Document:

EX-10.1

 Exhibit 10.1 
  

 
 THE SECURITIES EVIDENCED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE
OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 

 
  

FIRST AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 GLADSTONE LAND LIMITED
PARTNERSHIP 
 a Delaware limited partnership 

Dated as of October 7, 2014 

 CONTENTS 
  

							
	 Article I. DEFINED TERMS
	  	 	2	  
		
	 Article II. ORGANIZATIONAL MATTERS
	  	 	18	  
	 Section 2.01
	  	Organization	  	 	18	  
	 Section 2.02
	  	Name	  	 	18	  
	 Section 2.03
	  	Registered Office and Agent; Principal Office	  	 	18	  
	 Section 2.04
	  	Power of Attorney	  	 	18	  
	 Section 2.05
	  	Term	  	 	19	  
	 Section 2.06
	  	Partnership Interests as Securities	  	 	20	  
		
	 Article III. PURPOSE
	  	 	20	  
	 Section 3.01
	  	Purpose and Business	  	 	20	  
	 Section 3.02
	  	Powers	  	 	20	  
	 Section 3.03
	  	Partnership Only for Partnership Purposes Specified	  	 	20	  
	 Section 3.04
	  	Representations and Warranties by the Parties	  	 	21	  
		
	 Article IV. PARTNERSHIP INTERESTS; CAPITAL CONTRIBUTIONS
	  	 	22	  
	 Section 4.01
	  	Partnership Units and Capital Contributions of the Partners	  	 	22	  
	 Section 4.02
	  	Classes and Series of Partnership Units	  	 	22	  
	 Section 4.03
	  	Issuances of Additional Partnership Units	  	 	23	  
	 Section 4.04
	  	Additional Funds and Capital Contributions	  	 	24	  
	 Section 4.05
	  	Equity Incentive Plan	  	 	25	  
	 Section 4.06
	  	LTIP Units	  	 	26	  
	 Section 4.07
	  	Conversion of LTIP Units	  	 	30	  
	 Section 4.08
	  	No Interest; No Return	  	 	32	  
	 Section 4.09
	  	Other Contribution Provisions	  	 	32	  
	 Section 4.10
	  	Not Publicly Traded	  	 	32	  
		
	 Article V. DISTRIBUTIONS
	  	 	33	  
	 Section 5.01
	  	Requirement and Characterization of Distributions	  	 	33	  
	 Section 5.02
	  	Interests in Property Not Held Through the Partnership	  	 	33	  
	 Section 5.03
	  	Distributions In-Kind	  	 	34	  
	 Section 5.04
	  	Amounts Withheld	  	 	34	  
	 Section 5.05
	  	Distributions Upon Liquidation	  	 	34	  
	 Section 5.06
	  	Distributions to Reflect Issuance of Additional Partnership Units	  	 	34	  
	 Section 5.07
	  	Restricted Distributions	  	 	34	  
		
	 Article VI. ALLOCATIONS
	  	 	34	  
	 Section 6.01
	  	Timing and Amount of Allocations of Net Income and Net Loss	  	 	34	  
	 Section 6.02
	  	General Allocations	  	 	34	  
	 Section 6.03
	  	Additional Allocation Provisions	  	 	37	  
	 Section 6.04
	  	Tax Allocations	  	 	39	  
		
	 Article VII. MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	40	  
	 Section 7.01
	  	Management	  	 	40	  

  
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	 Section 7.02
	  	Certificate of Limited Partnership	  	 	45	  
	 Section 7.03
	  	Restrictions on General Partner’s Authority	  	 	45	  
	 Section 7.04
	  	Reimbursement of the General Partner and Parent	  	 	45	  
	 Section 7.05
	  	Outside Activities of the General Partner	  	 	46	  
	 Section 7.06
	  	Contracts with Affiliates	  	 	47	  
	 Section 7.07
	  	Indemnification	  	 	47	  
	 Section 7.08
	  	Standard of Care; Limitation of Liability of the General Partner	  	 	49	  
	 Section 7.09
	  	Other Matters Concerning the General Partner	  	 	50	  
	 Section 7.10
	  	Title to Partnership Assets	  	 	51	  
	 Section 7.11
	  	Reliance by Third Parties	  	 	51	  
		
	 Article VIII. RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	51	  
	 Section 8.01
	  	Limitation of Liability	  	 	51	  
	 Section 8.02
	  	Management of Business	  	 	52	  
	 Section 8.03
	  	Outside Activities of Limited Partners	  	 	52	  
	 Section 8.04
	  	Withdrawal; Return of Capital	  	 	52	  
	 Section 8.05
	  	Adjustment Factor	  	 	52	  
	 Section 8.06
	  	Redemption Rights	  	 	52	  
		
	 Article IX. BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	54	  
	 Section 9.01
	  	Records and Accounting	  	 	54	  
	 Section 9.02
	  	Reports	  	 	55	  
		
	 Article X. TAX MATTERS
	  	 	55	  
	 Section 10.01
	  	Preparation of Tax Returns	  	 	55	  
	 Section 10.02
	  	Tax Elections	  	 	55	  
	 Section 10.03
	  	Tax Matters Partner	  	 	56	  
	 Section 10.04
	  	Withholding	  	 	57	  
		
	 Article XI. TRANSFERS AND WITHDRAWALS
	  	 	58	  
	 Section 11.01
	  	Transfer	  	 	58	  
	 Section 11.02
	  	Transfer of General Partner’s Partnership Interest	  	 	59	  
	 Section 11.03
	  	Transfer of Limited Partners’ Partnership Interests	  	 	59	  
	 Section 11.04
	  	Substituted Limited Partners	  	 	61	  
	 Section 11.05
	  	Assignees	  	 	62	  
	 Section 11.06
	  	General Provisions	  	 	62	  
		
	 Article XII. ADMISSION OF PARTNERS
	  	 	63	  
	 Section 12.01
	  	Admission of Successor General Partner	  	 	63	  
	 Section 12.02
	  	Admission of Additional Limited Partners	  	 	64	  
	 Section 12.03
	  	Amendment of Agreement and Certificate of Limited Partnership	  	 	64	  
	 Section 12.04
	  	Limit on Number of Partners	  	 	64	  
	 Section 12.05
	  	Admission	  	 	65	  
		
	 Article XIII. DISSOLUTION, LIQUIDATION AND TERMINATION
	  	 	65	  
	 Section 13.01
	  	Dissolution	  	 	65	  
	 Section 13.02
	  	Winding Up	  	 	65	  

  
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	 Section 13.03
	  	Deemed Distribution and Recontribution	  	 	68	  
	 Section 13.04
	  	Notice of Dissolution	  	 	69	  
	 Section 13.05
	  	Cancellation of Certificate of Limited Partnership	  	 	69	  
	 Section 13.06
	  	Reasonable Time for Winding-Up	  	 	69	  
		
	 Article XIV. PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; MEETINGS; AMENDMENTS
	  	 	69	  
	 Section 14.01
	  	Procedures for Actions and Consents of Partners	  	 	69	  
	 Section 14.02
	  	Meetings of the Limited Partners	  	 	69	  
		
	 Article XV. GENERAL PROVISIONS
	  	 	70	  
	 Section 15.01
	  	Addresses and Notice	  	 	70	  
	 Section 15.02
	  	Titles and Captions	  	 	70	  
	 Section 15.03
	  	Pronouns and Plurals	  	 	71	  
	 Section 15.04
	  	Further Action	  	 	71	  
	 Section 15.05
	  	Binding Effect	  	 	71	  
	 Section 15.06
	  	Waiver	  	 	71	  
	 Section 15.07
	  	Counterparts	  	 	71	  
	 Section 15.08
	  	Applicable Law	  	 	71	  
	 Section 15.09
	  	Entire Agreement	  	 	72	  
	 Section 15.10
	  	Invalidity of Provisions	  	 	72	  
	 Section 15.11
	  	Limitation to Preserve REIT Qualification	  	 	72	  
	 Section 15.12
	  	No Partition	  	 	73	  
	 Section 15.13
	  	No Third-Party Rights Created Hereby	  	 	73	  
	 Section 15.14
	  	No Rights as Members of the General Partner Nor as Stockholders of the Parent	  	 	73	  
	 Section 15.15
	  	Amendments to Agreement	  	 	73	  

  

							
	 Exhibit A
	  	Notice of Redemption of OP Units	  	 	A-1	  
	 Exhibit B
	  	DRO Partners and DRO Amounts	  	 	B-1	  
	 Exhibit C
	  	Notice of Election by Partner to Convert Profits Interest LTIP Units into OP Units	  	 	C-1	  
	 Exhibit D
	  	Notice of Election by Partnership to Force Conversion of LTIP Units into OP Units	  	 	D-1	  
	 Exhibit E-1
	  	Certification of Non-Foreign Status (Entities)	  	 	E-1	  
	 Exhibit E-2
	  	Certification of Non-Foreign Status (Individuals)	  	 	E-2	  

  
 iii 

 THIS FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GLADSTONE LAND LIMITED
PARTNERSHIP, dated as of October 7, 2014 (the “Effective Date”), is made by and among each of the Persons who is a party to or otherwise bound by this Agreement and is listed as a Holder in the books and records of the
Partnership. 
 WHEREAS, the Certificate of Limited Partnership of the Partnership was filed in the office of the Secretary of State
of the State of Delaware on December 31, 2003, which Certificate designated the Parent as the sole general partner of the Partnership; 

WHEREAS, the Parent and Gladstone Land Partners, LLC, a Delaware limited liability company (“Gladstone Land
Partners”), entered into an Agreement of Limited Partnership of the Partnership, dated as of December 31, 2003, to set forth the rights and obligations of the parties thereto (the “Original Agreement”); 

WHEREAS, at the time of execution of the Original Agreement, the Parent owned the entire General Partner Interest, and Gladstone Land
Partners owned the entire Limited Partner Interest; 
 WHEREAS, the Parent and Gladstone Land Partners entered into a Partnership
Interest Exchange Agreement, dated as of October 20, 2004 (the “Exchange Agreement”), pursuant to which (i) the Parent exchanged the entire General Partner Interest for the entire Limited Partner Interest and
(ii) Gladstone Land Partners exchanged the entire Limited Partner Interest for the entire General Partnership Interest; 

WHEREAS, the Parent and Gladstone Land Partners entered into a First Amendment to the Original Agreement, dated as of October 20,
2004, to amend the Original Agreement to reflect the terms of the Exchange Agreement (the “First Amendment to Agreement”); 

WHEREAS, a Certificate of Amendment to the Certificate of Limited Partnership of the Partnership was filed in the office of the
Secretary of State of the State of Delaware on November 13, 2006, which Certificate designated Gladstone Land Partners as the sole general partner of the Partnership; 

WHEREAS, the General Partner and the Parent (in its capacity as the sole Limited Partner as of the Effective Date) desire to amend and
restate the Original Agreement, as amended by the First Amendment to Agreement, in its entirety by entering into this Agreement; 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the
Original Agreement, as amended by the First Amendment to Agreement, in its entirety and agree to continue the Partnership as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as follows:

  
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 ARTICLE I. 

DEFINED TERMS 
 The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 

“Act” means the Delaware Revised Uniform Limited Partnership Act (6 Del. C. § 17-101 et seq.), as it may be amended from
time to time, and any successor to such statute. 
 “Additional Funds” has the meaning set forth in
Section 4.04(a) hereof. 
 “Additional Limited Partner” means a Person who is admitted to the Partnership as a
Limited Partner pursuant to Section 4.03 and Section 12.02 hereof. 
 “Adjusted Capital Account”
means the Capital Account maintained for each Holder, which, as of the end of each Partnership Year, is (i) increased by any amounts which such Holder is obligated to restore pursuant to any provision of this Agreement or is deemed to be
obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and
1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Holder, the deficit balance, if any, in such Holder’s
Adjusted Capital Account as of the end of the relevant Partnership Year. 
 “Adjustment Event” has the meaning set forth in
Section 4.06(a)(i) hereof. 
 “Adjustment Factor” means 1.0; provided, however, that in the event that:

 (a) the Parent (1) declares or pays a dividend on its outstanding Common REIT Shares wholly or partly in Common REIT Shares or makes
a distribution to all holders of its outstanding Common REIT Shares wholly or partly in Common REIT Shares, (2) splits or subdivides its outstanding Common REIT Shares or (3) effects a reverse stock split or otherwise combines its
outstanding Common REIT Shares into a smaller number of Common REIT Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (A) the numerator of which shall be the number of
Common REIT Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or
combination has occurred as of such time) and (B) the denominator of which shall be the actual number of Common REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution,
split, subdivision, reverse split or combination; 
 (b) the Parent distributes any rights, options or warrants to all holders of its Common
REIT Shares to subscribe for or to purchase or to otherwise acquire Common REIT Shares (or other securities or rights convertible into, exchangeable for or exercisable for Common REIT 

  
 2 

 
Shares) at a price per share less than the Value of a Common REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date
of such Distributed Rights, or, if later, the time such Distributed Rights become exercisable, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (1) the numerator of which shall be
the sum of (A) the number of Common REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus (B) the maximum number of Common REIT Shares purchasable under such
Distributed Rights and (2) the denominator of which shall be the sum of (A) the number of Common REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus (B) a
fraction (i) the numerator of which is the maximum number of Common REIT Shares purchasable under such Distributed Rights multiplied by the minimum purchase price per Common REIT Share under such Distributed Rights and (ii) the denominator
of which is the Value of a Common REIT Share as of the record date (or, if later, the date such Distributed Rights become exercisable); provided, however, that if any such Distributed Rights expire or become no longer exercisable, then the
Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced maximum number of Common REIT Shares or any change in the minimum purchase price for the purposes of the above
fraction; 
 (c) the Parent shall, by dividend or otherwise, distribute to all holders of its Common REIT Shares evidences of its
indebtedness or assets (including securities, but excluding any dividend or distribution referred to in subsection (a) or (b) above), which evidences of indebtedness or assets relate to assets not received by the Parent or its Subsidiaries
pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment Factor in effect immediately prior to the close of business on the date fixed
for determination of stockholders of the Parent entitled to receive such distribution by a fraction (1) the numerator of which shall be such Value of a Common REIT Share on the date fixed for such determination and (2) the denominator of
which shall be (A) the Value of a Common REIT Share on the dates fixed for such determination minus (B) the then fair market value (as determined by Parent, whose determination shall be conclusive) of the portion of the evidences of
indebtedness or assets so distributed applicable to one Common REIT Share; and 
 (d) an entity other than an Affiliate of the Parent shall
acquire a majority of the issued and outstanding shares of stock of the Parent (by vote or value) pursuant to any merger, consolidation or combination of the Parent with or into another entity (the “Successor Entity”), the
Adjustment Factor shall be adjusted by multiplying the Adjustment Factor by the number of shares of the Successor Entity into which one Common REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date
of such merger, consolidation or combination. 
 Any adjustments to the Adjustment Factor shall become effective immediately after the
effective date of such event, retroactive to the record date, if any, for such event. Notwithstanding the foregoing, the Adjustment Factor shall not be adjusted in connection with an event described in clauses (a) or (b) above if, in
connection with such event, the Partnership makes a distribution of cash, Partnership Units, REIT Shares and/or rights, options or warrants to acquire Partnership Units and/or REIT Shares with respect to all applicable OP Units (including

  
 3 

 
LTIP Units) or effects a reverse split of, or otherwise combines, the OP Units (including LTIP Units), as applicable, that is comparable as a whole in all material respects with such an event, or
if in connection with an event described in clause (d) above, the consideration in Section 11.02(b) hereof is paid to the Holders that own OP Units. 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling or controlled by or
under common control with such Person, (ii) any Person owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person, (iii) any Person of which such Person owns or controls ten percent
(10%) or more of the voting interests or (iv) any officer, director, general partner or trustee of such Person or any Person referred to in clauses (i), (ii) or (iii) above. For purposes of this definition, “control”
when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or
otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” means this First Amended and Restated Agreement of Limited Partnership of Gladstone Land Limited Partnership, as
it may be further amended, supplemented or restated from time to time. 
 “Assignee” means a Person to whom a Partnership
Interest has been Transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has only those rights set forth in Section 11.05 hereof. 

“Available Cash” means, with respect to any period for which such calculation is being made, the amount of cash available for
distribution by the Partnership to the Partners in respect of their Partnership Interests as determined by the General Partner. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to close. 
 “Bylaws” means the Bylaws of the Parent, as amended, supplemented or restated
from time to time. 
 “Capital Account” means, with respect to any Holder, the Capital Account maintained for such Holder
in the Partnership’s books and records in accordance with the following provisions: 
 (a) To each Holder’s Capital Account, there
shall be added such Holder’s Capital Contributions, such Holder’s distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to Section 6.03 hereof, and the principal
amount of any Partnership liabilities assumed by such Holder or that are secured by any property distributed to such Holder. 
 (b) From
each Holder’s Capital Account, there shall be subtracted the amount of cash and the Gross Asset Value of any property distributed to such Holder pursuant to any provision of this Agreement, such Holder’s distributive share of Net Losses
and any items in the nature of expenses or losses that are specially allocated pursuant to Section 6.03 hereof, and the principal amount of any liabilities of such Holder assumed by the Partnership or that are secured by any property
contributed by such Holder to the Partnership. 

  
 4 

 (c) In the event any Partnership Interest is Transferred in accordance with the terms of this
Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent that it relates to the Transferred interest. 

(d) In determining the principal amount of any liability for purposes of subsections (a) and (b) hereof, there shall be taken into
account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 (e) The provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall determine that
it is prudent to modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such modification provided, that such modification will not have a material effect on the
amounts distributable to any Holder without such Holder’s prior written consent. Notwithstanding the foregoing, the General Partner may (i) make any adjustments that the General Partner determines to be necessary or appropriate to maintain
equality between the Capital Accounts of the Holders and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and
(ii) make any modifications that the General Partner determines to be appropriate in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2. 

“Capital Account Deficit” has the meaning set forth in Section 13.02(c) hereof. 

“Capital Account Limitation” has the meaning set forth in Section 4.07(a) hereof. 

“Capital Contribution” means, with respect to any Holder, the amount of money and the initial Gross Asset Value of any
Contributed Property that such Partner contributes to the Partnership or is deemed to contribute to the Partnership pursuant to Section 4.04 hereof. 

“Cash Amount” means, with respect to a Tendering Partner, an amount of cash equal to the product of (A) the Value of a
Common REIT Share and (B) such Tendering Partner’s Common REIT Shares Amount determined as of the date of receipt by the General Partner of such Tendering Partner’s Notice of Redemption or, if such date is not a Business Day, the
immediately preceding Business Day. 
 “Certificate” means the Certificate of Limited Partnership of the Partnership filed
in the office of the Secretary of State of the State of Delaware on December 31, 2003, as amended by those certain Certificates of Amendment to the Certificate of Limited Partnership of the Partnership filed in the office of the Secretary of
State of the State of Delaware on October 25, 2005 and November 13, 2006, respectively, and as further amended from time to time in accordance with the terms hereof and the Act. 

  
 5 

 “Charity” means an entity described in Code Section 501(c)(3) or any trust
all the beneficiaries of which are such entities. 
 “Charter” means the Articles of Incorporation of the Parent as filed
with the State Department of Assessments and Taxation of Maryland, as amended, supplemented or restated from time to time. 

“Closing Price” has the meaning set forth in the definition of “Value”. 

“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time or any successor statute thereto,
as interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 

“Common REIT Share” means a share of the Parent’s common stock, par value $0.01 per share. Where relevant in this
Agreement, “Common REIT Shares” includes shares of the Parent’s common stock, par value $0.01 per share, issued upon the conversion of Preferred REIT Shares or Junior REIT Shares. 

“Common REIT Shares Amount” means a number of Common REIT Shares equal to the product of (a) the number of Tendered
Units and (b) the Adjustment Factor in effect on the Specified Redemption Date with respect to such Tendered Units; provided, however, that in the event that the Parent issues to all holders of Common REIT Shares as of a certain record
date rights, options, warrants or convertible or exchangeable securities entitling the Parent’s stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “Rights”), with the
record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant
Specified Redemption Date, then the Common REIT Shares Amount shall also include such Rights that a holder of that number of Common REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a number of Common REIT Shares
determined by the General Partner. 
 “Consent” means the consent to, approval of, or vote in favor of a proposed action.

 “Contributed Property” means each item of Property, but excluding cash, contributed to the Partnership, net of any
liabilities assumed by the Partnership relating to such Contributed Property and any liability to which such Contributed Property is subject. 

“Controlled Entity” means, as to any Partner, (a) any corporation more than twenty five percent (25%) of the
outstanding voting stock of which is owned by such Partner and such Partner’s Family Members and Affiliates, (b) any trust, whether or not revocable, of which such Partner and such Partner’s Family Members and Affiliates are the sole
initial income beneficiaries, (c) any partnership of which such Partner or such Partner’s Family Members and Affiliates are the managing partners and in which such Partner, such Partner’s Family Members and Affiliates hold partnership
interests representing at least twenty-five percent (25%) of such partnership’s capital and profits and (d) any limited liability company of which such Partner or such Partner’s Family Members and Affiliates are the managers or
otherwise control the 

  
 6 

 
management of such limited liability company and in which such Partner, such Partner’s Family Members and Affiliates hold membership interests representing at least twenty-five percent
(25%) of such limited liability company’s capital and profits. 
 “Conversion Date” has the meaning set forth in
Section 4.07(b). 
 “Conversion Notice” has the meaning set forth in Section 4.07(b). 

“Conversion Right” has the meaning set forth in Section 4.07(a). 

“Covered Person” means (A) any of the General Partner, the Parent and any successor to any of the foregoing and
(B) any officer, member, manager or director, as applicable, of the Partnership, the General Partner, the Parent or any Subsidiary of any of the foregoing (including by reason of being named a Person who is about to become an officer, member,
manager or director, as applicable, of any of the foregoing). 
 “Debt” means, as to any Person, as of any date of
determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to financial institutions or other Persons in respect of reimbursement
obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or
services secured by any lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease
obligations of such Person that, in accordance with U.S. GAAP, should be capitalized. 
 “Depreciation” means, for each
Partnership Year, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from
its adjusted basis for federal income tax purposes at the beginning of such year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or
other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is
zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 

“Distributed Right” has the meaning set forth in the definition of “Adjustment Factor”. 

“DRO Amount” means the amount specified on Exhibit B with respect to any DRO Partner, as such Exhibit may be amended
from time to time. 
 “DRO Partner” means a Partner who has agreed in writing to be a DRO Partner of the Partnership and
has agreed and is obligated to make certain cash Capital Contributions, not in excess of such DRO Partner’s DRO Amount, to the Partnership with respect to such Partner’s Capital Account Deficit upon the occurrence of certain events. 

  
 7 

 “Economic Capital Account Balances” has the meaning set forth in
Section 6.03(c) hereof. 
 “Equity Incentive Plan” means any equity incentive plan adopted by the Partnership
or the Parent. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Family Member” means, as to a Person that is an individual, such Person’s spouse, ancestors (whether by blood or
by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants
(whether by blood or by adoption or step-descendants by marriage) of a brother or sister and any inter vivos or testamentary trusts (whether revocable or irrevocable) of which only such Person, his or her spouse, ancestors (whether by blood
or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and
descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister are initial income beneficiaries. 

“Final Adjustment” has the meaning set forth in Section 10.03(b)(ii) hereof. 

“Forced Redemption” has the meaning set forth in Section 4.07(c). 

“Forced Redemption Notice” has the meaning set forth in Section 4.07(c). 

“Funding Debt” means the incurrence of any Debt for the purpose of providing funds to the Partnership by or on behalf of the
Parent or any wholly owned subsidiary of the Parent. 
 “General Partner” means Gladstone Land Partners, LLC, a Delaware
limited liability company, and its successors and assigns, as the general partner of the Partnership. 
 “General Partner
Interest” means the Partnership Interest held by the General Partner, which Partnership Interest is an interest as a general partner under the Act. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market
value of such asset as determined by the General Partner. 
 (b) The Gross Asset Values of all Partnership assets immediately prior to the
occurrence of any event described in clause (i), clause (ii), clause (iii) or clause (iv) hereof shall be adjusted to equal their respective gross fair market values, as determined by the General Partner, as of the following times: 

  
 8 

 (i) the acquisition of an additional Partnership Interest (other than in connection with the
execution of this Agreement but including, without limitation, acquisitions pursuant to Section 4.02 hereof or contributions by the General Partner pursuant to Section 4.02 hereof) by a new or existing Partner in exchange for
more than a de minimis Capital Contribution, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Holders in the Partnership; provided, that the
issuance of any LTIP Unit shall be deemed to require a recalculation pursuant to this subsection; 
 (ii) the distribution by the
Partnership to a Holder of more than a de minimis amount of Property as consideration for a Partnership Interest, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic
interests of the Holders in the Partnership; 
 (iii) the liquidation of the Partnership within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); and 
 (iv) at such other times as the General Partner shall reasonably determine necessary or advisable
in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 
 (c) The Gross Asset Value of any Partnership asset distributed to a
Holder shall be the gross fair market value of such asset on the date of distribution as determined by the distributee and the General Partner provided, that, if the distributee is the General Partner or if the distributee and the General
Partner cannot agree on such a determination, such gross fair market value shall be determined by an independent third party experienced in the valuation of similar assets, selected by the General Partner. 

(d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the General Partner reasonably determines that an adjustment pursuant to subsection (b) above is necessary or appropriate in
connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 
 (e) If the Gross Asset Value
of a Partnership asset has been determined or adjusted pursuant to subsection (a), subsection (b) or subsection (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such
asset for purposes of computing Net Income and Net Losses. 
 “Holders” mean the Partners and Assignees, collectively, and
“Holder” means any Partner or Assignee. 

  
 9 

 “Incapacity” or “Incapacitated” means, (i) as to any
Partner who is an individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner that is a corporation or
limited liability company, the filing of a certificate of dissolution, or its equivalent, or the revocation of the corporation’s charter or limited liability company’s certificate of formation; (iii) as to any Partner that is a
partnership, the dissolution and commencement of winding up of the partnership; (iv) as to any Partner that is an estate, the distribution by the fiduciary of the estate’s entire Partnership Interest; (v) as to any trust that is a
Partner, the termination of the trust (but not the substitution of the trustee of the trust); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred
when (a) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is
adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general
assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature
described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any
proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within 120 days after the commencement thereof, (g) the appointment without
the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within 90 days of such appointment, or (h) an appointment referred to in clause (g) above is not vacated within 90 days after
the expiration of any such stay. 
 “Indemnitee” means (i) any Person made a party to a proceeding by reason of its
status as a Covered Person and (ii) such other Persons as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability). 

“Independent Directors” means the independent directors of the Board of Directors of the Parent as determined by the rules
and regulations of the NASDAQ Stock Market or any successor to the foregoing. 
 “IRS” means the Internal Revenue Service,
which administers the internal revenue laws of the United States. 
 “Junior REIT Share” means a share of capital stock of
the Parent now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the Common REIT Shares. 

“Junior Unit” means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to
Section 4.01, 4.03 or 4.04 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units. 

  
 10 

 “Limited Partner” means any Person named as a Limited Partner in the books and
records of the Partnership or the Transfer Agent, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

“Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional
part of the Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with
the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of OP Units, LTIP Units, Preferred Units, Junior Units or other Partnership Units. 

“Liquidating Event” has the meaning set forth in Section 13.01 hereof. 

“Liquidating Gains” has the meaning set forth in Section 6.03(c) hereof. 

“Liquidator” has the meaning set forth in Section 13.02(a) hereof. 

“LTIP Award” means each or any, as the context requires, LTIP Award issued under any Equity Incentive Plan. 

“LTIP Unit” means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other
privileges and restrictions, qualifications, and limitations set forth in Section 4.06 hereof (except as may be varied by the designations applicable to any particular class or series of LTIP Units) and elsewhere in this Agreement
(including any exhibit hereto creating any new class or series of LTIP Units) or in the Equity Incentive Plan or the award, vesting, or other agreement pursuant to which an LTIP Unit is granted to the holder thereof. The allocation of LTIP Units
among the Partners shall be set forth in the books and records of the Partnership or the Transfer Agent. 
 “LTIP
Unitholder” means a Limited Partner that holds LTIP Units. 
 “LV Safe Harbor” has the meaning set forth in
Section 10.02(b) hereof. 
 “LV Safe Harbor Election” has the meaning set forth in Section 10.02(b)
hereof. 
 “LV Safe Harbor Interests” has the meaning set forth in Section 10.02(b) hereof. 

“Majority in Interest of the Outside Limited Partners” means Limited Partners (excluding for this purpose (i) any
Limited Partner Interests held by the Parent or its Subsidiaries, (ii) any Person of which the Parent or its Subsidiaries directly or indirectly owns or controls more than 50% of the voting interests and (iii) any Person directly or
indirectly owning or controlling more than 50% of the outstanding interests of the General Partner) representing a majority of the Percentage Interests of all such Limited Partners. 

“Market Price” has the meaning set forth in the definition of “Value”. 

“Net Income” or “Net Loss” means, for each Partnership Year of the Partnership, an amount equal to the
Partnership’s taxable income (“Net Income”) or loss (“Net Loss”) for such 

  
 11 

 
year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the
Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the
case may be) such taxable income (or loss); 
 (b) Any expenditure of the Partnership described in Code
Section 705(a)(2)(B) or treated as a Code Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of
“Net Income” or “Net Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 

(c) In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection
(c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

(d) Gain or loss resulting from any disposition of Property with respect to which gain or loss is recognized for federal income
tax purposes shall be computed by reference to the Gross Asset Value of the Property disposed of, notwithstanding that the adjusted tax basis of such Property differs from its Gross Asset Value; 

(e) In lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be taken into account in
computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year; 
 (f) To
the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in
determining Capital Accounts as a result of a distribution other than in liquidation of a Partner’s Partnership Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or
loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(g) Notwithstanding any other provision of this definition of “Net Income” or “Net Loss”, any item that is
specially allocated pursuant to Section 6.03 hereof shall not be taken into account in computing Net Income or Net Loss. 

“New REIT Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having the right
to subscribe for or purchase REIT Shares, except that “New REIT Securities” shall not mean any Preferred REIT Shares, Junior REIT Shares or grants under the Equity Incentive Plans and (ii) any Debt issued by the Parent that
provides any of the rights described in clause (i). 

  
 12 

 “Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations Section 1.752-1(a)(2). 

“Notice of Redemption” means the Notice of Redemption substantially in the form of Exhibit A attached to this
Agreement. 
 “OP Unit” means a fractional share of the Partnership Interests of all Partners issued pursuant to
Sections 4.01, 4.03 and 4.04 hereof, but does not include any LTIP Unit, Preferred Unit, Junior Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than an OP Unit. 

“OP Unit Economic Balance” has the meaning set forth in Section 6.03(c) hereof. 

“Outside Interest” has the meaning set forth in Section 5.02 hereof. 

“Parent” means Gladstone Land Corporation, a Maryland corporation. 

“Parent Employee” means any employee of the Partnership, the General Partner, the Parent or any of their Subsidiaries. 

“Partner” means the General Partner or a Limited Partner, and “Partners” means the General Partner and the
Limited Partners. 
 “Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the
Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Partner Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4). 

“Partner Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of
Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partnership” means the limited partnership formed under the Act by the filing of the Certificate and governed pursuant to
this Agreement, and any successor thereto. 
 “Partnership Interest” means an ownership interest in the Partnership and
includes any and all benefits to which the Holder of such Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Holder to comply with the terms and provisions of this Agreement. A Partnership
Interest may be expressed as a number of OP Units, LTIP Units, Preferred Units, Junior Units or other Partnership Units. 

  
 13 

 “Partnership Minimum Gain” has the meaning set forth in Regulations
Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d). 
 “Partnership Record Date” means a record date established by the General Partner for the
distribution of Available Cash pursuant to Section 5.01 hereof, which record date shall generally be the same as the record date established by the Parent for a distribution to its stockholders of some or all of its portion of such
distribution. 
 “Partnership Unit” shall mean an OP Unit, an LTIP Unit, a Preferred Unit, a Junior Unit or any other
fractional share of the Partnership Interests that the General Partner has authorized pursuant to Article IV hereof. 

“Partnership Unit Designation” has the meaning set forth in Section 4.03(a) hereof. 

“Partnership Unit Distribution” has the meaning set forth in Section 4.06(a)(ii) hereof. 

“Partnership Year” means the Partnership’s taxable year ending on December 31 (or part thereof in the case of the
Partnership’s first and last taxable year) or such other year as is (i) required by Code Section 706 or (ii) determined by the General Partner (if no year is so required by Code Section 706). 

“Percentage Interest” means, as the context requires, (i) with respect to OP Units, as to a Holder of OP Units (subject
to Section 4.06(a)), the quotient obtained by dividing the number of OP Units owned by such Holder by the total number of OP Units then outstanding, and (ii) with respect to any Partnership Units of a particular class or series
(other than OP Units), as to a Holder of any such Partnership Units, the quotient obtained by dividing the number of such Partnership Units owned by such Holder by the total number of such Partnership Units then outstanding, provided that,
with respect to a determination as to whether the Limited Partners have voted for or provided Consent as to a matter on which Limited Partners are entitled to vote or Consent pursuant to this Agreement, as to any Limited Partner, the quotient
obtained by dividing the number of votes attributable to the Partnership Units held by such Limited Partner with respect to such matter by the total number of votes attributable to all Partnership Units then outstanding with respect to such matter.
If the Partnership issues additional classes or series of Partnership Units, the interest in the Partnership among the classes or series of Partnership Units shall be determined as set forth in an amendment to this Agreement which will set forth the
rights and privileges of such additional classes or series of Partnership Units, if any, as contemplated by Section 4.03(a). 

“Person” means an individual or a corporation, partnership (including, but not limited to, any general partnership or limited
partnership), trust, estate, custodian, nominee, unincorporated organization, association, limited liability company or any other entity. 

“Preferred Parity Units” means all classes or series of Preferred Units issued by the Partnership, the terms of which
specifically provide that such Preferred Units rank on a parity with such Preferred Parity Units with respect to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership. 

  
 14 

 “Preferred REIT Share” means a share of capital stock of the Parent now or
hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common REIT Shares. 

“Preferred Unit” means a fractional share of the Partnership Interests that the General Partner has authorized pursuant to
Sections 4.01, 4.03 or 4.04 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the OP Units. 

“Properties” means any assets and property of the Partnership such as, but not limited to, interests in real property and
personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and debt instruments as the
Partnership may hold from time to time, and “Property” shall mean any one such asset or property. 
 “Publicly
Traded” means listed or admitted to trading on the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market or another national securities exchange or any successor to the foregoing. 

“Qualified Assets” means any of the following assets: (i) interests, rights, options, warrants or convertible or
exchangeable securities of the Partnership; (ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity interests in Qualified REIT Subsidiaries (or other entities
disregarded from their owner for federal income tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a one percent (1%) equity interest in any partnership or limited liability
company at least ninety-nine percent (99%) of the equity of which is owned, directly or indirectly, by the Partnership; (v) cash held for payment of administrative expenses or pending distribution to security holders of the Parent or any
wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Partnership and its Subsidiaries. 

“Qualified REIT Subsidiary” means any Subsidiary of the Parent that is a “qualified REIT subsidiary” within the
meaning of Code Section 856(i). 
 “Qualified Transferee” means an “Accredited Investor” as defined in Rule
501 promulgated under the Securities Act. 
 “Recourse Liabilities” means the amount of liabilities owed by the Partnership
(other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)). 

“Redemption” has the meaning set forth in Section 8.06(a) hereof. 

“Regulations” means the applicable income tax regulations promulgated by the United States Treasury Department, whether such
regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 6.03(a)(vii) hereof. 

  
 15 

 “REIT” means an entity that is treated as a real estate investment trust for
federal income tax purposes under Code Sections 856 through 860. 
 “REIT Payment” has the meaning set forth in
Section 15.11 hereof. 
 “REIT Requirements” has the meaning set forth in Section 5.01 hereof. 

“REIT Share” means a Common REIT Share, a Preferred REIT Share, a Junior REIT Share or share of any other class or series of
stock issued by the Parent. 
 “Rights” has the meaning set forth in the definition of “Common REIT Shares
Amount”. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Services Agreement” means any management, development or advisory agreement with a property and/or asset
manager for the provision of property management, asset management, leasing, development and/or similar services with respect to the Properties and any agreement for the provision of services of accountants, legal counsel, appraisers, insurers,
brokers, transfer agents, registrars, developers, financial advisors and other professional services. 
 “Specified Redemption
Date” means the 10th Business Day following receipt by the General Partner of a Notice of Redemption; provided, that, if the Common REIT Shares are not Publicly Traded, the Specified Redemption Date means the 30th Business Day
following receipt by the General Partner of a Notice of Redemption. 
 “Subsidiary” means, with respect to any Person, any
other Person of which a majority of (i) the voting power of such other Person or (ii) the outstanding equity interests of such other Person is owned, directly or indirectly, by such Person. 

“Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to
Section 11.04 hereof. 
 “Successor Entity” has the meaning set forth in the definition of “Adjustment
Factor”. 
 “Tendered Units” has the meaning set forth in Section 8.06(a) hereof. 

“Tendering Partner” has the meaning set forth in Section 8.06(a) hereof. 

“Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the assets of the
Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership. 

“Termination Transaction” has the meaning set forth in Section 11.02(b) hereof. 

“Transaction” has the meaning set forth in Section 4.07(f). 

  
 16 

 “Transfer,” when used with respect to a Partnership Unit, or all or any portion
of a Partnership Interest, means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or
involuntary or by operation of law; provided, however, that when the term is used in Article XI hereof, “Transfer” does not include (a) any Redemption of Partnership Units by the Partnership or the Parent, or
acquisition of Tendered Units by the General Partner or the Parent, pursuant to Section 8.06 hereof or (b) any redemption of Partnership Units made pursuant to any Partnership Unit Designation. The terms
“Transferred” and “Transferring” have correlative meanings. 
 “Transfer Agent” means,
with respect to any Partnership Units, such bank, trust company or other Person (including the Partnership or one of its Affiliates) as shall be appointed from time to time by the General Partner to act as registrar and transfer agent for such
Partnership Units; provided that if no Transfer Agent is specifically designated for such Partnership Units, the General Partner shall act in such capacity. 

“Unvested LTIP Units” has the meaning set forth in Section 4.06(c)(i) hereof. 

“U.S. GAAP” means U.S. generally accepted accounting principles consistently applied. 

“Value” means, on any date of determination with respect to a Common REIT Share, the average of the daily Market Prices for
twenty consecutive trading days immediately preceding the date of determination except that, as provided in Section 4.05(b) hereof, the Market Price for the trading day immediately preceding the date of exercise of a stock option under
any Equity Incentive Plan shall be substituted for such average of daily market prices for purposes of Section 4.05 hereof; provided, however, that for purposes of Section 8.06, the “date of determination”
shall be the date of receipt by the Parent of a Notice of Redemption or, if such date is not a Business Day, the immediately preceding Business Day. The term “Market Price” on any date shall mean, with respect to any class or series
of outstanding REIT Shares, the Closing Price for such REIT Shares on such date. The “Closing Price” on any date shall mean the last sale price for such REIT Shares, regular way, or, in case no such sale takes place on such day, the
average of the closing bid and asked prices, regular way, for such REIT Shares, in either case as reported in the principal consolidated transaction reporting system with respect to Publicly Traded securities or, if such REIT Shares are not Publicly
Traded, the last quoted price, or, if not so quoted, the average of the high bid and low ask prices in the principal automated quotation system that may then be in use or, if such REIT Shares are not quoted by any such organization, the average of
the closing bid and asked prices as furnished by a professional market maker making a market in such REIT Shares selected by the Board of Directors of the Parent or, in the event that no trading price is available for such REIT Shares, the fair
market value of such REIT Shares, as determined by the Board of Directors of the Parent. 
 In the event that the Common REIT Shares Amount
includes Rights that a holder of REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by the Parent on the basis of such quotations and other information as it considers, in its reasonable judgment,
appropriate. 
 “Vested LTIP Units” has the meaning set forth in Section 4.06(c)(i) hereof. 

  
 17 

 “Vesting Agreement” means each or any, as the context implies, agreement entered
into by an LTIP Unitholder upon acceptance of an award of LTIP Units under an Equity Incentive Plan. 
 “Virginia Courts”
has the meaning set forth in Section 15.08(b). 
 ARTICLE II. 

ORGANIZATIONAL MATTERS 

Section 2.01 Organization. The Partnership is a limited partnership organized pursuant to the provisions of the Act and upon the
terms and subject to the conditions set forth in this Agreement. The rights and obligations of the Partners and other Holders and the administration and termination of the Partnership shall be governed by this Agreement. All Partnership Interests
shall be personal property for all purposes. 
 Section 2.02 Name. The name of the Partnership is Gladstone Land Limited
Partnership. The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The General Partner may change the name of the
Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners. 

Section 2.03 Registered Office and Agent; Principal Office. The address of the registered office of the Partnership in the State
of Delaware is located at Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, County of New Castle, Delaware 19808, and the registered agent for service of process on the Partnership in the State of Delaware at such registered
office is Corporation Service Company. The principal office of the Partnership is located at 1521 Westbranch Drive, Suite 100, McLean, Virginia 22102 or such other place as the General Partner may from time to time designate by notice to the Limited
Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable. 

Section 2.04 Power of Attorney. 

(a) By executing this Agreement, each Limited Partner and each Assignee irrevocably constitutes and appoints the General Partner, any
Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and
stead to: 
 (i) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices (a) all
certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to
form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and in all
other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or 

  
 18 

 
the Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and other
instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of
cancellation; (d) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Partnership pursuant to the terms of this
Agreement; (e) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Article XI, Article XII or Article XIII hereof or to the Capital
Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges relating to Partnership Interests; and 

(ii) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or
necessary, as determined by the General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent with the terms of
this Agreement or appropriate or necessary, as determined by the General Partner or the Liquidator, to effectuate the terms or intent of this Agreement. 

Nothing contained herein shall be construed as authorizing the General Partner or the Liquidator to amend this Agreement except in accordance
with Section 15.15 or as may be otherwise expressly provided for in this Agreement. 
 (b) The foregoing power of attorney is
hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the fact that each of the Limited Partners and Assignees will be relying upon the power of the General Partner or the Liquidator to act as contemplated
by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Limited
Partner’s or Assignee’s Partnership Units or Partnership Interest and shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. Each such Limited Partner or Assignee hereby
agrees to be bound by any representation made by the General Partner or the Liquidator, pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses that may be available to contest, negate or
disaffirm the action of the General Partner or the Liquidator under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within 15 days after receipt of the General
Partner’s or the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes
of the Partnership. Notwithstanding anything else set forth in this Section 2.04(b), no Limited Partner shall incur any personal liability for any action of the General Partner or the Liquidator taken under such power of attorney. 

Section 2.05 Term. The Partnership shall continue perpetually, unless it is dissolved pursuant to the provisions of Article
XIII hereof or as otherwise required by the Act. 

  
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 Section 2.06 Partnership Interests as Securities. All Partnership Interests shall be
securities within the meaning of, and governed by, (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction. 

ARTICLE III. 
 PURPOSE 

Section 3.01 Purpose and Business. The purpose and nature of the Partnership is to conduct any business, enterprise or activity
permitted by or under the Act; provided, however, such business and arrangements and interests will be limited to and conducted in such a manner as to permit the Parent to qualify as a REIT unless the Parent, in accordance with its Charter and
Bylaws, has chosen to cease to qualify as a REIT for any reason or for reasons whether or not related to the business conducted by the Partnership. Without limiting the Parent’s right to cease to qualify as a REIT, the Partners acknowledge that
the qualification of the Parent as a REIT inures to the benefit of all Partners and not solely to the Parent, the General Partner or its Affiliates. In connection with the foregoing, the Partnership shall have full power and authority to enter into,
perform and carry out contracts of any kind, to borrow and lend money and to issue and guarantee evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly or indirectly, to acquire, lease and
construct additional Properties necessary, useful or desirable in connection with its business. 
 Section 3.02 Powers. 

(a) The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient
for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership. 

(b) The Partnership may contribute from time to time Partnership capital, including Properties, to one or more newly formed entities solely in
exchange for equity interests therein (or in a wholly owned subsidiary entity thereof). 
 (c) Notwithstanding any other provision in this
Agreement, the General Partner may cause the Partnership to refrain from taking, any action that in the judgment of the General Partner (i) could adversely affect the ability of the Parent to qualify as a REIT, (ii) could subject the
Parent to any federal income or excise taxes or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner, the Parent, their securities or the Partnership. 

Section 3.03 Partnership Only for Partnership Purposes Specified. This Agreement shall not be deemed to create a company, venture
or partnership between or among the Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.01 hereof. Except as otherwise provided in this Agreement,
no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its Properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be
responsible or liable for any indebtedness or obligation of another Partner, and the Partnership shall not be responsible or liable for any indebtedness or 

  
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obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or
obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 
 Section 3.04 Representations and
Warranties by the Parties. 
 (a) Each Limited Partner (including, without limitation, each Additional Limited Partner or Substituted
Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner, respectively) represents and warrants to, and covenants with, each other Partner that (i) this Agreement will not result in a breach or
violation of, or a default under, any material agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law to which such Partner is subject, (ii) subject to the last sentence
of this Section 3.04(a), such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a “foreign partner” within the meaning of Code Section 1446(e), (iii) such Partner does
not own, directly or indirectly, (a) 9.8% or more of the total combined voting power of all classes of stock entitled to vote, or 9.8% or more of the total number of shares of all classes of stock, of any corporation that is a tenant of either
(I) the Parent or any Qualified REIT Subsidiary, (II) the Partnership or (III) any partnership, venture or limited liability company of which the Parent, any Qualified REIT Subsidiary or the Partnership is a direct or indirect partner or member
or (b) an interest of 9.8% or more in the assets or net profits of any tenant of either (I) the Parent or any Qualified REIT Subsidiary, (II) the Partnership or (III) any partnership, venture, or limited liability company of which the
Parent, any Qualified REIT Subsidiary or the Partnership is a direct or indirect partner or member, (iv) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder and (v) this
Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. Notwithstanding anything contained herein to the contrary, in the event that the representation contained in the foregoing clause (ii) would be
inaccurate if given by a Partner, such Partner (w) shall not be required to make and shall not be deemed to have made such representation, if it delivers to the General Partner in connection with or prior to its execution of this Agreement
written notice that it may not truthfully make such representation, (x) agrees that it is subject to, and hereby authorizes the General Partner to withhold, all withholdings to which such a “foreign person” or “foreign
partner,” as applicable, is subject for federal tax purposes and (y) agrees to cooperate fully with the General Partner with respect to such withholdings, including by effecting the timely completion and delivery to the General Partner of
all governmental forms required in connection therewith. 
 (b) Each Limited Partner (including, without limitation, each Additional Limited
Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents, warrants and agrees that it has acquired and continues to hold its Partnership Interest for its own account
for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any
part thereof at any particular time or under any predetermined circumstances in violation of applicable laws. Each Limited Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated
financial and tax matters 

  
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for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it
understands to be a highly speculative and illiquid investment. 
 (c) The representations and warranties contained in Sections
3.04(a) and 3.04(b) hereof shall survive the execution and delivery of this Agreement by each Limited Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited
Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the dissolution, liquidation and termination of the Partnership. 

(d) Each Limited Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to
becoming an Additional Limited Partner or a Substituted Limited Partner) hereby acknowledges that no representations or warranties have been made by the Parent, any Partner or any employee or representative or Affiliate of the Parent or any Partner
as to any future profits, cash flows, funds from operations or distributions in respect of the Partnership or the General Partner, and that projections and any other information, including, without limitation, financial and descriptive information
and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

(e) Notwithstanding the foregoing, the General Partner may permit the modification of any of the representations and warranties contained in
Sections 3.04(a) and 3.04(b) above as applicable to any Limited Partner (including, without limitation any Additional Limited Partner or Substituted Limited Partner or any transferee of either), provided, that such
representations and warranties, as modified, shall be set forth in either (i) a Partnership Unit Designation applicable to the Partnership Units held by such Partner or (ii) a separate writing addressed to the Partnership and the General
Partner. 
 ARTICLE IV. 

PARTNERSHIP INTERESTS; CAPITAL CONTRIBUTIONS 

Section 4.01 Partnership Units and Capital Contributions of the Partners. Each Holder owns Partnership Units in the amount and
designation set forth for such Holder in the books and records of the Partnership or the Transfer Agent, as the same may be amended, or caused to be amended, from time to time by the General Partner to the extent necessary to reflect accurately
sales, exchanges, conversions or other Transfers, redemptions, the issuance of additional Partnership Units, or other events having an effect on a Partner’s ownership of Partnership Units. Except as required by the Act or in
Section 4.04, 10.04 or 13.02(d) hereof, the Partners shall have no obligation or right to make any Capital Contributions or loans to the Partnership. 

Section 4.02 Classes and Series of Partnership Units. Until such time as additional classes or series of Partnership Units are
created pursuant to Section 4.03(a) below, the Partnership shall have the following two (2) classes of Partnership Units: “OP Units” and “LTIP Units”. Subject to Section 4.06, OP Units, LTIP Units, or
Partnership Units of any additional class or series, at the election of the General Partner, may be issued to newly admitted Partners in exchange for any Capital Contributions by such Partners and/or the provision of services by such Partners;
provided, that any Partnership Unit that is not specifically designated by the General Partner as being of a particular class shall be deemed to be an OP Unit. 

  
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 Section 4.03 Issuances of Additional Partnership Units. 

(a) General. The General Partner is authorized to cause the Partnership to issue additional Partnership Units, in the form of
Partnership Units at any time or from time to time, to the Partners (including the General Partner or Parent) or to other Persons, and if necessary, to admit such Persons as Additional Limited Partners, for such consideration and on such terms and
conditions as shall be established by the General Partner. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any
Debt, Partnership Units or other securities issued by the Partnership, (ii) for less than fair market value and (iii) in connection with any merger of any Person into the Partnership or any Subsidiary of the Partnership if the applicable
merger agreement provides that the parties to the merger are to receive Partnership Units in exchange for their interests in the Person merging into the Partnership or any Subsidiary of the Partnership. Any additional Partnership Units may be issued
in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and obligations as shall be determined by the General Partner and set
forth in a written document thereafter attached to and made an exhibit to this Agreement which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit
Designation”). Without limiting the generality of the foregoing, the General Partner shall have authority to specify (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of
Partnership Units; (b) the right of each such class or series of Partnership Units to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such class or series of Partnership Units upon
dissolution and liquidation of the Partnership; (d) the voting rights, if any, of each such class or series of Partnership Units; and (e) the conversion, redemption or exchange rights applicable to each such class or series of Partnership
Units. Upon the issuance of any additional Partnership Unit, the General Partner shall cause such issuance to be reflected in the books and records of the Partnership or the Transfer Agent, as appropriate. 

(b) Issuances to the General Partner or Parent. No additional Partnership Units shall be issued to the General Partner or Parent unless
(i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests with respect to the class of Partnership Units so issued, (ii) (a) the additional Partnership Units are (x) OP
Units issued in connection with an issuance of Common REIT Shares or (y) Partnership Units (other than OP Units) issued in connection with an issuance of Preferred REIT Shares, Junior REIT Shares, New REIT Securities or other interests in the
Parent (other than Common REIT Shares), which Preferred REIT Shares, Junior REIT Shares, New REIT Securities or other interests have designations, preferences and other rights, terms and provisions that are substantially the same as the
designations, preferences and other rights, terms and provisions of the additional Partnership Units issued to the Parent and (b) the Parent directly or indirectly contributes or otherwise causes to be transferred to the Partnership the cash
proceeds or other consideration, if any, received in connection with the issuance of such REIT Shares, New REIT Securities or other interests in the Parent or (iii) the additional Partnership Units are issued upon the conversion, redemption or

  
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exchange of Debt, Partnership Units or other securities issued by the Partnership. In the event that the Partnership issues additional Partnership Units pursuant to this
Section 4.03(b), the General Partner shall amend this Agreement (including but not limited to the amendments described in Sections 6.02(b) and 8.06) as it determines are appropriate to reflect the issuance of such
additional Partnership Units. 
 (c) No Preemptive Rights. Except as otherwise provided in Section 4.03(b)(i) or pursuant
to a subscription agreement with the Partnership, no Person, including, without limitation, any Limited Partner or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any
Partnership Interest. 
 Section 4.04 Additional Funds and Capital Contributions. 

(a) General. The General Partner may, at any time and from time to time, determine that the Partnership requires additional funds
(“Additional Funds”) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine. Additional Funds may be obtained by the
Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.04. 

(b) Additional Capital Contributions. The General Partner, on behalf of the Partnership, may accept Capital Contributions (of cash or
property) from any Partners or other Persons. In connection with any such Capital Contribution, the General Partner is authorized to cause the Partnership from time to time to issue additional Partnership Units (as set forth in
Section 4.03 above) in consideration therefor and the Percentage Interests of the Holders with respect their Partnership Units held shall be adjusted as necessary to reflect the issuance of such additional Partnership Units. 

(c) Loans by Third Parties. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership to incur Debt to any Person upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or exchangeable for Partnership Units or REIT Shares. 

(d) Partner Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the Partnership to
incur Debt to the General Partner and/or the Parent, as the case may be, if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and conversion,
redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner and/or the Parent, as the case may be, the net proceeds of which are loaned to the Partnership to provide such Additional Funds or (ii) such Debt is on
terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if a breach, violation or default of such Debt
would be deemed to occur by virtue of the Transfer by any Limited Partner of any Partnership Interest. 

  
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 (e) Issuance of Securities by the Parent. The Parent shall not issue any additional REIT
Shares or New REIT Securities unless the Parent contributes directly or indirectly the cash proceeds or other consideration, if any, received from the issuance of such additional REIT Shares or New REIT Securities, as the case may be, and from the
exercise of the rights contained in any such additional New REIT Securities, to the Partnership in exchange for (x) in the case of an issuance of Common REIT Shares, OP Units or (y) in the case of an issuance of Preferred REIT Shares, Junior
REIT Shares or New REIT Securities, Partnership Units with designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred
REIT Shares, Junior REIT Shares or New REIT Securities; provided, however, that notwithstanding the foregoing, the Parent may issue REIT Shares or New REIT Securities (a) pursuant to Section 4.05 or 8.06(b) hereof,
(b) pursuant to a dividend or distribution (including any stock split) wholly or partly of REIT Shares or New REIT Securities to all of the holders of REIT Shares or New REIT Securities, as the case may be, (c) upon a conversion,
redemption or exchange of Preferred REIT Shares or Junior REIT Shares, (e) upon a conversion, redemption, exchange or exercise of New REIT Securities, (f) pursuant to grants of REIT Shares or New REIT Securities, options to purchase REIT
Shares or New REIT Securities or other awards pursuant to any Equity Incentive Plan of the Parent, or (g) if the Parent determines that the best interests of the Parent would be served by contributing such cash proceeds or other consideration
to another Subsidiary of the Parent. In the event of any issuance of additional REIT Shares or New REIT Securities by the Parent, and the direct or indirect contribution to the Partnership, by the Parent, of the cash proceeds or other consideration
received from such issuance, if any, the Partnership shall pay the Parent’s expenses associated with such issuance, including any underwriting discounts or commissions (it being understood that if the proceeds actually received by the Parent
are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred by the Parent in connection with such issuance, then the General Partner shall be deemed to have made a Capital
Contribution to the Partnership in the amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have reimbursed the General Partner pursuant to Section 7.04(b) for the amount of such
underwriter’s discount or other expenses). 
 (f) Redemption of Securities of the Parent. Except as otherwise provided in
Section 8.06(b), if, at any time, any REIT Shares or New REIT Securities are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Parent for cash, the
Partnership shall, immediately prior to such redemption or repurchase, redeem or repurchase, in the case of Common REIT Shares, an equal number of OP Units (after giving effect to application of the Adjustment Factor) held by the Parent or, in the
case of Preferred REIT Shares, Junior REIT Shares or New REIT Securities, an equal number of Partnership Units (after giving effect to application of the Adjustment Factor) held by the Parent with designations, preferences and other rights, terms
and provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred REIT Shares, Junior REIT Shares or New REIT Securities, in either case, upon the same terms and for the same
price per Partnership Unit as such REIT Shares or New REIT Securities, as applicable, are redeemed. 
 Section 4.05 Equity Incentive
Plan. 
 (a) Options Granted to Parent Employees and Independent Directors. If at any time or from time to time, in connection
with an Equity Incentive Plan, a stock option granted for Common REIT Shares to a Parent Employee or Independent Director is duly exercised: 

  
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 (i) The Parent shall, as soon as practicable after such exercise, make or cause to be made
directly or indirectly a Capital Contribution to the Partnership in an amount equal to the exercise price paid to the Parent by such exercising party in connection with the exercise of such stock option. 

(ii) Notwithstanding (and in lieu of) the amount of the Capital Contribution actually made pursuant to Section 4.05(a)(i) hereof,
the Parent shall be deemed to have contributed to the Partnership, as a Capital Contribution, an amount equal to (i) the Value of a Common REIT Share as of the date of exercise, multiplied by (ii) the number of Common REIT Shares then
being issued in connection with the exercise of such stock option. 
 (iii) The General Partner shall cause the Partnership to issue to the
Parent that number of OP Units equal to the number of Common REIT Shares then being issued in connection with the exercise of such stock option, as described in Section 4.05(a)(ii) hereof. 

(b) Special Valuation Rule. For purposes of this Section 4.05, in determining the Value of a Common REIT Share, if such
Common REIT Shares are Publicly Traded, only the trading date immediately preceding the exercise of the relevant stock option under the Equity Incentive Plan shall be considered. 

(c) Future Equity Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Parent from
adopting, modifying or terminating any Equity Incentive Plan, for the benefit of employees, directors or other service providers of the Parent, the Partnership or any of their Affiliates. 

Section 4.06 LTIP Units. 

(a) Issuance of LTIP Units. The General Partner may from time to time issue LTIP Units, in one or more classes or series established in
accordance with Section 4.03, to Persons who provide services to the Partnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons to the Partnership as Limited Partners. Any provision
herein relating to LTIP Units or LTIP Unitholders may be varied by the designations applicable to an individual class or series of LTIP Units. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, each LTIP Unit is
intended to qualify as a profits interest in the Partnership within the meaning of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Subject to the following provisions of this Section 4.06 and the
special provisions of Sections 4.07 and 6.03(c), LTIP Units shall be treated as OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests with
respect to OP Units, holders of LTIP Units shall be treated as holders of OP Units, and LTIP Units shall be treated as OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and OP Units
for conversion, distribution and other purposes, including without limitation complying with the following procedures: 

  
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 (i) If an Adjustment Event (as defined below) occurs, then the General Partner shall make a
corresponding adjustment to the LTIP Units to maintain the same correspondence between OP Units and LTIP Units as existed prior to such Adjustment Event. The following shall be Adjustment Events: (A) the Partnership makes a distribution on all
outstanding OP Units in additional Partnership Units, (B) the Partnership subdivides the outstanding OP Units into a greater number of OP Units or combines the outstanding OP Units into a smaller number of OP Units, or (C) the Partnership
issues any Partnership Units in exchange for its outstanding OP Units by way of a reclassification or recapitalization of its OP Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single
formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing,
reorganization, acquisition or other similar business transaction, (y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or (z) the issuance of any Partnership Units
to the General Partner or Parent in respect of a Capital Contribution to the Partnership of proceeds from the sale of securities by the Parent. If the Partnership takes an action affecting the OP Units other than actions specifically described above
as “Adjustment Events” and the General Partner determines that such action requires an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such
adjustment to the LTIP Units in such manner and at such time as the General Partner may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided, the Partnership shall promptly file in the
books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment
absent manifest error. Promptly after the filing of such certificate, the Partnership shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment; and 

(ii) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or series
of LTIP Units, the LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions
per OP Unit (the “Partnership Unit Distribution”), paid to holders of OP Units on such Partnership Record Date established by the General Partner with respect to such distribution. So long as any LTIP Units are outstanding, no
distributions (whether in cash or in kind) shall be authorized, declared or paid on OP Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the LTIP Units. Subject to the terms of any LTIP Award or
Vesting Agreement, an LTIP Unitholder shall be entitled to Transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of OP Units are entitled to Transfer their OP Units pursuant to Article XI of this
Agreement. 
 (b) Priority. Subject to the provisions of this Section 4.06 and the special provisions of
Section 6.03(c), the LTIP Units shall rank pari passu with the OP Units as to the payment of regular and special periodic or other distributions and, subject to Sections 13.02(a)(iv) and 13.02(c) distribution of assets upon
liquidation, dissolution or winding up. As to the payment of distributions and as to distribution of assets upon liquidation, dissolution or 

  
 27 

 
winding up, any class or series of Partnership Units or Partnership Interests which by its terms specifies that it shall rank junior to, on a parity with, or senior to the OP Units shall also
rank junior to, on a parity with, or senior to, as the case may be, the LTIP Units. 
 (c) Special Provisions. LTIP Units shall be
subject to the following special provisions: 
 (i) Vesting Agreements. LTIP Units may be issued subject to vesting, forfeiture and
additional restrictions on Transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner from time to time, subject to any restrictions on amendment imposed by the relevant Vesting
Agreement or by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as “Vested LTIP Units;” all other LTIP Units shall be treated as “Unvested LTIP
Units”. 
 (ii) Forfeiture. Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified
in a Vesting Agreement as resulting in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP Units, then if the Partnership or the General Partner
exercises such right to repurchase or forfeiture in accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose.
Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been repurchased or forfeited, other than any distributions declared with respect to a Partnership Record
Date prior to the effective date of the repurchase or forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her LTIP
Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.03(c), calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any. 

(iii) Allocations. LTIP Unitholders shall be entitled to certain special allocations of gain under Section 6.03(c). 

(iv) Redemption. The Redemption right provided to Limited Partners under Section 8.06 shall not apply with respect to LTIP
Units unless and until they are converted to OP Units as provided in clause (v) below and Section 4.07. 
 (v)
Conversion to OP Units. Vested LTIP Units are eligible to be converted into OP Units under Section 4.07. 
 (d) Voting.
Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or series of LTIP Units, LTIP Unitholders shall (a) have the same voting rights as holders of OP Units, with the LTIP
Units voting as a single class with the OP Units and having one vote per LTIP Unit; and (b) have the additional voting rights that are expressly set forth below. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General
Partner with respect to any particular class or series of LTIP Units, so long as any LTIP Units remain outstanding, the General Partner shall 

  
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not, without the affirmative vote of the holders of at least a majority of the LTIP Units outstanding at the time that would be adversely affected by the proposed action, given in person or by
proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units as such so as to materially and adversely
affect any right, privilege or voting power of the LTIP Units or the LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately in all material respects the rights, privileges and voting
powers of the holders of OP Units; but subject, in any event, to the following provisions: 
 (i) With respect to any Transaction, so long
as the LTIP Units are treated in accordance with Section 4.07(f) hereof, the consummation of such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units
or the LTIP Unitholders as such; and 
 (ii) Any creation or issuance of any Partnership Units or of any class or series of Partnership
Interest including without limitation additional OP Units, LTIP Units or Preferred Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions and the distribution of assets upon liquidation,
dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such. 

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be
required will be effected, all outstanding LTIP Units shall have been converted into OP Units. 

  
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 Section 4.07 Conversion of LTIP Units. 

(a) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or series of
LTIP Units, an LTIP Unitholder shall have the right (the “Conversion Right”), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into an equal number of fully paid and nonassessable OP
Units, giving effect to any adjustments made pursuant to Section 4.06; provided, that in no event may an LTIP Unitholder convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such
Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the OP Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”), into
OP Units. Notwithstanding the foregoing, a Holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP
Unitholders shall not have the right to convert Unvested LTIP Units into OP Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or
her Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP
Unitholder, shall be accepted by the Partnership subject to such condition. In all cases, the conversion of any LTIP Units into OP Units shall be subject to the conditions and procedures set forth in this Section 4.07. 

(b) In order to exercise a Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form
attached as Exhibit C to the Partnership (with a copy to the General Partner) not less than 10 nor more than 60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice; provided, however, that
if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Transaction (as defined below in Section 4.07(f)) at least 30 days prior to the effective date of such Transaction, then LTIP Unitholders shall
have the right to deliver a Conversion Notice until the earlier of (x) the 10th day after such notice from the General Partner of a Transaction or (y) the third Business Day immediately preceding the effective date of such Transaction. A
Conversion Notice shall be provided in the manner provided in Section 15.01. Each LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 4.07(b) shall be
free and clear of all liens. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.06(a) of this Agreement relating to those OP Units that will be issued to such
holder upon conversion of such LTIP Units into OP Units in advance of the Conversion Date; provided, however, that the redemption of such OP Units by the Partnership shall in no event take place until after the Conversion Date. The provisions
of this Section 4.07(b) are intended to put an LTIP Unitholder in a position where, if he or she so wishes, the OP Units into which his or her Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with
such conversion, with the further consequence that, if the General Partner or the Parent elects to assume the Partnership’s redemption obligation with respect to such OP Units under Section 8.06(b) of this Agreement by delivering to
such holder Common REIT Shares rather than cash, then such holder can have such Common REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into OP Units. 

  
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 (c) The Partnership, at any time at the election of the General Partner, may cause any number of
Vested LTIP Units held by an LTIP Unitholder to be converted (a “Forced Redemption”) into an equal number of OP Units, giving effect to all adjustments (if any) made pursuant to Section 4.06; provided, however,
that the Partnership may not cause a Forced Redemption of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.07(b). In order to exercise its right of
Forced Redemption, the Partnership shall deliver a notice (a “Forced Redemption Notice”) in the form attached as Exhibit D to the applicable LTIP Unitholder not less than 10 nor more than 60 days prior to the Conversion Date
specified in such Forced Redemption Notice. A Forced Redemption Notice shall be provided in the manner provided in Section 15.01. 

(d) A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Partnership has given a Forced
Redemption Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the
Partnership or the Transfer Agent with the issuance as of the opening of business on the next day of the number of OP Units issuable upon the exercise of such Conversion Right. After the conversion of LTIP Units as aforesaid, the Partnership shall
deliver to such LTIP Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of OP Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The Assignee of any
Limited Partner pursuant to Article XI hereof may exercise the rights of such Limited Partner with respect to any LTIP Units held by such Assignee pursuant to this Section 4.07, and such Limited Partner shall be bound by the
exercise of such rights by the Assignee. 
 (e) For purposes of making future allocations under Section 6.03(c) and applying the
Capital Account Limitation, the portion of the Economic Capital Account balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number
of LTIP Units converted and the OP Unit Economic Balance. 
 (f) If the Partnership or the General Partner shall be a party to any
transaction (including without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all OP Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s
assets, but excluding any transaction which constitutes an Adjustment Event) in each case as a result of which OP Units shall be exchanged for or converted into the right, or the holders of such Units shall otherwise be entitled, to receive cash,
securities or other property or any combination thereof (any of the foregoing being referred to herein as a “Transaction”), then the General Partner shall, immediately prior to the Transaction, exercise its right to cause a Forced
Redemption with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the
Partnership were sold at the Transaction price or, if applicable, at a value determined by the General Partner using the value attributed to the Partnership Units in the context of the Transaction (in which case the Conversion Date shall be the
effective date of the Transaction). 

  
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 In anticipation of such Forced Redemption and the consummation of the Transaction, the
Partnership shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such Transaction in consideration for the OP Units into which his or her LTIP Units will be converted the same
kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction by a holder of the same number of OP Units, assuming such holder of OP Units is not a Person with which the
Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be, or an Affiliate of such a Person. In the event that holders of OP Units have the
opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the General Partner shall give prompt written notice to each LTIP Unitholder of such election, and shall use
commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each LTIP Unit held by such holder into OP Units in
connection with such Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held by him or her (or by any of his or her transferees) the same kind
and amount of consideration that a holder of a OP Unit would receive if such OP Unit holder failed to make such an election. 
 Subject to
the rights of the Partnership and the Parent under any Vesting Agreement and any Equity Incentive Plan, the Partnership shall use commercially reasonable efforts to cause the terms of any Transaction to be consistent with the provisions of this
Section 4.07(f) and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted into OP Units in connection with the Transaction
that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the OP Units and
(ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP Unitholders. 

Section 4.08 No Interest; No Return. No Holder shall be entitled to interest on its Capital Contribution or on such Holder’s
Capital Account. Except as provided herein or by law, no Holder shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

Section 4.09 Other Contribution Provisions. In the event that any Partner is admitted to the Partnership and is given a Capital
Account in exchange for services rendered to the Partnership, unless otherwise determined by the General Partner, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in
cash and such Partner had contributed the cash to the capital of the Partnership. In addition, with the consent of the General Partner, one or more Limited Partners may enter into contribution agreements with the Partnership which have the effect of
providing a guarantee of certain obligations of the Partnership. 
 Section 4.10 Not Publicly Traded. The General Partner, on
behalf of the Partnership, shall use its best efforts not to take any action which would result in the Partnership being a “publicly traded partnership” under and as such term is defined in Code Section 7704(b), and by reason thereof,
taxable as a corporation for federal income tax purposes. 

  
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 ARTICLE V. 

DISTRIBUTIONS 

Section 5.01 Requirement and Characterization of Distributions. Subject to the terms of any Partnership Unit Designation, the
General Partner may cause the Partnership to distribute all, or such portion as the General Partner may determine, of the Available Cash generated by the Partnership to the Holders (determined as of the applicable Partnership Record Date), from time
to time: (1) first, with respect to any Partnership Units that are entitled to any preference in distribution, in accordance with the rights of such class(es) of Partnership Units (and, within such class(es), pro rata in proportion to
the respective Percentage Interests with respect to such class(es) on such Partnership Record Date) and (2) second, with respect to any Partnership Units that are not entitled to any preference in distribution, in accordance with the rights of
such class of Partnership Units (and, within such class, pro rata in proportion to the respective Percentage Interests with respect to such class(es) on such Partnership Record Date). At the election of the General Partner, distributions
payable with respect to any Partnership Units that were not outstanding during the entire period in respect of which any distribution is made may be prorated based on the portion of the period that such Partnership Units were outstanding. 

The General Partner may distribute Available Cash to the Holders on a more frequent basis and provide for an appropriate Partnership Record
Date. Notwithstanding anything herein to the contrary, the General Partner shall make such reasonable efforts, consistent with the Parent’s intention to qualify as a REIT, to cause the Partnership to distribute sufficient amounts of Available
Cash to enable the Parent, for so long as the Parent has determined to qualify as a REIT, to pay stockholder dividends that will satisfy the requirements for its qualification as a REIT under the Code and Regulations (the “REIT
Requirements”) and that will allow the Parent to avoid any federal income or excise tax liability. 
 Each distribution in respect
of a Partnership Unit shall be paid by the Partnership, directly or through the Transfer Agent or through any other Person or agent, only to the record holder of such Partnership Unit as of the Partnership Record Date set for such distribution. Such
payment shall constitute full payment and satisfaction of the Partnership’s liability in respect of such payment, regardless of any claim of a Person who may have an interest in such payment by reason of an assignment or otherwise. 

Section 5.02 Interests in Property Not Held Through the Partnership. To the extent that the Parent, the General Partner or any
Affiliate of the Parent or General Partner receives a distribution of cash or other property attributable to property in which the Parent or the General Partner or any Affiliate of the Parent or General Partner holds a direct or indirect interest
other than through the Partnership (an “Outside Interest”), (i) the amounts distributed by the Partnership to the Parent will be reduced so as to take into account amounts received pursuant to the Outside Interest and
(ii) the amounts distributed by the Partnership to the Holders (other than the Parent or the General Partner or any Affiliate of the Parent or General Partner, as applicable) will be increased to the extent necessary so that the overall effect
of the distributions by the Partnership is to distribute what would have been distributed had such Outside Interest been held through the Partnership (treating any distribution of cash or other property attributable to an Outside Interest as if such
distribution had been distributed by the Partnership to the Parent). 

  
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 Section 5.03 Distributions In-Kind. No right is given to any Holder to demand that a
distribution be made in property other than cash as provided in this Agreement. The General Partner may cause the Partnership to make a distribution in-kind of Partnership assets to the Holders, and such assets shall be distributed in such a fashion
as to ensure that the fair market value is distributed and allocated in accordance with Articles V, VI and X hereof. 

Section 5.04 Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of any state or local tax law and
Section 10.04 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to Section 5.01 hereof for all purposes under this Agreement.

 Section 5.05 Distributions Upon Liquidation. Notwithstanding the other provisions of this Article V, net proceeds from
a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the Holders in accordance with Section 13.02 hereof. 

Section 5.06 Distributions to Reflect Issuance of Additional Partnership Units. In the event that the Partnership issues
additional Partnership Units pursuant to the provisions of Article IV hereof, subject to Section 15.15(b), the General Partner is authorized to make such amendments to this Article V as it determines are necessary or
desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential distributions to certain classes of Partnership Units. 

Section 5.07 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership
shall not make any distribution to any Holder on account of its Partnership Units if such distribution would violate Section 17-607 of the Act or other applicable law. 

ARTICLE VI. 
 ALLOCATIONS

 Section 6.01 Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Partnership
shall be determined and allocated to the Holders with respect to each Partnership Year of the Partnership as of the end of each such year. Except as otherwise provided in this Article VI, and subject to Section 11.06(c) hereof, an
allocation to a Holder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 

Section 6.02 General Allocations. 

(a) Allocations of Net Income and Net Loss. 

  
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 (i) Net Income. Except as otherwise provided herein and specifically after taking into
account the provisions of Section 6.03 below, Net Income for any Partnership Year shall be allocated in the following order and priority: 

(A) First, to the General Partner to the extent the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(F)
below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (i)(A); 
 (B) Second, to each DRO
Partner until the cumulative Net Income allocated to such DRO Partner pursuant to this subparagraph (i)(B) equals the cumulative Net Loss allocated to such DRO Partner under subparagraph (ii)(E) below (and, among the DRO Partners, pro rata in
proportion to their respective percentages of the cumulative Net Loss allocated to all DRO Partners pursuant to subparagraph (ii)(E) below); 

(C) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (i)(C)
equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(D) below; 
 (D) Fourth, to the Holders of
any Partnership Units that are entitled to any preference in distribution upon liquidation until the cumulative Net Income allocated under this subparagraph (i)(D) equals the cumulative Net Loss allocated to such Partners under subparagraph (ii)(c);

 (E) Fifth, to the Holders of any Partnership Units that are entitled to any preference in distribution until each such Partnership Unit
has been allocated, on a cumulative basis pursuant to this subparagraph (i)(E), Net Income equal to the amount of distributions received which are attributable to the preference of such class(es) of Partnership Unit (and, within such class(es),
pro rata in proportion to the respective Percentage Interests with respect to such class(es) as of the last day of the period for which such allocation is made); and 

(F) Thereafter, with respect to Partnership Units that are not entitled to any preference in distribution or with respect to which
distributions are not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and, within such class(es), pro rata in proportion to the respective Percentage Interests with
respect to such class(es) as of the last day of the period for which such allocation is being made). 
 (ii) Net Loss. Except as
otherwise provided herein, Net Loss for any Partnership Year shall be allocated in the following order and priority: 
 (A) First, to each
Holder in proportion to and to the extent of the amount by which the cumulative Net Income allocated to such Holder pursuant to subparagraph (i)(F) above exceeds, on a cumulative basis, the sum of (a) regular periodic distributions with respect
to such Partnership Units pursuant to clause (2) of Section 5.01 and (b) Net Loss allocated to such Holder pursuant to this subparagraph (ii)(A); 

  
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 (B) Second, with respect to classes of Partnership Units that are not entitled to any preference
in distribution upon liquidation or with respect to which distributions are not limited to any preference in distribution upon liquidation, pro rata to each such class in accordance with the terms of such class (and within such class, pro
rata in proportion to the respective Percentage Interests with respect to such class as of the last day of the period for which such allocation is being made); provided, that Net Loss shall not be allocated to any Holder pursuant to this
subparagraph (ii)(B) to the extent that such allocation would cause such Holder to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case (1) with respect to a Holder who
also holds classes of Partnership Units that are entitled to any preferences in distribution upon liquidation, by subtracting from such Holders’ Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation and
(2) by not including in the Holders’ Adjusted Capital Accounts any amount that a Holder is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to Section 13.02(d)) at the end
of such Partnership Year; 
 (C) Third, with respect to classes of Partnership Units that are entitled to a preference in distribution upon
liquidation, in reverse order of the priorities of each such class (and within each such class, pro rata in proportion to their respective Percentage Interests with respect to such class as of the last day of the period for which such
allocation is being made); provided, that Net Loss shall not be allocated to any Holder pursuant to this subparagraph (ii)(C) to the extent that such allocation would cause such Holder to have an Adjusted Capital Account Deficit (or increase
any existing Adjusted Capital Account Deficit) (determined in each case by not including in the Holders’ Adjusted Capital Accounts any amount that a Holder is obligated to contribute to the Partnership with respect to any deficit in its Capital
Account pursuant to Section 13.02(d)) at the end of such Partnership Year; 
 (D) Fourth, to the General Partner in an amount
equal to the excess of (a) the amount of the Partnership’s Recourse Liabilities over (b) the aggregate DRO Amounts of all DRO Partners; 

(E) Fifth, to and among the DRO Partners, in proportion to their respective DRO Amounts, until such time as the DRO Partners as a group have
been allocated cumulative Net Loss pursuant to this subparagraph (ii)(E) equal to the aggregate DRO Amounts of all DRO Partners; and 
 (F)
Thereafter, to the General Partner. 
 (b) Allocations to Reflect Issuance of Additional Partnership Units. In the event that the
Partnership issues additional Partnership Units pursuant to the provisions of Article IV hereof, the General Partner is authorized to make such amendments to this Section 6.02 as it determines are necessary or desirable to reflect
the terms of the issuance of such additional Partnership Units. 

  
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 Section 6.03 Additional Allocation Provisions. Notwithstanding the foregoing
provisions of this Article VI: 
 (a) Regulatory Allocations. 

(i) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), if there is a net decrease in
Partnership Minimum Gain during any Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net
decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant
thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.03(a)(i) is intended to qualify as a “minimum gain chargeback” within the meaning of
Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (ii) Partner Minimum Gain Chargeback. Except
as otherwise provided in Regulations Section 1.704-2(i)(4) or in Section 6.03(a)(i) hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who
has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if
necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations
pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4)
and 1.704-2(j)(2). This Section 6.03(a)(ii) is intended to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently
therewith. 
 (iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership Year
shall be specially allocated to the Holders in accordance with their Percentage Interests with respect to OP Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the economic risk
of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

(iv) Qualified Income Offset. If a Holder (other than the General Partner and, to the extent provided in Section 13.02(d),
a DRO Partner) unexpectedly receives an adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations
Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible. It is intended that this
Section 6.03(a)(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(v) Gross Income Allocation. In the event that a Holder (other than the General Partner) has an Adjusted Capital Account Deficit at
the end of any Partnership Year, such Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible. 

  
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 (vi) Section 754 Adjustment. To the extent that an adjustment to the adjusted tax
basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account
in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its Partnership Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders in accordance with their Partnership Units in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2)
applies, or to the Holders to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(vii) Curative Allocations. The allocations set forth in Sections 6.03(a)(i), (ii), (iii), (iv),
(v), and (vi) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the
provisions of Section 6.01 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so that to the extent possible without violating the requirements
giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder of a Partnership Unit shall be equal to the net amount that would have been allocated to each such Holder if
the Regulatory Allocations had not occurred. 
 (b) Allocation of Excess Nonrecourse Liabilities. The Partnership shall allocate
“nonrecourse liabilities” (within the meaning of Regulations Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations
Section 1.752-3(a)(3) and (b). The Partnership shall allocate “excess nonrecourse liabilities” of the Partnership under any method approved under Regulations Section 1.752-3(a)(3) as chosen by the General Partner. 

(c) Special Allocations Regarding LTIP Units. Notwithstanding the provisions of Section 6.02 above, after giving effect to
the allocations set forth in Sections 6.03(a) and 6.03(b) hereof, Liquidating Gains shall first be allocated to the LTIP Unitholders until the Economic Capital Account Balances of such Holders, to the extent attributable to their
ownership of LTIP Units, are equal to (i) the OP Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. For this purpose, “Liquidating Gains” means net capital gains realized in connection with the
actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the Gross Asset Value of Partnership assets under Code
Section 704(b). The “Economic Capital Account Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their ownership of LTIP Units, plus the amount of their allocable
share of any Partner Minimum Gain or Partnership Minimum Gain attributable to such LTIP Units. Similarly, the “OP Unit Economic Balance” shall mean (i) the Capital Account balance of the Parent, plus the amount of the
Parent’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the Parent’s 

  
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ownership of OP Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under this Section 6.03(c)
(including, without limitation, any expenses of the Partnership reimbursed to the General Partner pursuant to Section 7.04(b)), divided by (ii) the number of the Parent’s OP Units. Any such allocations shall be made among the
LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.03(c). The parties agree that the intent of this Section 6.03(c) is to make the Capital Account balance associated with each
LTIP Unit to be economically equivalent to the Capital Account balance associated with the Parent’s OP Units (on a per-OP Unit/LTIP Unit basis). The General Partner shall be permitted to interpret this Section 6.03(c) or to amend
this Agreement to the extent necessary and consistent with this intention. 
 (d) Allocations to Reflect Outside Interests. Items of
income, gain, loss or deduction of the Partnership shall be specially allocated so as to take into account amounts received by, and income or loss allocated to the Parent or any Affiliate of the Parent with respect to any Outside Interest so that
the overall effect is to allocate items of income, gain, loss or deduction in the same manner as would have occurred had such Outside Interest been held through the Partnership (treating any items of income, gain, loss or deduction recognized by the
Partner in respect of Outside Interests as if such items of income, gain, loss or deduction had been allocated by the Partnership to the Parent). 

(e) Items Available to be Specially Allocated. The amounts of the items of Partnership income, gain, loss or deduction available to be
specially allocated pursuant to this Section 6.03 hereof shall be determined by applying rules analogous to those set forth in the definitions of “Net Income” and “Net Loss”. 

Section 6.04 Tax Allocations. 

(a) In General. Except as otherwise provided in this Section 6.04, for federal income tax purposes under the Code and the
Regulations each Partnership item of income, gain, loss and deduction shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Sections 6.02
and 6.03 hereof. 
 (b) Allocations Respecting Section 704(c) Revaluations. Notwithstanding Section 6.04(a)
hereof, items of income, gain, loss or deduction with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its adjusted basis in the hands of the contributing Partner immediately preceding the date of
contribution shall be allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Partnership shall account for such variation under any method
approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner, including, without limitation, the “remedial allocation method” as described in Regulations Section 1.704-3(d). In the event that
the Gross Asset Value of any partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset Value”, subsequent allocations of items of income, gain, loss or deduction with respect to such asset shall
take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations or under any method approved under Code Section 704(c)
and the applicable Regulations as chosen by the General Partner. 

  
 39 

 (c) Notwithstanding the foregoing provisions of this Agreement, the General Partner shall make
such allocations as the General Partner determines are needed to ensure that allocations are in accordance with the interests of the Partners of the Partnership, within the meaning of the Code and Regulations. The General Partner shall determine all
matters concerning allocations for tax purposes not expressly provided for herein. Notwithstanding anything to the contrary contained in this Agreement, for the proper administration of the Partnership and for preservation of uniformity of
Partnership Units within a particular class or series (and, if applicable, between or among different classes or series of Partnership Units), the General Partner may (A) amend the provisions of this Agreement as appropriate to reflect the
proposal or promulgation of Regulations under Code Section 704(b) or Code Section 704(c) and (B) adopt and employ or modify such conventions and methods that the General Partner determines to be appropriate for (i) the
determination of items of income, gain, loss and deduction of the Partnership and the allocation of such items among the Partners and between transferors and transferees under this Agreement pursuant to the Code and Regulations promulgated
thereunder, (ii) the determination of the identities and tax classifications of Partners, (iii) the valuation of the Partnership’s assets and the determination of tax basis, (iv) the allocation of asset values and tax basis,
(v) the adoption and maintenance of accounting methods, and (vi) taking into account differences between the Gross Asset Values of the assets of the Partnership and adjusted tax basis pursuant to Code Section 704(c) and the
Regulations promulgated thereunder. 
 ARTICLE VII. 

MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.01 Management. 

(a) Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are and
shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by the
Limited Partners with or without cause, except with the consent of the General Partner. In addition to the powers now or hereafter granted to a general partner of a limited partnership under the Act or that are granted to the General Partner under
any other provision of this Agreement, the General Partner, subject to the other provisions hereof including, without limitation, Section 15.15, shall have full power and authority to do all things deemed necessary or desirable by it to
conduct the business of the Partnership, to exercise all powers set forth in Section 3.02 hereof and to effectuate the purposes set forth in Section 3.01 hereof, including, without limitation: 

(i) the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and
borrowing money or selling assets to permit the Partnership to make distributions in such amounts as will permit the Parent (so long as the Parent desires to qualify as a REIT) to avoid the payment of any income or excise tax under the Code and to
make distributions to its stockholders sufficient to permit the 

  
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Parent to qualify as a REIT or otherwise to satisfy the REIT Requirements), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences
of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations that it deems necessary for the conduct of the
activities of the Partnership; 
 (ii) the making of tax, regulatory and other filings, or rendering of periodic or other reports to
governmental or other agencies having jurisdiction over the business or assets of the Partnership; 
 (iii) subject to
Section 11.02 hereof, the acquisition, sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Partnership (including, but not limited to, the exercise or grant of any conversion,
option, privilege or subscription right or any other right available in connection with any assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity;

 (iv) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets of the
Partnership in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this
Agreement and on any terms that it sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Parent, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to
other Persons (including, without limitation, the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and the making of
capital contributions to and equity investments in the Partnership’s Subsidiaries; 
 (v) the use of the assets of the Partnership
(including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the Parent, the General Partner,
the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the Parent, the General Partner and its Subsidiaries and the Partnership’s Subsidiaries) and the repayment of
obligations of the Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and the making of capital contributions to its Subsidiaries; 

(vi) the management, operation, leasing, maintenance, repair, alteration, demolition, replacement or improvement of any Property, including,
without limitation, any Contributed Property, or other asset of the Partnership or any Subsidiary, whether pursuant to a Services Agreement or otherwise; 

(vii) the negotiation, execution and performance of any contracts, leases, conveyances or other instruments that the General Partner
considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, government
authorities, accountants, legal counsel, other professional advisors and other agents (including the Transfer Agent) and the payment of their expenses and compensation out of the Partnership’s assets; 

  
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 (viii) the distribution of Partnership cash or other Partnership assets in accordance with this
Agreement, the holding, management, investment and reinvestment of cash and other assets of the Partnership and the collection and receipt of revenues, rents and income of the Partnership; 

(ix) the maintenance of such insurance (including, without limitation, directors and officers insurance) for the benefit of the Partnership
and the Partners (including, without limitation, the Parent and the General Partner) as the General Partner deems necessary or appropriate, including, without limitation, (i) casualty, liability and other insurance on the Properties and
(ii) liability insurance for the Indemnitees hereunder; 
 (x) the formation of, or acquisition of an interest in, and the
contribution of property to, any further limited or general partnerships, limited liability companies, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in,
and the contributions of property to, any Subsidiary and any other Person in which it has an equity investment from time to time); provided, however, that as long as the Parent desires to qualify as a REIT, the General Partner may not engage
in any such formation, acquisition or contribution that would cause the Parent not to qualify as a REIT; 
 (xi) the filing of
applications, communicating and otherwise dealing with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 

(xii) the control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise, submission to
arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings, administrative
proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal
expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 
 (xiii) the
undertaking of any action in connection with the Partnership’s direct or indirect investment in any Subsidiary or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 

(xiv) except as otherwise specifically set forth in this Agreement, the determination of the fair market value of any Partnership property
distributed in-kind using such reasonable method of valuation as it may adopt; provided, that such methods are otherwise consistent with the requirements of this Agreement; 

  
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 (xv) the enforcement of any rights against any Partner pursuant to representations, warranties,
covenants and indemnities relating to such Partner’s contribution of property or assets to the Partnership; 
 (xvi) the exercise,
directly or indirectly, through any attorney-in-fact acting under a general or limited power-of-attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 

(xvii) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any
Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

(xviii) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the
Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 
 (xix) the making, execution and
delivery of any and all deeds, leases, notes, deeds to secure Debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing
necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 

(xx) the issuance of additional Partnership Units in connection with Capital Contributions by Additional Limited Partners and additional
Capital Contributions by Partners pursuant to Article IV hereof; 
 (xxi) the selection and dismissal of Parent Employees
(including, without limitation, employees having titles or offices such as president, vice president, secretary and treasurer), and agents, outside attorneys, investment and other advisers, managers, accountants, consultants and contractors of the
Partnership, the Parent or the General Partner, the determination of their compensation and other terms of employment or hiring and the delegation to any such Parent Employee the authority to conduct the business of the Partnership in accordance
with the terms of this Agreement; 
 (xxii) the distribution of cash to acquire Partnership Units held by a Limited Partner in connection
with a Limited Partner’s exercise of its Redemption right under Section 8.06 hereof; 
 (xxiii) maintaining, or causing to
be maintained, the books and records of the Partnership or the Transfer Agent to reflect accurately at all times the Capital Contributions and Partnership Interests of the Holders as the same are adjusted from time to time to the extent necessary to
reflect redemptions, Capital Contributions, the number of Partnership Units (including any issuance thereof), the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise; 

(xxiv) the determination regarding whether a payment to a Limited Partner who exercises its Redemption right under Section 8.06
that is assumed by the General Partner will be paid in the form of the Cash Amount or the Common REIT Shares Amount, except as such determination may be limited by Section 8.06. 

  
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 (xxv) the collection and receipt of revenues and income of the Partnership; 

(xxvi) the registration of any class of securities of the Partnership under the Securities Act or the Exchange Act, and the listing of any
securities of the Partnership on any exchange. 
 (xxvii) an election to dissolve the Partnership pursuant to Section 13.01(b)
hereof; and 
 (xxviii) the taking of any action necessary or appropriate to enable the Parent to qualify as a REIT (so long as the Parent
desires to qualify as a REIT). 
 (b) Each of the Limited Partners agrees that, except as provided in Section 15.15 hereof, the
General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Limited Partners, notwithstanding any other provision of this
Agreement, the Act or any applicable law, rule or regulation and, in the absence of any specific corporate action on the part of the General Partner to the contrary, the taking of any action or the execution of any such document or writing by an
officer of the General Partner, in the name and on behalf of the General Partner, in its capacity as the general partner of the Partnership, shall conclusively evidence (1) the approval thereof by the General Partner, in its capacity as the
general partner of the Partnership, (2) the General Partner’s determination that such action, document or writing is necessary or desirable to conduct the business and affairs of the Partnership, exercise the powers of the Partnership
under this Agreement and the Act or effectuate the purposes of the Partnership, or any other determination by the General Partner required by this Agreement in connection with the taking of such action or execution of such document or writing, and
(3) the authority of such officer with respect thereto. 
 (c) The General Partner may cause the Partnership to obtain and maintain
(i) casualty, liability and other insurance on the Properties and (ii) liability insurance for the Indemnitees hereunder. 
 (d)
The General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts as the General Partner deems appropriate and reasonable from time to time. 

(e) In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax
consequences to any Partner (including the General Partner) of any action taken (or not taken) by it. Except as may be provided in a separate written agreement between the Partnership and the Limited Partners, the General Partner and the Partnership
shall not have liability to a Limited Partner under any circumstances as a result of a tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement
provided, that the General Partner has acted pursuant to its authority under this Agreement. 

  
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 Section 7.02 Certificate of Limited Partnership. To the extent that such action is
determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a
partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do business or own property.
Except as otherwise required under the Act, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable
efforts to cause to be filed such other certificates or documents as the General Partner determines may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a
partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do
business or own property. 
 Section 7.03 Restrictions on General Partner’s Authority. 

(a) The General Partner may not take any action with respect to which the written consent of a Majority in Interest of the Outside Limited
Partners is required pursuant to this Agreement without such written consent and may not (1) perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability except as provided
herein or under the Act; or (2) enter into any contract, mortgage, loan or other agreement that expressly prohibits or restricts (a) the Parent, the General Partner or the Partnership from performing its specific obligations under
Section 8.06 hereof in full or (b) a Limited Partner from exercising its rights under Section 8.06 hereof to effect a Redemption in full, except, in either case, with the written consent of such Limited Partner affected
by the prohibition or restriction. 
 Section 7.04 Reimbursement of the General Partner and Parent. 

(a) Except as provided in this Section 7.04 and elsewhere in this Agreement (including the provisions of Articles V and
VI regarding distributions, payments and allocations to which the General Partner may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b) The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s, the General Partner’s and the
Parent’s organization, the ownership of their assets and their operations. Each of the General Partner and the Parent are authorized to pay compensation for accounting, administrative, legal, technical, management and other services rendered to
the Partnership, the General Partner and the Parent, including any services rendered pursuant to a Services Agreement with an Affiliate of the General Partner or the Parent. Except to the extent provided in this Agreement, the General Partner, the
Parent and their Affiliates shall be reimbursed on a monthly basis, or such other basis as the General Partner determines, for all expenses that the General Partner, the Parent and their Affiliates incur relating to the ownership and operation of,
or for the benefit of, the Partnership (including, without limitation, administrative expenses); provided, that the amount of any such reimbursement shall be 

  
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reduced by any interest earned by the General Partner and/or the Parent with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners
acknowledge that all such expenses of the General Partner and/or the Parent are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to
Section 7.07 hereof. In the event that certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner and/or the Parent), such expenses will be allocated to the Partnership and such
other entities in such a manner as the General Partner determines. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the
General Partner and/or the Parent. 
 (c) If the Parent elects to purchase from its stockholders REIT Shares for the purpose of delivering
such REIT Shares to satisfy an obligation under any dividend reinvestment program adopted by the Parent, any employee stock purchase plan adopted by the Parent or any similar obligation or arrangement undertaken by the Parent in the future or for
the purpose of retiring such REIT Shares, the purchase price paid by the Parent for such REIT Shares and any other expenses incurred by the Parent in connection with such purchase shall be considered expenses of the Partnership and shall be advanced
to the Parent or reimbursed to the Parent, subject to the condition that: (1) if such REIT Shares subsequently are sold by the Parent, the Parent shall pay or cause to be paid to the Partnership any proceeds received by the Parent for such REIT
Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar program; provided, that a transfer of REIT Shares for Partnership Units pursuant to Section 8.06 would not be
considered a sale for such purposes); and (2) if such REIT Shares are not retransferred by the Parent within 30 days after the purchase thereof, or the Parent otherwise determines not to retransfer such REIT Shares, the Parent shall cause the
Partnership to redeem a number of Partnership Units held by the Parent equal to the number of such REIT Shares, as adjusted for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of
rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership (in which case such advancement or
reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number of Partnership Units held by the General Partner). 

(d) As set forth in Section 4.03, the Parent shall be treated as having made a Capital Contribution in the amount of all expenses
that the Parent incurs relating to the Parent’s offering of REIT Shares or New REIT Securities. 
 (e) If and to the extent any
reimbursements to the General Partner pursuant to this Section 7.04 constitute gross income of the General Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership), such amounts shall
constitute guaranteed payments with respect to capital within the meaning of Code Section 707(c), shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing
the Partners’ Capital Accounts. 
 Section 7.05 Outside Activities of the General Partner. Without the consent of a
Majority in Interest of the Outside Limited Partners, the General Partner shall not directly or indirectly enter into or conduct any business, other than in connection with (a) the ownership, 

  
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acquisition and disposition of Partnership Interests, (b) the management of the business of the Partnership, (c) financing or refinancing of any type related to the Partnership or its
assets or activities, (d) any of the foregoing activities as they relate to a Subsidiary of the Partnership, and (e) such activities as are incidental thereto. Nothing contained herein shall be deemed to prohibit the General Partner from
(i) executing guarantees of Partnership Debt for which it would otherwise be liable in its capacity as General Partner, (ii) holding such bank accounts or similar instruments or accounts in its name as it deems necessary to carry out its
responsibilities and purposes as contemplated under this Agreement and its organizational documents (provided, that accounts held on behalf of the Partnership to permit the General Partner to carry out its responsibilities under this
Agreement shall be considered to belong to the Partnership and the interest earned thereon shall, subject to Section 7.04(b), be applied for the benefit of the Partnership) or (iii) acquiring Qualified Assets. 

Section 7.06 Contracts with Affiliates. 

(a) The Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an equity investment, and
such Persons may borrow funds from the Partnership, on terms and conditions established by the General Partner. 
 (b) The Partnership may
transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with
this Agreement and applicable law, as determined by the General Partner. 
 (c) Except as expressly permitted by this Agreement, neither the
General Partner nor any of its Affiliates shall sell, transfer or convey any property to the Partnership, directly or indirectly, except pursuant to transactions that are determined by the General Partner to be fair to the Partnership, in its
discretion. 
 (d) The General Partner, without the approval of the Limited Partners, may propose and adopt on behalf of the Partnership
employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the
benefit of the Partnership or any of the Partnership’s Subsidiaries. 
 (e) The General Partner is expressly authorized to enter into,
in the name and on behalf of the Partnership, any Services Agreement with Affiliates of any of the Partnership, the General Partner or the Parent, on such terms as the General Partner determines to be fair to the Partnership, in its discretion. 

Section 7.07 Indemnification. 

(a) The Partnership shall, to the maximum extent permitted by applicable law in effect from time to time, indemnify, and, without requiring a
preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to each Indemnitee; provided, however, that the Partnership shall not indemnify an
Indemnitee (1) for material acts or omissions that were committed in bad faith or were the result of active and deliberate dishonesty, (2) for any transaction for which such 

  
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Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement, or (3) in the case of any criminal proceeding, the
Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise (unless otherwise provided by the
terms of any such guaranty or other instrument), for any Debt of the Partnership or any Subsidiary of the Partnership (including, without limitation, any Debt which the Partnership or any Subsidiary of the Partnership has assumed or taken subject
to), and the General Partner is authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.07 in favor of any Indemnitee having or potentially
having liability for any such Debt. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.07(a).
The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment, does not create a presumption that
such Indemnitee acted in a manner contrary to that specified in this Section 7.07(a) with respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.07 shall be made only out of the
assets of the Partnership and any insurance proceeds from any liability policy covering the General Partner and any Indemnitees, and neither the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the
Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.07. 
 (b) To the
fullest extent permitted by law, and without requiring a preliminary determination of the Indemnitee’s ultimate entitlement to indemnification under Section 7.07(a) above, expenses incurred by an Indemnitee who is a party to a
proceeding or otherwise subject to or the focus of or is involved in any proceeding shall be paid or reimbursed by the Partnership as incurred by the Indemnitee in advance of the final disposition of the proceeding upon receipt by the Partnership of
(1) a written affirmation by the Indemnitee of the Indemnitee’s belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.07(b) has been met and (2) a written
undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

(c) The indemnification provided by this Section 7.07 shall be in addition to any other rights to which an Indemnitee or any other
Person may be entitled under any agreement, pursuant to any vote of the Limited Partners, as a matter of law or otherwise, and shall continue with respect to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of
the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 

(d) The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other
Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have
the power to indemnify such Person against such liability under the provisions of this Agreement. 

  
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 (e) Any liabilities which an Indemnitee incurs as a result of acting on behalf of the
Partnership, the General Partner, or the Parent (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are
in the form of excise taxes assessed by the IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or
otherwise) shall be treated as liabilities or judgments or fines under this Section 7.07, unless such liabilities arise as a result of (1) material acts or omissions that were committed in bad faith or were the result of active and
deliberate dishonesty, (2) any transaction in which such Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement or applicable law, or (3) in the case of any
criminal proceeding, any act or omission that the Indemnitee knew or should have known, at the time of the act or omission, was unlawful. 

(f) In no event may an Indemnitee subject any of the Partners to personal liability by reason of the indemnification provisions set forth in
this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.07 because the
Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(h) The provisions of this Section 7.07 are for the benefit of the Indemnitees, their heirs, successors, assigns and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.07 shall be prospective only and shall not in any way affect the obligations of the
Partnership or the limitations on the Partnership’s liability to any Indemnitee under this Section 7.07 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to
matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

(i) If and to the extent any payments to the General Partner pursuant to this Section 7.07 constitute gross income to the General
Partner (as opposed to the repayment of advances made on behalf of the Partnership) such amounts shall be treated as “guaranteed payments” for the use of capital within the meaning of Code Section 707(c), shall be treated consistently
therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

Section 7.08 Standard of Care; Limitation of Liability of Covered Persons. 

(a) No Covered Person shall be liable to the Partnership, any Holder or any other Covered Person for any loss, damage or claim incurred by
reason of any action taken or omitted to be taken by such Covered Person in good faith reliance on the provisions of this Agreement, so long as such action or omission does not constitute fraud or willful misconduct by such Covered Person. 

  
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 (b) This agreement is not intended to, and does not, create or impose any fiduciary duty on any
Covered Person. Furthermore, each of the Holders and the Partnership waive any and all fiduciary duties that, absent such waiver, may be implied by the Act or other applicable law, and in doing so, acknowledges and agrees that the duties and
obligation of each Covered Person to the Partnership, the Holders and the other Covered Persons are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a
Covered Person otherwise existing at law or in equity, are agreed by the Holders to replace such other duties and liabilities of such Covered Person. 

(c) Whenever in this Agreement a Covered Person is permitted or required to make a decision (including a decision that is in such Covered
Person’s “discretion” or under a grant of similar authority or latitude), the Covered Person shall be entitled to consider only such interests and factors as such Covered Person desires, including its own interests, and shall have no
duty or obligation to give any consideration to any interest of or factors affecting the Partnership, any Holder or any other Person. 
 (d)
Any amendment, modification or repeal of this Section 7.08 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of the General Partner or its officers, managers, directors or
members, as applicable, to the Partnership and the Limited Partners under this Section 7.08 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in
whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

Section 7.09 Other Matters Concerning the General Partner. 

(a) The General Partner may rely upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
bond, debenture or other paper or document believed by the General Partner, in its discretion, to be genuine and to have been signed or presented by the proper party or parties. 

(b) The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects,
engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters that the General Partner believes, in its discretion, to be
within such Person’s professional or expert competence shall be conclusively presumed to have been undertaken or omitted in accordance with such opinion. 

(c) The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act that is
permitted or required to be undertaken by the General Partner hereunder. 
 (d) Notwithstanding any other provision of this Agreement or the
Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership that the General Partner determines is 

  
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necessary or advisable in order (1) to protect the ability of the Parent to qualify as a REIT or the Partnership to be taxed as partnership for federal income tax purposes, (2) without
limitation of the foregoing clause (1) or clause (3) following, for the Parent otherwise to satisfy the REIT Requirements or for the Partnership to satisfy the “qualifying income” requirement of Code Section 7704(c), or
(3) without limitation of the foregoing clauses (1) or (2), to avoid the Parent incurring any federal income or excise taxes, is expressly authorized under this Agreement and is approved by all of the Limited Partners. 

Section 7.10 Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or
intangible, shall be deemed to be owned by the Partnership as an entity, and no Holder, individually or collectively with other Holders or other Persons, shall have any ownership interest in such Partnership assets or any portion thereof. Title to
any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner declares and
warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance
with the provisions of this Agreement. 
 Section 7.11 Reliance by Third Parties. Notwithstanding anything to the contrary in
this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any
manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were
the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General
Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or
expediency of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence
in favor of any and every Person relying thereon or claiming thereunder that (1) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (2) the Person executing
and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (3) such certificate, document or instrument was duly executed and delivered in accordance with the
terms and provisions of this Agreement and is binding upon the Partnership. 
 ARTICLE VIII. 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 

Section 8.01 Limitation of Liability. The Limited Partners shall have no liability under this Agreement (other than for breach
thereof) except as expressly provided in Sections 10.04 or 13.02(d) or under the Act. 

  
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 Section 8.02 Management of Business. No Limited Partner, in its capacity as a Limited
Partner, or Assignee shall take part in the operations, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or
otherwise bind the Partnership. 
 Section 8.03 Outside Activities of Limited Partners. Subject to any agreements entered into
pursuant to Section 7.06(e) hereof and any other agreements (including, without limitation, any employment agreement) entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership, the Parent or any
Affiliate thereof, any Limited Partner and any Assignee, officer, director, employee, agent, trustee, Affiliate, partner, member or shareholder of any Limited Partner shall be entitled to and may have business interests and engage in business
activities in addition to those relating to the Partnership, including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the
Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue
of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the General Partner, to the extent expressly provided herein), and such Person shall have no obligation pursuant to this
Agreement, subject to Section 7.06(e) hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership, the Parent or any Affiliate thereof, to offer any interest in any such
business ventures to the Partnership, any Limited Partner, the Parent or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Limited Partner, the Parent or such other Person, could be taken by
such Person. 
 Section 8.04 Withdrawal; Return of Capital. Except pursuant to the rights of Redemption set forth in
Section 8.06 hereof, no Limited Partner or Assignee shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement and upon termination of the Partnership
as provided herein. Except to the extent provided in Articles V and VI hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to
the return of Capital Contributions or as to profits, losses or distributions. 
 Section 8.05 Adjustment Factor. The
Partnership shall notify any Limited Partner, on written request, of the then current Adjustment Factor or any change made to the Adjustment Factor. 

Section 8.06 Redemption Rights. 

(a) On or after the date that is 12 months after the date of the issuance of OP Units by the Partnership to a Limited Partner (other than the
Parent), such Limited Partner shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion of such OP Units that have been held for
at least 12 months (such OP Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a “Redemption”), from time to time, unless the terms of such OP Units or a separate agreement
entered into between the Partnership and such Limited Partner with respect to such OP Units provide that such OP Units are not 

  
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entitled to a right of Redemption or provide for a shorter or longer period before such Limited Partner may exercise such right of Redemption or impose conditions on the exercise of such right of
Redemption. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering Partner”). The Cash Amount shall be payable to the
Tendering Partner on the Specified Redemption Date. The Tendering Partner shall have no right, with respect to any OP Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. 

(b) Notwithstanding Section 8.06(a) above, if a Limited Partner has delivered to the General Partner a Notice of Redemption then
the Parent (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) may elect to assume and satisfy the Partnership’s Redemption obligation and acquire some or all of the Tendered Units from the Tendering
Partner in exchange for the Common REIT Shares Amount (as of the Specified Redemption Date) and, if the Parent so elects, the Tendering Partner shall sell the Tendered Units to the Parent in exchange for the Common REIT Shares Amount. In such event,
the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered Units. The Parent shall give such Tendering Partner written notice of its election on or before the close of business on the fifth Business Day after its
receipt of the Notice of Redemption. 
 (c) The Common REIT Shares Amount, if applicable, shall be delivered as duly authorized, validly
issued, fully paid and nonassessable Common REIT Shares and, if applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter or the Bylaws of the Parent, the Securities Act, relevant state securities or
blue sky laws and any applicable registration rights agreement with respect to such Common REIT Shares entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to Section 8.06(e)), the Tendering
Partner shall be deemed the owner of such Common REIT Shares for all purposes, including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption Date. In addition, the Common REIT Shares for which the
Partnership Units might be exchanged shall also bear the legend set forth in the Charter. 
 (d) Each Limited Partner covenants and agrees
with the General Partner that all Tendered Units shall be delivered to the General Partner free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such
Tendered Units, the General Partner shall be under no obligation to acquire the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the
General Partner (or its designee), such Limited Partner shall assume and pay such transfer tax. 
 (e) Notwithstanding the provisions of
Sections 8.06(a), 8.06(b) or 8.06(c) or any other provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for cash or an exchange for Common REIT Shares to the extent the ownership or
right to acquire Common REIT Shares pursuant to such exchange by such Partner on the Specified Redemption Date could cause such Partner or any other Person to violate the restrictions on ownership and transfer of Common REIT Shares set forth in the
Charter of the Parent and (ii) shall have no rights under this Agreement to acquire Common REIT Shares which would otherwise be prohibited under the Charter. To the extent any attempted Redemption or exchange for Common REIT Shares would be in
violation of this Section 8.06(e), it shall be null 

  
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and void ab initio and such Limited Partner shall not acquire any rights or economic interest in the cash otherwise payable upon such Redemption or the Common REIT Shares otherwise
issuable upon such exchange. 
 (f) Notwithstanding anything herein to the contrary (but subject to Section 8.06(e)), with
respect to any Redemption or exchange for Common REIT Shares pursuant to this Section 8.06: (i) without the consent of the General Partner, each Limited Partner may effect a Redemption only one time in each fiscal quarter;
(ii) without the consent of the General Partner, each Limited Partner may not effect a Redemption for less than 1,000 OP Units or, if the Limited Partner holds less than 1,000 OP Units, all of the OP Units held by such Limited Partner;
(iii) without the consent of the General Partner, each Limited Partner may not effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner
for a distribution to its stockholders of some or all of its portion of such distribution; (iv) the consummation of any Redemption or exchange for Common REIT Shares shall be subject to the expiration or termination of the applicable waiting
period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and (v) each Tendering Partner shall continue to own all OP Units subject to any Redemption or exchange for Common REIT Shares, and be treated as a
Limited Partner with respect to such OP Units for all purposes of this Agreement, until such OP Units are transferred to the General Partner and paid for or exchanged on the Specified Redemption Date. Until a Tendering Partner receives Common REIT
Shares on an applicable Specified Redemption Date, the Tendering Partner shall have no rights as a stockholder of the General Partner with respect to such Tendering Partner’s OP Units that are tendered for such Common REIT Shares. 

(g) In the event that the Partnership issues additional Partnership Interests to any Additional Limited Partner pursuant to
Section 4.04, the General Partner shall make such revisions to this Section 8.06 as it determines are necessary to reflect the issuance of such additional Partnership Interests. 

ARTICLE IX. 
 BOOKS, RECORDS,
ACCOUNTING AND REPORTS 
 Section 9.01 Records and Accounting. 

(a) The General Partner shall keep or cause to be kept at the principal office of the Partnership or the Transfer Agent, as applicable, those
records and documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary to
provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.05 or 9.03 hereof. Any records maintained by or on behalf of the Partnership or the Transfer Agent in the
regular course of its business may be maintained electronically. 
 (b) The books of the Partnership shall be maintained for financial
reporting purposes in accordance with U.S. GAAP or on such other basis as the General Partner determines to be necessary or appropriate. Unless otherwise required by applicable law, the Partnership and the Parent may utilize and maintain integrated
or consolidated accounting records, accounting operations and accounting principles. 

  
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 Section 9.02 Reports. 

(a) As soon as practicable, but in no event later than the date on which the Parent mails its annual report to its stockholders, the General
Partner shall cause to be mailed to each Limited Partner an annual report, as of the close of the most recently ended calendar year, containing financial statements of the Partnership, or of the Parent if such statements are prepared on a
consolidated basis with the Partnership, for such calendar year, presented in accordance with U.S. GAAP, such statements to be audited by a firm of independent public accountants selected by the General Partner. 

(b) If and to the extent that the Parent mails quarterly reports to its stockholders, as soon as practicable, but in no event later than the
date on such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report containing unaudited financial statements, as of the last day of such fiscal quarter, of the Partnership, or of the Parent if such
statements are prepared on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulations. 

(c) The General Partner may satisfy its obligations under Sections 9.02(a) and 9.02(b) by posting or making available the
reports required by this Section 9.02 on a website maintained by the U.S. Securities and Exchange Commission or on a website maintained from time to time by the Partnership or the Parent. 

(d) At the request of any Limited Partner, the General Partner shall provide reasonable access to the books, records and work papers upon
which the reports required by this Section 9.02 are based, but only to the extent required by the Act. 
 ARTICLE X. 

TAX MATTERS 

Section 10.01 Preparation of Tax Returns. The General Partner shall arrange for the preparation and timely filing of all returns
with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use reasonable effort to furnish, within 90 days of the close of each taxable year, the tax
information reasonably required by Holders for federal and state income tax reporting purposes. A Limited Partner shall promptly provide the General Partner with such information relating to any Contributed Properties, including tax basis and other
relevant information, as may be requested by the General Partner from time to time. 
 Section 10.02 Tax Elections. 

(a) The General Partner shall determine whether to make any available election pursuant to the Code, including, but not limited to, the
election under Code Section 754 and the election to use the “recurring item” method of accounting provided under Code Section 461(h) with respect to property taxes imposed on the Partnership’s Properties. The General Partner
shall have the right to seek to revoke any such election (including, without limitation, any election under Code Sections 461(h) and 754). 

  
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 (b) Without limiting the foregoing, the Partners, intending to be legally bound, authorize the
General Partner, on behalf of the Partnership, to make an election (the “LV Safe Harbor Election”) to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation § 1.83-3(l) and the Proposed
Revenue Procedure set forth in IRS Notice 2005-43, as such safe harbor may be modified if such proposed guidance is issued in final form or as revised or modified by subsequently issued guidance from the IRS (the “LV Safe Harbor”),
apply to any Partnership Interest transferred to a service provider while the LV Safe Harbor Election remains effective, to the extent such interest meets the LV Safe Harbor requirements (collectively, such interests are referred to as “LV
Safe Harbor Interests”). The General Partner is authorized to execute and file the LV Safe Harbor Election on behalf of the Partnership and the Holders if it determines that such election is appropriate under the circumstances. If the LV
Safe Harbor Election is made by the General Partner, the Holders (including any person to whom a Partnership Interest is transferred in connection with the performance of services) agree to comply with all requirements of the LV Safe Harbor
(including forfeiture allocations) with respect to all LV Safe Harbor Interests and to prepare and file all federal income tax returns reporting the tax consequences of the issuance and vesting of LV Safe Harbor Interests consistent with such final
LV Safe Harbor guidance. The Partnership is also authorized to take such actions as are necessary to achieve, under the LV Safe Harbor, the effect that the election and compliance with all requirements of the LV Safe Harbor referred to above would
be intended to achieve under Proposed Treasury Regulation § 1.83-3, including amending this Agreement. 
 Section 10.03 Tax
Matters Partner. 
 (a) The General Partner shall be the “tax matters partner” of the Partnership for federal income tax
purposes under Code Section 6231. The tax matters partner shall receive no compensation for its services. All third-party costs and expenses incurred by the tax matters partner in its capacity as such (including legal and accounting fees and
expenses) shall be borne by the Partnership in addition to any reimbursement pursuant to Section 7.04 hereof. The tax matters partner may engage an accounting or law firm to assist the tax matters partner in its capacity as the tax
matters partner. 
 (b) The tax matters partner is authorized, but not required: 

(i) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of Partnership
items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”), and in the
settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code and
Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii) who is a “notice partner” (as defined in Code
Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 

  
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 (ii) in the event that a notice of a final administrative adjustment at the Partnership level of
any item required to be taken into account by a Partner for tax purposes (a “Final Adjustment”) is mailed to the tax matters partner, to seek judicial review of such Final Adjustment, including the filing of a petition for
readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is
located; 
 (iii) to intervene in any action brought by any other Partner for judicial review of a Final Adjustment; 

(iv) to file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS,
to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 
 (v) to enter into an agreement
with the IRS to extend the period for assessing any tax that is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 

(vi) to take any other action on behalf of the Partners in connection with any tax audit or judicial review proceeding to the extent
permitted by applicable law or regulations. 
 The taking of any action and the incurring of any expense by the tax matters partner in
connection with any such proceeding, except to the extent required by law, will be determined by the tax matters partner and the provisions relating to indemnification of the General Partner set forth in Section 7.07 hereof shall be
fully applicable to the tax matters partner in its capacity as such. 
 Section 10.04 Withholding. The Partnership is authorized to
withhold from or pay on behalf of or with respect to each Holder any amount of federal, state, local or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or
allocable to such Holder pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Sections 1441, 1442, 1445, 1446, or 1471 through 1474 and the Treasury Regulations
thereunder. Any portion of a distribution paid to, or for the benefit of, a Holder that is required to be withheld by the Partnership, shall constitute a loan by the Partnership to such Holder, which loan shall be repaid by such Holder within 15
days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment from another distribution that would otherwise be made to the Holder or (ii) the General Partner determines that
such payment may be satisfied out of the Available Cash of the Partnership that would, but for such payment, be distributed to the Holder. Each Holder unconditionally and irrevocably grants to the Partnership a security interest in such
Holder’s Partnership Interest to secure such Holder’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.04. In the event that a Holder fails to pay any amounts owed to the
Partnership pursuant to this Section 10.04 when due, the General Partner may elect to make the payment to the Partnership on behalf of such defaulting Holder, and in such event shall be deemed to have 

  
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loaned such amount to such defaulting Holder and shall succeed to all rights and remedies of the Partnership as against such defaulting Holder (including, without limitation, the right to receive
distributions). Any amounts payable by a Holder hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, plus four percentage
points (or, to the extent that such rate exceeds the maximum rate permitted by applicable law, the maximum rate permitted by applicable law) from the date such amount is due (i.e., 15 days after demand) until such amount is paid in full. Each Holder
shall take such actions as the Partnership or the General Partner shall request in order to perfect or enforce the security interest created hereunder. 

ARTICLE XI. 
 TRANSFERS AND
WITHDRAWALS 
 Section 11.01 Transfer. 

(a) No part of a Partner’s Partnership Interest shall be subject to the claims of any creditor, to any spouse for alimony or support, or
to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement or as required by applicable law. 

(b) No Limited Partner Interest shall be Transferred, in whole or in part, whether voluntary or involuntary, except in strict accordance with
the terms and conditions set forth in this Article XI. Any Transfer or purported Transfer of a Partnership Interest not made in strict accordance with this Article XI shall be null and void ab initio unless consented to by the
General Partner in writing. 
 (c) Notwithstanding the other provisions of this Article XI (other than Section 11.06(d)
hereof), the General Partner Interest may be Transferred, at any time or from time to time, to the Parent or any of its Affiliates. Any transferee of the entire General Partner Interest pursuant to this Section 11.01(c) shall
automatically become, without further action or consent of any Limited Partners, the sole general partner of the Partnership, subject to all the rights, privileges and obligations under this Agreement relating to a general partner. Upon any Transfer
permitted by this Section 11.01(c), the transferor Partner shall be relieved of all its obligations under this Agreement. The provisions of Sections 11.02(b), 11.03 and 11.04 hereof shall not apply to any Transfer
permitted by this Section 11.01(c). 
 (d) Except in accordance with the terms and conditions set forth in this Article
XI, no Transfer of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a Nonrecourse
Liability, without the consent of the General Partner; provided, that in the event of, and as a condition to, any such consent, the lender will be required to enter into an arrangement with the Partnership and the General Partner to redeem or
exchange for Common REIT Shares any Partnership Units in which a security interest is held by such lender concurrently with such time as such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such
lender under Code Section 752. 

  
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 Section 11.02 Transfer of General Partner’s Partnership Interest. 

(a) Except as provided in Section 11.02(c), the General Partner may not Transfer its General Partner Interest except in connection
with (i) a transaction permitted under Section 11.02(b), (ii) any merger (including a triangular merger), consolidation or other combination with or into another Person following the consummation of which the equity holders of
the surviving entity are substantially identical to the stockholders of the Parent, (iii) a transfer to any Subsidiary of the General Partner or the Parent or (iv) as otherwise expressly permitted under this Agreement, nor shall the
General Partner withdraw as General Partner except in connection with a transaction permitted under Section 11.02(b) or any merger, consolidation, or other combination permitted under clause (ii) of this
Section 11.02(a). 
 (b) The General Partner shall not engage in any merger (including, without limitation, a triangular
merger), consolidation or other combination with or into another Person (other than any transaction permitted by clause (i) or (ii) of Section 11.02(a)) or any sale of all or substantially all of its assets
(“Termination Transaction”), unless (i) it receives the consent of a Majority in Interest of the Outside Limited Partners, (ii) following such merger or other consolidation, substantially all of the assets of the surviving
entity consists of Partnership Units or (iii) in connection with which all Partners (other than the General Partner) who hold OP Units either will receive, or will have the right to receive, for each OP Unit an amount of cash, securities, or
other property equal to the product of the Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of REIT Shares in consideration of one such REIT Share at any time during the period from and after the date
on which the Termination Transaction is consummated; provided, however, that, if in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the percentage
required for the approval of mergers under the organizational documents of the Parent, each holder of OP Units shall receive, or shall have the right to receive without any right of Consent set forth above in this Section 11.02(b), the
greatest amount of cash, securities, or other property which such holder would have received had it exercised the Redemption right and received Common REIT Shares in exchange for its OP Units immediately prior to the expiration of such purchase,
tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer. 
 (c) The General Partner shall not enter into
an agreement or other arrangement providing for or facilitating the creation of a general partner of the Partnership other than the General Partner, unless the successor General Partner executes and delivers a counterpart to this Agreement in which
such General Partner agrees to be fully bound by all of the terms and conditions contained herein that are applicable to a general partner. 

Section 11.03 Transfer of Limited Partners’ Partnership Interests. 

(a) No Limited Partner shall Transfer all or any portion of its Partnership Interest to any transferee without the written consent of the
General Partner; provided, however, that any Limited Partner may, at any time, without the consent or approval of the General Partner, unless this Agreement, an applicable Partnership Unit Designation or other writing executed by the relevant
parties provides otherwise (i) Transfer all or part of its Partnership Interest to any Family Member (including a Transfer by a Family Member that is an inter vivos  

  
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or testamentary trust (whether revocable or irrevocable) to a Family Member that is a beneficiary of such trust), any Charity, any Controlled Entity or any Affiliate or (ii) pledge all or
any portion of its Partnership Interest to a lending institution as collateral or security for a bona fide loan or other extension of credit, and Transfer such pledged Partnership Interest to such lending institution in connection with the exercise
of remedies under such loan or extension of credit. To the extent such a Transfer is made to a Controlled Entity or any Affiliate of the Transferor and such transferee thereafter ceases to be a Controlled Entity or Affiliate of the Transferor, then
a Transfer to such transferee, subject to this Article, shall be deemed to occur at such time as such transferee ceases to be a Controlled Entity or any Affiliate of the Transferor. 

(b) Notwithstanding any other provision of this Article XI (other than Section 11.06(d) hereof), any Limited Partner
Interests held by the General Partner may be Transferred in whole or in part, at any time and from time to time to any Person that is, at the time of such Transfer, the Parent (or any successor thereto) or any Qualified REIT Subsidiary or other
entity that is disregarded as an entity separate from the Parent (or any successor thereto) for federal income tax purposes. 
 (c) Without
limiting the generality of Section 11.03(a) hereof, it is expressly understood and agreed that the General Partner will not consent to any Transfer of all or any portion of any Partnership Interest pursuant to
Section 11.03(a) above unless such Transfer meets each of the following conditions: 
 (i) Such Transfer is made only to a
single Qualified Transferee; provided, however, that for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be
considered together to be a single Qualified Transferee. 
 (ii) The transferee in such Transfer assumes by operation of law or express
agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such Transferred Partnership Interest; provided, that no such Transfer (unless made pursuant to a statutory merger or consolidation
wherein all obligations and liabilities of the transferor Limited Partner are assumed by a successor entity by operation of law) shall relieve the transferor Limited Partner of its obligations under this Agreement without the approval of the General
Partner. Notwithstanding the foregoing, any transferee of any Transferred Partnership Interest shall be subject to any and all ownership limitations contained in the Charter that may limit or restrict such transferee’s ability to exercise its
Redemption rights, including, without limitation, the applicable restrictions on ownership of shares of the Parent imposed under the Charter. 

(iii) Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor
Limited Partner hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary or involuntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as
provided in Section 11.05 hereof. 
 (iv) Such Transfer is effective as of the first day of a calendar month. 

  
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 (d) If a Limited Partner is subject to Incapacity, the executor, administrator, trustee,
committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate,
and such power as the Incapacitated Limited Partner possessed to Transfer all or any part of its Partnership Interest. 
 (e) In connection
with any proposed Transfer of a Limited Partner Interest, the General Partner may require that the transferor Limited Partner provide, in advance of the proposed Transfer, an opinion of counsel reasonably satisfactory to it to the effect that the
proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Interests to be Transferred. 

(f) The General Partner may impose restrictions on the Transfer of a Limited Partner Interest to the extent that the General Partner
determines that such restrictions are reasonably necessary in order to comply with any federal or state securities laws or regulations applicable to the Partnership or the Partnership Interests. The General Partner may impose such restrictions by
amending this Agreement without the approval of the Limited Partners or any other Person. 
 Section 11.04 Substituted Limited
Partners. 
 (a) A transferee of a Limited Partner Interest pursuant to a Transfer consented to by the General Partner pursuant to
Section 11.03(a) may be admitted as a Substituted Limited Partner only with the consent of the General Partner. The failure or refusal by the General Partner to permit a transferee of any such Limited Partner Interests to become a
Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, any such transferee shall not be admitted as a Substituted Limited Partner until and unless it furnishes
to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of this Agreement, including, without limitation, the power of attorney
granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by such Assignee, and (iii) such other documents and instruments as may be required or advisable, as determined by the General
Partner, to effect such Assignee’s admission as a Substituted Limited Partner. 
 (b) A transferee of a Limited Partner Interest who
has been admitted as a Substituted Limited Partner in accordance with this Article XI shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. 

(c) Upon the admission of a Substituted Limited Partner, the General Partner shall cause the Substitute Limited Partner to be registered on
the books and records of the Transfer Agent or Partnership, as applicable, and to make such other changes to such books and records as the General Partner shall determine to be necessary or appropriate. 

  
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 Section 11.05 Assignees. If the General Partner does not consent to the admission of
any transferee of any Limited Partner Interest as a Substituted Limited Partner in connection with a Transfer permitted by the General Partner pursuant to Section 11.03(a), such transferee shall be considered an Assignee for purposes of
this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses and other items
of income, gain, loss, deduction and credit of the Partnership attributable to the Partnership Units assigned to such Assignee and the rights to Transfer the Partnership Units only in accordance with the provisions of this Article XI, but
shall not be deemed to be a Limited Partner or Holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to effect a Redemption or participate in a Consent or vote with respect to such Partnership Units on any
matter presented to the Limited Partners for approval (such right to Consent or vote or effect a Redemption, to the extent provided in this Agreement, shall not be exercisable by any Person, but rather shall be forfeited). In the event that any
Assignee desires to make a further assignment of any such Partnership Units, such Assignee shall be subject to all the provisions of this Article XI to the same extent and in the same manner as any Limited Partner desiring to make an
assignment of Partnership Units. 
 Section 11.06 General Provisions. 

(a) No Limited Partner or Assignee may withdraw from the Partnership other than (i) as a result of a permitted Transfer of such Limited
Partner’s or Assignee’s entire Partnership Interest in accordance with this Article XI, pursuant to which the transferee of such Partnership Interest becomes a Substituted Limited Partner, or (ii) pursuant to a redemption (or
acquisition by the General Partner) of all of its Partnership Units pursuant to a Redemption under Section 8.06 hereof and/or pursuant to any Partnership Unit Designation. 

(b) Any Limited Partner or Assignee who transfers its entire Partnership Interest in a Transfer (i) consented to by the General Partner
or otherwise permitted pursuant to this Article XI where the transferee of such Partnership Interest is admitted as a Substituted Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of all of its
Partnership Units pursuant to a Redemption under Section 8.06 hereof and/or pursuant to any Partnership Unit Designation, or (iii) to the General Partner, whether or not pursuant to Section 8.06(b) hereof, shall cease to
be a Limited Partner at the effective time of such event. 
 (c) Subject to Section 6.04, if any Partnership Unit is Transferred
in compliance with the provisions of this Article XI, or is redeemed by the Partnership, or acquired by the General Partner pursuant to Section 8.06 hereof, on any day other than the first day of a Partnership Year, then Net
Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Partnership Unit for such Partnership Year shall be allocated to the transferor Partner or the Tendering Partner, as the case
may be, and, in the case of a Transfer or assignment other than a Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d) and the corresponding
Regulations, using a permissible method selected by the General Partner. All distributions of Available Cash attributable to such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or
Redemption shall be made to the transferor Partner or the Tendering Partner, as the case may be, and, in the case of a Transfer other than a Redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be
made to the transferee Partner. 

  
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 (d) In no event may any Transfer or assignment of a Partnership Interest by any Partner
(including any Redemption, any acquisition of Partnership Units by the General Partner or any other acquisition of Partnership Units by the Partnership) be made (i) to any Person who lacks the legal right, power or capacity to own a Partnership
Interest; (ii) in violation of applicable law; (iii) that consists of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership
Interest; (iv) in the event that such Transfer would cause the Parent to cease to comply with the REIT Requirements; (v) except with the consent of the General Partner, if such Transfer, in the opinion of counsel to the Partnership or the
General Partner, would create a significant risk that the Partnership would terminate for federal or state income tax purposes; (vi) if such Transfer would, in the opinion of legal counsel to the Partnership, cause the Partnership to cease to
be classified as a partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by the General Partner) of all Partnership Units held by all Limited Partners; (vii) if such Transfer would cause the
Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c));
(viii) without the consent of the General Partner, to any benefit plan investor within the meaning of Department of Labor Regulations Section 2510.3-101(f), as modified by Section 3(42) of ERISA, or as would otherwise cause
participation by benefit plan investors to be “significant” for the purposes of ERISA; (ix) except with the consent of the General Partner, if such Transfer would, in the opinion of legal counsel to the Partnership or the General
Partner, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (x) if such Transfer requires the registration of such
Partnership Interest pursuant to any applicable federal or state securities laws; (xi) except with the consent of the Parent, if such Transfer would, in the opinion of legal counsel to the Partnership or the General Partner, adversely affect
the ability of the Parent to qualify as a REIT or would subject the Parent to any federal income or excise taxes; (xii) except with the consent of the General Partner, if such transfer would be effectuated through an “established
securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Code Section 7704 (provided, that this clause (xii) shall not be the basis for limiting or restricting in any manner
the exercise of a Redemption right unless, and only to the extent that, in the absence of such limitation or restriction, in the opinion of legal counsel to the Partnership, there is a significant risk that the Partnership will be treated as a
“publicly traded partnership” and, by reason thereof, taxable as a corporation for federal income tax purposes); (xiv) if such Transfer causes the Partnership (as opposed to the Parent) to become a reporting company under the Exchange
Act; or (xiv) if such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. 

ARTICLE XII. 
 ADMISSION OF
PARTNERS 
 Section 12.01 Admission of Successor General Partner. A successor to all of the General Partner’s General
Partner Interest pursuant to Section 11.02 who is proposed to be 

  
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admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to such Transfer. Any such successor shall carry on the business
of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other
documents or instruments as may be required to effect the admission. 
 Section 12.02 Admission of Additional Limited Partners.

 (a) After the Effective Date, a Person (other than an existing Partner) who makes a Capital Contribution to the Partnership in accordance
with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all of the terms and
conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.04 hereof, (ii) a counterpart signature page to this Agreement executed by such Person, and (iii) such other documents or
instruments as may be required, as determined by the General Partner, in order to effect such Person’s admission as an Additional Limited Partner and the satisfaction of all the conditions set forth in this Section 12.02. 

(b) Notwithstanding anything to the contrary in this Section 12.02, no Person shall be admitted as an Additional Limited Partner
without the consent of the General Partner. The admission of any Person as an Additional Limited Partner shall become effective on the date reflected in the books and records of the Partnership, following the consent of the General Partner to such
admission. 
 (c) Subject to Section 6.04, if any Additional Limited Partner is admitted to the Partnership on any day other
than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among the Holders for such Partnership Year shall be allocated pro rata among
such Additional Limited Partner and all other Holders by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using a permissible method selected by the General Partner. All
distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Holders other than the Additional Limited Partner, and all distributions of Available Cash thereafter
shall be made to all Holders including such Additional Limited Partner. 
 Section 12.03 Amendment of Certificate. In connection
with the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the books and records of the Partnership and, to the extent the General Partner determines to be
necessary or advisable, to file an amendment to the Certificate to reflect such admission and may for this purpose exercise the power of attorney granted pursuant to Section 2.04. 

Section 12.04 Limit on Number of Partners. Unless otherwise permitted by the General Partner, no Person shall be admitted to the
Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company under the Exchange Act. 

  
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 Section 12.05 Admission. A Person shall be admitted to the Partnership as a Limited
Partner of the Partnership only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as an Additional Limited Partner. Concurrently with, and as evidence of,
the admission of an Additional Limited Partner, the General Partner shall cause the Partnership or the Transfer Agent to amend its books and records to reflect the name, address and number of Partnership Units of such Additional Limited Partner.

 ARTICLE XIII. 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 13.01 Dissolution. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of
the following (each a “Liquidating Event”), and no other event shall cause the dissolution of the Partnership: 
 (a) a
final and nonappealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and nonappealable order for relief is entered by a court with appropriate jurisdiction against the
General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless, prior to the entry of such order or judgment, a Majority in Interest of the Outside Limited Partners agree in writing to
continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a successor General Partner; 

(b) a determination by the General Partner to dissolve the Partnership; 

(c) entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 

(d) the occurrence of a Terminating Capital Transaction; or 

(e) the Incapacity or withdrawal of the General Partner, unless a Majority in Interest of the Outside Limited Partners agree in writing to
continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such Incapacity or withdrawal, of a substitute General Partner. 

Section 13.02 Winding Up. 

(a) Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets and satisfying the claims of its creditors and Partners. After the occurrence of a Liquidating Event, no Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up
of the Partnership’s business and affairs. The General Partner or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or ceased to operate, any Person
elected by a Majority in Interest of the Outside Limited Partners (the General Partner or such other Person being referred to herein as the “Liquidator”) shall be responsible for overseeing the winding up and dissolution of the
Partnership and shall take full account of the Partnership’s liabilities and property, and the Partnership’s property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall
be applied and distributed in the following order: 

  
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 (i) First, to the satisfaction of all of the Partnership’s Debts and liabilities to
creditors other than the Holders (whether by payment or the making of reasonable provision for payment thereof); 
 (ii) Second, to the
satisfaction of all of the Partnership’s Debts and liabilities to the General Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under
Section 7.04 hereof; 
 (iii) Third, to the satisfaction of all of the Partnership’s Debts and liabilities to the Limited
Partners and any Assignees (whether by payment or the making of reasonable provision for payment thereof); and 
 (iv) The balance, if any,
to the Holders in amounts equal to their respective Capital Account balances, after giving effect to all contributions, distributions and allocations for all periods. 

The Liquidator shall not receive any additional compensation for any services performed pursuant to this Article XIII, but shall be
entitled to reimbursement of expenses incurred to fulfill its obligations as the Liquidator. 
 (b) Notwithstanding the provisions of
Section 13.02(a) hereof that require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate
sale of part or all of the Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the
Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.02(a) hereof, undivided interests in such Partnership
assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and shall be subject to such
conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market
value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
 (c) If any Limited Partner has a
deficit balance in its Capital Account (after giving effect to all Capital Contributions, distributions and allocations for all Partnership Years, including the year during which such liquidation occurs) (a “Capital Account
Deficit”), such Limited Partner shall not be required to make any Capital Contribution with respect to such Capital Account Deficit and such Capital Account Deficit shall not be considered a debt owed to the Partnership or any other Person
for any purpose whatsoever. 

  
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 (d)(i) if the General Partner has a Capital Account Deficit upon a liquidation of the
Partnership, the General Partner shall contribute to the capital of the Partnership at such time the amount necessary to restore such Capital Account Deficit balance to zero; (ii) if a DRO Partner has a Capital Account Deficit, such DRO Partner
shall be obligated to make a contribution to the Partnership with respect to such DRO Partner’s Capital Account Deficit balance upon a liquidation of the Partnership or a “liquidation” of such Partner’s Partnership Interest
within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (which term shall include a redemption by the Partnership of such DRO Partner’s Partnership Interest upon exercise of the Redemption right) in an amount equal to the lesser of
(x) such DRO Partner’s Capital Account Deficit balance or (y) such DRO Partner’s DRO Amount; and (iii) the second sentence of Section 13.02(c) shall not apply with respect to any other Partner to the extent, but
only to the extent, that such Partner previously has agreed in writing, with the consent of the General Partner, to undertake an express obligation to restore all or any portion of a deficit that may exist in its Capital Account upon a liquidation
of the Partnership. Solely for purposes of determining a DRO Partner’s Capital Account balance upon a liquidation of such Partner’s Partnership Interest, the General Partner shall redetermine the Gross Asset Value of the Partnership’s
assets on such date based upon the principles set forth in the definition of “Gross Asset Value,” and shall take into account the DRO Partner’s allocable share of any unrealized gain or unrealized loss resulting from such
adjustment in determining the DRO Partner’s Capital Account balance. No Partner shall have any right to become a DRO Partner, to increase its DRO Amount, or otherwise agree to restore any portion of any Capital Account Deficit without the
express written consent of the General Partner. The General Partner shall not have the right to eliminate or decrease any Partner’s DRO Amount without the written consent of such Partner unless otherwise agreed to by such parties. Any
contribution required of a Partner under this Section 13.02(d) shall be made on or before the later of (i) the end of the Partnership Year in which the interest is liquidated or (ii) the ninetieth (90th) day following the
date of such liquidation. The proceeds of any contribution to the Partnership made by a DRO Partner with respect to such DRO Partner’s Capital Account Deficit balance shall be treated as a Capital Contribution by such DRO Partner and the
proceeds thereof shall be treated as assets of the Partnership to be applied as set forth in Section 13.02(a). 
 (e) In furtherance
of Section 13.02(d)(ii), a DRO Partner shall cease to be a DRO Partner six months after the disposition of all of such DRO Partner’s remaining Partnership Units (including upon an exercise of a Redemption right) unless at the time
of, or during the six-month period following, such disposition, there has been any of the following: 
 (i) an entry of a decree or order
for relief in respect of the Partnership by a court having jurisdiction over a substantial part of the Partnership’s assets, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of
the Partnership or of any substantial part of its property, or ordering the winding up or liquidation of the Partnership’s affairs, in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law; or 
 (ii) the commencement against the Partnership of an
involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law; or 

  
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 (iii) the commencement by the Partnership of a voluntary case under the federal bankruptcy laws,
as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the entry of an order for relief in an involuntary case under any such law or the consent by it to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Partnership or of any substantial part of its property, or the making by it of a general assignment for the
benefit of creditors, or the failure of the Partnership generally to pay its debts as such debts become due or the taking of any action in furtherance of any of the foregoing; or 

(iv) the Partnership becoming insolvent. 

Following the passage of the six-month period described in this Section 13.02(e), a DRO Partner shall cease to be a DRO Partner at
the first time, if any, that all of the conditions set forth in (i) through (iv) above are not in existence. 
 (f) In the
discretion of the General Partner or the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Holders pursuant to this Article XIII may be: 

(i) distributed to a trust established for the benefit of the Holders for the purpose of liquidating Partnership assets, collecting amounts
owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership and/or Partnership activities. The assets of any such trust
shall be distributed to the Holders, from time to time, in the reasonable discretion of the Liquidator, in the same proportions and amounts as would otherwise have been distributed to the Holders pursuant to Section 13.02(a); or 

(ii) withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized
portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of priority set forth in Section 13.02(a) hereof as soon
as practicable. 
 Section 13.03 Deemed Distribution and Recontribution. Notwithstanding any other provision of this Article
XIII, in the event that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the Partnership’s Property shall not be liquidated, the Partnership’s
liabilities shall not be paid or discharged and the Partnership’s affairs shall not be wound up. Instead, for federal income tax purposes, the Partnership shall be deemed to have contributed all of its assets and liabilities to a new
partnership in exchange for an interest in the new partnership; and, immediately thereafter, distributed interests in the new partnership to the Partners in accordance with their respective Capital Accounts in liquidation of the Partnership, and the
new partnership is deemed to continue the business of the Partnership. Nothing in this Section 13.03 shall be deemed to convert any Assignee to a Substituted Limited Partner without compliance with the provisions of
Section 11.04 hereof. 

  
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 Section 13.04 Notice of Dissolution. In the event that a Liquidating Event occurs or
an event occurs that would, but for an election or objection by one or more Partners pursuant to Section 13.01 hereof, result in a dissolution of the Partnership, the General Partner shall, within 30 days thereafter, provide written
notice thereof to each of the Partners and, in the General Partner’s discretion or as required by the Act, to all other parties with whom the Partnership regularly conducts business, as the General Partner may determine, or, if required by the
Act, shall, publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined by the General Partner). 

Section 13.05 Cancellation of Certificate of Limited Partnership. Upon the completion of the liquidation of the Partnership’s
cash and property as provided in Section 13.02 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with the State of Delaware, all qualifications of the Partnership as a foreign limited partnership
in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken. 

Section 13.06 Reasonable Time for Winding-Up. A reasonable time shall be allowed for the orderly winding-up of the business and
affairs of the Partnership and the liquidation of its assets pursuant to Section 13.02 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect during
the period of liquidation and until the Partnership’s termination. 
 ARTICLE XIV. 

PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; MEETINGS; 

AMENDMENTS 

Section 14.01 Procedures for Actions and Consents of Partners. Except as otherwise provided in Section 15.15(c), the
actions requiring Consent of Limited Partners pursuant to this Agreement, or otherwise pursuant to applicable law, rule or regulation, are subject to the procedures set forth in this Article XIV. 

Section 14.02 Meetings of the Limited Partners. 

(a) Meetings of the Limited Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a
written request by a Majority in Interest of the Outside Limited Partners. Notice of any such meeting shall be given to all Limited Partners not less than seven days nor more than 90 days prior to the date of such meeting and shall state the nature
of the business to be transacted. Limited Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of Limited Partners is required under this Agreement, such vote or Consent may be given at a meeting of the Limited
Partners or may be given in accordance with the procedure prescribed in Section 14.02(b) hereof. 
 (b) Any action required or
permitted to be taken at a meeting of the Limited Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by Limited Partners holding a majority of the Percentage Interests held by Limited Partners
(or such other percentage as is expressly required by this Agreement for the action in question). Such consent may be in one instrument or in several instruments, and shall have the 

  
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same force and effect as a vote of Limited Partners holding a majority of the Percentage Interests held by Limited Partners (or such other percentage as is expressly required by this Agreement).
Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 

(c) Each Limited Partner may authorize any Person or Persons to act for it by proxy on all matters in which a Limited Partner is entitled to
participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or its attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof
unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Limited Partner executing it, such revocation to be effective upon the General Partner’s
receipt of written notice of such revocation from the Limited Partner executing such proxy. The use of proxies will be governed in the same manner as in the case of corporations organized under the Delaware General Corporation Law (including
Section 212 thereof). 
 (d) Each meeting of the Limited Partners shall be conducted by the General Partner or such other Person as the
General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. Without limitation, meetings of the Limited Partners may be conducted in the same manner as meetings of
the Parent’s stockholders and may be held at the same time as, and as part of, the meetings of the Parent’s stockholders. 
 (e)
On matters on which Limited Partners are entitled to vote, each Limited Partner holding OP Units shall have a vote equal to the number of OP Units held. 

(f) Except as otherwise expressly provided in this Agreement, the Consent of Limited Partners holding a majority of the Percentage Interests
held by Limited Partners shall control all actions and decisions of the Limited Partners. 
 ARTICLE XV. 

GENERAL PROVISIONS 

Section 15.01 Addresses and Notice. Any notice, demand, request or report required or permitted to be given or made to a Holder
under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy, facsimile, electronic
mail or commercial courier service) to the Holder at the address set forth in the books and records of the Partnership or the Transfer Agent or such other address of which the Holder shall notify the General Partner in accordance with this
Section 15.01. 
 Section 15.02 Titles and Captions. All article or section titles or captions in this Agreement are
for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles”
or “Sections” are to Articles and Sections of this Agreement. 

  
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 Section 15.03 Pronouns and Plurals. Whenever the context may require, any pronouns
used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

Section 15.04 Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain
from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 15.05 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.06 Waiver. 

(a) No failure by any party to insist upon the strict performance of any covenant, obligation, agreement or condition of this Agreement or to
exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, obligation, agreement or condition. 

(b) The restrictions, conditions and other limitations on the rights and benefits of the Limited Partners contained in this Agreement, and the
obligations, covenants and other requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be waived or relinquished by the General
Partner on behalf of the Partnership in one or more instances from time to time and at any time. 
 Section 15.07 Counterparts.
This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party
shall become bound by this Agreement immediately upon affixing its signature hereto. 
 Section 15.08 Applicable Law. 

(a) This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the
principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act (i.e., a provision of the Act that may be varied by contract), the provisions of this Agreement shall
control and take precedence. 
 (b) Each Holder (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in
the State of Virginia (collectively, the “Virginia Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with
respect to such dispute, (ii) irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the Virginia Courts, that its
property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of process in any action, suit or proceeding
arising out of or relating to this Agreement or 

  
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the transactions contemplated hereby shall be properly served or delivered if delivered to such Holder at such Holder’s last known address as set forth in the Partnership’s books and
records, and (iv) irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 

Section 15.09 Entire Agreement. This Agreement contains all of the understandings and agreements between and among the Partners
with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding the immediately preceding sentence, the Partners acknowledge and agree that the General
Partner may cause the Partnership to enter into side letters or similar written agreements with a Limited Partner (other than an Affiliate of the General Partner), executed contemporaneously with the admission of such Limited Partner to the
Partnership, varying the terms hereof with respect to such Limited Partner, as negotiated with such Limited Partner and which the General Partner deems necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or
provisions contained in such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 

Section 15.10 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

Section 15.11 Limitation to Preserve REIT Qualification. Notwithstanding anything else in this Agreement, to the extent that the
amount paid, credited, distributed or reimbursed by the Partnership to the Parent or the General Partner or their trustees, officers, directors, managers, members, employees or agents, whether as a reimbursement, fee, expense or indemnity (a
“REIT Payment”), would constitute gross income to the Parent for purposes of Code Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any other provision of this Agreement, the amount of such REIT Payments,
as selected by the General Partner from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that the REIT Payments, as so reduced, for or with respect to the Parent or
the General Partner, shall not exceed the lesser of: 
 (a) an amount equal to the excess, if any, of (a) 4.9% of the Parent’s
total gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(2) over (b) the amount of gross income (within the meaning of
Code Section 856(c)(2)) derived by the Parent from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not including the amount of any REIT Payments); or 

(b) an amount equal to the excess, if any, of (a) 24% of the Parent’s total gross income (but excluding the amount of any REIT
Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (b) the amount of gross income (within the meaning of Code Section 856(c)(3)) derived by the Parent from
sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments); provided, however, that REIT Payments in excess of the amounts set forth in
clauses (i) and (ii) above may be made if the General Partner, as a condition 

  
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precedent, obtains an opinion of tax counsel that the receipt of such excess amounts shall not adversely affect the Parent’s ability to qualify as a REIT. To the extent that REIT Payments
may not be made in a Partnership Year as a consequence of the limitations set forth in this Section 15.11, such REIT Payments shall carry over and shall be treated as arising in the following Partnership Year. The purpose of the
limitations contained in this Section 15.11 is to prevent the Parent from not qualifying as a REIT by reason of the Parent’s share of items, including distributions, payments, reimbursements, fees, expenses or indemnities,
receivable directly or indirectly from the Partnership, and this Section 15.11 shall be interpreted and applied to effectuate such purpose. 

Section 15.12 No Partition. No Partner shall have the right while this Agreement remains in effect to have any Property
partitioned, or to file a complaint or institute any proceeding at law or in equity to have such Property partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the
Partners that the rights of the parties hereto and their successors-in-interest to Property, as among themselves, shall be governed by the terms of this Agreement, and that the rights of the Partners and their successors-in-interest shall be subject
to the limitations and restrictions as set forth in this Agreement. 
 Section 15.13 No Third-Party Rights Created Hereby.
Except as otherwise provided in Section 7.11, the provisions of this Agreement are solely for the purpose of defining the interests of the Partners, inter se; and no other Person that is not a signatory hereto (or a permitted
successor to such signatory hereto) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the
Partnership (other than as expressly set forth herein with respect to Indemnitees) shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or
remedy hereunder or at law or in equity. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or
other third party, nor may any such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners. 

Section 15.14 No Rights as Members of the General Partner Nor as Stockholders of the Parent. Nothing contained in this Agreement
shall be construed as conferring upon the Limited Partners or any Assignees any rights whatsoever as members of the General Partner or as stockholders of the Parent, including without limitation any right to receive dividends or other distributions
made to members of the General Partner or stockholders of the Parent or to vote or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the Parent or any other matter. 

Section 15.15 Amendments to Agreement. 

(a) The General Partner shall not amend this Agreement without the written consent of a Majority in Interest of the Outside Limited Partners;
provided that, the General Partner may amend this Agreement, without the prior consent of any Limited Partners, to the extent that the General Partner determines is necessary or appropriate, in its discretion, to facilitate or implement any of the
following: 

  
 73 

 (i) to add to the obligations of the General Partner or surrender any right or power granted to
the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners; 
 (ii) to reflect the admission,
substitution or withdrawal of Partners or the termination of the Partnership in accordance with this Agreement, and to cause the Partnership or the Transfer Agent to amend its books and records in connection with such admission, substitution or
withdrawal; 
 (iii) to cure or clarify any provision of this Agreement that the General Partner determines to be ambiguous in a manner
that the General Partner determines to be consistent with applicable law and the other provisions of this Agreement; 
 (iv) to reflect a
change that is of an inconsequential nature or does not adversely affect the Limited Partners as such in any material respect, or to correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make
other changes with respect to matters arising under this Agreement that will not be inconsistent with applicable law or with the provisions of this Agreement, in any case, as determined by the General Partner; 

(v) to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or
state agency or contained in federal or state law; 
 (vi) to set forth or amend the designations, preferences, conversion or other rights,
voting powers, restrictions, rights to allocations and distributions, qualifications or terms or conditions of redemption of the holders of any additional Partnership Units issued or established pursuant to this Agreement, including as set forth in
Sections 4.03(b), 5.06, 6.02(b), 6.03(c), 6.04(c); 
 (vii)(a) to reflect such changes as are reasonably
necessary for the Parent to qualify as a REIT or to satisfy the REIT Requirements; or (b) to reflect the Transfer of all or any part of a Partnership Interest among the General Partner, the Parent and any Qualified REIT Subsidiary or any entity
that is disregarded as an entity separate from the Parent for federal income tax purposes; 
 (viii) to modify either or both the manner in
which items of Net Income or Net Loss are allocated pursuant to Article VI or the manner in which Capital Accounts are adjusted, computed or maintained (but only to the extent set forth in the definition of “Capital
Account” or contemplated by the Code or the Regulations); 
 (ix) to issue additional Partnership Interests in accordance with
Section 4.03; 

  
 74 

 (x) to reflect any other modification to this Agreement as is reasonably necessary for the
business or operations of the Partnership or the General Partner and which does not violate Section 15.15(b); 
 (xi) as may be
required to reflect the admission, substitution, termination or withdrawal of Partners or an increase or decrease in a Partner’s DRO Amount in accordance with this Agreement (which may be affected through the replacement of then-current
Exhibit B with an amended Exhibit B); and 
 (xii) for the purposes contemplated by Section 11.03(f). 

The General Partner will provide notice to the Limited Partners subsequent to any action under this Section 15.15(a) taken by the
General Partner. 
 (b) Notwithstanding Section 15.15(a), this Agreement shall not be amended, by the General Partner, without
the consent of each Partner adversely affected thereby, if such amendment or action would (i) convert a Limited Partner Interest in the Partnership into a General Partner Interest (except as a result of the General Partner acquiring such
Partnership Interest), (ii) modify the limited liability of a Limited Partner, (iii) amend or modify the Redemption rights, Cash Amount or Common REIT Shares Amount as set forth in Section 8.06 hereof, or amend or modify any
related definitions, or (iv) amend Section 11.02 or this Section 15.15(b). 
 (c) Any amendments to this
Agreement that require Consent of a Majority in Interest of the Outside Limited Partners may be proposed only by the General Partner. Following such proposal, the General Partner shall submit any proposed amendment to the Limited Partners. The
General Partner shall seek the written consent of the Limited Partners on the proposed amendment or shall call a meeting to vote thereon and to transact any other business that the General Partner may deem appropriate. For purposes of obtaining a
written consent, the General Partner may require a response within a reasonable specified time, but not less than 10 days, and failure to respond in such time period shall constitute a consent that is consistent with the General Partner’s
recommendation with respect to the proposal; provided, however, that an action shall become effective at such time as requisite consents are received even if prior to such specified time. 

[signature page follows] 

  
 75 

 IN WITNESS WHEREOF, this First Amended and Restated Agreement of Limited Partnership has been
executed as of the date first written above. 
  

			
	GENERAL PARTNER:
	
	Gladstone Land Partners, LLC
		
	By:	 	Gladstone Land Corporation, its sole member
		
	By:	 	 /s/ David J. Gladstone

	Name:	 	David J. Gladstone
	Title:	 	Chief Executive Officer
	
	ALL LIMITED PARTNERS LISTED ON THE BOOKS OF THE PARTNERSHIP OR THE TRANSFER AGENT:
		
	By:	 	 /s/ David J. Gladstone

	Name:	 	 David J. Gladstone

	Title:	 	Attorney-in-Fact for the Limited Partners

  
 76 

 Exhibit A 

NOTICE OF REDEMPTION OF OP UNITS 

The undersigned Limited Partner hereby irrevocably (i) tenders for redemption the number of OP Units in Gladstone Land Limited
Partnership (the “Partnership”) set forth below into OP Units in accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs that any Common REIT
Shares and any cash that may be deliverable upon such redemption be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such OP Units, free and clear of the
rights or interests of any other person or entity other than the Partnership; (b) has the full right, power, and authority to cause the redemption of such OP Units as provided herein; and (c) has obtained the consent or approval of all
persons or entities, if any, having the right to consent or approve such redemption. 
  

					
			
	Name of Limited Partner:	 	  
	 	

					
		 	(Print Exact Name as Registered with Partnership)	 	
			
	Number of OP Units to be Redeemed:	 	  
	 	

					
			
	Date of this Notice:	 	  
	 	

			
	
	                                    
                                         
                                         
          
	(Signature of Limited Partner: Sign Exact Name as Registered with Partnership)
		
	                                      
          	 	
	            (Street Address)	 	
		
	                                      
                                  	 	
	(City)            (State)            (Zip Code)	 	

									
					
	Signature Guaranteed by:	 		 		 	  
	 	

					
			
	Issue Check Payable to (if applicable):	 	  
	 	

					
			
	Issue Common REIT Shares to (if applicable):	 	  
	 	

					
			
	Social Security or Identifying Number of:	 	  
	 	

  
 A-1 

 Exhibit B 

DRO PARTNERS AND DRO AMOUNTS 

None 

  
 B-1 

 Exhibit C 

NOTICE OF ELECTION BY PARTNER TO CONVERT 

PROFITS INTEREST LTIP UNITS INTO OP UNITS 

The undersigned LTIP Unitholder hereby irrevocably (i) elects to convert the number of LTIP Units in Gladstone Land Limited Partnership
(the “Partnership”) set forth below into OP Units in accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs that any cash in lieu of OP
Units that may be deliverable upon such conversion to be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such LTIP
Units, free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has obtained the
consent or approval of all persons or entities, if any, having the right to consent or approve such conversion. 
  

	
	Name of LTIP Unitholder:                               
                                         
                                         
                               
	                                      
                                      (Print Exact Name as
Registered with Partnership)
	
	Number of LTIP Units to be
Converted:                                       
                                         
                                         
 
	
	
	
	Date of this
Notice:                                        
    
	
	                                      
                                         
                                         
                    
	(Signature of Limited Partner: Sign Exact Name as Registered with Partnership)
	
	                                      
                                      
	            (Street Address)
	
	                                      
                                      
	(City)            (State)            (Zip Code)
	
	Signature Guaranteed
by:                                        
                                         
                                         
                      
	
	Issue Check Payable to (if
applicable):                                       
                                         
                                         
 
	
	Issue OP Units to (if
applicable):                                       
                                         
                                         
           
	
	Social Security or Identifying Number
of:                                        
                                         
                                     

  
 C-1 

 Exhibit D 

NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION 

OF LTIP UNITS INTO OP UNITS 

Gladstone Land Limited Partnership (the “Partnership”) hereby irrevocably (i) elects to cause the number of LTIP Units
held by the LTIP Unitholder set forth below to be converted into Partnership Units in accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of the Partnership, as amended. 

 

	
	Name of LTIP
Unitholder:                                       
                                         
                                         
                       
	                                      
                                      (Print Exact Name as
Registered with Partnership)
	
	Number of LTIP Units to be
Converted:                                       
                                         
                                         
   
	
	Date of this
Notice:                                        
                

  
 D-1 

 Exhibit E-1 

CERTIFICATION OF NON-FOREIGN STATUS 

(FOR LIMITED PARTNERS THAT ARE ENTITIES) 

Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a disposition by a
non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”), as defined in Section 897(c) of the Code,
and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the disposition. To inform Gladstone Land
Corporation (“Parent”), Gladstone Land Partners, LLC (the “General Partner”), and Gladstone Land Limited Partnership (the “Partnership”), that no withholding is required with respect to the
redemption or conversion by                     (“Partner”) of its Partnership Units in the Partnership, the undersigned
hereby certifies the following on behalf of Partner: 
  

	 	1.	Partner is not a foreign corporation, foreign partnership, foreign trust, or foreign estate, as those terms are defined in the Code and the Treasury regulations thereunder. 

 

	 	2.	Partner is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii). 

  

	 	3.	The U.S. employer identification number of Partner is                     . 

 

	 	4.	The principal business address of Partner is:                     ,
                    , and Partner’s place of incorporation is:
                    . 

  

	 	5.	Partner agrees to inform Parent and General Partner if it becomes a foreign person at any time during the three-year period immediately following the date of this notice. 

 

	 	6.	Partner understands that this certification may be disclosed to the Internal Revenue Service by Parent or General Partner and that any false statement contained herein could be punished by fine, imprisonment, or both.

 Under penalties of perjury, I declare that I have examined this certification and, to the best of my knowledge and belief, it is true,
correct, and complete, and I further declare that I have authority to sign this document on behalf of Partner. 
  

	
	PARTNER:
	
	                                     
                                         
         
	
	By:                                     
                                         
   
	
	Name:                                     
                                       
	
	Title:                                    
                                         
 
	
	Date:                                     
                                         

  
 E-1 

 Exhibit E-2 

CERTIFICATION OF NON-FOREIGN STATUS 

(FOR LIMITED PARTNERS THAT ARE INDIVIDUALS) 

Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a disposition by a
non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”), as defined in Section 897(c) of the Code,
and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the disposition. To inform Gladstone Land
Corporation (“Parent”), Gladstone Land Partners, LLC (the “General Partner”), and Gladstone Land Limited Partnership (the “Partnership”) that no withholding is required with respect to my redemption
or conversion of my Partnership Units in the Partnership, I,                     , hereby certify the following: 

 

	 	1.	I am not a nonresident alien for purposes of U.S. income taxation. 

  

	 	2.	My U.S. taxpayer identification number (social security number) is                     . 

 

	 	3.	My home address is:
                                         
                                         
              . 

  

	 	4.	I agree to inform Parent and General Partner promptly if I become a nonresident alien at any time during the three-year period immediately following the date of this notice. 

 

	 	5.	I understand that this certification may be disclosed to the Internal Revenue Service by Parent or General Partner and that any false statement contained herein could be punished by fine, imprisonment, or both.

 Under penalties of perjury, I declare that I have examined this certification and, to the best of my knowledge and belief, it is true,
correct, and complete. 
  

	
	  

	
	Name:                                     
           
	
	Date:                                     
           

  
 E-2EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

£340,000,000 
 $1,050,000,000

 364-DAY BRIDGE CREDIT AGREEMENT 

Dated as of October 13, 2014 

among 
 SOLAR US PARENT CO., 

as Borrower, 
 STERIS CORPORATION,

 as a Guarantor, 
 VARIOUS
FINANCIAL INSTITUTIONS, 
 as Lenders, 

and 
 BANK OF AMERICA, N.A. 

as Administrative Agent 
  

 
 JPMORGAN CHASE
BANK, N.A., 
 as Syndication Agent 

KEYBANK NATIONAL ASSOCIATION, 
 as
Documentation Agent 
  
  

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

J.P. MORGAN SECURITIES LLC 
 and

 KEYBANC CAPITAL MARKETS INC. 

as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
			
	 SECTION 1.01
	  	 Certain Defined Terms
	  	 	1	  
			
	 SECTION 1.02
	  	 Computation of Time Periods
	  	 	27	  
			
	 SECTION 1.03
	  	 Accounting Terms
	  	 	28	  
			
	 SECTION 1.04
	  	 Terms Generally
	  	 	28	  
			
	 SECTION 1.05
	  	 Currency Translations
	  	 	29	  
		
	 ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES
	  	 	29	  
			
	 SECTION 2.01
	  	 The Advances
	  	 	29	  
			
	 SECTION 2.02
	  	 Making the Advances
	  	 	30	  
			
	 SECTION 2.03
	  	 Supplemental Advances
	  	 	31	  
			
	 SECTION 2.04
	  	 Fees
	  	 	32	  
			
	 SECTION 2.05
	  	 Termination or Reduction of the Commitments
	  	 	33	  
			
	 SECTION 2.06
	  	 Repayment of Advances
	  	 	36	  
			
	 SECTION 2.07
	  	 Interest on Advances
	  	 	36	  
			
	 SECTION 2.08
	  	 Interest Rate Determination
	  	 	37	  
			
	 SECTION 2.09
	  	 Optional Conversion of Advances
	  	 	38	  
			
	 SECTION 2.10
	  	 Optional Prepayments of Advances
	  	 	39	  
			
	 SECTION 2.11
	  	 Increased Costs
	  	 	39	  
			
	 SECTION 2.12
	  	 Illegality
	  	 	40	  
			
	 SECTION 2.13
	  	 Payments and Computations
	  	 	41	  
			
	 SECTION 2.14
	  	 Taxes
	  	 	42	  
			
	 SECTION 2.15
	  	 Sharing of Payments, Etc.
	  	 	46	  
			
	 SECTION 2.16
	  	 Use of Proceeds
	  	 	46	  
			
	 SECTION 2.17
	  	 Evidence of Debt
	  	 	46	  
			
	 SECTION 2.18
	  	 [Reserved].
	  	 	47	  
			
	 SECTION 2.19
	  	 Defaulting Lenders
	  	 	47	  
			
	 SECTION 2.20
	  	 Mitigation
	  	 	48	  
			
	 SECTION 2.21
	  	 VAT
	  	 	49	  

  
 i 

							
	 ARTICLE III CONDITIONS TO EFFECTIVENESS AND LENDING
	  	 	50	  
			
	 SECTION 3.01
	  	 Conditions Precedent to Effective Date
	  	 	50	  
			
	 SECTION 3.02
	  	 Conditions Precedent to Closing Date
	  	 	51	  
			
	 SECTION 3.03
	  	 [Reserved.]
	  	 	54	  
			
	 SECTION 3.04
	  	 Actions by Lenders During the Certain Funds Period
	  	 	54	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	55	  
			
	 SECTION 4.01
	  	 Representations and Warranties
	  	 	55	  
		
	 ARTICLE V COVENANTS
	  	 	60	  
			
	 SECTION 5.01
	  	 Affirmative Covenants
	  	 	60	  
			
	 SECTION 5.02
	  	 Negative Covenants
	  	 	67	  
			
	 SECTION 5.03
	  	 Financial Covenants
	  	 	71	  
			
	 SECTION 5.04
	  	 Limitations on Activities of Certain Entities During the Certain Funds Period and Prior to the Closing Date
	  	 	72	  
		
	 ARTICLE VI EVENTS OF DEFAULT
	  	 	72	  
			
	 SECTION 6.01
	  	 Events of Default
	  	 	72	  
		
	 ARTICLE VII THE AGENTS
	  	 	75	  
			
	 SECTION 7.01
	  	 Authorization and Action
	  	 	75	  
			
	 SECTION 7.02
	  	 Administrative Agent Individually
	  	 	75	  
			
	 SECTION 7.03
	  	 Duties of Administrative Agent; Exculpatory Provisions
	  	 	75	  
			
	 SECTION 7.04
	  	 Reliance by Administrative Agent
	  	 	76	  
			
	 SECTION 7.05
	  	 Delegation of Duties
	  	 	76	  
			
	 SECTION 7.06
	  	 Resignation of Administrative Agent
	  	 	77	  
			
	 SECTION 7.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	78	  
			
	 SECTION 7.08
	  	 [Reserved.]
	  	 	78	  
			
	 SECTION 7.09
	  	 Other Agents
	  	 	78	  
		
	 ARTICLE VIII GUARANTY
	  	 	78	  
			
	 SECTION 8.01
	  	 Guaranty
	  	 	78	  
			
	 SECTION 8.02
	  	 No Termination
	  	 	79	  
			
	 SECTION 8.03
	  	 Waiver by the Guarantors
	  	 	79	  
			
	 SECTION 8.04
	  	 Subrogation
	  	 	79	  
			
	 SECTION 8.05
	  	 Waiver of Defenses
	  	 	79	  
			
	 SECTION 8.06
	  	 Exhaustion of Other Remedies Not Required
	  	 	80	  

  
 -ii- 

							
	 SECTION 8.07
	  	 Stay of Acceleration
	  	 	80	  
			
	 SECTION 8.08
	  	 Release of Guarantees.
	  	 	80	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	81	  
			
	 SECTION 9.01
	  	 Amendments, Etc.
	  	 	81	  
			
	 SECTION 9.02
	  	 Notices, Etc.
	  	 	82	  
			
	 SECTION 9.03
	  	 No Waiver; Remedies
	  	 	84	  
			
	 SECTION 9.04
	  	 Costs and Expenses
	  	 	84	  
			
	 SECTION 9.05
	  	 Right of Setoff
	  	 	86	  
			
	 SECTION 9.06
	  	 Binding Effect
	  	 	87	  
			
	 SECTION 9.07
	  	 Assignments and Participations
	  	 	87	  
			
	 SECTION 9.08
	  	 Confidentiality
	  	 	91	  
			
	 SECTION 9.09
	  	 Debt Syndication during the Certain Funds Period
	  	 	92	  
			
	 SECTION 9.10
	  	 Governing Law
	  	 	92	  
			
	 SECTION 9.11
	  	 Execution in Counterparts
	  	 	92	  
			
	 SECTION 9.12
	  	 Jurisdiction, Etc.
	  	 	93	  
			
	 SECTION 9.13
	  	 Patriot Act Notice
	  	 	93	  
			
	 SECTION 9.14
	  	 No Advisory or Fiduciary Responsibility
	  	 	93	  
			
	 SECTION 9.15
	  	 Waiver of Jury Trial
	  	 	94	  
			
	 SECTION 9.16
	  	 Conversion of Currencies
	  	 	94	  

 SCHEDULES 
  

					
	Schedule I	  	–	 	Commitments
	Schedule II	  	–	 	Administrative Agent’s Office; Certain Addresses for Notices
	Schedule 4.01(f)	  	–	 	Legal Proceedings
	Schedule 5.01(i)	  	–	 	Affiliate Transactions
	Schedule 5.02(a)	  	–	 	Liens
	Schedule 5.02(e)	  	–	 	Subsidiary Indebtedness
			
	EXHIBITS	  		 	
			
	Exhibit A	  	–	 	Form of Notice of Borrowing
	Exhibit B	  	–	 	Form of Assignment and Acceptance
	Exhibit C-1	  	–	 	Form of Tax Compliance Certificate
	Exhibit C-2	  	–	 	Form of Tax Compliance Certificate
	Exhibit C-3	  	–	 	Form of Tax Compliance Certificate
	Exhibit C-4	  	–	 	Form of Tax Compliance Certificate

  
 -iii- 

 364-DAY BRIDGE CREDIT AGREEMENT 

This 364-Day Bridge Credit Agreement (this “Agreement”) dated as of October 13, 2014 is among Solar US Parent Co., a Delaware
corporation (the “Borrower”), as the borrower, STERIS CORPORATION, an Ohio corporation (“STERIS”), as a Guarantor, the other Guarantors (as defined below) that are parties hereto from time to time, the Lenders (as
defined below) that are parties hereto, and Bank of America, N.A., as administrative agent (together with any successor thereto appointed pursuant to Article VII, and including any applicable designated Affiliate, the “Administrative
Agent”) for the Lenders. 
 RECITALS 

WHEREAS, Solar New HoldCo Limited, a newly formed private limited company organized under the laws of England and Wales, which is intended to be reregistered
as a public limited company (“New HoldCo”), intends to directly or indirectly acquire (the “Acquisitions”) pursuant to the Offer Documents or Scheme Documents, as applicable (each as defined below) (a) all of
the outstanding shares of Synergy (as defined below) which are subject to the Scheme or Takeover Offer (as the case may be) for consideration in cash (the “Cash Consideration”) and newly issued ordinary shares of New HoldCo, which
acquisition will be effected pursuant to a Scheme or a Takeover Offer (each, as defined below) (the “Synergy Acquisition”) and (b) all of the outstanding capital stock of STERIS for consideration consisting of newly issued
ordinary shares of New HoldCo, which acquisition will be effected pursuant to a merger of a newly created indirect Subsidiary of New HoldCo organized under the laws of Delaware (“Company Merger Sub”) with and into STERIS with STERIS
as the surviving company (the “Company Merger”). 
 IN CONSIDERATION THEREOF the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS
AND ACCOUNTING TERMS 
 SECTION 1.01 Certain Defined Terms. 

As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined): 
 “Acceptance Condition” means, in respect of a Takeover Offer, the condition to the Takeover Offer
relating to the number of acceptances of the Takeover Offer which must be secured to declare the Takeover Offer unconditional as to acceptances (as set out in the Offer Press Announcement), being acceptances in respect of such number of Synergy
Shares to which the Takeover Offer relates that, when aggregated with all Synergy Shares to which the Takeover Offer relates (excluding shares held in treasury) directly or indirectly acquired by New HoldCo, represent at least 90% of the Synergy
Shares to which the Takeover Offer relates (excluding any shares held in treasury). “Shares to which the Takeover Offer relates” shall be construed in accordance with Chapter 3 of Part 28 of the Companies Act 2006. 

“Acquisitions” means the Synergy Acquisition and the Company Merger. 

 “Administrative Agent” has the meaning specified in the recital of parties to
this Agreement. 
 “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate,
account as set forth on Schedule II, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

“Administrative Questionnaire” means an administrative questionnaire in the form supplied by the Administrative Agent. 

“Advance” means a Tranche 1 Advance or a Tranche 2 Advance, as appropriate. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or
is under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms “controlling,” “controlled by” and “under common control
with”) of a Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise. 

“Agent Parties” has the meaning set forth in Section 9.02(c). 

“Agents” means, collectively, the Administrative Agent, the Joint Lead Arrangers, the Syndication Agent and each
Documentation Agent. 
 “Agreement” has the meaning set forth in the introduction hereto. 

“Agreement Currency” has the meaning set forth in Section 9.16. 

“Agreement Value” means, with respect to any Hedge Agreement at any date of determination, the amount, if any, that would be
payable to any counterparty thereunder in respect of the “agreement value” under such Hedge Agreement if such Hedge Agreement were terminated on such date, calculated as provided in the International Swap Dealers Association, Inc. Code of
Standard Wording, Assumptions and Provisions for Swaps, 1986 Edition. 
 “Anti-Corruption Laws” has the meaning set forth
in Section 4.01(s). 
 “Applicable Creditor” has the meaning set forth in Section 9.16. 

“Applicable Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Applicable
Lending Office” or similar concept in its Administrative Questionnaire or in the Assignment and Acceptance pursuant to which it became a Lender, or such other office, branch, Subsidiary or affiliate of such Lender as such Lender may from time
to time specify to the Borrower and the Administrative Agent. 
 “Applicable Margin” means, as of any date, a percentage
per annum equal to the percentage set forth opposite the period following the Closing Date in which such date occurs as set forth below: 

  
 -2- 

									
	DATE	 	Applicable Margin for
Eurocurrency Rate
Advances	 	 	Applicable Margin for
Base Rate Advances	 
			
	 Prior to the 90th day after the Closing Date
	 	 	1.50	% 	 	 	0.50	% 
			
	 On or after the 90th day after the Closing Date, but prior to the 180th day after the Closing Date
	 	 	1.75	% 	 	 	0.75	% 
			
	 On or after the 180th day after the Closing Date, but prior to the 270th day after the Closing Date
	 	 	2.00	% 	 	 	1.00	% 
			
	 On or after the 270th day after the Closing Date, but prior to the 365th day after the Closing Date
	 	 	2.25	% 	 	 	1.25	% 

 “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and
an assignee, and accepted by the Administrative Agent, in substantially the form of Exhibit B hereto. 
 “Bank of America”
means Bank of America, N.A. and its successors. 
 “Base Rate” means for any day a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurocurrency Rate for a
one-month Interest Period plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public
announcement of such change. 
 “Base Rate Advance” means an Advance denominated in Dollars that bears interest as provided
in Section 2.07(a)(i). 
 “Borrowed Debt” means any Debt for money borrowed, including loans, hybrid securities, debt
convertible into Equity Interests and any Debt represented by notes, bonds, debentures or other similar evidences of Debt for money borrowed. 

“Borrower” has the meaning set forth in the recitals of this Agreement. 

“Borrower Materials” has the meaning specified in the penultimate paragraph of Section 5.01(m). 

  
 -3- 

 “Borrowing” means a borrowing consisting of simultaneous Advances of the same
Type and Class made by each of the Lenders to the Borrower pursuant to Section 2.01. 
 “Borrowing Minimum” means with
respect to Tranche 1 Advances £50,000,000 and with respect to Tranche 2 Advances $50,000,000. 
 “Borrowing Multiple”
means with respect to Tranche 1 Advances £5,000,000 and with respect to Tranche 2 Advances $5,000,000. 
 “Bridge
Facility” means the Commitments and any Advances made thereunder. 
 “Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office with respect to obligations denominated in Dollars is located and if
such day relates to any interest rate settings as to a Eurocurrency Rate Advance denominated in Dollars or Sterling, any fundings, disbursements, settlements and payments in Dollars or Sterling in respect of any such Eurocurrency Rate Advance, or
any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Advance, means any such day that is also a Business Day. 

“Cash Consideration” has the meaning set forth in the recitals hereto. 

“Cash Equivalents” means (a) marketable direct obligations with maturities of one year or less from the date of
acquisition, issued by or fully guaranteed or insured by (i) the United States Government or any agency or instrumentality thereof or (ii) any member state of the European Union; (b) marketable general obligations issued or fully
guaranteed by any state, commonwealth or territory of the United States of America or any political subdivision, agency or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof or any other foreign
government or any agency or instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, which are rated at least A- by S&P or A-1 by Moody’s; (c) marketable direct obligations
with maturities of one year or less from the date of acquisition, issued by an issuer rated at least A-/A-1 by S&P or A3/P-1 by Moody’s; or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named
rating agencies cease publishing ratings of investments, and, in either case, maturing within one year from the date of acquisition; (d) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits, notes, debt
securities, bankers’ acceptances and repurchase agreements, in each case having maturities of one year or less from the date of acquisition, issued, and money market deposit accounts issued or offered, by any Lender or by any commercial bank
organized under the laws of the United States of America or any state thereof or foreign commercial bank of recognized standing having combined capital and surplus of not less than $100,000,000 or any bank (or the parent company of any such bank)
whose short-term commercial paper rating from S&P is at least A-1 or from Moody’s is at least P-2 or an equivalent rating from another rating agency; (e) commercial paper of an issuer rated at least A-1 by S&P or P-1 by
Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of investments, and, in either case, maturing within one year from the date of acquisition;
(f) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (d) of this 

  
 -4- 

 
definition, having a term of not more than 30 days, with respect to notes or other securities described in clause (a) of this definition; (g) any notes or other debt securities or
instruments issued by any Person, (i) the payment and performance of which is premised upon (A) securities issued by any state, commonwealth or territory of the United States of America or any political subdivision or taxing authority of
such state, commonwealth or territory or any public instrumentality or agency thereof or any foreign government or (B) loans originated or acquired by any other Person pursuant to a plan or program established by any Governmental Authority that
requires the payment of not less than 95% of the outstanding principal amount of such loans to be guaranteed by (1) a specified Governmental Authority or (2) any other Person (provided that all or substantially all of such guarantee
payments made by such Person are contractually required to be reimbursed by any other Governmental Authority), (ii) that are rated at least AAA by S&P and Aaa by Moody’s and (iii) which are disposed of by the Reporting Entity or
any member of the Consolidated Group within one year after the date of acquisition thereof; (h) shares of money market, mutual or similar funds that (i) invest in assets satisfying the requirements of clauses (a) through (g) (or
any of such clauses) of this definition, and (ii) have portfolio assets of at least $1,000,000,000; (i) any other investment which constitutes a “cash equivalent” under GAAP as in effect from time to time; and (j) any other
notes, securities or other instruments or deposit-based products consented to in writing by the Administrative Agent. 

“CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the
U.S. Environmental Protection Agency. 
 “Certain Funds Default” means an Event of Default arising from any of the
following (other than in respect of Synergy and its Subsidiaries (the “Synergy Group”)): 
 (a) Section 6.01(a); 

(b) Section 6.01(b) as it relates to a Certain Funds Representation; 

(c) Section 6.01(c) as it relates to the failure to perform any of the following covenants: (i) Sections 5.01(d)(i) or
(k) (other than paragraph (x) thereof), (ii) Sections 5.02(a), (b), (d), (e) or (f) (but only with respect to STERIS), and (iii) Section 5.04; 

(d) Section 6.01(e) in relation to the Borrower or STERIS, but excluding, in relation to involuntary proceedings, any Event of Default
caused by a frivolous or vexatious (and in either case, lacking in merit) action, proceeding or petition in respect of which no order or decree in respect of such involuntary proceeding shall have been entered; or 

(e) Section 6.01(i). 

“Certain Funds Period” means the period commencing on the Effective Date and ending on the date on which a Mandatory
Cancellation Event occurs or exists, for the avoidance of doubt, on such date but immediately after the relevant Mandatory Cancellation Event occurs or first exists. 

“Certain Funds Purposes” means: 

  
 -5- 

 (a) where the Synergy Acquisition proceeds by way of a Scheme: 

(i) payment (directly or indirectly) of the cash price payable by New HoldCo to the holders of the Scheme Shares in consideration of such
Scheme Shares being acquired by New HoldCo; 
 (ii) financing (directly or indirectly) the cash consideration payable to holders of options
or awards to acquire Synergy Shares pursuant to any proposal in respect of such options or awards pursuant to the City Code; 
 (iii)
financing (directly or indirectly) the fees, costs and expenses in respect of the Transactions; and 
 (iv) repayment of Existing STERIS
Indebtedness and Existing Synergy Indebtedness; or 
 (b) where the Synergy Acquisition proceeds by way of a Takeover Offer: 

(i) payment (directly or indirectly) of all or part of the cash price payable by New HoldCo to the holders of the Synergy Shares subject to the
Takeover Offer in consideration of the acquisition of such Synergy Shares pursuant to the Takeover Offer; 
 (ii) payment (directly or
indirectly) of the cash consideration payable to the holders of Synergy Shares pursuant to the operation by the Borrower of the procedures contained in sections 979 and 983 of the UK Companies Act; 

(iii) financing (directly or indirectly) the consideration payable to holders of options to acquire Synergy Shares pursuant to any proposal in
respect of those options as required by the City Code; 
 (iv) financing (directly or indirectly) the fees, costs and expenses in respect of
the Transactions; 
 (v) repayment of Existing STERIS Indebtedness and Existing Synergy Indebtedness. 

“Certain Funds Representations” means, with respect to the Borrower and entities that are required to be Guarantors on the
Closing Date, each of the following: (1) Sections 4.01(a), (b)(i), (b)(ii), (b)(iii)(A) and b(iii)(B) (but only with respect to contravention of law); (2) Section 4.01(c) (but only as it relates to receipt of required governmental
authority or regulatory body approvals as of the Closing Date) and Section 4.01(d); (3) Section 4.01(g); (4) Section 4.01(o); (5) Section 4.01(q); (6) Sections 4.01(r) and 4.01(s) (but only with respect to
compliance of use of proceeds with OFAC, FCPA and the USA Patriot Act) and (7) Section 4.01(t), (u) and (v) (but only to the extent they relate to the then current actual method of the Synergy Acquisition and subject to any
waiver or requirement of the Panel). 
 “City Code” means the City Code on Takeovers and Mergers. 

  
 -6- 

 “Class” when used in reference to any Advance or Borrowing, refers to whether
such Advance, or the Advances comprising such Borrowing, are Tranche 1 Advances or Tranche 2 Advances. When used in reference to any Commitment, “Class” refers to whether such Commitment is a Tranche 1 Commitment or a Tranche 2 Commitment.

 “Clean-up Date” has the meaning set forth in Section 6.01(i). 

“Closing Date” means the date on which each of the conditions set forth in Section 3.02 have been satisfied (or waived
in accordance with Section 9.01). 
 “Commitment” means the Tranche 1 Commitments and the Tranche 2 Commitments. 

“Commitment Fee Payment Date” means the date that is the earlier of (x) the date that is 90 days after the Effective
Date and (y) the Closing Date. 
 “Commitment Termination Date” means the earlier of (a) the date on which a
Mandatory Cancellation Event occurs or exists, for the avoidance of doubt, on such date but immediately after the relevant Mandatory Cancellation Event occurs or first exists and (b) the date on which the applicable Class of Commitments is
terminated in full in accordance with Section 2.05 or Section 6.01. 
 “Company Merger” has the meaning set forth
in the recitals hereto. 
 “Company Merger Sub” has the meaning set forth in the recitals hereto. 

“Consolidated” refers to the consolidation of accounts in accordance with GAAP. 

“Consolidated EBITDA” means, for any fiscal period, the Consolidated net income of the Consolidated Group for such period
determined in accordance with GAAP plus the following, to the extent deducted in calculating such Consolidated net income: (a) Consolidated Interest Expense, (b) the provision for Federal, state, local and foreign taxes based on
income, profits, revenue, business activities, capital or similar measures payable by the Reporting Entity and its Subsidiaries in each case, as set forth on the financial statements of the Consolidated Group, (c) depreciation and amortization
expense, (d) any extraordinary or unusual charges, expenses or losses, (e) net after-tax losses (including all fees and expenses or charges relating thereto) on sales of assets outside of the ordinary course of business and net after-tax
losses from discontinued operations, (f) any net after-tax losses (including all fees and expenses or charges relating thereto) on the retirement of debt, (g) any other nonrecurring or non-cash charges, expenses or losses (including
charges, fees and expenses incurred in connection with the Transactions) (h) minority interest expense, and (i) non-cash stock option expenses, non-cash equity-based compensation and/or non-cash expenses related to stock-based
compensation, and minus, to the extent included in calculating such Consolidated net income for such period, the sum of (i) any extraordinary or unusual income or gains, (ii) net after-tax gains (less all fees and expenses or
charges relating thereto) on the sales of assets outside of the ordinary course of business and net after-tax gains from discontinued operations (without duplication of any amounts added back in clause (b) of this definition), (iii) any
net after-tax gains (less all fees and expenses or charges relating thereto) on the retirement of debt, (iv) any other nonrecurring or non-cash income and (v) minority inter-

  
 -7- 

 
est income, all as determined on a Consolidated basis. Consolidated EBITDA will be calculated on a pro forma basis as if the Transactions and any related incurrence or repayment of Debt by the
Reporting Entity or any of its Subsidiaries had occurred on the first day of the relevant period, but shall not take into account any cost savings projected to be realized as a result of such acquisition or disposition other than cost savings
permitted to be included under Regulation S-X of the Securities and Exchange Commission. In addition, in the event that the Reporting Entity or any of its Subsidiaries acquired or disposed of any Person, business unit or line of business or made any
investment during the relevant period, Consolidated EBITDA will be determined giving pro forma effect to such acquisition, disposition or investment as if such acquisition, disposition or investment and any related incurrence or repayment of Debt
had occurred on the first day of the relevant period, but shall not take into account any cost savings projected to be realized as a result of such acquisition or disposition other than cost savings permitted to be included under Regulation S-X of
the Securities and Exchange Commission. 
 “Consolidated Group” means the Reporting Entity and its Subsidiaries. 

“Consolidated Interest Expense” means, for any fiscal period, the total interest expense of the Consolidated Group on a
Consolidated basis determined in accordance with GAAP, including the imputed interest component of capitalized lease obligations during such period, and all commissions, discounts and other fees and charges owed with respect to letters of credit, if
any, and net costs under Hedge Agreements relating to interest rates; provided that if Reporting Entity or any of its Subsidiaries acquired or disposed of any Person or line of business during the relevant period (including for the avoidance
of doubt the Transactions and the Acquisitions), Consolidated Interest Expense will be determined giving pro forma effect to any incurrence or repayment of Debt related to such acquisition or disposition as if such incurrence or repayment of Debt
had occurred on the first day of the relevant period. 
 “Consolidated Total Assets” means, as of any date of
determination, the net book value of all assets at such date that would appear on a Consolidated balance sheet of the Reporting Entity that is prepared in accordance with GAAP. 

“Consolidated Total Debt” means, as of any date of determination, the aggregate amount of Borrowed Debt of the Consolidated
Group determined on a Consolidated basis as of such date. 
 “Continuing Director” means, for any period, an individual who
is a member of the board of directors of the Reporting Entity on the first day of such period or whose election to the board of directors of the Reporting Entity is approved by a majority of the other Continuing Directors. 

“Conversion,” “Convert,” or “Converted” each refers to a conversion of Advances of one Type
into Advances of the other Type pursuant to Section 2.08 or Section 2.09. 
 “Court” means the High Court of
Justice in England and Wales. 
 “Court Meeting” means the meeting or meetings of Scheme Shareholders (or any adjournment
thereof) to be convened by order of the Court under section 896(1) of the UK Companies Act for the purposes of considering and, if thought fit, approving the Scheme. 

  
 -8- 

 “Court Order” means the court order sanctioning the Scheme under section 899(1)
of the UK Companies Act. 
 “Debt” of any Person means, without duplication, (a) all indebtedness of such Person for
borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person
evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even
though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations of such Person as lessee under leases that have been or should be, in
accordance with GAAP, recorded as capital leases, (f) all obligations, contingent or otherwise, of such Person in respect of acceptances, letters of credit or similar extensions of credit, (g) all obligations of such Person in respect of
Hedge Agreements, (h) all Debt of others referred to in clauses (a) through (g) above or clause (i) below directly guaranteed in any manner by such Person, or the payment of which is otherwise provided for by such Person, and
(i) all Debt referred to in clauses (a) through (h) above secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts
and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Debt. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement specified
in Article VI that notice be given or time elapse or both. 
 “Default Interest” has the meaning specified in
Section 2.07(b). 
 “Defaulting Lender” means, subject to Section 2.19(b), any Lender that (a) has failed to
(i) fund all or any portion of its Advances within two Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result
of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or
(ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does
not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund an Advance hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
(c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative 

  
 -9- 

 
Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of (A) the ownership or acquisition
of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority or (B) in the case of a solvent Person, the precautionary appointment of an administrator, guardian or custodian or similar
official by a Governmental Authority under or based on the law of the country where such Person is organized if the applicable law of such jurisdiction requires that such appointment not be publicly disclosed, in any such case, where such ownership
or action, as applicable, does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding as to such Lender absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.19(b)) upon delivery of written notice of such
determination to the Borrower and each Lender. 
 “Disinterested Director” means, with respect to any Person and
transaction, a member of the board of directors of such Person who does not have any material direct or indirect financial interest in or with respect to such transaction. 

“Disposition” has the meaning specified in Section 3.02(f). 

“Documentation Agent” means KeyBank National Association. 

“Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

“Dollar Equivalent” means, on any date, with respect to any amount in any currency other than Dollars, the equivalent in
Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05 using the Spot Rate with respect to such currency at the time in effect pursuant to the provisions of such Section 1.05. 

“Dollars” and the “$” sign each means lawful currency of the United States. 

“Effective Date” means the date the conditions set forth in Section 3.01 are satisfied (or waived in accordance with
Section 9.01). 
 “Embargoed Person” means (a) any country or territory that is the target of a sanctions program
administered by OFAC or (b) any Person that (i) is or is owned or controlled by a Person publicly identified on the most current list of “Specially Designated Nationals and Blocked 

  
 -10- 

 
Persons” published by OFAC, (ii) is the target of a sanctions program or sanctions list (A) administered by OFAC, the European Union or Her Majesty’s Treasury, or
(B) under the International Emergency Economic Powers Act, the Trading with the Enemy Act, the Iran Sanctions Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act, and the Iran Threat Reduction and Syria Human Rights Act,
each as amended, section 1245 of the National Defense Authorization Act for Fiscal Year 2012 or any Executive Order promulgated pursuant to any of the foregoing (collectively (A) and (B) referred to as “Sanctions”) or
(iii) resides, is organized or chartered, or has a place of business in a country or territory that is the subject of a Sanctions program administered by OFAC that prohibits dealing with the government of such country or territory (unless such
Person has an appropriate license to transact business in such country or territory or otherwise is permitted to reside, be organized or chartered or maintain a place of business in such country or territory without violating any Sanctions). 

“Environmental Action” means any action, suit, demand, demand letter, claim, notice of noncompliance or violation, notice of
liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or arising from alleged injury or threat of injury to health,
safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory authority
or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
 “Environmental
Law” means any federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment,
health, safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 

“Environmental Permit” means any permit, approval, identification number, license or other authorization required under any
Environmental Law. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a
limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated)
that is a member of the Borrower’s controlled group, or under common control with the Borrower, within the meaning of Section 414 of the Internal Revenue Code. 

“ERISA Event” means: 

(a) (i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan unless
the 30-day notice requirement with re-

  
 -11- 

 
spect to such event has been waived by the PBGC, or (ii) the requirements of subsection (1) of Section 4043(b) of ERISA (without regard to subsection (2) of such Section) are
being met with a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with
respect to such Plan within the following 30 days; 
 (b) the application for a minimum funding waiver with respect to a
Plan; 
 (c) the provision by the administrator of any Plan of a notice of intent to terminate such Plan pursuant to
Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); 

(d) the cessation of operations at a facility of the Borrower or any ERISA Affiliate in the circumstances described in
Section 4062(e) of ERISA; 
 (e) the withdrawal by the Borrower or any ERISA Affiliate from a Multiple Employer Plan
during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; 
 (f) the
conditions for the imposition of a lien under Section 303(k) of ERISA shall have been met with respect to any Plan; or 

(g) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of
any event or condition described in Section 4042 of ERISA that could constitute grounds for the termination of, or the appointment of a trustee to administer, a Plan. 

“Escrow Account” means any account established for the purpose of depositing funds prior to their being applied towards
Certain Funds Purposes. 
 “Eurocurrency Base Rate” has the meaning specified in the definition of Eurocurrency Rate and if
the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 
 “Eurocurrency
Liabilities” has the meaning specified in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

  
 -12- 

 “Eurocurrency Rate” means for any Interest Period with respect to a Eurocurrency
Rate Advance, or a Base Rate Advance the interest rate on which is determined by reference to the Eurocurrency Rate component of the Base Rate, a rate per annum determined by the Administrative Agent pursuant to the following formula: 

 

			
	Eurocurrency Rate =	  	 Eurocurrency Base Rate

	  	1.00 – Eurocurrency Reserve Percentage

 Where, 

“Eurocurrency Base Rate” means: 

(a) for any Interest Period with respect to a Eurocurrency Rate Advance, the rate per annum equal to (i) the ICE Benchmark Administration
LIBOR Rate or the successor thereto if the ICE Benchmark Administration is no longer making a LIBOR rate available (“LIBOR”), as published by Reuters (or such other commercially available source providing quotations of LIBOR as may
be designated by the Administrative Agent from time to time) at approximately, 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period or, (ii) if such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant
currency for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurocurrency Rate Advance being made, continued or converted and with a term equivalent to such Interest Period would be offered by
Bank of America’s London Branch (or other Bank of America branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their request at approximately, 11:00 a.m. (London time) two Business Days prior
to the commencement of such Interest Period; and 
 (b) for any interest calculation with respect to a Base Rate Advance on any date, the
rate per annum equal to (i) LIBOR, at approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or
(ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the
approximate amount of the Base Rate Advance being made or maintained and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurocurrency market at their request at the date
and time of determination. 
 “Eurocurrency Rate Advance” means an Advance denominated in Dollars or Sterling that bears
interest as provided in Section 2.07(a)(ii). 
 “Eurocurrency Reserve Percentage” means, for any day during any
Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB for determining the maximum
reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency Rate for each outstanding
Eurocurrency 

  
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Rate Advance shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage. 

“Events of Default” has the meaning specified in Section 6.01. 

“Excluded Taxes” has the meaning specified in Section 2.14(a). 

“Existing Debt” means the Existing STERIS Indebtedness and the Existing Synergy Indebtedness. 

“Existing STERIS Credit Agreement” means the Third Amended and Restated Credit Agreement, dated as of April 13, 2012,
among STERIS, the lenders from time to time party thereto, and KeyBank National Association, as administrative agent. 
 “Existing
STERIS Indebtedness” means the Existing STERIS Credit Agreement, Existing STERIS Letter Agreement and the Existing STERIS Notes. 

“Existing STERIS Letter Agreement” means the Amended and Restated Letter Agreement, dated as of May 15, 2014, between
STERIS and PNC Bank, National Association. 
 “Existing STERIS Notes” means STERIS’s (i) 5.38% Senior Notes,
Series A-3, due December 15, 2015 in an aggregate principal amount of $20,000,000 issued under those certain Note Purchase Agreements, dated as of December 17, 2003, as amended by the First Amendment to the Note Purchase Agreements, dated
as of August 15, 2008, each by and among STERIS and the purchasers named therein; (ii) (A) 6.33% Senior Notes, Series A-2, due August 15, 2018 in principal amount of $85,000,000 and (B) 6.43% Senior Notes, Series A-3, due
August 15, 2020 in principal amount of $35,000,000 issued under those certain Note Purchase Agreements, each dated as of August 15, 2008, by and among STERIS and the purchasers named therein; and (iii) (A) 3.20% Senior Notes,
Series A-1A, due December 4, 2022 in principal amount of $47,500,000, (B) 3.20% Senior Notes, Series A-1B, due December 4, 2022 in principal amount of $47,500,000, (C) 3.35% Senior Notes, Series A-2A, due December 4, 2024 in
principal amount of $40,000,000, (D) 3.35% Senior Notes, Series A-2B, due December 4, 2024 in principal amount of $40,000,000, (E) 3.55% Senior Notes, Series A-3A, due December 4, 2027 in principal amount of $12,500,000 and
(F) 3.55% Senior Notes, Series A-3B, due December 4, 2027 in principal amount of $12,500,000 issued under those certain Note Purchase Agreements, each dated as of December 4, 2012, by and among STERIS and the purchasers named therein.

 “Existing Synergy Credit Agreement” means the Multicurrrency Revolving Credit Agreement, dated as of July 26, 2011,
among Synergy, the other borrowers party thereto, the other guarantors party thereto, the lenders from time to time party thereto, and Barclays Bank Plc, as administrative agent. 

“Existing Synergy Indebtedness” means (i) the Existing Synergy Credit Agreement, (ii) the Existing Synergy Notes
and (iii) other Debt of Synergy existing on the Effective Date consisting of, among other things, overdraft and uncommitted facilities and other loans that STERIS elects to refinance as of the Closing Date. 

  
 -14- 

 “Existing Synergy Notes” means Synergy’s senior notes issued under that
certain Note Purchase Agreement and Private Shelf Facility, dated as of September 13, 2012, by and among Synergy and the purchasers named therein. 

“FATCA” means Sections 1471 through 1474 of the U.S. Internal Revenue Code, as of the date of this Agreement (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the U.S.
Internal Revenue Code and any intergovernmental agreements between the United States and any other jurisdiction entered into in connection with the foregoing (including any treaty, law, regulation or other official guidance adopted pursuant to any
such intergovernmental agreement). 
 “FCPA” means the United States Foreign Corrupt Practices Act of 1977. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day
is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative
Agent. 
 “Fee Letter” means the fee letter dated as of the date hereof among STERIS and the Joint Lead Arrangers and the
Initial Lenders concerning fees to be paid in connection with the Bridge Facility and related matters. 
 “Fee Payment
Date” has the meaning specified in Section 3.01(b). 
 “Foreign Subsidiary” means any Subsidiary that is
organized under the laws of any jurisdiction other than the United States, any State thereof or the District of Columbia, and any direct or indirect Subsidiary thereof. 

“GAAP” has the meaning specified in Section 1.03. 

“General Meeting” means the extraordinary general meeting of the holders of Synergy Shares (or any adjournment thereof) to be
convened in connection with the implementation of a Scheme. 
 “Governmental Authority” means any nation or government, any
state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government. 
 “Guaranteed Obligations” has the meaning specified in
Section 8.01. 

  
 -15- 

 “Guarantor” means STERIS and each member of the Consolidated Group that
guarantees the Guarantee Obligations pursuant to a joinder hereto in form and substance reasonably satisfactory to the Administrative Agent; provided, however, that notwithstanding anything contrary in the Loan Documents, no Foreign Subsidiary of
Borrower shall be a Guarantor. 
 “Guaranty” has the meaning specified in Section 8.01. 

“Hazardous Materials” means (a) petroleum and petroleum products, byproducts or breakdown products, radioactive
materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as “hazardous” or “toxic” or as a
“pollutant” or “contaminant” under any Environmental Law. 
 “Hedge Agreements” means interest rate
swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts and other similar agreements. 

“IFRS” means the International Financial Reporting Standards, as promulgated by the International Accounting Standards Board
(or any successor board or agency), as in effect on the date of the election, if any, by the Borrower to change GAAP to IFRS. 

“Indemnified Party” has the meaning specified in Section 9.04(b). 

“Information” has the meaning specified in Section 9.08. 

“Initial Lender” has the meaning specified in the definition of “Lenders.” 

“Interest Period” means as to each Eurocurrency Rate Advance, the period commencing on the date such Eurocurrency Rate
Advance is disbursed or converted to or continued as a Eurocurrency Rate Advance and ending on the date one, two, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in its Notice of Borrowing, or such
other period that is twelve months or less requested by the Borrower and consented to by all the Lenders; provided that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless, in the case of a Eurocurrency Rate Advance, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period pertaining to a Eurocurrency Rate Advance that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date. 

  
 -16- 

 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from
time to time, and the regulations promulgated and the rulings issued thereunder. 
 “Joint Lead Arrangers” means Merrill
Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and KeyBanc Capital Markets. 
 “Judgment
Currency” has the meaning set forth in Section 9.16. 
 “Laws” means, collectively, all international,
foreign, federal, state, provincial, municipal and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law. 
 “Lenders” means, collectively, (a) each of Bank of
America, N.A., JPMorgan Chase Bank, N.A. and KeyBank National Association (each, an “Initial Lender”) and (b) each other bank, financial institution and other institutional lender listed on the signature pages hereof and each
assignee that shall become a party hereto pursuant to Section 9.07. 
 “Lender Parties” has the meaning specified in
Section 8.01. 
 “Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other
type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 

“Loan Documents” means this Agreement, the Fee Letter and any amendments or notes entered into in connection herewith. 

“Loan Party” means each of the Borrower and the Guarantors. 

“Local Time” means, with respect to any extensions of credit hereunder denominated in Dollars, New York time, and with
respect to any extensions of credit hereunder denominated in Sterling, London time. 
 “Long Stop Date” means
April 13, 2015. 
 “Losses” has the meaning specified in Section 9.04(b). 

“Mandatory Cancellation Event” means the occurrence of any of the following conditions or events: 

(a) where the Synergy Acquisition proceeds by way of a Scheme: 

(i) the Court Meeting is held (and not adjourned or otherwise postponed) to approve the Scheme at which a vote is held to
approve the Scheme, but the Scheme is not 

  
 -17- 

 
so approved in accordance with section 899(1) of the UK Companies Act by the requisite majority of the Scheme Shareholders at such Court Meeting; 

(ii) the General Meeting is held (and not adjourned or otherwise postponed) to pass the Scheme Resolutions at which a vote is
held on the Scheme Resolutions, but the Scheme Resolutions are not passed by the requisite majority of the shareholders of Synergy at such General Meeting; 

(iii) an application for the issuance of the Court Order is made to the Court (and not adjourned or otherwise postponed) but
the Court (in its final judgment) refuses to grant the Court Order; 
 (iv) either the Scheme lapses or it is withdrawn with
the consent of the Panel or by order of the Court; 
 (v) a Court Order is issued but not filed with the Registrar within
five Business Days of its issuance; or 
 (vi) the date which is 15 days after the Scheme Effective Date, 

unless, in respect of paragraphs (i) to (v) inclusive above, for the purpose of switching from a Scheme to a Takeover Offer, within
10 Business Days of such event STERIS has notified the Administrative Agent that it intends to issue, and then within 20 Business Days after delivery of such notice STERIS or such Affiliate does issue, an Offer Press Announcement and provides a copy
to the Administrative Agent (in which case no Mandatory Cancellation Event shall have occurred); 
 (b) where the Synergy Acquisition
proceeds by way of a Takeover Offer, such Takeover Offer lapses, terminates or is withdrawn with the consent of the Panel unless, for the purpose of switching from a Takeover Offer to a Scheme, within 10 Business Days of such event STERIS has
notified the Administrative Agent that it intends to issue, and then within 20 Business Days after delivery of such notice STERIS does issue, a Press Release and STERIS provides a copy to the Administrative Agent (in which case no Mandatory
Cancellation Event shall have occurred); 
 (c) the date upon which all payments made or to be made for Certain Funds Purposes have been
paid in full in cleared funds; or 
 (d) the Long Stop Date. 

“Margin Stock” has the meaning provided in Regulation U. 

“Material Adverse Change” means any material adverse change in the business, financial condition or results of operations of
the Reporting Entity and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on
(a) the financial condition or results of operations of the Reporting Entity and its Subsidiaries, taken as a whole, (b) the 

  
 -18- 

 
rights and remedies of the Administrative Agent or any Lender under this Agreement, taken as a whole, or (c) the ability of the Borrower or the Guarantors, taken as a whole, to perform its
or their payment obligations under this Agreement. 
 “Material Indebtedness” means Debt, excluding any Debt incurred under
the Loan Documents, in excess of the greater of (a) $75,000,000 and (b) 2% of Consolidated Total Assets. 
 “Material
Subsidiary” means a Subsidiary that has total assets (on a Consolidated basis with its Subsidiaries) of $80,000,000 or more. 

“Maturity Date” means in the case of Tranche 1 Advances and Tranche 2 Advances, the date that is 364 calendar days following
the Closing Date, or, if the date that is 364 calendar days following the Closing Date is not a Business Day, the Business Day immediately preceding the date that is 364 calendar days following the Closing Date. 

“Moody’s” means Moody’s Investors Service, Inc. (or any successor thereof). 

“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, (a) to which the
Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions and (b) that is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code. 
 “Multiple Employer Plan” means a single
employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) (i) is maintained for employees of the Borrower or any ERISA Affiliate and at least one Person other than the Borrower and the ERISA Affiliates or (ii) was so
maintained and in respect of which the Borrower or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated and (b) is covered by Title IV of ERISA or subject to
the minimum funding standards under Section 412 of the Code. 
 “Net Cash Proceeds” means: 

(a) with respect to a Specified Asset Sale, the aggregate amount of all cash (which term, for the purpose of this definition,
shall include cash equivalents) proceeds (including any cash proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment or otherwise, but only as and when received) actually
received by the Reporting Entity or such subsidiary in respect of such Specified Asset Sale, net of (i) all reasonable attorneys’ fees, accountants’ fees, brokerage, consultant and other customary fees and commissions, title and
recording tax expenses and other reasonable fees and expenses incurred by the Reporting Entity or such subsidiary in connection therewith, (ii) all Taxes paid or reasonably estimated to be payable as a result thereof, (iii) all payments
made, and all installment payments required to be made, with respect to any obligation (x) that is secured by any assets subject to such Specified Asset Sale, in accordance with the terms of any Lien upon such assets, or (y) that must by
its terms, or in order to obtain a necessary consent to such Specified Asset Sale, or by applicable law, be repaid out of the proceeds from such Specified Asset Sale, 

  
 -19- 

 
(iv) all distributions and other payments required to be made to minority interest holders in subsidiaries or joint ventures as a result of such Specified Asset Sale, or to any other person
(other than the Reporting Entity or any of its subsidiaries) owning a beneficial interest in the assets disposed of in such Specified Asset Sale, and (v) the amount of any reserves established by the Reporting Entity or any of its subsidiaries
in accordance with GAAP to fund purchase price or similar adjustments, indemnities or liabilities, contingent or otherwise, reasonably estimated to be payable in connection with such Specified Asset Sale (provided that to the extent and at
the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds); and 
 (b) with
respect to the incurrence or issuance of Borrowed Debt or Equity Interests, the excess of (i) the cash received in connection with such incurrence or issuance over (ii) the underwriting discounts and commissions and other fees, costs and
expenses incurred by the Consolidated Group in connection with such issuance, and any taxes paid or reasonably estimated to be payable in connection with such issuance. 

“New HoldCo” has the meaning set forth in the recitals hereto. 

“New Revolving Facility” means a revolving credit facility entered into by the Borrower after the date hereof. 

“New Senior Notes” means private placement notes issued by the Borrower after the date hereof in connection with the
Transactions. 
 “New Term Loan Facility” means a senior unsecured term loan facility entered into by the Borrower after
the date hereof. 
 “Non-Consenting Lender” has the meaning specified in Section 9.01(b). 

“Non-Contravention Exception” means the extent that a contravention of the Existing STERIS Notes and Existing Synergy Notes
exists in connection with the provision for the repayment or constructive discharge thereof. 
 “Non-Defaulting Lender”
means, at any time, a Lender that is not a Defaulting Lender. 
 “Non-Funding Lender” has the meaning specified in
Section 2.03. 
 “Non-US Lender” has the meaning specified in Section 2.14(f)(ii). 

“Notice” has the meaning specified in Section 9.02(d). 

“Notice of Borrowing” has the meaning specified in Section 2.02(a). 

“NPL” means the National Priorities List under the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended from time to time. 
 “OFAC” means the U.S. Treasury Department’s Office of Foreign Assets Control.

  
 -20- 

 “Offer Documents” means the Takeover Offer Document and the Offer Press
Announcement. 
 “Offer Press Announcement” means a press announcement released by or on behalf of STERIS announcing that
the Synergy Acquisition is to be effected by a Takeover Offer and setting out the terms and conditions of the Takeover Offer. 

“Original Offer Press Announcement” has the meaning specified in Section 5.01(k)(i). 

“Original Press Release” has the meaning specified in Section 5.01(k)(i). 

“Other Connection Taxes” means, with respect to any Lender, Taxes imposed as a result of a present or former connection
between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender’s having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction required pursuant to, or enforced, any Loan Document or sold or assigned an interest in any Loan Document). 

“Other Taxes” has the meaning specified in Section 2.14(b). 

“Panel” means the Panel on Takeovers and Mergers. 

“Participant Register” has the meaning specified in Section 9.07(h). 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001. 
 “PBGC” means the Pension Benefit Guaranty
Corporation (or any successor thereto). 
 “Permitted Receivables Facility” means an accounts receivable facility
established by the Receivables Subsidiary and one or more Companies, whereby such Companies shall have sold or transferred the accounts receivables of such Companies to the Receivables Subsidiary which in turn transfers to a buyer, purchaser or
lender undivided fractional interests in such accounts receivable, so long as (a) no portion of the Debt or any other obligation (contingent or otherwise) under such Permitted Receivables Facility shall be guaranteed by any member of the
Consolidated Group (other than the Receivables Subsidiary), (b) there shall be no recourse or obligation to any member of the Consolidated Group (other than the Receivables Subsidiary) whatsoever other than pursuant to representations,
warranties, covenants and indemnities entered into in the ordinary course of business in connection with such Permitted Receivables Subsidiary that in the reasonable opinion of Borrower are customary for securitization transactions, and (c) no
member of the Consolidated Group (other than the Receivables Subsidiary) shall have provided, either directly or indirectly, any other credit support of any kind in connection with such Permitted Receivables Facility, other than as set forth in
clause (b) of this definition. 

  
 -21- 

 “Person” means an individual, partnership, corporation (including a business
trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means a Single Employer Plan or a Multiple Employer Plan. 

“Platform” has the meaning specified in Section 5.01(m). 

“Post-Sanction Notice” has the meaning specified in Section 3.02(e). 

“Pre-Approved Lenders” has the meaning specified in Section 9.07(a). 

“Press Release” means a press announcement released by or on behalf of STERIS announcing that the Synergy Acquisition is to
be effected by a Scheme and setting out the terms and conditions of the Scheme. 
 “Post-Sanction Conditions” means the
conditions specified in the Press Release at Appendix 2 “Conditions of the Offer” Section 2(e)(y), 2(e)(i) and 2(e)(ii). 

“Previously Delivered Financial Statements” means (a) audited consolidated balance sheets and related statements of
income, stockholders’ equity and cash flows of STERIS and its Subsidiaries and, to the extent publicly available at that time, Synergy and its Subsidiaries, for the fiscal years ended on March 31, 2012, March 31, 2013 and
March 31, 2014 and (b) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of STERIS and its Subsidiaries for the fiscal quarter ended June 30, 2014. 

“Projections” means any projections and any forward looking statements (including statements with respect to booked business)
of the Consolidated Group furnished to the Lenders or the Administrative Agent by or on behalf of the Borrower prior to the Closing Date. 

“Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed as a percentage, carried out to the
ninth decimal place), the numerator of which is either (x) the amount of the undrawn Commitment of such Lender at such time or (y) the aggregate outstanding principal amount of the Loans of such Lender at such time, and the denominator of
which is either (x) the aggregate amount of the undrawn Commitments at such time or (y) the aggregate outstanding principal amount of the Loans at such time, in each case as the context may require. 

“Public Lender” has the meaning set forth in Section 5.01(m). 

“Qualifying Committed Facility” has the meaning specified in Section 2.05(d)(iv). 

“Receivables Related Assets” means, collectively, accounts receivable, instruments, chattel paper, obligations, general
intangibles and other similar assets, in each case relating to receivables subject to the Permitted Receivables Facility, including interests in merchandise or goods, the sale or lease of which gave rise to such receivables, related contractual
rights, guaranties, insurance proceeds, collections and proceeds of all of the foregoing. 

  
 -22- 

 “Receivables Subsidiary” means a wholly-owned Subsidiary of the Reporting Entity
that has been established as a “bankruptcy remote” Subsidiary for the sole purpose of acquiring accounts receivable under the Permitted Receivables Facility and that shall not engage in any activities other than in connection with the
Permitted Receivables Facility. 
 “Recipient” has the meaning specified in Section 2.21(b). 

“Register” has the meaning specified in Section 9.07(g). 

“Registrar” means the Registrar of Companies in England and Wales. 

“Reinvestment Amount” has the meaning specified in Section 2.05(d). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 
 “Relevant Party” has the
meaning specified in Section 2.21(b). 
 “Removal Effective Date” has the meaning specified in Section 7.06(b).

 “Reporting Entity” has the meaning specified in Section 5.01(j)(i). 

“Required Lenders” means, at any time, Lenders holding more than 50% of the unused Commitments and aggregate outstanding
principal amount of Advances at such time; provided that the Commitment of, and the Advances held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Resignation Effective Date” has the meaning specified in Section 7.06(a). 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer
or controller of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 3.01, the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to
Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or
pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Margin Stock” means Margin Stock owned by the Consolidated Group the value of which (determined as required under
clause 2(i) of the definition of “Indirectly Secured” set forth in Regulation U) represents not more than 33% of the aggregate value (determined as required under clause (2)(i) of the definition of “Indirectly Secured” set
forth in Regulation U), 

  
 -23- 

 
on a consolidated basis, of the property and assets of the Consolidated Group (excluding any Margin Stock) that is subject to the provisions of Section 5.02(a) or (b). 

“S&P” means Standard & Poor’s Financial Services LLC (or any successor thereof). 

“Sanctions” has the meaning specified in the definition of Embargoed Person. 

“Scheme” means a scheme of arrangement under section 895 of the UK Companies Act between Synergy and the Scheme Shareholders
pursuant to which New HoldCo will become the holder of all of the Scheme Shares in accordance with the Scheme Documents, subject to such changes and amendments to the extent not prohibited by the Loan Documents. 

“Scheme Circular” means the document issued by or on behalf of Synergy to shareholders of Synergy setting out the terms and
conditions of and an explanatory statement in relation to the Scheme and setting out the notices of the Court Meeting and the General Meeting as such document may be amended from time to time to the extent such amendment is not prohibited by the
Loan Documents. 
 “Scheme Documents” means the Press Release and the Scheme Circular. 

“Scheme Effective Date” means the date on which the Court Order sanctioning the Scheme is duly delivered on behalf of Synergy
to the Registrar in accordance with section 899(4) of the UK Companies Act. 
 “Scheme Resolutions” means the resolutions
of the Synergy Shareholders which are required to implement the Scheme and which are referred to and substantially in the form set out in the Scheme Circular and which are to be proposed at the General Meeting. 

“Scheme Shareholders” means the registered holders of Scheme Shares at the relevant time. 

“Scheme Shares” means the Synergy Shares which are subject to the Scheme in accordance with its terms. 

“Significant Subsidiary” means any Subsidiary of the Reporting Entity that constitutes a ‘significant subsidiary”
under Regulation S-X promulgated by the Securities and Exchange Commission, as in effect from time to time. 
 “Single Employer
Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) (i) is maintained for employees of the Borrower or any ERISA Affiliate and no Person other than the Borrower and the ERISA Affiliates or
(ii) was so maintained and in respect of which the Borrower or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated and (b) is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code. 
 “Specified Asset Sale” means any
disposition or series of related dispositions by any member of the Consolidated Group not in the ordinary course of business (as determined in good 

  
 -24- 

 
faith by the Reporting Entity) to any person other than the Reporting Entity or any of its subsidiaries; provided that no such disposition or series of related dispositions shall
constitute an Specified Asset Sale if (i) the Net Cash Proceeds from such disposition or series of related dispositions does not individually or in the aggregate exceed $5,000,000 or (ii) such disposition or series of related dispositions
is (a) the sale of inventory or sale, lease (including sublease) or license of other property in the ordinary course of business, (b) the sale or other disposition of cash or cash equivalents and (c) the sale, exchange or other
disposition of accounts receivable in connection with the compromise, settlement or collection thereof consistent with past practice. 

“Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting
in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which
the foreign exchange computation is made; provided that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent or the L/C Issuer if the Person acting in such capacity does
not have as of the date of determination a spot buying rate for any such currency. 
 “STERIS” means STERIS Corporation.

 “Sterling” and the “£” sign each means lawful currency of the United Kingdom. 

“Sterling Equivalent” means, on any date, (a) with respect to any amount in Sterling, such amount, and (b) with
respect to any amount in any currency other than Sterling, the equivalent in Sterling of such amount, determined by the Administrative Agent pursuant to Section 1.05 using the Spot Rate with respect to such currency at the time in effect
pursuant to the provisions of such Section 1.05. 
 “Subsidiary” means, with respect to any Person, any corporation,
partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such
limited liability company, partnership or joint venture or (c) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or
by one or more of such Person’s other Subsidiaries. As used herein “Subsidiary” refers to a Subsidiary of the Reporting Entity, unless the context otherwise requires. 

“Supplemental Advance” has the meaning specified in Section 2.01. 

“Supplemental Borrowing” has the meaning specified in Section 2.03. 

“Supplier” has the meaning specified in Section 2.21(b). 

“Syndication Agent” means JPMorgan Chase Bank, N.A. 

  
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 “Synergy” means Synergy Health plc. 

“Synergy Accession Date” means the date on which the actions described in Section 5.01(k)(xiii) are completed. 

“Synergy Acquisition” has the meaning set forth in the recitals hereto. 

“Synergy Group” has the meaning set forth in the definition of Certain Funds Default. 

“Synergy Shares” means all of the issued share capital of Synergy. 

“Takeover Offer” means a “takeover offer” within the meaning of section 974 (other than section 974 (2)(b)) of
the UK Companies Act proposed to be made by or on behalf of New HoldCo to acquire (directly or indirectly) Synergy Shares, substantially on the terms and conditions set out in an Offer Press Announcement (as such offer may be amended in any way
which is not prohibited by the terms of the Loan Documents). 
 “Takeover Offer Document” means the document issued by or
on behalf of New HoldCo and dispatched to shareholders of Synergy in respect of a Takeover Offer containing the terms and conditions of the Takeover Offer reflecting the Offer Press Announcement in all material respects as such document may be
amended from time to time to the extent such amendment is not prohibited by the Loan Documents. 
 “Taxes” means any and
all present or future taxes, levies, imposts, duties, deductions, withholdings (including back-up withholdings), assessments, fees or other like charges imposed by any governmental authority, including any interest, additions to tax or penalties
applicable thereto. 
 “Tranche 1 Advance” means an advance by a Lender pursuant to its Tranche 1 Commitment to the
Borrower as part of a Borrowing. 
 “Tranche 1 Commitment” means as to any Lender, the commitment of such Lender to make an
Advance pursuant to Section 2.01(a), as such commitment may be reduced from time to time pursuant to the terms hereof. The initial amount of each Lender’s Tranche 1 Commitment is (a) the amount set forth in the column labeled
“Tranche 1 Commitment” opposite such Lender’s name on Schedule I hereto, or (b) if such Lender has entered into any Assignment and Acceptance, the amount set forth for such Lender in the Register maintained by the Administrative
Agent pursuant to Section 9.07(g), as such amount may be reduced pursuant to Section 2.05. As of the Effective Date, the aggregate amount of the Tranche 1 Commitments is £340,000,000 as such amount may be reduced in accordance with
Section 2.05 or 6.01. 
 “Tranche 2 Advance” means an advance by a Lender pursuant to its Tranche 2 Commitment to the
Borrower as part of a Borrowing. 
 “Tranche 2 Commitment” means as to any Lender, the commitment of such Lender to make an
Advance pursuant to Section 2.01(b), as such commitment may be reduced from time to time pursuant to the terms hereof. The initial amount of each Lender’s Tranche 2 Commitment 

  
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is (a) the amount set forth in the column labeled “Tranche 2 Commitment” opposite such Lender’s name on Schedule I hereto, or (b) if such Lender has entered into any
Assignment and Acceptance, the amount set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(g), as such amount may be reduced pursuant to Section 2.05. As of the Effective Date, the
aggregate amount of the Tranche 2 Commitments is $1,050,000,000 as such amount may be reduced in accordance with Section 2.05 or 6.01. 

“Transactions” means the Acquisitions, the entry into the New Senior Notes, New Term Loan Facility, or New Revolving
Facility, as applicable, and the refinancing, prepayment, repayment, redemption, discharge, defeasance and/or amendment of all Existing STERIS Indebtedness and Existing Synergy Indebtedness. 

“Type” refers to a Base Rate Advance or a Eurocurrency Rate Advance. 

“United States” and “U.S.” each means the United States of America. 

“Unrestricted Margin Stock” means any Margin Stock owned by the Consolidated Group which is not Restricted Margin Stock. 

“US Holdco” means Solar US Holding Co., a Delaware corporation. 

“US Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the
Internal Revenue Code. 
 “U.S. Tax Compliance Certificate” has the meaning specified in Section 2.14(f)(ii). 

“VAT” means: 

(a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax
(EC Directive 2006/112); and 
 (b) any other tax of a similar nature, whether imposed in a member state of the European
Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere. 

“Voting Stock” means shares of capital stock issued by a corporation, or equivalent interests in any other Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a
contingency. 
 “Withdrawal Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA. 

“Withholding Agent” means any Loan Party and the Administrative Agent. 

SECTION 1.02 Computation of Time Periods. In this Agreement, in the computation of periods of time from a specified date to a
later specified date, the word “from” means 

  
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“from and including,” the word “through” means “through and including” and each of the words “to” and “until” mean “to but excluding.”

 SECTION 1.03 Accounting Terms. Except as otherwise expressly provided herein, all accounting terms not specifically defined
herein shall be construed in accordance with, and all financial data (including financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, generally accepted accounting principles as in effect
in the United States from time to time (“GAAP”); provided that at any time after the Effective Date, the Borrower may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such election, references herein to
GAAP shall thereafter be construed to mean IFRS, provided further that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Borrower’s
election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP (it being agreed that all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred to herein shall be made, without giving effect to (i) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of the Borrower or any Subsidiary at “fair value,” as defined therein and (ii) any treatment of Debt in respect of
convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Debt in a reduced or bifurcated manner
as described therein, and such Debt shall at all times be valued at the full stated principal amount thereof). If at any time any change in GAAP (including as a result of an election by the Borrower to apply IFRS) would affect the calculation of any
covenant set forth herein and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such covenant to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such covenant shall continue to be calculated in accordance with GAAP prior to such change and (ii) the Borrower shall
provide to the Administrative Agent and the Lenders, concurrently with the delivery of any financial statements or reports with respect to such covenant, statements setting forth a reconciliation between calculations of such covenant made before and
after giving effect to such change in GAAP. 
 SECTION 1.04 Terms Generally. The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to
any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended,
supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any 

  
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Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein and (d) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereto. 

SECTION 1.05 Currency Translations. (a) The Administrative Agent shall determine the Dollar Equivalent of each Advance
denominated in Sterling as of the date of the making of any Advance using the Spot Rate for such currency in relation to Dollars in effect on the date that is three Business Days prior to such calculation date and such amount shall be used in
calculating any applicable fees payable hereunder. 
 (b) The Administrative Agent shall determine the Sterling Equivalent of any amount
denominated in a currency other than Sterling by using the Spot Rate for such currency in relation to Sterling in effect on the date that is three Business Days prior to such calculation date. 

(c) For purposes of determining compliance with Article V and VI, with respect to any amount in currency other than Dollars, amounts shall be
deemed to the be the Dollar Equivalent thereof determined using the Spot Rate for such currency in relation to Dollars in effect on the date that is three Business Days prior to the date on which such amounts were incurred or expended, as
applicable. 
 ARTICLE II 

AMOUNTS AND TERMS OF THE ADVANCES 

SECTION 2.01 The Advances. Each Lender severally and not jointly agrees, on the terms and conditions hereinafter set forth
(a) to make a Tranche 1 Advance denominated in Sterling to the Borrower on the Closing Date in an amount not to exceed such Lender’s outstanding Tranche 1 Commitment immediately prior to the making of the Tranche 1 Advance, (b) to
make a Tranche 2 Advance denominated in Dollars to the Borrower on the Closing Date in an amount not to exceed such Lender’s outstanding Tranche 2 Commitment immediately prior to the making of the Tranche 2 Advance and (c) in the event
that any Lender (other than an Initial Lender) shall have become a Non-Funding Lender, to make Supplemental Advances (each, a “Supplemental Advance”) denominated in Sterling or Dollars, as applicable, on the Closing Date to the
Borrower in an amount deemed to be requested by the Borrower under Section 2.03 not exceeding such Lender’s remaining Commitment (after giving effect to all Tranche 1 Advances and Tranche 2 Advances made by such Lender pursuant to Sections
2.01(a) and (b)). For the avoidance of doubt, each Supplemental Advance made by a Lender in respect of its Commitment under a particular Tranche shall be an Advance of the same Tranche. Each Borrowing shall be in an aggregate amount equal to the
Borrowing Minimum or a Borrowing Multiple in excess thereof and shall consist of Advances of the same Type and Class made on the same day by the Lenders ratably according to their respective relevant Commitments. Upon the making of any Advance by a
Lender such Lender’s Tranche 1 Commitment will be permanently reduced by the aggregate principal amount of such Tranche 1 Advance and such Lender’s Tranche 2 Commitment will be permanently reduced by the aggregate principal amount of such
Tranche 2 Ad-

  
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vance. The Borrower may prepay Advances pursuant to Section 2.10, provided that Advances may not be reborrowed once repaid. 

SECTION 2.02 Making the Advances. (a) Each Borrowing shall be made on notice by the Borrower, given not later than
(x) 9:00 A.M. (Local Time) on (1) the fourth Business Day prior to the date of the proposed Borrowing in the case of a Borrowing in Sterling or (2) the third Business Day prior to the date of the proposed Borrowing in the case of a
Borrowing in Dollars consisting of Eurocurrency Rate Advances or (y) 9:00 A.M. (New York time) on the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, to the Administrative Agent, which shall give to
each Lender prompt notice thereof by telecopier or other electronic communication. Each notice of a Borrowing (a “Notice of Borrowing”) shall be in writing or by telephone, and if by telephone, confirmed immediately in writing,
including by telecopier (or other electronic communication) in substantially the form of Exhibit A hereto, specifying therein the requested (i) date of such Borrowing (which shall be a Business Day), (ii) Type and Class of Advances
comprising such Borrowing, (iii) aggregate amount of such Borrowing, (iv) initial Interest Period for such Advance, if such Borrowing is to consist of Eurocurrency Rate Advances, (v) account or accounts in which the proceeds of the
Borrowing should be credited and (vi) whether such notice is conditioned on the occurrence of any event and if such notice is so conditioned, a description of such event. Each Lender shall, before 12:00 P.M. (London time) in the case of
Advances in Sterling and 11:00 A.M. (New York time) in the case of Advances in Dollars on the date of such Borrowing make available for the account of its Applicable Lending Office to the Administrative Agent at the applicable Administrative
Agent’s Office, in same day funds, such Lender’s ratable portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative
Agent will make such funds available to the Borrower in immediately available funds to the account or accounts specified by the Borrower to the Administrative Agent in the Notice of Borrowing relating to the applicable Borrowing. 

(b) Anything in Section 2.02(a) to the contrary notwithstanding, (i) Advances denominated in Sterling may only be requested and
maintained as Eurocurrency Rate Advances (subject to Section 2.12), (ii) the Borrower may not select Eurocurrency Rate Advances denominated in Dollars if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be
suspended pursuant to Section 2.08 or 2.12 and (iii) the Eurocurrency Rate Advances may not be outstanding as part of more than ten separate Borrowings. 

(c) Each Notice of Borrowing shall be irrevocable and binding on the applicable Borrower. In the case of any Borrowing that the related Notice
of Borrowing specifies is to be comprised of Eurocurrency Rate Advances, the applicable Borrower shall indemnify each Lender against any reasonable loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the
date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any reasonable loss (excluding loss of anticipated profits), cost or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. 

  
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 (d) Unless the Administrative Agent shall have received notice from a Lender prior to the time of
any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent
on the date of such Borrowing in accordance with Section 2.02(a) and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that any Lender shall
not have so made such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to pay or to repay to the Administrative Agent forthwith on demand such corresponding amount and to pay interest thereon, for
each day from the date such amount is made available to the Borrower until the date such amount is paid or repaid to the Administrative Agent, at (i) in the case of the Borrower, the higher of (A) the interest rate applicable at the time
to Advances comprising such Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount and (ii) in the case of such Lender, the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall
promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender shall pay to the Administrative Agent such corresponding principal amount, such amount so paid shall constitute such Lender’s
Advance as part of such Borrowing for all purposes of this Agreement. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 (e) The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its
obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing, except as set
forth in Section 2.03. 
 (f) If any Lender makes available to the Administrative Agent funds for any Advance to be made by such Lender
as provided herein, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to such Borrowing are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly
return such funds (in like funds as received from such Lender) to such Lender, without interest. 
 SECTION 2.03 Supplemental
Advances. If any Lender (other than an Initial Lender) (such Lender a “Non-Funding Lender”) shall fail to fund its Pro Rata Share of any Loan, then the Borrower shall be deemed to have requested a Borrowing (a “Supplemental
Borrowing”) to be made pursuant to Section 2.01(c) in aggregate principal amount equal to the lesser of (a) and the aggregate principal amount of the Advances so failed to have been made by all Non-Funding Lenders and (b) the
aggregate remaining amount of all Lenders’ (other than the Non-Funding Lenders’) commitments in respect of the relevant Tranche after giving effect to the prior funding of each such Lender’s Pro Rata Share of the relevant Advance. The
Supplemental Borrowing shall be deemed to be requested to be made on the Closing Date as a Base Rate Advance, and the location and number of the account to which funds are deemed to be requested to be disbursed in respect of the Supplemental
Borrowing shall be identical to those specified by the Bor-

  
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rower in the notice delivered in respect of the initial Borrowing. Promptly after obtaining knowledge thereof, the Administrative Agent shall advise the Borrower and each Lender of any Lender
having become a Non-Funding Lender and shall advise each Lender of the amount of such Lender’s Supplemental Loan to be made under Section 2.01(c) as part of the Supplemental Borrowing. No amounts shall be reallocated from Tranche 1 to
Tranche 2 or vice versa as a result of this Section 2.03. 
 SECTION 2.04 Fees. (a) Commitment Fee. The
Borrower agrees to pay to the Administrative Agent, for the account of each Lender in accordance with its Pro Rata Share (other than a Defaulting Lender for such time as such Lender is a Defaulting Lender), a non-refundable commitment fee
(x) on the Effective Date, in an amount equal to 0.20% of the aggregate amount of such Lender’s Commitments on such date and (y) on the Commitment Fee Payment Date, in an amount equal to 0.20% of the aggregate amount of such
Lender’s Commitments on such date. 
 (b) Ticking Fee. The Borrower shall pay to the Administrative Agent for the account of
each Lender in accordance with its Pro Rata Share (other than a Defaulting Lender for such time as such Lender is a Defaulting Lender), a ticking fee which shall accrue in an amount equal to 0.20% per annum on the aggregate outstanding amount
of the undrawn Commitment of such Lender during the period from and including the date that is 60 days after the Effective Date and shall be payable quarterly in arrears on the last Business Day of each March, June, September and December, during
such period upon the earlier of (i) the termination of such Lender’s Commitments and (ii) the Closing Date. 
 (c)
Duration Fee. The Borrower will pay to the Administrative Agent for the account of each Lender (subject to Section 2.19(a)(ii), and other than a Defaulting Lender for such time as such Lender is a Defaulting Lender)) a duration fee on
each date set forth below in an amount equal to the percentage set forth opposite such date of the aggregate principal amount of Advances held by such Lender on such date: 
  

					
	 DATE
	  	PERCENTAGE	 
	 90 days after the Closing Date
	  	 	0.50	% 
		
	 180 days after the Closing Date
	  	 	0.75	% 
		
	 270 days after the Closing Date
	  	 	1.00	% 

 (d) Additional Fees. The Borrower shall, without duplication to the fees referred to above in clauses
(a), (b) and (c), pay to the Administrative Agent and Arranger for their account (or that of their applicable Affiliate) such fees as may from time to time be agreed between any of the Consolidated Group and the Administrative Agent and/or
Arranger, including pursuant to the Fee Letter. 
 (e) Calculation of Commitment. For the avoidance of doubt, with respect to the
definition of “Mandatory Cancellation Event” and the ability thereunder for the Borrower to 

  
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provide notices and issue documents to facilitate a switch from a Scheme to a Takeover Offer and vice versa, the Commitment shall be deemed to be in effect until the end of the day on which the
applicable notice or issuance is required to but does not occur for the purposes of calculating any fees under this Agreement or any fee letters related hereto. 

SECTION 2.05 Termination or Reduction of the Commitments. (a) Unless previously terminated, the Commitments shall terminate
in full at 11:59 P.M. (New York time) on the earliest of (i) the date on which all of the Certain Funds Purposes have been achieved without the making of any Advances, (ii) the Closing Date after giving effect to any Borrowing on the
Closing Date (including, if applicable, any Supplemental Advances) and (iii) the date a Mandatory Cancellation Event occurs. Additionally, each Lender’s Tranche 1 Commitment will be permanently reduced upon such Lender making any Tranche 1
Advance and each Lender’s Tranche 2 Commitment will be permanently reduced upon such Lender making any Tranche 2 Advance, in each case by the amount of such Advance. Any termination or reduction of the Commitments shall be permanent. The
foregoing shall not excuse any Defaulting Lender from liability for a failure to fund its Commitment. 
 (b) Voluntary Reduction or
Termination; Voluntary Prepayments. (i) The Borrower may, upon notice to the Administrative Agent, terminate the Commitments, or from time to time permanently reduce the Commitments; provided that (x) any such notice shall be received
by the Administrative Agent not later than 11:00 A.M. (New York time) on the date of termination or reduction, and (y) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess
thereof. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the applicable Commitments. Any reduction of the Commitments shall be applied to the Tranche 1 Commitment and/or Tranche 2
Commitment (as specified by the Borrower) of each Lender according to its proportional share of such Tranche. All undrawn commitment fees accrued until the effective date of any termination of the applicable Commitments shall be paid on the
effective date of such termination. 
 (ii) The Borrower may, upon notice to the Administrative Agent, prepay the outstanding principal
amount of the Advances, in whole or in part; provided, that (i) each partial prepayment shall be in an aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof, (ii) any such notice shall be
received by the Administrative Agent not later than 11:00 A.M. (New York time) on the date of prepayment, in the case of any Base Rate Advance, or three Business Days prior to the date of prepayment, in the case of Eurocurrency Rate Advance. 

(c) Defaulting Lender Commitment Reductions. The Borrower may terminate the unused amount of the Commitments of any Lender that is a
Defaulting Lender upon not less than three Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), it being understood that notwithstanding such Commitment termination, the provisions of
Section 2.19(c) will continue to apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided
that such termination shall not 

  
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be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent or any Lender may have against such Defaulting Lender. 

(d) Mandatory Prepayments and Commitment Reductions. If any Commitments are outstanding on the applicable date, the Commitments shall
be automatically (or, in the case of clause (iii) below only, upon notice) reduced, and after the Closing Date, the Advances shall be prepaid, in each case, on a Sterling-for-Sterling or Dollar-for-Dollar basis as applicable (with amounts
received in non-Sterling (or if applicable, non-Dollar) currencies to be converted by the Borrower to Sterling (or if applicable, Dollars) for purposes of this calculation based upon foreign exchange rates actually received, in the case of a
prepayment (or that would actually be received, in the case of a Commitment reduction) by the Borrower acting in good faith and in a commercially reasonable manner in consultation with the Administrative Agent) within three Business Days of (in the
case of a prepayment of Advances) or automatically on the date of (in the case of a reduction of Commitments) receipt by the Consolidated Group of any Net Cash Proceeds (or in the case of clause (iv) below, commitments) referred to in this
paragraph (d): 
 (i) from 100.0% of the Net Cash Proceeds actually received by the Consolidated Group from the incurrence of
Borrowed Debt by such entity (excluding (A) intercompany debt of such entities, (B) borrowings (1) under the Existing STERIS Credit Agreement in an amount up to $400,000,000 or (2) under the Existing STERIS Letter Agreement in an
amount not to exceed $20,000,000, (C) any trade, vendor or customer finance-related financing in the ordinary course of business of the Reporting Entity and its Subsidiaries, (D) indebtedness issued or incurred in the ordinary course of
business for working capital purposes, (E) purchase money indebtedness incurred in the ordinary course of business, (F) indebtedness with respect to capital leases and indebtedness issued or incurred to finance the acquisition,
construction or improvement of assets, each in the ordinary course of business, (G) other Debt in an amount not to exceed $50,000,000 in the aggregate, (H) any refinancing, renewal or replacement of indebtedness or commitments for
indebtedness before or at maturity, to the extent that such refinanced Debt (x) is existing on the Effective Date (it being understood that any Debt refinancing, renewing or replacing Existing Debt shall be deemed “Existing Debt” for
the purposes of the requirements otherwise set forth in this Agreement relating to Existing Debt), (y) of any person acquired after the Effective Date by the Reporting Entity or any Subsidiary and existing at the time of such acquisition (and
not incurred in contemplation of such acquisition at the request of any Reporting Entity) or (z) assumed by the Reporting Entity or any Subsidiary in connection with an acquisition of assets and existing at the time of such acquisition (and not
incurred in contemplation of such acquisition at the request of the Reporting Entity), in each case, that does not increase the aggregate principal or commitment amount thereof (plus accrued unpaid interest and premium thereon and underwriting
discounts, fees, commission and expenses) and (I) indebtedness under the Bridge Facility; 
 (ii) from 100.0% of the Net
Cash Proceeds actually received from the issuance of any Equity Interests by the Consolidated Group (other than (A) issuances pursuant to employee stock plans or other benefit or employee incentive arrangements,

  
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(B) issuances among the Consolidated Group or (C) issuances to the shareholders of Synergy as consideration for the Acquisition); 

(iii) from 100.0% of the Net Cash Proceeds actually received by the Consolidated Group from Specified Asset Sales; and 

(iv) in an amount equal to 100% of the committed amount of any (i) term loan facility or (ii) private placement note
purchase agreement made available to a member of the Consolidated Group that is (x) subject to conditions precedent to funding of the term loans or purchasing the notes thereunder that are, in respect of certainty of funding, substantially
equivalent to or more favorable to the Borrower than the conditions set forth in this Agreement, (y) subject to restrictions on assignments of the term loans or private placement notes thereunder substantially similar to those set forth in this
Agreement and (z) entered into with financial institutions that are either (A) Lenders or an affiliate or approved fund of the Lenders, (B) Pre-Approved Lenders or (C) approved by the Borrower (each such term facility or private
placement agreement, a “Qualifying Committed Facility”) (such reduction to occur upon the effectiveness of definitive documentation for such Qualifying Committed Facility). 

(v) In addition, STERIS shall use commercially reasonable efforts to cause the cash confirmer to approve a reduction in
Facility commitments (1) in an aggregate principal amount equal to (A) the outstanding principal amount of any series of Existing STERIS Notes, upon the effectiveness of an amendment or waiver by the requisite holders thereof that permits
the Transactions (including the waiver of any put right with respect thereto) and on terms and conditions consistent with those in this Agreement (including the requirements of Section 5.01(m)) and satisfactory to STERIS and (B) the
outstanding principal amount of any Existing Synergy Notes upon the effectiveness of an amendment or waiver by the requisite holders thereof that permits the Transactions (including the waiver of any put rights with respect thereto) and on terms and
conditions consistent with those in this Agreement (including the requirements of Section 5.01(m)) and satisfactory to STERIS and (2) in an aggregate principal amount equal to the excess of any commitments over $250,000,000 under any new
revolving credit facility that is structured in a manner so as to permit the Transactions and that satisfies the criteria described in clauses (x), (y) and (z) of clause (iv)(ii) above. For the avoidance of doubt, the foregoing provisions
in this Section 2.05(d)(v) shall not obligate STERIS to seek any amendments or waivers with respect to clause (1) of this Section 2.05(d)(v) or obtain a new revolving credit facility under clause (2) of this
Section 2.05(d)(v). 
 (vi) Notwithstanding any other provisions of this Section 2.05(d) or any other provision in
any Loan Document to the contrary, in the case of any Net Cash Proceeds (x) of any sale (including Specified Asset Sales) by a Foreign Subsidiary or (y) any sale or issuance of Equity Interests or incurrence of Debt by a Foreign
Subsidiary, in each case giving rise to a prepayment event pursuant to this Section 2.05(d), (A) the amount of such Net Cash Proceeds that is required to be applied to repay Advances at the times provided in this Section 2.05(d) shall
be net of any additional Taxes paid, reasonably estimated by the Borrower in good faith to be payable (pending a final determination 

  
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of the amount of such Taxes by a Governmental Authority), or reserved against as a result of repatriation of such Net Cash Proceeds to the United States and (B) if such Net Cash Proceeds are
prohibited, restricted or delayed by applicable local law from being repatriated to the United States, the portion of such Net Cash Proceeds so affected will not be required to be applied to repay Advances or reduce Commitments at the times provided
in this Section 2.05(d) but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit repatriation to the United States (the Borrower hereby agreeing to use commercially
reasonable efforts to cause the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such repatriation), and once such repatriation of any of such affected Net Cash Proceeds is
permitted under the applicable local law, such repatriation will be immediately effected and such repatriated Net Cash Proceeds will be promptly (and in any event not later than two Business Days after such repatriation) applied to the repayment of
Advances or reduction of Commitments pursuant to this Section 2.05(d) to the extent provided herein. 
 If the Reporting Entity or any
of its Subsidiaries receives proceeds that would otherwise constitute Net Cash Proceeds from any Specified Asset Sale, then so long as at the time of receipt of such proceeds and at the proposed time of the reinvestment or commitment to reinvest
such proceeds, no Default shall be continuing, the Reporting Entity or such Subsidiary may use, or commit to use, any portion of such proceeds (the “Reinvestment Amount”) to acquire, construct, improve, upgrade or repair assets
useful in the business of the Reporting Entity or its Subsidiaries or to consummate any business acquisition, and in each case, the Reinvestment Amount shall only constitute Net Cash Proceeds to the extent (A) not so used (or committed to be
used pursuant to a bona fide third-party contract) within the six-month period following receipt of such proceeds or (B) if so committed to be used within such six-month period, not so used within the period specified in such contract. 

All mandatory prepayments or Commitment reductions shall be applied ratably between Tranche 1 and Tranche 2, provided that any payment or reduction pursuant
to clause (iv) as a result of (1) a term loan commitment denominated in Dollars shall be applied first to reduce Tranche 2 prior to reducing Tranche 1 and (2) a term loan commitment denominated in Sterling shall be applied first to
reduce Tranche 1 prior to reducing Tranche 2. All mandatory prepayments and commitment reductions shall be applied pro rata among the Lenders of a given Tranche. 

SECTION 2.06 Repayment of Advances. The Borrower shall repay to the Administrative Agent for the benefit of the Lenders on the
Maturity Date the aggregate principal amount of the Loans outstanding on such date. 
 SECTION 2.07 Interest on Advances.
(a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance made to it from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 

(i) Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times
to the sum of (A) the Base Rate in effect from time to time and (B) the Applicable Margin, payable in arrears quarterly on 

  
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the last Business Day of each March, June, September and December, during such periods and on the date the Advances are paid in full. 

(ii) Eurocurrency Rate Advances. During such periods as such Advance is a Eurocurrency Rate Advance, a rate per annum
equal at all times during each Interest Period for such Advance to the sum of (A) the Eurocurrency Rate for such Interest Period for such Advance, and (B) the Applicable Margin, payable in arrears on the last day of such Interest Period
and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Eurocurrency Rate Advance shall be
Converted or paid in full. 
 (b) Default Interest. Upon the occurrence and during the continuance of an Event of Default pursuant to
Section 6.01(a), the Administrative Agent shall, upon the request of the Required Lenders, require the Borrower to pay interest (“Default Interest”), which amount shall accrue as of the date of occurrence of the Event of
Default, on (i) amounts that are overdue, payable in arrears on the dates referred to in Section 2.07(a)(i) or 2.07(a)(ii), at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such
overdue amount pursuant to Section 2.07(a)(i) or 2.07(a)(ii) and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be
due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate
Advances pursuant to Section 2.07(a)(i), or in the case of amounts due in Sterling, at a rate for short term borrowings of Sterling determined in a customary manner in good faith by the Administrative Agent, provided, however,
that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Administrative Agent. 

(c) Additional Interest on Eurocurrency Rate Advances. The Borrower shall pay to each Lender, so long as and to the extent such Lender
shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal
amount of each Advance of such Lender made to the Borrower that is a Eurocurrency Rate Advance, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by
subtracting (a) the Eurocurrency Rate for the applicable Interest Period for such Advance from (b) the rate obtained by dividing such Eurocurrency Rate by a percentage equal to 100% minus the Eurocurrency Reserve Percentage of such Lender
for such Interest Period, payable on each date on which interest is payable on such Advance. Such Lender shall as soon as practicable provide notice to the Administrative Agent and the Borrower of any such additional interest arising in connection
with such Advance, which notice shall be conclusive and binding, absent demonstrable error. 
 SECTION 2.08 Interest Rate
Determination. (a) The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.07(a)(i) or 2.07(a)(ii). 

  
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 (b) If, with respect to any Eurocurrency Rate Advances, (i) the Administrative Agent shall
have determined (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means (including, without limitation, by means of an Interpolated Rate) do not exist for ascertaining the Eurocurrency Rate for
such Interest Period or (ii) the Required Lenders notify the Administrative Agent that (x) they are unable to obtain matching deposits in the London inter-bank market at or about 11:00 A.M. (London time) on the second Business Day before
(or in the case of Borrowings in Sterling, on the Business Day of) the making of a Borrowing in sufficient amounts to fund their respective Advances as a part of such Borrowing during its Interest Period or (y) the Eurocurrency Rate for any
Interest Period for such Advances will not adequately and fairly reflect the cost to the Required Lenders of making, funding or maintaining their respective Eurocurrency Rate Advances for such Interest Period, the Administrative Agent shall
forthwith so notify the Borrower and the Lenders, whereupon (A) the Borrower will, on the last day of the then existing Interest Period therefor, either, in the case of Dollar denominated Advances, (w) prepay such Advances or
(x) Convert such Advances into Base Rate Advances or, in the case of Sterling denominated Advances, (y) prepay such Advances or (z) consent to the maintenance of such Advances at a rate for short term borrowings of Sterling determined
in a customary manner in good faith by the Administrative Agent and (B) the obligation of the Lenders to make, or to Convert Dollar denominated Advances into, Eurocurrency Rate Advances shall be suspended, and any applicable Sterling
denominated Advances shall be made and maintained at a rate for short term borrowings of Sterling determined in a customary manner in good faith by the Administrative Agent, until the Administrative Agent shall notify the Borrower and the Lenders
that the circumstances causing such suspension no longer exist. 
 (c) If the Borrower shall fail to select the duration of any Interest
Period for any Eurocurrency Rate Advances made to the Borrower in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify the Borrower and the
Lenders and such Eurocurrency Rate Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances, or in the case of Eurocurrency Rate Advances denominated in Sterling, automatically
Convert to a new Eurocurrency Rate Advance with an Interest Period of one month’s duration. 
 (d) [Reserved]. 

(e) Upon the occurrence and during the continuance of any Event of Default, (i) each Eurocurrency Rate Advance denominated in Dollars
will automatically, on the last day of the then existing Interest Period therefor, be Converted into a Base Rate Advance (unless the Required Lenders otherwise consent) and (ii) the obligation of the Lenders to make, or to Convert Dollar
denominated Advances into, Eurocurrency Rate Advances shall be suspended. 
 SECTION 2.09 Optional Conversion of Advances. Each
Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 10:00 A.M. (New York time) on the third Business Day prior to the date of the proposed Conversion (or in the case of a Conversion into Base Rate Advances,
the Business Day prior) and subject to the provisions of Sections 2.08 and 2.12, Convert all Advances denominated in Dollars made to the Borrower of one Type comprising the same Borrowing into Advances of the other Type; provided,
how-

  
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ever, that any Conversion of Eurocurrency Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurocurrency Rate Advances, any Conversion
of Base Rate Advances into Eurocurrency Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.01 and no Conversion of any Advances shall result in more separate Borrowings than permitted under
Section 2.02(b). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion (which shall be a Business Day), (ii) the Advances to be Converted, and (iii) if such
Conversion is into Eurocurrency Rate Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower giving such notice. 

SECTION 2.10 Optional Prepayments of Advances. The Borrower may, upon written notice to the Administrative Agent stating the
proposed date and aggregate principal amount of the proposed prepayment, given not later than 10:00 A.M. (New York time) on the date (which date shall be a Business Day) of such proposed prepayment, in the case of a Borrowing consisting of Base Rate
Advances, and not later than 10:00 A.M. (Local Time) at least two Business Days prior to the date of such proposed prepayment, in the case of a Borrowing consisting of Eurocurrency Rate Advances, and if such notice is given, the Borrower shall,
prepay the outstanding principal amount of the Advances comprising part of the same Borrowing made to the Borrower in whole or ratably in part, and in the case of any Eurocurrency Rate Borrowing, together with accrued interest to the date of such
prepayment on the principal amount prepaid; provided, however, that (i) each partial prepayment shall be in an aggregate principal amount of the Borrowing Minimum or a Borrowing Multiple in excess thereof and (ii) if any
prepayment of a Eurocurrency Rate Advance is made on a date other than the last day of an Interest Period for such Eurocurrency Rate Advance, the Borrower shall also pay any amount owing pursuant to Section 9.04(c); and provided,
further, that, subject to clause (ii) of the immediately preceding proviso, any such notice may state that such notice is conditioned upon the effectiveness of other credit facilities or the consummation of a specific transaction, in
which case such notice may be revoked by the Borrower if such condition is not satisfied. Notwithstanding anything in this Agreement to the contrary, the Borrower shall not optionally prepay any Tranche 1 Advances or Tranche 2 Advances while any
Tranche 3 Advances are outstanding. 
 SECTION 2.11 Increased Costs. (a) If, due to either (i) the introduction of or
any change in or in the interpretation of any law or regulation or (ii) the compliance with any directive, guideline or request from any central bank or other governmental authority including, without limitation, any agency of the European
Union or similar monetary or multinational authority (whether or not having the force of law), in each case after the date hereof (or with respect to any Lender (or the Administrative Agent), if later, the date on which such Lender (or the
Administrative Agent) becomes a Lender (or the Administrative Agent)), there shall be any increase in the cost to any Lender or the Administrative Agent of agreeing to make or making, funding or maintaining Advances (excluding for purposes of this
Section 2.11 any such increased costs resulting from (i) Taxes as to which such Lender is indemnified under Section 2.14, (ii) Excluded Taxes, or (iii) Other Taxes), then the Borrower shall from time to time, upon demand by
such Lender or the Administrative Agent (with a copy of such demand to the Administrative Agent, if applicable), pay to the Administrative Agent for the account of such Lender (or for its own account, if applicable) additional amounts sufficient to
compensate such Lender or the Ad-

  
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ministrative Agent for such increased cost. A certificate describing such increased costs in reasonable detail delivered to the Borrower shall be conclusive and binding for all purposes, absent
demonstrable error. 
 (b) If any Lender reasonably determines that compliance with any law or regulation or any directive, guideline or
request from any central bank or other governmental authority including, without limitation, any agency of the European Union or similar monetary or multinational authority (whether or not having the force of law), in each case promulgated or given
after the date hereof (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), affects or would affect the amount of capital, insurance or liquidity required or expected to be maintained by such Lender or any
corporation controlling such Lender and that the amount of such capital, insurance or liquidity is increased by or based upon the existence of such Lender’s commitment to lend hereunder and other commitments of this type, the Borrower shall,
from time to time upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender, additional amounts sufficient to compensate such Lender or such corporation in the
light of such circumstances, to the extent that such Lender reasonably determines such increase in capital, insurance or liquidity to be allocable to the existence of such Lender’s Advances or commitment to lend hereunder. A certificate as to
such amounts submitted to the Borrower and the Administrative Agent by such Lender shall be conclusive and binding for all purposes, absent demonstrable error. 

(c) Notwithstanding anything in this Section 2.11 to the contrary, for purposes of this Section 2.11, (A) the Dodd Frank Wall
Street Reform and Consumer Protection Act and the rules and regulations issued thereunder or in connection therewith or in implementation thereof, and (B) all requests, rules, guidelines and directions promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any similar or successor agency, or the United States or foreign regulatory authorities, in each case, pursuant to Basel III) shall be deemed to have been enacted following the date hereof
(or with respect to any Lender, if later, the date on which such Lender becomes a Lender); provided that no Lender shall demand compensation pursuant to this Section 2.11(c) unless such Lender is making corresponding demands on similarly
situated borrowers in comparable credit facilities to which such Lender is a party. 
 SECTION 2.12 Illegality. Notwithstanding
any other provision of this Agreement, subject Section 3.02(i), with respect to Dollar denominated Advances, (a) if any Lender shall notify the Administrative Agent that the introduction of or any change in or in the interpretation of any
law or regulation makes it unlawful, or any central bank or other governmental authority, including without limitation, any agency of the European Union or similar monetary or multinational authority, asserts that it is unlawful, for such Lender or
its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances or to fund or maintain Eurocurrency Rate Advances hereunder, (i) each Eurocurrency Rate Advance of such Lender will automatically, upon such
notification, be Converted into a Base Rate Advance and (ii) the obligation of such Lender to make Eurocurrency Rate Advances or to Convert Advances into Eurocurrency Rate Advances shall be suspended until the Administrative Agent shall notify
the Borrower and such Lender that the circumstances causing such suspension no longer exist and 

  
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(b) if Lenders constituting the Required Lenders so notify the Administrative Agent, (i) each Eurocurrency Rate Advance of each Lender will automatically, upon such notification, Convert
into a Base Rate Advance and (ii) the obligation of each Lender to make Eurocurrency Rate Advances or to Convert Advances into Eurocurrency Rate Advances shall be suspended until the Administrative Agent shall notify the Borrower and each
Lender that the circumstances causing such suspension no longer exist. Notwithstanding any other provision of this Agreement, subject to Section 3.02(i), if any of the circumstances set forth in clauses (a) or (b) above arise with
respect to Advances denominated in Sterling, such Sterling denominated Advances shall be made or maintained, as applicable, at a rate for short term borrowings of Sterling determined in a customary manner in good faith by the Administrative Agent.

 SECTION 2.13 Payments and Computations. (a) The Borrower shall make each payment required to be made by it under this
Agreement not later than 11:00 A.M. (Local Time) on the day when due in Sterling (or (i) with respect to principal, interest or breakage indemnity due in respect of Advances denominated in Dollars, in Dollars and (ii) with respect to other
payments required to be made pursuant to Section 2.11 or 9.04 that are invoiced in a currency other than Sterling shall be payable in the currency so invoiced) to the Administrative Agent at the applicable Administrative Agent’s Office in
same day funds. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or commitment fees ratably (other than amounts payable pursuant to Section 2.02(c), 2.07(c),
2.11, 2.12(i) (or if applicable the last sentence of Section 2.12), 2.14, 2.15 or 9.04(c)) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any
Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein
in the Register pursuant to Section 9.07(f), from and after the effective date specified in such Assignment and Acceptance, the Administrative Agent shall make all payments hereunder in respect of the interest assigned thereby to the assignor
for amounts which have accrued to but excluding the effective date of such assignment and to the assignee for amounts which have accrued from and after the effective date of such assignment. All payments to be made by the Borrower shall be made
without condition or deduction for any counterclaim, defense, recoupment or setoff. 
 (b) The Borrower hereby authorizes each Lender, if
and to the extent payment owed to such Lender by the Borrower is not made when due hereunder, to charge from time to time against any or all of the Borrower’s accounts with such Lender any amount so due, unless otherwise agreed between the
Borrower and such Lender. 
 (c) All computations of interest based on the Base Rate or with respect to any Advances denominated in Sterling
shall be made by the Administrative Agent on the basis of a year of 365 or, other than with respect to Sterling, 366 days, as the case may be, and all computations of interest based on the Eurocurrency Rate (other than with respect to any Advances
denominated in Sterling) or the Federal Funds Rate (other than determinations of the Base Rate made at any time by reference to the Federal Funds Rate), and of commitment fees and ticking fees shall be made by the Administrative Agent on the basis
of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the 

  
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period for which such interest or such fees are payable. Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent
demonstrable error. 
 (d) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or commitment fee, as the case may be; provided, however, that, if such extension would
cause payment of interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such payment shall be made on the immediately preceding Business Day. 

(e) Unless the Administrative Agent shall have received written notice from the Borrower prior to the date on which any payment is due to the
Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon
such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent the Borrower shall not have so made such payment in full to the Administrative Agent, each Lender shall
repay to the Administrative Agent, following prompt notice thereof, forthwith on demand such amount distributed to such Lender, together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such
Lender repays such amount to the Administrative Agent, at the Federal Funds Rate, or in the case of amounts in Sterling, at a rate for short term borrowings of Sterling determined in a customary manner in good faith by the Administrative Agent. 

SECTION 2.14 Taxes. (a) Any and all payments by or on behalf of the any obligation of any Loan Party under any Loan Document
shall be made free and clear of and without deduction for any and all present or future Taxes, excluding, in the case of each Lender and each Agent, (i) Taxes imposed on (or measured by) its overall net income (however denominated),
franchise Taxes, and branch profits Taxes, in each case only to the extent imposed by the jurisdiction (or any political subdivision thereof) under the laws of which such Lender or such Agent, as the case may be, is organized, by the jurisdiction
(or any political subdivision thereof) of such Lender’s Applicable Lending Office or such Lender’s or such Agent’s principal office, or as a result of a present or former connection between such Lender or such Agent and the
jurisdiction imposing such Tax (other than connections arising from such Lender or such Agent having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under,
engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Advance or Loan Document), (ii) backup withholding Tax imposed by the United States on payments by any Loan Party to any Lender,
(iii) any Tax that is imposed by the United States by reason of such recipient’s failure to comply with Section 2.14(f), (iv) any U.S. federal withholding Tax pursuant to a law in effect at the time a Lender becomes a party to
this Agreement or acquires an interest in the Advance (or designates a new Applicable Lending Office), except to the extent that such Lender (or its assignor, if any) was entitled, immediately before the designation of a new Applicable Lending
Office or assignment, to receive additional amounts from the Loan Party with respect to such 

  
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withholding Tax pursuant to this Section 2.14, and (v) any taxes imposed under FATCA, including as a result of such recipient’s failure to comply with Section 2.14(f)(iii)
(all such excluded Taxes in respect of payments under any Loan Document being hereinafter referred to as “Excluded Taxes”). If the applicable Withholding Agent shall be required by applicable law to deduct any Taxes from or in
respect of any sum payable under any Loan Document to any Lender or any Agent, (A) the applicable Withholding Agent shall make such deductions and (B) the applicable Withholding Agent shall pay the full amount deducted to the relevant
taxation authority or other authority in accordance with applicable law. If the Borrower shall be required by applicable law to deduct any Taxes other than Excluded Taxes from or in respect of any sum payable under any Loan Document to any Lender or
any Agent, the sum payable by the applicable Loan Party shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.14) such Lender or such
Agent, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made. 
 (b) In addition,
without duplication of any other obligation set forth in this Section 2.14, the Loan Parties agree to pay to the relevant Governmental Authority any present or future stamp, court or documentary, intangible, recording, filing Taxes and any
other similar Taxes, that arise from any payment made by them under any Loan Document or from the execution, delivery, performance or registration of, or otherwise with respect to, any Loan Document , except to the extent such Taxes are Other
Connection Taxes imposed with respect to a sale, an assignment or the designation of a new Applicable Lending Office (other than an assignment or designation made pursuant to Section 2.20) (hereinafter referred to as “Other
Taxes”). 
 (c) Without duplication of any other obligation set forth in this Section 2.14, the Loan Parties shall jointly and
severally indemnify each Lender and each Agent for the full amount of Taxes (other than Excluded Taxes) and Other Taxes imposed on, payable or paid by such Lender or such Agent, as the case may be, in respect of Advances made to any Loan Party and
any liability (including, without limitation, penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. This
indemnification shall be made within 30 days from the date such Lender or such Agent, as the case may be, makes written demand therefor. A certificate as to the amount of such payment or liability delivered to the Loan Party by a Lender (with a copy
to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Taxes attributable
to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Taxes and without limiting the obligation of the Loan Parties to do so) and (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 9.07(h) relating to the maintenance of a Participant Register, in either case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate describing in reasonable detail the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclu-

  
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sive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d). 

(e) As soon as practicable after the date of any payment of Taxes or Other Taxes for which any Loan Party is responsible under this
Section 2.14, such Loan Party shall furnish to the Administrative Agent, at its address as specified pursuant to Section 9.02, the original or a certified copy of a receipt evidencing payment thereof. 

(f) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the
Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii) and
(iii) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender. 
 (ii) Without limiting the generality of the foregoing: (A) any Lender that is a US Person shall deliver to
the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed
originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; and (B) any Lender that is not a US Person (a “Non-US Lender”) shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-US Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (A) in the
case of a Non-US Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS
Form W-8BEN-E establishing an exemption from, or 

  
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reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(B) executed originals of IRS Form W-8ECI; 

(C) in the case of a Non-US Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Non-US Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10
percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a
“U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E; or 

(D) to the extent a Non-US Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN, or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if
the Non-US Lender is a partnership and one or more direct or indirect partners of such Non-US Lender are claiming the portfolio interest exemption, such Non-US Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
C-4 on behalf of each such direct and indirect partner; 
 (iii) If a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such
Lender shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative
Agent to comply with its obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for the purposes of this clause
2.14(f)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (g) In the event that an
additional payment is made under Section 2.14(a) or 2.14(c) for the account of any Lender and such Lender, in its sole discretion exercised in good faith, determines that it has received a refund of any tax paid or payable by it in respect of
or calculated with reference to the deduction or withholding giving rise to such additional payment, such Lender shall, to the extent that it reasonably determines that it can do so without prejudice to the retention of the amount of such refund,
pay to the Borrower such amount as such Lender shall, in its reasonable discretion exercised in good faith, have determined is attributable to such 

  
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deduction or withholding and will leave such Lender (after such payment) in no worse position than it would have been had the Borrower not been required to make such deduction or withholding.
Nothing contained in this Section 2.14(g) shall (i) interfere with the right of a Lender to arrange its tax affairs in whatever manner it thinks fit or (ii) oblige any Lender to disclose any information relating to its tax returns,
tax affairs or any computations in respect thereof or (iii) require any Lender to take or refrain from taking any action that would prejudice its ability to benefit from any other credits, reliefs, remissions or repayments to which it may be
entitled. 
 (h) Each party’s obligations under this Section 2.14 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Loan Documents. 

(i) For purposes of this Section 2.14, the term “applicable law” includes FATCA. 

SECTION 2.15 Sharing of Payments, Etc. Subject to Section 2.19 in the case of a Defaulting Lender, if any Lender shall obtain
any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of the Advances owing to it (other than pursuant to Section 2.02(c), 2.07(c), 2.11, 2.12(a), 2.14 or 9.04(c)) in excess of its
ratable share of payments on account of the Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances owing to them as shall be necessary to cause such purchasing Lender to
share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such
Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (a) the amount of such Lender’s required
repayment to (b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing a
participation from another Lender pursuant to this Section 2.15 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were
the direct creditor of the Borrower in the amount of such participation. The provisions of this Section 2.15 shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of
this Agreement as in effect from time to time or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Advances to any assignee or participant permitted hereunder. 

SECTION 2.16 Use of Proceeds. The proceeds of the Advances shall be available, and the Borrower agrees that it shall apply such
proceeds, solely towards Certain Funds Purposes. 
 SECTION 2.17 Evidence of Debt. (a) The Register maintained by the
Administrative Agent pursuant to Section 9.07(g) shall include (i) the date and amount of each Borrowing made hereunder by the Borrower, the Type and Class of Advances comprising such Borrowing

  
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and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assignment and Acceptance delivered to and accepted by it, (iii) the amount of any principal or
interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender’s share thereof. 

Entries made reasonably and in good faith by the Administrative Agent in the Register pursuant to subsection (a) above shall be
prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to each Lender under this Agreement, absent manifest error; provided, however, that the failure
of the Administrative Agent to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit, expand or otherwise affect the obligations of the Borrower under this Agreement. 

SECTION 2.18 [Reserved]. 

SECTION 2.19 Defaulting Lenders. 

(a) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions
shall apply for so long as such Lender is a Defaulting Lender (it being understood that the determination of whether a Lender is no longer a Defaulting Lender shall be made as described in Section 2.19(b)): 

(i) such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to Section 2.04(a); 

(ii) such Defaulting Lender will not be entitled to any fees accruing under Section 2.04(b) to the extent it is a
Defaulting Lender on the date such fee would otherwise be payable and such fee would be attributable to its Commitment (for the avoidance of doubt fees attributable to funded Advances shall be payable); 

(iii) to the fullest extent permitted by applicable law, such Lender will not be entitled to vote in respect of amendments and
waivers hereunder, and the Commitment and the outstanding Advances of such Lender hereunder will not be taken into account in determining whether the Required Lenders or all of the Lenders, as required, have approved any such amendment or waiver
(and the definition of “Required Lenders” will automatically be deemed modified accordingly for the duration of such period); provided that any such amendment or waiver that would increase or extend the term of the Commitment of
such Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender, reduce the amount of or the rate or
amount of interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, will require the consent of such Defaulting Lender; and 

  
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 (iv) the Borrower may, at its sole expense and effort, require such Defaulting
Lender to assign and delegate its interests, rights and obligations under this Agreement pursuant to Section 9.07. 
 (b) If the
Borrower and the Administrative Agent agree in writing in their discretion that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein, such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on
behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender
will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 

(c) Any payment of principal, interest, fees or other amounts received by the Administrative Agent hereunder for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 6.01 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.05 shall be applied at such time or times as
follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Advance
in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by the Administrative Agent; third, as the Borrower may request, to be held in a deposit account and
released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of
a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, to the payment of any amounts owing to the Borrower as
a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting
Lender or as otherwise directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or otherwise pursuant to
this Section 2.19(c) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

SECTION 2.20 Mitigation. (a) Each Lender shall promptly notify the Borrower and the Administrative Agent of any event of
which it has knowledge that will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s good faith judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by
the Borrower to pay any amount pursuant to Section 2.11 or 2.14 or (ii) the occurrence of any circumstance described in Section 2.12 (and, if any Lender has given notice of any such event described in clause (i) or
(ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify the Borrower and the Administrative Agent). In furtherance of the foregoing, each Lender will (at the request of the Borrower) designate a different
funding office if, in the judgment of 

  
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such Lender, such designation will avoid (or reduce the cost to the Borrower of) any event described in clause (i) or (ii) of the preceding sentence and such designation will not, in
such Lender’s good faith judgment, be otherwise materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation. 

(b) Notwithstanding any other provision of this Agreement, if any Lender fails to notify the Borrower of any event or circumstance which will
entitle such Lender to compensation pursuant to Section 2.11 within 180 days after such Lender obtains knowledge of such event or circumstance, then such Lender shall not be entitled to compensation from the Borrower for any amount arising
prior to the date which is 180 days before the date on which such Lender notifies the Borrower of such event or circumstance. 

SECTION 2.21 VAT. Notwithstanding anything in Section 2.14 to the contrary: 

(a) All amounts expressed to be payable under a Loan Document by any Loan Party to a Lender Party which (in whole or in part) constitute the
consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Lender Party to
any Loan Party under a Loan Document and such Lender Party is required to account to the relevant tax authority for the VAT, that Loan Party must pay to such Lender Party (in addition to and at the same time as paying any other consideration for
such supply) an amount equal to the amount of the VAT (and such Lender Party must promptly provide an appropriate VAT invoice to that Loan Party). 

(b) If VAT is or becomes chargeable on any supply made by any Lender Party (the “Supplier”) to any other Lender Party (the
“Recipient”) under a Loan Document, and any Loan Party other than the Recipient (the “Relevant Party”) is required by the terms of any Loan Document to pay an amount equal to the consideration for that supply to the
Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): 
 (i) (where
the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient
must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable
on that supply; and 
 (ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or
repayment from the relevant tax authority in respect of that VAT. 
 (c) Where a Loan Document requires any Loan Party to reimburse or
indemnify a Lender Party for any cost or expense, that Loan Party shall reimburse or indemnify (as the 

  
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case may be) such Lender Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Lender Party reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 
 (d) Any reference in this Section 2.21 to
any Loan Party shall, at any time when such Loan Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the Person who is treated as making the supply, or (as
appropriate) receiving the supply, under the grouping rules (as provided for in Article 11 of Council Directive 2006/112/EC or as implemented by a European Member State, or equivalent provisions in any other jurisdiction). 

(e) In relation to any supply made by a Lender Party to any Loan Party under a Loan Document, if reasonably requested by such Lender Party,
that Loan Party must promptly provide such Lender Party with details of that Loan Party’s VAT registration and such other information as is reasonably requested in connection with such Lender Party’s VAT reporting requirements in relation
to such supply. 
 ARTICLE III 

CONDITIONS TO EFFECTIVENESS AND LENDING 

SECTION 3.01 Conditions Precedent to Effective Date. This Agreement shall become effective on and as of the first date on which
the following conditions precedent have been satisfied (with the Administrative Agent acting reasonably in assessing whether the conditions precedent are satisfactory) (or waived in accordance with Section 9.01): 

(a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement and
the other Loan Documents signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include .pdf or facsimile transmission of a signed signature page of this Agreement) that such party
has signed a counterpart of this Agreement. 
 (b) All fees and other amounts then due and payable by the Consolidated Group to the
Administrative Agent, the Arranger and the Lenders under the Loan Documents or pursuant to any fee or similar letters relating to the Loan Documents shall be paid (or, in the event that clauses (a) above and clauses (d), (e) and
(f) below have each been satisfied (or waived) on a date that is not a Business Day, STERIS has delivered written notice that it intends to pay on the next succeeding Business Day (the “Fee Payment Date”), to the extent
invoiced by the relevant person at least one Business Day prior to the Effective Date and to the extent such amounts are payable on or prior to the Effective Date. 

(c) [Reserved.] 
 (d) The
Administrative Agent (or its counsel) shall have received on or before the Effective Date: 

  
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 (i) Certified copies of the resolutions or similar authorizing documentation of
the governing bodies of each of the Borrower and STERIS authorizing the Acquisition and such Person to enter into and perform its obligations under the Loan Documents to which it is a party; 

(ii) A good standing certificate or similar certificate dated a date reasonably close to the Effective Date from the
jurisdiction of formation of the Borrower and STERIS, but only where such concept is applicable; 
 (iii) A customary
certificate of the Borrower and STERIS certifying the names and true signatures of the officers of the Borrower and STERIS, as applicable, authorized to sign this Agreement and the other documents to be delivered hereunder; and 

(iv) A favorable opinion letter of (A) the General Counsel of STERIS and (B) Wachtell, Lipton, Rosen & Katz
LLP with respect to enforceability of this Agreement, in each case in form and substance reasonably satisfactory to the Administrative Agent. 

(e) The Administrative Agent (or its counsel) shall have received a copy, certified by the Borrower, of a draft of the Press Release
substantially in the form in which it is proposed to be issued. 
 (f) The Administrative Agent shall have received, on or prior to the
Effective Date, so long as requested no less than one Business Day prior to the Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act, in each case relating to STERIS and the Borrower. 
 The Administrative Agent shall notify the Borrower
and the Lenders of the Effective Date in writing promptly upon the conditions precedent in this Section 3.01 being satisfied (or waived in accordance with Section 9.01), and such notice shall be conclusive and binding. 

SECTION 3.02 Conditions Precedent to Closing Date. The obligation of the Lenders to make Advances on the Closing Date is subject
to the satisfaction (with the Administrative Agent acting reasonably in assessing whether the conditions precedent are satisfactory) (or waiver in accordance with Section 9.01) of the following conditions: 

(a) The Effective Date shall have occurred. 

(b) If the Synergy Acquisition is effected by way of a Scheme, the Administrative Agent (or its counsel) shall have received: 

(i) a certificate of the Borrower signed by an officer or director certifying: 

(1) the date on which the Scheme Circular was posted to the shareholders of Synergy; 

  
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 (2) the date on which the Court has sanctioned the Scheme and the Borrower has
duly delivered the Post-Sanction Notice; 
 (3) as to the satisfaction of each condition set forth in clauses (d),
(e) (to the extent relating to the Scheme) and (f) below; and 
 (4) each copy of the documents specified in
paragraph (ii) below is correct and complete and has not been amended or superseded on or prior to the Closing Date, except to the extent such changes thereto have been required pursuant to the City Code or required by the Panel or a court of
competent jurisdiction or to the extent not prohibited by the Loan Documents; and 
 (ii) a copy of the Scheme Circular which
complies with the requirements of Section 5.01(k)(iv). 
 (c) If the Synergy Acquisition is effected by way of a Takeover Offer, the
Administrative Agent (or its counsel) shall have received: 
 (i) a certificate of the Borrower signed by an officer or
director certifying: 
 (1) the date on which the Takeover Offer Document was posted to the shareholders of Synergy; 

(2) as to the satisfaction of each condition set forth in clauses (d), (e) (to the extent relating to the Takeover Offer)
and (f) below; 
 (3) each copy of the documents specified in paragraph (ii) below is correct and complete and has
not been amended or superseded on or prior to the Closing Date, except to the extent such changes thereto have been required pursuant to the City Code or required by the Panel or are not prohibited by the Loan Documents; and 

(ii) a copy of the Takeover Offer Document which complies with the requirements of Section 5.01(k)(iv); and 

(d) On the Closing Date (x) no Certain Funds Default is continuing or would result from the proposed Borrowing and (y) all the
Certain Funds Representations are true and correct or, if a Certain Funds Representation does not include a materiality concept, true and correct in all material respects. 

(e) Where the Synergy Acquisition is to be implemented by way of a Scheme, each of the Synergy Acquisition and the Company Merger shall have
been, or substantially concurrently with the occurrence of the Closing Date shall be, consummated in the case of the Synergy Acquisition in all material respects in accordance with the terms and conditions of the Scheme Documents; provided
that, if the conditions precedent to the Synergy Acquisition speci-

  
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fied in the Press Release at Appendix 2 “Conditions of the Offer” Section 2 (a) through (e), other than the Post-Sanction Conditions, have been satisfied or waived and the
Borrower delivers a notice (the “Post-Sanction Notice”) in writing to the Administrative Agent confirming satisfaction or waiver of such conditions, then the condition precedent in this clause (e) shall be deemed to have been
satisfied subject to the satisfaction of the Post-Sanction Conditions within two Business Days following delivery of such notice or, where the Synergy Acquisition is to be implemented by way of a Takeover Offer, the Takeover Offer shall have become
unconditional in accordance with the terms of the Offer Document and as promptly as reasonably practicable thereafter the Company Merger shall be consummated, in each case, without giving effect to (and there shall not have been) any modifications,
amendments, consents, requests or waivers by the Borrower (or its applicable affiliate) thereunder that are materially adverse to the interests of the Lenders, without the prior written consent of the Administrative Agent, except, in each case, to
the extent such modifications, amendments, consents, requests or waivers have been required by the City Code, the Panel or a court of competent jurisdiction or are not prohibited by the Loan Documents; provided, however, that any
increase in the Cash Consideration composed of Equity Interests of New HoldCo shall not be deemed to be materially adverse to the interests of the Lenders. 

(f) All fees and other amounts due and payable by the Borrower and STERIS to the Arranger, the Administrative Agent and the Lenders under the
Loan Documents shall have been paid, or substantially simultaneously shall be paid, to the extent invoiced at least three Business Days prior to the Closing Date by the relevant person and to the extent such amounts are payable on or prior to the
Closing Date. 
 (g) The Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.02. 

(h) The Administrative Agent (or its counsel) shall have received on or before the Closing Date: 

(i) certified copies of the resolutions or similar authorizing documentation of the governing bodies of each of the Guarantors that has
acceded before or is acceding on the Closing Date (other than STERIS) authorizing the Acquisitions and such Person to enter into and perform its obligations under the Loan Documents to which it is a party; 

(ii) a good standing certificate or similar certificate dated a date reasonably close to the Closing Date from the jurisdiction of formation
of the Guarantors that have acceded before or are acceding on the Closing Date (other than STERIS and New HoldCo), but only where such concept is applicable; 

(iii) a customary certificate of the Guarantors that have acceded before or are acceding on the Closing Date (other than STERIS) certifying
the names and true signatures of the officers of the Guarantors authorized to sign this Agreement and the other documents to be delivered by them hereunder; and 

(iv) a favorable opinion letter of legal counsel to the Guarantors that have acceded before or are acceding on the Closing Date (other than
STERIS), in each case in 

  
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form and substance substantially similar, with applicable changes, to the opinion letters delivered on the Effective Date. 

(i) With respect to the funding obligation of any affected Lender, it is not illegal for such Lender to make such Advance hereunder, provided
that such Lender has used commercially reasonable efforts to make the Advance through an Affiliate of such Lender not subject to such legal restriction. 

(j) The Administrative Agent shall have received, on or prior to the Closing Date, so long as requested no less than 5 Business Days prior to
the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, in each case relating to the
Guarantors that have acceded before or are acceding on the Closing Date (other than STERIS). 
 (k) The Administrative Agent (or its
counsel) shall have received from each Guarantor that has acceded before or is acceding on the Closing Date (other than STERIS) either (i) a joinder to this Agreement and the other Loan Documents signed on behalf of such party or
(ii) written evidence reasonably satisfactory to the Administrative Agent (which may include .pdf or facsimile transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 

The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date in writing promptly upon the conditions precedent in this
Section 3.02 being satisfied (or waived in accordance with Section 9.01), and such notice shall be conclusive and binding. 

SECTION 3.03 [Reserved.] 

SECTION 3.04 Actions by Lenders During the Certain Funds Period. During the Certain Funds Period and notwithstanding (i) any
provision to the contrary in the Loan Documents or otherwise or (ii) that any condition set out in Sections 3.01 or 3.02 may subsequently be determined to not have been satisfied or any representation given was incorrect in any material
respect, none of the Lenders nor the Agents shall, unless a Certain Funds Default has occurred and is continuing on the proposed Closing Date or would result from a proposed borrowing or a Certain Funds Representation remains incorrect or, if a
Certain Funds Representation does not include a materiality concept, incorrect in any material respect, in each case on the Closing Date, be entitled to: 

(i) cancel any of its Commitments, except as set forth in Section 2.05(d) above; 

(ii) rescind, terminate or cancel the Loan Documents or the Commitments or exercise any similar right or remedy or make or
enforce any claim under the Loan Documents it may have to the extent to do so would prevent, delay or limit (A) the making of an Advance or (B) the application of amounts standing to the credit of an Escrow Account; 

  
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 (iii) refuse to participate in the making of an Advance unless the conditions set
forth in Section 3.02 have not been satisfied; 
 (iv) exercise any right of set-off or counterclaim in respect of an
Advance to the extent to do so would prevent, delay or limit (A) the making of an Advance or (B) the application of amounts standing to the credit of an Escrow Account; or 

(v) cancel, accelerate or cause repayment or prepayment of any amounts owing under any Loan Document to the extent to do so
would prevent, limit or delay (A) the making of an Advance or (B) the application of amounts standing to the credit of an Escrow Account; 

provided, that immediately upon the expiry of the Certain Funds Period all such rights, remedies and entitlements shall be available to the Lenders and
the Agents notwithstanding that they may not have been used or been available for use during the Certain Funds Period; provided, further that without limiting the conditions set forth in Section 3.02 above, failure by the Borrower
to comply with the covenants set forth in Article V prior to the Closing Date shall not constitute a breach of this Agreement and the Administrative Agent and the Lenders shall have no rights or remedies with respect thereto other than with respect
to a Certain Funds Default that is continuing on, or a breach of a Certain Funds Representation as of, the Closing Date. 
 ARTICLE IV

 REPRESENTATIONS AND WARRANTIES 

SECTION 4.01 Representations and Warranties. Each Loan Party represents and warrants on the Effective Date and, subject to the
last paragraph of this Section, the Closing Date as follows: 
 (a) Each Loan Party is duly organized, validly existing and in good standing
(to the extent that such concept exists) under the laws of its jurisdiction of organization. 
 (b) The execution, delivery and performance
by each Loan Party of this Agreement and the other Loan Documents to which it is a party, and the consummation of the transactions (including the Acquisitions) contemplated hereby and thereby, (i) are within such Loan Party’s
organizational powers, (ii) have been duly authorized by all necessary organizational action and (iii) do not contravene (A) such Loan Party’s charter or by-laws or other organizational documents or (B) any law, regulation
or contractual restriction binding on or affecting such Loan Party, subject to the Non-Contravention Exception and (iv) will not result in or require the creation or imposition of any Lien upon or with respect to any of the properties of the
Consolidated Group, except, in the case of clause (iii)(B) and (iv), as would not be reasonably expected to have a Material Adverse Effect. 

(c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required for the due execution, delivery and performance by the Borrower and each Guarantor of this Agreement and the consummation of the transactions (including the Acquisitions) contemplated hereby, other than the Panel, as
di-

  
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rected by the Panel pursuant to the requirements of the City Code, anti-trust regulators, as directed by anti-trust regulators, as contemplated by the Scheme Documents or (as the case may be) the
Takeover Offer Documents or as is obtained by the time required. 
 (d) This Agreement and the other Loan Documents have been duly executed
and delivered by the Loan Parties party thereto. This Agreement and the other Loan Documents are legal, valid and binding obligations of the Loan Parties party thereto, enforceable against such Loan Parties in accordance with its terms, except as
affected by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or at law) and an implied covenant of
good faith and fair dealing. 
 (e) Each of the Previously Delivered Financial Statements (to the Borrower’s knowledge with respect to
the financial statements of Synergy) present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of STERIS and Synergy, as applicable, and their respective consolidated Subsidiaries as of
such dates and for such periods in accordance with GAAP with respect to STERIS and IFRS as adopted for use in the European Union with respect to Synergy, except as may be indicated in the notes thereto and subject to year-end audit adjustments and
the absence of footnotes in the case of unaudited financial statements. 
 (f) There is no action, suit, investigation, litigation or
proceeding (including, without limitation, any Environmental Action), affecting the Consolidated Group pending or, to the knowledge of the Borrower, threatened before any court, governmental agency or arbitrator that would reasonably be expected to
be adversely determined, and if so determined, (a) would reasonably be expected to have a material adverse effect on the financial condition or results of operations of the Consolidated Group taken as a whole (other than the litigation set
forth on Schedule 4.01(f) attached hereto) or (b) would adversely affect the legality, validity and enforceability of any material provision of this Agreement in any material respect. 

(g) Following application of the proceeds of each Advance, not more than 25 percent of the value of the assets of the Borrower and of the
Consolidated Group, on a Consolidated basis, subject to the provisions of Section 5.02(a) will be margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System). 

(h) Each of the Loan Parties and their Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by them, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP
with respect to STERIS and IFRS as adopted for use in the European Union with respect to Synergy or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

(i) No ERISA Event has occurred or is reasonably expected to occur with respect to any Plan which would reasonably be expected to have a
Material Adverse Effect. 

  
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 (j) Except as would not reasonably be expected to have a Material Adverse Effect, (i) as of
the last annual actuarial valuation date prior to the Effective Date, no Plan was in at-risk status (as defined in Section 430(i)(4) of the Internal Revenue Code), and (ii) since such annual actuarial valuation date there has been no
material adverse change in the funding status of any Plan that would reasonably be expected to cause such Plan to be in at-risk status (as defined in Section 430(i)(4) of the Internal Revenue Code). 

(k) Except as would not reasonably be expected to have a Material Adverse Effect, (i) neither the Borrower nor any ERISA Affiliate
(A) is reasonably expected to incur any Withdrawal Liability to any Multiemployer Plan or has incurred any such Withdrawal Liability that has not been satisfied in full or (B) has been notified by the sponsor of a Multiemployer Plan that
such Multiemployer Plan is in reorganization (within the meaning of Section 4241 of ERISA), insolvent (within the meaning of Section 4245 of ERISA) or has been determined to be in “endangered” or “critical’ status
(within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA), and (ii) no Multiemployer Plan is reasonably expected to be in reorganization, insolvent or in “endangered” or “critical”
status. 
 (l) (i) The operations and properties of the Consolidated Group comply in all respects with all applicable Environmental Laws and
Environmental Permits except to the extent that the failure to so comply, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; (ii) all past non-compliance with such Environmental Laws and
Environmental Permits has been resolved without any ongoing obligations or costs except to the extent that such non-compliance, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; and (iii) no
circumstances exist that would be reasonably expected to (A) form the basis of an Environmental Action against a member of the Consolidated Group or any of its properties that, either individually or in the aggregate, would have a Material
Adverse Effect or (B) cause any such property to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law that, either individually or in the aggregate, would have a Material Adverse Effect.

 (m) (i) None of the properties currently or formerly owned or operated by a member of the Consolidated Group is listed or proposed for
listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or, to the best knowledge of the Borrower, is adjacent to any such property other than such properties of a member of the Consolidated Group that, individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect; (ii) there are no, and never have been any, underground or aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which
Hazardous Materials are being or have been treated, stored or disposed of on any property currently owned or operated by any member of the Consolidated Group or, to the best knowledge of the Borrower, on any property formerly owned or operated by a
member of the Consolidated Group that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect; (iii) there is no asbestos or asbestos-containing material on any property currently owned or
operated by a member of the Consolidated Group that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect; and (iv) Hazardous Materials have not been released, discharged or disposed of on any
property currently or formerly owned or operated by a member of the Consolidated Group or, to the best knowledge of the Borrower, 

  
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on any adjoining property that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

(n) No member of the Consolidated Group is undertaking, and no member of the Consolidated Group has completed, either individually or together
with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either
voluntarily or pursuant to the order of any governmental or regulatory authority or the requirements of any Environmental Law that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect; and all
Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by a member of the Consolidated Group have been disposed of in a manner that, either individually or
in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 (o) No member of the Consolidated Group is an
“investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company” (each as defined in the Investment Company Act of 1940, as amended). Neither
the making of any Advances nor the application of the proceeds or repayment thereof by the Borrower, nor the consummation of the other transactions contemplated hereby, will violate any provision of such Act or any rule, regulation or order of the
Securities and Exchange Commission thereunder. 
 (p) The Advances and all related obligations of the Loan Parties under this Agreement
(including the Guaranty) rank pari passu with all other unsecured obligations of the Loan Parties that are not, by their terms, expressly subordinate to the obligations of the Loan Parties hereunder. 

(q) The proceeds of the Advances will be used in accordance with Section 2.16. 

(r) No member of the Consolidated Group or any of their respective officers or directors (a) has violated or is in violation of, in any
material respect, or has engaged in any conduct or dealings that would be sanctionable under any applicable anti-money laundering law or Sanctions or (b) is an Embargoed Person (any such representation with respect to the Synergy Group, to the
best of the knowledge of STERIS); provided that if any member of the Consolidated Group (other than the Borrower) becomes an Embargoed Person pursuant to clause (b)(iii) of the definition thereof as a result of a country or territory becoming
subject to any applicable Sanctions program after the Effective Date, such Person shall not be an Embargoed Person so long as (x) the Borrower is taking reasonable steps to either obtain an appropriate license for transacting business in such
country or territory or to cause such Person to no longer reside, be organized or chartered or have a place of business in such country or territory and (y) such Person’s residing, being organized or chartered or having a place of business
in such country or territory would not be reasonably expected to have Material Adverse Effect. The Consolidated Group (i) has adopted and maintains policies and procedures designed to ensure compliance and are reasonably expected to continue to
ensure compliance with any Sanction imposed by the United States and (ii) will use commercially reasonable efforts to adopt and maintain policies 

  
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and procedures designed to ensure compliance with any applicable Sanction other than those imposed by the United States; provided that, with respect to the Synergy Group, STERIS shall use
commercially reasonable efforts to take the actions contemplated in clauses (i) and (ii) promptly following the Closing Date. 

(s) No member of the Consolidated Group is in violation, in any material respects, of any applicable law, relating to anti-corruption
(including the FCPA and the United Kingdom Bribery Act of 2010 (“Anti-Corruption Laws”)) or counter-terrorism (including United States Executive Order No. 13224 on Terrorist Financing, effective September 24, 2011, the
Patriot Act, the United Kingdom Terrorism Act of 2000, the United Kingdom Anti-Terrorism, Crime and Security Act of 2011, the United Kingdom Terrorism (United Nations Measures) Order of 2006, the United Kingdom Terrorism (United Nations Measures)
Order of 2009 and the United Kingdom Terrorist Asset-Freezing etc. Act of 2010) (any such representation with respect to the Synergy Group, to the best of the knowledge of STERIS). The Consolidated Group (i) has adopted and maintains policies
and procedures that are designed to ensure compliance and are reasonably expected to continue to ensure compliance with the FCPA and (ii) will use commercially reasonable efforts to adopt and maintain policies and procedures designed to ensure
compliance with the United Kingdom Bribery Act of 2010; provided that, with respect to the Synergy Group, STERIS shall use commercially reasonable efforts to take the actions contemplated in clauses (i) and (ii) promptly following the
Closing Date. 
 (t) The Borrower has delivered to the Administrative Agent a complete and correct copy of the Scheme Documents (if and when
issued) or, as the case may be, the Offer Documents (if and when issued). The release of the Offer Press Announcement and the posting of the Takeover Offer Documents if a Takeover Offer is pursued has been or will be, prior to their release or
posting (as the case may be) duly authorized by New HoldCo. Each of the obligations of New HoldCo under the Takeover Offer Documents is or will be, when entered into and delivered, the legal, valid and binding obligation of New HoldCo, enforceable
against such Persons in accordance with its terms in each case, except as may be limited by (i) bankruptcy, insolvency, examination or other similar laws affecting the rights and remedies of creditors generally and (ii) general principals
of equity. 
 (u) The Press Release and the Scheme Circular (in each case if and when issued) when taken as a whole: (i) except for the
information that relates to Synergy or the Synergy Group, do not (or will not if and when issued) contain (to the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case)) any statements which are not in
accordance with the facts, or where appropriate, do not omit anything likely to affect the import of such information and (ii) contain all the material terms of the Scheme, except to the extent any provision of such documents is permitted to be
waived, amended or varied by, or the extent that any such waiver, amendment or variation is not otherwise prohibited under Section 5.01(k). 

(v) If the Synergy Acquisition is effected by way of a Scheme, each of the Scheme Documents complies in all material respects with the UK
Companies Act and the City Code, subject to any applicable waivers by or requirements of the Panel, except to the extent any provision of such documents is permitted to be waived, amended or varied by, or the extent that any such waiver, amendment
or variation is not otherwise prohibited under Section 5.01(k). 

  
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 (w) Immediately after the consummation of the Transactions to occur on the Closing Date,
including the making of each Advance to be made on the Closing Date and the application of the proceeds of such Advances, (a) the fair value of the assets of the Reporting Entity and its Subsidiaries on a consolidated basis will exceed its
debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the assets of the Reporting Entity and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay
the probable liability on its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) the Reporting Entity and its Subsidiaries on a consolidated basis will be
able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured and (d) the Reporting Entity and its Subsidiaries on a consolidated basis will not have unreasonably small
capital with which to conduct the business in which it is engaged, as such business is now conducted and is proposed to be conducted following the Closing Date. 

(x) Since March 31, 2014, there has been no Material Adverse Change. 

Notwithstanding anything else herein, the Borrower may elect by notice to the Administrative Agent not to make any representation and warranty in this
Section 4.01 on the Closing Date. In the event the Borrower makes such election, such representation and warranty shall not be required to be made on the Closing Date and, following the funding of the Advances (including any Supplemental
Advances) there shall exist an Event of Default pursuant to Section 6.01(b)(ii). 
 ARTICLE V 

COVENANTS 

SECTION 5.01 Affirmative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder,
the Loan Parties will: 
 (a) Compliance with Laws, Etc. Comply, and cause each member of the Consolidated Group to comply, with all
applicable laws, rules, regulations and orders (such compliance to include, without limitation, compliance with ERISA and Environmental Laws), except to the extent that the failure to so comply, either individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect. 
 (b) Payment of Taxes, Etc. Pay and discharge, or cause to be paid and
discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon a member of the Consolidated Group or upon the income, profits or property of a member of the Consolidated Group, in each
case except to the extent that (i) the amount, applicability or validity thereof is being contested in good faith and by proper proceedings or (ii) the failure to pay such taxes, assessments and charges, either individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 (c) Maintenance of Insurance. Maintain, and cause
each member of the Consolidated Group to maintain, insurance with responsible and reputable insurance companies or associations (or pursuant to self-insurance arrangements) in such amounts and covering such

  
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risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which any member of the Consolidated Group operates. 

(d) Preservation of Existence, Etc. Do, or cause to be done, all things necessary to preserve and keep in full force and effect its
(i) existence and (ii) rights (charter and statutory) and franchises; provided, however, that any Loan Party may consummate any merger or consolidation permitted under Section 5.02(b); and provided,
further, that no Loan Party shall be required to preserve any such right or franchise if the management of the Borrower shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Loan Party and
that the loss thereof is not disadvantageous in any material respect to the Lenders. 
 (e) Visitation Rights. At any reasonable time
and from time to time during normal business hours (but not more than once annually if no Event of Default has occurred and is continuing), upon reasonable notice to the Borrower, permit the Administrative Agent or any of the Lenders, or any agents
or representatives thereof, to examine and make copies of and abstracts from the records and books of account, and visit the properties, of the Consolidated Group, and to discuss the affairs, finances and accounts of the Consolidated Group with any
of the members of the senior treasury staff of the Borrower or any other Loan Party. 
 (f) Keeping of Books. Keep, and cause each of
its Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Consolidated Group sufficient to permit the preparation of financial
statements in accordance with GAAP. 
 (g) Maintenance of Properties, Etc. Cause all of its properties that are used or useful in the
conduct of its business or the business of any member of the Consolidated Group to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment, and cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of the Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times, except, in each case,
where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. 
 (h) Guaranties. Cause
(i) on the Synergy Accession Date (and in no event later than 90 days after the Closing Date, unless such date is extended by the Administrative Agent in its sole discretion), Synergy, (ii) on or prior to the Closing Date, New HoldCo, US
Holdco and each Material Subsidiary of STERIS that is a Domestic Subsidiary (other than a Receivables Subsidiary) and (iii) from time to time after the Closing Date, each other Material Subsidiary of STERIS that is or becomes a Domestic
Subsidiary (other than a Receivables Subsidiary), in each case, to guarantee the Guaranteed Obligations pursuant to a joinder hereto in form and substance reasonably satisfactory to the Administrative Agent. 

(i) Transactions with Affiliates. Conduct, and cause each member of the Consolidated Group to conduct, all material transactions
otherwise permitted under this Agreement with any of their Affiliates (excluding the members of the Consolidated Group) on terms that are fair and reasonable and no less favorable to the Reporting Entity or such Subsidiary than

  
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it would obtain in a comparable arm’s-length transaction with a Person not an Affiliate; provided that the restrictions of this Section 5.01(i) shall not apply to the following:

 (i) the payment of dividends or other distributions (whether in cash, securities or other property) with respect to any
Equity Interests in a member of the Consolidated Group, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Equity Interests in such Person or any option, warrant or other right to acquire any such Equity Interests in such Person; 

(ii) payment of, or other consideration in respect of, compensation to, the making of loans to and payment of fees and expenses
of and indemnities to officers, directors, employees or consultants of a member of the Consolidated Group and payment, or other consideration in respect of, directors’ and officers’ indemnities; 

(iii) transactions pursuant to any agreement to which a member of the Consolidated Group is a party on the date hereof and set
forth in Schedule 5.01(i); 
 (iv) transactions with joint ventures for the purchase or sale of property or other assets and
services entered into in the ordinary course of business and in a manner consistent with past practices; 
 (v) transactions
ancillary to or in connection with the Transactions; 
 (vi) transactions approved by a majority of Disinterested Directors
of the Borrower or of the relevant member of the Consolidated Group in good faith; or 
 (vii) any transaction in respect of
which the Borrower delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed to the board of directors of the Borrower (or the board of directors of the relevant member of the Consolidated Group) from an accounting,
appraisal or investment banking firm that is (a) in the good faith determination of the Borrower qualified to render such letter and (b) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on
terms that are no less favorable to the Borrower or the relevant member of the Consolidated Group, as applicable, than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. 

(j) Reporting Requirements. Furnish to the Administrative Agent for further distribution to the Lenders: 

(i) as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year
of STERIS (or after the Company Merger, New HoldCo, as applicable, the “Reporting Entity”), a Consolidated balance sheet of the Consolidated Group as of the end of such quarter and Consolidated statements of income and cash flows of
the Consolidated Group for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified by the Chief Financial Officer, the Controller or the Treasurer of Reporting Entity as
hav-

  
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ing been prepared in accordance with GAAP (subject to the absence of footnotes and year end audit adjustments); 

(ii) as soon as available and in any event within 90 days after the end of each fiscal year of the Reporting Entity, a copy of
the annual audit report for such year for the Consolidated Group, containing a Consolidated balance sheet of the Consolidated Group as of the end of such fiscal year and Consolidated statements of income and cash flows of the Consolidated Group for
such fiscal year, in each case accompanied by an unqualified opinion or an opinion reasonably acceptable to the Required Lenders by Ernst & Young LLP or other independent public accountants of recognized national standing; 

(iii) simultaneously with each delivery of the financial statements referred to in subclauses (i)(i) and (i)(ii) of this
Section 5.01, a certificate of the Chief Financial Officer, the Controller or the Treasurer of the Reporting Entity that no Default or Event of Default has occurred and is continuing (or if such event has occurred and is continuing the actions
being taken by the Reporting Entity to cure such Default or Event of Default), including, if such covenant is tested at such time, setting forth in reasonable detail the calculations necessary to demonstrate compliance with Section 5.03; 

(iv) as soon as possible and in any event within five days after any Responsible Officer of the Borrower shall have obtained
knowledge of the occurrence of each Default continuing on the date of such statement, a statement of the Chief Financial Officer, the Controller or the Treasurer of the Borrower setting forth details of such Default and the action that the Borrower
has taken and proposes to take with respect thereto; 
 (v) promptly after the sending or filing thereof, copies of all
reports that the Reporting Entity sends to any of its securityholders, in their capacity as such, and copies of all reports and registration statements that members of the Consolidated Group file with the Securities and Exchange Commission or any
national securities exchange; 
 (vi) promptly after a Responsible Officer of the Borrower obtains knowledge of the
commencement thereof, notice of all actions, suits, investigations, litigations and proceedings before any court, governmental agency or arbitrator affecting the Consolidated Group of the type described in Section 4.01(f)(b); and 

(vii) such other information respecting the Consolidated Group as any Lender through the Administrative Agent may from time to
time reasonably request. 
 (k) The Scheme and Related Matters. The Borrower shall (or shall cause the applicable member of the
Consolidated Group to): 
 (i) Issue a Press Release or, as the case may be, an Offer Press Announcement, (in the form
delivered to the Administrative Agent pursuant to Section 3.01(e), subject to such amendments as are not materially adverse to the interests of the Lenders or have been approved by the Administrative Agent in writing) within 3 Business Days of
the Effective Date (such issued document, the “Original Press Release” or “Original Offer Press Announcement,” as applicable). 

  
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 (ii) Provide evidence that a Scheme Circular or (if the Synergy Acquisition is
effected by way of a Takeover Offer) a Takeover Offer Document is issued and dispatched as soon as is reasonably practicable and in any event within 28 days (or such longer period as may be agreed with the Panel) after the issuance of the Press
Release or Offer Press Announcement, as applicable unless, during that period New HoldCo has elected to convert the Synergy Acquisition from a Scheme to a Takeover Offer, or vice versa (in which case the Scheme Circular or Takeover Offer Document,
as applicable) shall be issued and dispatched as soon as is reasonably practicable and in any event within 28 days (or such longer period as may be agreed with the Panel) after the issuance of the Press Release or Offer Press Announcement, as
applicable. 
 (iii) Comply in all material respects with the City Code (subject to any waivers or dispensations granted by
the Panel) and all other applicable laws and regulations in relation to any Takeover Offer or Scheme. 
 (iv) Except as
consented to by the Administrative Agent in writing and save to the extent that following the issue of a Press Release or an Offer Press Announcement New HoldCo elects to proceed with the Synergy Acquisition by way of Takeover Offer or Scheme
respectively, ensure that (i) if the Synergy Acquisition is effected by way of a Scheme, the Scheme Circular corresponds in all material respects to the terms and conditions of the Scheme as contained in the Press Release to which it relates or
(ii) if the Synergy Acquisition is effected by way of a Takeover Offer, the Takeover Offer Document corresponds in all material respects to the terms and conditions of the Takeover Offer as contained in the corresponding Offer Press
Announcement, subject in the case of a Scheme to any variation required by the Court and in either such case to any variations required by the Panel or which are not materially adverse to the interests of the Lenders (or where the prior written
consent of the Administrative Agent has been given). 
 (v) Ensure that the Scheme Documents or, if the Synergy Acquisition
is effected by way of a Takeover Offer, the Offer Documents, provided to the Administrative Agent contain all the material terms and conditions of the Scheme or Takeover Offer, as at that date, as applicable. 

(vi) Not make or approve any increase in the Cash Consideration per Synergy Share or make any acquisition of any Synergy Share
(including pursuant to a Takeover Offer) at a price that is higher than the price per Synergy Share stated in the Original Press Release or Original Offer Press Announcement, (as the case may be), unless such increase in price is not materially
adverse to the interests of the Lenders (or where the prior written consent of the Administrative Agent has been given); provided, however, that any increase in the Cash Consideration composed of Equity Interests of New HoldCo shall
not be deemed to be materially adverse to the interests of the Lenders. 
 (vii) Except as consented to by the Administrative
Agent in writing, not amend or waive (i) any term of the Scheme Documents or the Takeover Offer Documents, as applicable, in a manner materially adverse to the interests of the Lenders from 

  
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those in the Original Press Release or the Original Offer Press Announcement, as the case may be, or (ii) if the Synergy Acquisition is proceeding as a Takeover Offer, the Acceptance
Condition, save for, in the case of clause (i), any amendment or waiver required by the Panel, the City Code, a court or any other applicable law, regulation or regulatory body. 

(viii) Not take any action which would require New HoldCo to make a mandatory offer for the Synergy Shares in accordance with
Rule 9 of the City Code. 
 (ix) Provide the Administrative Agent with copies of each Offer Document and such information as
it may reasonably request regarding, in the case of a Takeover Offer, the current level of acceptances subject to any confidentiality, legal, regulatory or other restrictions relating to the supply of such information. 

(x) Promptly deliver to the Administrative Agent the receiving agent certificate issued under Rule 10 of the City Code (where
the Synergy Acquisition is being pursued pursuant to a Takeover Offer), any written agreement between the Borrower or its Affiliates and Synergy to the extent material to the interests of the Lenders in relation to the consummation of the
Acquisitions (in each case, upon such documents or agreements being entered into by a member of the Consolidated Group), and all other material announcements and documents published by New HoldCo or delivered by New HoldCo to the Panel pursuant to
the Takeover Offer or Scheme (other than the cash confirmation) and all legally binding agreements entered into by New HoldCo in connection with a Takeover Offer or Scheme, in each case to the extent New HoldCo, acting reasonably, anticipates they
will be material to the interests of the Lenders in connection with the Transactions, except to the extent it is prohibited by legal (including contractual) or regulatory obligations from doing so. 

(xi) In the event that a Scheme is switched to a Takeover Offer or vice versa, (which New HoldCo shall be entitled to do on
multiple occasions; provided that it complies with the terms of this Agreement), (i) within the applicable time periods provided in the definition of “Mandatory Cancellation Event,” procure that the Offer Press Announcement or
Press Release, as the case may be, is issued, and (ii) except as consented to by the Administrative Agent in writing, ensure that (A) where the Synergy Acquisition is then proceeding by way of a Takeover Offer, the terms and conditions
contained in the Offer Document include the Acceptance Condition and (B) the conditions to be satisfied in connection with the Synergy Acquisition and contained in the Offer Documents or the Scheme Documents (whichever is applicable) are
otherwise consistent in all material respects with those contained in the Offer Documents or Scheme Documents (whichever applied to the immediately preceding manner in which it was proposed that the Synergy Acquisition would be effected) (to the
extent applicable for the legal form of a Takeover Offer or Scheme, as the case may be), in each case other than (i) in the case of clause (B), any changes permitted or required by the Panel, the City Code or the Court or that are required to
reflect the change in legal form to a Takeover Offer or Scheme or (ii) changes that could have been made to the Scheme or a Takeover Offer in accordance with the relevant provisions of this Agreement or which reflect the requirements of the
terms of this 

  
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Agreement and the manner in which the Synergy Acquisition may be effected, including without limitation, Section 3.02(e) and including changes to the price per Synergy Share which are made
in accordance with the relevant provisions of this Agreement or any other agreement between New HoldCo and/or STERIS and the Administrative Agent. 

(xii) In the case of a Takeover Offer, (i) not declare the Takeover Offer unconditional as to acceptances until the
Acceptance Condition has been satisfied and (ii) promptly upon New HoldCo acquiring Synergy Shares which represent not less than 90% in nominal value of the Synergy Shares to which the Takeover Offer relates, ensure that, within the time limits
required under the UK Companies Act, notices under section 979 of the UK Companies Act in respect of Synergy Shares that New HoldCo has not yet agreed to directly or indirectly acquire are issued. 

(xiii) In the case of a Scheme, within 90 days after the Scheme Effective Date and, in relation to a Takeover Offer, within 90
days after the Closing Date, procure that such action as is necessary is taken to de-list the Synergy Shares from the Official List of the Financial Conduct Authority and to cancel trading in the Synergy Shares on the main market for listed
securities of the London stock exchange and as soon as reasonably practicable thereafter, and subject always to the UK Companies Act, use its reasonable endeavors to re-register Synergy as a private limited company. 

(xiv) In the case of a Scheme, upon the occurrence of the Scheme Effective Date New HoldCo shall own (directly or indirectly)
100% of the Synergy Shares. 
 (l) OFAC and FCPA. The Loan Parties shall ensure and shall cause each member of the Consolidated Group
and their respective officers and directors (in their capacity as officers and directors, as applicable, of members of the Consolidated Group) to ensure that, to their knowledge, the proceeds of any Advances shall not be used by such Persons
(i) to fund any activities or business of or with any Embargoed Person, or in any country or territory, that at the time of such funding is the target of any Sanctions, (ii) in any other manner that would result in a violation of any
Sanctions by the Agents, Lenders, STERIS or any member of the Consolidated Group or (iii) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in
violation of any Anti-Corruption Laws. 
 (m) Repayment of Existing Debt. (A) On or prior to the Closing Date, refinance,
prepay, repay, redeem, satisfy and discharge or defease (including, with respect to the Existing STERIS Notes and Existing Synergy Notes the provision for the repayment or constructive discharge thereof (including any principal, interest and any
applicable make-whole amount)) all of the Existing Debt or (B) make provisions for the actions described in clause (A) substantially contemporaneously with the Closing Date, except in each case for Existing Debt that (i) is not owed
or guaranteed by any member of the Consolidated Group that is not the Borrower or a Guarantor and (ii) does not benefit from any material terms that are more favorable in any material respect than those provided to the Lenders under this
Agreement. 
 Information required to be delivered pursuant to subsections (i), (ii) and (v) of Section 5.01(j) above shall be deemed to have
been delivered if such information, or one or more annual or 

  
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quarterly or other reports or proxy statements containing such information, shall have been posted and available on the website of the Securities and Exchange Commission at http://www.sec.gov
(and a confirming electronic correspondence is delivered or caused to be delivered by the Borrower to the Administrative Agent providing notice of such availability). The Borrower hereby acknowledges that the Administrative Agent and/or the Arranger
will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar secure
electronic system (the “Platform”). 
 Certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish
to receive material non-public information with respect to the Borrower or its respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such
Persons’ securities. The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC”; (x) by marking Borrower Materials
“PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat the Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities for
purposes of United States Federal and state securities laws (provided, however, that to the extent the Borrower Materials constitute Information, they shall be treated as set forth in Section 9.08); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designed “Public Side Information”; and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower
Materials “PUBLIC.” 
 SECTION 5.02 Negative Covenants. So long as any Advance shall remain unpaid or any Lender shall
have any Commitment hereunder, the Reporting Entity will not and will not permit any member of the Consolidated Group to: 
 (a) Liens,
Etc. Create, assume or suffer to exist any Lien upon any of its property or assets (other than Unrestricted Margin Stock), whether now owned or hereafter acquired; provided that this Section shall not apply to the following: 

(i) Liens for taxes not yet due or that are being actively contested in good faith by appropriate proceedings and for which
adequate reserves have been established in accordance with GAAP; 
 (ii) other statutory, common law or contractual Liens
incidental to the conduct of its business or the ownership of its property and assets that (A) were not incurred in connection with the borrowing of money or the obtaining of advances or credit, and (B) do not in the aggregate materially
detract from the value of its property or assets or materially impair the use thereof in the operation of its business; 

(iii) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation, other than any Lien imposed by ERISA; 

  
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 (iv) deposits to secure the performance of bids, trade contracts and leases
(other than Debt), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(v) Liens on property or assets to secure obligations owing to any member of the Consolidated Group; 

(vi) (A) purchase money Liens on fixed assets or for the deferred purchase price of property, provided that such Lien is
limited to the purchase price and only attaches to the property being acquired and (B) capital leases; 
 (vii)
easements, zoning restrictions or other minor defects or irregularities in title of real property not interfering in any material respect with the use of such property in the business of any member of the Consolidated Group; 

(viii) Liens existing on the date of this Agreement and set forth on Schedule 5.02(a) hereto; 

(ix) any Lien granted to Agent, for the benefit of the Lenders; 

(x) Liens on Receivables Related Assets of a Receivables Subsidiary in connection with the sale of such Receivables Related
Assets pursuant to Section 5.02(f)(iii) hereof; and 
 (xi) in addition to the Liens permitted above, additional Liens,
so long as the aggregate principal amount of all Debt and other obligations secured by such Liens, when taken together with the principal amount of all Debt of Subsidiaries that are not Guarantors incurred pursuant to Section 5.02(e)(viii)
below, does not exceed at an amount equal to 8.5% of the Consolidated Total Assets at time such Debt or such other obligation is created or incurred. 

Notwithstanding the foregoing, this Agreement shall not prohibit the Agent (as defined in the Existing STERIS Credit Agreement) or Lenders (as defined in the
Existing STERIS Credit Agreement) under the Existing STERIS Credit Agreement from acquiring a security interest, mortgage or other Lien (as defined in the Existing STERIS Credit Agreement) on, or collateral assignment of, any of the property or
assets of a Company (as defined in the Existing STERIS Credit Agreement); provided that the Existing Credit Agreement shall be terminated and any such lien released on or prior to the Closing Date in accordance with Section 5.01(m). 

(b) Mergers, Etc. Merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or
in a series of transactions) all or substantially all of its assets (other than Unrestricted Margin Stock) (whether now owned or hereafter acquired) to, any Person, or permit any member of the Consolidated Group to do so, except that: 

  
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 (i) any member of (x) the Consolidated Group other than the Borrower may
merge or consolidate with or into or (y) the Consolidated Group may dispose of assets to, in each case, any other member of the Consolidated Group; 

(ii) the Borrower may merge with any other Person so long as (A) the Borrower is the surviving entity or (B) the
surviving entity shall succeed, by agreement reasonably satisfactory in form and substance to the Administrative Agent, to all of the businesses and operations of the Borrower and shall assume all of the rights and obligations of the Borrower under
this Agreement and the other Loan Documents; 
 (iii) any member of the Consolidated Group (other than the Borrower) may
merge or consolidate with or into another Person, convey, transfer, lease or otherwise dispose of all or any portion of its assets so long as (A) the consideration received in respect of such merger, consolidation, conveyance, transfer, lease
or other disposition is at least equal to the fair market value of such assets and (B) no Material Adverse Effect would reasonably be expected to result from such merger, consolidation, conveyance, transfer, lease or other disposition; 

provided, in the cases of clause (i), (ii) and (iii) hereof, that no Default or Event of Default (or, during the Certain Funds Period, no
Certain Funds Default) shall have occurred and be continuing at the time of such proposed transaction or would result therefrom; provided further that nothing herein shall restrict any merger, consolidation, conveyance, transfer, lease
or other disposition made in connection with the Acquisitions. 
 (c) Accounting Changes. Change the Reporting Entity’s fiscal
year-end from March 31 of each calendar year. 
 (d) Change in Nature of Business. Make any material change in the nature of the
business of the Consolidated Group, taken as a whole, from that carried out by STERIS and its Subsidiaries (other than Synergy and its Subsidiaries) on the Effective Date and, following completion of the Synergy Acquisition, by Synergy and its
Subsidiaries on the Closing Date; it being understood that this Section 5.02(d) shall not prohibit (i) the Transactions or (ii) members of the Consolidated Group from conducting any business or business activities incidental or
related to such business as carried on as of the Effective Date (in the case of STERIS and its Subsidiaries other than Synergy and its Subsidiaries) or as of the Closing Date (in the case of Synergy and its Subsidiaries) or any business or activity
that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto. 
 (e)
Subsidiary Indebtedness. Permit any member of the Consolidated Group that is not the Borrower or a Guarantor to incur any Debt of any kind; provided, that this Section shall not apply to any of the following (without duplication): 

(i) Debt incurred under the Loan Documents; 

(ii) Debt of any member of the Consolidated Group to any member of the Consolidated Group; provided that such Debt shall
not have been transferred to any other Person (other than to any member of the Consolidated Group); 

  
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 (iii) Debt outstanding on the Effective Date and set forth on Schedule 5.02(e)
and any extension, renewal, refinancing, refunding, replacement or restructuring (or successive extensions, renewals, refinancings, refundings, replacements or restructurings) of any such Debt from time to time (in whole or in part), provided that
the outstanding principal amount of any such Debt may only be increased to the extent any such increase is permitted to be incurred under any other clause of this Section 5.02(e); 

(iv) (i) Debt of any member of the Consolidated Group incurred to finance the acquisition, construction or improvement of any
fixed or capital assets, including capital leases and any Debt assumed in connection with the acquisition of any such assets (provided that such Debt is incurred or assumed prior to or within 90 days after such acquisition or the completion of such
construction or improvement and the principal amount of such Debt does not exceed the cost of acquiring, constructing or improving such fixed or capital assets) and (ii) any extension, renewal, refinancing, refunding, replacement or
restructuring (or successive extensions, renewals, refinancings, refundings, replacements or restructurings) of any such Debt from time to time (in whole or in part), provided that the aggregate principal amount of Debt permitted by this clause
(iv) shall not exceed $75,000,000. 
 (v) Debt under or related to Hedge Agreements entered into for non-speculative
purposes; 
 (vi) letters of credit, bank guarantees, warehouse receipts or similar instruments issued to support performance
obligations and trade letters of credit (other than obligations in respect of other Debt) in the ordinary course of business; 

(vii) Debt of Receivables Subsidiaries in respect of Permitted Receivables Facilities in an aggregate principal amount at any
time outstanding not to exceed $250,000,000; and 
 (viii) (i) any other Debt (not otherwise permitted under this Agreement),
and (ii) any extension, renewal, refinancing, refunding, replacement or restructuring (or successive extensions, renewals, refinancings, refundings, replacements or restructurings) of Debt outstanding under this clause (viii), provided that,
the aggregate principal amount of (1) all Debt incurred under this clause (viii) and (2) without duplication, all Debt and other obligations secured by Liens incurred under Section 5.02(a)(xi) shall not exceed 8.5% of
Consolidated Total Assets at the time such Debt is incurred (except that refinancing Debt incurred in reliance on clause (ii) of this Section 5.02(e)(viii) will in any event be permitted (but will utilize basket capacity under this clause
(viii)) so long as the principal amount of such Debt does not exceed the principal amount of the Debt refinanced). 
 (f)
Dispositions. Convey, sell, assign, transfer or otherwise dispose of (each a “Disposition”) any of its property or assets outside the ordinary course of business, other than to any member of the Consolidated Group, except
for: 
 (i) Dispositions of assets and property that are (i) obsolete, worn, damaged, uneconomic or otherwise deemed by
any member of the Consolidated Group to 

  
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no longer be necessary or useful in the operation of such member of the Consolidated Group’s current or anticipated business or (ii) replaced by other assets or property of similar
suitability and value; 
 (ii) Dispositions of cash and Cash Equivalents; 

(iii) Dispositions of accounts receivable (i) in connection with the compromise or collection thereof, (ii) deemed
doubtful or uncollectible in the reasonable discretion of any member of the Consolidated Group, (iii) obtained by any member of the Consolidated Group in the settlement of joint interest billing accounts, (iv) granted to settle collection
of accounts receivable or the sale of defaulted accounts arising in connection with the compromise or collection thereof and not in connection with any financing transaction or (v) in connection with a Permitted Receivables Facility; 

(iv) any other Disposition (not otherwise permitted under this Agreement) of any assets or property, provided that after giving
effect thereto, the Reporting Entity would be pro forma compliance with the covenants set forth in Section 5.03; 
 (v)
Dispositions by any member of the Consolidated Group of all or any portion of any Subsidiary that is not a Material Subsidiary; 

(vi) leases, licenses, subleases or sublicenses by any member of the Consolidated Group of intellectual property in the
ordinary course of business; 
 (vii) Dispositions arising as a result of (i) the granting or incurrence of Liens
permitted under Section 5.02(b) or (ii) transactions permitted under Section 5.02(b) of this Agreement; and 

(viii) any Disposition or series of related Dispositions that does not individually or in the aggregate exceed $5,000,000. 

SECTION 5.03 Financial Covenants. 

(a) Beginning on the last day of the first full fiscal quarter ending after the Closing Date and on the last day of each fiscal quarter ending
thereafter, the Reporting Entity will not permit, as of the last day of any such fiscal quarter, the ratio of (x) Consolidated Total Debt at such time to (y) Consolidated EBITDA for the four consecutive fiscal quarter period ending as of
such date to exceed, for the last day of the first two full fiscal quarters ending after the Closing Date, 3.75 to 1.00, and for the last day of each fiscal quarter thereafter, 3.50 to 1.00. 

(b) Beginning on the last day of the first full fiscal quarter ending after the Closing Date and on the last day of each fiscal quarter ending
thereafter, the Reporting Entity will not permit, as of the last day of any such fiscal quarter, the ratio of Consolidated EBITDA to Consolidated Interest Expense for the period of four fiscal quarters ended on or immediately prior to such date, to
be less than 3.00:1.00. 

  
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 SECTION 5.04 Limitations on Activities of Certain Entities During the Certain Funds
Period and Prior to the Closing Date. During the Certain Funds Period and immediately prior to the Closing Date, New HoldCo, US Holdco and the Borrower shall not take any actions other than those arising in connection with, or related or
incidental to, the Transactions (including any actions contemplated pursuant to this Agreement). 
 ARTICLE VI 

EVENTS OF DEFAULT 

SECTION 6.01 Events of Default. If any of the following events (“Events of Default”) shall occur and be
continuing: 
 (a) any Loan Party, as applicable, shall fail (i) to pay any principal of any Advance when the same becomes due and
payable or (ii) to pay any interest on any Advance or make any payment of fees or other amounts payable under this Agreement within five Business Days after the same becomes due and payable; or 

(b) (i) any representation or warranty made by a Loan Party herein or in any other Loan Document or by a Loan Party (or any of its officers or
directors) in connection with this Agreement or in any certificate or other document furnished pursuant to or in connection with this Agreement, if any, in each case shall prove to have been incorrect in any material respect when made or deemed made
or (ii) any failure to make a representation or warranty on the Closing Date when such representation or warranty would otherwise be required to be made and the Borrower has delivered notice to the Administrative Agent informing the
Administrative Agent of such election; or 
 (c) (i) the Borrower shall fail to perform or observe any term, covenant or agreement contained
in Section 5.01(d)(i), 5.01(j)(iv), 5.01(k), 5.01(m), 5.02(a), 5.02(b), 5.02(d), 5.02(e), 5.02(f), 5.03, 5.04 or (ii) the Borrower shall fail to perform or observe any term, covenant or agreement contained in Section 5.01(e) or
clauses (i)-(iii) or (v)-(vii) of Section 5.01(j) if such failure shall remain unremedied for 10 Business Days after written notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender, or
(iii) the Borrower or any other Loan Party shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document, if any, in each case on its part to be performed or observed if such failure shall remain
unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender; or 

(d) the Borrower, any Guarantor or any Significant Subsidiary shall fail to pay any principal of or premium or interest on any Material
Indebtedness of the Borrower, or such Guarantor or such Significant Subsidiary, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the
applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the
applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to ac-

  
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celerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly
scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; it being understood and agreed that
notwithstanding the foregoing, the prepayment of any Existing Debt as a result of the occurrence of the Acquisitions and the Non-Contravention Exception will not result in an Event of Default under this clause (d); provided that this clause
(d) will apply to the extent there is a failure to make any such prepayment when the same becomes due and payable; or 
 (e) any Loan
Party or any Significant Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding
shall be instituted by or against the Loan Party or any Significant Subsidiary seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it
or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any
substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), such proceeding shall remain undismissed or unstayed for a period of 60 days; or the Loan Party or any Significant Subsidiary
shall take any corporate action to authorize any of the actions set forth above in this Section 6.01(e); or 
 (f) any one or more
judgments or orders for the payment of money in excess of the greater of (x) $75,000,000 and (y) 2% of Consolidated Total Assets shall be rendered against a Loan Party or any Significant Subsidiary and either (i) enforcement
proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 60 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise,
shall not be in effect; provided, however, that, for purposes of determining whether an Event of Default has occurred under this Section 6.01(f), the amount of any such judgment or order shall be reduced to the extent that
(A) such judgment or order is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof and (B) such insurer, which shall be rated at least “A” by A.M. Best Company, has
been notified of, and has not disputed the claim made for payment of, such judgment or order; or 
 (g) (i) any Person or two or more
Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended), directly or indirectly, of Voting Stock of the
Reporting Entity (or other securities convertible into or exchangeable for such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of the Reporting Entity (on a fully diluted basis), except as contemplated by the
Acquisitions; or (ii) during any period of up to 24 consecutive months, commencing after the date of this Agreement, a majority of the members of the board of directors of the Reporting Entity shall not be Continuing Directors; or 

  
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 (h) one or more of the following shall have occurred or is reasonably expected to occur, which in
each case would reasonably be expected to result in a Material Adverse Effect: (i) any ERISA Event with respect to any Plan; (ii) the partial or complete withdrawal of the Reporting Entity or any ERISA Affiliate from a Multiemployer Plan;
or (iii) the reorganization or termination of a Multiemployer Plan; or 
 (i) this Agreement (including the Guaranty set forth in
Article VIII) shall cease to be valid and enforceable against the Loan Parties (except to the extent it is terminated in accordance with its terms) or a Loan Party shall so assert in writing; 

then, and in any such event (subject to Section 3.04), the Administrative Agent (i) shall at the request, or may with the consent, of the Required
Lenders, by notice to the Borrower, declare the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by
notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due
and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, (but for the avoidance of doubt, always subject to Section 3.04) that in
the event of an Event of Default under Section 6.01(e), (A) the Commitment of each Lender shall automatically be terminated and (B) the Advances, all such interest and all such amounts shall automatically become and be due and
payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. 
 Notwithstanding
anything in this Agreement to the contrary, for a period commencing on the Closing Date and ending on the date falling 120 days after the Closing Date (the “Clean-up Date”), notwithstanding any other provision of any Loan Document,
any breach of covenants, misrepresentation or other default which arises with respect to the Synergy Group will be deemed not to be a breach of representation or warranty, a breach of covenant or an Event of Default, as the case may be, if: 

(i) it is capable of remedy and reasonable steps are being taken to remedy it; 

(ii) the circumstances giving rise to it have not been procured or authorized by the Borrower or STERIS knowingly in breach of
this Agreement; and 
 (iii) it is not reasonably likely to have a material adverse effect on the Reporting Entity and its
Subsidiaries, on a consolidated basis; and 
 (iv) it is not a breach of Section 5.01(h) or 5.01(m). 

If the relevant circumstances are continuing on or after the Clean-up Date, there shall be a breach of representation or warranty, breach of covenant or Event
of Default, as the case may be, notwithstanding the above. 

  
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 ARTICLE VII 

THE AGENTS 

SECTION 7.01 Authorization and Action. Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders and neither the Borrower nor any other Loan Party shall have rights as
a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties. 
 SECTION 7.02 Administrative Agent Individually. The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act
as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any
duty to account therefor to the Lenders. 
 SECTION 7.03 Duties of Administrative Agent; Exculpatory Provisions. The
Administrative Agent shall have no duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the
Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the 

  
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automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 

(c) shall not, except as expressly set forth herein and in the other Loan Documents, not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in
the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall not be deemed not to have knowledge of any Default unless and until
notice describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender. 
 The Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report
or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of
any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

SECTION 7.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated by the proper Person or Persons. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of an Advance that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such
condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Advance. The Administrative Agent may consult with legal counsel (who may be counsel for
the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 7.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or any other Loan Document by 

  
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or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to
the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

SECTION 7.06 Resignation of Administrative Agent. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice
of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If
no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the
Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth
above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become
effective in accordance with such notice on the Removal Effective Date. 
 (c) With effect from the Resignation Effective Date or the
Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments or other
amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time,
if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 2.14(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed
Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as ap-

  
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plicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article VII and Section 9.04 shall continue in effect for the benefit of such retiring or removed
Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

SECTION 7.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and
without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

SECTION 7.08 [Reserved.] 

SECTION 7.09 Other Agents. None of the Lenders identified on the facing page or signature pages of this Agreement as an
“arranger,” “book runner,” “syndication agent” or “documentation agent” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all
Lenders as such. Without limiting the foregoing, none of the Lenders so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders
so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 
 ARTICLE VIII 

GUARANTY 

SECTION 8.01 Guaranty. Each Guarantor, on a joint and several basis, absolutely, unconditionally and irrevocably guarantees to the
Administrative Agent for the ratable benefit of the Lender Parties (defined below) (the “Guaranty”), as a guarantee of payment and not merely as a guarantee of collection, prompt payment when due, whether at stated maturity, upon
acceleration, demand or otherwise, and at all times thereafter, of all existing and future indebtedness and liabilities, whether for principal, interest, premiums, fees, indemnities, contract causes of action, costs, expenses or otherwise, direct or
indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary, of the Borrower to the Lenders and the Administrative Agent (collectively the “Lender Parties”) arising under this Agreement or any other Loan
Document, including all renewals, extensions and modifications thereof (collectively, the “Guaranteed 

  
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Obligations”). This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing
any Guaranteed Obligations, or by the existence, validity, enforceability, perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the
obligations of the Guarantor under this Guaranty (other than payment in full in cash). 
 SECTION 8.02 No Termination. Except as
permitted under Section 8.08, this Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations (other than contingent
indemnification obligations not yet due and payable) and any other amounts payable under this Guaranty are indefeasibly paid and performed in full and the Commitments have terminated. 

SECTION 8.03 Waiver by the Guarantors. Each Guarantor waives notice of the acceptance of this Guaranty and of the extension or
continuation of the Guaranteed Obligations or any part thereof. Each Guarantor further waives presentment, protest, notice, dishonor or default, demand for payment and any other notices to which the Guarantor might otherwise be entitled other than
any notice required hereunder. 
 SECTION 8.04 Subrogation. No Guarantor shall exercise any right of subrogation, reimbursement,
exoneration, indemnification or contribution, any right to participate in any claim or remedy of the Lender Parties or any similar right with respect to any payment it makes under this Guaranty with respect to the Guaranteed Obligations until all of
the Guaranteed Obligations (other than contingent indemnification obligations not yet due and payable) have been paid in full in cash and the Commitments have terminated. If any amount is paid to the Guarantor in violation of the foregoing
limitation, then such amounts shall be held in trust for the benefit of the Lender Parties and shall forthwith be paid to the Lender Parties to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. 

SECTION 8.05 Waiver of Defenses. The liability of each Guarantor under this Guaranty shall be irrevocable, absolute and
unconditional irrespective of, and to the extent not prohibited by applicable law, the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following: 

(a) any lack of validity or enforceability against the Borrower of this Agreement or any agreement or other instrument relating thereto; 

(b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other
obligation of the Borrower under or in respect of this Agreement or any other amendment or waiver of or any consent to departure from this Agreement, including, without limitation, any increase in the Guaranteed Obligations resulting from the
extension of additional credit to the Borrower or any other member of the Consolidated Group or otherwise; 

  
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 (c) any taking, exchange, release or non-perfection of any collateral or any taking, release or
amendment or waiver of, or consent to departure from, any other guaranty for all or any of the Guaranteed Obligations; 
 (d) any manner of
application of collateral, if any, or assets, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or other disposition of any collateral or other assets for all or any of the Guaranteed Obligations; 

(e) any change, restructuring or termination of the corporate structure or existence of the Borrower or other member of the Consolidated
Group; 
 (f) any failure of the Administrative Agent or any Lender to disclose to a Guarantor any information relating to the business,
condition (financial or otherwise), operations, performance, properties or prospects of the Borrower now or hereafter known to the Administrative Agent or such Lender (each Guarantor waiving any duty on the part of the Administrative Agent and the
Lenders to disclose such information); 
 (g) the release or reduction of liability of any other Guarantor or other guarantor or surety with
respect to the Guaranteed Obligations; or 
 (h) any other circumstance (including, without limitation, any statute of limitations) or any
existence of or reliance on any representation by the Administrative Agent or any Lender that might otherwise constitute a defense available to, or a discharge of, the Borrower, any Guarantor or any other guarantor or surety (other than defense of
payment in full in cash). 
 This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the
Guaranteed Obligations is rescinded or must otherwise be returned by any Lender Party or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or any other Loan Party or otherwise, all as though such payment had not been
made. 
 SECTION 8.06 Exhaustion of Other Remedies Not Required. The obligations of each Guarantor hereunder are those of
primary obligor, and not merely as surety. Each Guarantor waives diligence by the Lender Parties and action on delinquency in respect of the Guaranteed Obligations or any part thereof, including, without limitation, any provision of law requiring
the Lender Parties to exhaust any right or remedy or to take any action against the Borrower, any other guarantor or any other Person or property before enforcing this Guaranty against such Guarantor. 

SECTION 8.07 Stay of Acceleration. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed, upon
any action or proceeding, of the Borrower or any other Person, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Administrative Agent as and to the extent that the Administrative Agent has
the right to demand such amounts pursuant to Section 6.01 hereof. 
 SECTION 8.08 Release of Guarantees. 

  
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 (a) If New HoldCo receives a credit rating of Baa3 or higher by Moody’s (with stable or
better outlook) and BBB- or higher by Standard and Poor’s (with stable or better outlook) at any time, each Guarantor (other than New HoldCo) shall automatically be released from this Guaranty (for so long as such ratings are maintained at such
levels or higher) except to the extent that any such entity remains an obligor in respect of any Existing STERIS Notes or other Material Indebtedness, in which case the Guaranty of such entity shall remain in effect until such indebtedness is repaid
or such entity shall cease to be a guarantor thereof. 
 (b) A Guarantor (other than New HoldCo) shall automatically be released from its
obligations hereunder (i) upon the consummation of any transaction permitted by this agreement as a result of which such Guarantor ceases to be a Subsidiary of New HoldCo or (ii) if such Guarantor is no longer a Material Subsidiary of
STERIS that is a Domestic Subsidiary; provided that if New HoldCo desires such entity to remain a Guarantor, New HoldCo shall notify the Administrative Agent in writing and such entity shall remain a Guarantor. 

(c) In connection with any release pursuant to this Section 8.08, the Administrative Agent shall execute and deliver to any Guarantor, at
such Guarantor’s expense, all documents that such Guarantor shall reasonably request to evidence such release. Any execution and delivery of documents pursuant to this Section 8.08 shall be without recourse to or warranty by the
Administrative Agent. 
 ARTICLE IX 

MISCELLANEOUS 

SECTION 9.01 Amendments, Etc. 

(a) No amendment or waiver of any provision of this Agreement, nor consent to any departure by a Loan Party therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Required Lenders and the Loan Parties and acknowledged by the Administrative Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing, do any of the following: 

(i) waive any of the conditions specified in Section 3.01, 3.02 or 3.03 unless signed by each Lender directly and
adversely affected thereby; 
 (ii) increase or extend the Commitments of a Lender or subject a Lender to any additional
obligations, unless signed by such Lender; 
 (iii) reduce the principal of, or stated rate of interest on, the Advances, the
stated rate at which any fees hereunder are calculated or any other amounts payable hereunder, unless signed by each Lender directly and adversely affected thereby; provided that only the consent of the Required Lenders shall be necessary to
amend the definition of “Default Interest” or to waive any obligation of the Borrower to pay Default Interest; 

  
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 (iv) postpone any date fixed for any payment of principal of, or interest on, the
Advances or any fees or other amounts payable hereunder, unless signed by each Lender directly and adversely affected thereby; 

(v) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances, or the number of
Lenders, that, in each case, shall be required for the Lenders or any of them to take any action hereunder, unless signed by all Lenders; 

(vi) amend this Section 9.01, unless signed by all Lenders; or 

(vii) release all or substantially all of the Guarantors from the Guaranty (except as contemplated by Section 8.08) unless
signed by all Lenders; 
 and provided further that no amendment, waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement. Notwithstanding the foregoing, the Administrative Agent and the Borrower may amend any Loan Document
to correct any errors, mistakes, omissions, defects or inconsistencies, or to effect administrative changes that are not adverse to any Lender, and such amendment shall become effective without any further consent of any other party to such Loan
Document other than the Administrative Agent and the Borrower. 
 (b) If, in connection with any proposed amendment, waiver or consent
requiring the consent of “all Lenders,” “each Lender” or “each Lender directly and adversely affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained
(any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement; provided
that, concurrently with such replacement, (i) another bank or other entity (which is reasonably satisfactory to the Borrower and the Administrative Agent) shall agree, as of such date, to purchase at par for cash the Loans and other Obligations
due to the Non-Consenting Lender pursuant to an Assignment and Acceptance and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date, and (ii) the
Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement all principal, interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower to and including the date of
termination. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease
to apply. 
 SECTION 9.02 Notices, Etc. (a) All notices and other communications provided for hereunder shall be in writing
(including telecopier) and mailed, telecopied or delivered, if to the Borrower or the Administrative Agent, to the address, telecopier number or if applicable, electronic mail address, specified for such Person on Schedule II; or, as to the Borrower
or the Administrative Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other address as shall be designated by 

  
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such party in a written notice to the Borrower and the Administrative Agent. All such notices and communications shall, when mailed or telecopied, be effective three Business Days after being
deposited in the mails, postage prepaid, or upon confirmation of receipt (except that if electronic confirmation of receipt is received at a time that the recipient is not open for business, the applicable notice or communication shall be effective
at the opening of business on the next business day of the recipient), respectively, except that notices and communications to the Administrative Agent pursuant to Article II, III or VII shall not be effective until received by the Administrative
Agent. Delivery by telecopier or other electronic communication of an executed counterpart of any amendment or waiver of any provision of this Agreement or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery
of a manually executed counterpart thereof. 
 (b) Electronic Communications. Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to
any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree
to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or
communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor. 
 (c) THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”
THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY
KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person for losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative 

  
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Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any
Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d) Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any communication
has been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement. Each Lender agrees to notify the Administrative Agent from time to time to ensure
that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions
for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration
screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States federal and state securities Laws, to make reference to
Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States
federal or state securities laws. 
 (e) If any notice required under this Agreement is permitted to be made, and is made, by telephone,
actions taken or omitted to be taken in reliance thereon by the Administrative Agent or any Lender shall be binding upon the Borrower notwithstanding any inconsistency between the notice provided by telephone and any subsequent writing in
confirmation thereof provided to the Administrative Agent or such Lender; provided that any such action taken or omitted to be taken by the Administrative Agent or such Lender shall have been in good faith and in accordance with the terms of
this Agreement. 
 (f) With respect to notices and other communications hereunder from the Borrower to any Lender, the Borrower shall
provide such notices and other communications to the Administrative Agent, and the Administrative Agent shall promptly deliver such notices and other communications to any such Lender in accordance with subsection (b) above or otherwise. 

SECTION 9.03 No Waiver; Remedies. No failure on the part of any Lender or the Administrative Agent to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by applicable law. 
 SECTION 9.04 Costs and Expenses. (a) The
Borrower agrees to pay, upon demand, all reasonable and documented out-of-pocket costs and expenses of each Agent in connection with the preparation, execution, delivery, administration, modification and amendment of this Agreement and the other
documents to be delivered hereunder, including, (i) all due dili-

  
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gence, syndication (including printing and distribution), duplication and messenger costs and (ii) the reasonable and documented fees and expenses of a single primary counsel (and a local
counsel in each relevant jurisdiction) for the Administrative Agent with respect thereto and with respect to advising the Agents as to their respective rights and responsibilities under this Agreement. The Borrower further agrees to pay, upon
demand, all reasonable and documented out-of-pocket costs and expenses of the Agents and the Lenders, if any, in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement and the other documents
to be delivered hereunder, including, without limitation, reasonable and documented fees and expenses of a single primary counsel and an additional single local counsel in any local jurisdictions for the Agents and the Lenders and, in the case of an
actual or perceived conflict of interest where the Administrative Agent notifies the Borrower of the existence of such conflict, one additional counsel, in connection with the enforcement of rights under this Agreement. 

(b) The Borrower agrees to indemnify and hold harmless each Agent and each Lender and each of their Affiliates and their respective officers,
directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, penalties, liabilities and expenses (provided, that, the Borrower’s obligations to the
Indemnified Parties in respect of fees and expenses of counsel shall be limited to the reasonable fees and expenses of one counsel for all Indemnified Parties, taken together, (and, if reasonably necessary, one local counsel in any relevant
jurisdiction) and, solely in the case of an actual or potential conflict of interest, of one additional counsel for all Indemnified Parties, taken together (and, if reasonably necessary, one local counsel in any relevant jurisdiction) (all such
claims, damages, losses, penalties, liabilities and reasonable expenses being, collectively, the “Losses”) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection
with or by reason of, or in connection with the preparation for a defense of, any investigation, litigation or proceeding arising out of, related to or in connection with (i) this Agreement, any of the transactions contemplated hereby or the
actual or proposed use of the proceeds of the Advances or (ii) the actual or alleged presence of Hazardous Materials on any property of the Consolidated Group or any Environmental Action relating in any way to the Consolidated Group, in each
case whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors, shareholders or creditors or an Indemnified Party or any other Person or any Indemnified Party is otherwise a party thereto and whether or
not the transactions contemplated hereby are consummated, except to the extent Losses (A) are found in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful
misconduct of such Indemnified Party or any of its Affiliates (including any material breach of its obligations under this Agreement), (B) result from any dispute between an Indemnified Party and one or more other Indemnified Parties (other
than against an Agent or Arranger acting in such a role) or (C) result from the claims of one or more Lenders solely against one or more other Lenders (and not claims by one or more Lenders against any Agent acting in its capacity as such
except, in the case of Losses incurred by any Agent or any Lender as a result of such claims, to the extent such Losses are found in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party’s gross negligence, bad faith or willful misconduct (including any material breach of its obligations under this Agreement)) not attributable to any actions of a member of the Consolidated Group and for which the members of the
Consolidated Group otherwise have no liability. The 

  
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Borrower further agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Borrower or any of its shareholders or creditors for
or in connection with this Agreement or any of the transactions contemplated hereby or the actual or proposed use of the proceeds of the Advances, except to the extent such liability is found in a final nonappealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct (including any material breach of its obligations under this Agreement). In no event, however, shall any Indemnified Party be liable
on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). Notwithstanding the foregoing, this Section 9.04(b) shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c) If any
payment of principal of, or Conversion of, any Eurocurrency Rate Advance is made by the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Advance, as a result of (i) a payment or Conversion
pursuant to Section 2.06, 2.08(d), 2.08(e), 2.10 or 2.12, (ii) acceleration of the maturity of the Advances pursuant to Section 6.01, (iii) a payment by an assignee to any Lender other than on the last day of the Interest Period
for such Advance upon an assignment of the rights and obligations of such Lender under this Agreement pursuant to Section 9.07 as a result of a demand by the Borrower pursuant to Section 9.07(b) or (iv) for any other reason, the
Borrower shall, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional reasonable losses,
costs or expenses that it may reasonably incur as a result of such payment or Conversion or as a result of any inability to Convert or exchange in the case of Section 2.08 or 2.12, including, without limitation, any reasonable loss (excluding
loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. 

(d) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower
contained in Sections 2.11, 2.14 and 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder. 

SECTION 9.05 Right of Setoff. Subject to Section 3.04, upon (a) the occurrence and during the continuance of any Event
of Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Advances due and payable pursuant to the provisions of Section 6.01, each
Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any
time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement, whether or
not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower after any such setoff and application is made by such Lender; provided that the
failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender and its Affiliates un-

  
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der this Section 9.05 are in addition to other rights and remedies (including, without limitation, other rights of setoff) that such Lender and its Affiliates may have. 

SECTION 9.06 Binding Effect. This Agreement shall become effective upon the satisfaction (or waiver in accordance with
Section 9.01) of the conditions set forth in Section 3.01 and, thereafter, shall be binding upon and inure to the benefit of, and be enforceable by, the Loan Parties, the Administrative Agent and each Lender and their respective successors
and permitted assigns, except that the Loan Parties shall have no right to assign their rights hereunder or any interest herein without the prior written consent of each Lender, and any purported assignment without such consent shall be null and
void. 
 SECTION 9.07 Assignments and Participations. 

(a) Each Lender may, with the consent of (x) the Borrower (A) prior to the funding of the Advances on the Closing Date, in the
Borrower’s sole discretion (provided that such consent shall be deemed to have been given with respect to any Person identified to the Administrative Agent in writing by the Borrower prior to the Effective Date (the “Pre-Approved
Lenders”)) and (B) after the funding of the Advances on the Closing Date, such consent not to be unreasonably withheld, and (y) the Administrative Agent, which consent shall not be unreasonably withheld or delayed, assign to one
or more Persons (other than natural persons) all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Advances owing to it); provided, that
(A) after the funding of the Advances on the Closing Date, the consent of the Borrower shall not be required while an Event of Default has occurred and is continuing, (B) the consent of the Borrower shall be deemed given if the Borrower
shall not have objected within 10 Business Days following its receipt of written notice of such proposed assignment, and (C) in the case of an assignment to any other Lender or an Affiliate of any Lender, no such consent shall be required from
(x) the Administrative Agent, (y) the Borrower with respect to assignments by any Lender to its Affiliate or to another Lender, or (z) the Borrower if (1) the funding of the Advances on the Closing Date has occurred or (2) a
Certain Funds Default has occurred and is continuing, provided that in each such case notice thereof shall have been given to the Borrower and the Administrative Agent. 

(b) Upon demand by the Borrower (with a copy of such demand to the Administrative Agent) (w) any Defaulting Lender, (x) any Lender
that has made a demand for payment pursuant to Section 2.11 or 2.14, (y) any Lender that has asserted pursuant to Section 2.08(b) or 2.12 that it is impracticable or unlawful for such Lender to make Eurocurrency Rate Advances or
(z) any Lender that fails to consent to an amendment or waiver hereunder for which consent of all Lenders (or all affected Lenders) is required and as to which the Required Lenders shall have given their consent, will assign to one or more
Persons designated by the Borrower all of its rights and obligations under this Agreement (including, without limitation, all of its Commitment and the Advances owing to it). 

(c) In each such case, 

(A) each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this
Agreement; 

  
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 (B) except in the case of an assignment to a Person that, immediately prior to
such assignment, was a Lender or an assignment of all of a Lender’s rights and obligations under this Agreement associated with a particular Class, the amount of the Commitment of the assigning Lender being assigned pursuant to each such
assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof (or at the Borrower’s option, the
Sterling Equivalents of $10,000,000 and $1,000,000, respectively); 
 (C) [Reserved]; 

(D) each such assignment made as a result of a demand by the Borrower pursuant to Section 9.07(b) shall be arranged by
the Borrower with the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a
portion of such rights and obligations made concurrently with another such assignment or other such assignments that, in the aggregate, cover all of the rights and obligations of the assigning Lender under this Agreement; 

(E) no Lender shall be obligated to make any such assignment as a result of a demand by the Borrower pursuant to
Section 9.07(b), (1) so long as a Default shall have occurred and be continuing and (2) unless and until such Lender shall have received one or more payments from one or more assignees in an aggregate amount at least equal to the
aggregate outstanding principal amount of the Advances owing to such Lender, together with accrued interest thereon to the date of payment of such principal amount, and from the Borrower or one or more assignees in an aggregate amount equal to all
other amounts accrued to such Lender under this Agreement (including, without limitation, any amounts owing under Sections 2.11, 2.14 or 9.04(c)) and (3) unless and until the Borrower shall have paid (or caused to be paid) to the Administrative
Agent a processing and recordation fee of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is
not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and 
 (F) the parties to each such
assignment (other than, except in the case of a demand by the Borrower pursuant to Section 9.07(b), the Borrower) shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and
Acceptance and, if such assignment does not occur as a result of a demand by the Borrower pursuant to Section 9.07(b) (in which case the Borrower shall pay the fee required by subclause (E)(3) of Section 9.07(c)), a processing and
recordation fee of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it

  
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is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(d) Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Acceptance,
(x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and
(y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement,
except that such assigning Lender shall continue to be entitled to the benefit of Sections 9.04(a) and (b) with respect to matters arising out of the prior involvement of such assigning Lender as a Lender hereunder (and, in the case of an
Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). 

(e) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree
with each other and the other parties hereto as follows: 
 (i) other than as provided in such Assignment and Acceptance,
such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; 
 (ii)
such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under this Agreement or any
other instrument or document furnished pursuant hereto; 
 (iii) such assignee confirms that it has received a copy of this
Agreement, together with copies of the financial statements referred to in Section 4.01(e) and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and
Acceptance; 
 (iv) such assignee will, independently and without reliance upon any Agent, such assigning Lender or any other
Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; 

(v) [Reserved]; 

(vi) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers and discretion under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers and discretion as are reasonably incidental thereto; and 

  
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 (vii) such assignee agrees that it will perform in accordance with their terms
all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender. 
 (f) Upon its receipt of an
Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit B hereto, (i) accept such Assignment and
Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(g) The Administrative Agent, acting solely for this purpose as the agent of the Borrower, shall maintain at its address referred to in
Section 9.02(a) a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount (and stated interest) of the
Advances owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each
Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior
notice. 
 (h) Each Lender may sell participations to one or more banks or other entities (other than the Borrower or any of its Affiliates
or any natural person) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Advances owing to it) without the consent of the Administrative Agent or
the Borrower; provided, however, that: 
 (i) such Lender’s obligations under this Agreement (including,
without limitation, its Commitment) shall remain unchanged; 
 (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations; 
 (iii) such Lender shall remain the Lender of any such Advance for
all purposes of this Agreement; 
 (iv) the Borrower, the Agents and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement; 
 (v) no
participant under any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement, or any consent to any departure by the Borrower herefrom or therefrom, except as to matters requiring the approval
of all the Lenders pursuant to Section 9.01; and 

  
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 (vi) prior to the funding of the Advances on the Closing Date, no Lender may sell
participations except with the consent of the Borrower in its sole discretion. 
 Each Lender shall promptly notify the Borrower after any sale of a
participation by such Lender pursuant to this Section 9.07(h); provided that the failure of such Lender to give notice to the Borrower as provided herein shall not affect the validity of such participation or impose any obligations on
such Lender or the applicable participant. 
 Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Advances or other obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a
participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (i) Any Lender may, in connection with any assignment or
participation or proposed assignment or participation pursuant to this Section 9.07, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Borrower furnished to such Lender by or on behalf
of the Borrower; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Information relating to the Borrower received by it from such
Lender as more fully set forth in Section 9.08. 
 (j) Notwithstanding any other provision set forth in this Agreement, any Lender may
at any time create a security interest in all or any portion of its rights under this Agreement (including, without limitation and the Advances owing to it) to secure obligations of such Lender, including, without limitation, any pledge or
assignment to secure obligations in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or any central bank having jurisdiction over such Lender. 

SECTION 9.08 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and
other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information 

  
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confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process (provided that the Administrative Agent or such Lender, as applicable, agrees that
it will, to the extent practicable and other than with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, notify the Borrower promptly
thereof, unless such notification is prohibited by law, rule or regulation), (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or any action or proceeding relating to this Agreement or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or participant in, or any prospective assignee of or participant in,
any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap or
derivative or similar transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (iii) any rating agency, or (iv) the CUSIP Service Bureau or any similar
organization, (g) with the consent of the Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any
Lender or any of their respective Affiliates on a non-confidential basis from a source other than the Borrower. Each Lender acknowledges that its ability to disclose information concerning the Transactions is restricted by the City Code and the
Panel and that Section 9.08 is subject to those restrictions. 
 For purposes of this Section, “Information” means this Agreement and
the other Loan Documents and all information received from the Consolidated Group relating to the Consolidated Group or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender
on a non-confidential basis prior to disclosure by the Consolidated Group. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

SECTION 9.09 Debt Syndication during the Certain Funds Period. Each of the Lenders and the Administrative Agent confirms that it
is aware of the terms and requirements of Practice Statement No. 25 (Debt Syndication during Offer Periods) issued by the Panel. 

SECTION 9.10 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York. 
 SECTION 9.11 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier, facsimile or in a .pdf or similar file shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 SECTION 9.12 Jurisdiction, Etc. (a) Each of the parties hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court sitting in New York County or any federal court of the United States of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding shall be heard and determined in any such New York State court or, to the extent permitted by law, in any such federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

SECTION 9.13 Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Patriot Act. The Loan Parties shall provide, to the extent commercially reasonable, such information and take
such actions as are reasonably requested by the Administrative Agent or any Lenders in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act. 

SECTION 9.14 No Advisory or Fiduciary Responsibility. In its capacity as an Agent or a Lender, (a) no Agent or Lender has any
responsibility except as set forth herein and (b) no Agent or Lender shall be subject to any fiduciary duties or other implied duties (to the extent permitted by law to be waived). The Borrower agrees that it will not take any position or bring
any claim against any Agent or any Lender that is contrary to the preceding sentence. 
 In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof), the Borrower acknowledges and agrees that: (i) the arranging and other services regarding this Agreement provided by the Agents and the Lenders are
arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Agents and the Lenders, on the other hand; (ii) each Agent and each Lender is and has been acting solely as a principal and, except as
expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor or agent for the Borrower or any of its Affiliates, or any other Person; and (iii) the Agents, the Lenders and each of their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Agent or Lender has any obligation to disclose any of such interests to the Borrower or
its Affiliates. 

  
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 SECTION 9.15 Waiver of Jury Trial. Each of the Borrower and the Guarantors, the
Administrative Agent and the Lenders hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the actions of the
Administrative Agent or any Lender in the negotiation, administration, performance or enforcement thereof. 
 SECTION 9.16
Conversion of Currencies. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively
do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day
on which final judgment is given. 
 The obligations of the Loan Parties in respect of any sum due to any party hereto or any holder of the obligations
owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement
Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking
procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the
Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrower contained in this Section 9.16 shall survive the termination of this
Agreement and the payment of all other amounts owing hereunder. 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers
thereunto duly authorized, as of the date first above written. 
  

			
	SOLAR US PARENT CO., as Borrower
		
	By:	 	  

		 	Name:
		 	Title:
	
	STERIS CORPORATION, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	BANK OF AMERICA, N.A.,
	as Administrative Agent and a Lender
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to 

364-Day Bridge Credit Agreement 

 EXHIBIT C-1 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Non-US Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of October 13, 2014 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among Solar US Parent Co., STERIS Corporation, Bank of America, N.A., as Administrative Agent, and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or
IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the
undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20[    ] 

 EXHIBIT C-2 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Non-US Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of October 13, 2014 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among Solar US Parent Co., STERIS Corporation, Bank of America, N.A., as Administrative Agent, and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form
W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all
times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20[    ] 

  
 -2- 

 EXHIBIT C-3 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Non-US Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of October 13, 2014 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among Solar US Parent Co., STERIS Corporation, Bank of America, N.A., as Administrative Agent, and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

  
 -3- 

 Date:             , 20[    ] 

  
 -4- 

 EXHIBIT C-4 

FORM OF 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Non-US Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of October 13, 2014 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among Solar US Parent Co., STERIS Corporation, Bank of America, N.A., as Administrative Agent, and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.14 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)
evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the
calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

  
 -5- 

 Date:             , 20[    ] 

  
 -6-

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