Document:

Exhibit 10.3

 

 

February 29, 2016

 

STRICTLY CONFIDENTIAL

 

Northwest Biotherapeutics, Inc.

4800 Montgomery Lane, Suite 800

Bethesda, MD 20814

Attn: Linda Powers, Chief Executive Officer

 

Dear Ms. Powers:

 

This letter agreement
(this “Agreement”) constitutes the agreement between Northwest Biotherapeutics, Inc. (the “Company”)
and H.C. Wainwright & Co., LLC (“HCW”) that HCW shall serve as the exclusive (i) placement agent for the
Company in the U.S. (“Direct Placement”) on a reasonable best efforts basis or (ii) underwriter for the Company
in the U.S., on a firm commitment basis (“Underwritten Placement”), in connection with the proposed transaction,
or series of transactions, to occur during the term of this Agreement (each, a “Placement”). The Placement shall
consist of registered or unregistered securities (the “Securities”) of the Company, which Securities may include
one or any combination of the following: shares of common stock, par value $0.001 per share (the “Common Stock”),
warrants to purchase shares of Common Stock (“Warrants”) or securities of the Company convertible into shares
of Common Stock of the Company (“Convertible Securities”). The terms of such Placement and the Securities issued
in connection therewith shall be mutually agreed upon by the Company, HCW and, if a Direct Placement, the purchasers (each, a “Purchaser”
and collectively, the “Purchasers”) and nothing herein implies that HCW would have the power or authority to
bind the Company or any Purchaser, and the Company shall not, and nothing herein implies that the Company shall, have an obligation
to issue any Securities or complete a Direct Placement. This Agreement and the documents executed and delivered by the Company
and the Purchasers in connection with a Placement shall be collectively referred to herein as the “Transaction Documents.”
The date of a closing of a Placement (including any subsequent closings that occur pursuant to a Placement, whether at the discretion
of the Company, the Purchasers (through additional investment rights or otherwise), milestones or otherwise) shall be referred
to herein as a “Closing Date.” The Company expressly acknowledges and agrees that the execution of this Agreement
does not constitute a commitment by HCW or any Purchaser to purchase the Securities and does not ensure the successful placement
of the Securities or any portion thereof or the success of HCW with respect to securing any other financing on behalf of the Company.
In the event the Placement will consist of unregistered securities of the Company Sections 2 and 3 (unless otherwise indicated)
of Annex A will apply in addition to the provisions set forth herein and in the event that the Placement will consist of
registered securities of the Company, Sections 1, 2 and 3 of Annex A will apply in addition to the provisions set forth
herein.

 

In the event that a
Placement is an Underwritten Placement, prior to the commencement of the Underwritten Placement, the Company shall negotiate the
terms of an underwriting agreement with HCW containing such terms, covenants, conditions, representations, warranties, and providing
for the delivery of legal opinions, comfort letters and officer’s certificates, all in form and substance satisfactory to
HCW and its counsel and the Company.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

In the event that a
Placement is a Direct Placement, the sale of Securities to any Purchaser will be evidenced by a purchase agreement (“Purchase
Agreement”) between the Company and such Purchaser, if required by the Purchaser, in a form reasonably satisfactory to
the Company and HCW. Prior to the signing of any Purchase Agreement, officers of the Company with responsibility for financial
affairs will be available to answer inquiries from prospective Purchasers.

 

Notwithstanding anything
herein to the contrary, in the event that HCW determines that any of the terms provided for hereunder shall not comply with a FINRA
rule, including but not limited to FINRA Rule 5110, then the Company shall agree to amend this Agreement in writing upon the request
of HCW to comply with any such rules; provided that any such amendments shall not provide for terms that are less favorable to
the Company.

 

Before contacting any
potential investor and/or lender, HCW shall propose to the Company in writing each party it intends to approach, and the Company
shall reply in writing approving or disapproving any such contact prior to such contact being initiated by HCW. Any parties disapproved
by the Company will not be approached by HCW.

 

A.           Fees.
In connection with the Services described above, the Company shall pay to HCW the following compensation:

 

1.          HCW’s
Fee. The Company shall pay to HCW a cash placement fee (the “HCW’s Fee”) on each Closing Date equal
to 7% of the aggregate purchase price paid by each purchaser of Securities that are placed in a Placement on such Closing Date
during the Term and, in the event there is an “oversubscription option” or “greenshoe” or short-term warrant
granted to the investors, on the purchase or exercise price paid by each holder of such oversubscription option or greeshoes or
short-term warrant if and when exercised (whether or not such exercise occurs during the Term). Notwithstanding anything herein
to the contrary, compensation payable or issuable as a result of the exercise of an “oversubscription option” or “greenshoe”
or short-term warrant shall be required only if and when exercised, not on the closing of the Placement. Other than through an
Underwritten Placement, HCW’s Fee shall be paid at each closing of the Placement (each, a “Closing”) through
a third party escrow agent from the gross proceeds of the Securities sold.

 

2.          Warrants.  As
additional compensation for the services performed hereunder, the Company shall issue to HCW or its designees at each Closing,
warrants (the “HCW Warrants”) to purchase that number of shares of common stock of the Company (“Shares”)
equal to 5% of the aggregate number of Shares placed in the Placement (or, if Convertible Securities, shares of Common Stock underlying
any Convertible Securities sold in the Placement to such Purchasers, but excluding shares of Common Stock issuable upon the exercise
of any Warrants issued to Purchasers in the Placement) and, in the event there is an “oversubscription option” or
“greenshoe” or short-term warrant granted to the investors, if and when such rights are exercised by the holders,
on the shares issued to each holder in such oversubscription option or greeshoes or short-term warrant (whether or not such exercise
occurs during the Term). Notwithstanding anything herein to the contrary, compensation payable or issuable as a result of the
exercise of an “oversubscription option” or “greenshoe” or short-term warrant shall be required only if
and when exercised, not on the closing of the Placement. The HCW Warrants shall have the same terms as the warrants issued to
the Purchasers in the Placement, if any, except that the exercise price shall be 125% of the offering price per share and they
shall have an exercise period of five years from issuance except that if the offering is registered 5 years from the effective
date of the shelf registration statement referred to in Section 1.A of Annex A, attached hereto if applicable. If no warrants
are issued to Purchasers, the HCW Warrants shall be in a customary form reasonably acceptable to HCW. If required by FINRA Rule
5110, the HCW Warrants shall not be transferable for six months from the date of the Placement, and further, the number of Shares
underlying the HCW Warrants shall be reduced if necessary to comply with FINRA rules or regulations.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

3.          Expenses.
The Company will pay to HCW at closing fifty thousand dollars ($50,000) for all out of pocket fees and expenses incurred by HCW
in connection with this Transaction. Such expense payment, plus the additional reimbursable amount payable by the Company pursuant
to Section C below, shall constitute the aggregate total of all expense payments or reimbursements under this Agreement.

 

4.          Tail
Fee. HCW shall be entitled to compensation under clauses (1) and (2) hereunder, calculated in the manner set forth therein,
with respect to any public or private offering or other financing or capital-raising transaction of any kind (“Tail Financing”)
to the extent that such financing or capital is provided to the Company by investors whom HCW first introduced to the Company during
the Term or who are listed on Annex B, if such Tail Financing is consummated at any time within the 3-month period following the
expiration or termination of this Agreement.

 

B.           Term
and Termination of Engagement. The term (the “Term”) of HCW’s exclusive engagement will begin on the
date hereof and end thirty (30) days after the date hereof. Notwithstanding anything to the contrary contained herein, the provisions
concerning confidentiality, indemnification and contribution contained herein and the Company’s obligations contained in
Section H hereof will survive any expiration or termination of this Agreement, and the Company’s obligation to pay fees actually
earned and payable and to reimburse expenses actually incurred and reimbursable pursuant to Section A hereof, if any, will survive
any expiration or termination of this Agreement, as permitted by FINRA Rule 5110(f)(2)(d). Upon any expiration or termination of
this Agreement, the Company's obligation to reimburse HCW for out of pocket accountable expenses actually incurred by HCW and reimbursable
upon closing of the Placement pursuant to Section A or otherwise due under Section A hereof, will be limited to the $50,000 provided
in Section 3 above, and will survive any expiration or termination of this Agreement, as permitted by FINRA Rule 5110(f)(2)(d).

 

C.           Settlement.
If the Offering is settled in whole or in part via delivery versus payment (“DVP”), HCW shall arrange for its
clearing agent to provide the funds to facilitate such settlement. The Company shall bear the cost of the escrow agent and shall
reimburse HCW for the actual out of pocket cost of such clearing agent settlement and financing, if any, which such cost shall
not exceed six thousand dollars ($6,000).

 

D.           Use
of Information. The Company will furnish HCW such written information as HCW reasonably requests in connection with the performance
of its services hereunder. The Company understands, acknowledges and agrees that, in performing its services hereunder, HCW will
use and rely entirely upon such information as well as publicly available information regarding the Company and other potential
parties to an Placement and that HCW does not assume responsibility for independent verification of the accuracy or completeness
of any information, whether publicly available or otherwise furnished to it, concerning the Company or otherwise relevant to an
Placement, including, without limitation, any financial information, forecasts or projections considered by HCW in connection with
the provision of its services.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

E.           Confidentiality.
In the event of the consummation or public announcement of any Placement, HCW shall have the right to disclose its participation
in such Placement, including, without limitation, the placement at its cost of “tombstone” advertisements in financial
and other newspapers and journals.

 

F.           Securities
Matters. The Company shall be responsible for any and all compliance with the securities laws applicable to it, including Regulation
D and the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, and
unless otherwise agreed in writing, all state securities (“blue sky”) laws. HCW agrees to cooperate with counsel to
the Company in that regard.

 

G.           Company
Acknowledgement. The Company acknowledges that the Placement of convertible Securities may create significant risks, including
the risk that the Company may have insufficient cash resources and/or registered shares to timely meet its payment and conversion
obligations. The Company further acknowledges that, depending on the number and price of new shares issued, such transaction may
result in substantial dilution which could adversely affect the market price of the Company’s shares. The Company agrees
that it will perform and comply with the covenants and other obligations set forth in the Transaction Documents and that HCW will
be entitled to rely on the representations, warranties, agreements and covenants of the Company contained in such Transaction Documents
as if such representations, warranties, agreements and covenants were made directly to HCW by the Company hereunder.

 

H.           Indemnity.

 

1.          In
connection with the Company’s engagement of HCW as placement agent, the Company hereby agrees to indemnify and hold harmless
HCW and its affiliates, and the respective controlling persons, directors, officers, members, shareholders, agents and employees
of any of the foregoing (collectively the “Indemnified Persons”), from and against any and all claims, actions,
suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including the
reasonable fees and expenses of counsel), as incurred, (collectively a “Claim”), that are (A) related to or
arise out of (i) any actions taken or omitted to be taken (including any untrue statements made or any statements omitted to be
made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in connection with the Company’s
engagement of HCW, or (B) otherwise relate to or arise out of HCW’s activities on the Company’s behalf under HCW’s
engagement, and the Company shall reimburse any Indemnified Person for all expenses (including the reasonable fees and expenses
of counsel) as incurred by such Indemnified Person in connection with investigating, preparing or defending any such claim, action,
suit or proceeding, whether or not in connection with pending or threatened litigation in which any Indemnified Person is a party.
The Company will not, however, be responsible for any Claim that is finally judicially determined to have resulted from the gross
negligence or willful misconduct of any person seeking indemnification for such Claim. The Company further agrees that no Indemnified
Person shall have any liability to the Company for or in connection with the Company’s engagement of HCW except for any Claim
incurred by the Company as a result of such Indemnified Person’s gross negligence or willful misconduct.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

2.          The
Company further agrees that it will not, without the prior written consent of HCW, settle, compromise or consent to the entry of
any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any
Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional,
irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

 

3.          Promptly
upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to which
indemnification is being sought hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of
such assertion or institution but failure to so notify the Company shall not relieve the Company from any obligation it may have
hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses.
If the Company so elects or is requested by such Indemnified Person, the Company will assume the defense of such Claim, including
the employment of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel.
In the event, however, that legal counsel to such Indemnified Person reasonably determines that having common counsel would present
such counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and
the Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it
or other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person may
employ its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable
fees and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to
defend, contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not the obligation,
to defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be
fully indemnified by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel and
all amounts paid as a result of such Claim or the compromise or settlement thereof. In addition, with respect to any Claim in which
the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim and to retain his, her
or its own counsel therefor at his, her or its own expense.

 

4.          The
Company agrees that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason
then (whether or not HCW is the Indemnified Person), the Company and HCW shall contribute to the Claim for which such indemnity
is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and
HCW on the other, in connection with HCW’s engagement referred to above, subject to the limitation that in no event shall
the amount of HCW’s contribution to such Claim exceed the amount of fees actually received by HCW from the Company pursuant
to HCW’s engagement. The Company hereby agrees that the relative benefits to the Company, on the one hand, and HCW on the
other, with respect to HCW’s engagement shall be deemed to be in the same proportion as (a) the total value paid or proposed
to be paid or received by the Company pursuant to the Placement (whether or not consummated) for which HCW is engaged to render
services bears to (b) the fee paid or proposed to be paid to HCW in connection with such engagement.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

5.          The
Company’s indemnity, reimbursement and contribution obligations under this Agreement (a) shall be in addition to, and shall
in no way limit or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity and (b) shall
be effective whether or not the Company is at fault in any way.

 

I.           Limitation
of Engagement to the Company. The Company acknowledges that HCW has been retained only by the Company, that HCW is providing
services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that the Company’s engagement
of HCW is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder, owner or partner of the Company
or any other person not a party hereto as against HCW or any of its affiliates, or any of its or their respective officers, directors,
controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)), employees or agents. Unless otherwise expressly agreed in writing by HCW,
no one other than the Company is authorized to rely upon this Agreement or any other statements or conduct of HCW, and no one other
than the Company is intended to be a beneficiary of this Agreement. The Company acknowledges that any recommendation or advice,
written or oral, given by HCW to the Company in connection with HCW’s engagement is intended solely for the benefit and use
of the Company’s management and directors in considering a possible Placement, and any such recommendation or advice is not
on behalf of, and shall not confer any rights or remedies upon, any other person or be used or relied upon for any other purpose.
HCW shall not have the authority to make any commitment binding on the Company. The Company, in its sole discretion, shall have
the right to reject any investor introduced to it by HCW.

 

J.           Limitation
of HCW’s Liability to the Company. HCW and the Company further agree that neither HCW nor any of its affiliates or any
of its their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act), employees or agents shall have any liability to the Company, its security holders or creditors, or any
person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for an act
of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating
to this Agreement or the Services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses that arise
out of or are based on any action of or failure to act by HCW and that are finally judicially determined to have resulted solely
from the gross negligence or willful misconduct of HCW.

 

K.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be fully performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement,
will be heard only in the state or federal courts located in the City of New York, State of New York. The parties hereto expressly
agree to submit themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties
hereto expressly waive any rights they may have to contest the jurisdiction, venue or authority of any court sitting in the City
and State of New York. In the event of the bringing of any action, or suit by a party hereto against the other party hereto, arising
out of or relating to this Agreement, the party in whose favor the final judgment or award shall be entered shall be entitled to
have and recover from the other party the costs and expenses incurred in connection therewith, including its reasonable attorneys’
fees. Any rights to trial by jury with respect to any such action, proceeding or suit are hereby waived by HCW and the Company.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

L.           Notices.
All notices hereunder will be in writing and sent by certified mail, hand delivery, overnight delivery or email, if sent to HCW,
to H.C. Wainwright & Co., LLC, at the address set forth on the first page hereof, email to: notices@hcwco.com and if sent to
the Company, to the address set forth on the first page hereof, fax number 240-627-4121, Attention: Chief Executive Officer. Notices
shall be effective upon delivery.

 

M.        Miscellaneous.
This Agreement shall not be modified or amended except in writing signed by HCW and the Company. This Agreement shall be binding
upon and inure to the benefit of both HCW and the Company and their respective assigns, successors, and legal representatives.
This Agreement constitutes the entire agreement of HCW and the Company with respect to this Placement and supersedes any prior
agreements with respect to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable
in any respect, such determination will not affect such provision in any other respect, and the remainder of the Agreement shall
remain in full force and effect. This Agreement may be executed in counterparts (including facsimile counterparts), each of which
shall be deemed an original but all of which together shall constitute one and the same instrument.

 

*********************

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

In acknowledgment that
the foregoing correctly sets forth the understanding reached by HCW and the Company, please sign in the space provided below, whereupon
this letter shall constitute a binding Agreement as of the date indicated above.

 

	 	Very truly yours,
	 	 
	 	H.C. WAINWRIGHT & CO., LLC
	 	 	 
	 	By 	 
	 	 	 
	 	 	Name: Mark W. Viklund
	 	 	Title: Chief Executive Officer

 

	Accepted and Agreed:	 
	 	 
	Northwest Biotherapeutics, Inc.	 
	 	 	 
	By 	 	 
	 	 	 
	 	Name: Linda Powers	 
	 	Title: Chairman & Chief Executive Officer	 

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

Annex A

 

SECTION 1. REGISTRATION STATEMENT

 

The Company represents and warrants to,
and agrees with, the Placement Agent that:

 

(A)         The
Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3
(Registration File No. 333-185898) under the Securities Act of 1933, as amended (the “Securities Act”), which became
effective on February 5, 2013, for the registration under the Securities Act of the Shares. At the time of such filing, the Company
met the requirements of Form S-3 under the Securities Act. Such registration statement meets the requirements set forth in Rule
415(a)(1)(x) under the Securities Act and complies with said Rule. The Company will file with the Commission pursuant to Rule 424(b)
under the Securities Act, and the rules and regulations (the “Rules and Regulations”) of the Commission promulgated
thereunder, a supplement to the form of prospectus included in such registration statement relating to the placement of the Shares
and the plan of distribution thereof and has advised the Placement Agent of all further information (financial and other) with
respect to the Company required to be set forth therein. Such registration statement, including the exhibits thereto, as amended
at the date of this Agreement, is hereinafter called the “Registration Statement”; such prospectus in the form in which
it appears in the Registration Statement is hereinafter called the “Base Prospectus”; and the supplemented form of
prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus as
so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement to the Registration
Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated
by reference therein (the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the issue date of
the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus
Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement,
or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by
reference. All references in this Agreement to financial statements and schedules and other information which is “contained,”
“included,” “described,” “referenced,” “set forth” or “stated” in the
Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated
by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement, as the case may be. No stop order
suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has been
issued, and no proceeding for any such purpose is pending or has been initiated or, to the Company's knowledge, is threatened by
the Commission. For purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under
the Securities Act and the “Time of Sale Prospectus” means the preliminary prospectus, if any, together with the free
writing prospectuses, if any, used in connection with the Placement, including any documents incorporated by reference therein.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

(B)         The
Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required
by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective,
complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and did
not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus,
the Time of Sale Prospectus, if any, and the Prospectus Supplement, each as of its respective date, comply in all material respects
with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus, the Time of
Sale Prospectus, if any, and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date
thereof any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with
the Commission, conformed in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations,
and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted
to state a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference
in the Base Prospectus or Prospectus Supplement), in light of the circumstances under which they were made not misleading; and
any further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus, if any, or Prospectus
Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the
Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the
date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required
to be filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction
contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the
requisite time period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale
Prospectus, if any, or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which have
not been described or filed as required.

 

(C)         The
Company is eligible to use free writing prospectuses in connection with the Placement pursuant to Rules 164 and 433 under the Securities
Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been,
or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations
of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule
433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or will comply in all material
respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. The
Company will not, without the prior consent of the Placement Agent, prepare, use or refer to, any free writing prospectus.

 

(D)         The
Company has delivered, or will as promptly as practicable deliver, to the Placement Agent complete conformed copies of the Registration
Statement and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration
Statement (without exhibits), the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, as amended
or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any
of its directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering material
in connection with the offering and sale of the Shares other than the Base Prospectus, the Time of Sale Prospectus, if any, the
Prospectus Supplement, the Registration Statement, copies of the documents incorporated by reference therein and any other materials
permitted by the Securities Act.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

In the event that a
Direct Placement occurs off a registration statement other than the Registration Statement, prior to the commencement of any such
Placement, the Company shall make written representations, warranties and covenants to HCW as to such subsequent registration statement
(and other offering documents) that are substantially the same as the representations, warranties and covenants made under this
Section, which representations, warranties and covenants shall be reasonably satisfactory to HCW.

 

SECTION 2.          REPRESENTATIONS
AND WARRANTIES. The Company hereby makes the representations and warranties set forth below to HCW as of the date of the applicable
Placement and as of the applicable Closing Date.

 

(A)            Reliance
on Representations and Warranties to Purchasers. HCW shall be entitled to rely upon any and all representations and warranties
of the Company included in the purchase agreements entered into by the Company and the Purchasers in connection with the Placement,
subject to the qualifications and limitations therein, and such representations and warranties are incorporated by reference as
though fully set forth in this Agreement.

 

(B)            FINRA
Affiliations. There are no affiliations with any FINRA member firm among the Company’s officers, directors or, to the
knowledge of the Company, any five percent (5%) or greater stockholder of the Company.

 

SECTION 3.          CLOSING.
The obligations of HCW and the Purchasers, and the closing of the sale of the Securities under the Transaction Documents are subject
to the accuracy, when made and on the applicable Closing Date, of the representations and warranties on the part of the Company
and its Subsidiaries contained herein, to the accuracy of the statements of the Company and its Subsidiaries made in any certificates
pursuant to the provisions hereof, to the performance by the Company and its Subsidiaries of their obligations hereunder, and
to each of the following additional terms and conditions:

 

(A)         [REGISTERED
OFFERINGS ONLY] No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings
for that purpose shall have been initiated or threatened by the Commission, and any request for additional information on the part
of the Commission (to be included in the Registration Statement, the Base Prospectus or the Prospectus Supplement or otherwise)
shall have been complied with to the reasonable satisfaction of HCW.

 

(B)         [REGISTERED
OFFERINGS ONLY] HCW shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration
Statement, the Base Prospectus or the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement
of a fact which, in the opinion of counsel for HCW, is material or omits to state any fact which, in the opinion of such counsel,
is material and is required to be stated therein or is necessary to make the statements therein not misleading.

 

(C)         All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each Transaction
Document, and the Securities, and, if the Securities are registered, the Registration Statement, the Base Prospectus and the Prospectus
Supplement, and all other legal matters relating to the Transaction documents and the transactions contemplated thereby shall be
reasonably satisfactory in all material respects to counsel for HCW, and the Company shall have furnished to such counsel all documents
and information that they may reasonably request to enable them to pass upon such matters.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

(D)         HCW
shall have received from outside counsel to the Company such counsel’s written opinion, addressed to HCW and the Purchasers
dated as of the applicable Closing Date, in form and substance reasonably satisfactory to HCW, which opinion shall include a “10b-5”
representation from such counsel.

 

(E)         Neither
the Company nor any of its Subsidiaries shall have sustained since the date of the latest audited financial statements, any loss
or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in or contemplated by the
Base Prospectus and (ii) except as provided in the Transaction Documents, since such date there shall not have been any change
in the capital stock or long-term debt of the Company or any of its Subsidiaries or any material change, or any material development
involving a prospective material change, in or affecting the business, general affairs, management, financial position, stockholders’
equity, results of operations or prospects of the Company and its Subsidiaries, the effect of which, in any such case described
in clause (i) or (ii), is, in the judgment of HCW, so material and adverse as to make it impracticable or inadvisable to proceed
with the sale or delivery of the Securities on the terms and in the manner contemplated under the Transaction Documents or, if
pursuant to an Underwritten Placement, pursuant to the Prospectus Supplement.

 

(F)         The
Common Stock is registered under the Exchange Act and, as of the applicable Closing Date, the Shares shall be listed and admitted
and authorized for trading on the Trading Market, and satisfactory evidence of such actions shall have been provided to HCW. The
Company shall have taken no action designed to, or likely to have the effect of terminating the registration of the Common Stock
under the Exchange Act or delisting or suspending from trading the Common Stock from the Trading Market, nor has the Company received
any information suggesting that the Commission or the Trading Market is contemplating terminating such registration or listing.

 

(G)         Subsequent
to the execution and delivery of the Transaction Documents or underwriting agreement, as applicable, there shall not have occurred
any of the following: (i) trading in securities generally on the New York Stock Exchange, the Nasdaq National Market or the NYSE
Alternext US or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter
market, shall have been suspended or minimum or maximum prices or maximum ranges for prices shall have been established on any
such exchange or such market by the Commission, by such exchange or by any other regulatory body or governmental authority having
jurisdiction, (ii) a banking moratorium shall have been declared by federal or state authorities or a material disruption has occurred
in commercial banking or securities settlement or clearance services in the United States, (iii) the United States shall have become
engaged in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall have been an escalation
in hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United
States, or (iv) there shall have occurred any other calamity or crisis or any change in general economic, political or financial
conditions in the United States or elsewhere, if the effect of any such event in clause (iii) or (iv) makes it, in the sole judgment
of HCW, impracticable or inadvisable to proceed with the sale or delivery of the Securities.

 

(H)         No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the applicable Closing Date, prevent the issuance or sale of the Securities or materially and
adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining
order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the applicable
Closing Date which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely
affect the business or operations of the Company.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPC

 

     

     

    

 

(I)         The
Company shall have prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement, including
as an exhibit thereto this Agreement.

 

(J)         If
a Direct Placement, the Company shall have entered into subscription agreements with each of the Purchasers and such agreements
shall be in full force and effect and shall contain representations and warranties of the Company as agreed between the Company
and the Purchasers.

 

(K)         FINRA
shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition,
the Company shall, if requested by HCW, make or authorize HCW’s counsel to make on the Company’s behalf, an Issuer
Filing with FINRA pursuant to FINRA Rule 5110 with respect to the Registration Statement and pay all filing fees required in connection
therewith.

 

(L)         Prior
to the applicable Closing Date, the Company shall have furnished to HCW such further information, certificates and documents as
HCW may reasonably request.

 

All opinions, letters,
evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for HCW.

 

430 Park Avenue | New York,
New York 10022 | 212.356.0500 | www.hcwco.com

Member: FINRA/SIPCEX-4.2

 Exhibit 4.2 

SUPPLEMENTAL INDENTURE NO. 12 
 by
and between 
 WELLTOWER INC. 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A. 
 As of March 1, 2016 

SUPPLEMENTAL TO THE INDENTURE DATED AS OF MARCH 15, 2010 
  

 
 WELLTOWER INC.

 4.25% Notes due 2026 

 This SUPPLEMENTAL INDENTURE NO. 12 (this “Supplemental Indenture”) is made and entered
into as of March 1, 2016 between WELLTOWER INC., a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association duly organized and existing under the laws of the United
States of America, as Trustee (the “Trustee”). 
 WITNESSETH THAT: 

WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of March 15, 2010 (as amended, supplemented or
otherwise modified from time to time, the “Base Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future issuance of
the Company’s senior debt securities (the “Securities”) to be issued from time to time in one or more series; and 
 WHEREAS,
pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its Securities, to be known as its 4.25% Notes due 2026, the form and substance of such Securities and the terms, provisions and
conditions thereof to be set forth as provided in the Indenture. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

ARTICLE 1 
 DEFINED
TERMS 
 Section 1.1 The following definitions supplement, and, to the extent inconsistent with, replace the definitions in
Section 101 of the Base Indenture: 
 “Business Day” means any day other than a Saturday or Sunday or a day on which banking
institutions in the City of New York are authorized or required by law, regulation or executive order to close. 
 “Capital Lease”
means at any time any lease of property, real or personal, which, in accordance with GAAP, would at such time be required to be capitalized on a balance sheet of the lessee. 

“Capitalized Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under a lease
of (or other agreement conveying the right to use) real and/or personal property which obligations are required to be classified and accounted for as a Capital Lease on a balance sheet of such Person under GAAP. 

“Cash” means as to any Person, such Person’s cash and cash equivalents, as defined in accordance with GAAP consistently
applied. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

 “DTC” means The Depository Trust Company located at 55 Water Street, 1SL, New York, New
York 10041-0099. 
 “EBITDA” means for any period, with respect to the Company and its subsidiaries on a consolidated basis,
determined in accordance with GAAP, the sum of net income (or net loss) for such period PLUS, the sum of all amounts treated as expenses for: (i) interest, (ii) depreciation, (iii) amortization and (iv) all accrued taxes on or
measured by income to the extent included in the determination of such net income (or net loss); provided, however, that net income (or net loss) shall be computed without giving effect to extraordinary losses or gains. 

“FATCA” means Sections 1471 through 1474 of the Code and related Treasury regulations and pronouncements (the Foreign Account Tax
Compliance Act). 
 “FATCA Withholding Tax” means any withholding or deduction pursuant to an agreement described in
Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States
and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement). 

“Funded Indebtedness” means as of any date of determination thereof, (i) all Indebtedness of any Person, determined in
accordance with GAAP, which by its terms matures more than one year after the date of calculation, and any such Indebtedness maturing within one year from such date which is renewable or extendable at the option of the obligor to a date more than
one year from such date, and (ii) the current portion of all such Indebtedness. 
 “GAAP” means generally accepted accounting
principles of the United States. 
 “Global Notes” has the meaning set forth in Section 2.1(a) of this Supplemental
Indenture. 
 “Indebtedness” means, with respect to any Person, all: (i) liabilities or obligations, direct and contingent,
which in accordance with GAAP would be included in determining total liabilities as shown on the liability side of a balance sheet of such Person at the date as of which Indebtedness is to be determined, including, without limitation, contingent
liabilities that in accordance with such principles, would be set forth in a specific dollar amount on the liability side of such balance sheet, and Capitalized Lease Obligations of such Person; (ii) liabilities or obligations of others for
which such Person is directly or indirectly liable, by way of guaranty (whether by direct guaranty, suretyship, discount, endorsement, take-or-pay agreement, agreement to purchase or advance or keep in funds or other agreement having the effect of a
guaranty) or otherwise; (iii) liabilities or obligations secured by Liens on any assets of such Person, whether or not such liabilities or obligations shall have been assumed by it; and (iv) liabilities or obligations of such Person,
direct or contingent, with respect to letters of credit issued for the account of such Person and bankers acceptances created for such Person. 

  
 2 

 “Interest Coverage” means as of the last day of any fiscal quarter, the quotient,
expressed as a percentage (which may be in excess of 100%), determined by dividing EBITDA by Interest Expense; all of the foregoing calculated by reference to the immediately preceding four fiscal quarters of the Company ending on such date of
determination. 
 “Interest Expense” means for any period, on a combined basis, the sum of all interest paid or payable (excluding
unamortized debt issuance costs) on all items of Indebtedness of the Company outstanding at any time during such period. 
 “Interest
Payment Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(b) of this Supplemental Indenture. 

“Lien” means any mortgage, deed of trust, pledge, security interest, encumbrance, lien, claim or charge of any kind (including any
agreement to give any of the foregoing), any conditional sale or other title retention agreement, any lease in the nature of any of the foregoing, and the filing of or agreement to give any financing statement under the Uniform Commercial Code of
any jurisdiction. 
 “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment of any Notes,
the excess, if any, of (i) the aggregate present value, as of the date of such redemption or accelerated payment, of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of
redemption or accelerated payment) that would have been payable in respect of each such dollar if such redemption or accelerated payment had not been made, determined by discounting, on a semi-annual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable if such
redemption or accelerated payment had not been made, to but excluding the date of such redemption or accelerated payment, over (ii) the aggregate principal amount of the Notes being redeemed or paid. The Company will calculate such Make-Whole
Amount. 
 “Notes” means the Company’s 4.25% Notes due 2026, issued under the Indenture. 

“Regular Record Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(b) of this
Supplemental Indenture. 
 “Reinvestment Rate” means 0.400% plus the arithmetic mean of the yields under the respective heading
“Week Ending” published in the most recent Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment
date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence
and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. 

  
 3 

 “Senior Debt” means all Indebtedness other than Subordinated Debt. 

“Statistical Release” means that statistical release designated “H.15(519)” or any successor publication that is published
weekly by the Federal Reserve System and that establishes yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination under the
Indenture, then such other reasonably comparable index that shall be designated by the Company. 
 “Subordinated Debt” means any
unsecured Indebtedness of the Company which is issued or assumed pursuant to, or evidenced by, an indenture or other instrument which contains provisions for the subordination of such other Indebtedness (to which appropriate reference shall be made
in the instruments evidencing such other Indebtedness if not contained therein) to the Notes (and, at the option of the Company, if so provided, to other Indebtedness of the Company, either generally or as specifically designated). 

“Subsidiary” means any corporation or other entity of which a majority of (i) the voting power of the voting equity securities
or (ii) the outstanding equity interests of which are owned, directly or indirectly, by the Company or one or more other Subsidiaries of the Company. For the purposes of this definition, “voting equity securities” means equity
securities having voting power for the election of directors or similar functionaries, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency. 

“Total Assets” means on any date, the consolidated total assets of the Company and its Subsidiaries, as such amount would appear on
a consolidated balance sheet of the Company prepared as of such date in accordance with GAAP. 
 “Total Unencumbered Assets” means
on any date, net real estate investments (valued on a book basis) of the Company and its Subsidiaries that are not subject to any Lien which secures indebtedness for borrowed money of any of the Company and its Subsidiaries plus, without
duplication, loan loss reserves relating thereto, accumulated depreciation thereon plus Cash, as all such amounts would appear on a consolidated balance sheet of the Company prepared as of such date in accordance with GAAP; provided, however, that
“Total Unencumbered Assets” does not include net real estate investments under unconsolidated joint ventures of the Company and its Subsidiaries. 

“Unsecured Debt” means Funded Indebtedness less Indebtedness secured by Liens on the property or assets of the Company and its
Subsidiaries. 

  
 4 

 ARTICLE 2 

TERMS OF THE NOTES 

Section 2.1 Pursuant to Section 301 of the Indenture, the Notes shall have the following terms and conditions: 

(a) Title; Aggregate Principal Amount; Form of Notes. The Notes shall be Registered Securities under the Indenture and shall be known as
the Company’s “4.25% Notes due 2026.” The Notes will be limited to an aggregate principal amount of $700,000,000, subject to the right of the Company to reopen such series for issuances of additional securities of such series and
except (i) as provided in this Section and (ii) for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or
1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered hereunder. The Notes (together with the Trustee’s certificate of authentication)
shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and made a part of this Supplemental Indenture. 

The Notes will be issued in the form of fully registered global securities without coupons (“Global Notes”) that will be deposited
with, or on behalf of, DTC, and registered in the name of DTC’s partnership nominee, Cede & Co. Except under the circumstance described below, the Notes will not be issuable in definitive form. Unless and until it is exchanged in whole
or in part for the individual notes represented thereby, a Global Note may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any nominee of DTC to a successor
depositary or any nominee of such successor. 
 So long as DTC or its nominee is the registered owner of a Global Note, DTC or such nominee,
as the case may be, will be considered the sole owner or Holder of the Notes represented by such Global Note for all purposes under this Supplemental Indenture. Except as described below, owners of beneficial interest in Notes evidenced by a Global
Note will not be entitled to have any of the individual Notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of any such Notes in definitive form and will not be considered the
owners or Holders thereof under the Indenture or this Supplemental Indenture. 
 If DTC is at any time unwilling, unable or ineligible to
continue as depositary and a successor depositary is not appointed by the Company within 90 days, the Company will issue individual Notes in exchange for the Global Note or Global Notes representing such Notes. In addition, the Company may at any
time and in its sole discretion, subject to certain limitations set forth in the Indenture, determine not to have any of such Notes represented by one or more Global Notes and, in such event, will issue individual Notes in exchange for the Global
Note or Global Notes representing the Notes. Individual Notes so issued will be issued in minimum denominations of $2,000 and integral multiples of $1,000. 

  
 5 

 (b) Interest and Interest Rate. The Notes will bear interest at a rate of 4.25% per
annum, from March 1, 2016 (or, in the case of Notes issued upon the reopening of this series of Notes, from the date designated by the Company in connection with such reopening) or from the immediately preceding Interest Payment Date to which
interest has been paid or duly provided for, payable semi-annually in arrears on each April 1 and October 1, commencing October 1, 2016 (each of which shall be an “Interest Payment Date”), to the Persons in whose names the
Notes are registered in the Security Register at the close of business on the March 15 or September 15, as the case may be (whether or not a Business Day), next preceding such Interest Payment Date (each, a “Regular Record
Date”). 
 (c) Principal Repayment; Currency. The Notes will mature on April 1, 2026, provided, however, the Notes may be
earlier redeemed at the option of the Company as provided in paragraph (d) below. The principal of each Note payable on its maturity date shall be paid against presentation and surrender thereof to the Corporate Trust Operations of the Trustee,
located at 111 Sanders Creek Parkway, East Syracuse, NY 13057, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public or private debts. 

(d) Redemption at the Option of the Company. The Notes will be subject to redemption at the option of the Company, at any time in whole
or from time to time in part, upon not less than 15 nor more than 30 days’ notice transmitted to each Holder of Notes to be redeemed as shown in the Security Register. If the Notes are redeemed, the redemption price will equal the sum of
(i) the principal amount of the Notes (or portion of such Notes) being redeemed, plus accrued and unpaid interest thereon to but excluding the applicable Redemption Date and (ii) the Make-Whole Amount, if any; provided, however, that if
the Notes are redeemed 90 or fewer days prior to the maturity date, the redemption price will equal 100% of the principal amount of the Notes (or portion of such Notes) being redeemed plus accrued and unpaid interest thereon to but excluding the
applicable Redemption Date. The Company shall calculate the redemption price. 
 (e) Notices. All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by facsimile. Notices to the Company shall be directed to it at 4500 Dorr Street, Toledo, Ohio 43615, Attention: General Counsel; notices to the
Trustee shall be directed to it at The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, Chicago, Illinois 60602, Attention: Corporate Trust Administration, Re: Welltower Inc. 4.25% Notes due 2026; or as to either party, at such
other address as shall be designated by such party in a written notice to the other party. In addition to the foregoing, the Trustee agrees to accept and act upon instructions or directions pursuant to the Indenture sent by unsecured e-mail, pdf,
facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen
signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not

  
 6 

 
be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions’
conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 (f) Global Note
Legend. Each Global Note shall bear the following legend on the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

(g) Applicability of Discharge, Defeasance and Covenant Defeasance Provisions. The Discharge, Defeasance and Covenant Defeasance
provisions in Article Thirteen of the Indenture will apply to the Notes. 
 ARTICLE 3 

ADDITIONAL COVENANTS 

Section 3.1 Holders of the Notes shall have the benefit of the following covenants, in addition to the covenants of the Company
set forth in Articles Eight and Ten of the Indenture: 
 (a) The Company will not pledge or otherwise subject to any Lien, any property or
assets of the Company or its Subsidiaries unless the Notes are secured by such pledge or Lien equally and ratably with all other obligations secured thereby so long as such other obligations shall be so secured; provided, however, that such covenant
shall not apply to the following: 
 (i) Liens securing obligations that do not in the aggregate at any one time outstanding
exceed 40% of the sum of (A) the Total Assets of the Company and its consolidated subsidiaries as of the end of the calendar year or quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case
may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Liens and (B) the purchase price of any real estate assets or mortgages
receivable acquired, and the 

  
 7 

 
amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the
Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Liens; 

(ii) Pledges or deposits by the Company or its Subsidiaries under workers’ compensation laws, unemployment insurance laws,
social security laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness of the Company or its Subsidiaries), or leases to which the Company or any of its
Subsidiaries is a party, or deposits to secure public or statutory obligations of the Company or its Subsidiaries or deposits of cash or United States Government Bonds to secure surety, appeal, performance or other similar bonds to which the Company
or any of its Subsidiaries is a party, or deposits as security for contested taxes or import duties or for the payment of rent; 

(iii) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s and mechanics’ liens, or Liens
arising out of judgments or awards against the Company or any of its Subsidiaries which the Company or such Subsidiary at the time shall be currently prosecuting an appeal or proceeding for review; 

(iv) Liens for taxes not yet subject to penalties for non-payment and Liens for taxes the payment of which is being contested
in good faith and by appropriate proceedings; 
 (v) Minor survey exceptions, minor encumbrances, easements or reservations
of, or rights of, others for rights of way, highways and railroad crossings, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties; 

(vi) Liens incidental to the conduct of the business of the Company or any Subsidiary or to the ownership of their respective
properties that were not incurred in connection with Indebtedness of the Company or such Subsidiary, all of which Liens referred to in this clause (vi) do not in the aggregate materially impair the value of the properties to which they relate
or materially impair their use in the operation of the business taken as a whole of the Company and its Subsidiaries, and as to all of the foregoing referenced in clauses (ii) through (vi), only to the extent arising and continuing in the
ordinary course of business; 
 (vii) Purchase money Liens on property acquired or held by the Company or its Subsidiaries in
the ordinary course of business, securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of such property; provided, however, that (A) any such Lien attaches concurrently with or within 20 days after
the acquisition thereof, (B) such Lien attaches solely to the property so acquired in such transaction, (C) the principal amount of the Indebtedness secured thereby does not exceed 100% of the cost of such property and (D) the
aggregate amount of all such Indebtedness on a consolidated basis for the Company and its Subsidiaries shall not at any time exceed $1,000,000; 

  
 8 

 (viii) Liens existing on the Company’s balance sheet as of December 31,
2001; and 
 (ix) Any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or
in part, of any Lien referred to in the foregoing clauses (ii) through (viii) inclusive; provided, however, that the amount of any and all obligations and Indebtedness secured thereby shall not exceed the amount thereof so secured
immediately prior to the time of such extension, renewal or replacement and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the Lien so extended, renewed or replaced (plus improvements on
such property). 
 (b) The Company will not create, assume, incur, or otherwise become liable in respect of, any Indebtedness if the
aggregate outstanding principal amount of Indebtedness of the Company and its consolidated subsidiaries is, at the time of such creation, assumption or incurrence and after giving effect thereto and to any concurrent transactions, greater than 60%
of the sum of (i) the Total Assets of the Company and its consolidated subsidiaries as of the end of the calendar year or quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be,
most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Indebtedness and (ii) the purchase price of any real estate assets or mortgages
receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Company or any Subsidiary
since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Indebtedness. 

(c) The Company will have or maintain, on a consolidated basis, as of the last day of each of the Company’s fiscal quarters, Interest
Coverage of not less than 150%. 
 (d) The Company will maintain, as of the last day of each of the Company’s fiscal quarters and at all
times, Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis. 

(e) For purposes of this Section 3, Indebtedness and Debt shall be deemed to be “incurred” by the Company or a Subsidiary
whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. 

  
 9 

 ARTICLE 4 

ADDITIONAL EVENTS OF DEFAULT 

Section 4.1 For purposes of this Supplemental Indenture and the Notes, in addition to the Events of Default set forth in
Section 501 of the Indenture, each of the following also shall constitute an “Event of Default:” 
 (a) default in the payment
of the principal of or any premium on the Notes at Maturity; 
 (b) there shall occur a default under any bond, debenture, note or other
evidence of indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company (including a default with respect to Securities of any series other than that series) under which there may be issued or by which there may
be secured any indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall
hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $10,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall
have resulted in such indebtedness in an aggregate principal amount exceeding $10,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been
discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after there shall have been given, by first class mail or electronically, as applicable, to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least a majority in principal amount of the Outstanding Notes a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled
and stating that such notice is a “Notice of Default” under the Indenture; and 
 (c) the entry by a court of competent
jurisdiction of one or more judgments, orders or decrees against the Company or any of its Subsidiaries in an aggregate amount (excluding amounts covered by insurance) in excess of $10,000,000 and such judgments, orders or decrees remain
undischarged, unstayed and unsatisfied in an aggregate amount (excluding amounts covered by insurance) in excess of $10,000,000 for a period of 30 consecutive days. 

Section 4.2 Notwithstanding any provisions to the contrary in the Indenture, upon the acceleration of the Notes in accordance with
Section 502 of the Indenture, the amount immediately due and payable in respect of the Notes shall equal the Outstanding principal amount thereof, plus accrued and unpaid interest, plus the Make-Whole Amount. 

ARTICLE 5 

EFFECTIVENESS 

Section 5.1 This Supplemental Indenture shall be effective for all purposes as of the date and time this Supplemental Indenture
has been executed and delivered by the Company and the Trustee in accordance with Article Nine of the Indenture. As supplemented hereby, the Indenture is hereby confirmed as being in full force and effect. 

  
 10 

 ARTICLE 6 

NOTICE TO TRUSTEE 

Section 6.1 Notwithstanding anything to the contrary in the Indenture including, without limitation, Section 1102 thereof, in
connection with the redemption at the election of the Company of less than all the Notes, the Company shall notify the Trustee of the establishment of a Redemption Date and the principal amount of Notes to be redeemed at least five Business Days
prior to such Redemption Date unless a shorter period shall be satisfactory to the Trustee. 
 ARTICLE 7 

MISCELLANEOUS 

Section 7.1 In the event any provision of this Supplemental Indenture shall be held invalid or unenforceable by any court of
competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof or any provision of the Indenture. 

Section 7.2 To the extent that any terms of this Supplemental Indenture or the Notes are inconsistent with the terms of the
Indenture, the terms of this Supplemental Indenture or the Notes shall govern and supersede such inconsistent terms. 

Section 7.3 This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 Section 7.4 This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all
of which shall constitute but one and the same instrument. 
 Section 7.5 The Trustee shall not be responsible for the validity
or sufficiency of this Supplemental Indenture, or for the recitals contained herein, all of which shall be taken as statements of the Company. 

Section 7.6 In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and
interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees (a) to provide to the Trustee sufficient information about Holders or other applicable parties and/or
transactions (including any modification to the terms of such transactions) so the Trustee can determine whether it has tax-related obligations under Applicable Law, (b) that the Trustee shall be entitled to make any withholding or deduction
from payments under the Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability, and (c) to hold harmless the Trustee for any losses it may suffer due to the actions it takes to comply
with such Applicable Law. The terms of this Section 7.6 shall survive the termination of the Indenture. 

  
 11 

 Section 7.7 The Trustee shall be entitled to deduct FATCA Withholding Tax, and shall
have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FATCA Withholding Tax. 

  
 12 

 IN WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to be
executed in their respective corporate names as of the date first above written. 
  

			
	WELLTOWER INC.
		
	By:	 	 /s/ Scott A. Estes

	Name: Scott A. Estes
	Title: Executive Vice President and Chief Financial Officer
	
	 THE BANK OF NEW YORK MELLON TRUST

COMPANY, N. A., as Trustee

		
	By:	 	 /s/ Teresa Petta

	Name: Teresa Petta
	Title: Vice President

 EXHIBIT A 

FORM OF GLOBAL NOTE 
 [Form
of Face of Security] 
 WELLTOWER INC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 4.25% Notes due 2026 

 

			
	CUSIP No. 95040Q AC8	  	$[•]

 Welltower Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein
called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [•] on
April 1, 2026, and to pay interest thereon from March 1, 2016, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on April 1 and October 1 in each year,
commencing October 1, 2016 at the rate of 4.25% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be on the March 15 or
September 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

  
 A-1 

 Payment of the principal of (and premium, if any) and any such interest on this Security will be
made at the office or agency of the Company maintained for that purpose in the City of New York, New York, or elsewhere as provided in the Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by electronic wire transfer or by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 No recourse under or upon any obligation,
covenant or agreement contained in the Indenture or in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had against any promoter, as such, or against any past, present or future shareholder, officer or director, as
such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the acceptance of this Security by the Holder thereof and as part of the consideration for the issue of the Securities of this series. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 In Witness Whereof, the
Company has caused this instrument to be duly executed under its corporate seal. 
  

			
	WELLTOWER INC.
		
	        By:	 	  

	        Name:
	        Title:

  
 A-2 

 CERTIFICATE OF AUTHENTICATION 

Dated:                      

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [Form of Reverse of Security] 

1. General. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of March 15, 2010 (as amended, supplemented or otherwise modified from time to time, the “Base Indenture”), as supplemented by Supplemental Indenture
No. 12, dated as of March 1, 2016 (as amended, supplemented or otherwise modified from time to time, the “Supplemental Indenture” and the Base Indenture, as supplemented by such Supplemental Indenture, the “Indenture”),
between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof. 
 2. Optional Redemption. The Securities of this
series are subject to redemption, at any time or from time to time, as a whole or in part, at the election of the Company. If the Securities are redeemed, the redemption price will equal the sum of (i) the principal amount of the Securities (or
portion of such Securities) being redeemed, plus accrued and unpaid interest thereon to but excluding the applicable Redemption Date and (ii) the Make-Whole Amount, if any; provided, however, that if the Securities are redeemed 90 or fewer days
prior to the maturity date, the redemption price will equal 100% of the principal amount of the Securities (or portion of such Securities) being redeemed plus accrued and unpaid interest thereon to but excluding the applicable Redemption Date. The
Company shall calculate the redemption price. In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof. 
 3. Defeasance. The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

4. Defaults and Remedies. If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal
of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 5.
Actions of Holders. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to
be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the 

  
 A-4 

 
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount
of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall
not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

6. Payments Not Impaired. No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

7. Denominations, Transfer, Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral
multiple of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 A-5 

 8. Persons Deemed Owners. Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 9. Defined Terms. All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 10. Governing Law. The Indenture and the Note
shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said state. 

11. CUSIP Number. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed
only on the other identification numbers printed hereon. 

  
 A-6 

 [ASSIGNMENT FORM] 

ABBREVIATIONS 
 The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

							
	 TEN COM —

TEN ENT —
 JT TEN —
	 	 as tenants in common

as tenants by the entireties
 as joint tenants with right of
survivorship
 and not as tenants in common
	 	UNIF GIFT MIN ACT —	 	                  Custodian
             
 (Cust)
                        (Minor)

Under Uniform Gifts to Minors Act

                    

(State)

 Additional abbreviations may also be used though not in the above list. 

 
  

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

 
  

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF
ASSIGNEE 
 the within security and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                                         
                                       Attorney to
transfer said security on the books of the Company with full power of substitution in the premises. 
  

			
	Dated:                         	  	Signed:                                     
                                         
             
		
		  	Notice: The signature to this assignmentmust correspond with the name as it appearsupon the face of the within security inevery particular, without alteration orenlargement or any change whatever.
		
		  	Signature Guarantee*:                                  
                                 
		
		  	 *  Participant in a recognized Signature Guarantee Medallion Program (or othersignature guarantor acceptable to the
Trustee).

  
 A-7

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