Document:

EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of October 21, 2020 (this “Agreement”), is made by and among Guild
Holdings Company, a Delaware corporation (“Guild”), and the holders listed on Schedule I hereto (each, a “Holder” and collectively, the “Holders”). 

W I T N E S S E T H: 

WHEREAS, the Holders are offering and selling shares of Guild’s Class A Common Stock (the “IPO”) to the
public pursuant to a registration statement on Form S-1, immediately following which offering and sale the Holders will collectively own 66.9% or more of the outstanding shares of Guild’s Class A
Common Stock and 100.0% of the outstanding shares of its Class B Common Stock; and 
 WHEREAS, Guild and the Holders desire to
enter into this Agreement to set forth the terms and conditions of the registration rights and obligations of Guild and the Holders. 

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, it is agreed as follows: 

Article I 
 Definitions

 Section 1.1 Definitions. As used in this Agreement, the following capitalized terms shall have the meanings ascribed to
them below. 
 “Affiliate” shall mean, when used with respect to a specified Person, a Person that, directly or indirectly,
through one or more intermediaries, controls, is controlled by or is under common control with such specified Person. For the purpose of this definition, “control” (including, with correlative meanings, “controlled by” and
“under common control with”), when used with respect to any specified Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities or other interests, by contract, agreement, obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment, undertaking or otherwise. 

“Agreement” shall have the meaning set forth in the Preamble. 

“Article III Notice” shall have the meaning set forth in Section 3.1. 

“Business Day” shall mean a day other than a Saturday, a Sunday or a day on which banking institutions located in New York,
New York are authorized or obligated by law or executive order to close. 

 “Class A Common Stock” shall mean the Class A
Common Stock, par value $0.01 per share, of Guild (it being understood that, if the Class A Common Stock, as a class, shall be reclassified, exchanged or converted into another security (including as a result of a merger, consolidation or
otherwise) or the right to receive such security, each reference to Class A Common Stock in this Agreement shall refer to such other security into which the Class A Common Stock was reclassified, exchanged or converted), including any
shares of Class A Common Stock issued or issuable upon the conversion of Class B Common Stock. 

“Class B Common Stock” shall mean the Class B Common Stock, par value $0.01 per share, of Guild. 

“Commission” shall mean the U.S. Securities and Exchange Commission. 

“Damages” shall have the meaning set forth in Section 6.1. 

“Demand Registration” shall have the meaning set forth in Section 2.1. 

“Demand Request” shall have the meaning set forth in Section 2.1. 

“Disclosure Package” shall mean, with respect to any offering of securities, (a) the preliminary Prospectus,
(b) each Free Writing Prospectus (if any) and (c) all other information prepared by or on behalf of Guild, in each case, that is deemed under Rule 159 promulgated under the Securities Act to have been conveyed to purchasers of securities
at the time of sale of such securities (including a contract of sale). 
 “Exchange Act” shall mean the U.S. Securities
Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Free Writing Prospectus” shall mean any “free writing prospectus” as defined in Rule 405 promulgated under the
Securities Act. 
 “Governmental Authority” shall mean any nation or government, any state, municipality or other political
subdivision thereof, and any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial,
regulatory, administrative or other similar functions of, or pertaining to, a government and any executive official thereof. 

“Guild” shall have the meaning set forth in the Preamble. 

“Guild Covered Person” shall have the meaning set forth in Section 6.2. 

“Guild Free Writing Prospectus” shall mean each Free Writing Prospectus prepared by or on behalf of Guild. 

“Guild Notice” shall have the meaning set forth in Section 2.1. 

“Holder” and “Holders” shall have the meanings set forth in the Preamble. 

“Holder Covered Persons” shall have the meaning set forth in Section 6.1. 

 “Holder Free Writing Prospectus” shall mean each Free Writing Prospectus
prepared by or on behalf of (unless prepared by Guild or on behalf of Guild) a Holder and used or referred to by such Holder in connection with the offering of Registrable Securities. 

“Indemnified Party” shall have the meaning set forth in Section 6.3. 

“Indemnifying Party” shall have the meaning set forth in Section 6.3. 

“IPO” shall have the meaning set forth in the Recitals. 

“MCMI Holder” shall mean McCarthy Capital Mortgage Investors, LLC. 

“Parties” shall mean the parties to this Agreement. 

“Person” shall mean any individual, firm, limited liability company or partnership, joint venture, corporation, joint stock
company, trust or unincorporated organization, incorporated or unincorporated association, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“Piggy-back Registration” shall have the meaning set forth in Section 3.1. 

“Prospectus” shall mean the prospectus included in any Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement or any other amendments and supplements to such prospectus, including any preliminary prospectus, any pre-effective or post-effective amendment and all material incorporated by reference in any prospectus. 

“Public Offering” shall have the meaning set forth in Section 3.1. 

“Registrable Securities” shall mean shares of Class A Common Stock, including shares of Class A Common Stock issued
or to be issued upon conversion of shares of Guild’s Class B Common Stock. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (a) a Registration Statement with
respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (b) such securities shall have been sold to the public
pursuant to Rule 144 (or any successor provision) under the Securities Act, (c) such securities shall have ceased to be outstanding, (d) in the case of a Holder other than the MCMI Holder or any of its Affiliates, all remaining Registrable
Securities held by such Holder may immediately be sold under Rule 144 (or any similar provision then in force) under the Securities Act without any restriction as to volume, manner of sale or otherwise or (e) such securities have been sold by a
Holder in a transaction in which such Holder’s rights under this Agreement are not, or cannot be, assigned. 
 “Registration
Expenses” shall have the meaning set forth in Section 5.1. 

 “Registration Statement” shall mean any registration statement of Guild
that covers Registrable Securities pursuant to the provisions of this Agreement, all amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such
registration statement. 
 “Rule 144” shall have the meaning set forth in Section 7.1. 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time. 
 “Selling Stockholders” shall have the meaning set
forth in Section 3.2. 
 “Shelf Registration” shall mean a registration of the Registrable
Securities under a Registration Statement of Guild for an offering to be made on a delayed or continuous basis of Class A Common Stock pursuant to Rule 415 under the Securities Act (or similar provisions then in effect). 

Article II 
 Demand
Registrations 
 Section 2.1 Requests for Registration. Subject to the provisions of this Article II, the MCMI Holder
may at any time make a written request (a “Demand Request”) for registration under the Securities Act of Registrable Securities (a “Demand Registration”) after such Registrable Securities are no longer subject to
the underwriter lock-up applicable to the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable Securities). Such Demand
Requests shall specify the amount of Registrable Securities to be registered and the intended method or methods of disposition. Guild shall, within five (5) days of the receipt of a Demand Request, give written notice of such Demand Request to
all Holders of Registrable Securities (the “Guild Notice”). Guild shall, subject to the provisions of this Article II and to the Holders’ compliance with their obligations under the provisions of this Agreement, use its
reasonable best efforts to file as promptly as reasonably practicable, but in any event not later than forty-five (45) days after the Demand Request is received, with the Commission a Registration Statement registering all Registrable
Securities included in such Demand Request and any Registrable Securities that the Holders request to be included within the ten (10) days following their receipt of the Guild Notice, for disposition in accordance with the intended method or
methods set forth therein as promptly as possible following receipt of a Demand Request; provided, that, if the managing underwriter(s) for a Demand Registration in which Registrable Securities are proposed to be included pursuant to this
Article II that involves an underwritten offering shall advise Guild that, in its reasonable opinion, the number of Registrable Securities to be sold is greater than the amount that can be offered without adversely affecting the price, timing
or distribution of the securities offered or the market for the securities offered, then Guild will be entitled to reduce the number of Registrable Securities included in such registration to the number that, in the opinion of the managing
underwriter(s), can be sold without having the adverse effect referred to above; provided, further, that in the event of such a reduction in the number of Registrable Securities included in such registration, the number of Registrable
Securities registered shall be allocated in the following priority: first, pro rata among the Holders participating in the Demand Registration based on the relative number of Registrable Securities then held by each such Holder;
second, and only if all the securities referred to in the 

 
preceding clause “first” have been included, to Guild up to the number of shares of Class A Common Stock proposed to be registered for offer and sale by Guild; and third,
and only if all of the securities referred to in the preceding clauses “first” and “second” have been included to holders of shares of Class A Common Stock otherwise eligible to be included in such Demand Registration, on a
pro rata basis based on the relative number of Registrable Securities then held by the holders of such shares of Class A Common Stock, up to the number of securities that in the opinion of the managing underwriter or underwriters can be sold
without having such adverse effect. Guild shall use its reasonable best efforts to cause such Registration Statement to be declared effective as promptly as reasonably practicable after filing and to remain effective until the earlier of
(i) ninety (90) days following the date on which it was declared effective and (ii) the date on which all of the Registrable Securities covered thereby are disposed of in accordance with the method or methods of disposition stated
therein. Notwithstanding the foregoing, the Company shall not be required to effect any registration to be effected pursuant to this Section 2.1 unless the Registrable Securities requested to be registered pursuant to a
Demand Registration represent an aggregate offering price of Registrable Securities that is reasonably expected to equal at least $10,000,000. 

Section 2.2 Limitations on Demand Registration Requests. Notwithstanding anything in this Article II to the contrary, Guild
shall not be obligated to effect a Demand Registration, other than a Shelf Registration, (a) within sixty (60) days after the effective date of a previous registration effected with respect to the Registrable Securities pursuant to
Section 2.1 or (b) during any period (not to exceed one hundred eighty days (180) days) following the closing of the completion of an offering of securities by Guild if such Demand Registration would cause Guild
to breach a “lock-up” or similar provision contained in the underwriting agreement for such offering. Furthermore, Guild shall not be obligated to effect more than four (4) Demand Registrations
in any twelve (12)-month period. 
 Section 2.3 Suspension of Registration. Notwithstanding the foregoing, if in the good faith
judgment of the Board of Directors of Guild it would be materially detrimental to Guild and its stockholders for any Registration Statement to be filed or continued to be used or for any Registration Statement or Prospectus to be amended or
supplemented because such filing, continued use, amendment or supplement would (a) require disclosure of material nonpublic information, the disclosure of which would be reasonably likely to materially and adversely affect Guild and its
subsidiaries, taken as a whole, or (b) materially interfere with any existing or prospective business transaction or negotiation involving Guild, Guild shall have the right to suspend the use of the applicable Registration Statement or delay
delivery or filing, but not the preparation, of the applicable Registration Statement or Prospectus or any document incorporated therein by reference, in each case for a reasonable period of time; provided, however, that Guild shall
not be able to exercise such suspension right more than twice in each twelve (12)-month period or for an aggregate of more than one hundred twenty (120) days in any twelve (12)-month period. Guild agrees to notify each Holder promptly upon each
of the commencement and termination of each such suspension. Each Holder agrees that, upon any such notice from Guild, it will discontinue any disposition of Registrable Securities pursuant to a Shelf Registration until receipt of Guild’s
notice as to the termination of any such suspension. Each of the Holders agree to keep the notice of any such suspension confidential and shall not disclose such notice or reasons to any Person other than such Holder’s legal counsel or as
required by law. In the event that the ability of the Holders to sell shall be suspended for any reason, the period of such suspension shall not count towards compliance with the ninety (90)-day period
referred to in clause (i) of Section 2.1. 

 Section 2.4 Shelf Registration. At any time after the date hereof when Guild is
eligible to register the applicable Registrable Securities on Form S-3 (or a successor form), the MCMI Holder, for so long as it holds any Registrable Securities, or any Affiliates of the MCMI Holder, for so
long as they hold any Registrable Securities may request Demand Registrations, and any Holder of Registrable Securities in excess of the product of (x) the maximum number of Registrable Securities that may, as of the date of the applicable
demand, be sold under Rule 144 (or any similar provision then in force) under the Securities Act without any restriction as to volume multiplied by (y) two (2) may request Guild to effect a Demand Registration (for purposes of this
Section 2.4, whether or not such Holder is the MCMI Holder or an Affiliate of the MCMI Holder) as a Shelf Registration. There shall be no limitations on the number of underwritten offerings pursuant to a Shelf Registration;
provided, however, that (i) only the MCMI Holder, for so long as it holds any Registrable Securities, and any Affiliates of the MCMI Holder, for so long as they hold any Registrable Securities, may require Guild to effect an
underwritten offering pursuant to a Shelf Registration and (ii) the Holders may not require Guild to effect more than four (4) underwritten offerings in any twelve (12)-month period. Any Holder of Registrable Securities included on a Shelf
Registration shall have the right to request that Guild cooperate in a shelf takedown at any time, including, only in the case of the MCMI Holder, for so long as it holds any Registrable Securities, and any Affiliates of the MCMI Holder, for so long
as they hold any Registrable Securities, in connection with an underwritten offering, by delivering a written request thereof to Guild specifying the number of shares of Registrable Securities such Holder wishes to include in the shelf takedown. If
the takedown is an underwritten offering, the Registrable Securities requested to be included in a shelf takedown must represent an aggregate offering price of Registrable Securities that is reasonably expected to equal at least $10,000,000. 

Section 2.5 Form. Guild shall use its reasonable best efforts to cause Demand Registrations to be registered on Form S-3 (or any successor form), and if Guild is not then eligible under the Securities Act to use Form S-3, Demand Registrations shall be registered on Form S-1 (or any successor form). Guild shall use its reasonable best efforts to become eligible to use Form S-3 and, after becoming eligible to use Form S-3, shall use its reasonable best efforts to remain so eligible. 
 Article III 

Piggy-back Registrations 

Section 3.1 Right to Include Registrable Securities. If at any time Guild proposes to register (including for this purpose a
registration effected by Guild for security holders of Guild other than any Holder) securities that may include any shares of Class A Common Stock and to file a Registration Statement with respect thereto under the Securities Act, whether or
not for sale for its own account (other than (i) pursuant to a registration statement on Form S-4, Form S-8 or any successor or similar forms, (ii) in
connection with any dividend reinvestment or similar plan or (iii) for the sole purpose of offering securities to another entity or its security holders in connection with the acquisition of assets or securities of such entity or any similar
transaction), in a manner that would permit registration of Registrable Securities for resale to the public under 

 
the Securities Act (a “Public Offering”), Guild will at each such time promptly (but in no event less than twenty (20) days prior to the proposed date of filing such
Registration Statement) give written notice to the Holders of Registrable Securities of (a) its intention to do so, (b) the form of registration statement of the Commission that has been selected by Guild and (c) the rights of Holders
under this Article III (the “Article III Notice”). Guild will include in any Public Offering all Registrable Securities that Guild is requested in writing, within fifteen (15) days after the date the Article III Notice
is delivered by Guild, to register by the Holders thereof (each, a “Piggy-back Registration”); provided, however, that (i) if, at any time after giving the Article III Notice and prior to the effective date of the
Registration Statement filed in connection therewith, Guild shall determine for any reason to abandon such Public Offering, Guild may give written notice of such determination to all Holders who so requested registration, and thereafter Guild shall
be relieved of its obligation to register any Registrable Securities in connection with such abandoned Public Offering (without prejudice to the other rights of Holders under this Article III), and (ii) Guild shall be permitted to delay
such Public Offering for the same period and under the same circumstances as set forth in Section 2.3. No Piggy-back Registration effected by Guild under this Article III shall relieve Guild of its obligations to
effect Demand Registrations under Article II, except as otherwise set forth in Section 2.2. Guild’s filing of a Shelf Registration shall not be deemed to be a Public Offering; provided, however,
that the proposal to file any Prospectus supplement filed pursuant to a Shelf Registration with respect to an offering of Class A Common Stock for its own account or for the account of any other Persons will be a Public Offering unless such
offering qualifies for an exemption from the Public Offering definition in this Section 3.1; provided, further, that if Guild files a Shelf Registration for its own account or for the account of any other
Persons, Guild agrees that it shall use its reasonable best efforts to include in such Registration Statement such disclosures as may be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such Shelf
Registration at a later time through the filing of a Prospectus supplement rather than a post-effective amendment. 
 Section 3.2
Priority; Registration Form. If the managing underwriter(s) for a Piggy-back Registration that involves an underwritten offering shall advise Guild in good faith that, in its opinion, the number of shares of Class A Common Stock to be
sold for the account of persons other than Guild (collectively, “Selling Stockholders”) is greater than the amount that can be offered without adversely affecting the price, timing or distribution of the securities offered or the
market for the securities offered, then the number of shares of Class A Common Stock to be sold for the account of Selling Stockholders (including Holders) may be reduced to a number that, in the reasonable opinion of the managing
underwriter(s), may reasonably be sold without having the adverse effect referred to above. The reduced number of shares of Class A Common Stock that may be registered in such Public Offering shall be allocated in the following priority:
first, to shares of Class A Common Stock proposed to be registered for offer and sale by Guild; second, to Registrable Securities proposed to be registered by Holders as a Piggy-back Registration, allocated pro rata among such
Holders based on the relative number of Registrable Securities then held by each such Holder; and third, to all other shares of Class A Common stock requested and otherwise eligible to be included in such underwritten offering, on a pro
rata basis based on the relative number of Registrable Securities then held by the holders of such shares of Class A Common Stock, up to the number of securities that in the opinion of the managing underwriter or underwriters can be sold
without having such adverse effect. If the number of Registrable Securities proposed to be registered by Holders as a Piggy-back Registration is 

 
reduced pursuant to this Section 3.2, such Registrable Securities included in the Registration Statement shall be allocated pro rata among the Holders participating in
the Piggy-back Registration based on the number of Registrable Securities beneficially owned by the respective Holders. If, as a result of the proration provisions of this Section 3.2, any Holder shall not be entitled to
include all Registrable Securities in a registration pursuant to this Article III that such Holder has requested be included, such Holder may elect to withdraw its Registrable Securities from such registration. 

Article IV 
 Registration
Procedures 
 Section 4.1 Use Reasonable Best Efforts. In connection with Guild’s registration obligations pursuant to
Article II and Article III, Guild shall use its reasonable best efforts to effect such registrations to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof and
pursuant thereto Guild shall as promptly as reasonably practicable: 
 (a) prepare and file with the Commission a Registration Statement or
Registration Statements relating to the registration on any appropriate form under the Securities Act, and to cause such Registration Statement to become effective as promptly as reasonably practicable and to remain continuously effective for the
time period required by this Agreement to the extent permitted under the Securities Act; 
 (b) except in the case of a Shelf Registration
effected on Form S-3, prepare and file with the Commission such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the
time period required by this Agreement; cause the Registration Statement and the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed in accordance with the Securities Act and any rules and
regulations promulgated thereunder; and otherwise comply with the provisions of the Securities Act as may be necessary to facilitate the disposition of all Registrable Securities covered by such Registration Statement during the applicable period in
accordance with the intended method or methods of disposition by the selling Holders thereof set forth in such Registration Statement or such Prospectus or Prospectus supplement; 

(c) in the case of a Shelf Registration effected on Form S-3, prepare and file with the Commission such
amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities subject thereto for a period ending on the earlier of (i) the date on which all the Registrable Securities subject thereto have been sold pursuant to such Registration Statement and (ii) such
shorter period as the Holders of shares of Class A Common Stock covered by such Shelf Registration shall agree (based on the determination by the Holders of a majority of the Registrable Securities to be registered on such Shelf Registration
Statement, which shall include the MCMI Holder, for so long as it holds any Registrable Securities, and any Affiliates of the MCMI Holder, for so long as they hold any Registrable Securities) in writing; 

 (d) notify the selling Holders and the managing underwriter(s), if any, promptly if at any
time (i) any Prospectus, Registration Statement or amendment or supplement thereto is filed, (ii) any Registration Statement, or any post-effective amendment thereto, becomes effective, (iii) the Commission or any Governmental
Authority requests any amendment or supplement to, or any additional information in respect of, any Registration Statement or Prospectus, (iv) the Commission or any other Governmental Authority issues any stop order suspending the effectiveness
of a Registration Statement or initiates any proceedings for that purpose, (v) Guild receives any notice that the qualification of any Registrable Securities for sale in any jurisdiction has been suspended or that any proceeding has been
initiated for the purpose of suspending such qualification, (vi) upon the discovery of any event which requires that any changes be made in such Registration Statement or any related Prospectus so that such Registration Statement or Prospectus
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances under which they were made
(provided, however, that, in the case of this subclause (vi), such notice need only state that an event of such nature has occurred, without describing such event), (vii) of the determination by counsel of Guild that a
post-effective amendment to a Registration Statement is advisable; or (viii) if, at any time, the representations and warranties of Guild in any applicable underwriting agreement cease to be true and correct in all material respects. Guild
hereby agrees to promptly reimburse any selling Holders for any reasonable out-of-pocket losses and expenses incurred in connection with any uncompleted sale of any
Registrable Securities in the event that Guild fails to timely notify such Holder that the Registration Statement then on file with the Commission is no longer effective; 

(e) use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the
qualification of any Registrable Securities for sale in any jurisdiction, at the earliest reasonably practicable time; 
 (f) if requested by
the managing underwriter(s) or any Holder of Registrable Securities being sold in connection with an underwritten offering, incorporate into a Prospectus supplement or a post-effective amendment to the Registration Statement any information that the
managing underwriter(s), such Holder and Guild reasonably agree is required to be included therein relating to such sale of Registrable Securities; and file such supplement or post-effective amendment as soon as practicable in accordance with the
Securities Act and the rules and regulations promulgated thereunder; 
 (g) upon the written request of a Holder or managing underwriter, if
any, furnish to such Persons, one signed copy of the Registration Statement or Registration Statements, any Guild Free Writing Prospectus and any post-effective amendment thereto, including all financial statements and schedules thereto, all
documents incorporated therein by reference and all exhibits thereto (including exhibits incorporated by reference) as promptly as practicable after filing such documents with the Commission; 

(h) upon the written request of a Holder or managing underwriter, if any, deliver to such Persons, as many copies of the Prospectus or
Prospectuses (including each preliminary Prospectus) and any amendment, supplement or exhibit thereto as such Persons may reasonably request; and consent to the use of such Prospectus or any amendment, supplement or exhibit thereto by each such
selling Holder and underwriter, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus, amendment, supplement or exhibit, in each case, in accordance with the intended method or methods of
disposition thereof; 

 (i) prior to any public offering of Registrable Securities, use its reasonable best efforts
to register or qualify, and cooperate with the selling Holders to register or qualify, the underwriter(s), if any, and their respective counsel in connection with the registration or qualification of, such Registrable Securities for offer and sale
under the securities or blue sky laws of such jurisdictions as may be requested by the Holders of a majority of the Registrable Securities included in such Registration Statement; keep each such registration or qualification effective during the
period that the applicable Registration Statement is required to be maintained effective under this Agreement; and do any and all other acts or things necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by
such Registration Statement; provided, however, that Guild will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action that would subject it to taxation or
general service of process in any jurisdiction where it is not then so subject; 
 (j) furnish to counsel selected by the Holders, prior to
the filing of a Registration Statement or Prospectus or any supplement or post-effective amendment or any Guild Free Writing Prospectus thereto with the Commission, copies of such documents and with a reasonable and appropriate opportunity to review
and comment on such documents, subject to such documents being under Guild’s control; 
 (k) cooperate with the selling Holders and the
underwriter(s), if any, in the preparation and delivery of certificates representing the Registrable Securities to be sold, such certificates to be in such denominations and registered in such names as such selling Holders or underwriter(s) may
request at least five (5) Business Days prior to any sale of Registrable Securities represented by such certificates; provided that Guild may satisfy its obligations hereunder without issuing physical stock certificates through the use
of The Depository Trust Company’s Direct Registration System; 
 (l) subject to Section 4.3, upon the
occurrence of any event described in Section 4.1(d)(vi), promptly prepare and file a supplement or post-effective amendment to the applicable Registration Statement or Prospectus or any document incorporated therein by
reference, and any other required documents, so that such Registration Statement and Prospectus will not thereafter contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading, in light of the circumstances under which they were made, and to cause such supplement or post-effective amendment to become effective as promptly as practicable; 

(m) take all other actions in connection therewith as are reasonably necessary to expedite or facilitate the disposition of the Registrable
Securities included in such Registration Statement and, in the case of an underwritten offering: (i) enter into an underwriting agreement in customary form with the managing underwriter(s) (such agreement to contain standard and customary
indemnities, representations, warranties and other agreements of or from Guild, as the case may be); (ii) obtain opinions of counsel to Guild (which, if reasonably acceptable to the underwriter(s), may be Guild’s inside counsel) addressed to
the underwriter(s), such opinions to be in customary form; and (iii) obtain “comfort” letters from Guild’s independent certified public accountants addressed to the underwriter(s), such letters to be in customary form; 

 (n) with respect to each Guild Free Writing Prospectus or other materials to be included in
the Disclosure Package, ensure that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Guild Free Writing Prospectus or other materials without the Holders whose
Registrable Securities are being registered having first been provided with a reasonable opportunity to review and comment on such documents; 

(o) within the deadlines specified by the Securities Act, make all required filings of all Prospectuses and Guild Free Writing Prospectuses
with the Commission; 
 (p) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any
selling Holder of Registrable Securities, any underwriter(s) participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such selling Holder or underwriter(s) all reasonably
requested financial and other records, pertinent corporate documents and properties of Guild; and cause Guild’s officers, directors, employees, attorneys and independent accountants to make themselves available at reasonable times and for
reasonable periods to discuss the business of Guild and to supply all information available to Guild reasonably requested by any such selling Holders, underwriter(s), attorneys, accountants or agents in connection with such Registration Statement as
shall be necessary to enable them to exercise their due diligence responsibility (each selling Holder of Registrable Securities agrees, on its own behalf and on behalf of all its underwriter(s), accountants, attorneys and agents, that the
information obtained by it as a result of such inspections shall be kept confidential by it and, except as required by law, not disclosed by it, in each case, unless and until such information is made generally available to the public other than by
such selling Holder; and each selling Holder of Registrable Securities further agrees, on its own behalf and on behalf of all its underwriter(s), accountants, attorneys and agents, that it will, upon learning that disclosure of such information is
sought in a court of competent jurisdiction, promptly give notice to Guild and allow Guild at its expense, to undertake appropriate action to prevent disclosure of the information deemed confidential); 

(q) consider in good faith any reasonable request of the selling Holders and underwriters for the participation of management of Guild in
“road shows” and similar sales events; 
 (r) reasonably cooperate with the selling Holders and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel, in connection with any filings required to be made with the Financial Industry Regulatory Authority; 

 (s) cause all Registrable Securities covered by the applicable Registration Statement to be
listed on each securities exchange on which any Class A Common Stock is then listed or quoted; and 
 (t) take all other customary steps
reasonably necessary or desirable to effect the registration of the Registrable Securities contemplated hereby. 
 Section 4.2
Holders’ Obligation to Furnish Information. As a condition precedent to any registration hereunder, Guild may require each Holder of Registrable Securities as to which any registration is being effected to furnish to Guild in writing
such information regarding the Holder, the distribution of such Registrable Securities, and other customary certifications and agreements as Guild may from time to time reasonably request (the “Holder Information”). Each such Holder
agrees to furnish such Holder Information to Guild and to cooperate with Guild as reasonably necessary to enable Guild to comply with the provisions of this Agreement. At least fifteen (15) days prior to the first anticipated filing date of a
Registration Statement for any registration under this Agreement, Guild will notify in writing each Holder of the Holder Information which Guild is requesting from that Holder whether or not such Holder has elected to have any of its Registrable
Securities included in the Registration Statement. If, within five (5) days prior to the anticipated filing date, Guild has not received the requested Holder Information from a Holder, then Guild may file the Registration Statement without
including Registrable Securities of that Holder. 
 Section 4.3 Suspension of Sales Pending Amendment of Prospectus. Each Holder
shall, upon receipt of any notice from Guild of the happening of any event of the kind described in clauses (iii) through (vi) of Section 4.1(d), suspend the disposition of any Registrable Securities covered by such
Registration Statement or Prospectus until such Holder’s receipt of the copies of a supplemented or amended Prospectus or until it is advised in writing by Guild that the use of the applicable Prospectus may be resumed, and, if so directed by
Guild such Holder will deliver to Guild all copies, other than permanent file copies, then in such Holder’s possession of any Prospectus covering such Registrable Securities. If Guild shall have given any such notice during a period when a
Demand Registration is in effect, the ninety (90)-day period referred to in clause (i) of Section 2.1 shall be extended by the number of days of such suspension period. 

Section 4.4 Other Registration Rights. Guild shall not, without the consent of (x) the MCMI Holder, for so long as it holds
any Registrable Securities, and any Affiliates of the MCMI Holder, for so long as they hold any Registrable Securities and (y) Holders holding a majority of the Registrable Securities, grant to any Persons the right to request Guild to register
any equity securities of Guild, or any securities convertible or exchangeable into or exercisable for such securities, whether pursuant to “demand,” “piggyback” or other rights, unless such rights are subject and subordinate to
the rights of the Holders under this Agreement. 

 Article V 

Registration Expenses 

Section 5.1 Registration Expenses. Except as otherwise expressly provided herein to the contrary, all reasonable and documented
expenses incident to Guild’s performance of or compliance with its obligations under this Agreement, including all (a) registration and filing fees, (b) fees and expenses of compliance with securities or blue sky laws,
(c) printing expenses, (d) fees and disbursements of its counsel and its independent certified public accountants (including the expenses of any special audit or “comfort” letters required by or incident to such performance or
compliance), (e) the reasonable fees and expenses of not more than one firm of attorneys acting as legal counsel for all of the Holders in the relevant registration and sale, (f) securities acts liability insurance (if Guild elects to obtain
such insurance) and (g) the expenses and fees for listing securities to be registered on any securities exchange, shall be borne by Guild (all such expenses being herein referred to as “Registration Expenses”); provided,
however, that Registration Expenses shall not include any underwriting discounts or commissions or transfer taxes with respect to shares of Class A Common Stock sold by the Holders, which underwriting discounts or commissions and
transfer taxes shall in all cases be borne solely by the Holders. 
 Article VI 

Indemnification 

Section 6.1 Indemnification by Guild. In the event of any registration of any securities of Guild under the Securities Act
pursuant to Article II or Article III, Guild will indemnify and hold harmless each selling Holder of any Registrable Securities covered by such Registration Statement, its directors, officers and agents and each other Person, if any,
who controls such selling Holder within the meaning of Section 15 of the Securities Act (each such selling Holder and such other Persons, collectively, “Holder Covered Persons”), against any and all out-of-pocket losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and expenses) (collectively, “Damages”) actually
and as incurred by such Holder Covered Person under the Securities Act, common law or otherwise, to the extent that such Damages (or actions or proceedings in respect thereof) arise out of or result from (a) any untrue statement or alleged
untrue statement of a material fact contained in the Disclosure Package, any Registration Statement, the Prospectus, or in any amendment or supplement thereto, under which such securities were registered under the Securities Act or the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or (b) any untrue statement or alleged untrue
statement of a material fact contained in any preliminary Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if Guild shall have filed with the Commission any amendment thereof or supplement
thereto), if used prior to the effective date of such Registration Statement, or contained in the Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if Guild shall have filed with the Commission any
amendment thereof or supplement thereto), or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; provided, however, that Guild shall not be liable to any Holder Covered Person in any such case to the extent that any such Damage (or action or proceeding in respect thereof) arises out of or relates to any untrue
statement or alleged untrue statement or omission or alleged omission made in such Registration Statement or amendment thereof or supplement thereto or in any such preliminary, final or summary Prospectus in reliance upon and in conformity with
written information furnished to Guild by or on behalf of any such Holder Covered Person specifically for use in the preparation thereof. 

 Section 6.2 Indemnification by the Selling Holders. Each Holder selling
Registrable Securities in any Registration Statement filed pursuant to Article II or Article III will indemnify and hold harmless, severally and not jointly, Guild, its directors, officers and agents and each Person controlling Guild
within the meaning of Section 15 of the Securities Act (each, a “Guild Covered Person”) against any and all Damages actually and as incurred by such Guild Covered Person under the Securities Act, common law or otherwise, to the
extent that such Damages (or actions or proceedings in respect thereof) arise out of or result from any statement or alleged statement in or omission or alleged omission from the Disclosure Package, such Registration Statement, any preliminary,
final or summary Prospectus contained therein, any Holder Free Writing Prospectus for such Holder or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to Guild or its representatives by or on behalf of any selling Holder specifically for use in the preparation of such Disclosure Package, Registration Statement, preliminary, final or summary Prospectus,
Holder Free Writing Prospectus or amendment or supplement thereto. In no event shall the liability of any Holder hereunder be greater than the net proceeds received by such Holder under the sale of the Registrable Securities giving rise to such
indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of Guild or any of its directors, officers, agents, or controlling Persons. Guild may require as a condition to its
including Registrable Securities in any Registration Statement filed hereunder that each such selling Holder acknowledge its agreement to be bound by the provisions of this Agreement (including this Article VI) applicable to it. 

Section 6.3 Notices of Claims. Promptly after receipt by a Holder Covered Person or a Guild Covered Person (each, an
“Indemnified Party”) of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article VI, such Indemnified Party will, if a claim in
respect thereof is to be made against, respectively, Guild, on the one hand, or any selling Holder, on the other hand (such Person or Persons, the “Indemnifying Party”), give written notice to the latter of the commencement of such
action; provided, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its or their obligations under this Article VI, except to the extent that the
Indemnifying Party is actually materially prejudiced by such failure to give notice, and in no event shall such failure relieve the Indemnifying Party from any other liability that it may have to such Indemnified Party. If any such claim or action
shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party thereof in accordance with this Section 6.3, the Indemnifying Party shall be entitled to participate therein, and, to the extent that
it wishes, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party
shall not be liable to such Indemnified Party under this Article VI for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable cost of investigation;
provided, further, that if, in the Indemnified Party’s reasonable judgment, a conflict of interest between the Indemnified Party and the Indemnifying Party exists in respect of such claim, then such Indemnified Party shall have
the right to participate in the defense of such claim and to employ one firm of attorneys at the Indemnifying Party’s expense to represent such Indemnified Party. No Indemnified Party will consent to entry of any judgment or enter into any
settlement without the Indemnifying Party’s 

 
written consent to such judgment or settlement, which shall not be unreasonably withheld, conditioned or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of any judgment or enter into any settlement in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding. 
 Section 6.4
Contribution. If the indemnification provided for in this Article VI is unavailable or insufficient to hold harmless an Indemnified Party under this Article VI, then each Indemnifying Party shall have a several and not joint
obligation to contribute to the amount paid or payable by such Indemnified Party as a result of the Damages referred to in this Article VI in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the
one hand, and the Indemnified Party, on the other hand, in connection with the offering that resulted in such Damages, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other
things, whether an untrue or alleged untrue statement of a material fact or an omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or the Indemnified Party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such untrue statements or omission. Notwithstanding anything in this Section 6.4 to the contrary, no Holder shall be required to contribute any
amount pursuant to this Section 6.4 in excess of the amount by which (a) the net proceeds received by such Holder from the sale of Registrable Securities in the offering to which the misstatement or omission relates
exceeds, and (b) the amount of any Damages that such Holder has otherwise been required to pay by reason of such misstatement or omission. Guild and the Holders agree that it would not be just and equitable if contributions pursuant to this
Section 6.4 were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 6.4. The amount
paid by an Indemnified Party as a result of the Damages referred to in the first sentence of this Section 6.4 shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in
connection with investigating or defending any action or claim (which shall be limited as provided in Section 6.3 if the Indemnifying Party has assumed the defense of any such action in accordance with the provisions
thereof) that is the subject of this Section 6.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation. Promptly after receipt by an Indemnified Party under this Section 6.4 of notice of the commencement of any action against such party in respect of which a claim for
contribution may be made against an Indemnifying Party under this Section 6.4, such Indemnified Party shall notify the Indemnifying Party in writing of the commencement thereof if the notice specified in
Section 6.3 has not been given with respect to such action; provided, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its or
their obligations under this Article VI, except to the extent that the Indemnifying Party is actually materially prejudiced by such failure to give notice, and in no event shall such failure relieve the Indemnifying Party from any other
liability that it may have to such Indemnified Party. 

 Article VII 

Rule 144 
 Section 7.1
Rule 144. Guild shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder, so long as it is subject to such reporting requirements, all to the extent
required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limits of the exemptions provided by Rule 144 of the Securities Act (“Rule 144”). Upon the
request of a Holder, Guild shall deliver to such Holder a written statement stating whether it has complied with such requirements and will take such further action as such Holder may reasonably request, all to the extent required from time to time
to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limits of the exemptions provided by Rule 144. 

Article VIII 

Underwritten Registrations 

Section 8.1 Selection of Underwriter(s). In each registration under Article II, the underwriter or underwriters and
managing underwriter or managing underwriters that will administer the offering shall be selected by the MCMI Holder (or any Affiliate thereof designated thereby that holds Registrable Securities); provided, however, such managing
underwriter or underwriters shall be reasonably acceptable to Guild. In each registration under Article III, the underwriter or underwriters and managing underwriter or managing underwriters that will administer the offering shall be selected
by Guild. 
 Section 8.2 Agreements of Selling Holders. No Holder shall sell any of its Registrable Securities in any
underwritten offering pursuant to a registration hereunder, unless such Holder (a) agrees to sell such Registrable Securities on a basis provided in any underwriting agreement in customary form, including the making of customary
representations, warranties and indemnities and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting agreements or as
reasonably requested by Guild (whether or not such offering is underwritten). 
 Article IX 

Holdback Agreements 

Section 9.1 Restrictions on Public Sales by Holders. To the extent not inconsistent with applicable law, each Holder that is
timely notified in writing by the managing underwriter(s) or underwriter(s) shall not effect any public sale or distribution (including a sale pursuant to Rule 144) of any securities of Guild of the same class or series being registered in an
underwritten offering (other than pursuant to an employee stock option, stock purchase, stock bonus or similar plan, or pursuant to a merger, exchange offer or transaction of the type specified in Rule 145(a) under the Securities Act) or any
securities of Guild convertible into or exchangeable or exercisable for securities of the same class or series, during the seven (7)-day period prior to the effective date of the applicable Registration
Statement, if such date is known, or during the period beginning on such effective date and ending either (a) sixty (60) days after such effective date (except as part of such underwritten offering or pursuant to registrations on Form S-8 or S-4 or any successor forms thereto) or (b) any such earlier date as may be requested by the managing underwriter(s) or underwriter(s) of such registration. 

 Article X 

Effectiveness and Termination 

Section 10.1 Effectiveness. This Agreement shall take effect on the date hereof and shall remain in effect until it is terminated
pursuant to Section 10.2. 
 Section 10.2 Termination. Other than the termination provisions
applicable to particular Sections of this Agreement that are specifically provided elsewhere in this Agreement, this Agreement shall terminate upon the earliest to occur of: (a) the mutual written agreement of each of the Parties hereto to
terminate this Agreement and (b) the date on which no Registrable Securities shall remain outstanding. 
 Article XI 

Miscellaneous 

Section 11.1 Interpretation. In this Agreement, (a) words in the singular shall be deemed to include the plural and vice
versa and words of one gender shall be deemed to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole (including all of the schedules, exhibits and appendices hereto and thereto) and not to any particular provision of this Agreement; (c) Article, Section, schedule, exhibit and appendix references
are to the Articles, Sections, schedules, exhibits and appendices to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement (including this Agreement) shall be deemed to include the exhibits,
schedules and annexes (including all schedules, exhibits and appendixes) to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless
otherwise specified; (f) the word “or” shall not be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to calendar days; (h) references herein to this Agreement or any other
agreement contemplated herein shall be deemed to refer to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; and (i) unless
expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this Agreement,” “hereby” and “hereupon” and words of similar import shall all be references to
October 21, 2020. 
 Section 11.2 Amendments and Waivers. No provisions of this Agreement shall be deemed waived, amended,
supplemented or modified by a Party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement or
modification. 

 Section 11.3 Assignability. This Agreement shall be binding upon and inure to
the benefit of the Parties and their respective successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of
the other Parties hereto; provided, that a Holder may assign its rights and obligations hereunder to an Affiliate of such Holder without such express prior written consent. Notwithstanding the foregoing, no such consent shall be required for
the assignment of a Party’s rights and obligations under this Agreement in connection with a change of control of a Party so long as the resulting, surviving or transferee Person assumes all the obligations of the relevant Party thereto by
operation of law or pursuant to an agreement in form and substance reasonably satisfactory to the other Parties. 
 Section 11.4
Third-Party Beneficiaries. Except for the indemnification rights under this Agreement of any Holder Covered Person or Guild Covered Person in their respective capacities as such, (a) the provisions of this Agreement are solely for the
benefit of the Parties and are not intended to confer upon any Person, except the Parties any rights or remedies hereunder, and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person
with any remedy, claim, Liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

Section 11.5 Entire Agreement. This Agreement contains the entire agreement between the Parties with respect to the subject matter
hereof, supersedes all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties other than those
set forth or referred to herein or therein. 
 Section 11.6 Notices. All notices, requests, claims, demands or other
communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, or by facsimile with receipt confirmed, to the
respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 12.6). 

If to Guild: 
 Guild Holdings
Company 
 5887 Copley Drive 

San Diego, California 92111 

Attention: Lisa I. Klika 
 Email:
lklika@guildmortgage.net 
 with a copy to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 
 Attention: David E. Shapiro, Esq. 

   Mark F. Veblen, Esq. 

   Mark A. Stagliano, Esq. 

Email:       deshapiro@wlrk.com 

   mfveblen@wlrk.com 

   mastagliano@wlrk.com 

 If to any of the Holders, to the address set forth below such Holder’s name on Schedule
I hereto, or such other address as may be designated in writing hereafter, in the same manner, by such Person. 
 A Party may, by notice to
the other Parties, change the address to which such notices are to be given. 
 Section 11.7 Severability. If any provision of
this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or
circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties
shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties. 

Section 11.8 Governing Law. This Agreement (and any claims or disputes arising out of or related hereto or to the transactions
contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in
accordance with the laws of the State of Delaware irrespective of the choice of laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability, performance and remedies. Each Party agrees that all
actions or proceedings arising out of or in connection with this Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement, shall be determined exclusively in the state or federal courts in the
State of Delaware, and each Party hereby irrevocably submits with regard to any such action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each Party
hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the
aforesaid courts for any reason; (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) that (i) any of the aforesaid courts is an inconvenient or
inappropriate forum for such action or proceeding, (ii) venue is not proper in any of the aforesaid court, and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by any of the aforesaid courts. 

Section 11.9 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties. Each Party acknowledges that it and each other Party may execute this Agreement by facsimile,
stamp or mechanical signature, and that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by e-mail in
portable document format (PDF) shall be 

 
effective as delivery of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered
in person, by mail, by courier, by facsimile or by e-mail in portable document format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it will not assert
that any such signature or delivery is not adequate to bind such Party to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable request of any of the other Parties at any time, it will as promptly
as reasonably practicable cause this Agreement to be manually executed (any such execution to be as of the date of the initial date thereof) and delivered in person, by mail or by courier. 

Section 11.10 Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms,
conditions and provisions of this Agreement, the Party or Parties who are, or are to be, thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief in respect of its or their rights under this Agreement,
in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are
inadequate compensation for any loss and that any defense in any Action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of the
Parties. 
 Section 11.11 Waivers of Default. Waiver by a Party of any default by another Party of any provision of this
Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of another Party. No failure or delay by a Party in exercising any right, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 11.12 Headings. The article, section and paragraph headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 11.13 Mutual Drafting. This
Agreement shall be deemed to be the joint work product of the Parties and any rule of construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable. 

[Remainder of page left intentionally blank] 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of
the date set forth above. 
  

			
	GUILD HOLDINGS COMPANY
		
	By:	 	/s/ Mary Ann McGarry
		 	Name: Mary Ann McGarry
		 	Title: Chief Executive Officer
	
	DESIREE ELWELL
		
	By:	 	/s/ Desiree Elwell
	
	BARRETT HORN
		
	By:	 	/s/ Barrett Horn
	
	CATHERINE BLOCKER
		
	By:	 	/s/ Catherine Blocker
	
	CHARLES NAY
		
	By:	 	/s/ Charles Nay

 [Signature Page to Registration Rights Agreement] 

 
			
	
	DAVID BATTANY
		
	By:	 	/s/ David Battany
	
	DAVID NEYLAN
		
	By:	 	/s/ David Neylan
	
	ERIN LANGEVIN
		
	By:	 	/s/ Erin Langevin
	
	GEMMA CURRIER
		
	By:	 	/s/ Gemma Currier
	
	JAMES MADSEN
		
	By:	 	/s/ James Madsen
	
	JOHN PECORARO
		
	By:	 	/s/ John Pecoraro

[Signature Page to Registration Rights Agreement] 

			
	
	KATHARINA FOSTER
		
	By:	 	/s/ Katharina Foster
	
	LISA KLIKA
		
	By:	 	/s/ Lisa Klika
	
	LINDA SCOTT
		
	By:	 	/s/ Linda Scott
	
	MARY ANN MCGARRY
		
	By:	 	/s/ Mary Ann McGarry
	
	MICHAEL RISH
		
	By:	 	/s/ Michael Rish

  

							
	MCCARTHY CAPITAL MORTGAGE INVESTORS, LLC
		
	By:	 	McCarthy Mortgage GP, LLC
	Its:	 	Managing Member
				
		 	    	 	By:	 	McCarthy Partners, LLC
		 		 	Its:	 	Manager
		
	By:	 	 /s/ Patrick J. Duffy

		 	Name: Patrick J. Duffy
		 	Title: President

 [Signature Page to Registration Rights Agreement] 

 
			
	MCGARRY STRATEGIC ENTERPRISES, LLC
		
	By:	 	 /s/ Mary Ann McGarry

		 	Name: Mary Ann McGarry
		 	Title: Manager
	
	ROBERT MYERS
		
	By:	 	 /s/ Robert Myers

	
	SHAYLA GIFFORD
		
	By:	 	 /s/ Shayla Gifford

	
	THERESA CHERRY
		
	By:	 	 /s/ Theresa Cherry

	
	TERRY SCHMIDT
		
	By:	 	 /s/ Terry Schmidt

 [Signature Page to Registration Rights Agreement] 

 SCHEDULE I 

HOLDERS 
  

	
	Desiree Elwell
	Barrett Horn
	Catherine Blocker
	Charles Nay
	David Battany
	David Neylan
	Erin Langevin
	Gemma Currier
	James Madsen
	John Pecoraro
	Katharina Foster
	Linda Scott
	Lisa Klika
	Mary Ann McGarry
	McCarthy Capital Mortgage Investors, LLC
	McGarry Strategic Enterprises, LLC
	Michael Rish
	Robert Myers
	Shayla Gifford
	Terry Schmidt
	Theresa CherryEX-4.1

 Exhibit 4.1 

LIFE STORAGE LP, 
 Issuer, 

LIFE STORAGE, INC., 
 Parent
Guarantor, 
 and 
 Wells Fargo
Bank, National Association, 
 Trustee 
  

 
 Fourth
Supplemental Indenture 
 Dated as of September 23, 2020 

To 
 Indenture 

Dated as of June 20, 2016 
  

 
 2.200% SENIOR
NOTES DUE 2030 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of September 23, 2020 (the “Fourth
Supplemental Indenture”), among LIFE STORAGE LP, a limited partnership formed under the laws of Delaware (the “Issuer”), LIFE STORAGE, INC. (the “Parent Guarantor”), a corporation formed under the laws of Maryland and the
sole owner of Life Storage Holdings, Inc., the general partner of the Issuer and a limited partner of the Issuer, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee (the “Trustee”). 

RECITALS OF THE ISSUER AND THE PARENT GUARANTOR 

WHEREAS, the Issuer, the Parent Guarantor and the Trustee are parties to an Indenture dated as of June 20, 2016 (the “Base
Indenture,” and together with this Fourth Supplemental Indenture, the “Indenture”) relating to the issuance from time to time by the Issuer of its Securities on terms to be specified at the time of issuance; 

WHEREAS, the Issuer proposes to create under the Base Indenture a new series of Securities; 

WHEREAS, Section 301 of the Base Indenture provides that the Issuer, the Parent Guarantor and the Trustee may enter into supplemental
indentures prior to the issuance of a new series of Securities to create such series of Securities and set forth the terms of such series of Securities; and 

WHEREAS, the consent of Holders to the execution and delivery of this Fourth Supplemental Indenture is not required and all the conditions
and requirements necessary to make this Fourth Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

NOW, THEREFORE, in consideration of the premises and the purchase of Securities by the Holders thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders of the Securities or series thereof (as determined by reference to principal amount, plus accrued but unpaid Interest, of the Securities held by such Holders), as follows: 

ARTICLE I 
 RELATION TO
INDENTURE; DEFINITIONS 
 Section 1.1    Relation to Indenture. This Fourth Supplemental Indenture
constitutes an integral part of the Base Indenture. 
 Section 1.2    Definitions. For all purposes of this
Fourth Supplemental Indenture, except for terms defined herein or unless the context otherwise requires, capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture. In addition, the
following terms shall have the following meanings to be equally applicable to both the singular and plural forms of the terms set forth below: 

“Acquired Debt” means Debt of a Person (i) existing at the time such Person is merged or consolidated with or into the Issuer
or any of its Subsidiaries or becomes a Subsidiary of the Issuer; or (ii) assumed by the Issuer or any of its Subsidiaries in connection with the acquisition of assets from such Person. Acquired Debt shall be deemed to be incurred on the date
the acquired Person is merged or consolidated with or into the Issuer or any of its Subsidiaries or becomes a Subsidiary of the Issuer or the date of the related acquisition, as the case may be. 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per year equal to the arithmetic mean of the weekly
average yield to maturity (representing the average of the daily rates for the immediately preceding week) available through, the most recent Statistical Release for the maturity (rounded to the nearest month) corresponding to the remaining life to
the Par Call Date of the notes as of the redemption date. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately
preceding sentence and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Adjusted Treasury
Rate, the most recent Statistical Release published at least three business days prior to the date of the notice of redemption shall be used. 

 “Annual Debt Service Charge” means, for any period, the interest expense of the
Issuer and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, including, without duplication, (1) all amortization of debt discount and premium; (2) all accrued interest; (3) all capitalized
interest; and (4) the interest component of finance lease obligations, but excluding (i) interest reserves funded from the proceeds of any loan, (ii) amortization of deferred financing costs, (iii) prepayment penalties,
(iv) swap ineffectiveness charges and (v) any expense resulting from the discounting of any indebtedness in connection with the application of purchase accounting in connection with any acquisition. 

“Business Day” means, with respect to any Note, any day, other than a Saturday, Sunday or any other day on which banking
institutions in New York, New York are authorized or obligated by law or executive order to close. 
 “Consolidated Income Available
for Debt Service” for any period means Consolidated Net Income of the Issuer and its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for, without duplication: 

 

	 	(i)	 interest expense on Debt; 

 

	 	(ii)	 provision for taxes; 

 

	 	(iii)	 amortization of debt discount, premium and deferred financing costs; 

 

	 	(iv)	 the income or expense attributable to transactions involving derivative instruments that do not qualify for
hedge accounting in accordance with GAAP; 

  

	 	(v)	 losses and gains on sales or other dispositions of properties and other investments, property valuation losses
and impairment charges; 

  

	 	(vi)	 depreciation and amortization; 

 

	 	(vii)	 gains or losses on early extinguishment of debt; 

 

	 	(viii)	 all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment
thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed); 

  

	 	(ix)	 the effect of any non-recurring or other unusual non-cash items, as may be determined by us in good faith; and 

  

	 	(x)	 amortization of deferred charges; 

all determined on a consolidated basis in accordance with GAAP. Consolidated Income Available for Debt Service will be adjusted, without duplication, to give
pro forma effect in the case of any assets having been placed in service or removed from service from the beginning of the period to the date of determination, to include or exclude, as the case may be, any Consolidated Income Available for Debt
Service earned or eliminated as a result of the placement of the assets in service or removal of the assets from service as if the placement of the assets in service or removal of the assets from service occurred at the beginning of the period. 

“Consolidated Net Income” for any period means the amount of net income (or loss) of the Issuer and its Subsidiaries for such
period, excluding, without duplication: 
  

	 	(i)	 extraordinary items; and 

  
 2 

	 	(ii)	 the portion of net income (but not losses) of the Issuer and its Subsidiaries allocable to noncontrolling
interests in unconsolidated Persons to the extent that cash dividends or distributions have not actually been received by the Issuer or one of its Subsidiaries, 

all determined on a consolidated basis in accordance with GAAP. 

“Debt” means, with respect to any Person, any indebtedness of such Person, whether or not contingent, in respect of (without
duplication): 
  

	 	(i)	 indebtedness for borrowed money evidenced by bonds, notes, debentures or similar instruments;

  

	 	(ii)	 indebtedness secured by any Lien on any property or asset owned by such Person, but only to the extent of the
lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined in good faith by the board of directors of the Parent Guarantor, or a duly authorized committee thereof) of the property subject to such Lien;

  

	 	(iii)	 reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or
amounts representing the balance (other than letters of credit issued to provide credit enhancement or support with respect to other of such Person’s or such Person’s Subsidiaries’ indebtedness otherwise reflected as Debt under this
definition) or unconditional obligations to pay the deferred and unpaid purchase price of property, which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto, except any
such purchase price that constitutes an accrued expense or trade payable; or 

  

	 	(iv)	 any lease of property by such Person as lessee which is required to be reflected on such Person’s balance
sheet as a finance lease in accordance with GAAP, 

 in the case of items of indebtedness under (i) through (iii) above to the extent
that any such items (other than letters of credit) would appear as liabilities on such Person’s balance sheet in accordance with GAAP; provided, however, that the term “Debt” will (1) include, to the extent not otherwise
included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business) Debt of the types referred to above of another Person other than
obligations to be liable for the Debt of another Person solely as a result of non-recourse carveouts (it being understood that Debt shall be deemed to be incurred by such Person whenever such Person shall
create, assume, guarantee or otherwise become liable in respect thereof) and (2) exclude any such indebtedness (or obligation referenced in clause (1) above) that has been the subject of an “in substance” defeasance in accordance
with GAAP and Intercompany Debt that is subordinate in right of payment to the Notes (or an obligation to be liable for, or to pay, Intercompany Debt that is subordinate in right of payment to the Notes referenced in clause
(1) above).     
 “GAAP” means generally accepted accounting principles in the United States of America
in effect as of the issue date, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. 

“Intercompany Debt” means, as of any date, indebtedness and liabilities for borrowed money, secured or unsecured, to which the only
parties are the Issuer, the Parent Guarantor or any Subsidiary of either of them as of that date. 
 “Lien” means any lien
(statutory or other), mortgage, deed of trust, deed to secure Debt, pledge, security interest, assignment for collateral purposes, deposit arrangement, encumbrance or preference, priority, or other security agreement, excluding any right of setoff
but including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security
interest. 

  
 3 

 “Quotation Agent” means an independent investment banking institution of national
standing appointed by the Issuer from time to time. 
 “Par Call Date” means July 15, 2030 (the date that is 90 days prior to
the Maturity Date). 
 “Statistical Release” means the statistical release designated “H.15” or any successor
publication which is published by the Federal Reserve System (or companion online data resource published by the Federal Reserve System) and which establishes yields on actively traded United States government securities adjusted to constant
maturities, or, if such statistical release is not published at the time of any determination under the indenture, then such other reasonably comparable index designated by us. 

“Subsidiary” means a corporation, partnership, association, joint venture, trust, limited liability company or other business entity
which is required to be consolidated with a Person in accordance with GAAP. 
 “Total Assets” means the sum of, without
duplication, (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding accounts receivable, non-real estate intangible assets and right-of-use assets associated with an operating lease in accordance with GAAP) of the Issuer and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 

“Total Unencumbered Assets” means, as of any date, the sum of, without duplication, (i) Undepreciated Real Estate Assets that
are not subject to a Lien securing Debt; and (ii) all other assets (excluding accounts receivable, non-real estate intangible assets and
right-of-use assets associated with an operating lease in accordance with GAAP) of the Issuer and its Subsidiaries that are not subject to a Lien securing Debt, all
determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 3.4, all investments by the Issuer and
its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets to the extent that such investments
would have otherwise been included. 
 “Undepreciated Real Estate Assets” means, as of any date, the cost (original acquisition
cost plus capital improvements) of real estate assets, right of use assets associated with a financing lease in accordance with GAAP, related intangibles of the Issuer and its Subsidiaries on such date, before depreciation and amortization, all
determined on a consolidated basis in accordance with GAAP; provided, however, that “Undepreciated Real Estate Assets” shall not include the right of use assets associated with an operating lease in accordance with GAAP. 

“Unsecured Debt” means Debt of the Issuer or any of its Subsidiaries which is not secured by a Lien on any property or assets of the
Issuer or any of its Subsidiaries. 
 ARTICLE II 

THE SECURITIES 
 There is
established a series of Securities pursuant to the Base Indenture with the following terms: 

Section 2.1    Title of the Securities. The series of Securities established under this Fourth Supplemental
Indenture shall be designated as the “2.200% Senior Notes due 2030” (the “Notes”). 

Section 2.2    Aggregate Principal Amount. The Notes initially will be issued in an aggregate principal amount
of $400,000,000 (not including the Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 304, 305 or 306 of the Base Indenture); provided that the Issuer may,
without the consent of Holders of the Notes, issue additional Notes having the same ranking and the same interest rate, maturity and other terms as the Notes, except for the issue date, issue price, the first payment date (if applicable) and payment
of Interest accruing prior to the issue date of the additional Notes, which additional Notes will constitute a single series of Securities under the Indenture. 

  
 4 

 Section 2.3    Maturity Date. The date on which the
principal on the Notes is payable is October 15, 2030, subject to the provisions of the Indenture relating to acceleration (the “Maturity Date”). 

Section 2.4    Ranking. The Notes and the Guarantee of the Parent Guarantor will be the Issuer’s and the
Parent Guarantor’s senior unsecured obligations, respectively, and will rank equally in right of payment with all of such entities’ existing and future senior unsecured, unsubordinated indebtedness. The Notes and the Guarantee, however,
will be effectively subordinated to all of the Issuer’s and Parent Guarantor’s existing and future secured indebtedness, respectively (to the extent of the value of the collateral securing such indebtedness). The Notes and the Guarantee
will also be effectively subordinated in right of payment to all existing and future liabilities and other indebtedness, whether secured or unsecured, of the Issuer’s subsidiaries. 

Section 2.5    Additional Notes. The Notes will initially be limited to an aggregate principal amount of
$400,000,000. The Issuer may from time to time, without notice to or consent of existing Holders of the Notes, create and issue additional Securities, subject to the restrictions described in Article III hereof, having the same terms and conditions
as the Notes in all respects, except for the issue date and, under certain circumstances, the issue price, Interest accrued prior to the issue date and first payment of Interest thereon. Additional notes issued in this manner will be consolidated
with and will form a single series with the previously outstanding notes, provided, however, that such additional notes may not be fungible with the previously outstanding notes for U.S. federal income tax purposes, in which case the
additional notes would have a different CUSIP number than the Notes offered hereby. 

Section 2.6    Interest. The Notes will bear Interest from, and including, September 23, 2020, or from,
and including, the most recent Interest Payment Date to which Interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date or Maturity Date of the Notes, as applicable, at a rate of 2.200% per annum, payable
semi-annually in arrears on April 15 and October 15 of each year, commencing April 15, 2021. The Issuer will pay Interest to the Person in whose name a Note is registered at the close of business on April 1 and
October 1 (whether or not a Business Day) next preceding the Interest Payment Date. The Issuer will compute interest on the basis of a 360-day year consisting of twelve
30-day months. If any Interest Payment Date or Maturity Date falls on a day that is not a Business Day, the required payment of principal or interest will be made on the next succeeding Business Day as if made
on the date on which such payment was due, and no interest will accrue on such payment for the period from and after such Interest Payment Date or Maturity Date, as the case may be, to the date of such payment on the next succeeding Business Day.

 Section 2.7    Place of Payment for Principal and Interest. The principal and Interest on the Notes will
be payable at the office or agency of the Issuer maintained for that purpose, pursuant to the Base Indenture, in the City of New York, which initially shall be the Corporate Trust Office; provided, however, that at the option of the Issuer, such
payment of principal, or Interest may be made by check mailed to the Person entitled thereto as provided in the Base Indenture. 

Section 2.8    Defeasance and Waiver of Covenants. The Notes shall be subject to defeasance under Sections 402
and 403 of the Base Indenture, and Sections 3.1, 3.2, 3.3 and 3.4 hereof are subject to covenant defeasance under Section 403 of the Base Indenture as permitted pursuant to Section 401 of the Base Indenture and subject to
waiver under Section 1008 of the Base Indenture. 
 Section 2.9    Sinking Fund. The Notes shall
not have the benefit of any sinking fund. 
 Section 2.10    Form and Dating. 

(a)    The Notes shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. 

(b)    The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this
Fourth Supplemental Indenture, and the Issuer, the Parent Guarantor and the Trustee, by their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Notes conflicts with the express provisions of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture shall govern and be controlling. 

  
 5 

 (c)    The Notes will be issued in the form of a fully-registered
global security (the “Global Security”). The Depository Trust Company shall serve as the depository (the “Depositary”) for the Global Security. The Global Security will be deposited with, or on behalf of, the Depositary and
registered, at the request of the Depositary, in the name of Cede & Co. Except as set forth below, the Global Security may be transferred, in whole and not in part, only by the Depositary to its nominee or by its nominee to such Depositary
or another nominee of the Depositary or by the Depositary or its nominee to a successor of the Depositary or a nominee of such successor. If (i) the Depositary is at any time unwilling or unable to continue as depositary and a successor
depositary is not appointed by the Issuer within 90 calendar days after receipt of such notice from the Depositary; (ii) the Depositary ceases to be a clearing agency registered under the Exchange Act and the Issuer does not appoint a successor
depositary within 90 calendar days of becoming aware that the Depositary has ceased to be registered as a clearing agency; (iii) the Issuer, in its sole discretion, determines that the Notes will be exchangeable for definitive securities
in registered form and notifies the Trustee of its decision; or (iv) an Event of Default with respect to the Notes represented by the Global Security has occurred and is continuing, then in each case the Issuer may issue Notes in
certificated form in exchange for the Global Security. In each of these instances, an owner of an interest in the Global Security would be entitled to physical delivery of such Notes in certificated form. Notes so issued in certificated form will be
issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof and will be issued in registered form only. 

Section 2.11    Optional Redemption.  

(a)    The Issuer may redeem the Notes at its option and sole discretion, at any time or from time to time prior to the
Par Call Date, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes being redeemed; or (ii) as determined by the Quotient Agent, the sum of the present values of the remaining
scheduled payments of principal and Interest thereon that would be due if such Notes matured on the Par Call Date but for the redemption thereof (not including any portion of such payments of Interest accrued as of the Redemption Date)
discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 25 basis points,
plus, in each case, accrued and unpaid Interest thereon to, but not including, the applicable Redemption Date; provided, however, that if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment
Date, the Issuer will pay the full amount of accrued and unpaid Interest, if any, on such Interest Payment Date to the Holder of record of the Notes at the close of business on the corresponding Record Date (instead of the Holder surrendering its
Notes for redemption). Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid Interest thereon
to, but not including, the applicable Redemption Date. 
 (b)    If any Redemption Date falls on a day that is not a
Business Day, the required payment of the Redemption Price will be made on the next succeeding Business Day as if made on the date on which such payment was due, and no interest will accrue on such payment for the period from and after such
Redemption Date to the date of such payment on the next succeeding Business Day. 
 (c)    If the Issuer elects to
redeem the Notes in part, the Trustee will select the Notes to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), in the case of certificated notes, on a pro rata basis, by lot or such other method it
deems fair and appropriate and, in the case of Global Notes held through the Depositary, in accordance with the applicable procedures of the Depositary. 

(d)    The Issuer will not redeem the Notes pursuant to this Section 2.11 on any date if the principal amount
of the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date. 

(e)    Notice of redemption pursuant to this Section 2.11 shall be given in the manner provided in Sections
106 and 1104 of the Base Indenture not later than 15 days and not earlier than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed. 

  
 6 

 Section 2.12    Payment of Notes Called for Redemption by the
Issuer. If notice of redemption has been given as provided in Sections 106 and 1104 of the Base Indenture, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at
the place or places stated in such notice at the Redemption Price, and unless the Issuer shall default in the payment of such Notes at the Redemption Price, so long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes
to be redeemed on the Redemption Date, then on and after such date: (a) such Notes will cease to be Outstanding on and after the Redemption Date, (b) Interest on the Notes or portion of Notes so called for redemption shall cease to accrue
on and after the Redemption Date, and (c) all rights of the Holders of the Notes shall cease with respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment
in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Issuer at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date. 

Section 2.13    Nonconvertible. The Notes shall not be convertible or exchangeable for any other security or
property. 
 Section 2.14    Parent Guarantor. The Notes shall be Guaranteed by the Parent Guarantor in
accordance with Article Fourteen of the Base Indenture. 
 ARTICLE III 

ADDITIONAL COVENANTS 
 In
addition to the covenants set forth in the Base Indenture, the Issuer hereby further covenants as follows: 

Section 3.1    Limitation on Total Outstanding Debt. The Issuer shall not, and shall not permit any of its
Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount
of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 60% of the sum of the following (without duplication): (1) Total Assets of the Issuer and its Subsidiaries as of
the last day of the then most recently ended fiscal quarter for which financial statements are available and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities
offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the
proceeds obtained from the incurrence of such additional Debt. 
 Section 3.2    Secured Debt Test. The
Issuer shall not, and shall not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Lien on any of its or any of its Subsidiaries’ property or assets, whether owned on the date of this
Fourth Supplemental Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of its and its
Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) which is secured by a Lien on any of the Issuer’s or any of its Subsidiaries’ property or assets is greater than 40% of the sum of the
following (without duplication): (1) Total Assets of the Issuer and its Subsidiaries as of the last day of the then most recently ended fiscal quarter for which financial statements are available; and (2) the aggregate purchase price of any
real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by
the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. 

Section 3.3    Debt Service Test.  

(a)    The Issuer shall not, and shall not permit any of its Subsidiaries to, incur any Debt (including without limitation
Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended, 

  
 7 

 
for which financial statements are available, prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to
the incurrence of such Debt and the application of the proceeds from such Debt (determined on a consolidated basis in accordance with GAAP), and calculated on the following assumptions: (1) such Debt and any other Debt (including,
without limitation, Acquired Debt) incurred by the Issuer or any of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had
occurred, on the first day of such period; (2) the repayment or retirement of any other Debt of the Issuer or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except
that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and (3) in the case of
any acquisition or disposition by the Issuer or any of its Subsidiaries since the first day of such four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred
as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

(b)    If the Debt giving rise to the need to make the calculation described in Section 3.3(a) or any other Debt incurred
after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt will be computed on a pro forma basis by applying the average
daily rate which would have been in effect during the entire four-quarter period to the greater of the amount of such Debt outstanding at the end of such period or the average amount of such Debt outstanding during such period. 

(c)    For purposes of this Section 3.3, Debt will be deemed to be incurred by the Issuer or any of its Subsidiaries
whenever the Issuer or any of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof. 

Section 3.4    Maintenance of Total Unencumbered Assets. The Issuer shall not have at any time Total
Unencumbered Assets of less than 150% of the aggregate principal amount of all of its and its Subsidiaries’ outstanding Unsecured Debt determined on a consolidated basis in accordance with GAAP. 

ARTICLE IV 

MISCELLANEOUS PROVISIONS 

Section 4.1    Trustee. The Trustee is appointed as the paying agent, transfer agent and registrar of the
Notes and for the purposes of Section 1002 of the Base Indenture. 
 Section 4.2    Ratification of Base
Indenture. This Fourth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture continues in full force and effect and is in all
respects confirmed and preserved, and the Base Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. In the event of a conflict between the language of this Fourth Supplemental Indenture
and the Base Indenture, the language of this Fourth Supplemental Indenture shall control. 
 Section 4.3    No
Representation by Trustee. The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture. 

Section 4.4    Separability. In case any provision in this Fourth Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 4.5    Governing Law. This Fourth Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York. 

  
 8 

 Section 4.6    Counterparts. This Fourth Supplemental
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

					
	 LIFE STORAGE LP,

as Issuer

	
	By: LIFE STORAGE HOLDINGS, INC., as general partner
		
	By:	 	 /s/ Andrew J. Gregoire

		 	Name:	 	Andrew J. Gregoire
		 	Title:	 	Chief Financial Officer
	
	 LIFE STORAGE, INC.,

as Parent Guarantor

		
	By:	 	 /s/ Andrew J. Gregoire

		 	Name:	 	Andrew J. Gregoire
		 	Title:	 	Chief Financial Officer                                 
                           
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Stefan Victory

		 	Name:	 	Stefan Victory
		 	Title:    	 	Vice President

 [Signature Page to the Fourth Supplemental Indenture] 

 EXHIBIT A 

 FORM OF NOTE 

[Face of Note] 
 CUSIP # 53227J AC8

 ISIN US53227JAC80 
 2.200%
Senior Note due 2030 
  

			
	No. [     ]	  	$[         ]

 LIFE STORAGE LP 

promises to pay to CEDE & CO. or its registered assigns, the principal sum of [ ] Dollars on October 15, 2030. 

Interest Payment Dates: April 15 and October 15 

Record Dates: April 1 and October 1 
 Dated:
September 23, 2020 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 IN WITNESS WHEREOF, Life Storage LP has caused this instrument to be duly executed as of the day and
year first written above. 
  

			
	LIFE STORAGE LP
		
	By:	 	LIFE STORAGE HOLDINGS, INC.,
		 	as General Partner
		
	By:	 	  

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as Trustee

		
	By:	 	  

		 	Authorized Signatory

 [Signature Page to Note]

 [Back of Note] 

2.200% Senior Notes due 2030 
 Capitalized terms
used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 (1) Interest. The Notes
will bear interest from, and including, September 23, 2020, or from, and including, the most recent interest payment date to which interest has been paid or duly provided for, to, but excluding, the applicable interest payment date or Maturity
Date of the Notes, as applicable, at a rate of 2.200% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, commencing April 15, 2021. The Issuer will pay interest to the Person in whose name a Note is
registered at the close of business on April 1 and October 1 next preceding the interest payment date. The Issuer will compute interest on the basis of a 360-day year consisting of twelve 30-day months. If any interest payment date or Maturity Date falls on a day that is not a Business Day, the required payment of principal or interest will be made on the next succeeding Business Day as if made on
the date on which such payment was due, and no interest will accrue on such payment for the period from and after such interest payment date or Maturity Date, as the case may be, to the date of such payment on the next succeeding Business Day. 

(2) Place of Payment for Principal and Interest. The principal of and interest on the Notes will be payable at the office or agency of the
Issuer maintained for that purpose, pursuant to the Indenture, in the City of New York, which initially shall be the corporate trust office of the Trustee; provided, however, that at the option of the Issuer, such payment of principal or interest
may be made by check mailed to the person entitled thereto as provided in the Indenture. 
 (3) Paying Agent and Security Registrar.
Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent and Security Registrar. The Issuer may change any Paying Agent or Security Registrar without notice to any Holder. The Issuer or any of its
Subsidiaries may act in any such capacity. 
 (4) Sinking Funds. The Notes are not subject to repayment at the option of the Holder
thereof. In addition, the Notes are not entitled to the benefit of, and are not subject to, any sinking fund. 
 (5) Indenture. The Issuer
issued the Notes under an indenture, dated as of June 20, 2016 (the “Base Indenture”), as amended by the Fourth Supplemental Indenture, dated as of September 23, 2020 (the “Fourth Supplemental Indenture,”
and together with the Base Indenture, and as the Base Indenture and the Fourth Supplemental Indenture may be further amended and supplemented from time to time, the “Indenture”), among the Issuer, the Parent Guarantor named therein
and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all
such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Notes are unsecured obligations of the Issuer. 
 (6) Redemption. The Issuer shall have the right to
redeem the Notes under certain circumstances as set forth in Section 2.11 of the Fourth Supplemental Indenture. 
 (7) Payment of Notes Called For
Redemption. If notice of redemption has been given as provided in Sections 106 and 1104 of the Base Indenture, and unless the Issuer shall default in the payment of such Notes at the Redemption Price, so long as the Paying Agent holds funds
sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then on and after such date: (a) such Notes will cease to be Outstanding on and after the Redemption Date, (b) Interest on the Notes
or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date, and (c) all rights of the Holders of the Notes shall cease with respect of such Notes except the right to receive the Redemption Price thereof.

 (8) Denominations, Transfer and Exchange. The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any
Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. The Issuer shall not be required (i) to issue, register the transfer of or exchange the Notes during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption under Section 1104 of the Base Indenture and ending at the close of business on the day of the mailing of the relevant
notice of redemption, or (ii) to register the transfer of or exchange any Notes so selected for redemption as a whole or in part, except the unredeemed portion of any Notes being redeemed in part. 

(9) Persons Deemed Owners. Prior to due presentment of a Note for registration of transfer, the Issuer, any Guarantor, the Trustee for such
Note and any agent of the Issuer, any Guarantor or such Trustee may treat the Person in whose name any such Note is registered as the owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to
Section 307 of the Base Indenture) interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, any Guarantor, such Trustee or any agent of the Issuer, any Guarantor or such
Trustee shall be affected by notice to the contrary. 
 None of the Issuer, any Guarantor, the Trustee, any Paying Agent or the Security Registrar shall
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. 
 (10) Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, the Guarantee or the Notes
may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding affected by such amendment or supplemental indenture voting as a single class, and any existing Default or Event
of Default or compliance with any provision of the Indenture, the Guarantee or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class. Without
the consent of any Holder of a Note, the Indenture, the Guarantee or the Notes may be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of
certificated Notes; to provide for the assumption to a successor of the Issuer’s or Guarantor’s obligations to Holders of Notes; add additional Guarantees with respect to the Notes; secure the Notes; to make any other change that would
provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; or to comply with requirements of the Trust Indenture Act or to maintain the qualification
of the Indenture under the Trust Indenture Act. 
 (11) Defaults and Remedies. If an Event of Default (other than an Event of Default specified in
Sections 501(6) or 501(7) of the Base Indenture) occurs and is continuing, the entire principal amount and accrued interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of not less than 25%
in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 501(6) or 501(7) of the Base Indenture occurs, the
principal amount and accrued interest on all the Notes shall be immediately and automatically due and payable without any declaration or other act by the Trustee or any Holder. 

(12) No Recourse Against Others. No past, present or future individual incorporator, limited partner, stockholder, trustee, director, officer or
employee of the Issuer, any Guarantor or of any successor entity to the Issuer or any Guarantor will have any liability for any obligations of the Issuer and any Guarantor under the Notes or the Indenture based on, in respect of, or by reason of
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. 

 (13) Authentication. No Note shall be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose unless there appears on such Note the certificate of authentication manually executed by the Trustee for such Note or on its behalf pursuant to Section 614 of the Base Indenture, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 (14) CUSIP Numbers. The
Issuer in issuing the Notes may use “CUSIP” numbers (if then generally in use) or other identifying numbers (“Identifying Numbers”) and, if so, the Trustee shall use such Identifying Numbers in notices of redemption as a
convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such Identifying Numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be
placed only on the other identifying numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any change in the Identifying
Numbers. 
 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Life Storage LP 
 c/o Life Storage, Inc. 

6467 Main Street 
 Williamsville, New York 14221 

Attention: Andrew J. Gregoire, Chief Financial Officer 

 FORM OF NOTATION OF GUARANTEE 

For value received, the Guarantor (which term includes any successor Person under the Indenture hereinafter referred to) has unconditionally
guaranteed to the extent set forth in, and subject to the provisions of, an indenture dated as of June 20, 2016 (the “Base Indenture”), as amended by the Fourth Supplemental Indenture, dated as of September 23, 2020 (the
“Fourth Supplemental Indenture” and, together with the Base Indenture, and as the Base Indenture and the Fourth Supplemental Indenture may be further amended and supplemented from time to time, the “Indenture”)
among Life Storage LP (the “Issuer”), the Guarantor named therein and Wells Fargo Bank, National Association, as trustee (the “Trustee”), providing for the issuance of 2.200% Senior Notes due 2030, the due and
punctual payment of the principal of and interest on the Notes to which this notation is affixed and all other amounts due and payable under the Indenture and the Notes to which this notation is affixed by the Issuer. 

The obligations of such Guarantor to the Holders of Notes to which this notation is affixed and to the Trustee pursuant to the Guarantee and
the Indenture are expressly set forth in Article Fourteen of the Base Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

			
	LIFE STORAGE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Assignment Form 
  

	
	 To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:            
                                         
                                         
                                         
                                         
 

	                            (Insert assignee’s legal name)
	
	  

	(Insert assignee’s Soc. Sec. or Tax I.D. No.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                         
                                    to transfer this Note on the books
of the Issuer. The agent may substitute another to act for him. 
  

			
	Date:	 	
                    

  

	
	 Your

Signature:                        
                                         
                   

	(Sign exactly as your name appears on the face of this Note)

 Signature
Guarantee:                                       
                          
  

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

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL SECURITY 

The following increases or decreases in the principal amount of this Global Note have been made: 

 

																	
	 Date of Increase or Decrease
	  	Amount of
Decrease in
Principal Amount
of this Global
Security	 	  	Amount of Increase
in Principal
Amount of this
Global Security	 	  	Principal Amount
of this Global
Security Following
Such Decrease
(or increase)	 	  	Signature of
Authorized
Signatory of Trustee
or Custodian

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