Document:

EX-10.1

 EXHIBIT 10.1 

EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT 

This EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT (the “Agreement”) is effective as of October 1, 2013 (the
“Effective Date”), by and between Industrial Property Trust Inc., a Maryland corporation (the “Corporation”), Industrial Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”)
and Industrial Property Advisors LLC, a Delaware limited liability company (the “Advisor”). 
 WITNESSETH 

WHEREAS, the Corporation, the Operating Partnership and the Advisor are parties to the Advisory Agreement dated as of July 16,
2013 (the “Advisory Agreement”), and capitalized terms not otherwise defined herein shall have the meanings given them in the Advisory Agreement; 

WHEREAS, pursuant to the Advisory Agreement, the Advisor manages the day-to-day activities and implements the investment strategy of
the Corporation and is paid certain fees for these services; 
 WHEREAS, the Corporation and the Operating Partnership have requested
that the Advisor help reduce certain of the Corporation’s expenses in certain circumstances as noted in this Agreement; and 

WHEREAS, the Advisor, in its pursuit to carry on a viable trade or business, has agreed to help reduce certain of the
Corporation’s expenses, in its ordinary course in certain circumstances as noted in this Agreement, which assistance is similar to assistance provided by other entities engaged in the Advisor’s business to affect the marketability of the
corporate entity which they advise. 
 NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set
forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows: 
  

	 	1.	DEFINITIONS 

 As used in this Agreement, the following terms have the definitions
hereinafter indicated: 
 Baseline Distributions. The aggregate distributions that would have been declared on shares of the
Corporation’s common stock assuming an annualized distribution rate of $0.45 per share. 
 CDFFO. Company-Defined Funds from
Operations, as reported in the Corporation’s periodic reports filed with the Securities and Exchange Commission. 
 CDFFO Excess.
CDFFO Excess shall have the meaning set forth in Section 2(c) of this Agreement. 
 CDFFO Shortfall. CDFFO Shortfall shall have
the meaning set forth in Section 2(a) of this Agreement. 
 Deferred Asset Management Fee. Deferred Asset Management Fee shall
have the meaning set forth in Section 2 of this Agreement. 
 Effective Date. Effective Date shall have the meaning set forth in
the preamble of this Agreement. 

  
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 Expense Support Payment. Expense Support Payment shall have the meaning set forth in
Section 3 of this Agreement. 
 Reimbursable Amounts. Reimbursable Amounts shall have the meaning set forth in Section 4 of
this Agreement. 
  

	 	2.	DEFERRAL OF ASSET MANAGEMENT FEES. During the period beginning on the Effective Date and ending upon the termination or expiration of this Agreement: 

 

	 	a.	If, in a given calendar quarter, the Corporation’s CDFFO for that quarter is less than the Baseline Distributions for record dates of that quarter (in each case, a “CDFFO Shortfall”), then some or all of
the Asset Management Fee otherwise payable by the Corporation to the Advisor with respect to that quarter shall be deferred as set forth in this Section 2(a). The amount of the Asset Management Fee to be deferred for the given quarter shall
equal the lesser of (i) the Baseline Distributions for record dates of that quarter minus the Corporation’s CDFFO for that quarter, or (ii) the entire Asset Management Fee otherwise payable by the Corporation to the Advisor with
respect to that quarter. 

  

	 	b.	Because Asset Management Fees are payable monthly by the Corporation to the Advisor, the Advisor shall refund to the Corporation any Asset Management Fees previously paid to the Advisor with respect to a given calendar
quarter in excess of the amount that should have been paid to the Advisor with respect to such calendar quarter after taking into account the Asset Management Fee required to be deferred with respect to such calendar quarter in accordance with
Section 2(a). Any such refund of Asset Management Fees payable pursuant to this Section 2(b) shall be paid by the Advisor to the Corporation within ten (10) calendar days following the filing by the Corporation of its first periodic
report with the Securities and Exchange Commission on Form 10-K or Form 10-Q, as applicable, after the calendar quarter with respect to which such Asset Management Fees were paid. 

 

	 	c.	If, in a given calendar quarter, the Corporation’s CDFFO for that quarter is greater than the Baseline Distributions for record dates of that quarter (in each case, a “CDFFO Excess”), then the amount of
the Asset Management Fee deferred for the given quarter shall equal zero. 

 Any amount of Asset Management Fee deferred
pursuant to this Section 2 shall be referred to hereinafter as a “Deferred Asset Management Fee.” All Deferred Asset Management Fees shall be subject to conditional reimbursement in accordance with the terms of Section 4 of this
Agreement. 
  

	 	3.	 DISCRETIONARY EXPENSE SUPPORT PAYMENTS. During the period beginning on the Effective Date and ending upon the termination or expiration of this
Agreement, in any given calendar quarter the Advisor may elect, in its sole discretion, to fund, directly or indirectly, certain expenses of the Corporation or the Operating Partnership, including but not limited to general and administrative
expenses and interest expense. Any payment made by the Advisor pursuant to this Section 3 to fund, directly or indirectly, expenses of the Corporation or the Operating Partnership shall be referred to hereinafter as an “Expense Support
Payment.” If, with respect to a given calendar quarter, the Advisor desires to fund as an “Expense Support Payment” an amount equal to (i) the CDFFO Shortfall for such quarter, less (ii) the amount of Deferred Asset
Management Fees for such quarter, then, prior to the 

  
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end of such calendar quarter, the Advisor, Corporation and Operating Partnership shall enter into a “Quarterly Expense Support Agreement” substantially in the form of Exhibit
A attached hereto. Except for the obligation created by a Quarterly Expense Support Agreement executed pursuant to this Section 3, the Advisor shall be under no obligation to make Expense Support Payments, and the timing and amount of
any Expense Support Payment shall be solely in the discretion of the Advisor. All Expense Support Payments shall be subject to conditional reimbursement in accordance with the terms of Section 4 of this Agreement. If the sum of all Expense
Support Payments made with respect to a given calendar quarter causes the Corporation to have a CDFFO Excess for such quarter, the Corporation shall refund to the Advisor the amount of Expense Support Payments necessary to eliminate the CDFFO Excess
for such quarter. 

  

	 	4.	CONDITIONAL REIMBURSEMENT. Deferred Asset Management Fees and Expense Support Payments (collectively referred to hereinafter as “Reimbursable Amounts”) shall be reimbursed by the Corporation to the
Advisor subject to the following terms and conditions: 

  

	 	a.	Expiration of Reimbursable Amounts. Reimbursable Amounts shall, pursuant to Section 4(c) hereof, be reduced on a dollar for dollar basis upon their reimbursement by the Corporation to the Advisor. Any
Reimbursable Amount not reimbursed by the Corporation to the Advisor within three years after the end of the calendar quarter in which such Reimbursable Amount originated shall be deemed expired, and the Corporation’s obligation to reimburse
such Reimbursable Amount to the Advisor shall be cancelled, but only as to that portion of the Reimbursable Amount. 

  

	 	b.	Dollar Amount of Reimbursements. If, in a given calendar quarter, there exists a CDFFO Excess, then the Corporation shall make a reimbursement to the Advisor in an amount equal to the lesser of (i) the
Corporation’s CDFFO for that quarter minus the Baseline Distributions for record dates of that quarter, or (ii) the sum of all Reimbursable Amounts that have not expired or been repaid. 

 

	 	c.	Priority of Reimbursements. Any reimbursement made by the Corporation to the Advisor pursuant to Section 4(b) shall be applied to Reimbursable Amounts that have not expired or been repaid in the order of
oldest to newest. 

  

	 	d.	Reimbursement Upon Liquidity Event. In connection with the completion of a Liquidity Event, the Corporation shall reimburse the Advisor for any Reimbursable Amounts that have not expired or been repaid pursuant
to Section 4(a); provided that the Corporation shall reimburse the Advisor under this Section 4(d) only if the holders of the Special OP Units would be entitled to have their Special OP Units exchanged or redeemed pursuant to the
requirements of Sections 8.7(b) and 8.7(c) of the Operating Partnership Agreement; and provided further that the amount of the reimbursement shall equal the lesser of (i) the sum of all Reimbursable Amounts that have not expired or been repaid,
or (ii) the maximum amount permitted to be reimbursed without causing the general partner of the Operating Partnership to receive (or be deemed to receive) less than the return specified by Section 8.7(c) of the Operating Partnership
Agreement. The Corporation shall pay such reimbursement to the Advisor prior to (i) any such exchange or redemption of the Special OP Units and (ii) any payment of any other distribution to any other party in connection with the Liquidity
Event. After the Corporation has reimbursed the Advisor to the extent permissible under this Section 4(d), the Corporation shall have no further obligation to pay, and the Advisor shall have no further right to receive, any additional
reimbursement of any Reimbursable Amounts. 

  
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	 	e.	Non-Interest Bearing. The Corporation’s obligation to reimburse the Advisor the Reimbursable Amounts pursuant to this Section 4 shall be a non-interest bearing obligation. 

 

	 	f.	No Clawback. The Advisor’s obligations in the event of a CDFFO Shortfall are limited solely to those obligations described in Section 2 of this Agreement. The occurrence of a CDFFO Shortfall in any
given calendar quarter shall not entitle the Corporation to receive any refund of any amounts previously reimbursed pursuant to this Section 4 or of any Asset Management Fees (or other amounts) previously paid by the Corporation to the Advisor
except as specified in Section 2(b) of this Agreement. Notwithstanding this Section 4(f), the terms of Section 12 of the Advisory Agreement shall continue to apply to all reimbursements of Total Operating Expenses paid to the Advisor;
provided, however, that if Section 12 of the Advisory Agreement prohibits the payment of all or a portion of a reimbursement payable by the Corporation to the Advisor pursuant to this Section 4 for a calendar quarter, then such
reimbursement shall be deemed to have been earned by the Advisor in such calendar quarter and any portion of the reimbursement that is not permitted to be paid to the Advisor pursuant to Section 12 of the Advisory Agreement shall be paid by the
Corporation in the next calendar quarter in which Section 12 of the Advisory Agreement permits such reimbursement. 

  

	 	g.	Termination of Advisory Agreement. Except as described in Section 4(d) hereof, in the event of a termination or expiration of the Advisory Agreement, any Reimbursable Amounts that have not expired or been
repaid pursuant to Section 4(a) will not become immediately due and payable. Notwithstanding the foregoing, the agreements contained in Section 4 shall survive any such termination or expiration of the Advisory Agreement and shall remain
operative and in full force and effect. 

  

	 	5.	QUARTERLY ACKNOWLEDGEMENT. For each calendar quarter, the Corporation, the Operating Partnership and the Advisor shall execute a written acknowledgement substantially in the form attached hereto as Exhibit
B specifying, with respect to such quarter, the dollar amount of (i) Deferred Asset Management Fees, (ii) Expense Support Payments, (iii) reimbursement payments to be made by the Corporation to the Advisor, and
(iv) Reimbursable Amounts expiring in accordance with Section 4(a) hereof. Exhibit B shall also specify the outstanding balance of Reimbursable Amounts that have not expired or been repaid as of the end of such calendar
quarter after taking into account items (i) through (iv) of this Section 5. 

  

	 	6.	TERM; SURVIVAL. This Agreement shall continue in full force and effect until September 30, 2014; provided, however, that (i) any obligations of a party to this Agreement to make payments to another
party pursuant to Sections 2 and 3 of this Agreement with respect to the calendar quarter ending September 30, 2014 shall remain operative and in full force and effect and shall survive the expiration of this Agreement and (ii) the
agreements contained in Section 4 of this Agreement shall remain operative and in full force and effect and shall survive any termination or expiration of this Agreement. 

 

	 	7.	 TERMINATION. This Agreement may be terminated at any time, and without payment of any penalty, by a majority of the independent directors of
the Corporation, upon sixty (60) days prior written notice to the Advisor, or by the Advisor upon sixty (60) days prior written notice to the Corporation. This Agreement and the Advisor’s obligations under Section 2 and
Section 3 hereof shall immediately terminate upon the earlier to occur of (a) the termination 

  
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or non-renewal of the Advisory Agreement by the Corporation; (b) the delivery by the Corporation of notice to the Advisor of the Corporation’s intent to terminate or not renew the
Advisory Agreement; or (c) a Liquidity Event. Notwithstanding anything in this Section 7 to the contrary, the agreements contained in Section 4 of this Agreement shall remain operative and in full force and effect and shall survive
any such termination or expiration. 

  

	 	8.	NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the
Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth in the Advisory Agreement. 

 

	 	9.	ASSIGNMENT. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the independent directors of the Corporation; provided, however, the Advisor shall not
assign the agreements contained in Section 2 of this Agreement to an Affiliate or Affiliates unless the Advisor has also assigned its right to receive the Asset Management Fees under the Advisory Agreement to such Affiliate or Affiliates. The
Advisor may assign any rights to receive reimbursement payments under this Agreement to any Person without obtaining the approval of the Corporation’s board of directors. This Agreement shall not be assigned by the Corporation or the Operating
Partnership without the consent of the Advisor, except in the case of an assignment by the Corporation or the Operating Partnership of its obligations hereunder to a corporation, limited partnership or other organization which is a successor to all
of the assets, rights and obligations of the Corporation or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating
Partnership are bound by this Agreement. 

  

	 	10.	SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason
any other or others of them may be invalid or unenforceable in whole or in part; provided, however, that if the terms of Section 4 of this Agreement are held to be unenforceable, then the Advisor may, at its option, immediately terminate
Sections 2 and 3 of this Agreement. 

  

	 	11.	GOVERNING LAW / ATTORNEY’S FEE. This Agreement shall be interpreted under the laws of the State of Colorado without regard to the conflict of law principles thereof. Any action brought to interpret or
enforce this Agreement shall be brought in a court of competent jurisdiction located in Denver, Colorado, and the parties hereto consent to venue and personal jurisdiction in any such court. The substantially prevailing party in any such litigation
shall recover its reasonable attorney’s fees and costs (including those of appeal). 

  

	 	12.	ENTIRE AGREEMENT. For so long as this Agreement shall be in force, the terms of this Agreement shall control in the event of any conflict with the terms of the Advisory Agreement that relate to the subject matter
hereof. This Agreement shall not, in any other way, effect, modify, amend or supersede any other terms of the Advisory Agreement and, specifically, shall not in any way impact the terms of the Advisory Agreement regarding the payment of other fees
and expense reimbursements to the Advisor. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective permitted successors or
assignees. 

  

	 	13.	 INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a 

  
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waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver or any right, remedy, power or
privilege under this Agreement shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

  

	 	14.	GENDER. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter,
as the context requires. 

  

	 	15.	TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither for a part of this Agreement nor are they to be used in the
construction or interpretation hereof. 

  

	 	16.	EXECUTION IN COUNTERPARTS. This Agreement may be executed by facsimile or PDF in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon,
and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the
signatories. 

 (Remainder of page intentionally left blank.) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
attested by their duly authorized officers, on October 24, 2013. 
  

			
	INDUSTRIAL PROPERTY TRUST INC.
		
	By:	 	 /s/ THOMAS G. MCGONAGLE

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer and Treasurer
	
	INDUSTRIAL PROPERTY OPERATING PARTNERSHIP LP
	
	By: Industrial Property Trust Inc., its Sole General Partner
		
	By:	 	 /s/ THOMAS G. MCGONAGLE

	Name:	 	Thomas G. McGonagle
	Title:	 	Chief Financial Officer and Treasurer
	
	INDUSTRIAL PROPERTY ADVISORS LLC
	
	By: Industrial Property Advisors Group LLC, its Sole Member
		
	By:	 	 /s/ EVAN ZUCKER

	Name:	 	Evan Zucker
	Title:	 	Manager

  
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 EXHIBIT A 

QUARTERLY EXPENSE SUPPORT AGREEMENT 

This QUARTERLY EXPENSE SUPPORT AGREEMENT (the “Agreement”) is effective as of [DATE] (the “Effective Date”), by and
between Industrial Property Trust Inc., a Maryland corporation (the “Corporation”), Industrial Property Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”) and Industrial Property Advisors LLC,
a Delaware limited liability company (the “Advisor”). 
 WITNESSETH 

WHEREAS, the Corporation, the Operating Partnership and the Advisor are parties to the Expense Support and Conditional Reimbursement
Agreement dated October 24, 2013 (the “Conditional Reimbursement Agreement”), and capitalized terms not otherwise defined herein shall have the meanings given them in such agreement; and, 

WHEREAS, this Agreement is the Quarterly Expense Support Agreement referenced in the Conditional Reimbursement Agreement. 

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be
legally bound hereby, mutually agree as follows: 
  

	 	1.	DISCRETIONARY EXPENSE SUPPORT PAYMENTS. For the calendar quarter ended [DATE], the Advisor hereby agrees, solely with respect to such calendar quarter, to make Expense Support Payments in an amount equal to
(i) the CDFFO Shortfall for such quarter, less (ii) the amount of Deferred Asset Management Fees for such quarter. The Advisor shall be entitled to reimbursement of payments made hereunder pursuant to Section 4 of the Conditional
Reimbursement Agreement. 

  

	 	2.	MISCELLANEOUS. Except as specifically set forth in Section 1 of this Agreement, this Agreement does not amend the Conditional Reimbursement Agreement, and the Conditional Reimbursement Agreement continues in
full force and effect. 

 (Remainder of page intentionally left blank.) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
attested by their duly authorized officers, all on the day and year first above written. 
  

			
	INDUSTRIAL PROPERTY TRUST INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INDUSTRIAL PROPERTY OPERATING PARTNERSHIP LP
	
	By: Industrial Property Trust Inc., its Sole General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INDUSTRIAL PROPERTY ADVISORS LLC
	
	By: Industrial Property Advisors Group LLC, its Sole Member
		
	By:	 	  

	Name:	 	
	Title:	 	Manager

  
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 EXHIBIT B 

QUARTERLY ACKNOWLEDGEMENT OF DEFERRED ASSET MANAGEMENT FEES, EXPENSE SUPPORT PAYMENTS AND REIMBURSABLE AMOUNTS 

This QUARTERLY ACKNOWLEDGEMENT OF DEFERRED ASSET MANAGEMENT FEES, EXPENSE SUPPORT PAYMENTS AND REIMBURSABLE AMOUNTS (the
“Acknowledgement”) is effective as of [DATE] (the “Effective Date”), by and between Industrial Property Trust Inc., a Maryland corporation (the “Corporation”), Industrial Property Operating Partnership LP, a Delaware
limited partnership (the “Operating Partnership”) and Industrial Property Advisors LLC, a Delaware limited liability company (the “Advisor”). 

WITNESSETH 

WHEREAS, the Corporation, the Operating Partnership and the Advisor are parties to the Expense Support and Conditional Reimbursement
Agreement dated October 24, 2013 (the “Agreement”), and capitalized terms not otherwise defined herein shall have the meanings given them in the Agreement. 

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be
legally bound hereby, mutually agree as follows: 
  

	 	1.	DEFERRED ASSET MANAGEMENT FEES. For the calendar quarter ended [DATE], the total amount of Deferred Asset Management Fees is $            .

  

	 	2.	EXPENSE SUPPORT PAYMENTS. For the calendar quarter ended [DATE], the total amount of Expense Support Payments is $            . 

 

	 	3.	REIMBURSEMENTS. For the calendar quarter ended [DATE], the total amount of reimbursement payments to be made by the Corporation to the Advisor is
$            . 

  

	 	4.	EXPIRATION OF REIMBURSABLE AMOUNTS. During the calendar quarter ended [DATE], the total amount of Reimbursable Amounts that have expired in accordance with Section 4(a) of the Agreement is
$            . 

  

	 	5.	REMAINING BALANCE. As of the last day of the calendar quarter ended [DATE], and after taking into account the dollar amounts described in Sections 1 through 4 of this Acknowledgement, the outstanding balance of
Reimbursable Amounts that have not expired or been repaid is $            . 

(Remainder of page intentionally left blank.) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgement to be duly
executed and attested by their duly authorized officers, all on the day and year first above written. 
  

			
	INDUSTRIAL PROPERTY TRUST INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INDUSTRIAL PROPERTY OPERATING PARTNERSHIP LP
	
	By: Industrial Property Trust Inc., its Sole General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INDUSTRIAL PROPERTY ADVISORS LLC
	
	By: Industrial Property Advisors Group LLC, its Sole Member
		
	By:	 	  

	Name:	 	
	Title:	 	Manager

  
 11EX-10.1

 Exhibit 10.1 

FOURTH AMENDED AND RESTATED 

UNSECURED DEMAND PROMISSORY NOTE 

Up to $ 175,000,000 Line of Credit 
 Original Note
Dated as of February 24, 2006 
 Amended and Restated as of 

February 24, 2011, January 31, 2013, April 1, 2013 and October 23, 2013 

FOR VALUE RECEIVED, the undersigned, BLACKHAWK NETWORK, INC. (fka Blackhawk Marketing Services, Inc.), an Arizona corporation
(“Borrower”), HEREBY PROMISES TO PAY ON DEMAND to the order of SAFEWAY INC., a Delaware corporation (together with its successors and assigns, “Holder”), the principal sum equal to the aggregate principal amount of
the advances made under this Fourth Amended and Restated Unsecured Demand Promissory Note (this “Note”) by Holder to Borrower, or, if less, the aggregate principal amount of all advances evidenced hereby or made hereunder by Holder
to Borrower outstanding at the time of such demand. In addition, Borrower promises to pay interest on any and all such principal amount from time to time outstanding from the date hereof until such principal amount is paid in full, at a rate of
interest, compounded semiannually, equal at all times to the lowest rate of interest that complies with both Section 7872(f)(2)(B) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations Sections
1.482-2(a)(2)(iii)(B) and (C) (or the successor(s) to such Sections of the Code and the Treasury Regulations); provided, however, that in no event shall such rate of interest exceed the maximum
rate of interest permitted to be charged under applicable law. Such interest shall be computed on the basis of a year equal to the number of days in Holder’s fiscal year and the actual number of days occurring in the period for which such
interest is payable. Borrower and Holder agree that for all purposes under this Note, the principal amount outstanding shall be the amount determined on a daily basis. 

The date, amount of advance and running unpaid principal balance (which shall not exceed U.S. $175,000,000) shall be recorded and endorsed by
Holder with respect to each advance made by Holder to Borrower hereunder on or after the date hereof; provided, however, that any failure to make such recordation or endorsement shall not limit or otherwise affect the obligations of Borrower
hereunder. The date, amount of principal paid or prepaid and running unpaid principal balance shall be recorded and endorsed by Holder with respect to each such payment or repayment of principal. 

Interest shall accrue annually under the Note and shall be payable on the last day of Holder’s fiscal year. If interest is not paid
within thirty (30) days following the close of Holder’s fiscal year, this Note shall be delinquent. Interest not paid prior to delinquency shall be added to principal outstanding under the Note. All payments under this Note shall be made
without set off or counterclaim in lawful money of the United States of America in immediately available funds to Holder at such place or to such account as Holder may designate in writing from time to time. 

Notwithstanding any other provision of this Note, if demand for repayment has not theretofore been made, all payments of principal and
interest shall be due on February 24, 2016. 
 Borrower hereby waives diligence, presentment, demand, protest, notice of dishonor, and
notices of any kind in the enforcement of this Note. The non-exercise by Holder hereof of any of its rights under this Note in any particular instance shall not constitute a waiver thereof in that or any subsequent instance. Borrower hereby waives,
to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder or to any action to enforce this Note. 

 On the date hereof and on the date of each making of an advance hereunder, Borrower represents
and warrants to Holder as follows; 
 (a) Borrower is a corporation duly organized, validly existing and in good standing
under the laws of the State of Arizona with full power and authority to own its property and assets and to carry on its business as now being conducted. 

(b) The execution, delivery and performance by Borrower of this Note are within Borrower’s corporate powers, have been
duly authorized by all necessary corporate action of Borrower, and do not contravene Borrower’s Articles of Incorporation or Bylaws, in each case as may be amended from time to time, or any law or material contractual restriction binding on or
affecting Borrower. 
 (c) This Note is the legal, valid and binding obligation of Borrower enforceable against Borrower in
accordance with its terms. 
 (d) No consent of any other person or entity and no authorization, approval or other action by,
and no notice to or filing with any governmental authority or regulatory body is required for the execution, delivery or performance of this Note by Borrower. 

Borrower covenants and agrees that, until this Note is paid in full, Borrower will not, and will not permit any subsidiary to,
create, incur, or permit to exist, any lien, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any security interest)
(each, a “Lien”) on any of its properties or assets, whether now owned or hereafter acquired, or upon any income or profits therefrom, without Holder’s consent, except for (i) Liens in existence on the date of this Note
and (ii) Liens granted in connection with lease financing and other purchase money security interests in an amount not to exceed, in the aggregate, U.S. $10,000,000. 

Borrower and Holder hereby confirm that the following categories of Liens with respect to Borrower’s properties or
assets, whether now owned or hereafter acquired, and Liens on any income or profits therefrom, shall not require the Holder’s consent: (i) Liens to secure the performance of statutory obligations, bid, surety bonds (to the extent required
by any regulatory authority) or appeal bonds, or landlords’, carriers’, warehousemen’s, mechanics’, suppliers’, materialmen’s or other like Liens, in each case incurred in the ordinary course of business and with
respect to amounts not yet delinquent or being contested in good faith by appropriate process of law; (ii) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently concluded; (iii) grants of intellectual property licenses; (iv) subleases of real property entered into in the ordinary course of business; and (v) Liens as to the use of real
properties or Liens incidental to the conduct of the business of Borrower or its subsidiaries or to the ownership of its properties that were not incurred in connection with indebtedness and that do not in the aggregate materially impair such
properties’ use in the operation of the business of Borrower. 
 Borrower agrees to pay all costs and expenses, including without
limitation reasonable attorneys’ fees, incurred by Holder in connection with enforcement of this Note and any other documents associated therewith. 

Nothing contained herein shall require the payment of any interest when the same would be unlawful under any applicable law. If Holder shall
collect monies constituting interest that would 

 
otherwise increase the effective interest rate on this Note to a rate in excess of the maximum rate permitted to be charged by the laws of the State of California, all such sums deemed to
constitute interest in excess of such maximum rate shall, at the option of Holder, be credited to the payment of the sums due hereunder or returned to Borrower. 

Notwithstanding anything herein to the contrary, any payment under this Note shall be applied to principal and/or to interest in the sole
discretion of Holder. Borrower hereby irrevocably consents to the exercise of such discretion and irrevocably waives any right to compel application of any payment under this Note to either principal or interest. 

In the event any one or more provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, the same shall not
affect any other provision of this Note and the remaining provisions of this Note shall remain in full force and effect. 
 This Note amends
and restates in its entirety that certain Amended and Restated Unsecured Demand Promissory Note dated April 1, 2013 (the “Prior Note”) made by Borrower in favor of Holder, and shall be effective and enforceable against Borrower
in accordance with its terms upon the delivery to Borrower by Holder of the Prior Note for cancellation. 
 This Note shall be governed by
and construed in accordance with the laws of the State of California. 
  

			
	BLACKHAWK NETWORK, INC.
		
	By:	 	 /s/ Jerry Ulrich

	Name:	 	Jerry Ulrich
	Title:	 	CFO & CAO

 ACKNOWLEDGEMENT 
 This Note
is issued pursuant to that certain Cash Management and Treasury Services Agreement, dated as of April 4, 2013, by and between Blackhawk Network Holdings, Inc., a Delaware corporation, and Safeway Inc., a Delaware corporation (the
“CMATSA”). The undersigned acknowledge and agree that the reference in Section 3 of the CMATSA to “in the aggregate principal amount of up to $50 million” is hereby replaced with “in the aggregate principal
amount of up to $175 million.” 
  

									
	BLACKHAWK NETWORK HOLDINGS, INC.	 		 	SAFEWAY INC.
					
	By:	 	 /s/ Jerry Ulrich
	 		 	By:	 	 /s/ Bradley S. Fox

	Name:	 	Jerry Ulrich	 		 	Name:	 	Bradley S. Fox
	Title:	 	CFO & CAO	 		 	Title:	 	VP & Treasurer

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