Document:

EX-10.12

 Exhibit 10.12 

NURIX THERAPEUTICS, INC. 

SEVERANCE AND CHANGE IN CONTROL PLAN 

SECTION 1 
 PURPOSE

 The Board of Nurix Therapeutics, Inc., a Delaware corporation (together with its subsidiaries, the
“Company”), considers it in the best interests of the stockholders of the Company to reinforce the continued attention and dedication of certain key employees of the Company to their duties of employment without personal
distraction or conflict of interest, including as a result of the possibility or occurrence of a change in control of the Company. Accordingly, the Company will provide designated individuals with rights to receive severance payments and other
benefits upon a Covered Termination pursuant to this Severance and Change in Control Plan (this “Plan”), as set forth below. 

SECTION 2 
 ELIGIBILITY

 2.1. Eligibility for Participation. The Board may select from among Eligible Employees to participate in the Plan. Each such individual will
become a Participant upon his or her execution and delivery to the Company of an acknowledgement of participation in the form attached hereto, as Exhibit A (as such form may be amended or modified by the Board, a
“Participation Agreement”). 
 2.2. Termination of Participation. An individual shall cease to be a Participant on the date
that such individual terminates service with the Company or otherwise ceases to qualify as an Eligible Employee for any reason, in each case other than in connection with a Covered Termination. 

SECTION 3 
 SEVERANCE
PAYMENTS AND BENEFITS 
 3.1. Covered Termination outside the Change in Control Period. If any Participant experiences a Covered Termination
other than during a Change in Control Period, the Participant shall be entitled to receive his or her Accrued Benefits and, subject to the requirements of Section 3.3, the following payments and benefits: 

(a) Cash Severance. An amount equal to the sum of (i) the product of (A) the Participant’s Severance Multiplier
multiplied by (B) the Participant’s Base Salary, and (ii) any annual bonus that has been earned for the Company’s prior fiscal year, but not yet paid. The foregoing amounts shall be payable in a cash lump-sum, less applicable withholding, to be paid as soon as administratively practicable following the date the Release (defined below) is not subject to revocation and, in any event, within 60 days following the
date of the Covered Termination. 
 (b) Continued Healthcare Coverage. If the Participant elects to receive continued healthcare
coverage pursuant to the provisions of COBRA, the Company shall continue the Participant’s coverage and directly pay, or reimburse the Participant for, the premium for the Participant and the Participant’s covered dependents through the
earlier of (i) the number of months following the Participant’s Covered Termination equal to the Participant’s COBRA Severance Period and (ii) the date that the Participant and the Participant’s covered dependents become
eligible for coverage under another employer’s plans (the “Continuation Period”); provided, that as soon as administratively practicable following the date the 

  
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Release becomes effective, the Company shall pay to the Participant a cash lump-sum payment equal to the monthly premiums that would have been paid on
behalf of the Participant had such payments commenced on the date of the Covered Termination. Notwithstanding the foregoing, the Company may elect at any time during the Continuation Period that, in lieu of paying or reimbursing the premiums, the
Company shall instead provide the Participant with a monthly cash payment equal to the amount the Company would have otherwise paid pursuant to this Section 3.1(b), less applicable tax withholdings. 

3.2. Covered Termination within the Change in Control Period. If any Participant experiences a Covered Termination during a Change in Control Period,
then in lieu of the payments provided in Section 3.1 hereof, the Participant shall be entitled to receive his or her Accrued Benefits and, subject to the requirements of Section 3.3, the following
payments and benefits: 
 (a) Cash Severance. An amount equal to the sum of (i) the product of (A) the Participant’s
CIC Severance Multiplier multiplied by (B) the Participant’s Base Salary, (ii) any annual bonus that has been earned for the Company’s prior fiscal year, but not yet paid, and (iii) the product of (A) the
Participant’s CIC Bonus Multiplier multiplied by (B) the Participant’s target annual cash bonus (assuming achievement of performance goals at 100% of target) for the fiscal year in which the Covered Termination occurs; provided
that in clauses (i) and (iii), such amounts shall be calculated at the rate equal to the higher of (x) the rate in effect immediately prior to the Participant’s Covered Termination and (y) the rate in effect immediately prior to
the Change in Control. The foregoing amounts shall be payable in a cash lump-sum, less applicable withholdings, as soon as administratively practicable following the date the Release becomes effective and in
any event, within 60 days following the date of the Covered Termination. 
 (b) Continued Healthcare Coverage. If the Participant
elects to receive continued healthcare coverage pursuant to the provisions of COBRA, the Company shall continue a Participant’s benefit plan coverage and directly pay, or reimburse the Participant for, the premium for the Participant and the
Participant’s covered dependents through the earlier of (i) the number of months following the Participant’s Covered Termination, equal to the Participant’s CIC COBRA Period and (ii) the date that the Participant and the
Participant’s covered dependents become eligible for coverage under another employer’s plans (the “CIC Continuation Period”); provided that as soon as administratively practicable following the date the
Release becomes effective, the Company shall pay to the Participant a cash lump-sum payment equal to the monthly premiums that would have been paid on behalf of the Participant had such payments commenced on
the date of the Covered Termination. Notwithstanding the foregoing, the Company may elect at any time during the CIC Continuation Period that, in lieu of paying or reimbursing the premiums, the Company shall instead provide the Participant with a
monthly cash payment equal to the amount the Company would have otherwise paid pursuant to this Section 3.2(b), less applicable tax withholdings. 

(c) Equity Awards. Each then-outstanding and unvested Equity Award held by the Participant shall automatically become vested, and if
applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall lapse, in each case with respect to 100% of the shares underlying his or her outstanding Equity Awards as of the date of the Covered Termination for Tier 1
Participants, Tier 2 Participants and Tier 3 Participants; provided that any performance-based vesting criteria shall be treated in accordance with the applicable award agreement or other applicable equity incentive plan governing the terms
of such equity award. Any award that is not assumed or substituted for following a Change in Control shall accelerate in full. 
 3.3. Release. No
Participant will be eligible for the severance payment and benefits described in Section 3.1 or Section 3.2, as applicable, unless the Participant has executed a general release of all claims that
the Participant may have against the Company (or its successor) or entities or persons affiliated with the Company (or its successor), in the form prescribed and to be provided to the Participant by the Company (or its successor) (the
“Release”), and such Release becomes effective on or before the 60th day following date of the Covered Termination. If the Participant fails to return the Release on or
before such deadline, or if the Participant revokes the Release, then the Participant will not be entitled to any severance payments or benefits described in Section 3.1 or Section 3.2, as
applicable. 

  
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 3.4. Section 280G; Limitation on Payments. Notwithstanding anything in this Plan to the contrary, if
any payment or distribution to a Participant pursuant to this Plan or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for
this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (A) delivered in full or (B) delivered as to such lesser extent as would
result in no portion of such Payment being subject to the Excise Tax, whichever of the foregoing amounts, after taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by the Participant on
an after-tax basis of the largest payment, notwithstanding that all or some portion of the Payment may be taxable under Section 4999 of the Code. The accounting firm engaged by the Company for general
audit purposes as of the date prior to the effective date of the Change in Control, or such other person or entity as determined in good faith by the Company, shall perform the foregoing calculations and the Company shall bear all expenses with
respect to the determinations by such accounting firm required to be made hereunder. Any good faith determinations of the accounting firm made pursuant to this Section 3.4 shall be final, binding and conclusive upon all
parties. Any reduction in payments and/or benefits pursuant to the foregoing shall be made in accordance with Section 409A of the Code in the following order (1) Payments that do not constitute “nonqualified compensation” subject
to Section 409A of the Code shall be reduced first; and (2) all other Payments shall then be reduced as follows: (a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options,
if any; (c) cancellation of accelerated vesting of stock options, and (d) reduction of other benefits payable to the Participant. 

SECTION 4 

ADMINISTRATION 
 4.1 Administration;
Duties and Powers of the Committee. The Compensation Committee of the Board (the “Committee”) shall have the duties, power and authority to conduct the general administration of the Plan in accordance with its provisions
and shall have the power to: 
 (a) determine which Eligible Employee shall be selected as Participants, including non-executive Eligible Employees, and the tiers at which any such Eligible Employees shall participate; 

(b) make any determinations concerning the Plan, including whether any individual is an Eligible Employee or Participant and whether a Covered
Termination or other termination of service has occurred; 
 (c) construe and interpret this Plan, any Participation Agreement and any other
agreement or document executed pursuant to this Plan, and modify any Participation Agreement as it shall deem necessary; 
 (d) subject to
any limitations under the Plan or applicable laws, prescribe, amend and rescind rules and regulations as it shall deem necessary for the efficient administration of the Plan; and 

(e) make all other decisions and determinations (including factual determinations) as the Board may deem necessary or advisable in carrying
out its duties and responsibilities or exercising its powers. 

  
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 4.2 Delegation of Authority. The Committee may from time to time delegate to a committee of one or
more members of the Committee the authority to take any actions pursuant to Section 4.1. Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies and the time of such delegation,
and the Committee may, at any time rescind the authority so delegated or appoint a new delegate. In its sole discretion, the Board may, at any time and from time to time, exercise any and all rights and duties of the Committee under the Plan except
with respect to matters which under applicable securities laws and exchange listing rules are required to be determined in the sole discretion of the Committee. Any references in this Plan to the Committee shall be construed as a reference to the
committee to which the Committee has delegated such authority, if any. 
 4.3 Decisions Binding. Any determination made by the Committee with respect
to this Plan or any Participation Agreement shall be final, binding and conclusive on all parties. 
 SECTION 5 

TERM; AMENDMENT; TERMINATION 

The initial term of this Plan shall be for a period commencing on the Effective Date and ending on the third anniversary of the Effective
Date, and shall thereafter automatically renew for successive three-year periods, unless earlier terminated in accordance with this section. The Plan may otherwise be amended, modified, suspended or earlier terminated by the Committee, in its sole
discretion. Notwithstanding anything herein to the contrary, in no event shall any amendment, modification, suspension or termination adversely affect the rights of any Participant who is then receiving or entitled to receive payments or benefits
under the Plan, without the prior written consent of such Participant. 
 SECTION 6 

COVENANTS 
 6.1. Non-Solicitation. As a condition of participation in this Plan, each Participant shall have agreed, in addition to any non-solicitation obligation in existence in any
other agreement with the Company (including any offer letter, employment agreement or proprietary information or confidentiality agreement), that during the 12-month period following the Participant’s
termination of service with the Company for any reason, the Participant shall not in any capacity, whether directly or indirectly, solicit or attempt to solicit away from the Company any of its officers or employees; provided, however, that a
general advertisement to which an employee of the Company responds shall in no event be deemed to result in a breach of this Section 6.1. 
 6.2.
Cooperation and Non-Disparagement. For the period commencing on the effective date of his or her Covered Termination and ending on the one-year anniversary of
such date, each Participant shall cooperate with the Company and use his or her best efforts to assist the Company with the transition of his or duties to a successor. The Participant shall further agree to not to disparage, criticize or defame the
Company, its affiliates and their respective affiliates, directors, officers, agents, partners, stockholders or employees at any time during or following his or her termination of service. Nothing in this Section 6.2 shall have application to
any evidence or testimony required by any court, arbitrator or government agency. 
 SECTION 7 

SUCCESSORS; ASSIGNMENT 
 7.1
Successors. The Company shall require any successor (whether pursuant to a Change in Control, direct or indirect, and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the business and/or
assets of the Company to expressly assume and agree to perform the obligations under this Plan in the same manner and to the same extent as the Company would be required to perform in the absence of such a succession of the Company. 

  
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 7.2 Assignment by Participants. This Plan and the rights of each Participant hereunder shall inure to
the benefit of, and be enforceable by, each Participant and the Company, and their respective successors, assigns, heirs, executors and administrators; provided, however, that a Participant may not assign any of his or her duties
hereunder and may not assign any of his or her rights hereunder without the express written consent of the Company. If a Participant should die while any amount would still be payable to the Participant hereunder had the Participant continued to
live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of Plan to the Participant’s estate. 

SECTION 8 
 MISCELLANEOUS
PROVISIONS 
 8.1 Section 409A. 

(a) Separation from Service; Installments. For purposes of this Plan, no payment will be made to any Participant upon termination of
the Participant’s employment unless such termination constitutes a “separation from service” within the meaning of Section 409A of the Code. It is intended that the right of any Participant to receive installment payments
pursuant to this Plan shall be treated as a right to receive a series of separate and distinct payments for purposes of Section 409A of the Code. It is further intended that all payments and benefits hereunder satisfy, to the greatest extent
possible, the exemption from the application of Section 409A of the Code (and any state law of similar effect) provided under Treasury Regulation Section 1.409A-1(b)(4) (as a “short-term
deferral”) and are otherwise exempt from or comply with Section 409A of the Code. Accordingly, to the maximum extent permitted, this Plan shall be interpreted in accordance with that intent. To the extent necessary to comply with
Section 409A of the Code, if the designated payment period for any payment under this Plan begins in one taxable year and ends in the next taxable year, the payment will commence or otherwise be made in the later taxable year. 

(b) Specified Employee. For purposes of Section 409A of the Code, if the Company determines that a Participant is a
“specified employee” under Section 409A(a)(2)(B)(i) of the Code at the time of his or her separation from service, then to the extent delayed commencement of any portion of the payments or benefits to which the Participant is entitled
pursuant to this Plan is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion shall not be provided to the Participant until the earlier (i) the expiration of the six-month period measured from the Participant’s separation from service or (ii) the date of the Participant’s death. As soon as administratively practicable following the expiration of the applicable
Section 409A(2)(B)(i) period, all payments deferred pursuant to the preceding sentence shall paid in a lump-sum to the Participant and any remaining payments due pursuant to the Plan shall be paid as
otherwise provided herein. 
 8.2 Withholding Taxes. All payments made under this Plan shall be subject to reduction to reflect such federal, state,
local foreign or other taxes or charges as are required to be withheld pursuant to any applicable law or regulation. 
 8.3 Source of Payments. All
payments provided under this Plan shall be paid in cash from the general funds of the Company, and no special or separate fund or other segregation of assets shall be required to be made to assure payment. To the extent that any person acquires a
right to receive payments from the Company under this Plan, such right shall be no greater than the right of an unsecured creditor of the Company. 
 8.4
Dispute Resolution. To ensure efficient and economical resolution of any and all disputes that might arise in connection with this Plan, all such disputes shall be settled by arbitration conducted before one arbitrator sitting in the State of
California, or such other location agreed by the parties hereto, in accordance with the rules for expedited resolution of employment disputes of the American Arbitration 

  
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Association then in effect. The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based and such determination shall be final
and binding on the parties. The Company shall pay the arbitrator’s fees and arbitration expenses and any other costs associated with the arbitration or arbitration hearing that are unique to arbitration; provided that the Participant may
voluntarily pay up to one-half of the costs and fees, or if the Company is successful in any legal or equitable action against the Participant, the Company shall be entitled to seek reimbursement from the
Participant of up to one-half of the arbitration fees. 
 8.5 Notice. Notices and all other communications
contemplated by this Plan shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party. In the
case of the Company, mailed notices shall be addressed to its corporate headquarters and directed to the attention of Chief Executive Officer (and in the case of any communication from the Chief Executive Officer to the Company, the Chief Executive
Officer will direct it to the Board). In the case of any Participant, mailed notices shall be addressed to the Participant at the Participant’s home address that the Company has on file for the Participant. 

8.6 Severability. The invalidity or unenforceability of any provision or provisions of this Plan shall not affect the validity or enforceability of any
other provision hereof, which shall remain in full force and effect. 
 8.7 At-Will Employment. Nothing in
this Plan or any Participation Agreement shall confer upon any Participant any right to employment or continuation of employment. The Company and each Participant shall each have reserved the right terminate employment of the Participant at any time
and for any reason, with or without cause or prior notice. 
 8.8 Choice of Law. The validity, interpretation, construction and performance of this
Plan shall be governed by the laws of the State of California (without regard to choice-of-law provisions). 

8.9 Waiver. No waiver by the Board or any Participant at any time of any breach by the other party of, or compliance with, any condition or provision
of this Plan to be performed by such other party shall be deemed a waiver of any other provision at that time, or of the same or any other provision at any prior or subsequent time. 

8.10 Entire Agreement. This Plan, together with any Participation Agreement, shall constitute the entire agreement between the Company and each
Participant with regard to cash payments, benefits or equity acceleration in connection with a termination of employment or a Change in Control. All understandings and agreements preceding the date of execution of a Participant’s Participation
Agreement as they apply to any subject matter other than cash payments, benefits and equity acceleration in connection with a termination of employment or a Change in Control shall not be superseded and shall remain fully in effect. All prior
understandings and agreements with respect to cash payments, benefits and equity acceleration in connection with a termination of employment or a Change in Control shall be superseded by this Plan and the Participation Agreement. 

  
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 SECTION 9 

DEFINITIONS 
 Capitalized terms not
otherwise defined in the Plan shall have the meanings set forth below: 
 9.1 “Accrued Benefits” means the Participant’s accrued
but unpaid base salary or wages, accrued vacation pay (if applicable), unreimbursed business expenses for which proper documentation is provided, and other vested amounts and benefits earned by (but not yet paid to) or owed to the Participant under
any applicable employee benefit plan of the Company through and including the date of the Covered Termination. 
 9.2 “Base Salary”
means the Participant’s annual base salary in effect on the date of the Participant’s Covered Termination. 
 9.3 “Board”
means the Board of Directors of the Company. 
 9.4 “Cause” means the Participant (i) has been convicted of, or has pleaded
guilty or nolo contendere to, any felony or crime involving moral turpitude, (ii) has engaged in a willful act of misconduct, or committed any act of fraud, theft, embezzlement, misappropriation of funds, breach of fiduciary duty or
other willful act of material dishonesty against the Company, (iii) other than in the case of a termination of employment during the Change in Control Period, has materially failed or refused to satisfactorily perform the material duties
lawfully and reasonably assigned to the Participant or has performed such material duties with gross negligence; (iv) has breached any material term or condition of his or her employment agreement, or Employment, Confidential Information and
Intellectual Property Assignment Agreement with the Company or any other material agreement with the Company or (v) acted in willful violation or disregard of any written Company policy or practice, including a code of conduct, which results in
material loss, damage or injury to the Company; in each case provided that any of the foregoing may be cured, if curable, within 30 days’ notice from the Company. 

9.5 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

9.6 “Code” means the Internal Revenue Code of 1986, as amended. 

9.7 “Change in Control” means the occurrence of any of the following events: (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more
than fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting securities; or (ii) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s
assets; or (iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities of the
Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; provided that the event also qualifies as a change in control under U.S. Treasury Regulation
1.409A-3(i)(5)(v) or 1.409A-3(i)(5)(vii). 
 9.8 “Change in
Control Period” means the period commencing on the effective date of a Change in Control and ending twelve (12) months following a Change in Control. 

  
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 9.9 “CIC Bonus Multiplier” means (i) 1.0 times Participant’s target annual cash
bonus for Tier 1 Participants, (ii) 1.0 times Participant’s target annual cash bonus for Tier 2 Participants and (iii) 0.75 times Participant’s target annual cash bonus for Tier 3 Participants. 

9.10 “CIC Severance Multiplier” means (i) 2.0 times Participant’s Base Salary for Tier 1 Participants, (ii) 1.0 times the
Participant’s Base Salary for Tier 2 Participants and (iii) 0.75 times the Participant’s Base Salary for Tier 3 Participants. 
 9.11
“CIC COBRA Severance Period” means (i) 24 months for Tier 1 Participants, (ii)12 months for Tier 2 Participants and (iii) 9 months for Tier 3 Participants. 

9.12 “COBRA Severance Period” means (i) 12 months for Tier 1 Participants, (ii) 9 months for Tier 2 Participants and (iii) 6 months
for Tier 3 Participants. 
 9.13 “Covered Termination” means (a) the termination of a Participant’s employment by the
Company or any subsidiary, as applicable, without Cause, or (b) the Participant’s termination of his or her employment with the Company or any subsidiary, as applicable, for Good Reason. A Covered Termination shall not include a
termination of any Participant’s employment by reason of the Participant’s death or disability, the termination of a Participant’s employment for Cause or the Participant’s termination of his or her employment without Good
Reason. 
 9.14 “Eligible Employee” means an individual who is employed by the Company or any of its subsidiaries, unless such
individual is party to an individual agreement with the Company that provides for severance upon a qualifying termination of employment, which is not superseded by this Plan. 

9.15 “Effective Date” means the date on which is Plan is adopted and approved by the Committee or otherwise specified by the
Committee. 
 9.16 “Equity Award” means all options to purchase shares of Company common stock as well as any and all other
stock-based awards granted to the Participant, including but not limited to restricted stock, restricted stock units and stock appreciation rights. 
 9.17
“Good Reason” means a cessation of the Participant’s employment as a result of the Participant’s resignation within 90 days after the occurrence of one or more of the following without the Participant’s
consent: (i) a reduction of more than 10% in Participant’s base salary as an employee of the Company, except to the extent that the Company implements an equal percentage reduction applicable to all executive officers and management
personnel; (ii) a material reduction in the Participant’s duties, responsibilities or authority at the Company; provided that this clause (ii) shall only apply in the case of a termination during a Change in Control Period;
(iii) a change in the geographic location at which the Participant must perform services which results in an increase in the one-way commute of the Participant by more than 50 miles; or (iv) a
successor of the Company does not assume this Plan. A resignation for Good Reason will not be deemed to have occurred unless the Participant gives the Company written notice of the condition within 90 days after the condition comes into existence
and the Company fails to remedy the condition within 30 days after receiving the Participant’s written notice. 
 9.18
“Participant” means each individual who has become a Participant and remains a Participant pursuant to Section 2 hereof. 

9.19 “Severance Multiplier” means (i) 1.0 times the Participant’s Base Salary for Tier 1 Participants, (ii) 0.75 times the
Participant’s Base salary for Tier 2 Participants and (iii) 0.5 times the Participant’s Base Salary for Tier 3 Participants. 

  
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 9.20 “Tier 1 Participant” means the Company’s Chief Executive Officer. 

9.21 “Tier 2 Participant” means a Participant who is a C-level executive or Senior Vice
President level employee. 
 9.22 “Tier 3 Participant” means a Participant who is both a Vice President level employee and is deemed
an “officer” subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended. 
 * * * * * 

  
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 EXHIBIT A 

PARTICIPATION AGREEMENT 

NURIX THERAPEUTICS, INC. 

SEVERANCE AND CHANGE IN CONTROL PLAN 

Nurix Therapeutics, Inc., a Delaware corporation (the “Company”), pursuant to its Change in Control Severance Plan, as
may be amended from time to time (the “Plan”), hereby designates _____________ as a Participant in the Plan at the level indicated below: 
  

	 	☐	 Tier 1 Participant 

 

	 	☐	 Tier 2 Participant 

 

	 	☐	 Tier 3 Participant 

By his or her signature below, the Participant hereby acknowledges and agrees that: 

 

	 	(i)	 The Participant has received and reviewed a copy of the Plan; 

 

	 	(ii)	 Any payment or benefit under the Plan shall be subject to the terms and conditions of this Participation
Agreement and the Plan; 

  

	 	(iii)	 The Participant accepts as binding, conclusive and final all decisions or interpretations of the Board (as
defined in the Plan) arising under the Plan; 

  

	 	(iv)	 This Participation Agreement, together with the Plan, shall constitute the entire agreement between the Company
and the Participant with regard to cash payments, benefits or equity acceleration in connection with a termination of employment or a Change in Control. All understandings and agreements preceding the date of execution of this Participation
Agreement as they apply to any subject matter other than cash payments, benefits and equity acceleration or exercisability in connection with a termination of employment or a Change in Control shall not be superseded and shall remain fully in
effect. All prior understandings and agreements with respect to cash payments, benefits and equity acceleration in connection with a termination of employment or a Change in Control shall be superseded by this Plan and the Participation Agreement.

  

									
	NURIX THERAPEUTICS, INC.	 		 	    PARTICIPANT

									
					
	By:	 	 	 		 	By:	 	 
			
	Print Name:	 		 	Print Name:
	Title:	 		 	Date:EX-10.1

 Exhibit 10.1 

Execution Version 
 FIRST
AMENDMENT 
 TO 
 AMENDED AND
RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 

OF 
 NEXPOINT REAL ESTATE FINANCE
OPERATING PARTNERSHIP, L.P. 
 a Delaware limited partnership 

THIS FIRST AMENDMENT (this “Amendment”) to the Amended and Restated Limited Partnership Agreement of NexPoint Real Estate
Finance Operating Partnership, L.P. (the “Partnership”), dated as of July 20, 2020, is entered into by NexPoint Real Estate Finance OP GP, LLC, a Delaware limited liability company (the “General Partner”) on
behalf of the Partnership pursuant to its agreement of limited partnership (as now or hereafter amended, restated, modified, supplemented, or replaced, the “Agreement”). Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Agreement, unless the context shall otherwise require. 
 WHEREAS, the Partnership was formed on
June 7, 2019 and the original agreement of limited partnership of the Partnership (the “Original Agreement”) was entered into between the Initial General Partner and the Initial Limited Partner dated as of June 10, 2019;

 WHEREAS, the Original Agreement was amended and restated as of February 11, 2020 by the parties to the Original Agreement and the
other parties to such amendment and restatement; 
 WHEREAS, Section 4.2 of the Agreement authorizes the General Partner, following the
direction and approval of the Board of Directors, to cause the Partnership to issue additional Partnership Interests in one or more classes, or one or more series of any of such classes, or otherwise with such designations, preferences, redemption
and conversion rights and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partner Interests, all as shall be determined by the General Partner (following the
direction and approval of the Board of Directors) subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership
Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the
Partnership; and 

  
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 WHEREAS, the General Partner desires to (a) set forth the designations, rights, powers,
preferences and duties and other terms of the Series A Preferred Units (as hereinafter defined in Annex A attached hereto); and (b) cause the Partnership, following direction and approval of the Board of Directors, to issue to NexPoint Real
Estate Finance, Inc., a Maryland corporation (the “Company”), the Series A Preferred Units in exchange for a contribution by the Company of the net proceeds from its offering of Series A Preferred Stock of the Company; and 

WHEREAS, the General Partner also desires to (a) amend and restate Exhibit A to the Agreement to reflect issuances and transfers of
Common Units, admissions of Limited Partners and additional Capital Contributions and (b) amend the Agreement such that the General Partner may hereafter amend and restate Exhibit A, without direction and approval of the Board of Directors, to
reflect changes to the information set forth therein if such changes have previously been approved by the General Partner and the Board of Directors; and 

WHEREAS, in accordance with Sections 4.2, 12.2, 12.3 and 14.1 of the Agreement, the General Partner has issued the Common Units
and the Series A Preferred Units, admitted Limited Partners, and prepared and approved this Amendment, in each case following the direction and approval of the Board of Directors. 

NOW THEREFORE, the General Partner, following the direction and approval of the Board of Directors, amends the Agreement as follows: 

AGREEMENTS 

Section 1. Terms and Conditions of Series A Preferred Units. The Agreement is hereby amended by the addition of a new annex
thereto, entitled Annex A, in the form attached hereto, which sets forth the designations, allocations, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms and
conditions of redemption, and any other special rights, powers and duties and other terms of the Series A Preferred Units and which shall be made a part of the Agreement. 

Section 2. Construction. The Series A Preferred Units have been created and are being issued in conjunction with the
Company’s issuance and sale of Series A Preferred Stock, and as such, the Series A Preferred Units are intended to have designations, preferences and other rights and terms that are substantially the same as those of the Series A Preferred
Stock, all such that the economic interests of the Series A Preferred Units and the Series A Preferred Stock are substantially identical, and the provisions, terms and conditions of this Amendment, including without limitation the attached Annex A,
shall be interpreted in a fashion consistent with this intent. 
 Section 3. Amendment of Exhibit A. Exhibit A of the Agreement
is hereby amended and restated in its entirety to read as set forth on Exhibit A hereto. 
 Section 4. Amendment of
Section 12.3. Article 12, Section 12.3 of the Agreement is hereby deleted in its entirety and replaced by the following: 

  
 2 

 “Section 12.3. Amendment of Agreement and Certificate of Limited
Partnership 
 For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary
and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by applicable law, shall prepare and file
an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. Notwithstanding Sections 7.1(A)(8) and 14.1 hereof, the General Partner may amend Exhibit A without the direction
and approval of the Board of Directors if the changes to be reflected on Exhibit A have previously been approved by the General Partner and the Board of Directors. 

Section 5. Amendment of Article I. The definition of the following term contained in Article I of the Agreement is hereby deleted
in its entirety and replaced by the definition below: 
 “Percentage Interest” means, as to a Partner, its interest in the
Partnership as determined by dividing the Partnership Units owned by such Partner by the total number of Partnership Units then outstanding and as specified in Exhibit A attached hereto, as such Exhibit may be amended from time to time;
provided, however, that, to the extent applicable in context, the term “Percentage Interest” means, as to a Partner, its interest in a specific class or series (or specified group of classes and/or series) as determined by dividing the
Partnership Units of a specific class or series (or specified group of classes and/or series) owned by such Partner by the total number of Partnership Units of such specific class or series (or specified group of classes and/or series) outstanding.

 Section 6. Amendment of Section 5.1. Article 5, Sections 5.1 of the Agreement is hereby deleted in its
entirety and replaced by Section 5.1, below. 
 “Section 5.1 Requirement and Characterization of Distributions 

The General Partner shall distribute at least quarterly, or more frequently if required by this Agreement, a portion of Available Cash
generated by the Partnership during such quarter or shorter period, such portion as determined by the General Partner following the direction and approval of the Board of Directors, to the Partners that are Partners on the Partnership Record Date
with respect to such quarter or shorter period in accordance with the following order of priority: (i) first, with respect to any Partnership Units that are entitled to any preference in distribution, in accordance with the rights of holders of
such class(es) of Partnership Unit (and, within each class, among the holders of each such class, pro rata in proportion to their respective Percentage Interests of such class on such Partnership Record Date); and (ii) second, with respect to
any Partnership Units that are not entitled to any preference in distribution, in accordance with the rights of holders of such class(es) of Partnership Unit (and, within each class, among the holders of each such class, pro rata in proportion to
their respective Percentage Interests of such class on such Partnership Record Date); provided, that in no event may a Partner receive a distribution of 

  
 3 

 
Available Cash with respect to a Partnership Unit if such Partner is entitled to receive a distribution out of such Available Cash with respect to a REIT Share for which such Partnership Unit has
been exchanged, and any such distribution shall be made to the Company. In accordance with Section 4.6(A), LTIP Unitholders shall be entitled to receive distributions pursuant to this Section 5.1 in an amount per LTIP Unit equal to
distributions made per Common Unit.” 
 Section 7. Miscellaneous. 

(a) Effect of Amendment. This Amendment is limited as specified and shall not constitute a modification, amendment or waiver of any
other provision of the Agreement. Except as specifically amended by this Amendment, all other provisions of the Agreement are hereby ratified and remain in full force and effect. 

(b) Single Document. From and after the date hereof, all references to the Agreement shall be deemed to be references to the Agreement
as amended by this Amendment. 
 (c) Severability. In the event that any provision of this Amendment or the application of any
provision of this Amendment is declared to be invalid or otherwise unenforceable by a court of competent jurisdiction, the remainder of this Amendment shall not be affected. 

(d) Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives and permitted assigns. 
 (e) Headings. The headings in this Amendment are for
convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. 

[Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first written
above. 
  

			
	GENERAL PARTNER
	
	NexPoint Real Estate Finance OP GP, LLC, a Delaware limited liability company
		
	By:	 	/s/ Dana Sprong
		 	Name: Dana Sprong
		 	Title: Sole Member

 [Signature Page to First Amendment 

to the Amended and Restated Limited Partnership Agreement 

of NexPoint Real Estate Finance Operating Partnership, L.P.] 

 EXHIBIT A 

PARTNERS’ CONTRIBUTIONS AND PARTNERSHIP INTERESTS+ 

(As of July 20, 2020) 
  

													
	Name and Address
of Partner	  	Cash
Contribution	  	 Agreed Value
of
Contributed

Property
	  	Total
Contribution	  	Number of
Units	  	 LTIP

Units
	  	Percentage
Interest
	 	 	 	 	 	 	 
	General Partner	  	 	  	 	  	 	  	 	  	 	  	 
		 	 	 	 	 	 
	NexPoint Real Estate Finance
OP GP, LLC	  	$0	  	N/A	  	N/A	  	N/A	  	N/A	  	0.0%
		 	 	 	 	 	 
	Limited Partners	  	 	  	 	  	 	  	 	  	 	  	 
		 	 	 	 	 	 
	Common Units	  	 	  	 	  	 	  	 	  	 	  	 
		 	 	 	 	 	 
	 NexPoint Real Estate
Finance, Inc.

Admitted Feb. 11, 2020
	  	$92,064,484.95	  	N/A	  	$92,064,484.95	  	5,350,000	  	N/A	  	90.5%
		 	 	 	 	 	 
	 The Dugaboy Investment
Trust
 Admitted
May 29, 2020
	  	N/A	  	$7,000,000.00	  	$7,000,000.00	  	395,033.86	  	N/A	  	6.7%
		 	 	 	 	 	 
	 The 83 Investment Trust
 Admitted
May 29, 2020
	  	N/A	  	$2,250,000.00	  	$2,250,000.00	  	126,975.171	  	N/A	  	2.1%
		 	 	 	 	 	 
	 TwentySix Investment Trust
 Admitted
May 29, 2020
	  	N/A	  	$250,000.00	  	$250,000.00	  	14,108.35	  	N/A	  	0.2%
		 	 	 	 	 	 
	 Highland Capital
Management Real Estate
Holdings II, LLC

Admitted May 29, 2020
	  	N/A	  	$500,000.00	  	$500,000.00	  	28,216.70	  	N/A	  	0.5%
		 	 	 	 	 	 
	Series A Preferred Units2	  	 	  	 	  	 	  	 	  	 	  	 

 + Subject to change as a result of subsequent contributions by the Company 

 
  

	1 	 TwentySix Investment Trust transferred 126,975.17 Common Units to this Limited Partner effective May 29,
2020. 

	2 	 To be updated following the close of the Company’s offering of Series A Preferred Stock.

 ANNEX A 

DESIGNATION OF THE SERIES A PREFERRED UNITS 

OF 
 NEXPOINT REAL ESTATE FINANCE
OPERATING PARTNERSHIP, L.P. 
 Section 1. Designation and Number. A series of Preferred Units (as defined below) of NexPoint
Real Estate Finance Operating Partnership, L.P., a Maryland limited partnership (the “Partnership”), designated the “8.50% Series A Cumulative Redeemable Preferred Units” (the “Series A Preferred Units”),
is hereby established in accordance with the terms of the Agreement. The number of authorized Series A Preferred Units shall be 2,300,000. 

Section 2. Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in
the Amended and Restated Limited Partnership Agreement of NexPoint Real Estate Finance Operating Partnership, L.P. (the “Partnership”), dated as of February 11, 2020 (as now or hereafter amended, restated, modified,
supplemented, or replaced, the “Agreement”). The following defined terms used herein shall have the meanings specified below: 

“Articles Supplementary” means the Articles Supplementary of NexPoint Real Estate Finance, Inc. (the
“Company”) filed with the State Department of Assessments and Taxation of the State of Maryland on July 20, 2020, designating the terms, rights and preferences of the Series A Preferred Stock. 

“Agreement” shall have the meaning provided above. 

“Base Liquidation Preference” shall have the meaning provided in Section 6(A). 

“Common Stock” shall have the meaning provided in the Charter. 

“Distribution Record Date” shall have the meaning provided in Section 5(A). 

“Junior Preferred Units” shall have the meaning provided in Section 4. 

“Liquidating Distributions” shall have the meaning provided in Section 6(A). 

“Parity Preferred Units” shall have the meaning provided in Section 4. 

“Preferred Units” means all Partnership Units designated as preferred units by the General Partner from time to time in
accordance with Section 4.2 of the Agreement. 
 “Senior Preferred Units” shall have the meaning provided in
Section 4. 
 “Series A Preferred Return” shall have the meaning provided in Section 5(A). 

“Series A Preferred Stock” shall have the meaning provided in the Charter. 

  
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 “Series A Preferred Unit Distribution Payment Date” shall have the meaning
provided in Section 5(A). 
 “Series A Preferred Units” shall have the meaning provided in Section 1. 

“Set apart for payment” shall be deemed to include (without limitation): the recording by the Partnership in its accounting
ledgers of any accounting or bookkeeping entry which indicates, in accordance with the Agreement, the allocation of funds to be so paid on any series or class of Partnership Units; provided, however, that if any funds for any class or series of
Junior Preferred Units or Parity Preferred Units are placed in a separate account of the Partnership or delivered to a disbursing, paying or other similar agent, then “set apart for payment” with respect to the Series A Preferred Units
shall mean placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent. 

Section 3. Maturity. The Series A Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory
redemption. 
 Section 4. Rank. The Series A Preferred Units will, with respect to distribution rights and rights upon
liquidation, dissolution or winding up of the Partnership, rank (a) senior to all classes or series of Common Units of the Partnership and any class or series of Preferred Units expressly designated as ranking junior to the Series A Preferred
Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (collectively, the “Junior Preferred Units”); (b) on parity with any class or series of Preferred Units issued by the
Partnership expressly designated as ranking on parity with the Series A Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (the “Parity Preferred Units”); and
(c) junior to any class or series of Preferred Units issued by the Partnership expressly designated as ranking senior to the Series A Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the
Partnership (the “Senior Preferred Units”). The term “Preferred Units” does not include convertible or exchangeable debt securities of the Partnership, including convertible or exchangeable debt securities which will rank
senior to the Series A Preferred Units prior to conversion or exchange. The Series A Preferred Units will also rank junior in right or payment to the Partnership’s existing and future indebtedness. 

Section 5. Distributions. 

A. Subject to the preferential rights of holders of any class or series of Preferred Units of the Partnership expressly designated as ranking
senior to the Series A Preferred Units as to distribution rights, the holders of Series A Preferred Units shall be entitled to receive, when, as and if authorized by the General Partner in accordance with the Agreement and declared by the
Partnership, out of assets of the Partnership legally available for payment of distributions, cumulative cash distributions at the rate of 8.50% per annum of the Base Liquidation Preference (as defined below) per unit (equivalent to a fixed annual
amount of $2.125 per unit) (the “Series A Preferred Return”). Distributions on the Series A Preferred Units shall accrue and be cumulative 

  
 2 

 
from, but not including, the date of original issue of any Series A Preferred Units and shall be payable quarterly, in equal amounts, in arrears, on or about the 25th day of each January, April,
July and October of each year (or, if not a Business Day (as defined below), then the next succeeding Business Day, each a “Series A Preferred Unit Distribution Payment Date’’) for the period ending on such Series A Preferred
Unit Distribution Payment Date, commencing on October 25, 2020. “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in Texas or New York
are authorized or required by applicable law, regulation or executive order to close. The amount of any distribution payable on the Series A Preferred Units for any partial distribution period will be prorated and computed on the basis of twelve 30-day months and a 360-day year. Distributions will be payable in arrears to holders of record of the Series A Preferred Units as they appear on the records of the
Partnership at the close of business on the applicable Partnership Record Date (each, a “Distribution Record Date”). 
 B.
No distributions on the Series A Preferred Units shall be authorized by the General Partner or declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Company or the Partnership,
including any agreement relating to the indebtedness of any of them, prohibits such authorization, declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment would
constitute a breach thereof or a default thereunder, or if such authorization, declaration, payment or setting apart shall be restricted or prohibited by applicable law. 

C. Notwithstanding anything to the contrary contained herein, distributions on the Series A Preferred Units will accrue whether or not the
restrictions referred to in Section 5(B) exist, whether or not the Partnership has earnings, whether or not there are assets legally available for the payment of such distributions and whether or not such distributions are authorized or
declared. 
 D. Except provided in Section 5(E) below, no distributions shall be declared and paid or set apart for payment, and no
other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to, any Common Units, Parity Preferred Units or Junior Preferred Units of the Partnership (other than a distribution paid in units of,
or options, warrants or rights to subscribe for or purchase units of, Common Units or Junior Preferred Units) for any period, nor shall units of any class or series of Common Units, Parity Preferred Units or Junior Preferred Units be redeemed,
purchased or otherwise acquired for any consideration, nor shall any assets be paid or made available for a sinking fund for the redemption of any such units by the Partnership, directly or indirectly (except by conversion into or exchange for units
of, or options, warrants or rights to subscribe for or purchase units of, Common Units or Junior Preferred Units, and except for purchases or exchanges pursuant to a purchase or exchange offer made on the same terms to all holders of Series A
Preferred Units and all holders of Parity Preferred Units), unless full cumulative distributions on the Series A Preferred Units for all past distribution periods shall have been or contemporaneously are declared and paid or declared and a sum
sufficient for the payment thereof is set apart for payment. 

  
 3 

 E. When cumulative distributions are not paid in full (or a sum sufficient for such full
payment is not so set apart for payment) on the Series A Preferred Units and any Parity Preferred Units, all distributions declared on the Series A Preferred Units and any Parity Preferred Units shall be declared pro rata so that the amount of
distributions declared per Series A Preferred Unit and such Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series A Preferred Unit and such Parity Preferred Units (which shall not include
any accrual in respect of unpaid distributions on any Parity Preferred Units for prior distribution periods if such Parity Preferred Units do not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest,
shall be payable in respect of any distribution payment or payments on Series A Preferred Units which may be in arrears. 
 F. Holders of
Series A Preferred Units shall not be entitled to any distribution, whether payable in cash, property or units of the Partnership, in excess of full cumulative distributions on the Series A Preferred Units as provided above. Any distribution made on
the Series A Preferred Units shall first be credited against the earliest accrued but unpaid distributions due with respect to such units which remain payable. Accrued but unpaid distributions on Series A Preferred Units will accumulate as of the
Series A Preferred Unit Distribution Payment Date on which they first become payable or on the date of redemption, as the case may be. 
 G.
For the avoidance of doubt, in determining whether a distribution (other than upon voluntary or involuntary liquidation), redemption or other acquisition of the Partnership Units is permitted under Delaware law, no effect shall be given to the
amounts that would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy the preferential rights upon distribution of holders of Partnership Units whose preferential rights are superior to those receiving the
distribution. 
 Section 6. Liquidation Preference. 

A. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, before any distribution or
payment shall be made to the holders of any Common Units or Junior Preferred Units, the holders of the Series A Preferred Units then outstanding shall be entitled to be paid, or have the Partnership declare and set apart for payment, out of the
assets of the Partnership legally available for distribution to its Partners after payment or provision for payment of all debts and other liabilities of the Partnership, a liquidation preference in cash of $25.00 per Series A Preferred Unit (the
“Base Liquidation Preference”), plus an amount equal to any accrued and unpaid distributions (whether or not declared) to, but not including, the date of payment or the date the liquidation preference is set apart for payment (the
“Liquidating Distributions”). 
 B. If upon any such voluntary or involuntary liquidation, dissolution or winding up of the
Partnership, the available assets of the Partnership are insufficient to pay the full amount of the Liquidating Distributions on all outstanding Series A Preferred Units and the corresponding amounts payable on all outstanding Parity Preferred
Units, then the holders of Series A Preferred Units and Parity Preferred Units shall share ratably in any such distribution of assets in proportion to the full Liquidating Distributions to which they would otherwise be respectively entitled. 

  
 4 

 C. Upon any voluntary or involuntary liquidation, dissolution or winding up of the
Partnership, after payment shall have been made in full to the holders of the Series A Preferred Units and any Parity Preferred Units, any other series or class or classes of Junior Preferred Units shall be entitled to receive any and all assets
remaining to be paid or distributed, and the holders of the Series A Preferred Units and any Parity Preferred Units shall not be entitled to share therein. 

D. After payment of the full amount of the Liquidating Distributions to which they are entitled, holders of Series A Preferred Units will have
no right or claim to any of the remaining assets of the Partnership. 
 E. For the avoidance of doubt, the consolidation, merger or
conversion of the Partnership with or into another entity, the merger of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer or conveyance of all or substantially all of the assets
or business of the Partnership shall not be considered a liquidation, dissolution or winding up of the affairs of the Partnership. 

Section 7. Optional Redemption. 

A. The Series A Preferred Units are not redeemable prior to July 24, 2025, except as otherwise provided in this Section 7. On and
after July 24, 2025, the Partnership, at its option, upon not less than 30 nor more than 60 days’ written notice, may redeem the Series A Preferred Units, in whole or from time to time in part, for cash, at a redemption price equal to
$25.00 per Series A Preferred Unit, plus any accrued and unpaid distributions thereon (whether or not declared) to, but not including, the date fixed for redemption (the “Redemption Date”). If fewer than all of the outstanding
Series A Preferred Units are to be redeemed, the Series A Preferred Units to be redeemed may be selected pro rata (as nearly as practicable without creating fractional units) or by lot. 

B. Unless full cumulative distributions on all Series A Preferred Units shall have been or contemporaneously are declared and paid or declared
and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, (i) no Series A Preferred Units shall be redeemed unless all outstanding Series A Preferred Units are simultaneously redeemed, and
(ii) the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a sinking fund for the redemption of, any Series A Preferred Units (except by
conversion into or exchange for, or options, warrants or rights to purchase or subscribe for units of, Common Units or Junior Preferred Units of the Partnership); provided, however, that the foregoing shall not prevent the redemption or purchase of
Series A Preferred Units by the Partnership in connection with a redemption or purchase by the Company of Series A Preferred Stock pursuant to Article VII of the Charter or otherwise in order to ensure that the Company remains qualified as a REIT
for federal income tax purposes or pursuant to the terms of the Articles Supplementary, or the purchase or acquisition of Series A Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series A
Preferred Units. 

  
 5 

 C. Immediately prior to any redemption of Series A Preferred Units, the Partnership shall
pay, in cash, any accrued and unpaid distributions on the Series A Preferred Units (whether or not declared) to, but not including, the Redemption Date, unless a Redemption Date falls after a Distribution Record Date and prior to the corresponding
Series A Preferred Unit Distribution Payment Date, in which case each holder of Series A Preferred Units at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding
Series A Preferred Unit Distribution Payment Date (including any accumulated and unpaid distributions for prior distribution periods) notwithstanding the redemption of such units before such Series A Preferred Unit Distribution Payment Date. Except
as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears, on Series A Preferred Units for which a notice of redemption has been given. 

D. Notice of redemption of the Series A Preferred Units shall be mailed by the Partnership to each holder of record of the Series A Preferred
Units to be redeemed by first class mail, postage prepaid, not less than 30 nor more than 60 days prior to the Redemption Date at such holder’s address as the same appears on the records of the Partnership. A failure to give such notice or any
defect therein or in the mailing thereof shall not affect the validity of the proceedings for the redemption of any Series A Preferred Units except as to the holder to whom notice was defective or not given. In addition to any information required
by applicable law, each notice shall state: (i) the Redemption Date; (ii) the redemption price; (iii) the number of Series A Preferred Units to be redeemed; (iv) the place or places where the Series A Preferred Units are to be
surrendered for payment of the redemption price; and (v) that distributions on such Series A Preferred Units to be redeemed will cease to accrue on such Redemption Date. If less than all of the Series A Preferred Units held by any holder are to
be redeemed, the notice mailed to such holder shall also specify the number of units of Series A Preferred Units held by such holder to be so redeemed. 

E. Holders of Series A Preferred Units to be redeemed shall surrender such Series A Preferred Units at the place or places designated in such
notice and, upon surrender of the units, such Series A Preferred Units shall be redeemed by the Partnership at the redemption price plus any accrued and unpaid distributions (whether or not declared) payable upon such redemption. If notice of
redemption of any of the Series A Preferred Units has been given and if the assets necessary for such redemption have been set apart for payment by the Partnership for the benefit of the holders of any Series A Preferred Units so called for
redemption, then from and after the Redemption Date distributions will cease to accrue on such Series A Preferred Units, such Series A Preferred Units shall no longer be deemed outstanding and all rights of the holders of such Series A Preferred
Units will terminate, except the right to receive the redemption price and any accrued and unpaid distributions (whether or not 

  
 6 

 
declared) to, but not including, the Redemption Date; provided, however, if the Redemption Date falls after a Distribution Record Date and prior to the corresponding Series A Preferred Unit
Distribution Payment Date, each holder of Series A Preferred Units so called for redemption at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Series A Preferred
Unit Distribution Payment Date notwithstanding the redemption of such units before such Series A Preferred Unit Distribution Payment Date. 

F. Notwithstanding anything to the contrary contained herein, the Partnership may redeem one Series A Preferred Unit for each share of Series
A Preferred Stock purchased in the open market, through tender or by private agreement by the Company. 
 G. All Series A Preferred Units
redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be canceled with respect to each Series A Preferred Unit so redeemed in accordance with the applicable provisions of the Agreement. From and after the Redemption Date,
the Series A Preferred Units so canceled shall no longer be outstanding and all rights hereunder, to distributions or otherwise, with respect to such Series A Preferred Units shall cease. 

H. Notwithstanding anything to the contrary contained herein, the Partnership may redeem Series A Preferred Units at any time in connection
with any redemption by the Company of the Series A Preferred Stock. 
 Section 8. Voting Rights. 

A. Holders of the Series A Preferred Units will not have any voting or consent rights. 

B. When reference is made to Percentage Interest or holdings of Partnership Units as a threshold for voting, consent, approval or any similar
requirement in the Agreement, such reference will not include Series A Preferred Units, except as required by applicable law. 

Section 9. Conversion. The Series A Preferred Units are not convertible or exchangeable for any other property or securities,
except as provided herein. 
 A. In the event that a holder of Series A Preferred Stock exercises its right to convert the Series A Preferred
Stock into Common Stock in accordance with the terms of the Articles Supplementary, then, concurrently therewith, an equivalent number of Series A Preferred Units of the Partnership held by the Company shall be automatically converted into a number
of Common Units of the Partnership equal to the number of shares of Common Stock issued upon conversion of such Series A Preferred Stock; provided, however, that if a holder of Series A Preferred Stock receives cash or other consideration in
addition to or in lieu of Common Stock in connection with such conversion, then the Company, as the holder of the Series A Preferred Units, shall be entitled to receive cash or such other consideration equal (in amount and form) to the cash or other
consideration to be paid by the Company to such holder of the Series A Preferred Stock. Any such conversion will be effective at the same time the conversion of Series A Preferred Stock into Common Stock is effective. 

  
 7 

 B. No fractional units will be issued in connection with the conversion of Series A
Preferred Units into Common Units. In lieu of fractional Common Units, the Company shall be entitled to receive a cash payment in respect of any fractional unit in an amount equal to the fractional interest multiplied by the closing price of a share
of Common Stock on the date the shares of Series A Preferred Stock are surrendered for conversion by a holder thereof. 
 Section 10.
Allocation of Net Income and Net Loss. 
 Article 6, Sections 6.1(A) and (B) of the Agreement are hereby deleted in their entirety and
replaced by sections A and B, below: 
 “A. After giving effect to the special allocations set forth in Section 1 of Exhibit C
attached hereto for the applicable taxable year or other allocation period, and subject to Section 4 of Exhibit B attached hereto, Net Income for each taxable year or other allocation period shall be allocated to the Partners’ Capital
Accounts in the following order of priority: 
 (1) First, to the General Partner until the cumulative Net Income allocated
to the General Partner under this Section 6.1(A)(1) equals the cumulative Net Loss allocated to the General Partner under Section 6.1(B)(3); 

(2) Second, to the holders of Series A Preferred Units until the cumulative Net Income allocated to such holders under this
Section 6.1(A)(2) equals the cumulative Net Loss allocated to such holders under Section 6.1(B)(2) (pro rata in accordance with the excess of such Net Loss over such Net Income for each such holder); 

(3) Third, to the holders of Common Units and LTIP Units until the cumulative Net Income allocated to such holders under this
Section 6.1(A)(3) equals the cumulative Net Loss allocated to such holders under Section 6.1(B)(1) (pro rata in accordance with the excess of such Net Loss over such Net Income for each such holder); 

(4) Fourth, 100% to the holders of Series A Preferred Units, pro rata in accordance with their respective Percentage Interests
in the Series A Preferred Units, until the cumulative Net Income allocated to such holders under this Section 6.1(A)(4) is equal to the excess of (x) the cumulative amount of distributions such holders have received with respect the Series
A Preferred Unites (other than distributions of Base Liquidation Preference) for all Partnership Years or other applicable period or to the date of redemption, to the extent such Series A Preferred Units are redeemed during such period, over
(y) the cumulative Net Profit allocated to such holders with respect to the Series A Preferred Units, pursuant to this Section 6.1(A)(4) for all prior Partnership Years or other applicable periods; and 

  
 8 

 (5) Thereafter, to the holders of Common Units and LTIP Units pro rata in
accordance with their respective Percentage Interests in the Common Units. 
 B. After giving effect to the special allocations set forth in
Section 1 of Exhibit C attached hereto for the applicable taxable year or other allocation period, and subject to Section 4 of Exhibit B attached hereto, Net Loss for each taxable year or other allocation period shall be allocated to the
Partners’ Capital Accounts in the following order of priority: 
 (1) First, to the holders of Common Units and LTIP
Units with positive balances in their Economic Capital Account Balances attributable to the Common Units and LTIP Units in accordance with such balances until their Economic Capital Account Balances attributable to the Common Units and LTIP Units
are reduced to zero; 
 (2) Second, to the holders of the Series A Preferred Units until the Adjusted Capital Account of such
holders is reduced to zero; and 
 (3) Thereafter, to the General Partner. 

For purposes of determining allocations of Net Loss pursuant to Section 6.1(B)(1), a holder of a Profits LTIP Unit shall be treated as
having a separate Economic Capital Account Balance, and for this purpose a separate Capital Account with an appropriate share of Partnership Minimum Gain and Partner Minimum Gain shall be maintained, for each tranche of Profits LTIP Units with a
different issuance date that it holds and a separate Capital Account for its Common Units or Capital LTIP Units, if applicable, and the Economic Capital Account Balance of each holder of Common Units or Capital LTIP Units shall not include any
Economic Capital Account Balance attributable to other series or classes of Partnership Units.” 
 Article 6, Section 6.1 of the Agreement is
hereby amended with the addition of section C, below: 
 “C. It is the intention of the parties hereunder that the aggregate Capital
Account balance of any holder of Series A Preferred Units in respect of its Series A Preferred Units at any date shall not exceed the amount of the original Capital Contributions made in respect of its Series A Preferred Units plus all accrued and
unpaid distributions thereon, whether or not declared, to the extent not previously distributed. Notwithstanding anything to the contrary contained herein, in connection with the liquidation of the Partnership or the interest of a holder of Series A
Preferred Units, and prior to making any other allocations of Net Income or Net Loss, items of income and gain or deduction and loss shall first be allocated to each holder of Series A Preferred Units in respect of its Series A Preferred Units in
such amounts as is required to cause the Adjusted Capital Account of such holders with respect to such Series A Preferred Units (taking into account any amounts such Partner is obligated to contribute to the capital of the Partnership or is deemed
obligated to contribute pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)) to equal the amount such Partner is entitled to receive pursuant to the provisions of Section 6 hereof.” 

  
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 Section 11. Additional Allocation Provisions. 

Section 4 of Exhibit B of the Agreement is hereby deleted in its entirety and replaced by the following: 

“4. Special Allocations in Connection with a Liquidating Event 

The Partners intend that the allocation of Net Income, Net Loss and other items of income, gain, loss, deduction and credit required to be allocated to the
Capital Accounts of the Partners pursuant to the Agreement will result in final Capital Account balances that will permit the amount each Partner is entitled to receive upon “liquidation” of the Partnership (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations) to equal the amount such Partner would have received if such amount was distributable pro rata in accordance with Section 5.1 of this Agreement
(other than a holder of Profits LTIP Units with respect to Profits LTIP Units for which the Target Balance has not been achieved without regard to this Section 4 of this Exhibit B). Accordingly, notwithstanding the provisions of
Section 6.1(A) and Section 6.1(B) of the Agreement, in the taxable year of the event precipitating a Liquidating Event and thereafter, appropriate adjustments to allocations of Net Income and Net Losses (and items thereof) to the Partners
shall be made to achieve such result to the maximum extent possible; provided, however, in no event shall the balance of the Capital Account balance of a holder of Profits LTIP Units (to the extent attributable to such Profits LTIP Units) for which
the Target Balance has not been achieved without regard to this Section 4 of this Exhibit B be increased to an amount excess of the balance that would result without regard to this Section 4 of this Exhibit B.” 

Section 1(A) of Exhibit A of the Agreement is hereby deleted in its entirety and replaced by the following: 

“A. The Partnership shall maintain for each Partner (and, to the extent necessary to effectuate the provisions of this Agreement, for each
Partner’s interest in a specific class or series (or specified group of classes and/or series)) a separate Capital Account in accordance with the rules of Regulations Section 1.704-l(b)(2)(iv). Such
Capital Account shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions made by such Partner to the Partnership pursuant to the Agreement; and (ii) all items of Partnership income and gain
(including income and gain exempt from tax) computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1(A) of the Agreement and Exhibit C of the Agreement, and decreased by (x) the
amount of cash or Agreed Value of all actual and deemed distributions of cash or property made to such Partner pursuant to the Agreement, and (y) all items of Partnership deduction and loss computed in accordance with Section 1.B hereof
and allocated to such Partner pursuant to Section 6.1(B) of the Agreement and Exhibit C hereof.” 
 Section 12. Except
as modified herein, all terms and conditions of the Agreement shall remain in full force and effect. 

  
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