Document:

EX-4.2

 Exhibit 4.2 

EXTRA SPACE STORAGE LP, 

EXTRA SPACE STORAGE INC., 

ESS HOLDINGS BUSINESS TRUST I 

AND 
 ESS HOLDINGS
BUSINESS TRUST II, 
 AS GUARANTORS, 

AND 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 AS TRUSTEE 

SECOND SUPPLEMENTAL INDENTURE 

DATED AS OF SEPTEMBER 22, 2021 

TO INDENTURE DATED MAY 11, 2021 

$600,000,000 
 OF

 2.350% SENIOR NOTES DUE 2032 
  

 CONTENTS 
  

							
	 	 	 	  	Page	 
	 Article I RELATION TO BASE INDENTURE; DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	Relation to Base Indenture	  	 	1	 
	 Section 1.2
	 	Definitions	  	 	2	 
		
	 Article II TERMS OF THE SECURITIES
	  	 	10	 
	 Section 2.1
	 	Title of the Securities	  	 	10	 
	 Section 2.2
	 	Price	  	 	11	 
	 Section 2.3
	 	Limitation on Initial Aggregate Principal Amount; Further Issuances	  	 	11	 
	 Section 2.4
	 	Interest and Interest Rates; Stated Maturity of Notes	  	 	11	 
	 Section 2.5
	 	Method of Payment	  	 	11	 
	 Section 2.6
	 	Currency	  	 	12	 
	 Section 2.7
	 	Additional Notes	  	 	12	 
	 Section 2.8
	 	Redemption	  	 	13	 
	 Section 2.9
	 	No Sinking Fund	  	 	13	 
	 Section 2.10
	 	Registrar and Paying Agent	  	 	13	 
		
	 Article III FORM OF THE SECURITIES
	  	 	13	 
	 Section 3.1
	 	Global Form	  	 	13	 
	 Section 3.2
	 	Transfer and Exchange	  	 	14	 
		
	 Article IV REDEMPTION OF NOTES
	  	 	19	 
	 Section 4.1
	 	Optional Redemption of Notes	  	 	19	 
	 Section 4.2
	 	Notice of Optional Redemption, Selection of Notes	  	 	20	 
	 Section 4.3
	 	Payment of Notes Called for Redemption by the Company	  	 	21	 
		
	 Article V GUARANTEE
	  	 	21	 
	 Section 5.1
	 	Note Guarantee	  	 	21	 
	 Section 5.2
	 	Execution and Delivery of Note Guarantee	  	 	23	 
	 Section 5.3
	 	Limitation of Guarantors’ Liability	  	 	23	 
	 Section 5.4
	 	Application of Certain Terms and Provisions to the Guarantors	  	 	23	 
		
	 Article VI ADDITIONAL COVENANTS
	  	 	24	 
	 Section 6.1
	 	Limitations on Incurrence of Debt	  	 	24	 
	 Section 6.2
	 	Existence	  	 	25	 
	 Section 6.3
	 	Merger, Consolidation or Sale	  	 	25	 
	 Section 6.4
	 	Payment of Taxes and Other Claims	  	 	26	 
	 Section 6.5
	 	Provision of Financial Information	  	 	26	 
	 Section 6.6
	 	Maintenance of Properties	  	 	27	 
	 Section 6.7
	 	Insurance	  	 	28	 
	 Section 6.8
	 	General	  	 	28	 
		
	 Article VII DEFAULTS AND REMEDIES
	  	 	28	 
	 Section 7.1
	 	Events of Default	  	 	28	 

  
 i 

							
	 Section 7.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	30	 
		
	 Article VIII AMENDMENTS AND WAIVERS
	  	 	30	 
	 Section 8.1
	 	Without Consent of Holders	  	 	30	 
	 Section 8.2
	 	With Consent of Holders	  	 	32	 
	 Section 8.3
	 	Assumption by Parent	  	 	33	 
		
	 Article IX MEETINGS OF HOLDERS OF NOTES
	  	 	34	 
	 Section 9.1
	 	Purposes for Which Meetings May Be Called	  	 	34	 
	 Section 9.2
	 	Call, Notice and Place of Meetings	  	 	34	 
	 Section 9.3
	 	Persons Entitled to Vote at Meetings	  	 	34	 
	 Section 9.4
	 	Quorum; Action	  	 	34	 
	 Section 9.5
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	35	 
	 Section 9.6
	 	Counting Votes and Recording Action of Meetings	  	 	36	 
		
	 Article X MISCELLANEOUS PROVISIONS
	  	 	36	 
	 Section 10.1
	 	Evidence of Compliance with Conditions Precedent, Certificates to Trustee	  	 	36	 
	 Section 10.2
	 	No Recourse Against Others	  	 	37	 
	 Section 10.3
	 	Trust Indenture Act Controls	  	 	37	 
	 Section 10.4
	 	Governing Law	  	 	37	 
	 Section 10.5
	 	Counterparts	  	 	37	 
	 Section 10.6
	 	Successors	  	 	38	 
	 Section 10.7
	 	Severability	  	 	39	 
	 Section 10.8
	 	Table of Contents, Headings, Etc.	  	 	39	 
	 Section 10.9
	 	Ratifications	  	 	39	 
	 Section 10.10
	 	Effectiveness	  	 	39	 
	 Section 10.11
	 	The Trustee	  	 	39	 

  
 ii 

 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”)
is entered into as of September 22, 2021 among Extra Space Storage LP, a Delaware limited partnership (the “Company”), Extra Space Storage Inc., a Maryland corporation (the “Parent”), ESS Holdings Business
Trust I, a Massachusetts trust (“Trust I”), ESS Holdings Business Trust II, a Massachusetts trust (“Trust II”, and together with the Parent and Trust I, the “Guarantors”), and Wells Fargo Bank,
National Association, a national banking association organized under the laws of the United States, as trustee (the “Trustee”). 

WITNESSETH: 
 WHEREAS, the
Company has delivered to the Trustee an Indenture, dated as of May 11, 2021 (the “Base Indenture”), providing for the issuance by the Company from time to time of Securities in one or more Series; 

WHEREAS, Section 2.2 of the Base Indenture provides for various matters with respect to any Series of Securities issued under the Base
Indenture to be established in an indenture supplemental to the Base Indenture; 
 WHEREAS, each of the Company and each of the Guarantors
desires to execute this Second Supplemental Indenture to establish the form and to provide for the issuance of a Series of the Company’s senior notes designated as 2.350% Senior Notes due 2032 (the “Notes”), in an initial
aggregate principal amount of $600,000,000; 
 WHEREAS, the board of directors of the Parent, the trustees of Trust I, on behalf of Trust I
and in Trust I’s capacity as general partner of the Company, and the trustees of Trust II, in each case, has duly adopted resolutions authorizing the Company and each of the Guarantors, as applicable, to execute and deliver this Second
Supplemental Indenture; and 
 WHEREAS, all of the other conditions and requirements necessary to make this Second 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. 

THEREFORE, for and in consideration of the premises and the purchase of the Series of Securities provided for herein by the Holders thereof,
it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such Series, as follows: 

ARTICLE I 
 RELATION TO
BASE INDENTURE; DEFINITIONS 
 Section 1.1 Relation to Base Indenture. 

This Second Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this Second
Supplemental Indenture, all provisions of this Second Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other Securities issued under the Base
Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes. 

  
 1 

 Section 1.2 Definitions. 

For all purposes of this Second Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

 (a) Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture; and 

(b) All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Second
Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

“Acquired Debt” means Debt of a person (i) existing at the time such person is merged or consolidated with or into the
Company or any of its Subsidiaries or becomes a Subsidiary of the Company or (ii) assumed by the Company 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 Company or any of its Subsidiaries or becomes a Subsidiary of the Company or the date of the related acquisition, as the case may be. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with
Sections 2.3, 2.7 and 6.1 hereof, as part of the same series as the Initial Notes. 
 “Adjusted Treasury Rate” means, with
respect to any Redemption Date: (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor
publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (or, if no maturity is within three months before or after the Remaining Life (as defined below), yields for the two published maturities most closely corresponding to
the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (2) if such release (or any successor release)
is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Adjusted Treasury Rate shall be calculated by the Company on the third Business Day preceding notice of
the redemption date. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Authentication Order” means a Company Order to the Trustee to authenticate and deliver the Notes, signed in the name of the
Company by an Officer of the General Partner. 
 “Bankruptcy Law” shall have the meaning ascribed thereto in
Section 7.1. 

  
 2 

 “Business Day” means any day, other than a Saturday or Sunday, or any other
day on which banking institutions in New York, New York or the place of payment are not authorized or obligated by law or executive order to close. 

“Capitalized Property Value” means, with respect to any person, (a) Property EBITDA of such person for the four
(4) consecutive fiscal quarters ended on the last day of the then most recently ended fiscal quarter covered in the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may
be, divided by (b) 6.75%. 
 “Capitalized Tenant Insurance Value” means (a) cash distributions and cash royalties
received by the Company or any of its Subsidiaries (other than any Captive Insurance Subsidiary) with respect to Tenant Insurance Contracts for the four (4) consecutive fiscal quarters ended on the last day of the then most recently ended
fiscal quarter covered in the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be (excluding cash distributions and cash royalties in respect of properties that are 100%
owned in fee simple by the Company or any of its Subsidiaries) divided by (b) 12.5%. 
 “Captive Insurance Subsidiary”
means any wholly owned Subsidiary of the Company that (a) has no Subsidiaries other than Captive Insurance Subsidiaries, (b) is a captive insurance company established for the primary purpose of entering into tenant insurance contracts and
(c) is subject to regulation as an insurance company. 
 “Clearstream” means Clearstream Banking,
Société Anonyme. 
 “Company Order” means a written order signed in the name of the Company by an
Officer of the General Partner. 
 “Comparable Treasury Issue” means, with respect to any Redemption Date, the United
States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the Remaining Life of the Notes to be redeemed, calculated as if the maturity date of such Notes were the Par Call Date, that would
be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Quotations. 
 “Customary Recourse Exceptions” means, with respect to any Debt, personal recourse that is limited to fraud,
misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single-purpose entity covenants, voluntary insolvency proceedings and other circumstances customarily excluded by
institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of real property. 

  
 3 

 “Debt” means, without duplication, with respect to any person, such
person’s Pro Rata Share of the aggregate principal amount of indebtedness in respect of: 
 (i) borrowed money evidenced by bonds,
notes, debentures or similar instruments, as determined in accordance with GAAP, 
 (ii) indebtedness secured by any mortgage, pledge, lien,
charge, encumbrance or any security interest existing on Property or other assets owned by such person or any of its Subsidiaries directly, or indirectly through unconsolidated joint ventures, as determined in accordance with GAAP, 

(iii) reimbursement obligations in connection with any letters of credit actually issued and called, and 

(iv) any lease of property by such person or any of its Subsidiaries as lessee which is reflected in such person’s balance sheet as a
finance lease, in accordance with GAAP; 
 provided, that Debt also includes, to the extent not otherwise included, any obligation by such person or
any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise, items of indebtedness of another person (other than the Company or any Subsidiary) described in clauses (i) through (iv) above (or, in the case of any such
obligation made jointly with another person other than obligations to be liable for the Debt of another person solely as a result of Customary Recourse Exceptions (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), such person’s or its Subsidiary’s allocable portion of such obligation based on its ownership interest in the related real estate assets or such
other applicable assets); and provided, further, that Debt excludes Intercompany Debt and operating lease liabilities reflected in such person’s balance sheet in accordance with GAAP. 

“Defaulted Interest” shall have the meaning ascribed thereto in Section 2.5. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 3.2, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes, The Depository Trust Company and any successor thereto. 

“Development Property” means a Property currently under development on which the improvements have not been completed, or a
Property where development has been completed as evidenced by a certificate of occupancy for the entire Property for the 36-month period following the issuance of such certificate of occupancy (provided
that the Company may at its option elect to remove a Property from the category of Development Properties prior to the completion of the 36-month period, but any such Property may not be reclassified as a
Development Property). The term “Development Property” shall include real property of the type described in the immediately preceding sentence to be (but not yet) acquired by the Company, any Subsidiary or any joint venture of the Company
upon completion of construction pursuant to a contract in which the seller of such real property is required to develop or renovate prior to, and as a condition precedent to, such acquisition. 

  
 4 

 “EBITDA” means, with respect to any person, for any period and without
duplication, net earnings (loss) of such person for such period (including Tenant Insurance Operating Income in respect of properties that are 100% owned in fee simple by the Company or any of its Subsidiaries) excluding the impact of the following
amounts with respect to any person (but only to the extent included in determining net earnings (loss) for such period): 
 (i) depreciation
and amortization expense and other non-cash charges of such person for such period; 
 (ii) interest
expense of such person for such period; 
 (iii) income tax expense of such person in respect of such period; 

(iv) extraordinary and nonrecurring gains and losses of such person for such period, including without limitation, gains and losses from the
sale of assets, write-offs and forgiveness of debt, foreign currency translation gains or losses; and 
 (v) equity in net income of non-controlling interests. 
 “Equity Interests” means, with respect to any person, any
share of capital stock of (or other ownership or profit interests in) such person, any warrant, option or other right for the purchase or other acquisition from such person of any share of capital stock of (or other ownership or profit interests in)
such person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such person or warrant, right or option for the purchase or other acquisition from such person of such shares
(or such other interests), and any other ownership or profit interest in such person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right
or other interest is authorized or otherwise existing on any date of determination. 
 “Euroclear” means Euroclear
S.A./N.V., as operator of the Euroclear system. 
 “Event of Default” shall have the meaning ascribed thereto in
Section 7.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Fair Market Value” means, (a) with respect to a security listed (or an unlisted
convertible security that is convertible into a security listed) on Nasdaq or have trading privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange, the London Stock Exchange,
Euronext or another recognized European securities exchange, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions, and (b) with respect to
any other asset, book value (determined in accordance with GAAP). 

  
 5 

 “GAAP” means accounting principles generally accepted in the United States
of America, consistently applied, as in effect from time to time. 
 “Global Note Legend” means the legend set forth in
Section 3.2(f), which is required to be placed on all Global Notes issued under the Indenture. 
 “Global Notes”
means, individually and collectively, each of the Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with the Indenture. 

“Holders” shall have the meaning ascribed thereto in Section 2.4. 

“Indenture” means the Base Indenture, as supplemented by this Second Supplemental Indenture, and as further supplemented,
amended or restated. 
 “Indirect Participant” means a person who holds a beneficial interest in a Global Note through a
Participant. 
 “Initial Notes” means the $600,000,000 aggregate principal amount of Notes issued under this Second
Supplemental Indenture on the date hereof. 
 “Intercompany Debt” means, as of any date, Debt to which the only parties are
the Company and any of its Subsidiaries, but only so long as that Debt is held solely by any of the Company and any of its Subsidiaries as of that date and, provided that, in the case of Debt owed by the Company to any Subsidiary, the Debt is
subordinated in right of payment to the Holders of the Notes. 
 “interest” means, when used with reference to the Notes,
any interest payable under the terms of the Notes. 
 “Interest Expense” means, with respect to any person, for any period,
such person’s Pro Rata Share of interest expense for such period, with other adjustments as are necessary to exclude: (i) the effect of items classified as extraordinary items, in accordance with GAAP; (ii) amortization of debt
issuance costs; (iii) prepayment penalties and (iv) non-cash swap ineffectiveness charges. 

“Interest Payment Date” shall have the meaning ascribed thereto in Section 2.4. 

“Lien” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement, or other encumbrance
of any kind, provided that in no event shall an operating lease in and of itself be deemed to constitute a Lien. 

“Marketable Securities” means: (a) common or preferred Equity Interests which are listed on Nasdaq or have trading
privileges on the New York Stock Exchange, the NYSE American, or another recognized national United States securities exchange, the London Stock Exchange, Euronext or another recognized European securities exchange; (b) convertible securities
which can be converted at any time into common or preferred Equity Interests of the type described in the immediately preceding clause (a); and (c) securities evidencing indebtedness issued by persons which have an investment grade credit
rating by a nationally recognized statistical rating organization; provided that Marketable Securities shall not include any securities that are considered cash equivalents. 

  
 6 

 “Non-Recourse Debt” means Debt of a
Subsidiary of the Company (or an entity in which the Company is the general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a Subsidiary of
the Company (or entity in which the Company is the general partner or managing member) that is the borrower and is non-recourse to the Company or any Subsidiary of the Company (other than pursuant to a
Permitted Non-Recourse Guarantee and other than with respect to the Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower); provided,
further, that, if any such Debt is partially recourse to the Company or any Subsidiary of the Company (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the
Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower) and therefore does not meet the criteria set forth above, only the portion of such Debt that does meet the criteria set forth
above shall constitute “Non-Recourse Debt.” 
 “Note Guarantee” means the
Guarantee by each of the Guarantors of the Company’s obligations under the Indenture and the Notes, executed pursuant to the provisions of this Second Supplemental Indenture. 

“Notes” has the meaning assigned to it in the preamble to this Second Supplemental Indenture. The Initial Notes and the
Additional Notes shall be treated as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Officer” means, in respect of any person, any Chief Executive Officer, the President, the Chief Financial Officer, the Chief
Accounting Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of such person. 

“Officer’s Certificate” means a certificate signed by any Officer of the Company or any Guarantor, as applicable. 

“Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or any Guarantor. 
 “Par Call Date” means December 15, 2031. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and with respect to the Depositary Trust Company, shall include Euroclear and Clearstream). 

“Permitted Non-Recourse Guarantees” means customary completion or budget guarantees
or indemnities (including by means of separate indemnification agreements and carve-out guarantees) provided under Non-Recourse Debt in the ordinary course of business
by the Company or any Subsidiary of the Company in financing transactions that are directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a

  
 7 

 
Subsidiary of the Company (or entity in which the Company is the general partner or managing member), in each case that is the borrower in such financing, but is
non-recourse to the Company or any of the Company’s other Subsidiaries, except for customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements or carve-out guarantees) as are consistent with customary industry practice (such as environmental indemnities and recourse triggers based on violation of transfer restrictions and other customary exceptions to
nonrecourse liability). 
 “Primary Treasury Dealer” means a primary U.S. Government securities dealer. 

“Pro Rata Share” means, with respect to any person, any applicable figure or measure of such person and its Subsidiaries on a
consolidated basis, less any portion attributable to non-controlling interests, plus such person’s or its Subsidiaries’ allocable portion of such figure or measure, based on their ownership interest,
of unconsolidated joint ventures. 
 “Property” means a parcel (or group of related parcels) of real property. 

“Property EBITDA” means, with respect to any person, for any period, such person’s Pro Rata Share of EBITDA for such
period adjusted to add back the impact of corporate level general and administrative expenses. 
 “Quotation Agent” means,
with respect to any Redemption Date, the Reference Treasury Dealer appointed by the Company. 
 “Record Date” shall have
the meaning ascribed thereto in Section 2.4. 
 “Redemption Date” means, with respect to any Note or portion thereof
to be redeemed in accordance with the provisions of Section 4.1, the date fixed for such redemption in accordance with the provisions of Section 4.1. 

“Redemption Price” shall have the meaning ascribed thereto in Section 4.1. 

“Reference Treasury Dealer” means, with respect to any Redemption Date, each of (1) Wells Fargo Securities, LLC, or
(2) a Primary Treasury Dealer selected by PNC Capital Markets LLC or (3) any one other Primary Treasury Dealer selected by the Company; provided, however, that if any of the Reference Treasury Dealers referred to in clause (1) or (2)
above ceases to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the notice of such Redemption Date. 

“Remaining Life” means, with respect to any Notes to be redeemed, the remaining term of such Notes, calculated as if the
maturity date of such Notes were the Par Call Date. 

  
 8 

 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in
effect from time to time. 
 “Significant Subsidiary” of any specified person means any Subsidiary in which such person has
invested at least $100,000,000 in capital. 
 “Subsidiary” means, for any person (as defined in the Base Indenture, but
excluding an individual, government or any agency or political subdivision thereof), any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary
voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the
time directly or indirectly owned or controlled by such person or one or more Subsidiaries of such person or by such person and one or more Subsidiaries of such person, and shall include all persons the accounts of which are consolidated with those
of such person pursuant to GAAP. 
 “Tenant Insurance Contract” means an insurance or reinsurance contract or agreement
under which any Captive Insurance Subsidiary provides insurance or reinsurance in respect of tenant insurance related to a self-storage property. 

“Tenant Insurance Operating Income” means, for any period, an amount equal to (a) the Tenant Insurance Revenue for such
period minus (b) actual or attributable tenant insurance and reinsurance expenses (excluding royalty expenses paid to the Company or any of its wholly owned Subsidiaries) of the applicable Captive Insurance Subsidiaries pursuant to Tenant
Insurance Contracts for such period. 
 “Tenant Insurance Revenue” means, for any period, the aggregate revenues for such
period earned by the Captive Insurance Subsidiaries from providing tenant insurance or reinsurance services under Tenant Insurance Contracts. 

“Total Assets” means, with respect to any person, as of any date, the sum (without duplication) of: 

(a) the Capitalized Property Value of such person and its Subsidiaries, excluding Capitalized Property Value attributable to Properties
acquired or disposed of by such person or Subsidiary during the four consecutive quarters ending on such date and Development Properties; 

(b) the Capitalized Tenant Insurance Value of such person and its Subsidiaries; 

(c) all cash and cash equivalents (excluding tenant deposits and other cash and cash equivalents the disposition of which is restricted) of
such person and its Subsidiaries at such time; 
 (d) the Pro Rata Share of such person or its Subsidiaries of the current undepreciated book
value of Development Properties held by such person or Subsidiary and all land held for development by such person or Subsidiary; 

  
 9 

 (e) the Pro Rata Share of the purchase price paid by such person or any of its Subsidiaries
(less the Pro Rata Share of any amounts paid to such person or such Subsidiary as a purchase price adjustment, held in escrow, retained as a contingency reserve, or in connection with other similar arrangements, and without regard to allocations of
property purchase prices pursuant to Statement of Financial Accounting Standards No. 141 or other provisions of GAAP) for any Property or business acquired by the Company or such Subsidiary during the four consecutive quarters ending on such
date; 
 (f) the contractual purchase price of Properties of such person and its Subsidiaries subject to purchase obligations, repurchase
obligations, forward commitments and unfunded obligations to the extent such obligations and commitments are included in determinations of Debt; and 

(g) the Fair Market Value of all Marketable Securities owned by such person or any of its Subsidiaries, plus all other assets of such person
and its Subsidiaries (the value of which is determined in accordance with GAAP but excluding assets classified as intangible under GAAP), provided, however, that such other assets shall not include the right of use assets associated
with an operating lease in accordance with GAAP. 
 In determining the Total Assets of the Company, the Company shall have the option to
include Capitalized Property Value under clause (a) above from any such Properties that are otherwise subject to valuation under clause (d) or (e) above; provided, however, that if such election is made, any value
attributable to such Properties under clause (d) or (e) above shall be excluded from the determination of the amount under clause (d) or (e). 

“Total Unencumbered Assets” means, as of any date, those assets within Total Assets that are not subject to a Lien, less the
value attributable to Capitalized Tenant Insurance Value; provided that in determining Total Unencumbered Assets, all investments in unconsolidated entities shall be excluded. 

“Uniform Fraudulent Conveyance Act” means any applicable federal, provincial or state fraudulent conveyance legislation and
any successor legislation. 
 “Uniform Fraudulent Transfer Act” means any applicable federal, provincial or state
fraudulent transfer legislation and any successor legislation. 
 “Unsecured Debt” means Debt that is not secured by a Lien
on any property or assets of the Company or any of its Subsidiaries. 
 ARTICLE II 

TERMS OF THE SECURITIES 

Section 2.1 Title of the Securities. 

There shall be a Series of Securities designated the “2.350% Senior Notes due 2032.” 

  
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 Section 2.2 Price. 

The Initial Notes shall be issued at a public offering price of 99.797% of the principal amount thereof, other than any offering discounts
pursuant to the initial offering and resale of the Notes. 
 Section 2.3 Limitation on Initial Aggregate Principal
Amount; Further Issuances. 
 The aggregate principal amount of the Notes initially shall be limited to $600,000,000. The Company may,
without notice to or consent of the Holders, issue Additional Notes from time to time in the future in an unlimited principal amount, subject to compliance with the terms of the Indenture. 

Nothing contained in this Section 2.3 or elsewhere in this Second Supplemental Indenture, or in the Notes, is intended to or shall limit
execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Base Indenture. 

Section 2.4 Interest and Interest Rates; Stated Maturity of Notes. 

(a) The Notes shall bear interest at the rate of 2.350% per year. Interest on the Notes will accrue from September 22, 2021 and will be
payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2022 (each such date being an “Interest Payment Date”), to the persons in whose names the Notes are registered in the
security register (the “Holders”) on the preceding March 1 or September 1, whether or not a Business Day, as the case may be (each such date being a “Record Date”). Interest on the Notes will be computed
on the basis of a 360-day year consisting of twelve 30-day months. 

(b) If any Interest Payment Date, Stated Maturity or Redemption Date falls on a day that is not a Business Day, the required payment shall be
made on the next Business Day as if it were made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or Redemption Date, as the case may be,
until the next Business Day. 
 (c) The Stated Maturity of the Notes shall be March 15, 2032. 

Section 2.5 Method of Payment. 

Principal, premium, if any, and interest shall be payable at the corporate trust office of the Trustee, initially located at Wells Fargo Bank,
National Association, CTSO Mail Operations, Attn: Lynn Steiner – Extra Space Account Manager, MAC: N9300-070, 600 South 4th Street, 7th Floor, Minneapolis, MN 55415. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the Holder entitled thereto; provided,
however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company (with a copy to the Trustee) that it pay interest by wire transfer of immediately
available funds to the account specified by the Holder in such notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. Any interest on any Note which is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder registered as such on the relevant Record Date, and such Defaulted
Interest shall be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 

  
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 (a) The Company may elect to make payment of any Defaulted Interest to the persons in whose
names the Notes are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of
the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such
Defaulted Interest which shall be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment, and not less than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment
(unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee of such special record date and shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be
sent to each Holder at its address as it appears in the register, not less than 10 calendar days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so mailed,
such Defaulted Interest shall be paid to the persons in whose names the Notes are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following clause (b) of this
Section 2.5. 
 (b) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.6 Currency. 

Principal and interest on the Notes shall be payable in U.S. Dollars. 

Section 2.7 Additional Notes. 

The Company will be entitled, without the consent of any Holders of the Notes, upon delivery of an Officer’s Certificate, Opinion of
Counsel and Authentication Order, subject to its compliance with Section 6.1, to issue Additional Notes under the Indenture that will have identical terms to the Initial Notes issued on the date of the Indenture other than with respect to the
date of issuance, issue price and, if applicable, the date from which interest on such Additional Notes will begin to accrue and the initial interest payment date; provided, however, that if such Additional Notes will not be fungible with the
Initial Notes for U.S. federal income tax or securities law purposes, such Additional Notes will have a separate CUSIP number. Such Additional Notes will rank equally and ratable in right of payment and will be treated as a single series for all
purposes under the Indenture. 

  
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 With respect to any Additional Notes, the Company will set forth in a resolution of the
board of directors of the Parent acting on behalf of the Company and an Officer’s Certificate, a copy of each of which will be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and 

(b) the issue price, the issue date and the CUSIP number of such Additional Notes. 

Section 2.8 Redemption. 

The Notes may be redeemed at the option of the Company prior to the Stated Maturity as provided in Article IV. 

Section 2.9 No Sinking Fund. 

The provisions of Article XI of the Base Indenture shall not be applicable to the Notes. 

Section 2.10 Registrar and Paying Agent. 

The Trustee shall initially serve as Registrar and Paying Agent for the Notes. 

ARTICLE III 
 FORM OF THE
SECURITIES 
 Section 3.1 Global Form. 

The Notes shall initially be issued in the form of one or more fully registered Global Notes that will be deposited with, or on behalf of the
Depositary, and registered in the name of the Depositary or its nominee, as the case may be, subject to Sections 2.7 and 2.14 of the Base Indenture. So long as the Depositary, or its nominee, is the registered owner of the Global Note, the
Depositary or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture. 

The Notes shall not be issuable in definitive form except as provided in Section 3.2(a) of this Second Supplemental Indenture. The Notes
and the Trustee’s certificate of authentication shall be substantially in the form attached as Exhibit A hereto. The Company shall execute and the Trustee shall, in accordance with Section 2.3 of the Base Indenture, authenticate and
hold each Global Note as custodian for the Depositary. Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to
reflect the amount of any increase or decrease in the aggregate principal amount of 

  
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outstanding Notes represented thereby will be made by the Registrar or the custodian, at the direction of the Trustee. The terms and provisions contained in the form of Note attached as
Exhibit A hereto shall constitute, and are hereby expressly made, a part of the Indenture and, to the extent applicable, the Company, each Guarantor and the Trustee, by their execution and delivery of this Second Supplemental Indenture,
expressly agree to such terms and provisions and to be bound thereby. 
 Participants of the Depositary shall have no rights either under
the Indenture or with respect to the Global Notes. The Depositary or its nominee, as applicable, shall be treated by the Company, each Guarantor, the Trustee and any agent of the Company, such Guarantor or the Trustee as the absolute owner and
Holder of such Global Notes for all purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company, any Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or its nominee, as applicable, or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest
in the Global Notes. 
 Section 3.2 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such
notice from the Depositary; or 
 (2) the Company, at its option, determines that the Global Notes (in whole but not in part)
should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) upon request
from the Depositary if there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of any of the
preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in registered form in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections 2.8 and 2.11 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 3.2 or Section 2.8 and 2.11 of the Base Indenture, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.2(a); however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 3.2(b) or (c). 

  
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 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will
require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 3.2(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 3.2(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

both: 
 (A) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and 
 (B) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
 both: 

(C) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(D) instructions given by the Depositary to the Registrar containing information regarding the person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (b)(1) above. 
 Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Second Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 3.2(g). 

  
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 (c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive
Notes. If any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a Definitive Note,
then, upon satisfaction of the conditions set forth in Section 3.2(b)(2) and written notice to the Trustee, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 3.2(g) hereof, and the Company will execute and, upon the receipt of an Authentication Order, the Trustee will authenticate and deliver to the person designated in the instructions a Definitive Note in the appropriate principal amount.
Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.2(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests
through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the persons in whose names such Notes are so registered. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may
exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange
or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. If any such exchange or transfer from a Definitive Note to a beneficial interest is
effected pursuant to the previous sentence at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 3.2, the Trustee will authenticate one or more
Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and
Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.2(e), the Registrar will register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of
this Section 3.2(e). A Holder of Definitive Notes may transfer such Notes to a person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the
Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Legend. Each Global Note issued under the Indenture,
unless specifically stated otherwise in the applicable provisions of the Indenture, will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SECOND SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH 

  
 16 

 
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a)
OF THE SECOND SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF EXTRA SPACE STORAGE LP UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 

(g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of
the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order or at the Registrar’s request. 

  
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 (2) No service charge will be made to a Holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other
than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 9.6 of the Base Indenture and Section 4.3 of this Second Supplemental Indenture). 

(3) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Definitive
Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company will be
required: 
 (A) to issue or register the transfer or exchange of any Note during a period beginning at the opening of
business 15 days before the mailing of a notice of redemption of the notes selected for redemption under Article IV and ending at the close of business on the day of such mailing; 

(B) to register the transfer or exchange of any Note so selected for redemption, in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding Interest Payment Date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company shall deem and treat the person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee
will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 3.1 hereof. 
 (8) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 3.2 to effect a registration of transfer or exchange may be submitted by facsimile. 

(i) The transferor shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any
applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify
or ensure the accuracy of such information. 

  
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 (j) None of the Trustee or any Agent shall have any obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or
beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. 
 (k) None of the Trustee or any Agent shall
have any responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or other person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other person (other than the Depositary) of any notice (including any notice of optional redemption)
or the payment of any amount, under or with respect to such Notes. 
 ARTICLE IV 

REDEMPTION OF NOTES 
 The
provisions of Article III of the Base Indenture, as amended by the provisions of this Second Supplemental Indenture, shall apply to the Notes. 

Section 4.1 Optional Redemption of Notes. 

The Company shall have the right to redeem the Notes at its option and in its 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 (the “Redemption Price”) calculated by the Company and equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) as determined by the
Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date (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 20 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including, the 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 Company will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of record 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 unpaid
interest, if any, accrued thereon to, but not including, the Redemption Date. The Company shall not redeem the Notes pursuant to this Section 4.1 if on any date the principal amount of the Notes has been accelerated, and such acceleration has
not been rescinded or cured on or prior to such date. 

  
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 Section 4.2 Notice of Optional Redemption, Selection of Notes.

 (a) In case the Company shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to
Section 4.1, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of
redemption is to be sent, the Trustee in the name of and at the expense of the Company, shall mail or cause to be mailed, or sent by electronic transmission, a notice of such redemption not fewer than fifteen calendar days but not more than sixty
calendar days prior to the Redemption Date to each Holder of Notes to be redeemed at its last address as the same appears on the Register; provided that if the Company makes such request of the Trustee, it shall, together with such request,
also give written notice of the Redemption Date to the Trustee, provided further that the text of the notice shall be prepared by the Company. Such mailing shall be by first class mail or by electronic transmission. The notice, if sent
in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or electronic submission or any defect in the notice to the
Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(b) Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number
or numbers of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon
presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be
redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of
redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Note in principal amount equal to the unredeemed portion thereof
will be issued. 
 (c) On or prior to the Redemption Date specified in the notice of redemption given as provided in this Section 4.2,
the Company will deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.5 of the Base Indenture) an amount of money in immediately available funds
sufficient to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must be received by the Paying
Agent, by 11:00 a.m., New York City time, on such date. The Company shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 4.2 in excess of amounts required hereunder to pay
the Redemption Price (it being acknowledged that the Trustee has no obligation to invest any such deposit). 
 (d) If less than all of the
outstanding Notes are to be redeemed, the Trustee will select, on a pro rata basis, by lot or such other method it deems fair and appropriate or as required by the Depositary for Global Notes, subject to Applicable Procedures (in the case of
Global Notes), the Notes or portions thereof of the Global Notes or the Notes in certificated form to be redeemed (in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof). The Notes (or portions thereof) so selected
for redemption shall be deemed duly selected for redemption for all purposes hereof. 

  
 20 

 Section 4.3 Payment of Notes Called for Redemption by the Company.

 (a) If notice of redemption has been given as provided in Section 4.2, the Notes or portion of Notes with respect to which such
notice has been given shall become due and payable and if the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless
the Company defaults in the payment of the Redemption Price, then on and after such date (i) interest will cease to accrue on any Notes called for redemption at the Redemption Date, (ii) on and after the Redemption Date (unless the Company
defaults in the payment of the Redemption Price) such Notes shall cease to be entitled to any benefit or security under the Indenture and (iii) the Holders thereof shall have no right in 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 Company at the Redemption Price, together with
interest accrued thereon to, but excluding, the Redemption Date. Such will be the case whether or not book-entry transfer of the Notes in book-entry form is made and whether or not the Notes in certificated form, together with necessary
endorsements, are delivered to the Paying Agent; provided, however, if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid
interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date. 

(b) Upon presentation of any Note redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for
delivery to the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented. 

ARTICLE V 
 GUARANTEE

 Sections 5.1, 5.2 and 5.3 hereof shall replace Sections 12.1, 12.2 and 12.3 of the Base Indenture with respect to the Notes and the
Note Guarantee. 
 Section 5.1 Note Guarantee. 

(a) Subject to this Article 5, each Guarantor hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, that: 
 (1) the principal
of, premium, if any, and interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, irrespective of the validity
and enforceability of the Indenture, the Notes or the obligations of the Company under the Indenture or the Notes, and interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the
Indenture or the Notes (including fees and expenses) will be promptly paid in full or performed, all in accordance with the terms under the Indenture or the Notes; and 

  
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 (2) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, each Guarantor will be obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) Each Guarantor hereby agrees
that its obligations under the Indenture and the Notes are full and unconditional, irrespective of the validity, regularity or enforceability of the Indenture or the Notes, the absence of any action to enforce the same, any waiver or consent by any
Holder of the Notes with respect to any provisions of the Indenture or the Notes, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of such Guarantor. Each Guarantor hereby agrees that in the event of a default in payment of the principal of or interest on the Notes entitled to the Guarantee, whether at the Stated Maturity or by declaration of acceleration,
call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.7 of the Base Indenture, by the Holders, on the terms and conditions set forth in the Indenture, directly
against such Guarantor to enforce the Guarantee without first proceeding against the Company. Each Guarantor hereby (i) waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of
the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever, (ii) acknowledges that any agreement, instrument or document evidencing the Guarantee may be transferred and that the benefit
of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it and (iii) covenants that this Note Guarantee will not be discharged except by complete performance
of the obligations contained in the Indenture and the Notes. 
 (c) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, any Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or such Guarantor, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the
extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VII for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article VII, such obligations (whether or not due and payable) will
forthwith become due and payable by such Guarantor for the purpose of this Note Guarantee. 

  
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 Section 5.2 Execution and Delivery of Note Guarantee. 

To evidence its Note Guarantee set forth in Section 5.1, each Guarantor hereby agrees that this Second Supplemental Indenture will be
executed on its behalf by one of its Officers. If an Officer of such Guarantor whose signature is on this Second Supplemental Indenture no longer holds that office at the time the Trustee authenticates the Note on which the Note Guarantee of such
Guarantor is endorsed, such Note Guarantee will be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this Second Supplemental
Indenture on behalf of such Guarantor. 
 Section 5.3 Limitation of Guarantors’ Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of each Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
the Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and each Guarantor hereby irrevocably agree that the obligations of each Guarantor will be limited to the maximum amount that will not, after giving effect to all
other contingent and fixed liabilities of such Guarantor that are relevant under such laws, result in the obligations of such Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance. 

Section 5.4 Application of Certain Terms and Provisions to the Guarantors. 

(a) For purposes of any provision of the Indenture which provides for the delivery by any Guarantor of an Officer’s Certificate and/or an
Opinion of Counsel, the definitions of such terms in Section 1.2 shall apply to such Guarantor as if references therein to the Company were references to such Guarantor. 

(b) Any notice or demand which by any provision of the Indenture is required or permitted to be given or served by the Trustee or by the
Holders of Notes to or on any Guarantor may be given or served as described in Section 10.2 of the Base Indenture as if references therein to the Company were references to such Guarantor. 

(c) Upon any demand, request or application by any Guarantor to the Trustee to take any action under the Indenture, such Guarantor shall
furnish to the Trustee such Officer’s Certificate and Opinion of Counsel as are required in Section 10.1 as if all references therein to the Company were references to such Guarantor. 

  
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 ARTICLE VI 

ADDITIONAL COVENANTS 
 The
covenants set forth in Sections 4.1, 4.3 and 4.4 of the Base Indenture and the following additional covenants shall apply with respect to the Notes so long as any of the Notes remain outstanding: 

Section 6.1 Limitations on Incurrence of Debt. 

(a) Limitation on Total Outstanding Debt. The Company will not, and will not permit any Subsidiary 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 the Company’s and its
Subsidiaries’ outstanding Debt is greater than 60% of the sum of the following (without duplication): (1) the Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter covered in
the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be, 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 Company or any Subsidiary since the end of such fiscal
quarter, including the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities. 

(b) Limitation on Secured Debt. The Company will not, and will 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 the 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 the Company’s and its Subsidiaries’ outstanding Debt which is secured by a Lien on any of its or its Subsidiaries’
property or assets is greater than 40% of the sum of (without duplication): (1) the Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Parent’s annual or
quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be; 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 Company or any of its Subsidiaries since the end of such fiscal quarter, including
the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities. 
 (c)
Debt Service Test. The Company will not, and will not permit any of its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) if the ratio of the Company’s and its Subsidiaries’ EBITDA to the Company’s
and its Subsidiaries’ Interest Expense for the period consisting of the four consecutive fiscal quarters ending with the latest quarter covered in the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or
filed with the SEC, as the case may be, most recently ended 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, and calculated on the following assumptions: 
 (1) such Debt and any other Debt (including,
without limitation, Acquired Debt) incurred by the Company 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; 

  
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 (2) the repayment or retirement of any other Debt of the Company 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 Company or any of its Subsidiaries of any asset or group of assets with a fair market value (as determined by the Company in its reasonable discretion) in excess of $1,000,000 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. 
 (d) If the Debt giving rise to the need to make the calculation described in this
Section 6.1 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 Interest Expense, 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. 
 (e) Maintenance of Total Unencumbered Assets. The Company will 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. 

Section 6.2 Existence. 

Except as permitted by Section 6.3, the Company will do or cause to be done all things necessary to preserve and keep in full force and
effect its existence, rights (charter and statutory) and franchises, and each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises;
provided, however, that neither the Company nor any Guarantor will be required to preserve any right or franchise if the Parent’s board of directors (or any duly authorized committee of that board of directors), as the case may
be, determines that the preservation of the right or franchise is no longer desirable in the conduct of the Company or such Guarantor’s business. 

Section 6.3 Merger, Consolidation or Sale. 

The Company and each of the Guarantors may consolidate with, or sell, lease or convey all or substantially all of the Company’s or its
assets to, or merge with or into, any other entity, provided that the following conditions are met: 
 (a) the Company or such
Guarantor, as the case may be, shall be the continuing entity, or the successor entity (if other than the Company or such Guarantor, as the case may be) formed by or resulting from any consolidation or merger or which shall have received the
transfer of assets shall be domiciled in the United States, any state thereof or the District of Columbia and 

  
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in the case of the Company shall expressly assume by supplemental indenture payment of the principal of and interest on all of the Notes and the due and punctual performance and observance of all
of the covenants and conditions in the Indenture or, in the case of such Guarantor, shall expressly assume by supplemental indenture the payment of all amounts due under such Guarantor’s Note Guarantee and the due and punctual performance and
observance of all of the covenants and conditions of such Guarantor in the Indenture and the Note Guarantee, as the case may be; 
 (b)
immediately after giving effect to the transaction, no Event of Default under the Indenture, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(c) an Officer’s Certificate and Opinion of Counsel covering these conditions shall be delivered to the Trustee. 

In the event of any transaction described in and complying with the conditions listed in this Section 6.3 in which the Company and/or any
Guarantor are not the continuing entity, the successor person formed or remaining shall succeed, and be substituted for, and may exercise every right and power of the Company and/or such Guarantor, and the Company and/or such Guarantor shall be
discharged from its or their obligations under the Notes and the Indenture. 
 Section 6.4 Payment of Taxes and
Other Claims. 
 The Company and each Guarantor will each pay or discharge or cause to be paid or discharged before it becomes delinquent:
(i) all taxes, assessments and governmental charges levied or imposed on it or any of its Subsidiaries or on its or any such Subsidiary’s income, profits or property; and (ii) all lawful claims for labor, materials and supplies that,
if unpaid, might by law become a Lien upon its property or the property of any of its Subsidiaries; provided, however, that neither the Company nor any Guarantor will be required to pay or discharge or cause to be paid or discharged
any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith. 

Section 6.5 Provision of Financial Information. 

(a) For as long as the Notes are outstanding, the Parent will file with the Trustee, within 15 days after the Parent is required to file the
same with the SEC, copies of the annual and quarterly reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) that the Parent
may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Parent is not required to file information, documents or reports with the SEC pursuant to either Section 13 or
Section 15(d) of the Exchange Act, the Parent will file with the Trustee and the SEC, in accordance with any other rules and regulations that may be prescribed from time to time by the SEC, such annual and quarterly reports and supplementary
and periodic information, documents and reports that may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time by the SEC
in such rules and regulations. 

  
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 (b) In addition to clause (a) above, for as long as the Notes are outstanding, if at
any time the Parent is not subject to Section 13 or Section 15(d) of the Exchange Act and the Parent is not providing annual and quarterly reports and supplementary and periodic information, documents and reports to the SEC and the Trustee
pursuant to the previous paragraph, the Parent will, at its option, either (i) post on a publicly available website or (ii) post on IntraLinks or any comparable password protected online data system requiring user identification and a
confidentiality acknowledgement (a “Confidential Datasite”), within 15 days of the filing date that would be applicable to a non-accelerated filer at that time pursuant to applicable SEC rules
and regulations, the quarterly and audited annual financial statements and accompanying disclosure described in Item 303 of Regulation S-K (“management’s discussion and analysis of financial
condition and results of operations”) that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively,
required to be filed with the SEC if the Parent were subject to Section 13(a) or Section 15(d) of the Exchange Act. If the Parent elects to furnish such reports via a Confidential Datasite, access to such Confidential Datasite will be
provided promptly upon request to Holders and beneficial owners of, and bona fide potential investors in, the Notes as well as securities analysts and market makers and no such request for access to such Confidential Datasite will be unreasonably
denied. 
 (c) Reports and other documents filed by the Parent with the SEC and publicly available via the EDGAR system, a publicly available
website or a Confidential Datasite will be deemed to be delivered to the Trustee as of the time such filing is publicly available via EDGAR, such publicly available website or such Confidential Datasite for purposes of this
Section 6.5. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including its compliance with any of its covenants under the Indenture relating to the Notes (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). The
Trustee shall not be obligated to monitor or confirm on a continuing basis or otherwise our compliance with the covenants or with respect to any reports or other documents filed with the SEC under the indenture. In addition, if the Company becomes
an SEC filer, the reports of the Company will be deemed to satisfy this Section 6.5. 
 (d) In the event that any
direct or indirect parent company of the Parent becomes a guarantor of the Notes, the Parent may satisfy its obligations under this Section 6.5 to provide financial information of the Parent by furnishing the equivalent
financial information relating to such parent; provided that such equivalent financial information is accompanied by consolidating financial information that explains in reasonable detail the differences between the information for such
parent, on the one hand, and the information for the Parent and its consolidated subsidiaries, on the other hand. 

Section 6.6 Maintenance of Properties. 

The Company will cause all of its properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained
and kept in good condition, repair and working order and supplied with all necessary equipment and cause all necessary repairs, renewals, replacements, betterments and improvements to be made, all as in the judgment of the Company may be necessary
in order for the Company to at all times properly and advantageously conduct its business carried on in connection with such properties; provided that the Company and its Subsidiaries shall be permitted to sell or transfer properties in the
ordinary course of business. 

  
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 Section 6.7 Insurance. 

The Company will, and will cause each of its Subsidiaries to, keep in force upon all of its and each of its Subsidiaries’ properties and
operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary in the industry in which the Company and its Subsidiaries do business in accordance with prevailing market conditions and
availability. 
 Section 6.8 General. 

For purposes of this Article VI, Debt shall be deemed to be incurred by the Company or any of its Subsidiaries whenever the Company or such
Subsidiary shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof. 

ARTICLE VII 
 DEFAULTS
AND REMEDIES 
 Sections 7.1 and 7.2 hereof shall replace Sections 6.1 and 6.2 of the Base Indenture with respect to the Notes only.

 Section 7.1 Events of Default. 

“Event of Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) default for 30 days in the payment of any installment of interest under the Notes; 

(b) default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the same becomes due and payable;
provided, however, that a valid extension of the Stated Maturity of the Notes in accordance with the terms of the Indenture shall not constitute a default in the payment of principal; 

(c) failure by the Company or any of the Guarantors to comply with any of the Company’s or such Guarantor’s respective other
agreements in the Notes or the Indenture with respect to the Notes upon receipt by the Company of notice of such default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then outstanding and the
Company’s failure to cure (or obtain a waiver of) such default within 60 days after it receives such notice; 

  
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 (d) failure to pay any Debt (other than Non-Recourse
Debt) for monies borrowed by the Company, any Guarantor or any of their respective Significant Subsidiaries in an outstanding principal amount in excess of $100,000,000 at final maturity or upon acceleration after the expiration of any applicable
grace period, which Debt (other than Non-Recourse Debt) is, or has become, the primary obligation of the Company or such Guarantor and is not discharged, or such default in payment or acceleration is not cured
or rescinded, within 60 days after written notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least twenty five percent (25%) in principal amount of the outstanding Notes); or 

(e) the Company, any Guarantor or any of their respective Significant Subsidiaries pursuant to or under or within meaning of any Bankruptcy
Law: 
 (i) commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the
Company, any such Guarantor or any such Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, any such Guarantor or any such Significant Subsidiary or
any substantial part of the property of the Company, any such Guarantor or any such Significant Subsidiary; or 
 (ii)
consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Company, any such Guarantor or any such Significant Subsidiary; or 

(iii) consents to the appointment of a custodian of it or for all or substantially of its property; or 

(iv) makes a general assignment for the benefit of creditors; or 

(f) an involuntary case or other proceeding shall be commenced against the Company, any Guarantor or any of their respective Significant
Subsidiaries seeking liquidation, reorganization or other relief with respect to the Company, any such Guarantor or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, any such Guarantor or any such Significant Subsidiary or any substantial part of the property of the Company, any such Guarantor or any
such Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or 

(g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company, any Guarantor or any of their respective Significant Subsidiaries in an involuntary case
or proceeding; 
 (ii) appoints a trustee, receiver, liquidator, custodian or other similar official of the Company, any such
Guarantor or any such Significant Subsidiary or any substantial part of the property of the Company, any such Guarantor or any such Significant Subsidiary; or 

  
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 (iii) orders the liquidation of the Company, any such Guarantor or any such
Significant Subsidiary, in each case in this clause (g), the order or decree remains unstayed and in effect for thirty (30) calendar days. 

The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. 

Section 7.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to the Notes occurs and is continuing (other than an Event of Default referred to in Sections 7.1(e),
7.1(f) or 7.1(g), which shall result in an automatic acceleration), then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal amount of and accrued and unpaid
interest, if any, on all of the outstanding Notes to be due and payable immediately, by a written notice thereof to the Company and the Parent (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or
specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Sections 7.1(e), 7.1(f) or 7.1(g) shall occur, the principal amount (or specified amount) of and accrued and
unpaid interest, if any, on all outstanding Notes shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and payable, and
before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the
Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.13 of the Base Indenture,
if: (a) the Company or any Guarantor has deposited with the Trustee all required payments of the principal of, and premium, if any, and interest on, the Notes, plus the reasonable compensation and reimbursement for the Trustee’s expenses,
disbursements and advances pursuant to Section 7.7 of the Base Indenture; and (b) all Events of Default, other than the non-payment of accelerated principal of (or specified portion thereof), or
premium, if any, and interest on, the Notes that have become due solely because of such acceleration, have been cured or waived. No such rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall
impair any right consequent thereon. The Company shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.3 of the Base Indenture and the steps to be
taken to cure such Event of Default. 
 ARTICLE VIII 

AMENDMENTS AND WAIVERS 

Sections 8.1 and 8.2 hereof shall replace Sections 9.1 and 9.2 of the Base Indenture with respect to the Notes only. 

Section 8.1 Without Consent of Holders. 

  
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 The Company, when authorized by resolutions of the board of directors of the Parent, and the
Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental without the consent of any Holder of the Notes hereto for one or more of the following purposes: 

(a) to cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely affect the interests
of the Holders of the Notes in any material respect; 
 (b) to comply with Section 6.3; 

(c) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(d) to add guarantors with respect to the Notes or secure the Notes; 

(e) to evidence a successor to the Company as obligor or to any Guarantor as guarantor under the Indenture with respect to the Notes; 

(f) to surrender any of the Company’s rights or powers under the Indenture; 

(g) to add covenants or events of default for the benefit of the Holders of any Notes; 

(h) to comply with the applicable procedures of the Depositary; 

(i) to make any change that does not adversely affect the interests of the Holders of any Notes then outstanding in any material respect; 

(j) to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture, or change any of the
provisions of the Indenture as may be necessary to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts hereunder by a successor Trustee; 

(k) to effect the appointment of a successor Trustee with respect to the Notes and to add to or change any of the provisions of the Indenture
to provide for or facilitate administration by more than one Trustee; 
 (l) to comply with the requirements of the SEC in order to effect or
maintain the qualification of the Indenture under the TIA; 
 (m) to reflect the release of any Guarantor as guarantor, in accordance with
the provisions of the Indenture; and 
 (n) to conform the text of the Indenture, any Guarantee or the Notes to any provision of the
description thereof set forth in the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture, such Note Guarantee or the Notes (as certified in an Officer’s
Certificate). 

  
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 Upon the written request of the Company, accompanied by a copy of the resolutions of the
board of directors of the Parent certified by the corresponding Secretary or Assistant Secretary, authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Company and the Guarantors in the execution
of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated
to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 8.1 may be executed by the Company, the Guarantors and the
Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 8.2. 

Section 8.2 With Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Company,
each Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the
Indenture or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided that no such supplemental indenture shall, without the consent of the Holder of each Note so affected: 

(a) reduce the amount of the Notes whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including default interest) on the Notes; 

(c) reduce the principal of, or premium, if any, on, or change the Stated Maturity of, the Notes; 

(d) reduce the principal amount of discount securities payable upon acceleration of maturity; 

(e) waive a Default or Event of Default in the payment of the principal of, or premium, if any, or interest on, the Notes (except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(f) make the principal of, or premium, if any, or interest on, the Notes payable in any currency other than that stated in the Notes; 

(g) make any change in Section 6.8 of the Base Indenture, Section 6.13 of the Base Indenture or this Section 8.2(g) of this
Second Supplemental Indenture; 
 (h) waive a redemption payment with respect to the Notes; or 

  
 32 

 (i) release the Parent or any other Guarantor as a guarantor of the Notes other than as
provided in the Indenture or modify the Note Guarantee in any manner adverse to the Holders of the Notes. 
 Upon the written request of the
Company, accompanied by a copy of the resolutions of the board of directors of the Parent certified by the corresponding Secretary or Assistant Secretary, authorizing the execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the Company and the Guarantors in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties
or immunities under the Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. In executing or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modification thereby of the trusts created by the Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel or an Officer’s Certificate or
both stating that the execution of such supplemental indenture is authorized or permitted by the Indenture, that all conditions precedent to the execution of such supplemental indenture have been complied with, and that the supplemental indenture is
a legal, valid and binding obligation of the Company and each Guarantor, as applicable, enforceable against it in accordance with its terms. 

It shall not be necessary for the consent of the Holders under this Section 8.2 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Section 8.3
Assumption by Parent. 
 Without the consent of any Holders of the Notes, the Parent, or a Subsidiary thereof, may directly assume, by an
indenture supplemental to the Indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, any premium and interest on all the Notes and the performance of every covenant of
the Indenture on the part of the Company to be performed or observed. Upon any such assumption, the Parent or such Subsidiary shall succeed the Company, and be substituted for and may exercise every right and power of the Company, under the
Indenture with the same effect as if the Parent or such Subsidiary had been the issuer of the Notes, and the Company shall be released from all obligations and covenants with respect to the Notes. No such assumption shall be permitted unless the
Parent has delivered to the Trustee (i) an Officer’s Certificate and an Opinion of Counsel, each stating that such assumption and supplemental indenture comply with this Section 8.3 and Article V of the Base Indenture, and that all
conditions precedent in the Indenture provided for relating to such transaction have been complied with and that, in the event of assumption by a Subsidiary, the Note Guarantee and all other covenants of the Parent in the Indenture remain in full
force and effect and (ii) an opinion of independent counsel that the Holders of the Notes shall have no materially adverse United States federal tax consequences as a result of such assumption, and that, if any Notes are then listed on the New
York Stock Exchange, that the Notes shall not be delisted as a result of such assumption. 

  
 33 

 ARTICLE IX 

MEETINGS OF HOLDERS OF NOTES 

Section 9.1 Purposes for Which Meetings May Be Called. 

A meeting of Holders may be called at any time and from time to time pursuant to this Article IX to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other act provided by the Indenture to be made, given or taken by Holders. 

Section 9.2 Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders for any purpose specified in Section 9.1, to be held at such time and at such
place in The City of New York, New York as the Trustee shall determine. Notice of every meeting of Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in
the manner provided in Section 10.2 of the Base Indenture, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(b) In case at any time the Company, any Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes shall have
requested the Trustee to call a meeting of the Holders for any purpose specified in Section 9.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice
of or made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company, such Guarantor, if applicable, or the
Holders in the amount above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause
(a) of this Section 9.2. 
 Section 9.3 Persons Entitled to Vote at Meetings. 

To be entitled to vote at any meeting of Holders, a person shall be (a) a Holder of one or more outstanding Notes, or (b) a person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders; provided, that none of the Company, any other obligor upon the Notes or any Affiliate of the Company shall be
entitled to vote at any meeting of Holders or be counted for purposes of determining a quorum at any such meeting in respect of any Notes owned by such persons. The only persons who shall be entitled to be present or to speak at any meeting of
Holders shall be the persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of any Guarantor and its counsel and any representatives of the Company and its counsel. 

Section 9.4 Quorum; Action. 

The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders;
provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the persons
holding or representing the specified percentage in principal amount of the outstanding Notes will constitute 

  
 34 

 
a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders, be dissolved. In any other case the
meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 9.2,
except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the outstanding Notes which shall constitute a quorum. 
 Except as limited by the proviso to Section 8.2,
any resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes;
provided, however, that, except as limited by the proviso to Section 8.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes. Any such resolution passed or decision taken at any meeting of Holders duly held in accordance with this Section 9.4
shall be binding on all the Holders, whether or not such Holders were present or represented at the meeting. 

Section 9.5 Determination of Voting Rights; Conduct and Adjournment of Meetings. 

(a) Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any
meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 
 (b) The Trustee shall, by an
instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 9.2(b), in which case the Company, the Guarantors or the Holders calling the
meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of the outstanding
Notes of such series represented at the meeting. 
 (c) At any meeting, each Holder or proxy shall be entitled to one vote for each $1,000
principal amount of Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not
outstanding. The chairman of the meeting shall have no right to vote, except as a Holder or proxy. 

  
 35 

 (d) Any meeting of Holders duly called pursuant to Section 9.2 at which a quorum is
present may be adjourned from time to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and the meeting may be held as so adjourned without further notice. 

Section 9.6 Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the signatures of the
Holders or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of
each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 9.2 and, if applicable, Section 9.4. Each copy shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and the Guarantors, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.1 Evidence of Compliance with Conditions Precedent, Certificates to Trustee. 

This Section 10.1 shall replace Sections 10.4 and 10.5 of the Base Indenture with respect to the Notes only. 

Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of the Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate in a form reasonably acceptable to the Trustee stating that all covenants and conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied
with, and an Opinion of Counsel in a form reasonably acceptable to the Trustee stating that, in the opinion of such counsel, all such covenants and conditions precedent have been complied with. The Officer’s Certificate or Opinion of Counsel
provided for in the Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in the Indenture shall include: (1) a statement that the person making such Officer’s Certificate or Opinion of
Counsel has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such Officer’s Certificate or Opinion of Counsel is based;
(3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied
with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an
Officer’s Certificate or certificates of public officials. 

  
 36 

 Section 10.2 No Recourse Against Others. 

This Section 10.2 shall replace Section 10.8 of the Base Indenture with respect to the Notes only. 

Except as otherwise expressly provided in Article V of this Second Supplemental Indenture, no recourse for the payment of the principal of
(including the Redemption Price upon redemption pursuant to Article IV) or premium, if any, or interest on any Note or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the Company in this Second Supplemental Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director
or subsidiary, as such, past, present or future, of any Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either directly or through such Guarantor, the Company or any of the Company’s Subsidiaries or
any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Second Supplemental Indenture and the issue of the Notes. 

Section 10.3 Trust Indenture Act Controls. 

If any provision of this Second Supplemental Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in
this Second Supplemental Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.4
Governing Law. 
 THIS SECOND SUPPLEMENTAL INDENTURE AND THE NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE
BASE INDENTURE, SECOND SUPPLEMENTAL INDENTURE OR THE NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

Section 10.5 Counterparts. 

This Second Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. The words “execution,”
“signed,” “signature,” and words of like import in this Second Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation,
“pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation, DocuSign and 

  
 37 

 
AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by
electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform
Commercial Code. Without limitation to the foregoing, and anything in this Second Supplemental Indenture to the contrary notwithstanding, (a) any Officer’s Certificate, Company Order, Opinion of Counsel, Note, Note Guarantee, opinion of
counsel, instrument, agreement or other document delivered pursuant to this Second Supplemental Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.3 of
the Base Indenture, Section 5.2 of this Second Supplemental Indenture or elsewhere in the Indenture to the execution, attestation or authentication of any Note, any Guarantee endorsed on any Note, or any certificate of authentication appearing
on or attached to any Note by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in this Indenture that any
signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Notes or any Note Guarantees. The Company agrees to assume all risks arising out of the use of using digital signatures, including without limitation the
risk of the Trustee acting on unauthorized instructions. 
 This Second Supplemental Indenture shall be valid, binding, and enforceable
against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of
the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code/UCC (collectively, “Signature Law”); (ii) an original manual signature; or
(iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original
manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to
investigate, confirm or otherwise verify the validity or authenticity thereof. This Second Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together,
constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the
writings. 
 Section 10.6 Successors. 

All agreements of the Company and each Guarantor in this Second Supplemental Indenture and the Notes shall bind their respective successors.

 All agreements of the Trustee in this Second Supplemental Indenture shall bind its successor. 

  
 38 

 Section 10.7 Severability. 

In case any provision in this Second Supplemental Indenture or in the Notes 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 10.8
Table of Contents, Headings, Etc. 
 The Table of Contents and headings of the Articles and Sections of this Second Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.9 Ratifications. 

The Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and confirmed. The Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this Second Supplemental Indenture with respect to the Notes supersede any conflicting provisions included in the Base Indenture unless not permitted by
law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

Section 10.10 Effectiveness. 

The provisions of this Second Supplemental Indenture shall become effective as of the date hereof. 

Section 10.11 The Trustee. 

The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or the due execution thereof by the Company. The recitals contained herein shall be taken as the
statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship
listed in TIA Section 311(b), the Trustee shall be subject to the provisions of the TIA regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest within
the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and the Indenture. 

 

  
 39 

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

			
	EXTRA SPACE STORAGE LP,
	as the Company
	
	By: ESS Holdings Business Trust I
	      Its general partner
		
	By:	 	 /s/ P. Scott Stubbs

	Name:	 	P. Scott Stubbs
	Title:	 	Trustee
	
	EXTRA SPACE STORAGE INC.,
	as a Guarantor
		
	By:	 	 /s/ P. Scott Stubbs

	Name:	 	P. Scott Stubbs
	Title:	 	Chief Financial Officer
	
	ESS HOLDINGS BUSINESS TRUST I,
	as a Guarantor
		
	By:	 	 /s/ P. Scott Stubbs

	Name:	 	P. Scott Stubbs
	Title:	 	Trustee
	
	ESS HOLDINGS BUSINESS TRUST II,
	as a Guarantor
		
	By:	 	 /s/ P. Scott Stubbs

	Name:	 	P. Scott Stubbs
	Title:	 	Trustee

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Trustee

		
	By:	 	 /s/ Patrick Giordano

	Name:	 	Patrick Giordano
	Title:	 	Vice President

 EXHIBIT A 

EXTRA SPACE STORAGE LP 
 THIS GLOBAL NOTE
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SECOND SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2(a) OF THE SECOND
SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF EXTRA SPACE STORAGE LP UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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. 

 EXTRA SPACE STORAGE LP 

2.350% SENIOR NOTES DUE 2032 

Certificate No. [    ] 
 CUSIP
No.: 30225V AG2 
 ISIN: US30225VAG23 

$[    ] 
 Extra Space
Storage LP, a Delaware limited partnership (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede &
Co., or its registered assigns, the principal sum of [    ] MILLION DOLLARS ($[    ])[, or such lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of
this Note,] on March 15, 2032 at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts, and to pay interest semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2022, to the Holder in whose name the Note is registered in the
security register on the preceding March 1 or September 1, whether or not a Business Day, as the case may be, in accordance with the terms of the Indenture. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Company shall pay interest on any Notes in certificated form by check mailed to the address of the Holder entitled
thereto; provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2,000,000 may specify by written notice to the Company that it pay interest by wire transfer of immediately available funds
to the account specified by the Holder in such notice, or on any Global Notes by wire transfer of immediately available funds to the account of the Depositary or its nominee. This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: [    ], 20[    ] 
  

			
	EXTRA SPACE STORAGE LP
		
	By:	 	ESS Holdings Business Trust I,
		 	Its general partner
		
	By:	 	  

	Name:
	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes described in the within-named Indenture. 

Dated: [    ], 20[    ] 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF NOTE] 

EXTRA SPACE STORAGE LP 

2.350% SENIOR NOTES DUE 2032 

This Note is one of a duly authorized issue of Securities of the Company, designated as its 2.350% Senior Notes due 2032 (herein called the
“Notes”), issued under and pursuant to an Indenture dated as of May 11, 2021 (herein called the “Base Indenture”), among the Company, the Guarantors and Wells Fargo Bank, National Association, as trustee
(herein called the “Trustee”), as supplemented by the Second Supplemental Indenture, dated as of September 22, 2021 (herein called the “Second Supplemental Indenture,” and together with the Base Indenture, the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the
Guarantors and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 

If an Event of Default (other than an Event of Default specified in Sections 7.1(e), 7.1(f) and 7.1(g) of the Second Supplemental Indenture
with respect to the Company) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 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 7.1(e), 7.1(f) and 7.1(g) of the Second Supplemental Indenture occurs, the principal of and
premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action. 

The Indenture contains provisions permitting the Company, the Guarantors and the Trustee, with the consent of the Holders of not less than a
majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture
or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 8.2 of the Second Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in
aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Company and the Holder of
the Notes, the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein and
in the Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year
consisting of twelve 30-day months. 

 The Notes are issuable in fully registered form, without coupons, in minimum denominations
of $2,000 principal amount and any multiple of $1,000. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with
payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other
authorized denominations. 
 The Company shall have the right to redeem the Notes under certain circumstances as set forth in
Section 4.1, Section 4.2 and Section 4.3 of the Second Supplemental Indenture. 
 The Notes are not subject to redemption
through the operation of any sinking fund. 
 The obligations of each Guarantor to the Holders of the Notes and to the Trustee pursuant to
the Note Guarantee and the Indenture are expressly set forth in Article V of the Second Supplemental Indenture and reference is hereby made to such Indenture for the precise terms of the Note Guarantee. 

Except as expressly provided in Article V of the Second Supplemental Indenture, no recourse for the payment of the principal of (including the
Redemption Price (as defined in Section 4.1 of the Second Supplemental Indenture) upon redemption pursuant to Article IV of the Second Supplemental Indenture) or any premium, if any, or interest on this Note, or for any claim based hereon or
otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of any Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either
directly or through such Guarantor, the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

 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 Company. 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 EXCHANGES OF INTERESTS IN THE GLOBAL NOTE * 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of

decrease in
 principal amount

at maturity of
 this Global
Note
	 	 Amount of

increase in
 principal amount

at maturity of
 this Global
Note
	 	 Principal amount

at maturity of
 this Global Note

following such
 decrease

(or increase)
	 	 Signature of

authorized
 officer of

Trustee or

Custodian

  

	*	 This Schedule should be included only if the Note is issued in global form.Exhibit 4.1

 

Execution Version

 

FOURTH AMENDED AND RESTATED

MANAGEMENT SERVICES AGREEMENT

 

AMONG

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC,

MACQUARIE INFRASTRUCTURE CORPORATION,

MIC HAWAII HOLDINGS, LLC,

 

AND

 

MACQUARIE INFRASTRUCTURE MANAGEMENT (USA) INC.

 

Dated as of September 22, 2021

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	Article I DEFINITIONS	1
	 	 
	Article II APPOINTMENT OF THE MANAGER	12
	Section 2.1 Appointment	12
	Section 2.2 Initial Investment	12
	Section 2.3 Agreement to Bind Subsidiaries	12
	Section 2.4 Term	12
	Section 2.5 Company Special Stock	12
	 	 
	Article III SERVICES TO BE PERFORMED BY THE MANAGER	12
	Section 3.1 Duties of the Manager	12
	Section 3.2 Obligations of the Company and the Managed Subsidiaries	16
	 	 
	Article IV POWERS OF THE MANAGER	17
	Section 4.1 Powers of the Manager	17
	Section 4.2 Delegation	18
	Section 4.3 Manager’s Duties Exclusive	18
	 	 
	Article V INSPECTION OF RECORDS	18
	Section 5.1 Books and Records	18
	 	 
	Article VI AUTHORITY OF THE COMPANY, THE MANAGED SUBSIDIARIES AND THE MANAGER	18
	 	 
	Article VII MANAGEMENT FEES	18
	Section 7.1 [INTENTIONALLY OMITTED]	18
	Section 7.2 Base Management Fees	18
	Section 7.3 Performance Fee	20
	Section 7.4 Registration Rights	22
	Section 7.5 Ability to Issue Company Common Units	22
	Section 7.6 Future Issuances of Company Preferred Units	22
	 	 
	Article VIII SECONDMENT OF PERSONNEL BY THE MANAGER	22
	Section 8.1 Secondment of CEO and CFO	22
	Section 8.2 Remuneration of CEO and CFO	22
	Section 8.3 Secondment of Additional Personnel	22
	Section 8.4 Removal of Seconded Individuals	23
	Section 8.5 Indemnification	23
	 	 
	Article IX EXPENSE REIMBURSEMENT	23
	Section 9.1 Company Expenses	23
	 	 
	Article X RESIGNATION AND REMOVAL OF THE MANAGER	24
	Section 10.1 Resignation by the Manager	24
	Section 10.2 Removal of the Manager	25
	Section 10.3 Withdrawal of Branding	26
	Section 10.4 Resignation of the Chairman and the Seconded Officers	26
	Section 10.5 Directions	27
	 	 
	Article XI INDEMNITY	27
	Section 11.1 Indemnification of Manager	27

 

     

     

    

 

	Section 11.2 Indemnification of Company	28
	Section 11.3 Indemnification	28
	 	 
	Article XII LIMITATION OF LIABILITY OF THE MANAGER	28
	Section 12.1 Limitation of Liability	28
	Section 12.2 Manager May Rely	28
	 	 
	Article XIII LEGAL ACTIONS	28
	Section 13.1 Third Party Claims	28
	 	 
	Article XIV MISCELLANEOUS	29
	Section 14.1 Obligation of Good Faith; No Fiduciary Duties	29
	Section 14.2 Compliance	29
	Section 14.3 Effect of Termination	29
	Section 14.4 Notices	29
	Section 14.5 Captions	29
	Section 14.6 Applicable Law	30
	Section 14.7 Amendment	30
	Section 14.8 Severability	30
	Section 14.9 Entire Agreement	30
	Section 14.10 Interpretation	30

 

    2 

     

    

 

FOURTH AMENDED AND RESTATED
MANAGEMENT SERVICES AGREEMENT (this “Agreement”), dated as of September 22, 2021, among Macquarie Infrastructure
Holdings, LLC, a Delaware limited liability company (the “Company”), Macquarie Infrastructure Corporation, a
Delaware corporation and direct wholly owned subsidiary of the Company, (“MIC Corp.”), MIC Hawaii Holdings,
LLC, a Delaware limited liability company (a “Managed Subsidiary” and, together with MIC Corp. and any other
directly owned Subsidiary of the Company as from time to time may exist and that has executed a counterpart of this Agreement in accordance
with Section 2.3 herein, collectively, the “Managed Subsidiaries”), and Macquarie Infrastructure Management
(USA) Inc., a Delaware corporation (the “Manager”). Individually, each party hereto shall be referred to as
a “Party” and collectively as the “Parties.”

 

WHEREAS, MIC Corp., MIC Ohana
Corporation, a Delaware corporation the Managed Subsidiary and the Manager are parties to that certain Third Amended and Restated Management
Services Agreement, dated as of May 21, 2015 (the “Previous Agreement”);

 

WHEREAS, effective as of the
date hereof, (i) MIC Corp. merged with a subsidiary of the Company and survived the merger as a wholly owned subsidiary of the Company
(the “Merger”), MIC Corp.’s common stock, par value $0.001 per share (the “Common Stock”),
issued and outstanding immediately prior to the effective time of the Merger was converted into Company Common Units on a one for one
basis, and the Company Common Units have been listed to trade on the NYSE and (ii) immediately following the Merger, MIC Corp. distributed
to the Company all of the limited liability company interests in MIC Hawaii Holdings, LLC (the “Hawaii Distribution”
and, together with the Merger, the “Reorganization”);

 

WHEREAS, following the Reorganization,
MIC Ohana is not a directly owned Subsidiary of the Company, and the Managed Subsidiary is a directly owned Subsidiary of the Company;
and

 

WHEREAS, in connection with
the Reorganization, the Parties wish to amend and restate the Previous Agreement as set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the Parties hereto agree as follows:

 

Article I

 

DEFINITIONS

 

“Additional Interests”
means the aggregate number of Company Common Units issued in an Additional Offering (including any Company Common Units issued pursuant
to the exercise of an over-allotment option).

 

“Additional Offering”
means for any Fiscal Quarter in which a Performance Fee is being calculated any offering of Company Common Units in which the total number
of Company Common Units issued in such offering equals or exceeds 15% of the total number of Company Common Units issued and outstanding
immediately prior to such offering; provided that “Additional Offering” shall not include:

 

(i) any issuance of Company
Common Units to the Manager pursuant to Article VII hereof;

 

(ii) the issuance of
any Company Common Units pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on securities
of the Company and the investment of additional optional amounts in Company Common Units under any such plan; or

 

     

     

    

 

(iii) the issuance of
any Company Common Units or options or rights to purchase those Company Common Units pursuant to any present or future employee, director
or consultant benefit plan or program of, or any such plan or program assumed by the Company or any of its subsidiaries.

 

“Additional Offering
Foreign Net Equity Value” means the aggregate USD amount of the total proceeds from any Additional Offering which is to
be applied to increase Foreign Net Equity Value.

 

“Additional Offering
Macquarie Infrastructure Holdings, LLC Accumulation Index” means, with respect to the relevant Additional Interests, the
Additional Offering Macquarie Infrastructure Holdings, LLC Accumulation Index or any predecessor index, including the Additional Offering
Macquarie Infrastructure Corporation Accumulation Index, calculated by Morgan Stanley Capital International Inc., in accordance with the
methodology used to calculate the indices used in the calculation of clause (ii) of the Benchmark Return for the relevant Fiscal
Quarter; provided that, in the event that the Macquarie Infrastructure Holdings, LLC Accumulation Index is not calculated by Morgan
Stanley Capital International Inc., the Manager shall cause the institution then used to calculate the Macquarie Infrastructure Holdings,
LLC Accumulation Index to calculate the Additional Offering Macquarie Infrastructure Holdings, LLC Accumulation Index in accordance with
the methodology used to calculate the indices used in the calculation of clause (ii) of the Benchmark Return for the relevant Fiscal
Quarter.

 

“Additional Offering
U.S. Net Equity Value” means the aggregate USD amount of the total proceeds from any Additional Offering which is to be
applied to increase U.S. Net Equity Value.

 

“Additional Offering
Weighted Average Percentage Change Of The MSCI Europe Utilities Index” means the change in percentage terms for a relevant
Fiscal Quarter calculated according to the following formula:

 

Z2 = N2 x (Q2 - P2) / P2

 

where

 

Z2 = the Additional Offering Weighted
Average Percentage Change of the MSCI Europe Utilities Index;

 

N2 = the percentage determined by dividing
(i) the Additional Offering Foreign Net Equity Value by (ii) the sum of the Additional Offering Foreign Net Equity Value and
the Additional Offering U.S. Net Equity Value;

 

P2 = the average closing MSCI Europe
Utilities Index over the last 15 Trading Days ending immediately prior to the first day of trading of the relevant Additional Interests;
and

 

Q2 = the average closing MSCI Europe
Utilities Index over the last 15 Trading Days of the current Fiscal Quarter, or over such lesser number of Trading Days from and including
the first day of trading with respect to the Additional Interests through and including the Fiscal Quarter End Date of such Fiscal Quarter.

 

“Additional Offering
Weighted Average Percentage Change Of The MSCI U.S. IMI/Utilities Index” means the change in percentage terms for a relevant
Fiscal Quarter calculated according to the following formula:

 

Y2 = J2 x (L2 - K2) / K2

 

where

 

Y2 = the Additional Offering Weighted
Average Percentage Change Of The MSCI U.S. IMI/Utilities Index;

 

    	 	2	 

     

    

 

J2 = the percentage determined by dividing
(i) the Additional Offering U.S. Net Equity Value by (ii) the sum of the Additional Offering Foreign Net Equity Value and the
Additional Offering U.S. Net Equity Value;

 

K2 = the average closing MSCI U.S. IMI/Utilities
Index over the last 15 Trading Days ending immediately prior to the first day of trading of the relevant Additional Interests; and

 

L2 = the average closing MSCI U.S. IMI/Utilities
Index over the last 15 Trading Days of the current Fiscal Quarter, or over such lesser number of Trading Days from and including the first
day of trading with respect to the Additional Interests through and including the Fiscal Quarter End Date of such Fiscal Quarter.

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with
such Person or (ii) any officer, director, general member, member or trustee of such Person. For purposes of this definition, the
terms “controlling,” “controlled by” or “under common control with” shall mean
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person or entity,
whether through the ownership of voting securities, by contract or otherwise, or the power to elect at least 50% of the directors, managers,
general members, or Persons exercising similar authority with respect to such Person or entity.

 

“Agreement”
or “Management Services Agreement” means this Fourth Amended and Restated Management Services Agreement, including
all Exhibits and Schedules attached hereto, as amended and/or restated from time to time. Words such as “herein,” “hereinafter,”
 “hereof,” “hereto” and “hereunder” refer to this Agreement as a whole, unless
the context otherwise requires.

 

“AUD”
means the lawful currency of the Commonwealth of Australia.

 

“Bankruptcy Law”
means title 11, United States Code or any similar federal or state law for the relief of debtors.

 

“Base Fee VWAP”
has the meaning set forth in Section 7.2(e)(i).

 

“Base Management
Fee” means in respect of a calendar month:

 

(i) where the Net Investment
Value is less than or equal to USD500 million, 0.125% per calendar month of the Net Investment Value,

 

(ii) where the Net Investment
Value is greater than USD500 million but less than or equal to USD1,500 million, USD0.625 million per calendar month plus 0.10417% per
calendar month of such Net Investment Value exceeding USD500 million but not exceeding USD1,500 million, or

 

(iii) where the Net Investment
Value is greater than USD1,500 million, USD1.66667 million per calendar month plus 0.08333% per calendar month of such Net Investment
Value exceeding USD1,500 million;

 

less

 

(x) the USD amount of
any fees paid by the Company or any of its Subsidiaries during the calendar month to any individuals seconded to the Company pursuant
to Article VIII, or to any officer, director, staff member or employee of the Manager or any Manager Affiliate, as compensation for
serving as a director on the Board of Directors of the Company, any Subsidiary of the Company, or any company in which the Company or
its Subsidiaries have invested, excluding amounts paid as reimbursement for expenses, in each case to the extent not subsequently paid
to the Company or a Subsidiary of the Company;

 

    	 	3	 

     

    

 

(y) the amount of any
management fees other than performance-based management fees payable to the Manager or a Manager Affiliate for that calendar month in
relation to the management of a Macquarie Managed Investment Vehicle (calculated in USD using the applicable exchange rate on the last
Business Day of such calendar month) multiplied by the Company’s percentage ownership in the Macquarie Managed Investment Vehicle
on the last Business Day of the calendar month; provided that, to the extent that such management fee accrues over a period in
excess of any calendar month, such management fee for any calendar month will be estimated by the Manager and will be adjusted to actual
in the calendar month such fee becomes payable. For the avoidance of doubt such management fees do not include expense reimbursements
or indemnities for Costs; and

 

(z) all Base Management
Fees previously earned in any calendar month in relation to any Future Investment if it was determined conclusively during the relevant
calendar month that such Future Investment would not be made.

 

“Benchmark Return”
means the amount expressed in USD in respect of a Fiscal Quarter in accordance with the following formula:

 

BR = BR1 + BR2

 

where

 

BR = the Benchmark Return for the Fiscal Quarter;

 

and

 

(i) BR1 =
X1 x (Y1 + Z1)

 

where

 

BR1 = the Benchmark Return for the Fiscal
Quarter applicable to all Company Common Units, other than those included in the calculation of BR2;

 

X1 = has the same meaning as “A1”
in the definition of Return;

 

Y1 = the Weighted Average Percentage
Change of the MSCI U.S. IMI/Utilities Index over the Fiscal Quarter; and

 

Z1 = the Weighted Average Percentage
Change of the MSCI Europe Utilities Index over the Fiscal Quarter.

 

(ii) BR2 =
X2 x (Y2 + Z2)

 

where

 

BR2 = the Benchmark Return for the Fiscal
Quarter applicable solely to the Additional Interests issued in an Additional Offering during the relevant Fiscal Quarter;

 

X2 = has the same meaning as “A2”
in the definition of Return;

 

Y2 = the Additional Offering Weighted
Average Percentage Change of the MSCI U.S. IMI/Utilities Index over the period from and including the first day of trading with respect
to any Additional Interests issued during the Fiscal Quarter for which a Performance Fee is being calculated, through and including the
Fiscal Quarter End Date of such Fiscal Quarter; and

 

Z2 = the Additional Offering Weighted
Average Percentage Change of the MSCI Europe Utilities Index over the period from and including the first day of trading with respect
to any Additional Interests issued during the Fiscal Quarter for which a Performance Fee is being calculated, through and including the
Fiscal Quarter End Date of such Fiscal Quarter.

 

    	 	4	 

     

    

 

“Board”
or “Board of Directors” means, with respect to the Company, any Managed Subsidiary or any Subsidiary, as the
case may be, the Board of Directors of the Company, such Managed Subsidiary or Subsidiary, or any committee of the Board of Directors
that has been duly authorized by the Board of Directors to make a decision on the matter in question or bind the Company, such Managed
Subsidiary or such Subsidiary, as the case may be, as to the matter in question.

 

“Business”
means the business of owning and operating businesses and making investments in the United States and elsewhere, as may be conducted or
made, directly and indirectly, by the Company from time to time.

 

“Business Day”
means a day of the year on which banks are not required or authorized to close in The City of New York.

 

“Certificate”
means a certificate representing Company Common Units.

 

“Chairman”
means the Chairman of the Board of Directors of the Company.

 

“Chief Executive
Officer” means the Chief Executive Officer of the Company, including any interim Chief Executive Officer.

 

“Chief Financial
Officer” means the Chief Financial Officer of the Company, including any interim Chief Financial Officer.

 

“Commencement
Date” has the meaning set forth in Section 2.4.

 

“Company”
has the meaning set forth in the first paragraph of this Agreement.

 

“Company Common
Units” means the common units representing limited liability company interests in the Company.

 

“Common Stock” has the meaning set forth
in the Preamble.

 

“Company Officers”
means the Chief Executive Officer and the Chief Financial Officer and any other officer of the Company hereinafter appointed by the Board
of Directors of the Company.

 

“Company Preferred
Units” means the preferred units of the Company, which may be issued in one or more series in accordance with the LLC Agreement.

 

“Company Special
Units” means the Special Units of the Company, as set forth in the LLC Agreement.

 

“Compensation
Committee” means the Compensation Committee of the Board of Directors of the Company.

 

“Contracted Assets”
means businesses that derive a majority of their revenues from long-term contracts with other businesses or governments.

 

“Costs”
includes costs, charges, fees, expenses, commissions, liabilities, losses, damages and Taxes and all amounts payable in respect of them
or like amounts.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.

 

    	 	5	 

     

    

 

“Deficit”
means the aggregate amounts in USD in respect of each Fiscal Quarter since a Performance Fee last became due and payable, not including
the Fiscal Quarter in respect of which a calculation is being made, by which the Benchmark Return for each such Fiscal Quarter exceeds
the Return for that Fiscal Quarter (if any).

 

“Delisting Event”
means a transaction or series of related transactions involving the acquisition of Company Common Units by third parties in an amount
that results in the Company Common Units ceasing to be listed on a recognized U.S. national securities exchange because the Company Common
Units ceased to meet the distribution and trading criteria of such exchange or market.

 

“Earnings Release
Day” means any Business Day that the Company releases to the public quarterly or annual historical consolidated financial
information.

 

“Election Period”
has the meaning set forth in Section 7.2(e)(ii).

 

“Exchange”
means the exchange of all issued and outstanding shares of Trust Stock for limited liability company interests in connection with the
dissolution of the Trust.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Fiscal Quarter”
means (i) the period commencing on the Commencement Date and ending on December 31, 2004, and (ii) any subsequent three-month
period commencing on each of October 1, January 1, April 1 and July 1 and ending on the last day before the next such
date.

 

“Fiscal Quarter
End Date” means the last day of a Fiscal Quarter.

 

“Fiscal Year”
means (i) the period commencing on the Commencement Date and ending on December 31, 2004 and (ii) any subsequent 12-month
period commencing on January 1 and ending on December 31.

 

“Foreign Net Equity
Value” means the Net Equity Value for the portion of the Business held outside of the United States (measured in USD based
on the then-applicable exchange rate) as determined by the Manager and approved by the Compensation Committee of the Company (which approval
shall not be unreasonably withheld, delayed or conditioned).

 

“Full Base Fee
Cash Amount” has the meaning set forth in Section 7.2(e)(iii)(A).

 

“Full Performance
Fee Cash Amount” has the meaning set forth in Section 7.3(e)(iii)(A).

 

“Future Investment”
means a contractual commitment to invest represented by a definitive agreement.

 

“GAAP”
means generally accepted accounting principles in effect in the United States of America from time to time.

 

“Hawaii Distribution”
has the meaning set forth in the Preamble.

 

“Independent Director”
means a director who (a) (i) is not an officer or employee of the Company, or an officer, director or employee of any of the
Managed Subsidiaries or any Subsidiary, (ii) was not elected as a director by the holders of the Company Special Units voting separately
as a class and (iii) is not affiliated with the Manager or any Manager Affiliate; and (b) complies with the independence requirements
under the Exchange Act and the NYSE Rules.

 

“Initial Investment”
has the meaning set forth in Section 2.2.

 

    	 	6	 

     

    

 

“Initial Level
of the Additional Offering Macquarie Infrastructure Holdings, LLC Accumulation Index” means the initial value designated
at the time of the establishment of the relevant Additional Offering Macquarie Infrastructure Holdings, LLC Accumulation Index, which
shall be based on the offering price of the Additional Interests issued in the relevant Additional Offering.

 

“Liabilities”
has the meaning set forth in Section 11.1.

 

“LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of Macquarie Infrastructure Holdings, LLC dated as of September 22,
2021.

 

“Manager Affiliate”
means any Affiliate of the Manager other than the Company, any Subsidiary of the Company or any Person who would be deemed a Manager Affiliate
solely as a result of such Person’s association with the Company or any Subsidiary of the Company.

 

“Macquarie Infrastructure
Holdings, LLC Accumulation Index” means the Macquarie Infrastructure Holdings, LLC Accumulation Index or any predecessor
index, including the Macquarie Infrastructure Corporation Accumulation Index, as calculated by Morgan Stanley Capital International Inc.,
in accordance with the methodology used to calculate the MSCI U.S. IMI/Utilities Index and the MSCI Europe Utilities Index from time to
time. In the event that the indices used in the calculation of the Benchmark Return are not calculated by Morgan Stanley Capital International
Inc., the Manager may select another institution of comparable recognized standing that is not a Manager Affiliate to calculate the Macquarie
Infrastructure Holdings, LLC Accumulation Index in a manner consistent with the methodology used to calculate the MSCI U.S. IMI/Utilities
Index and the MSCI Europe Utilities Index.

 

“Macquarie Managed
Investment Vehicle” means an entity which is managed by the Manager or a Manager Affiliate where such Person receives remuneration,
other than expense reimbursement or indemnity for Costs, for managing the entity.

 

“Managed Subsidiary”
and “Managed Subsidiaries” have the meanings set forth in the first paragraph of this Agreement.

 

“Manager”
has the meaning set forth in the first paragraph of this Agreement.

 

“Market Value
of the Company Common Units” means the product of (1) the average number of Company Common Units issued and outstanding,
other than those held in treasury, during that period commencing on and including the first Trading Day in the relevant calendar month
and ending on and including the last Trading Day in the relevant calendar month, multiplied by (2) the volume weighted average trading
price per share of Company Common Units traded on the NYSE over that period commencing on and including the first Trading Day in the relevant
calendar month and ending on and including the last Trading Day in the relevant calendar month.

 

“Merger”
has the meaning set forth in the Preamble.

 

“MIC Corp.”
has the meaning set forth in the first paragraph of this Agreement.

 

“MIRA”
has the meaning set forth in Section 3.1(b)(iii).

 

“MSCI Europe Utilities
Index” means the total return equity index with that name calculated in USD and published by Morgan Stanley Capital International
Inc. or, if that index ceases to be calculated or ceases to be publicly available, the nearest equivalent available index selected by
the Manager and reasonably acceptable to the Compensation Committee of the Company that is (a) calculated by an institution of comparable
recognized standing that is not a Manager Affiliate and (b) publicly available.

 

    	 	7	 

     

    

 

“MSCI U.S. IMI/Utilities
Index” means the total return equity index with that name calculated in USD and published by Morgan Stanley Capital International
Inc. or, if that index ceases to be calculated or ceases to be publicly available, the nearest equivalent available index selected by
the Manager and reasonably acceptable to the Compensation Committee of the Company that is (a) calculated by an institution of comparable
recognized standing that is not a Manager Affiliate and (b) publicly available.

 

“Net Equity Value”
means the fair value of the equity of the Business (as measured in USD, based on the then-applicable exchange rates, if applicable) as
determined by the Manager and approved by the Compensation Committee of the Company (which approval shall not be unreasonably withheld,
delayed or conditioned).

 

“Net Investment
Value” means:

 

(a) the Market Value
of the Company Common Units; plus

 

(b) the amount of any
borrowings (other than intercompany borrowings) of the Company and its Managed Subsidiaries (but not including borrowings on behalf of
any Subsidiary of the Managed Subsidiaries); plus

 

(c) the value of Future
Investments of the Company and/or any of its Subsidiaries other than cash or cash equivalents, as calculated by the Manager and approved
by the Compensation Committee of the Company (which approval shall not be unreasonably withheld, delayed or conditioned); provided
that such Future Investment has not been outstanding for more than two consecutive Fiscal Quarters; less

 

(d) the aggregate amount
held by the Company and its Managed Subsidiaries in cash or cash equivalents (but not including cash or cash equivalents held specifically
for the benefit of any Subsidiary of a Managed Subsidiary).

 

“New Investment
Vehicle” has the meaning set forth in Section 3.1(b)(iii).

 

“NYSE”
means the New York Stock Exchange, Inc.

 

“NYSE Rules”
means the rules of the New York Stock Exchange.

 

“Partial Base
Fee Cash Amount” has the meaning set forth in Section 7.2(e)(iii)(B).

 

“Partial Performance
Fee Cash Amount” has the meaning set forth in Section 7.3(e)(iii)(B).

 

“Performance Fee”
for a Fiscal Quarter means, if the Return for such Fiscal Quarter is greater than zero, 20% of the amount (if any) by which the Return
for such Fiscal Quarter together with any Surplus exceeds the Benchmark Return for such Fiscal Quarter together with any Deficit.

 

“Performance Fee
VWAP” has the meaning set forth in Section 7.3(e)(i).

 

“Performance Test
Return” means the amount expressed in percentage terms in accordance with the following formula:

 

(C1 — B1) / B1

 

where

 

B1 and C1 are as defined in the definition
of Return.

 

    	 	8	 

     

    

 

“Performance Test
Benchmark Return” means the amount expressed in percentage terms in accordance with the following formula:

 

Y1 + Z1

 

where

 

Y1 and Z1 are as defined in the definition
of Benchmark Return.

 

“Person”
means any individual, company (whether general or limited), limited liability company, corporation, trust, estate, association, nominee
or other entity.

 

“Previous Agreement”
has the meaning set forth in the Preamble.

 

“Regulated Assets”
means businesses that are the sole or predominant providers of at least one essential service in their service areas and where the level
of revenue earned or charges imposed are regulated by government entities.

 

“Reorganization”
has the meaning set forth in the Preamble.

 

“Return”
means the amount expressed in USD in respect of a Fiscal Quarter in accordance with the following formula:

 

R = R1 + R2

 

where

 

R = the Return for the Fiscal Quarter

 

and

 

R1 = A1 x (C1 — B1) / B1

 

where

 

R1 = the Return for the Fiscal Quarter
applicable to all Company Common Units, other than those included in the calculation of R2;

 

A1 = the average number of Company Common
Units issued and outstanding, other than those held in treasury, during the last 15 Trading Days in the previous Fiscal Quarter multiplied
by the volume weighted average trading price per share of Company Common Units traded on the NYSE during such 15 Trading Days;

 

B1 = the average of the daily closing
Macquarie Infrastructure Holdings, LLC Accumulation Index over the last 15 Trading Days of the previous Fiscal Quarter; and

 

C1 = the average of the daily closing
Macquarie Infrastructure Holdings, LLC Accumulation Index over the last 15 Trading Days of the current Fiscal Quarter.

 

(ii) R2 =
A2 x (C2 — B2) / B2

 

where

 

R2 = the Return for the Fiscal Quarter
applicable solely to the Additional Interests issued during such Fiscal Quarter;

 

A2 = the number of such Additional Interests
times the per share offer price for those Additional Interests;

 

    	 	9	 

     

    

 

B2 = the Initial Level of the Additional
Offering Macquarie Infrastructure Holdings, LLC Accumulation Index applicable to such Additional Interests; and

 

C2 = the average of the daily closing
Additional Offering Macquarie Infrastructure Holdings, LLC Accumulation Index applicable to such Additional Interests over the last 15
Trading Days of the current Fiscal Quarter, or over such lesser number of Trading Days from and including the first day of trading with
respect to the Additional Interests through and including the Fiscal Quarter End Date of such Fiscal Quarter.

 

“Rules and
Regulations” means the rules and regulations promulgated under the Exchange Act or the Securities Act.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Services”
has the meaning set forth in Section 3.1(b).

 

“Stockholders”
means all Persons that at any time hold Company Common Units.

 

“Subsidiary”
means, with respect to any Person, any corporation, company, joint venture, limited liability company, association or other entity in
which such Person owns, directly or indirectly, more than 50% of the outstanding equity securities or interests, the holders of which
are or would be generally entitled to vote for the election of the Board of Directors or other governing body of such entity.

 

“Surplus”
means the aggregate amounts in USD in respect of each Fiscal Quarter since a Performance Fee has become due and payable, not including
the Fiscal Quarter in respect of which a calculation is being made, by which the Return for each such Fiscal Quarter exceeds the Benchmark
Return for that Fiscal Quarter.

 

“Tax”
or “Taxes” means any and all taxes, fees, levies, duties, tariffs, imposts, and other charges of any kind (together
with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any government
or taxing authority, including taxes or other charges on or with respect to income, franchises, windfall or other profits, gross receipts,
property, sales, use, capital stock, payroll, employment, social security, workers’ compensation, unemployment compensation, or
net worth; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added, or gains taxes; license,
registration and documentation fees; and customs’ duties, tariffs, and similar charges.

 

“Termination Date”
means the date on which this Agreement and the obligations of the Manager hereunder terminate.

 

“Termination Fee”
means the amount calculated as follows:

 

the sum of (i) all accrued
and unpaid Base Management Fees and Performance Fees for the period from the previous Fiscal Quarter End Date to the Delisting Event,
using the volume weighted average price per share of Company Common Units paid by an acquiror in the transaction or series of transactions
that led to the Delisting Event to calculate such fees, plus (ii)(a) if the price per share of Company Common Units stated
in (i) above multiplied by the aggregate number of Company Common Units issued and outstanding, other than those held in treasury,
on the date of the Delisting Event, is less than or equal to $500 million, 10% of such value, or (b) if the price per share of Company
Common Units stated in (i) above multiplied by the aggregate number of Company Common Units issued and outstanding, other than those
held in treasury, on the date of the Delisting Event is greater than $500 million, $50 million plus 1.5% of the value in excess of $500
million.

 

    	 	10	 

     

    

 

“The Macquarie
Group” means the Macquarie Group of companies, which comprises Macquarie Bank Limited, or its ultimate parent company, and
their respective subsidiaries and affiliates worldwide.

 

“Threshold Price”
has the meaning set forth in Section 7.2(e)(iii).

 

“Trading Day”
means a day during which trading in securities generally occurs on the NYSE or, if the Company Common Units are not listed on the NYSE,
on the principal other national or regional securities exchange or interdealer quotation system on which the Company Common Units are
then listed or quoted.

 

“Trust”
means Macquarie Infrastructure Company Trust, which prior to its dissolution, held one hundred percent (100%) of the ownership interest
in the Company.

 

“Trust Stock”
means the shares of beneficial interest of the Trust.

 

“USD”
means the lawful currency of the United States of America.

 

“User Pays Assets”
means businesses that are transportation-related and derive a majority of their revenues from a per use fee or charge.

 

“US Net Equity
Value” means the Net Equity Value for the portion of the Business held inside the United States as determined by the Manager
and approved by the Compensation Committee of the Company (which approval shall not be unreasonably withheld, delayed or conditioned).

 

“Weighted Average
Percentage Change Of The MSCI Europe Utilities Index” means the change in percentage terms for a period calculated according
to the following formula:

 

Z1 = N1 x (Q1 — P1) / P1

 

where

 

Z1 = the Weighted Average Percentage
Change Of The MSCI Europe Utilities Index;

 

N1 = the percentage of Net Equity Value
attributable to the Foreign Net Equity Value on the last Business Day of the previous Fiscal Quarter;

 

P1 = the average closing MSCI Europe
Utilities Index over the last 15 Trading Days of the previous Fiscal Quarter; and

 

Q1 = the average closing MSCI Europe
Utilities Index over the last 15 Trading Days of the current Fiscal Quarter.

 

“Weighted Average
Percentage Change Of The MSCI U.S. IMI/Utilities Index” means the change in percentage terms for a Fiscal Quarter calculated
according to the following formula:

 

Y1 = J1 x (L1 — K1) / K1

 

where

 

Y1 = the Weighted Average Percentage
Change of the MSCI U.S. IMI/Utilities Index;

 

J1 = the percentage of Net Equity Value
attributable to the U.S. Net Equity Value on the last Business Day of the previous Fiscal Quarter;

 

K1 = the average closing MSCI U.S. IMI/Utilities
Index over the last 15 Trading Days of the previous Fiscal Quarter; and

 

L1 = the average closing MSCI U.S. IMI/Utilities
Index over the last 15 Trading Days of the current Fiscal Quarter.

 

    	 	11	 

     

    

 

Article II

 

APPOINTMENT OF THE MANAGER

 

Section 2.1
Appointment. The Company and each of the Managed Subsidiaries hereby jointly and severally agree to appoint the Manager
to manage their business and affairs under the supervision and control of the Board of Directors of the Company and such Managed Subsidiary
and to perform the Services in accordance with the terms of this Agreement.

 

Section 2.2
Initial Investment. The Manager acquired from the Company the number of shares of Trust Stock having an aggregate purchase
price of $50 million, concurrently with the initial public offering of the Trust Stock (including the limited liability company interests
issued upon the Exchange, the “Initial Investment”) and at a per share purchase price equal to the per share
initial public offering price. 30% of the Initial Investment may be disposed of at any time. 70% of the Initial Investment had to be
held for a period of not less than 12 months from the Commencement Date, which period has concluded. At any time from and after the first
anniversary of the Commencement Date, the Manager may dispose of a further 35% of the Initial Investment and may dispose of the balance
of the Initial Investment at any time from and after the third anniversary of the Commencement Date, which period has concluded.

 

Section 2.3
Agreement to Bind Subsidiaries. The Company covenants and agrees to cause any Managed Subsidiary created or acquired after
the date of this Agreement to execute a counterpart of this Agreement agreeing to be bound by the terms hereunder.

 

Section 2.4
Term. The Manager shall provide Services to the Company and its Managed Subsidiaries from the date of the closing of the
initial public offering by the Trust and the predecessor of the Company (the “Commencement Date”) until the
termination of this Agreement in accordance with Article X.

 

Section 2.5
Company Special Stock. In order to give effect to the special voting rights of the MIC Corp. special stock owned by the
Manager in accordance with the Previous Agreement and to induce the Manager to enter into this Agreement in connection with the Reorganization,
the Company shall issue to the Manager simultaneously herewith 100 Company Special Units having the terms provided in the LLC Agreement.

 

Article III

 

SERVICES TO BE PERFORMED BY THE MANAGER

 

Section 3.1
Duties of the Manager. (a) Subject always to the oversight and supervision of the Board of Directors of the
Company, the Manager will manage the Company’s and the Managed Subsidiaries’ business and affairs. In the performance of
its duties, the Manager will comply with the provisions of the LLC Agreement, as amended from time to time, and the operating objectives,
policies and restrictions of the Company in existence from time to time. The Company will promptly provide the Manager with all amendments
to the LLC Agreement and all stated operating objectives, policies and restrictions of the Company approved by the Board of Directors
of the Company and any other available information requested by the Manager.

 

(b) The
Manager further agrees and covenants that it will perform the following, referred to herein as the
 “Services:”

 

    	 	12	 

     

    

 

(i) cause
the carrying out of all day-to-day management, secretarial, accounting, administrative, liaison, representative, regulatory and
reporting functions and obligations of the Company and the Managed Subsidiaries;

 

(ii) establish
and maintain books and records for the Company and the Managed Subsidiaries consistent with industry standards and in compliance with
the Rules and Regulations and with GAAP;

 

(iii) identify,
evaluate and recommend, through the Company Officers, acquisitions or investment opportunities from time to time; if the Board of Directors
of the Company approves any acquisition or investment, negotiate and manage such acquisitions or investments on behalf of the Company;
and thereafter manage those acquisitions or investments, as a part of the Company’s Business hereunder, on behalf of the Company
and any relevant Managed Subsidiary in accordance with this Section 3.1. To the extent acquisition or investment opportunities covered
by the priority protocol set forth in Schedule I to this Agreement are offered to the Manager or to entities that are managed by subsidiaries
within the Macquarie Infrastructure and Real Assets Division (or any successor thereto) of the Macquarie Group (“MIRA”),
the Manager will offer any such acquisition or investment opportunities to the Company in accordance with such priority protocol unless
the Chief Executive Officer notifies the Manager in writing that the acquisition or investment opportunity does not meet the Company’s
acquisition criteria, as determined by the Board of Directors from time to time. The Company acknowledges and agrees that (i) no
Manager Affiliate has any obligation to offer any acquisition or investment opportunities covered by the priority protocol set forth in
Schedule I to this Agreement to the Manager or to MIRA; (ii) any Manager Affiliate is permitted to establish further investment vehicles
that will seek to invest in infrastructure businesses in the United States (a “New Investment Vehicle”); provided
that the then-existing rights of the Company and the Managed Subsidiaries pursuant to this Agreement are preserved; and (iii) in
the event that an acquisition or investment opportunity is offered to the Company by the Manager and the Company determines that it does
not wish to pursue the acquisition or investment opportunity in full, any portion of the opportunity which the Company does not wish to
pursue may be offered to any other Person, including a New Investment Vehicle or any other Macquarie Managed Investment Vehicle, in the
sole discretion of the Manager or any Manager Affiliate;

 

(iv) attend
to all matters necessary to ensure the professional management of any Business controlled by the Company;

 

(v) identify,
evaluate and recommend the sale of all or any part of the Business owned by the Company from time to time in accordance with the Company’s
criteria and policies then in effect and, if such proposed sale is approved by the Boards of Directors of the Company and any relevant
Managed Subsidiary, negotiate and manage the execution of the sale on behalf of the Company and such relevant Managed Subsidiary;

 

(vi) recommend
and, if approved by the Board of Directors of the Company, use its reasonable efforts to procure the raising of funds whether by way of
debt, equity or otherwise, including the preparation, review, distribution and promotion of any prospectus or offering memorandum in respect
thereof, but without any obligation to provide such funds;

 

(vii) recommend
to the Board of Directors of the Company amendments and modifications to the LLC Agreement and this Agreement;

 

(viii) recommend
to the Board of Directors of the Company capital reductions including repurchases of Company Common Units;

 

    	 	13	 

     

    

 

(ix) recommend
to the Board of Directors of the Company and, as applicable, the Board of Directors of the Managed Subsidiaries the appointment, hiring
and dismissal (including all material terms related thereto) of officers, staff and consultants to the Company, the Managed Subsidiaries
and any of their Subsidiaries, as the case may be;

 

(x) cause
the carrying out of maintenance to, or development of, any part of the Business or any asset of the Company or any Managed Subsidiary
approved by the Board of Directors of the Company;

 

(xi) when
appropriate, recommend to the Board of Directors of the Company nominees of the Company as directors of the Managed Subsidiaries and any
of their Subsidiaries or companies in which the Company, the Managed Subsidiaries or any of their Subsidiaries has made an investment;

 

(xii) recommend
to the Board of Directors of the Company the payment of dividends and interim dividends to its Stockholders;

 

(xiii) prepare
all necessary budgets for submission to the Board of Directors of the Company for approval;

 

(xiv) make
recommendations to the Board of Directors of the Company and the Managed Subsidiaries for the appointment of auditors, accountants, legal
counsel and other accounting, financial or legal advisers and technical, commercial, marketing or other independent experts;

 

(xv) make
recommendations with respect to the exercise of the voting rights to which the Company or any of the Managed Subsidiaries is entitled
in respect of its investments;

 

(xvi) recommend
and, subject to approval of the Company’s Board of Directors, provide or procure all necessary technical, business management and
other resources for Subsidiaries of the Company, including the Managed Subsidiaries, and any other entities in which the Company has made
an investment;

 

(xvii) do
all things necessary on its part to enable compliance by the Company and each Managed Subsidiary, as applicable, with:

 

(A) the
requirements of applicable law, including the Rules and Regulations or the rules, regulations or procedures of any foreign, federal,
state or local governmental, judicial, regulatory or administrative authority, agency or commission; and

 

(B) any
contractual obligations by which the Company or any Managed Subsidiary is bound;

 

(xviii) prepare
and, subject to the approval of the Company’s Board of Directors (which approval shall not be unreasonably withheld, delayed or
conditioned), arrange to be filed on behalf of the Company with the Securities and Exchange Commission, any other applicable regulatory
body, the NYSE or any other applicable stock exchange or automated quotation system, in a timely manner, all annual, quarterly, current
and other reports the Company is required to file with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Exchange Act;

 

(xix) attend
to all matters necessary for any reorganization, bankruptcy proceedings, dissolution or winding up of the Company or any Managed Subsidiary,
subject to approval by the relevant Board of Directors of the Company or any such Managed Subsidiary;

 

    	 	14	 

     

    

 

(xx) attend
to the timely calculation and payment of Taxes payable, and the filing of all Tax returns due, by the Company and each of its Subsidiaries;

 

(xxi) attend
to the opening, closing, operation and management of all the Company and Managed Subsidiary bank accounts and the Company and Managed
Subsidiary accounts held with other financial institutions, including making any deposits and withdrawals reasonably necessary for the
management of the Company’s and the Managed Subsidiaries’ day-to-day operations;

 

(xxii) cause
the consolidated financial statements of the Company and its Subsidiaries for each Fiscal Year to be prepared and quarterly interim financial
statements to be prepared in accordance with applicable accounting principles for review and audit at least to such extent and with such
frequency as may be required by law or regulation;

 

(xxiii) recommend
the arrangements for the holding and safe custody of the Company’s property including the appointment of custodians or nominees;

 

(xxiv) manage
litigation in which the Company or any Managed Subsidiary is sued or commence litigation after consulting with, and subject to the approval
of, the Board of Directors of the Company or such Managed Subsidiary;

 

(xxv) carry
out valuations of any of the assets of the Company or any of its Subsidiaries or arrange for such valuation to occur as and when the Manager
deems necessary or desirable in connection with the performance of its obligations hereunder, or as otherwise approved by the Board of
Directors of the Company;

 

(xxvi) make
recommendations in relation to and effect the entry into insurance of the assets of the Company, the Managed Subsidiaries and their Subsidiaries,
together with other insurances against other risks, including directors and officers insurance, as the Manager and the Board of Directors
of the Company or any Managed Subsidiary, as applicable, may from time to time agree; and

 

(xxvii) provide
all such other services as may from time to time be agreed with the Company, including any and all accounting and investor relations services
(such as the preparation and organization of communications with Stockholders and Stockholder meetings) and all other duties reasonably
related to the day-to-day operations of the Company and the Managed Subsidiaries.

 

(c) In
addition, the Manager must:

 

(i) obtain
professional indemnity insurance and fraud and other insurance and maintain such coverage as is reasonable having regard to the nature
and extent of the Manager’s obligations under this Agreement;

 

(ii) exercise
all due care, loyalty, skill and diligence in carrying out its duties under this Agreement as required by applicable law;

 

(iii) provide
the Board of Directors of the Company and/or the Compensation Committee with all information in relation to the performance of the Manager’s
obligations under this Agreement as the Board of Directors and/or the Compensation Committee may reasonably request;

 

(iv) promptly
deposit all amounts payable to the Company or the Managed Subsidiaries, as the case may be, to a bank account held in the name of the
Company or the Managed Subsidiaries, as applicable;

 

    	 	15	 

     

    

 

 

(v) ensure
that all property of the Company and the Managed Subsidiaries is clearly identified as such, held separately from property of the Manager
and, where applicable, in safe custody;

 

(vi) ensure
that all property of the Company and the Managed Subsidiaries (other than money to be deposited to any bank account of the Company or
the Managed Subsidiaries, as the case may be) is transferred to or otherwise held in the name of the Company or the Managed Subsidiaries,
as the case may be, or any nominee or custodian appointed by the Company or the Managed Subsidiaries, as the case may be;

 

(vii) prepare
detailed papers and agendas for scheduled meetings of the Boards of Directors (and all committees thereof) of the Company and the Managed
Subsidiaries that, where applicable, contain such information as is reasonably available to the Manager to enable the Boards of Directors
(and any such committees) to base their opinion; and

 

(viii) in
conjunction with the papers referred to in paragraph (vii) above, prepare or cause to be prepared reports to be considered by the
Boards of Directors of the Company or the Managed Subsidiaries (or any applicable committee thereof) in accordance with the Company’s
internal policies and procedures (1) on any acquisition, investment or sale of any part of the Business proposed for consideration
by any such Board of Directors (or any applicable committee thereof), (2) on the management of the Business and (3) otherwise
in respect of the performance of the Manager’s obligations under this Agreement, in each case that the Company may require and
in such form that the Company and the Manager agree or as otherwise reasonably requested by any such Board of Directors (or any applicable
committee thereof).

 

(d) In
connection with the performance of its obligations under this Agreement, the Manager shall obtain approval of the Company’s and
any relevant Managed Subsidiary’s Board of Directors, in each case in accordance with the Company’s internal policy regarding
action requiring Board approval or as otherwise determined by any such Board of Directors (or any applicable committee thereof) or the
Company Officers.

 

Section 3.2
Obligations of the Company and the Managed Subsidiaries(a) . (a) The Company and the Managed Subsidiaries will
do all things reasonably necessary on their part as requested by the Manager consistent with the terms of this Agreement to enable the
Company, the Managed Subsidiaries and the Manager, as the case may be, to fulfill their obligations under this Agreement.

 

(b) The
Company and the Managed Subsidiaries must ensure that:

 

(i) each
of their officers and employees, each of their Subsidiaries and each of their Subsidiaries’ officers and employees act in accordance
with the terms of this Agreement and the reasonable directions of the Manager in fulfilling its obligations and exercising its powers
under this Agreement; and

 

(ii) the
Company, the Managed Subsidiaries and each of their Subsidiaries provide to the Manager all reports (including monthly management reports
and all other relevant reports) which the Manager may reasonably require and on such dates as the Manager may reasonably require.

 

(c) During
the term of this Agreement, the Company must not (i) issue Company Common Units or Company Preferred Units, (ii) amend the
LLC Agreement, (iii) make a decision to or effect a purchase or sale of any assets of the Company or any Managed Subsidiary, or
(iv) effect any capital reduction, including a repurchase of Company Common Units or Company Preferred Units, in each case without
requesting and considering a recommendation from the Manager in relation to the same. Notwithstanding the foregoing, without the prior
written consent of the Manager, the Company will not (x)  make a decision to acquire or purchase, or effect the acquisition or purchase
of, any assets or businesses unless in the reasonable opinion of the Board of Directors of the Company the acquisition or purchase could
not be expected to negatively affect the ability of the Company to maintain its dividend per Company Common Unit in accordance with the
then existing dividend policy of the Company, or (y) amend any provision of the LLC Agreement that affects the rights of the Manager
thereunder or hereunder.

 

    	 	16	 

     

    

 

(d) The
Company agrees that it will, and will cause each of its wholly owned Subsidiaries to, give Manager Affiliates preferred provider status
in respect of any financial advisory services to be contracted for by the Company or any of its wholly owned Subsidiaries, including,
but not limited to, asset acquisitions, refinancings, advice on mergers and acquisitions, debt and equity raising, hedging activities
and the like. Such services will be contracted for on an arm’s-length basis on market terms and will be subject to approval by
the Independent Directors (or a committee thereof, comprised of at least three independent directors) in accordance with the Company’s
internal policies related to conflicts of interest and related party transactions. The Independent Directors (or a committee thereof,
comprised of at least three independent directors) may take whatever measures they deem prudent to confirm the arm’s length basis
of any fees to be paid to any Manager Affiliate. Any fees payable to any Manager Affiliate in respect of such financial advisory services
will be in addition to all amounts owing under Article VII.

 

(e) The
Company agrees that, in connection with the performance of its obligations hereunder, the Manager may recommend to the Company, and on
behalf of the Company may engage, in transactions with Manager Affiliates, provided that any such transactions will be subject
to the Company’s internal policies regarding conflicts of interest and related party transactions.

 

(f) The
Company will ensure that it maintains at least three Independent Directors.

 

(g) The
Company will take any and all actions necessary to ensure that it does not become an “investment company” as defined in Section 3
(a)(1) of the Investment Company Act of 1940, as amended, as such Section may be amended from time to time, or any successor
provision thereto.

 

(h) The
Company shall grant rights to indemnification, and rights to be paid by the Company the expenses incurred in defending any proceeding
in advance of its final disposition, to each person seconded to the Company by the Manager, in their respective capacities at the Company,
in each case to the fullest extent of the provisions of the LLC Agreement with respect to the indemnification and advancement of expenses
of directors and officers of the Company, and shall maintain adequate directors and officers insurance customary for publicly traded
companies with comparable market capitalization, at its expense.

 

Article IV

 

POWERS OF THE MANAGER

 

Section 4.1
Powers of the Manager(a) . (a) The Manager shall have no power to enter into any contract or subject the Company
or the Managed Subsidiaries to any obligation, such power to be the sole right and obligation of the Company, acting through its Board
of Directors and/or Company Officers, or of the applicable Managed Subsidiary, acting through its Board of Directors and/or officers.

 

(b) In
accordance with the terms of the LLC Agreement, for so long as the Manager or any Manager Affiliate holds at least 200,000 Company Common
Units (as adjusted to reflect any subsequent equity splits or similar recapitalizations), the holders of the Company Special Units voting
as a separate class shall have the right to elect one director of the Company’s Board of Directors, and such director shall serve
as the Chairman. During such period, the Company will nominate an individual designated by the Manager to be elected as a director of
the Company by the holders of the Company Special Units voting separately as a class.

 

    	 	17	 

     

    

 

(c) The
Manager shall have the power to engage any agents (including real estate agents and managing agents), valuers, contractors and advisers
(including accounting, financial, tax and legal advisers) that it deems necessary or desirable in connection with the performance of
its obligations hereunder, which costs therefor will be subject to reimbursement under Section 9.1(k), subject to applicable law.

 

Section 4.2
Delegation. The Manager may delegate or appoint (a) any Manager Affiliate as an agent, at its expense, in respect
of all or any of its duties and powers to manage the Business and affairs of the Company or (b) any other Person as agent, at its
expense, in respect of any of its duties and powers to manage the Business and affairs of the Company which, in its sole discretion,
are not critical to the ability of the Manager to perform its obligations hereunder; provided, however, that in either case the
Manager shall not be relieved of any of its responsibilities or obligations to the Company as a result of such delegation. The Manager
shall be permitted to share Company information with its appointed agents subject to appropriate confidentiality arrangements.

 

Section 4.3
Manager’s Duties Exclusive. The Company and the Managed Subsidiaries agree that during the term of this Agreement
the duties and obligations imposed on the Manager under Article III are to be performed exclusively by the Manager or its delegates
or agents and the Company and the Managed Subsidiaries will not, through the exercise of the powers of their employees, Boards of Directors
or their shareholders or members, as the case may be, perform the duties and obligations to be performed by the Manager except in circumstances
where it is necessary to do so to comply with applicable law or as otherwise agreed by the Manager in writing.

 

Article V

 

INSPECTION OF RECORDS

 

Section 5.1
Books and Records. At all reasonable times and on reasonable notice, any person authorized by the Company or by any of
the Managed Subsidiaries may inspect and audit the records and books of the Manager kept pursuant to this Agreement.

 

Article VI

 

AUTHORITY
OF THE COMPANY,

THE MANAGED SUBSIDIARIES AND THE MANAGER

 

Each Party represents to
the others that it is duly authorized with full power and authority to execute, deliver and perform this Agreement. The Company and each
Managed Subsidiary represents that the engagement of the Manager has been duly authorized by the Company and each Managed Subsidiary
and is in accordance with all governing documents of the Company and each Managed Subsidiary.

 

Article VII

 

MANAGEMENT
FEES

 

For the services provided
and the expenses assumed pursuant to this Agreement, the Company and the Managed Subsidiaries will pay the Manager, and the Manager agrees
to accept as full compensation therefor, the fees set forth in this Article VII.

 

Section 7.1
[INTENTIONALLY OMITTED]

 

Section 7.2
Base Management Fees. (a) The Manager is entitled to receive a Base Management Fee in respect of each calendar
month.

 

    	 	18	 

     

    

 

(b) The
Base Management Fee for a calendar month is to be calculated by the Manager as of the last day of the relevant calendar month and notice
of such Base Management Fee calculation shall be provided by the Manager to the Company and the Compensation Committee within five Business
Days after such day.

 

(c) The
Base Management Fee calculated pursuant to Section 7.2(b) above will be allocated between the Company and the Managed Subsidiaries
in accordance with the Company’s corporate allocation policy and otherwise in accordance with GAAP.

 

(d) The
Base Management Fee to which the Manager is entitled under this Section 7.2 is due in cash (subject to Section 7.2(e)) as of
the last day of the relevant calendar month and shall be settled by the Company and the Managed Subsidiaries (in accordance with the
allocation pursuant to Section 7.2(c) above) within 10 Business Days of receipt by the Company of notification pursuant to
Section 7.2(b).

 

(e) The
Manager has the right but not the obligation to invest all or a portion of the Base Management Fee to which the Manager is entitled under
this Section 7.2 in Company Common Units.

 

(i) If
the Manager determines to invest all or any portion of its Base Management Fee with respect to a calendar month in Company Common Units,
the Manager shall be entitled to purchase, upon payment and subject to clause (iii) below, that number of Company Common Units equal
to such amount of the Base Management Fee calculated pursuant to Section 7.2(b), divided by the volume weighted average trading
price of a Company Common Unit during the period commencing on and including the first Trading Day of such calendar month and ending
on and including the last Trading Day of such calendar month (such volume weighted average trading price, the “Base Fee VWAP”).

 

(ii) In
the event the Manager determines to invest all or any portion of its Base Management Fee for any calendar month in Company Common Units,
it shall notify the Company and the Compensation Committee of the percentage of the Base Management Fee to be invested in Company Common
Units during the period commencing on and including the third Trading Day after the Earnings Release Day immediately preceding such calendar
month and ending on and including the 22nd Trading Day after such Earnings Release Day (such period, an “Election
Period”) (subject to the third sentence of this Section 7.2(e)(ii)). Such Company Common Units shall be issued to
the Manager in accordance with Section 7.2(d). Any election made by the Manager during any Election Period pursuant to this Section 7.2(e)(ii) shall
be effective beginning with the calendar month after such change of election is made and shall remain in effect for all subsequent Election
Periods unless and until the Manager affirmatively changes in a timely manner such election in any subsequent Election Period for the
next succeeding calendar month after such change of election is made. For the avoidance of doubt, the Parties acknowledge and agree that
the Manager’s previous and ongoing election in connection with the Previous Agreement to invest 100% of any and all Base Management
Fees to which the Manager is entitled in Common Stock remains in full force and effect and shall apply to any and all Base Management
Fees to which the Manager becomes entitled hereunder after the date hereof, until such election is changed in accordance with the preceding
sentence; it being understood that following the Conversion such election shall be an election to invest in Company Common Units.

 

(iii) Notwithstanding
anything in this Section 7.2(e) to the contrary, in the event that (x) the Manager has determined to invest all or any
portion of its Base Management Fee for any calendar month in Company Common Units, and (y) the Base Fee VWAP for such calendar month
exceeds the product of the closing price of a Company Common Unit on the 22nd Trading Day after the immediately preceding
Earnings Release Day multiplied by two (such product, the “Threshold Price”), then:

 

    	 	19	 

     

    

 

(A)            in
the event the Manager previously had determined to invest 100% of its Base Management Fee for such calendar month in Company Common Units,
then the Manager instead shall (x) receive from the Company cash in an amount (the “Full Base Fee Cash Amount”)
equal to the product of such Base Management Fee multiplied by a fraction, the numerator of which shall be the excess of the Base Fee
VWAP over the Threshold Price, and the denominator of which shall be the Base Fee VWAP, and (y) invest the remainder of such Base
Management Fee (excluding the Full Base Fee Cash Amount) in Company Common Units as contemplated by the preceding clauses (i) and
(ii); and

 

(B)           in
the event the Manager previously had determined to invest any portion (less than 100%) of its Base Management Fee for such calendar month
in Company Common Units, then, in lieu of such investment, the Manager instead shall (x) receive from the Company cash in an amount
(the “Partial Base Fee Cash Amount”) equal to the product of such portion of its Base Management Fee multiplied
by a fraction, the numerator of which shall be the excess of the Base Fee VWAP over the Threshold Price, and the denominator of which
shall be the Base Fee VWAP, and (y) invest the remainder of such portion of its Base Management Fee (excluding the Partial Base
Fee Cash Amount) in Company Common Units as contemplated by the preceding clauses (i) and (ii).

 

Section 7.3
Performance Fee. (a) The Manager shall be entitled to receive the applicable Performance Fee, if any, in
respect of each Fiscal Quarter.

 

(b) The
Performance Fee, Performance Test Return and Performance Test Benchmark Return for a Fiscal Quarter is to be calculated by the Manager
as of the Fiscal Quarter End Date for the relevant Fiscal Quarter and notice of such Performance Fee, Performance Test Return and Performance
Test Benchmark Return, including the calculation thereof, shall be provided by the Manager to the Company and the Compensation Committee
within five Business Days after that Fiscal Quarter End Date.

 

(c) The
Performance Fee calculated pursuant to Section 7.3(b) above will be allocated between the Company and the Managed Subsidiaries
in accordance with the Company’s corporate allocation policy and otherwise in accordance with GAAP.

 

(d) The
Performance Fee, if any, to which the Manager is entitled under this Section 7.3 is due in cash (subject to Section 7.3(e))
as of the Fiscal Quarter End Date of the relevant Fiscal Quarter and shall be settled by the Company and the Managed Subsidiaries (in
accordance with the allocation pursuant to Section 7.3(c) above) within 10 Business Days of receipt by the Company of notification
pursuant to Section 7.3(b).

 

(e) The
Manager has the right but not the obligation to invest all or a portion of the Performance Fee to which the Manager is entitled under
this Section 7.3 in Company Common Units.

 

(i) If
the Manager determines to invest all or any portion of its Performance Fee with respect to a Fiscal Quarter in Company Common Units,
the Manager shall be entitled to purchase, upon payment and subject to clause (iii) below, that number of Company Common Units equal
to such amount of the Performance Fee calculated pursuant to Section 7.3(b), divided by the volume weighted average trading price
of a Company Common Unit during the period commencing on and including the first Trading Day of the last calendar month of the relevant
Fiscal Quarter and ending on and including the last Trading Day of such calendar month (such volume weighted average trading price, the
 “Performance Fee VWAP”).

 

    	 	20	 

     

    

 

(ii) In
the event the Manager determines to invest all or any portion of its Performance Fee for any Fiscal Quarter in Company Common Units,
it shall notify the Company and the Compensation Committee of the percentage of the Performance Fee to be invested in Company Common
Units during the Election Period immediately preceding the Fiscal Quarter End Date for such Fiscal Quarter (subject to the third sentence
of this Section 7.3(e)(ii)). Such Company Common Units shall be issued to the Manager in accordance with Section 7.3(d). Any
election made by the Manager during any Election Period pursuant to this Section 7.3(e)(ii) shall be effective beginning with
the fiscal quarter after such change of election is made and shall remain in effect for all subsequent Election Periods unless and until
the Manager affirmatively changes in a timely manner such election in any subsequent Election Period for the next succeeding Fiscal Quarter
after such change of election is made. For the avoidance of doubt, the Parties acknowledge and agree that the Manager’s previous
and ongoing election in connection with the Previous Agreement to invest 100% of any and all Performance Fees to which the Manager is
entitled in Common Stock remains in full force and effect and shall apply to any and all Performance Fees to which the Manager becomes
entitled hereunder after the date hereof, until such election is changed in accordance with the preceding sentence; it being understood
that following the Reorganization such election shall be an election to invest in Company Common Units.

 

(iii) Notwithstanding
anything in this Section 7.3(e) to the contrary, in the event that (x) the Manager has determined to invest all or any
portion of its Performance Fee with respect to a Fiscal Quarter in Company Common Units, and (y) the Performance Fee VWAP for such
Fiscal Quarter exceeds the Threshold Price, then:

 

(A) in
the event the Manager previously had determined to invest 100% of its Performance Fee for such Fiscal Quarter in Company Common Units,
then the Manager instead shall (x) receive from the Company cash in an amount (the “Full Performance Fee Cash Amount”)
equal to the product of such Performance Fee multiplied by a fraction, the numerator of which shall be the excess of the Performance
Fee VWAP over the Threshold Price, and the denominator of which shall be the Performance Fee VWAP, and (y) invest the remainder
of such Performance Fee (excluding the Full Performance Fee Cash Amount) in Company Common Units as contemplated by the preceding clauses
(i) and (ii); and

 

(B) in
the event the Manager previously had determined to invest any portion (less than 100%) of its Performance Fee for such Fiscal Quarter
in Company Common Units, then, in lieu of such investment, the Manager instead shall (x) receive from the Company cash in an amount
(the “Partial Performance Fee Cash Amount”) equal to the product of such portion of its Performance Fee multiplied
by a fraction, the numerator of which shall be the excess of the Performance Fee VWAP over the Threshold Price, and the denominator of
which shall be the Performance Fee VWAP, and (y) invest the remainder of such portion of its Performance Fee (excluding the Partial
Performance Fee Cash Amount) in Company Common Units as contemplated by the preceding clauses (i) and (ii).

 

(f) The
Manager will notify the Company and the Compensation Committee of the Net Equity Value, Foreign Net Equity Value and U.S. Net Equity
Value, and the calculations thereof, to be applied in the calculation of the Performance Fees payable in the then current Fiscal Quarter
within 30 Business Days of the Fiscal Quarter End Date for the immediately prior Fiscal Quarter.

 

(g) The
Manager will notify the Company and the Compensation Committee of the Additional Offering Foreign Net Equity Value and Additional Offering
U.S. Net Equity Value, and the calculations thereof, to be applied in the calculation of the Performance Fees payable in the then current
Fiscal Quarter within 30 Business Days of the first day of trading of the relevant Additional Offering.

 

    	 	21	 

     

    

 

Section 7.4
Registration Rights. In connection with the Previous Agreement, MIC Corp. and the Manager entered into a registration rights
agreement whereby MIC Corp. has undertaken to register with the Securities and Exchange Commission the offer and resale of any Common
Stock purchased by the Manager, including but not limited to Common Stock converted from limited liability company interests purchased
as the Initial Investment pursuant to Section 2.2 and Common Stock purchased pursuant to this Article VII. In connection with
the Reorganization, on the date hereof the Company and the Manager have entered into a Second Amended and Restated Registration Rights
Agreement.

 

Section 7.5
Ability to Issue Company Common Units. The Company will at all times have reserved a sufficient number of Company Common
Units to enable the Manager to invest all reasonably foreseeable fees received in Company Common Units.

 

Section 7.6
Future Issuances of Company Preferred Units. If the Company shall at any time issue Company Preferred Units, the Company
and the Manager may amend this Agreement with respect to the calculation of the Base Management Fees and Performance Fees payable to
the Manager hereunder.

 

Article VIII

 

SECONDMENT
OF PERSONNEL BY THE MANAGER

 

Section 8.1
Secondment of CEO and CFO. The Manager will arrange for the secondment to the Company on a wholly dedicated basis of individuals
acceptable to the Company’s Board of Directors to serve as Chief Executive Officer and Chief Financial Officer. The Company’s
Board of Directors will elect the seconded Chief Executive Officer and Chief Financial Officer as Officers of the Company in accordance
with the terms of the LLC Agreement.

 

Section 8.2
Remuneration of CEO and CFO. (a) The Chief Executive Officer and Chief Financial Officer seconded to the
Company pursuant to this Article VIII will, at all times, remain employees of, and be remunerated by, the Manager or a Manager Affiliate.
The services performed by the Chief Executive Officer and the Chief Financial Officer will be provided at the cost of the Manager or
a Manager Affiliate.

 

(b) In
establishing the level of remuneration for each of the Chief Executive Officer and the Chief Financial Officer, the Manager or a Manager
Affiliate will reflect the following considerations:

 

(i) the
standard remuneration guidelines as adopted by the Manager or a Manager Affiliate from time to time;

 

(ii) assessment
by the Manager or a Manager Affiliate of the respective individual’s performance, the Manager’s performance and the performance,
financial or otherwise, of the Company and its Subsidiaries; and

 

(iii) assessment
by the Board of Directors of the Company of the respective individual’s performance and the performance of the Manager.

 

(c) The
Manager will disclose the amount of remuneration of the Chief Executive Officer and Chief Financial Officer to the Board of Directors
of the Company to the extent required for the Company to comply with the requirements of applicable law, including the Rules and
Regulations.

 

Section 8.3
Secondment of Additional Personnel. The Manager and the Board of Directors of the Company may agree from time to time that
the Manager will second to the Company one or more additional individuals to serve as officers or otherwise of the Company, upon such
terms as the Manager and the Board of Directors of the Company may mutually agree.

 

Any such individuals will
have such titles and fulfill such functions as the Manager and the Company may mutually agree.

 

    	 	22	 

     

    

 

Section 8.4
Removal of Seconded Individuals. The Board of Directors of the Company, after due consultation with the Manager, may at
any time request that the Manager replace any individual seconded to the Company as provided in this Article VIII and the Manager
shall, as promptly as practicable, replace any individual with respect to whom the Board of Directors shall have made its request.

 

Section 8.5
Indemnification. The Company shall grant rights to indemnification, and rights to be paid by the Company the expenses incurred
in defending any proceeding in advance of its final disposition, to any individuals seconded to the Company as provided in this Article VIII
in their respective capacities and in each case to the fullest extent of the provisions of the LLC Agreement.

 

Article IX

 

EXPENSE REIMBURSEMENT

 

Section 9.1
Company Expenses. The Company and the Managed Subsidiaries agree, jointly and severally, to indemnify and reimburse the
Manager for, or pay on demand, all Costs incurred in relation to the proper performance of its powers and duties under this Agreement
or in relation to the administration or management of the Company. All Costs incurred by the Manager to be reimbursed hereunder shall
be included in the annual budget for the Company to be approved by the Company’s Board of Directors and shall be subject to review
and approval by the Audit Committee of the Board of Directors of the Company. This includes, but is not limited to, Costs incurred by
the Manager with respect to:

 

(a) the
performance by the Manager of its obligations under this Agreement;

 

(b) all
fees required to be paid to the Securities and Exchange Commission;

 

(c) the
acquisition, disposition, insurance, custody and any other transaction in connection with assets of the Company or any Managed Subsidiary,
provided that no reimbursement will be made except for Costs that have been authorized by the Company and the relevant Managed
Subsidiary;

 

(d) any
proposed acquisition, disposition or other transaction in connection with an investment, provided that no reimbursement will be
made except for Costs that have been authorized by the Company and the relevant Managed Subsidiary;

 

(e) the
administration or management of the Company, the Managed Subsidiaries and the Business, including travel and accommodation expenses and
all expenses of the relevant Boards of Directors and committees thereof, including Director compensation and out of pocket reimbursement.
The Manager appointed member of the Company’s Board of Directors shall only receive out of pocket reimbursement for Board participation;

 

(f) financing
arrangements on behalf of the Company or any Managed Subsidiary or guarantees in connection with the Company or any Managed Subsidiary,
including hedging Costs;

 

(g) stock
exchange listing fees;

 

(h) underwriting
of any offer and sale of Company Common Units, including underwriting fees, handling fees, costs and expenses, amounts payable under
indemnification or reimbursement provisions in the underwriting agreement and any amounts becoming payable in respect of any breach (other
than for negligence, fraud or breach of duty) by the Manager of its obligations, representations or warranties (if any) under any such
underwriting agreement;

 

(i) convening
and holding meetings of holders of Company Common Units, members or shareholders, as the case may be, the implementation of any resolutions
and communications with holders of Company Common Units or members or shareholders, as the case may be, and attending any meetings of
holders of Company Common Units, shareholders, members, Boards of Directors or committees of the Company or the Managed Subsidiaries;

 

    	 	23	 

     

    

 

(j) Taxes
incurred by the Manager on behalf of the Company or any Subsidiary (including any amount charged by a supplier of goods or services or
both to the Manager by way of or as a reimbursement for value added taxes) and financial institution fees;

 

(k) the
engagement of agents (including real estate agents and managing agents), valuers, contractors and advisers (including accounting, financial,
tax and legal advisers) whether or not the agents, valuers, contractors or advisers are associates of the Manager;

 

(l) engagement
of accountants for the preparation and/or audit of financial information, financial statements and tax returns of the Company and the
Managed Subsidiaries;

 

(m) termination
of this Agreement and the retirement or removal of the Manager and the appointment of a replacement;

 

(n) any
court proceedings, arbitration or other dispute concerning the Company or any of the Managed Subsidiaries, including proceedings against
the Manager, except to the extent that the Manager is found by a court to have acted with gross negligence, willful misconduct, bad faith
or reckless disregard of its duties in carrying out its obligations under this Agreement, or engaged in fraudulent or dishonest acts,
in which case any expenses paid or reimbursed under this Section 9.1(n) must be repaid;

 

(o) advertising
Costs of the Company or any of the Managed Subsidiaries generally;

 

(p) any
Costs related to promoting the Company, including Costs associated with investor relations activities; and

 

(q) complying
with any other applicable law or regulation.

 

Article X

 

RESIGNATION
AND REMOVAL OF THE MANAGER

 

Section 10.1
Resignation by the Manager. (a) The Manager may resign from its appointment as Manager and terminate this
Agreement upon 90 days’ written notice to the Company. If the Manager resigns pursuant to this Section 10.1(a), until the
date on which the resignation becomes effective, the Manager will, upon request of the Board of Directors of the Company, use reasonable
efforts to assist the Board of Directors of the Company to find replacement management.

 

(b) If
there is a Delisting Event, then

 

(i) unless
otherwise approved in writing by the Manager:  (A) any proceeds from the sale, lease or exchange of the assets of the Company
or any of its Subsidiaries, subsequent to the Delisting Event, in one or more transactions, which in aggregate exceeded 15% of the value
of the Company (as calculated by multiplying the price per share of Company Common Units stated in clause (i) of the definition
of Termination Fee by the aggregate number of Company Common Units issued and outstanding, other than those held in treasury, on the
date of the Delisting Event) shall be reinvested in new assets of the Company (other than cash or cash equivalents) within six months
of the date on which the aggregate proceeds from such transaction or transactions exceeded 15% of the value of the Company;

 

    	 	24	 

     

    

 

(B) neither
the Company nor any of its Subsidiaries shall incur any new indebtedness or engage in any transactions with Stockholders of the Company
or Affiliates of Stockholders of the Company; and

 

(C) the
Macquarie Group shall no longer have any obligation to provide investment opportunities to the Company pursuant to the Priority Protocol
on Schedule 1 hereto, which Priority Protocol shall terminate immediately;

 

provided,
however, that notwithstanding anything contained in Section 10.1(b)(i) to the contrary, if a Delisting Event has
occurred and either an event of default has occurred in respect of any indebtedness of the Company or any of its Subsidiaries or the
holder or holders of such indebtedness are in the process of restructuring or “working out” such indebtedness, then in no
event shall the Manager take, or fail to take, any action pursuant to Section 10.1(b)(i) that would limit or impede any sale,
lease, exchange or other disposition of assets of the Company or any of its Subsidiaries required by the terms of such indebtedness to
repay such indebtedness;

 

and

 

(ii) the Manager
shall, as soon as practicable, provide a proposal for an alternate method to calculate fees to act as Manager on substantially similar
terms as set forth in this Agreement to the Board of Directors for approval, which approval shall not be unreasonably withheld or delayed;
or

 

(iii) the
Manager may elect to resign from its appointment as Manager and terminate this Agreement upon 30 days’ written notice to the Company
and be paid the Termination Fee within 45 days of such notice.

 

Section 10.2
Removal of the Manager. (a) The Manager’s appointment and this Agreement may be terminated upon notice
of the Board of Directors of the Company only if:

 

(i) the
Performance Test Return (as calculated by the Manager and approved by the Compensation Committee as of a Fiscal Quarter End Date (which
approval shall not be unreasonably withheld, delayed or conditioned)) is both:

 

(A) less
than the number calculated by:

 

		(1)	multiplying
                                            the Performance Test Benchmark Return (as calculated by the Manager and approved by the Compensation
                                            Committee as of such Fiscal Quarter End Date (which approval shall not be unreasonably withheld,
                                            delayed or conditioned) by 0.7 if such Performance Test Benchmark Return is greater than
                                            0 or

 

		(2)	multiplying
                                            the Performance Test Benchmark Return (as calculated by the Manager and approved by the Compensation
                                            Committee as of such Fiscal Quarter End Date) by 1.3 if such Performance Test Benchmark Return
                                            is less than 0; and

 

(B) less
than the number calculated by subtracting 0.025 (2.5 percent) from the Performance Test Benchmark Return (as calculated by the Manager
and approved by the Compensation Committee as of such Fiscal Quarter End Date (which approval shall not be unreasonably withheld, delayed
or conditioned)) in 16 out of 20 consecutive Fiscal Quarters prior to and including the most recent full Fiscal Quarter and the holders
of a minimum of 66 2/3% of Company Common Units, excluding from such calculation any Company Common Units owned by the Manager or any
Manager Affiliate, vote to remove the Manager;

 

    	 	25	 

     

    

 

(ii) the
Manager pursuant to or within the meaning of any Bankruptcy Law:

 

(A) commences
a voluntary case;

 

(B) consents
to the entry of an order for relief against it in an involuntary case;

 

(C) consents
to the appointment of a Custodian of it or for all or substantially all of its property; or

 

(D) makes
a general assignment for the benefit of its creditors;

 

(iii) a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A) is
for relief against the Manager in an involuntary case;

 

(B) appoints
a Custodian of the Manager or for all or substantially all of its property; or

 

(C) orders
the liquidation of the Manager;

 

and the order or decree remains
unstayed and in effect for 90 days;

 

(iv) the
Manager is in material breach of its obligations under this Agreement and such breach continues for a period of 60 days after notice
thereof is given; or

 

(v) the
Manager shall have (A) acted with gross negligence, willful misconduct, bad faith or reckless disregard of its duties in carrying
out its obligations under this Agreement or (B) engaged in fraudulent or dishonest acts.

 

(b) If
the Manager’s appointment is terminated pursuant to this Section 10.2, all directors, executives, employees, representatives,
secondees, assignees and delegates of the Manager and Manager Affiliates within MIRA who are performing the services that are the subject
of this Agreement will cease work at the date of the Manager’s termination or at any other time as determined by the Manager.

 

Section 10.3
Withdrawal of Branding. Upon termination of this Agreement pursuant to Section 10.1(a), within 30 days of notice of
resignation of the Manager pursuant to Section 10.1(b)(iii) or within 30 days of termination pursuant to Section 10.2,
the Company and the Managed Subsidiaries will cease to use, and will cause their Subsidiaries to cease to use, the Macquarie brand entirely
including (without limitation) changing their respective names to remove any reference to “Macquarie”, provided that, to
the extent the Board of Directors of the Company deems it necessary or advisable, the Company and the Managed Subsidiaries may use “Macquarie”
when referencing their previous names.

 

Section 10.4
Resignation of the Chairman and the Seconded Officers. Upon the termination of this Agreement, each of the Chairman, the
Chief Executive Officer, the Chief Financial Officer and any other individuals seconded to the Company pursuant to Article VIII
shall resign his or her respective position with the Company.

 

    	 	26	 

     

    

 

Section 10.5
Directions. After a written notice of termination has been given under this Article X, the Company may direct the
Manager to undertake any actions necessary to transfer any aspect of the ownership or control of the assets of the Company to the Company
or to any nominee of the Company and to do all other things necessary to bring the appointment of the Manager to an end, and the Manager
will comply with all such reasonable directions. In addition, the Manager must at the Company’s expense deliver to new management
or the Company any books or records held by the Manager under this Agreement and must execute and deliver such instruments and do such
things as may reasonably be required to permit new management of the Company to effectively assume its responsibilities.

 

Article XI

 

INDEMNITY

 

Section 11.1
Indemnification of Manager. The Company and each Managed Subsidiary, jointly and severally, agrees to indemnify the Manager,
any controlling person of the Manager, and each of their respective directors, officers, employees, agents, Affiliates and representatives
(each, an “Indemnified Party”) and hold each of them harmless against any and all losses, (including lost profits)
claims, damages, expenses or liabilities, joint or several (collectively, “Liabilities”), to which the Indemnified
Parties may become liable, directly or indirectly, arising out of, or relating to, this Agreement, unless it is finally judicially determined
that the Liabilities resulted from the gross negligence, willful misconduct, bad faith or reckless disregard of duty of any Indemnified
Party or fraudulent or dishonest acts of such Indemnified Party. The Company and the Managed Subsidiaries further agree to reimburse
each Indemnified Party immediately upon request for all expenses (including reasonable attorneys’ fees and expenses) as they are
incurred in connection with the investigation of, preparation for, defense of, or providing evidence in any action, claim, suit, proceeding
or investigation, directly or indirectly, arising out of, or relating to, this Agreement or the Manager’s services hereunder, whether
or not pending or threatened and whether or not any Indemnified Party is a party to such proceeding. The Company and the Managed Subsidiaries
also agree that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company,
the Managed Subsidiaries, or any person asserting claims on behalf of or in right of the Company or the Managed Subsidiaries, directly
or indirectly, arising out of, or relating to, this Agreement or the Manager’s services thereunder, unless it is finally judicially
determined that such Liability resulted from the gross negligence, willful misconduct, bad faith or reckless disregard of duty of such
Indemnified Party or fraudulent or dishonest acts of such Indemnified Party. Moreover, in no event, regardless of the legal theory advanced,
shall any Indemnified Party be liable to the Company, the Managed Subsidiaries, or any person asserting claims on behalf of or in the
right of the Company or the Managed Subsidiaries for any consequential, indirect, incidental or special damages of any nature. In the
event that an Indemnified Party is requested or required to appear as a witness in any action brought by or on behalf of or against the
Company or the Managed Subsidiaries or any Affiliate of the Company or the Managed Subsidiaries in which such Indemnified Party is not
named as a defendant, the Company and the Managed Subsidiaries agree to reimburse the Manager for all expenses incurred by it in connection
with such Indemnified Party’s appearing and preparing to appear as such a witness, including, without limitation, the reasonable
fees and disbursements of its legal counsel.

 

The Company and the Managed
Subsidiaries agree that, without the Manager’s prior written consent, they will not settle, compromise or consent to the entry
of any judgment in or otherwise seek to terminate any claim, action, suit, proceeding or investigation in respect of which indemnification
could be sought hereunder (whether or not the Manager or any other Indemnified Party is an actual or potential party to such claim, action,
suit, proceeding or investigation), unless (a) such settlement, compromise, consent or termination includes an unconditional release
of each Indemnified Party from any liabilities arising out of such claim action, suit, proceeding or investigation and (b) the parties
agree that the terms of such settlement shall remain confidential.

 

    	 	27	 

     

    

 

Section 11.2
Indemnification of Company. The Manager agrees to indemnify the Company and hold it harmless against any Liabilities to
the same extent as the foregoing indemnity from the Company and the Managed Subsidiaries to the Manager, but only insofar as it is finally
judicially determined that the Liabilities arose out of or were based on the gross negligence, willful misconduct, bad faith or reckless
disregard of duty of the Manager in the performance of its duties under this Agreement or its fraudulent or dishonest acts.

 

Section 11.3
Indemnification. The rights of the Indemnified Parties referred to above shall be in addition to any rights that any Indemnified
Party may otherwise have. The indemnities referred to in this Article XI survive the termination of this Agreement.

 

Article XII

 

LIMITATION
OF LIABILITY OF THE MANAGER

 

Section 12.1
Limitation of Liability. The Manager shall not be liable for, and the Company and the Managed Subsidiaries will not take
any action against the Manager to hold the Manager liable for, any error of judgment or mistake of law or for any loss suffered by the
Company and the Managed Subsidiaries (including, without limitation, by reason of the purchase, sale or retention of any security) in
connection with the performance of the Manager’s duties under this Agreement, except for a loss resulting from gross negligence,
willful misconduct or bad faith on the part of the Manager in the performance of its duties under this Agreement, or by reason of its
reckless disregard of its obligations and duties under this Agreement or its fraudulent or dishonest acts.

 

Section 12.2
Manager May Rely. The Manager may take and may act upon:

 

(a) the
opinion or advice of legal counsel, which may be in-house counsel to the Company or the Manager, any U.S.-based law firm of recognized
standing, or other legal counsel reasonably acceptable to the Board of Directors of the Company, in relation to the interpretation of
this Agreement or any other document (whether statutory or otherwise) or generally in connection with the Company;

 

(b) advice,
opinions, statements or information from bankers, accountants, auditors, valuation consultants and other persons consulted by the Manager
who are in each case believed by the Manager in good faith to be expert in relation to the matters upon which they are consulted;

 

(c) a
document which the Manager believes in good faith to be the original or a copy of an appointment by a Stockholder in respect of a Company
Common Unit or holder of a Certificate in respect of a Company Common Unit of a person to act as their agent for any purpose connected
with the Company; and

 

(d) any
other document provided to the Manager in connection with the Company upon which it is reasonable for the Manager to rely;

 

and the Manager will not be liable for anything
done, suffered or omitted by it in good faith in reliance upon such opinion, advice, statement, information or document.

 

Article XIII

 

LEGAL
ACTIONS

 

Section 13.1
Third Party Claims. (a) The Manager will notify the Company promptly of any claim made by any third Party
in relation to the assets of the Company and will send to the Company any notice, claim, summons or writ served on the Manager concerning
the Company.

 

    	 	28	 

     

    

 

(b) The
Manager will not without the express written consent of the Board of Directors of the Company purport to accept any claims or liabilities
of which it receives notification pursuant to Section 13.1(a) above on behalf of the Company or any Managed Subsidiaries or
make any settlement or compromise with any third Party in respect of the Company.

 

Article XIV

 

MISCELLANEOUS

 

Section 14.1
Obligation of Good Faith; No Fiduciary Duties. The Manager must perform its duties under this Agreement in good faith and
for the benefit of the Company. The relationship of the Manager to the Company and the Managed Subsidiaries is as an independent contractor
and nothing in this Agreement shall be construed to impose on the Manager an express or implied fiduciary duty.

 

Section 14.2
Compliance. (a) The Manager must (and must ensure that each of its officers and agents) comply with any law,
including the Rules and Regulations and the NYSE Rules, to the extent that it concerns the functions of the Manager under this Agreement.

 

(b) The
Manager must maintain management systems, policies, procedures and internal contracts that reasonably ensure that the Manager observes
its duties and obligations under this Agreement.

 

Section 14.3
Effect of Termination. Termination of this Agreement shall not affect (i) the right of the Manager to receive payments
on any unpaid balance of the compensation described in Article VII hereof earned prior to such termination and for any additional
period during which the Manager serves as such for the Company or the Managed Subsidiaries or to receive reimbursement of expenses pursuant
to Article IX hereof, in each case subject to applicable law or (ii) the obligations of the parties hereto under Sections
10.3 and 10.5.

 

Section 14.4
Notices. Any notice under this Agreement shall be sufficient in all respects if given in writing and delivered by commercial
courier providing proof of delivery or sent by facsimile and addressed as follows or addressed to such other person or address as such
Party may designate in writing for receipt of such notice.

 

If to the Company or the
Managed Subsidiaries:

 

125
West 55th Street

New York, New York, 10019

Facsimile: (212) 231-1828

Attention: Michael Kernan

 

If to the Manager:

 

Macquarie Infrastructure Management
(USA) Inc.

125 West 55th Street

New York, New York, 10019

Facsimile: (212) 231-1828

Attention: David Fass

 

Section 14.5
Captions. The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. This Agreement will be binding upon and shall inure to
the benefit of the Parties hereto and their respective successors.

 

    	 	29	 

     

    

 

Section 14.6
Applicable Law. This Agreement shall be construed in accordance with the laws of the State of New York.

 

Section 14.7
Amendment. This Agreement may only be amended, or its provisions modified or waived, in a writing signed by the Party against
which such amendment, modification or waiver is sought to be enforced.

 

Section 14.8
Severability. Each provision of this Agreement is intended to be severable from the others so that if, any provision or
term hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remaining
provisions and terms hereof, provided, however, that the provisions governing payment of the Management Fee described in Article VII
hereof are not severable.

 

Section 14.9
Entire Agreement. This Agreement constitutes the sole and entire agreement of the Parties with regards to the subject matter
of this Agreement, and any written or oral agreements, statements, promises, negotiations or representations not expressly set forth
in this Agreement are of no force and effect.

 

Section 14.10
Interpretation. To the extent this Agreement refers or relates to events occurring prior to the date hereof, references
to the “Company” shall be deemed to be references to MIC Corp. as the context so requires.

 

[Remainder of Page Left Intentionally
Blank]

 

    	 	30	 

     

    

 

IN WITNESS WHEREOF, the Company,
the Managed Subsidiaries and the Manager have caused this Agreement to be executed as of the day and year first above written.

 

	MACQUARIE
    INFRASTRUCTURE HOLDINGS, LLC	 	MACQUARIE
    INFRASTRUCTURE MANAGEMENT (USA) INC.
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Christopher Frost	 	By:	/s/
    David Fass
	 	Name:
    Christopher Frost 	 	 	Name:
    David Fass
	 	Title:   Chief
    Executive Officer	 	 	Title:   President
    
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Nick O’Neil	 	By:	/s/ Sue Sakar
	 	Name:
    Nick O’Neil	 	 	Name:
    Sue Sakar
	 	Title:   Chief
    Financial Officer 	 	 	Title:   Vice
    President 
	 	 	 	 
	 	 	 	 
	MACQUARIE
    INFRASTRUCTURE CORPORATION	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Christopher Frost	 	 	 
	 	Name:
    Christopher Frost 	 	 	 
	 	Title:   Chief
    Executive Officer 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Nick O’Neil	 	 	 
	 	Name:
    Nick O’Neil 	 	 	 
	 	Title:   Chief
    Financial Officer 	 	 	 
	 	 	 	 
	 	 	 	 
	MIC
    HAWAII HOLDINGS, LLC	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/
Jay Davis	 	 	 
	 	Name: Jay Davis

    Title:
     Vice President
	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/
Nick O’Neil	 	 	 
	 	Name: Nick O’Neil

    Title:  Treasurer
	 	 	 

 

[Signature Page to Fourth Amended and
Restated Management Services Agreement]

 

     

     

    

 

SCHEDULE I

 

Priority Protocol

 

The Company has first priority ahead of all current
and future entities managed by the Manager or by members of the Macquarie Group within MIRA in each of the following infrastructure acquisition
opportunities that are within the United States:

 

	 	●	airport fixed base operations,

	 	●	district energy,

	 	●	airport parking, and

	 	●	User Pays Assets, Contracted
    Assets and Regulated Assets that represent an investment of greater than AUD 40 million, subject to the Existing Qualifications set
    forth below.

 

The Company has first priority ahead of all current
and future entities managed by the Manager or any Manager Affiliate in all investment opportunities originated by a party other than
the Manager or any Manager Affiliate where such party offers the opportunity exclusively to the Company and not to any other entity under
the management of the Manager or any Manager Affiliate within MIRA.

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