thereunder of the Trustee and any agent of the Trustee or the Company, any Paying Agent for this Security, the Company and the Holders of the
Notes and the terms upon which the Notes are issued and are to be authenticated and delivered. 
 This Security is one of the series of Notes of the Company
issued pursuant to the Indenture designated as the 2.900% Senior Notes due 2052 (the “2052 Notes”). 
 2. A. The regular record date (the
“Regular Record Date”) with respect to any Interest Payment Date (as defined below) shall be the applicable date specified as such on the face hereof (whether or not such date shall be a Business Day (as defined below)) immediately
preceding such Interest Payment Date. Interest which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Security is registered at the close of business on the Regular
Record Date next preceding such Interest Payment Date. “Business Day” means, with respect to any Place of Payment, any day other than a Legal Holiday. 

B. The Company promises to pay interest on the Principal Amount at the rate per annum shown on the face hereof until the Principal Amount
hereof is paid or made available for payment or upon earlier redemption or repayment. The Company will pay interest semiannually in arrears on the Interest Payment Dates set forth on the face hereof (each such date, an “Interest Payment
Date”), commencing March 15, 2022, and on the Maturity Date. Interest shall accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid or duly
provided for, from and including the Original Issue Date shown on the face hereof, to but excluding the next succeeding Interest Payment Date. The amount of such interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months. If any payment is required to be made in respect of this Security on a date (including the Maturity Date, a redemption date, a Change of
Control Payment Date or an Interest Payment Date) that is not a Business Day, the related payment shall be made on the next succeeding Business Day as if made on the date the payment is due, and no interest shall accrue on such payment for the
intervening period. 

  
 A-5 

 3. As long as the 2052 Notes are represented by one or more Global Notes, all payments of interest will be
made by the Company in immediately available funds to the accounts specified by the Depositary or a nominee of the Depositary. Otherwise, payments of interest on the 2052 Notes due on Interest Payment Dates will be made by immediately available
funds to accounts with financial institutions in the United States specified by the Persons entitled thereto by notice given to the Paying Agent at least ten calendar days prior to the applicable Interest Payment Date or, if no such account is so
specified, by check mailed to the Persons entitled thereto. Principal and any premium and (if such day is not an Interest Payment Date) interest payable at the Stated Maturity, on redemption or repayment of a 2052 Note will be paid in immediately
available funds upon surrender of such 2052 Note at the Place of Payment. Initially, U.S. Bank National Association will be the Paying Agent and the Registrar with respect to the 2052 Notes. The Company reserves the right at any time to vary or
terminate the appointment of any Paying Agent or Registrar and to appoint additional or other Paying Agents and a different Registrar and to approve any change in the office through which any Paying Agent or Registrar acts; provided that the
Company shall at all times maintain a Paying Agent and Place of Payment for the 2052 Notes. Each Holder that is a transferor of a 2052 Note, upon request of the Trustee, shall provide or cause to be provided to the Trustee all information reasonably
necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may conclusively rely on the
information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 
 4. At any time and from time to time,
the 2052 Notes are redeemable, in whole or in part, at the option of the Company, on notice given as provided in the Indenture. If the 2052 Notes are redeemed prior to the Par Call Date (as defined below), the 2052 Notes will be redeemed at a
redemption price equal to the greater of (i) 100% of the principal amount of the 2052 Notes to be redeemed and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of interest and
principal thereon (exclusive of interest accrued and unpaid to, but not including, the date of redemption and assuming for these purposes that the 2052 Notes mature on the Par Call Date) discounted to the date of redemption on a semiannual basis,
assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 20 basis points, plus, in either case, accrued and unpaid interest to, but not
including, the date of redemption. If the 2052 Notes are redeemed on or after the Par Call Date, the 2052 Notes will be redeemed at a redemption price equal to 100% of the principal amount of the 2052 Notes to be redeemed plus accrued and unpaid
interest to, but not including, the date of redemption. The Company will notify the Trustee of the redemption price of any 2052 Notes to be redeemed promptly after the calculation and the Trustee will not be responsible for such calculation. 

For purposes of determining the redemption price, the following definitions shall apply: 

“Par Call Date” means September 15, 2051. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by the Quotation Agent as having
an actual or interpolated maturity comparable to the remaining term of the 2052 Notes to be redeemed (assuming for these purposes that the 2052 Notes mature on the Par Call Date) 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 a comparable maturity to the remaining term of such 2052 Notes. 

  
 A-6 

 “Comparable Treasury Price” means, with respect to any redemption date,
(A) the arithmetic average of the four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Quotation Agent obtains fewer than four
such Reference Treasury Dealer Quotations, the arithmetic average of all such quotations for such redemption date. 
 “Primary
Treasury Dealer” means a primary U.S. Government securities dealer in The City of New York. 
 “Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Company; provided, however, that if such Reference Treasury Dealer ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer” means each of (i) BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan
Securities LLC, Wells Fargo Securities, LLC and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc., or an affiliate of any of the foregoing that is a Primary Treasury Dealer, and, in each case, their respective successors; and
(ii) two other Primary Treasury Dealers selected by the Company; provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary
Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the arithmetic average, as determined by the Quotation Agent, 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 Quotation Agent by
such Reference Treasury Dealer at 3:30 p.m., New York City time on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to: (1) the yield, under the
heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication that is published by the Board of Governors of the Federal
Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue; provided that, if no maturity is within three months before or after the remaining term of the 2052 Notes to be redeemed (assuming for these purposes that the 2052 Notes mature on the Par Call Date), yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight-line basis, rounding to the nearest month; or (2) if such release (or
any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the applicable
Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated on the third
Business Day preceding the redemption date. 

  
 A-7 

 If less than all of the 2052 Notes are to be redeemed, the 2052 Notes to be redeemed shall
be selected in accordance with Section 3.02 of the Indenture. 
 Notice of redemption shall be given as provided in Section 3.03
of the Indenture. A notice of redemption may not be conditional. The Trustee shall not be responsible for the calculation of the redemption price for any such redemption. The Company shall calculate such redemption price and promptly notify the
Trustee thereof. 
 5. If an Event of Default with respect to the 2052 Notes shall occur and be continuing, the principal and interest thereon of all of the
2052 Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 6. The Indenture permits, with certain exceptions
as therein provided, the Company and the Trustee to enter into supplemental indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in
any manner the rights of the Holders of the Notes of each series under the Indenture with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding of each series to be affected thereby
on behalf of the Holders of all Notes of such series. In addition, the Indenture permits the Company and the Trustee to enter into supplemental indentures to the Indenture, without the consent of Holders, for certain purposes, including to cure any
ambiguity or to correct or supplement any provision contained in the Indenture and to make changes that do not adversely affect the rights of any Holder in any material respect. The Indenture also permits the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding of each series on behalf of the Holders of all Notes of such series, to waive certain past defaults and their consequences with respect to such series under the Indenture. 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 2052 Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security or such other 2052 Notes. 
 7. No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and any premium of and any interest on this Security at the place, rate and respective times and in
the coin or currency herein and in the Indenture prescribed. 
 8. The authorized denominations of the 2052 Notes are $2,000 and any larger amount that is
an integral multiple of $1,000. As provided in the Indenture and except as provided therein and herein, the 2052 Notes are exchangeable for a like aggregate principal amount of 2052 Notes of a different authorized denomination, as requested by the
Holder surrendering the same. 

  
 A-8 

 9. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Note register, upon surrender of this Security for registration of transfer at the office of the Registrar or co-registrar designated by the Company for such purpose. Every 2052
Note presented or surrendered for registration of transfer, exchange or payment shall (if so required by the Company, the Trustee or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company, the Trustee and the Registrar, duly executed by the Holder or its attorney duly authorized in writing. 
 Prior
to due presentment for registration of transfer, the Company, the Trustee, any Paying Agent and any Registrar may treat the Person in whose name this Security is registered as the absolute owner thereof for all purposes (subject to Section 2.A
hereof), whether or not such Security is overdue and notwithstanding any notation of ownership or other writing thereon, and neither the Company nor the Trustee nor any Paying Agent nor any Registrar shall be affected by notice to the contrary. 

No service charge shall be made for any exchange or registration of transfer of any 2052 Note, with certain exceptions, but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 
 10. This Security is a
Global Note. Accordingly, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such a successor Depositary. Ownership of beneficial interests in this Security will be shown on, and the transfer of that ownership will be effected only through, records maintained by the
applicable Depositary or its nominee (with respect to interest of participants) and the records of participants (with respect to interests of Persons other than participants). 

So long as the Depositary or its nominee is the registered owner of this Security, the Depositary or that nominee, as the case may be, will be
considered the sole legal owner or Holder of the 2052 Notes represented by this Security for all purposes of the 2052 Notes and the Indenture. Except as provided below, owners of beneficial interests in this Security (1) will not be entitled to
have the 2052 Notes represented by this Security registered in their names, (2) will not receive or be entitled to receive physical delivery of certificated securities and (3) will not be considered the owners or Holders of the 2052 Notes
represented by that beneficial interest under the Indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the Trustee. Accordingly, each Person owning a beneficial interest in this Security must
rely on the procedures of the Depositary and, if that Person is not a Depositary participant or indirect participant, on the procedures of the participant through which that Person owns its interest, to exercise any rights of a Holder of 2052 Notes
under the Indenture or this Security. 
 Except as provided in Section 2.14(b) of the Indenture, beneficial interests in this Security
may not be exchanged for certificated securities. In connection with any proposed exchange of Global Notes for certificated securities, upon request of the Trustee, there shall be provided to the Trustee all information reasonably necessary to allow
the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall
have no responsibility to verify or ensure the accuracy of such information. 

  
 A-9 

 Payments with respect to the principal of and interest on this Security will be payable by
the Trustee to or at the direction of the Depositary or its nominee in its capacity as the registered Holder of this Security under the Indenture. Under the terms of the Indenture, the Company and the Trustee may treat the Persons in whose names
this Security are registered as the owners hereof for the purpose of receiving payment thereon (except as provided in Section 2.A hereof) and for any and all other purposes whatsoever. None of the Company, the Trustee, any Registrar, the Paying
Agent or any agent of the Company or the Trustee will have any responsibility or liability for (a) any aspect of the records relating to or payments made on account of beneficial ownership interests in this Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests, (b) the payments to the beneficial owners of this Security of amounts paid to the Depositary or its nominee or (c) any other matter relating to the
actions or practices of the Depositary, its nominee or any of its direct or indirect participants. 
 11. Unless otherwise defined herein, all terms used in
this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 12. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE 2052 NOTES, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-10 

 CERTIFICATE OF TRANSFER 

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

Insert Taxpayer Identification No.: 

                          
                                         
                                         
                                         
                                         
                                         
          
 Please print or typewrite the name and address including zip code of assignee 

                          
                                         
                                         
                                         
                                         
                                         
          
 the within 2052 Note and all rights thereunder, and hereby irrevocably constituting and
appointing __________________ attorney to transfer said 2052 Note on the books of the Registrar with full power of substitution in the premises. 
 Dated:
____________________ 
 NOTICE:________________________________________________________________________________________________________________ 

The signature to this assignment must correspond with the name as it appears upon the face of the within 2052 Note in every particular, without
alteration or enlargement or any change whatever. 

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2052 Note purchased by the Company pursuant to Section 3 of the Eighteenth Supplemental Indenture, check the box below:

 ☐         Section 3 

If you want to elect to have only part of this 2052 Note purchased by the Company pursuant to Section 3 of the Eighteenth Supplemental Indenture, state
the amount you elect to have purchased: 
  

			
		  	$                                 
		
	Date:                  	  	
		  	Your Signature:
                                        
                            
		
		  	(Sign exactly as your name appears on the face of this Note)
		
		  	Tax Identification No.:
                                        
                
	
	Signature Guarantee*:
                                        
        

  

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

  
 A-12 

 SCHEDULE OF INCREASES OR DECREASES OF INTERESTS IN THE 

GLOBAL NOTE 
 The initial principal amount of this
Global Note is $[•]. The following increases or decreases in the principal amount of this Global Note have been made: 
  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal
Amount at
Maturity of this
Global Note	  	Amount of
Increase in
Principal
Amount at
Maturity of this
Global Note	  	Principal
Amount at
Maturity of this
Global Note
Following such
decrease (or
increase)	  	Signature of
Authorized
Signatory of
Trustee
or Custodian

 
  
  

  
 A-13Document

LIMITED LIABILITY COMPANY INTEREST PURCHASE AND SALE AGREEMENT

									
	TABLE OF CONTENTS		Page
			
	ARTICLE 1 CERTAIN DEFINITIONS 
		2

	1.1 Certain Definitions		2
	ARTICLE 2 SALE OF INTERESTS
		3

	2.1 The Interests		3
	2.2 Purchase Price		3
	2.3 Diligence Information		3
	2.4 Intentionally Omitted.		3
	2.5 Closing		3
	2.6 Closing Deliveries and Closing Actions		4
	2.7 Purchaser’s Conditions to Closing		5
	2.8 Seller’s Conditions to Closing		5
	ARTICLE 3 SELLER’S REPRESENTATIONS AND WARRANTIES
		6

	3.1 Organization; Validity and Execution		6
	3.2 No Conflict.		6
	3.3 Ownership of Interests		6
	3.4 Organization; Organizational Document		7
	3.5 RHJV Agreement		7
	3.6 Loan Documents and Trust Documents		7
	3.7 No Rights in Others		8
	3.8 Consents		8
	3.9 Financial Statements		8
	3.10 Assets; No Undisclosed Liabilities		8
	3.11 No Bankruptcy		9
	3.12 Tax Matters		9
	3.13 No Litigation		9
	3.14 Employees		9
	3.15 Intentionally Omitted		9
	3.16 ERISA		10
	3.17 OFAC		10
	3.18 Major Contracts		10
	ARTICLE 4 PURCHASER’S REPRESENTATIONS AND WARRANTIES
		11

	4.1 Organization; Validity and Execution		11
	4.2 No Conflict		11
	4.3 Consents		11
	4.4 No Bankruptcy		11
	4.5 OFAC		12
	ARTICLE 5 LIMITATION ON LIABILITY
		12

	5.1 AS-IS; Limitation of Liability		12
	5.2 Attorney Costs		14

									
	ARTICLE 6 BROKERAGE
		14

	6.1 Brokers		14
	6.2 Survival		14
	ARTICLE 7 MISCELLANEOUS
		14

	7.1 Modification or Amendments		14
	7.2 Entire Agreement		14
	7.3 Applicable Law and Severability		15
	7.4 Arbitration		15
	7.5 Successor and Assigns		15
	7.6 Further Assurances		15
	7.7 Captions		15
	7.8 Separate Counterparts		15
	7.9 No Obligation to Third Parties		15
	7.10 Notices		15
	7.11 Costs		16
	7.12 Computation of Time		16
	7.13 Confidentiality; Press Releases		16
	7.14 Tax Matters		16
	7.15 Intentionally Omitted		18
	7.16 SEC Filings; S-X 3-14 Audit.		18
	7.17 Survival		18
	ARTICLE 8
		18

	8.1 Escrow Agreement		18

LIMITED LIABILITY COMPANY INTEREST PURCHASE AND SALE AGREEMENT

THIS  LIMITED  LIABILITY  COMPANY  INTEREST  PURCHASE  AND SALE
AGREEMENT (this “Agreement”), dated as of August 5, 2021 (“Effective Date”), is made and entered into by and among each of the sellers listed on Exhibit C to this Agreement (“VI Seller” and “Co-Invest Seller” and collectively, on a joint and several basis, “Seller”) and the purchaser listed on Exhibit C to this Agreement (“Purchaser”). Escrow Agent joins herein as escrow agent and for the purposes set forth herein. Seller and Purchaser are sometimes referred to herein collectively as the “Parties” and individually as a “Party.”

Recitals:

A.VI Seller and Co-Invest Seller each own fifty percent (50%) of the limited liability company interests in GVI RH JV Investor, LLC, a Delaware limited liability company (the “Company”), such that Seller collectively owns one hundred percent (100%) of the limited liability company interests in the Company, which is the owner of ninety-five percent (95%) of the limited liability company interests in RH Joint Ventures, LLC (“RHJV”), which directly or indirectly owns a portfolio of 4,038 single family rental homes located in various markets in the United States as set forth on Exhibit A attached hereto (each, a “Property”).

B.VI Seller and Co-Invest Seller each desire to sell twenty-four and one-half percent (24.5%) of the limited liability company interests in the Company such that Seller collectively desires to sell forty-nine percent (49%) of the limited liability company interests in the Company (the “Interests”) to Purchaser, and Purchaser desires to acquire the Interests, in each case subject to the terms and conditions set forth below, such that following the Closing contemplated under this Agreement, Seller shall collectively own fifty-one percent (51%) (the “Retained Interest”) and Purchaser shall own forty-nine percent (49%) of the limited liability company interests in the Company.

C.Concurrently with the Closing, Seller and Purchaser shall enter into an amended and restated limited liability company agreement of the Company in form to be agreed to by the Parties pursuant to this Agreement.

Agreement:

NOW, THEREFORE, in consideration of the respective representations, warranties, and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1

ARTICLE 1 CERTAIN DEFINITIONS

1.1 Certain Definitions. Capitalized terms used in this Agreement shall have  the  meaning ascribed to such term on Schedule 1.1 attached hereto.
2

ARTICLE 2 SALE OF INTERESTS

2.1The Interests. Subject to the terms and conditions of this Agreement, at the Closing (as hereinafter defined), (a) Seller shall sell, transfer and deliver all of Seller’s interest in and to the Interests to Purchaser, free and clear of any Liens (as hereinafter defined), and (b) Purchaser shall purchase all of Seller’s interest in and to the Interests from Seller, free and clear of any Liens. Notwithstanding anything in this Agreement or the JV Agreement to the contrary, Seller is not selling and Purchaser is not purchasing any interest in those properties listed on Schedule 2.1 attached hereto (the “Excluded Houses”). The Excluded Houses may be sold in Seller’s sole and absolute discretion at any time, including after Closing, and any such sale shall not affect the Purchase Price payable under this Agreement. Any and all proceeds from the sale of any Excluded Houses that are distributed by RHJV to the Company shall belong solely to Seller and shall be distributed as a special distribution by the Company solely to Seller.

2.2Purchase Price. Except as otherwise provided in this Agreement, it is the intent of Seller and Purchaser that all items of income and expense attributable to the Company prior to the Closing Date inure to Seller, and that all items of income and expense attributable to the Company on and after the Closing Date inure to Purchaser and Seller in accordance with the JV Agreement. In consideration for the transfer of the Interests to Purchaser, Purchaser shall pay the Purchase Price to Seller on the Closing Date.

(a)The Purchase Price shall be delivered by Purchaser to Escrow Agent by wire transfer of immediately available funds no later than 2:00 p.m. Central Time on the Closing Date.
(b)In the event that any errors in the calculation of Working Capital made at Closing are discovered after Closing, and upon the final accounting of any figures which are based on estimates at Closing, the Parties shall promptly, but in all events no later than 120 days after the end of the calendar year in which the Closing occurs, re-adjust the subject amounts, with such payments to be made between the Parties as are necessary to correct the errors or to effect the reconciliations.

2.3Diligence Information. Seller has delivered to Purchaser through an electronic website or drop-box accessible via the website link set forth on Schedule 2.3 (the “Data Room”), for Purchaser’s review, material information and the documents concerning the Company, RHJV, the Subsidiaries and/or the Properties to the extent such information or documents are in Seller’s, reasonable control or possession, including, without limitation, the documents listed in the index of the Data Room, historical financial and operating statements, management agreements, capital budgets, organization charts and documentation, material loan and financing documents and budgets (the “Diligence Information”).

2.4Intentionally Omitted.

2.5Closing. The closing of the transactions contemplated herein (the “Closing”) shall, provided the conditions precedent described in Sections 2.7 and 2.8 have been satisfied or waived in writing by the Party for whose benefit such conditions precedent exists, occur on the Effective Date (the “Closing Date”).
3

2.6.Closing Deliveries and Closing Actions.

(a)Seller Deliveries. Seller acknowledges and agrees that as conditions precedent to Purchaser’s obligation to consummate the Closing, Seller shall have executed and delivered to Purchaser the following, as of the Closing:

(i)The assignment of limited liability company interests substantially in the form attached hereto as Exhibit B (the “Assignment Agreement”);

(ii)The formation, operating and other organizational and government documents and agreements of the Company, RHJV and the Subsidiaries (each as are existing as of such date or as the same have been amended to date) listed on Schedule 2.6 (the “Organizational Documents”);

(iii)The JV Agreement;

(iv)An executed IRS Form W-9 from Seller;

(v)A settlement statement in form and substance satisfactory to Purchaser and Seller setting forth the closing adjustments and prorations as provided herein (the “Settlement Statement”), executed by Seller;

(vi)A certification by Seller that its representations and warranties in this Agreement are, subject to Section 2.7(b), true and correct in all material respects as of the Closing Date; and

(vii)Any additional documents or instruments that are customary for like-transactions, that are required by any state in which a Property is located or that Purchaser or Escrow Agent may reasonably require for the consummation of the transaction contemplated by this Agreement without the imposition of any additional obligations or liabilities.

(b)Purchaser Deliveries. Purchaser acknowledges and agrees that as a condition precedent to Seller’s obligation to consummate the Closing, Purchaser shall have executed and/or delivered to Seller the following as of the Closing:

(i)The Assignment Agreement;

(ii)The JV Agreement;

(iii)The Purchase Price;

(iv)The Settlement Statement, executed by Purchaser;

(v)A certification by Purchaser that its representations and warranties in this Agreement are, subject to Section 2.8(b), true and correct in all material respects as of the Closing Date; and
4

(vi)Any additional documents or instruments that are customary for like-transactions, that are required by any state in which a Property is located or that Seller or Escrow Agent may reasonably require for the consummation of the transaction contemplated by this Agreement without the imposition of any additional obligations or liabilities.

2.7Purchaser’s Conditions to Closing. Purchaser’s obligation to close under this Agreement shall be subject to and conditioned upon the fulfillment of the following conditions precedent:

(a)All of the documents required to be delivered by Seller to Purchaser pursuant to the terms hereof, either at the Closing or otherwise, shall have been delivered;

(b)Each of the representations, warranties and covenants of Seller contained herein shall be true and correct on and as of the Closing Date;

(c)Seller shall not be in default under this Agreement (beyond all notice   and
cure periods);

(d)The parties to the RHJV Agreement shall have released their signatures  to
the amendment to the RHJV Agreement attached hereto as Schedule 2.7 hereof (the “RHJV Amendment”).

(e)Neither Seller nor the Company shall be a debtor in any bankruptcy proceeding nor shall Seller nor the Company have been in the last six (6) months a debtor in any bankruptcy proceeding

(f)Intentionally Omitted; and

(g)There shall not be pending any litigation or any threatened litigation, which, if determined adversely, would restrain the consummation of any of the transactions contemplated by this Agreement or declare illegal, invalid or nonbinding any of the covenants or obligations of Seller.

2.8Seller’s Conditions to Closing. Seller’s obligation to close under this Agreement shall be subject to and conditioned upon the fulfillment of the following conditions precedent:

(a)All of the documents and funds required to be delivered by Purchaser to Seller at the Closing pursuant to the terms and conditions hereof shall have been delivered;

(b)Each of the representations, warranties and covenants of Purchaser contained herein shall be true in all material respects on and as of the Closing Date; and

(c)Purchaser shall have complied with, fulfilled and performed in all material respects each of the covenants, terms and conditions to be complied with, fulfilled or performed by Purchaser hereunder.

5

ARTICLE 3
SELLER’S REPRESENTATIONS AND WARRANTIES

Seller hereby represents and warrants as of the Closing Date to Purchaser as to itself, the Interests and where applicable, the Company, RHJV and the Subsidiaries:

3.1Organization; Validity and Execution.

(a)Seller, the Company, RHJV and the Subsidiaries are each duly formed, validly existing and in good standing under the laws of their respective jurisdictions of organization or formation and in each jurisdiction where authorized to do business and have all necessary power and authority to carry on their respective business as is now being conducted.

(b)Seller has full power and authority, and has taken or will take all actions necessary, to execute, deliver and perform its obligations under this Agreement and any related documents, instruments or agreements that may be necessary to fulfill its obligations and consummate the transactions contemplated hereunder and thereunder, including, without limitation, the Assignment Agreement and the JV Agreement (collectively, the “Seller Transaction Documents”). This Agreement has been, and each of the other Seller Transaction Documents to which Seller is a party will, at the time of its execution, have been duly authorized, executed and delivered by Seller, and, when executed and delivered by Seller will constitute Seller’s legally valid and binding obligation, enforceable against Seller in accordance with its terms, subject only to applicable bankruptcy, insolvency, reorganization and other similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

3.2No Conflict. The execution, delivery and performance by Seller of each of the Seller Transaction Documents, and the consummation of the transactions contemplated hereby and thereby, (i) does not conflict with or result in a violation of, or breach of, or constitute a default or potential default under, any law or administrative regulation (including any anti-bribery, anti- corruption or taxation laws) or any of the terms, conditions, or provisions of any judgment or decree applicable to the Company or Seller; (ii) does not conflict with or result in a violation of, or breach of, or constitute a default or potential default under provisions of the organizational documents of Seller or the Company; and (iii) does not constitute or result in the breach of any term, condition or provision of, or constitute a default under, or give rise to any right of termination, cancellation, acceleration, amendment of, or loss of any benefit with respect to, any contract, agreement, deed, bond, note, resolution, indenture, mortgage, deed of trust, or other agreement or instrument to which the Company or Seller is a party or by which the Company or Seller is bound.

3.3Ownership of Interests. Seller has not directly or indirectly assigned, transferred or conveyed any of its limited liability company interests in the Company to any person or entity nor has it entered into any agreement (other than this Agreement) to do so. Seller has not granted to any person (other than to Purchaser pursuant to this Agreement) any right to purchase (and it has not entered into any binding obligation to sell) the debt and/or equity interests or any other ownership or participation interest in the Company. Seller has good and legal title to the Interests and owns all limited liability company interests in the Company, beneficially and of record,  free
6

and clear of any liens (including negative liens), mortgage, security interest, pledge, attachment, claim, charge, option, hypothecation, right of pre-emption, power of sale, or any other third party right of any kind or an agreement, arrangement or obligation to create any of the foregoing, any levy or other charge or encumbrance whatsoever (each a “Lien”). Except for the Interests and the Retained Interest, there are no other membership interests or securities (debt, hybrid, or equity) of any other nature whatsoever issued or issuable by the Company. No portion of the limited liability company interests in the Company has ever been certificated.

3.4Organization; Organizational Documents. The chart depicted on Schedule 3.4 (the “Organizational Chart”) depicts the organizational structure as of the Effective Date and, except as shown on the Organizational Chart, the Company owns no direct or indirect interest in any entity. The Organizational Documents are in full force and effect and Seller has provided to Purchaser true, correct and complete copies of the Organizational Documents in Seller’s possession or control. Seller has complied in all material respects with all of the terms of the Organizational Documents. Except as set forth on Schedule 2.6, there are no other formation, operating and/or other organizational and governing documents relating to the Interests and the Company.

3.5RHJV Agreement. The RHJV Agreement is in full force and effect and Seller has provided to Purchaser true, correct and complete copies of the RHJV Agreement in Seller’s possession or control. Seller has not received or delivered any notices of default under the RHJV Agreement and to Seller’s actual knowledge, no default exists that is uncured under the RHJV Agreement. Except as set forth on Schedule 2.6, there are no other formation, operating and/or other organizational and governing documents relating to RHJV.

3.6Loan Documents and Trust Documents.

(a)The Loan Documents and Trust Documents are in full force and effect and Seller has provided to Purchaser true, correct and complete copies of the material Loan Documents and Trust Documents in Seller’s possession or control. None of Seller, the Company, or to Seller’s actual knowledge, RHJV or the Subsidiaries have received or delivered any notices of default under any of the Loan Documents or Trust Documents and to Seller’s actual knowledge, no party to any Loan Document or Trust Document is in default in any material respect under any of the Loan Documents or Trust Documents such that the Lender or any other party thereto would have the right to deliver a notice of default or other similar notice under such documents. For the purposes of the first sentence of this Section 3.6, “material” shall mean documents relating to or setting forth the economic terms of the Loan Documents and the Trust Documents (e.g., principal, interest and maturity date), the collateral, cash management, including deposit account control agreements, guarantees and other similar documentation, but excluding mortgages and lien instruments that are directly related to a Property.

(b)To Seller’s knowledge, the Trust REMIC (as defined in the Trust Documents) was formed in accordance with applicable legal requirements and the Trust REMIC continues to qualify as a real estate mortgage investment conduit in accordance with Sections 860D-860G of the Code.

7

(c)To Seller’s knowledge, RHJV and RHJV MOA, LLC have complied with all legal requirements imposed on the “sponsor of a securitization transaction” as set forth in Regulation RR, 17 C.F.R. Part 246 (the “Credit Risk Retention Rules”), and, to Seller’s knowledge, the transactions contemplated by this Agreement shall not cause either RHJV or RHJV MOA, LLC to violate any provision of the Credit Risk Retention Rules.

3.7No Rights in Others. The Company has not granted to any party, other than Purchaser pursuant to this Agreement, any right of first offer, right of first refusal, right to purchase, or other preemptive or preferential right with respect to the Interests or any other direct or indirect ownership interests in the Company.

3.8Consents. No consent, approval, exemption or authorization is required to be obtained from, no notice is required to be given to and no filing is required to be made with, any person or entity (including, without limitation, any governmental authority or any direct or indirect equity owner of Seller, or Operator Member, or any party to the Trust Documents) by Seller or the Company which has not been obtained, given or made on or prior to the date hereof, in order to authorize or permit the consummation of the transactions contemplated by this Agreement and the other Seller Transaction Documents.

3.9Financial Statements. Seller has provided Purchaser with true, correct and complete copies of the year to date financials of the Company and RHJV (to the extent received by Seller from the Operator Member) for calendar years 2020 and 2021 (the “Financial Statements”), copies of which are included in the Data Room. The Financial Statements are the financial statements that Seller relies on in the operation of its business and for internal accounting purposes.

3.10Assets; No Undisclosed Liabilities.
(a)Other than assets set forth on the Financial Statements, the sole assets of the Company are its interests in RHJV and the Subsidiaries and its indirect interest in the Properties. The only assets of RHPOC Equity Owner, LLC is its membership interest in Borrower, its indirect interest in the Properties and assets derived from its direct or indirect interest in Borrower or the Properties. The only asset of RHJV Depositor, LLC is its interest in the Trust Documents and any indemnifications for the benefit of RHJV Depositor, LLC provided in connection with the securitization pursuant to the Trust Documents. The sole assets of RHJV MOA, LLC are its interest in the Trust Documents, the Class H Certificates of the AMSR 2020-SFR4 Trust and a five percent (5%) risk retention interest in the securitization pursuant to the Trust Documents.
(b)The sole assets of Borrower are its ownership interest in the Properties.

(c)Except for liabilities (i) reflected or reserved on the Financial   Statements,
(ii)incurred in the ordinary course of business (including by the direct owners of the Properties),
(iii)reflected in the Loan Documents and/or the Trust Documents, (iv) disclosed in the Diligence Information or otherwise disclosed in writing by Seller or (v) relating to the Properties (including without limitation, title matters, property condition matters, structural or environmental issues, and any  property  contracts  entered  into  in  connection  with  the  ownership,  management       and
8

maintenance of the Properties), none of the Company, RHJV or the Subsidiaries have any liabilities.

3.11No Bankruptcy None of Seller, the Company, RHJV or the Subsidiaries have (i) made a general assignment for the benefit of creditors, (ii) filed a petition for voluntary bankruptcy or filed a petition or answer seeking reorganization or any arrangement or composition, extension or readjustment of Seller’s, the Company’s, RHJV’s or the Subsidiaries’ indebtedness, (iii) consented, in any creditor’s proceeding, to the appointment of a receiver or trustee of Seller, the Company, RHJV or the Subsidiaries or any of their property or any part thereof, or (iv) been named as a debtor in an involuntary bankruptcy proceeding or received a written notice threatening the same.

3.12Tax Matters.

(a)The Company and to Seller’s knowledge, RHJV and the Subsidiaries, have prepared and duly filed, or caused to be prepared and duly filed, with the appropriate taxing authorities all federal, state and local income and other material Tax returns, information returns, statements, forms, filings and reports (each a “Tax Return” and, collectively, the “Tax Returns”) required to be filed with respect to the Company or RHJV, as applicable, and all such Tax Returns are true, correct and complete in all material respects. The Company and to Seller’s knowledge, RHJV, has paid all Taxes owed or payable by the Company or RHJV, as applicable, (whether or not shown on a Tax Return), including Taxes which the Company or RHJV, as applicable, is obligated to withhold.

(b)None of Seller, the Company or to Seller’s knowledge, RHJV or the Subsidiaries, have received a written notice that it is currently the subject of a tax audit or examination, and no tax audit or examination is currently threatened by any taxing authority.

(c)None of Seller, the Company or to Seller’s knowledge, RHJV or the Subsidiaries, have received from any taxing authority any written notice of proposed adjustment, deficiency, underpayment of Taxes or any other such written notice which has not been satisfied by payment or been withdrawn.

(d)Seller makes the additional representations and warranties regarding itself, the Company, RHJV and the Subsidiaries as set forth on Schedule 3.12 attached hereto.

3.13No Litigation. There is no action, suit or proceeding pending or threatened against Seller, the Company, RHJV or the Subsidiaries in either case with respect to or affecting the Interests, the Company, RHJV or the Subsidiaries, as applicable, or the transactions contemplated by this Agreement. There are no outstanding orders, writs, injunctions or decrees of any governmental authority against or affecting Seller, the Company, the Interests, RHJV, the Subsidiaries or the transactions contemplated by this Agreement.

3.14Employees. None of the Company, RHJV nor the Subsidiaries have and never have had any employees.

3.15Intentionally Omitted.

9

3.16.ERISA. None of Seller, the Company, RHJV nor the Subsidiaries are an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”), which is subject to Title I of ERISA, or a “Plan” as defined in Code Section 4975; (b) the assets of Seller, the Company, RHJV and the Subsidiaries, as of Closing, do not constitute “plan assets” of one or more such plans for purposes of Title I of ERISA or Code Section 4975; and (c) none of Seller, the Company, RHJV nor the Subsidiaries are a “governmental plan” within the meaning of Section 3(32) of ERISA, and the assets of Seller, the Company, RHJV and the Subsidiaries do not constitute plan assets of one or more such plans.

3.17.OFAC. None of Seller, the Company, RHJV nor the Subsidiaries have engaged in any dealings or transactions, directly or indirectly, (i) with any person appearing on the U.S. Treasury Department’s OFAC list of prohibited countries, territories, “specifically designated nationals or “blocked person” (each, a “Prohibited Person”) (which lists can be accessed at the following web address: http://www.ustreas.gov/offices/enforcement/ofac/), including the making or receiving of any contribution of funds, goods or services to or for the benefit of any such Prohibited Person, (ii) in contravention of any U.S., international or other money laundering regulations or conventions, including, without limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. §1 et seq., as amended), or any foreign asset control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (iii) in contravention of Executive Order No. 13224 dated September 24, 2001 issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), as may be amended or supplemented from time to time (“Anti-Terrorism Order”) or on behalf of terrorists or terrorist organizations, including those persons or entities that are included on any relevant lists maintained by the United Nations, North Atlantic Treaty Organization, Organization of Economic Cooperation and Development, Financial Action Task Force, U.S. Office of Foreign Assets Control, U.S. Securities & Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central Intelligence Agency, U.S. Internal Revenue Service, or any country or organization, all as may be amended from time to time, or (iv) any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempting to violate, any of the prohibitions set forth in (a) the Foreign Corrupt Practices Act, (b) the U.S. mail and wire fraud statutes, (c) the Travel Act, (d) any similar or successor statutes or (e) any regulations promulgated under the foregoing statutes. None of Seller, the Company, RHJV nor the Subsidiaries (x) are or plans to be conducting any business or engaging in any transaction with any person appearing on the U.S. Treasury Department’s Office of Foreign Assets Control list of restrictions and prohibited persons or (y) is a person described in Section 1 of the Anti-Terrorism Order, and, none of Seller, the Company, RHJV nor the Subsidiaries have engaged in any dealings or transactions, or otherwise been associated with any such person.

3.18.Major Contracts. The Company is not a party to or otherwise bound by, any contract with a term of more than one (1) year that is not terminable upon thirty (30) days’ notice without penalty and having an annual monetary obligation in excess of $250,000.00.

10

ARTICLE 4
PURCHASER’S REPRESENTATIONS AND WARRANTIES

Purchaser hereby represents and warrants to Seller as follows as of the Closing Date:

4.1Organization; Validity and Execution.

(a)Purchaser is duly formed, validly existing and in good standing under the laws of its jurisdiction of organization or formation and in each jurisdiction where authorized to do business and has all necessary power and authority to carry on its business as is now being conducted.

(b)Purchaser has full power and authority, and has taken all action necessary, to execute, deliver and perform its obligations under this Agreement and any related documents, instruments or agreements that may be necessary to fulfill its obligations hereunder, including, without limitation, the Assignment Agreement and the JV Agreement (collectively, the “Purchaser Transaction Documents”). This Agreement has been, and each of the other Purchaser Transaction Documents to which Purchaser is a party will, at the time of its execution, have been duly authorized, executed and delivered by Purchaser, and, when executed and delivered by Purchaser will constitute Purchaser’s legally valid and binding obligation, enforceable against Purchaser in accordance with its terms.

4.2No Conflict. The execution, delivery and performance by Purchaser of this Agreement and each of the Purchaser Transaction Documents, and the consummation of the transactions contemplated hereby and thereby, (i) does not conflict with or result in a violation of, or breach of, or constitute a default or potential default under, any law or administrative regulation (including any anti-bribery or corruption laws) or any of the terms, conditions, or provisions of any judgment, decree applicable to Purchaser; (ii) does not conflict with or result in a violation of, or breach of, or constitute a default or potential default under provisions of the organizational documents of Purchaser; and (iii) does not constitute or result in the breach of any term, condition or provision of, or constitute a default under, or give rise to any right of termination, cancellation, acceleration, amendment of, or loss of any benefit with respect to, any contract, agreement, deed, bond, note, resolution, indenture, mortgage, deed of trust, or other agreement or instrument to which Purchaser is a party or by which Purchaser is bound.

4.3Consents. No consent, approval, exemption or authorization is required to be obtained from, no notice is required to be given to and no filing is required to be made with, any person or entity (including, without limitation, any governmental authority) by Purchaser which has not been obtained, given or made on or prior to the date hereof, in order to authorize or permit the consummation of the transactions contemplated by this Agreement and the other Purchaser Transaction Documents.

4.4No Bankruptcy. Purchaser has not (i) made a general assignment for the benefit of creditors, (ii) filed a petition for voluntary bankruptcy or filed a petition or answer seeking reorganization or any arrangement or composition, extension or readjustment of Purchaser’s indebtedness, (iii) consented, in any creditor’s proceeding, to the appointment of a receiver or

11

trustee of Purchaser, its property or any part thereof, or (iv) been named as a debtor in an involuntary bankruptcy proceeding or received a written notice threatening the same.

4.5OFAC. Purchaser has not engaged in any dealings or transactions, directly or indirectly, (i) with any person appearing on the U.S. Treasury Department’s OFAC list of prohibited countries, territories, “specifically designated nationals or “blocked person” (each, a “Prohibited Person”) (which lists can be accessed at the following web address: http://www.ustreas.gov/offices/enforcement/ofac/), including the making or receiving of any contribution of funds, goods or services to or for the benefit of any such Prohibited Person, (ii) in contravention of any U.S., international or other money laundering regulations or conventions, including, without limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. §1 et seq., as amended), or any foreign asset control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (iii) in contravention of Executive Order No. 13224 dated September 24, 2001 issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), as may be amended or supplemented from time to time (“Anti-Terrorism Order”) or on behalf of terrorists or terrorist organizations, including those persons or entities that are included on any relevant lists maintained by the United Nations, North Atlantic Treaty Organization, Organization of Economic Cooperation and Development, Financial Action Task Force, U.S. Office of Foreign Assets Control, U.S. Securities & Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central Intelligence Agency, U.S. Internal Revenue Service, or any country or organization, all as may be amended from time to time, or (iv) any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempting to violate, any of the prohibitions set forth in (a) the Foreign Corrupt Practices Act, (b) the U.S. mail and wire fraud statutes, (c) the Travel Act, (d) any similar or successor statutes or (e) any regulations promulgated under the foregoing statutes.   Purchaser
(x)is not and does not plan to be conducting any business or engaging in any transaction with any person appearing on the U.S. Treasury Department’s Office of Foreign Assets Control list of restrictions and prohibited persons and (y) is not a person described in Section 1 of the Anti- Terrorism Order, and, Purchaser has not engaged in any dealings or transactions, or otherwise been associated with any such person.

ARTICLE 5
 LIMITATION ON LIABILITY
5.1AS-IS; Limitation of Liability.
(a)Other than the representations and warranties expressly made by Seller in Article 3 and any other document delivered by Seller to Purchaser hereunder in connection with the Closing, the Interests are being sold on an “as-is”, “where-is” basis and without any representation or warranty.
(b)Except for the representations, warranties, covenants and agreements expressly provided in this Agreement, Purchaser, on its own behalf and on behalf of each of its direct or indirect affiliates, parent and subsidiary entities, successors, assigns, partners, managers,

12

members, employees, officers, directors, trustees, shareholders, counsel, representatives and agents (each a “Purchaser Releasing Party”), waives, effective as of the Closing, its and each Purchaser Releasing Party’s right to recover from, and forever releases and discharges, effective as of the Closing, Seller and Seller’s direct or indirect affiliates, parent and subsidiary entities, successors, assigns, partners, managers, members, employees, officers, directors, trustees, shareholders, counsel, representatives and agents (the “Seller’s Indemnified Parties”), from any and all demands, claims (including, without limitation, causes of action in tort), legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses whatsoever (including, without limitation, attorneys’ fees and costs), whether direct or indirect, known or unknown, foreseen or unforeseen (collectively, “Claims”), that exist or may arise on account of or in any way connected with the Interests or the Company.

(c)Except for the representations, warranties, covenants and agreements expressly provided in this Agreement, Seller on its own behalf and on behalf of each of its direct or indirect affiliates, parent and subsidiary entities, successors, assigns, partners, managers, members, employees, officers, directors, trustees, shareholders, counsel, representatives and agents (each a “Seller Releasing Party”) waives, effective as of the Closing, its and each Seller Releasing Party’s right to recover from, and forever releases and discharges, effective as of the Closing, Purchaser and Purchaser’s direct or indirect affiliates, parent and subsidiary entities, successors, assigns, partners, managers, members, employees, officers, directors, trustees, shareholders, counsel, representatives and agents (the “Purchaser’s Indemnified Parties”; and together with Seller’s Indemnified Parties, as applicable, the “Indemnified Parties”) from any and all Claims that exist or may arise on account of or in any way be connected with the Interests, or the Company.

(d)All representations and warranties in this Agreement made by either Party shall survive for the applicable Survival Period, and subject to the terms of this Agreement, each Party hereby agrees to indemnify, defend and hold harmless the other Party and its Indemnified Parties from and against any and all Claims that actually arise as a result of a breach of such representations and warranties. If written notice of any claim is delivered by either Party to the other Party within the applicable Survival Period, then all rights and remedies with respect to the matters which are the subject of such claim shall survive until full and final resolution of such claim and full payment of any amounts owed by the applicable Party as a result thereof. Except for such provisions that expressly survive the Closing or the termination of this Agreement, none of the terms and provisions of this Agreements shall survive the Closing or the termination of this Agreement, and all of the terms and provisions of this Agreement (other than those that expressly survive the Closing) shall be merged into the Assignment Agreement at Closing and shall not survive the Closing and no Party hereto shall have any liability hereunder after the Closing in respect of such provisions that do not survive the Closing. Notwithstanding any other provision of this Agreement to the contrary, Purchaser agrees that in no event shall any liability of Seller to Purchaser under this Agreement exceed an amount equal to the applicable Cap.

(e)In the event that Seller breaches any of its representations or warranties under Article 3 and Purchaser had actual knowledge of such breach and Purchaser nevertheless elects to proceed to Closing, then Purchaser shall be deemed to have waived any of its rights in connection therewith and Seller shall not have any liability in connection therewith.

13

(f)UNDER NO CIRCUMSTANCES MAY SELLER OR PURCHASER SEEK OR BE ENTITLED TO RECOVER ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, SPECULATIVE OR INDIRECT DAMAGES, ALL OF WHICH EACH PARTY SPECIFICALLY WAIVES, FROM THE OTHER PARTY FOR ANY BREACH BY A PARTY OF ITS REPRESENTATIONS, WARRANTIES OR COVENANTS OR ITS OBLIGATIONS UNDER THIS AGREEMENT.

(g)Purchaser acknowledges that this Agreement is entered into by Seller, and Purchaser agrees that none of Seller’s Indemnified Parties shall have any personal liability under this Agreement or any document executed in connection with the transactions contemplated by this Agreement. Seller acknowledges that this Agreement is entered into by Purchaser, and Seller agrees that none of Purchaser’s Indemnified Parties shall have any personal liability under this Agreement or any document executed in connection with the transactions contemplated by this Agreement.
(h)This Section 5.1 shall survive the Closing or the earlier termination of this
Agreement
5.2Attorney Costs. If either Purchaser or Seller brings any suit or other proceeding with respect to the subject matter or the enforcement of this Agreement, the prevailing Party (as determined by the court, arbitrator or other authority before which such suit or proceeding is commenced), in addition to such other relief as may be awarded, shall be entitled to recover reasonable attorneys' fees actually incurred from the other Party.  The provisions of this   Section
5.2 shall survive the Closing or any termination of this Agreement.

ARTICLE 6 BROKERAGE

6.1Brokers. Seller and Purchaser each represent and warrant to the other that, it has not dealt with any broker or finder in connection with the transaction described herein. Each Party hereby agrees to indemnify, defend and hold the other Party harmless from and against any and all claims, causes of action, losses, costs, expenses, damages or liabilities, including reasonable attorney’s fees and disbursements, which such other Party may sustain, incur or be exposed to, by reason of any claim or claims by any broker, finder or other person for fees, commissions or other compensation arising out of the negotiation of this transaction if such claim or claims are based in whole or in part on dealings or agreements with the indemnifying Party.

6.2Survival. The provisions of this Article 6 shall survive any termination of this Agreement, and, if not so terminated, the Closing.

ARTICLE 7 
MISCELLANEOUS
7.1Modification or Amendments. No amendment, change or modification of this Agreement shall be valid unless in writing and signed by all Parties hereto.

7.2Entire Agreement. This document constitutes the entire understanding and agreement of the Parties with respect to the subject matter of this Agreement, and any and all 
14

prior agreements, understandings or representations, if any, are hereby terminated and canceled in their entirety and are of no further force or effect.
7.3Applicable Law and Severability. This Agreement shall be governed by the laws of the State of Delaware. Any provision herein held to be unenforceable shall be deemed severable and the remaining Agreement shall continue in full force and effect.
7.4Arbitration. Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity of this Agreement, including the determination of the scope or applicability of arbitration, will be determined by arbitration in Chicago, Illinois before one arbitrator. The arbitration will be administered by JAMS pursuant to JAMS’s Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. This Section does not preclude the parties hereto from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. Any provision herein held to be unenforceable shall be deemed severable and the remaining Agreement shall continue in full force and effect.

7.5Successor and Assigns. Except as provided in the immediately following sentence, neither Seller nor Purchaser may assign its rights or obligations under this Agreement without the prior written consent of other Party. All of the terms and provisions contained herein shall inure to the benefit of and shall be binding upon the Parties and their respective heirs, personal representatives and permitted successors and assigns.

7.6Further Assurances. Each of the Parties shall execute and deliver any and all additional papers, documents, and other assurances, and shall do any and all acts and things reasonably necessary in connection with the performance of their obligations hereunder and to carry out the intent of the Parties hereto.

7.7Captions. The captions appearing at the commencement of the Sections hereof are descriptive only and for convenience in reference. Should there be any conflict between any such caption and the Section at the head of which it appears, the Section and not such caption shall control and govern in the construction of this document.

7.8Separate Counterparts. This document may be executed in one or more separate counterparts, each of which, when so executed shall be deemed to be an original. Such counterparts shall, together, constitute and be one and the same instrument. The signature of any Party to any counterpart, electronic (scanned) signature, facsimile or photocopy thereof, may be appended to any other counterpart and when so appended shall constitute an original.

7.9No Obligation to Third Parties. The execution and delivery of this Agreement shall not be deemed to confer any rights upon, nor obligate either of the Parties hereto, to any person or entity other than each other.

7.10Notices. Any and all notices, demands or other communications required or desired to be given hereunder by any Party shall be in writing and shall be validly given or made to another Party if (a) served personally, (b) mailed by a reputable overnight courier such as Federal Express, or (c) sent via email. If such notice, demand or other communication is served personally, notice shall be conclusively deemed given on the day notice is received. If such notice, demand or other communication is sent by overnight courier, notice shall conclusively be 
15

deemed given on the Business Day next following the deposit thereof with the courier. If such notice, demand or other communication is sent by email, notice shall conclusively be deemed given upon delivery to the parties set forth on Schedule 7.10.

Any Party may change its address for the purpose of receiving notices, demands and other communications as herein provided by a written notice given in the manner aforesaid to the other Party or Parties hereto.

7.11Costs. Each Party hereto agrees to pay its own respective legal fees and the costs of its third party professionals in connection with the transaction contemplated by this Agreement.

7.12Computation of Time. Whenever the last day for the exercise of any right hereunder or discharge of any duty hereunder shall fall upon a day that is not a Business Day, the party having such right or duty may exercise such right or discharge such duty on the next succeeding day which is a Business Day.

7.13Confidentiality; Press Releases. Subject to Purchaser’s rights set forth in Section 7.16, each Party shall keep the terms of this Agreement, and any non-public information exchanged in connection with this Agreement, including the Diligence Information, confidential except   for
(1) disclosure to such Party’s affiliates, its constituent entities (including direct and indirect owners), and their respective officers, employees, advisors, agents, actual and prospective investors and lenders, legal counsel, accountants, consultants, advisors, title companies, surveyors and other contractors; provided, that the Party making the disclosure shall (a) provide such information only to those persons who need such information for purposes of proceeding with the potential transactions contemplated by this Agreement, and (b) instruct the recipient to keep the information confidential, (2) disclosures such Party determines to be necessary to consummate the transactions, (3) disclosures such Party determines to be necessary in order to fulfill the disclosure obligations of such Party or its affiliates imposed by law or legal process so long as such Party provides the other Party with a reasonable opportunity to obtain a restraining order or take other protective action, and (4) disclosures by a Party of information that is available to such Party from any other source not subject to any confidentiality restrictions. In the event this Agreement is terminated for any reason, Purchaser shall immediately return or destroy (consistent with Purchaser’s internal document retention policies) any copies of the Diligence Information provided by Seller and confirm in writing to Seller its full return or destroy thereof. Any press release related to this Agreement or the transactions contemplated hereunder shall in each instance require the prior written approval of Purchaser and Seller.

7.14Tax Matters.

(a)Transfer Taxes. Seller shall be responsible for one hundred percent (100%) of all conveyance fees, recording charges and transfer, documentary, sales, use, stamp, registration and other taxes arising from the purchase and sale of the Interests, and Seller shall prepare and file all necessary Tax Returns and other documentation in connection with such Taxes and the Purchaser shall cooperate as necessary in filing any such Tax Returns.

16

(b)Tax Certificates. Purchaser and Seller agree, upon request, to use their commercially reasonable efforts to obtain any certificate or other document from any governmental authority or any other Person as may be necessary to mitigate, reduce, or eliminate any Tax that could be imposed (including, but not limited to, with respect to the transactions contemplated hereby).

(c)Tax Treatment. The parties hereto intend that the payment by Purchaser of the Purchase Price in exchange for the Interests be characterized as a purchase and sale of partnership interests for U.S. income Tax Purposes. The Purchaser, the Company and the Seller shall file all Tax Returns and information reports in a manner consistent with this Section 7.14(c) and shall not take, or cause to be taken, any action or position that would be inconsistent with or prejudice the tax treatment described in this Section 7.14(c), except pursuant to a final “determination” (as defined in Section 1313(a) of the Code or corresponding provision of state, local or foreign law).

(d)Allocation of Purchase Price. The Seller and the Purchaser agree that the Purchase Price and any liabilities treated as assumed (plus other relevant items) shall be allocated among the assets of the Company consistent with the fair market values of such assets, in accordance with Section 741 and Section 751 of the Code and the Treasury Regulations thereunder and the principles set forth in Schedule 7.14(d), for all purposes (including Tax and financial accounting) as shown on an allocation schedule (the “Allocation Schedule”) prepared by the Purchaser and delivered to the Seller within 90 days following the final determination of Closing Working Capital in accordance with this Agreement for Seller’s review and comment. Seller shall submit any comments to Purchaser in writing within thirty (30) days of receiving the Allocation Schedule. Purchaser shall incorporate all reasonable comments of Seller to the Allocation Schedule. For the avoidance of doubt, to the extent that the Purchase Price is allocated to the Company’s interests in RHJV, such amount shall be further allocated to the assets of RHJV and its subsidiaries in a manner consistent with this Section 7.14(d). The Purchaser, the Company and the Seller shall file all Tax Returns and information reports in a manner consistent with this Section 7.14(d) and shall not take, or cause to be taken, any action or position that would be inconsistent with or prejudice this Section 7.14(d), except pursuant to a final “determination” (as defined in Section 1313(a) of the Code or corresponding provision of state, local or foreign law). Any adjustments to the Purchase Price shall be allocated in a manner consistent with the Allocation Schedule.
(e)Section 754 Elections. The parties acknowledge and agree that it is their intention that the Company, RHJV, and any subsidiary of RHJV that is treated as a partnership for
U.S. federal income Tax purposes shall, to the extent an election under Section 754 of the Code is not already in effect with respect to RHJV or any such subsidiary, make a timely and valid election under Section 754 of the Code with respect to the taxable year that includes the Closing, in each case at Purchaser’s expense.
(f)Pre-Closing Taxes. Seller shall pay to the Company all Pre-Closing Taxes by the due date for the filing of the applicable Tax Return. “Pre-Closing Taxes” means: (a) any Taxes of the Company, RHJV or any of its subsidiaries relating to Tax periods that ends on or before the Closing and any and all portions of Straddle Periods ending on the Closing Date (determined in accordance with Section 7.14(g)) (including any Taxes relating to a    Pre-Closing
17

Tax Period payable under the Partnership Tax Audit Rules); (b) any and all Taxes of the Company, RHJV or any of its subsidiaries arising in connection with the transactions contemplated by this Agreement (including any Taxes relating to a Pre-Closing Tax Period payable under the Partnership Tax Audit Rules); (c) Taxes described in Section 7.14(a); (d) any payments required to be made after the Closing Date under any Tax allocation, Tax sharing agreement, Tax indemnification agreement or other similar contract to which the Company, RHJV or any of their subsidiaries was obligated, or was a party, on or prior to the Closing Date; in each case together with any out of pocket fees and expenses (including reasonable attorneys’ and accountants’ fees) incurred in connection therewith.

(g)Straddle Periods. In the case of Taxes that are payable with respect to a taxable period that begins before and ends after the Closing Date (each such period, a “Straddle Period”), the portion of any such Taxes that are treated as Pre-Closing Taxes for purposes of this Agreement shall be: (A) in the case of Taxes based upon, or related to, income, receipts, profits, wages, capital or net worth, or imposed in connection with the sale, transfer or assignment of property, deemed equal to the amount which would be payable if the taxable year ended with the Closing Date; and (B) in the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator of which is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in the entire period.

(h)Intentionally Omitted.

7.15Intentionally Omitted.

7.16SEC Filings; S-X 3-14 Audit. Seller and Purchaser acknowledge and agree that, notwithstanding any other provision of this Agreement to the contrary, Purchaser may (a) prepare and file with the United States Security and Exchange Commission (“SEC”) any and all forms required to be filed by Purchaser in connection with this Agreement, including, but not limited to, an SEC Form 8-K; and (b) engage Seller’s auditor (the “S-X 3-14 Auditor”) to conduct an SEC regulation S-X Section 3-14 Audit (the “S-X 3-14 Audit”) of certain operating revenues and expenses with respect to the Interest and the Properties within sixty (60) days after the Effective Date. Seller acknowledges that the foregoing permits Purchaser to file with the SEC a copy of the body of this Agreement and any such filing may occur within four (4) Business Days after the Effective Date. In addition, Seller agrees to cooperate in good faith with Purchaser, at Purchaser’s sole cost and expense, to provide the S-X 3-14 Auditor with reasonable access during business hours to Seller’s books and records relating to the Interests and the Properties as reasonably required to complete any such S-X 3-14 Audit. All such information shall be provided on as as-is, where-is basis without any representation or warranty.

7.17Survival. This Article 7 shall survive the termination of this Agreement and, if not so terminated, the Closing.

ARTICLE 8

8.1Escrow Agreement.
(a)On the Closing Date, Escrow Agent shall hold the Purchase Price and make delivery of the Purchase Price to the Party entitled thereto under the terms of this Agreement and 
18

in accordance with any written instructions received from Seller and Purchaser. The tax identification numbers of the Parties shall be furnished to Escrow Agent upon request.

(b)The Parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their convenience, and that Escrow Agent shall not be deemed to be the agent of any of the Parties and shall not be liable for any act or omission on its part unless taken or suffered in bad faith in willful disregard of this Agreement or involving gross negligence or fraud. Seller and Purchaser severally (on a 50/50 basis) shall indemnify and hold Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorney’s fees, incurred in connection with the performance of Escrow Agent’s duties hereunder, except with respect to actions or omissions taken or suffered by Escrow Agent in bad faith, in willful disregard of this Agreement or involving gross negligence or fraud on the part of the Escrow Agent.

(c)The Parties shall deliver to Escrow Agent an executed copy of this Agreement. Escrow Agent shall execute the signature page for Escrow Agent attached hereto which shall confirm Escrow Agent’s agreement to comply with the terms of Seller’s closing instruction letter delivered at the Closing and the provisions of this Section 8; provided, however, that (a) Escrow Agent’s signature hereon shall not be a prerequisite to the binding nature of this Agreement on Purchaser and Seller, and the same shall only become fully effective upon execution and delivery by Purchaser and Seller, and (b) the signature of Escrow Agent will not be necessary to amend any provision of this Agreement other than this Section 8 and then only to the extent affecting Escrow Agent.

(d)The provisions of this Section 8 shall survive any termination of this Agreement, and, if not so terminated, the Closing.

[Signature Page Follows]

19

IN WITNESS WHEREOF, the Parties have executed this Limited Liability Company Interest Purchase and Sale Agreement as of the Effective Date.

SELLER:

						
	GEM VI RA HOLDINGS, LLC, a Delaware limited liability company

	 	
	By:	/s/ Jonathan C. Romick

	 	Name: Jonathan C. Romick

	 	Title: Authorized Signatory

						
	GEM REALTY SFR CO-INVEST, L.P., a Delaware limited partnership

	 	
	By:	GEM Realty Managers VI, L.P., its general partner

		
	By:	GEM Realty Capital, Inc., its general partner
		
	By:	/s/ Jonathan C. Romick

		Name: Jonathan C. Romick

		Title: Secretary

PURCHASER:

						
	LIPT SFR PORTFOLIO, LLC,a Delaware limited liability company

	 	
	By:	/s/  Sean Meehan

	 	Name:  Sean Meehan

	 	Title: Vice President

(Signature Page to Limited Liability Company Interest Purchase Agreement)
20

The undersigned agrees to perform as Escrow Agent in accordance with this Agreement.

						
	BCHH, Inc.
	 	
	By:	/s/ Charles Marino

	 	Name: Charles Marino

	 	Title: President

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]