Document:

Guarantee Agreement

 GUARANTEE AGREEMENT 
  
 FNB Corp. 
  
 Dated as of November 4, 2005 

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	 ARTICLE I
 DEFINITIONS AND INTERPRETATION

			
	 SECTION 1.1.
	  	Definitions and Interpretation	  	1
	
	 ARTICLE II
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

			
	 SECTION 2.1.
	  	Powers and Duties of the Guarantee Trustee	  	4
			
	 SECTION 2.2.
	  	Certain Rights of the Guarantee Trustee	  	5
			
	 SECTION 2.3.
	  	Not Responsible for Recitals or Issuance of Guarantee	  	7
			
	 SECTION 2.4.
	  	Events of Default; Waiver	  	7
			
	 SECTION 2.5.
	  	Events of Default; Notice	  	8
	
	 ARTICLE III
 THE GUARANTEE TRUSTEE

			
	 SECTION 3.1.
	  	The Guarantee Trustee; Eligibility	  	8
			
	 SECTION 3.2.
	  	Appointment, Removal and Resignation of the Guarantee Trustee	  	9
	
	 ARTICLE IV
 GUARANTEE

			
	 SECTION 4.1.
	  	Guarantee	  	9
			
	 SECTION 4.2.
	  	Waiver of Notice and Demand	  	10
			
	 SECTION 4.3.
	  	Obligations Not Affected	  	10
			
	 SECTION 4.4.
	  	Rights of Holders	  	11
			
	 SECTION 4.5.
	  	Guarantee of Payment	  	11
			
	 SECTION 4.6.
	  	Subrogation	  	11
			
	 SECTION 4.7.
	  	Independent Obligations	  	12
			
	 SECTION 4.8.
	  	Enforcement	  	12

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 ARTICLE V
 LIMITATION OF TRANSACTIONS; SUBORDINATION

			
	 SECTION 5.1.
	  	Limitation of Transactions	  	12
			
	 SECTION 5.2.
	  	Ranking	  	13
	
	 ARTICLE VI
 TERMINATION

			
	 SECTION 6.1.
	  	Termination	  	13
	
	 ARTICLE VII
 INDEMNIFICATION

			
	 SECTION 7.1.
	  	Exculpation	  	14
			
	 SECTION 7.2.
	  	Indemnification	  	14
			
	 SECTION 7.3.
	  	Compensation; Reimbursement of Expenses	  	15
	
	 ARTICLE VIII
 MISCELLANEOUS

			
	 SECTION 8.1.
	  	Successors and Assigns	  	16
			
	 SECTION 8.2.
	  	Amendments	  	16
			
	 SECTION 8.3.
	  	Notices	  	16
			
	 SECTION 8.4.
	  	Benefit	  	17
			
	 SECTION 8.5.
	  	Governing Law	  	17
			
	 SECTION 8.6.
	  	Counterparts	  	17

  

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 GUARANTEE AGREEMENT 
  
 This GUARANTEE AGREEMENT (the “Guarantee”), dated as of November 4, 2005, is executed and delivered by FNB
Corp., incorporated in North Carolina (the “Guarantor”), and U.S. Bank National Association, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Capital Securities (as
defined herein) of FNB United Statutory Trust I, a Connecticut statutory trust (the “Issuer”). 
  
 WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the “Declaration”), dated as of November 4, 2005, among the trustees
named therein of the Issuer, FNB Corp., as sponsor, and the Holders from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is issuing on the date hereof securities, having an aggregate liquidation amount of up to
$20,000,000, designated the TP Securities (the “Capital Securities”); and 
  
 WHEREAS, as incentive for the Holders to purchase the Capital Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth in this Guarantee, to pay to the Holders of Capital
Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the purchase by each Holder of the Capital Securities, which purchase the Guarantor hereby agrees shall benefit the
Guarantor, the Guarantor executes and delivers this Guarantee for the benefit of the Holders. 
  
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
  
 SECTION 1.1. Definitions and Interpretation. 
  
 In this Guarantee, unless the context otherwise requires: 
  
 (a) capitalized terms used in this Guarantee but not defined in the preamble above have the respective
meanings assigned to them in this Section 1.1; 
  
 (b) a term defined anywhere in this Guarantee has the same meaning throughout; 
  
 (c) all references to “the Guarantee” or “this Guarantee” are to this Guarantee as modified, supplemented or amended
from time to time; 
  
 (d) all references in this
Guarantee to Articles and Sections are to Articles and Sections of this Guarantee, unless otherwise specified; 
  
 (e) terms defined in the Declaration as of the date of execution of this Guarantee have the same meanings when used in this Guarantee,
unless otherwise defined in this Guarantee or unless the context otherwise requires; and 
  
 (f) a reference to the singular includes the plural and vice versa. 

 “Beneficiaries” means any Person to whom the Issuer is or hereafter becomes indebted or liable.

  
 “Corporate Trust Office” means the office of the
Guarantee Trustee at which the corporate trust business of the Guarantee Trustee shall, at any particular time, be principally administered. 
  
 “Covered Person” means any Holder of Capital Securities. 
  
 “Debentures” means the junior subordinated debentures of FNB Corp., designated the Junior Subordinated Debt
Securities due 2035, held by the Institutional Trustee (as defined in the Declaration) of the Issuer. 
  
 “Event of Default” has the meaning set forth in Section 2.4. 
  
 “Guarantee Payments” means the following payments or distributions, without duplication, with respect to the
Capital Securities, to the extent not paid or made by the Issuer: (i) any accrued and unpaid Distributions (as defined in the Declaration) which are required to be paid on such Capital Securities to the extent the Issuer has funds available in
the Property Account (as defined in the Declaration) therefor at such time, (ii) the Redemption Price (as defined in the Indenture) to the extent the Issuer has funds available in the Property Account therefor at such time, with respect to any
Capital Securities called for redemption by the Issuer, (iii) the Special Redemption Price (as defined in the Indenture) to the extent the Issuer has funds available in the Property Account therefor at such time, with respect to Capital
Securities called for redemption upon the occurrence of a Special Event (as defined in the Indenture), and (iv) upon a voluntary or involuntary liquidation, dissolution, winding-up or termination of the Issuer (other than in connection with the
distribution of Debentures to the Holders of the Capital Securities in exchange therefor as provided in the Declaration), the lesser of (a) the aggregate of the liquidation amount and all accrued and unpaid Distributions on the Capital
Securities to the date of payment, to the extent the Issuer has funds available in the Property Account therefor at such time, and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the
Issuer after satisfaction of liabilities to creditors of the Issuer as required by applicable law (in either case, the “Liquidation Distribution”). 
  
 “Guarantee Trustee” means U.S. Bank National Association, until a Successor Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Guarantee and thereafter means each such Successor Guarantee Trustee. 
  
 “Holder” means any holder, as registered on the books and records of the Issuer, of any Capital Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor or any Affiliate of the Guarantor. 
  
 “Indemnified Person” means the Guarantee Trustee (including in its
individual capacity), any Affiliate of the Guarantee Trustee, or any officers, directors, shareholders, members, partners, employees, representatives, nominees, custodians or agents of the Guarantee Trustee. 
  

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 “Indenture” means the Indenture, dated as of November 4, 2005, between the Guarantor and
U.S. Bank National Association, not in its individual capacity but solely as trustee, and any indenture supplemental thereto pursuant to which the Debentures are to be issued to the Institutional Trustee of the Issuer. 
  
 “Liquidation Distribution” has the meaning set forth in the
definition of “Guarantee Payments” herein. 
  
 “Majority in liquidation amount of the Capital Securities” means Holder(s) of outstanding Capital Securities, voting together as a class, but separately from the holders of Common Securities, of more than 50% of the aggregate
liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to, but excluding, the date upon which the voting percentages are determined) of all Capital Securities
then outstanding. 
  
 “Obligations” means any costs,
expenses or liabilities (but not including liabilities related to taxes) of the Issuer, other than obligations of the Issuer to pay to holders of any Trust Securities the amounts due such holders pursuant to the terms of the Trust Securities.

  
 “Officer’s Certificate” means, with respect to
any Person, a certificate signed by one Authorized Officer of such Person. Any Officer’s Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee shall include: 
  
 (a) a statement that each officer signing the Officer’s
Certificate has read the covenant or condition and the definitions relating thereto; 
  
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the
Officer’s Certificate; 
  
 (c) a statement
that each such officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and

  
 (d) a statement as to whether, in the opinion
of each such officer, such condition or covenant has been complied with. 
  
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity of whatever nature. 
  
 “Responsible Officer” means, with respect to the Guarantee Trustee, any officer within the Corporate Trust Office of the Guarantee Trustee with
direct responsibility for the administration of any matters relating to this Guarantee, including any vice president, any assistant vice president, any secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or
other officer of the Corporate Trust Office of the Guarantee Trustee customarily performing functions similar to those performed by any of the above designated 

  

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officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that
officer’s knowledge of and familiarity with the particular subject. 
  
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 3.1. 
  
 “Trust Securities” means the Common Securities and the Capital
Securities. 
  
 ARTICLE II 
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 
  
 SECTION 2.1. Powers and Duties of the Guarantee Trustee. 
  
 (a) This Guarantee shall be held by the Guarantee Trustee for the benefit of the Holders of the Capital Securities, and the Guarantee
Trustee shall not transfer this Guarantee to any Person except a Holder of Capital Securities exercising his or her rights pursuant to Section 4.4(b) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its
appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, and such vesting and cessation of title shall be effective whether or not
conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 
  
 (b) If an Event of Default actually known to a Responsible Officer of the Guarantee Trustee has occurred and is continuing, the Guarantee
Trustee shall enforce this Guarantee for the benefit of the Holders of the Capital Securities. 
  
 (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing or waiving of all Events of Default that may
have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee, and no implied covenants shall be read into this Guarantee against the Guarantee Trustee. In case an Event of Default has occurred (that has
not been cured or waived pursuant to Section 2.4(b)) and is actually known to a Responsible Officer of the Guarantee Trustee, the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee, and use the same
degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
  

(d) No provision of this Guarantee shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) prior to the occurrence of any Event of Default and after the curing or waiving of all Events of Default that may have occurred: 
  
 (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express
provisions of this Guarantee, and the 

  

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Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee, and no
implied covenants or obligations shall be read into this Guarantee against the Guarantee Trustee; and 
  
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee; but in the case of any such certificates or opinions
furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not on their face they conform to the requirements of this Guarantee; 
  
 (ii) the Guarantee Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that such Responsible Officer of the Guarantee Trustee or the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which
such judgment was made; 
  
 (iii) the Guarantee
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written direction of the Holders of not less than a Majority in liquidation amount of the Capital Securities relating to
the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee; and 
  
 (iv) no provision of this Guarantee shall require the
Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for
believing that the repayment of such funds is not reasonably assured to it under the terms of this Guarantee, or security and indemnity, reasonably satisfactory to the Guarantee Trustee, against such risk or liability is not reasonably assured to
it. 
  
 SECTION 2.2. Certain Rights of the Guarantee Trustee. 

 
 (a) Subject to the provisions of Section 2.1:

  
 (i) The Guarantee Trustee may conclusively
rely, and shall be fully protected in acting or refraining from acting upon, any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 
  
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee shall be sufficiently evidenced by an Officer’s
Certificate. 
  

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 (iii) Whenever, in the administration of this Guarantee, the Guarantee Trustee shall deem
it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officer’s Certificate of the Guarantor which, upon receipt of such request, shall be promptly delivered by the Guarantor. 
  
 (iv) The Guarantee Trustee shall have no duty to see to any recording, filing or registration of any instrument or other writing (or any
rerecording, refiling or reregistration thereof). 
  
 (v) The Guarantee Trustee may consult with counsel of its selection, and the advice or opinion of such counsel with respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in accordance with such advice or opinion. Such counsel may be counsel to the Guarantor or any of its Affiliates and may include any of its employees. The Guarantee Trustee shall have the right at any time
to seek instructions concerning the administration of this Guarantee from any court of competent jurisdiction. 
  
 (vi) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee at the
request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such security and indemnity, reasonably satisfactory to the Guarantee Trustee, against the costs, expenses (including attorneys’ fees and
expenses and the expenses of the Guarantee Trustee’s agents, nominees or custodians) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the
Guarantee Trustee; provided, however, that nothing contained in this Section 2.2(a)(vi) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and
powers vested in it by this Guarantee. 
  
 (vii)
The Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
  
 (viii) The Guarantee Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder. 
  

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 (ix) Any action taken by the Guarantee Trustee or its agents hereunder shall bind the
Holders of the Capital Securities, and the signature of the Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as to the authority of the Guarantee Trustee
to so act or as to its compliance with any of the terms and provisions of this Guarantee, both of which shall be conclusively evidenced by the Guarantee Trustee’s or its agent’s taking such action. 
  
 (x) Whenever in the administration of this Guarantee the
Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders of a Majority in
liquidation amount of the Capital Securities, (B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received and (C) shall be protected in conclusively relying on or acting in
accordance with such instructions. 
  
 (xi) The
Guarantee Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Guarantee.

  
 (b) No provision of this Guarantee shall be
deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal or in which the Guarantee
Trustee shall be unqualified or incompetent in accordance with applicable law to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be
construed to be a duty. 
  
 SECTION 2.3. Not Responsible for Recitals or
Issuance of Guarantee. 
  
 The recitals contained in this
Guarantee shall be taken as the statements of the Guarantor, and the Guarantee Trustee does not assume any responsibility for their correctness. The Guarantee Trustee makes no representation as to the validity or sufficiency of this Guarantee.

  
 SECTION 2.4. Events of Default;
Waiver. 
  
 (a) An Event of Default under
this Guarantee will occur upon the failure of the Guarantor to perform any of its payment or other obligations hereunder. 
  
 (b) The Holders of a Majority in liquidation amount of the Capital Securities may, voting or consenting as a class, on behalf of the
Holders of all of the Capital Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and shall be deemed to have been cured, for every purpose of this Guarantee, but no
such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
  

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 SECTION 2.5. Events of Default; Notice. 
  
 (a) The Guarantee Trustee shall, within 90 days after the
occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have
been cured before the giving of such notice; provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of the Capital Securities. 
  
 (b) The Guarantee Trustee shall not be charged with knowledge of any Event of Default unless the Guarantee Trustee shall have received
written notice thereof from the Guarantor or a Holder of the Capital Securities, or a Responsible Officer of the Guarantee Trustee charged with the administration of this Guarantee shall have actual knowledge thereof. 
  
 ARTICLE III 
 THE GUARANTEE TRUSTEE 
  
 SECTION 3.1. The Guarantee Trustee; Eligibility. 
  
 (a) There shall at all times be a Guarantee Trustee which shall: 
  
 (i) not be an Affiliate of the Guarantor; and 
  
 (ii) be a corporation or national association organized and doing business under the laws of the United
States of America or any state or territory thereof or of the District of Columbia, or Person authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least Fifty Million U.S. Dollars ($50,000,000),
and subject to supervision or examination by federal, state, territorial or District of Columbia authority. If such corporation or national association publishes reports of condition at least annually, pursuant to law or to the requirements of the
supervising or examining authority referred to above, then, for the purposes of this Section 3.1(a)(ii), the combined capital and surplus of such corporation or national association shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. 
  
 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 3.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set forth in
Section 3.2(c). 
  
 (c) If the Guarantee
Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee shall either eliminate such interest or resign to the extent and in the manner provided by,
and subject to, this Guarantee. 
  

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 SECTION 3.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
  
 (a) Subject to Section 3.2(b), the Guarantee Trustee
may be appointed or removed without cause at any time by the Guarantor except during an Event of Default. 
  
 (b) The Guarantee Trustee shall not be removed in accordance with Section 3.2(a) until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
  
 (c) The Guarantee Trustee appointed to office shall hold office until a Successor Guarantee Trustee shall have been appointed or until its
removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take
effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by an instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 

 
 (d) If no Successor Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 3.2 within 60 days after delivery of an instrument of removal or resignation, the Guarantee Trustee resigning or being removed may petition any court of competent jurisdiction for
appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
  
 (e) No Guarantee Trustee shall be liable for the acts or omissions to act of any Successor Guarantee
Trustee. 
  
 (f) Upon termination of this
Guarantee or removal or resignation of the Guarantee Trustee pursuant to this Section 3.2, the Guarantor shall pay to the Guarantee Trustee all amounts owing to the Guarantee Trustee under Sections 7.2 and 7.3 accrued to the date of such
termination, removal or resignation. 
  
 ARTICLE IV 
 GUARANTEE 
  
 SECTION 4.1. Guarantee. 
  
 (a) The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of
amounts theretofore paid by the Issuer), as and when due, regardless of any defense (except as defense of payment by the Issuer), right of set-off or counterclaim that the Issuer may have or assert. The Guarantor’s obligation to make a
Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders. 
  

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 (b) The Guarantor hereby also agrees to assume any and all Obligations of the Issuer and
in the event any such Obligation is not so assumed, subject to the terms and conditions hereof, the Guarantor hereby irrevocably and unconditionally guarantees to each Beneficiary the full payment, when and as due, of any and all Obligations to such
Beneficiaries. This Guarantee is intended to be for the Beneficiaries who have received notice hereof. 
  
 SECTION 4.2. Waiver of Notice and Demand. 
  
 The Guarantor hereby waives notice of acceptance of this Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against the Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices
and demands. 
  
 SECTION 4.3. Obligations Not
Affected. 
  
 The obligations, covenants, agreements and
duties of the Guarantor under this Guarantee shall in no way be affected or impaired by reason of the happening from time to time of any of the following: 
  
 (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied
agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by the Issuer; 
  
 (b) the extension of time for the payment by the Issuer of all or any portion of the Distributions, Redemption Price, Special Redemption
Price, Liquidation Distribution or any other sums payable under the terms of the Capital Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Capital Securities (other than
an extension of time for the payment of the Distributions, Redemption Price, Special Redemption Price, Liquidation Distribution or other sums payable that results from the extension of any interest payment period on the Debentures or any extension
of the maturity date of the Debentures permitted by the Indenture); 
  
 (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Capital
Securities, or any action on the part of the Issuer granting indulgence or extension of any kind; 
  
 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for
the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 
  
 (e) any invalidity of, or defect or deficiency in, the Capital Securities; 
  

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 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred;
or 
  
 (g) any other circumstance whatsoever that
might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this Section 4.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

  
 There shall be no obligation of the Holders to give notice to,
or obtain consent of, the Guarantor with respect to the happening of any of the foregoing. 
  
 SECTION 4.4. Rights of Holders. 
  
 (a) The Holders of a Majority in liquidation amount of the Capital Securities have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee or to direct the exercise of any trust or power conferred upon the Guarantee Trustee under this Guarantee; provided, however, that
(subject to Sections 2.1 and 2.2) the Guarantee Trustee shall have the right to decline to follow any such direction if the Guarantee Trustee shall determine that the actions so directed would be unjustly prejudicial to the Holders not taking part
in such direction or if the Guarantee Trustee being advised by legal counsel determines that the action or proceeding so directed may not lawfully be taken or if the Guarantee Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors or trustees and/or Responsible Officers shall determine that the action or proceeding so directed would involve the Guarantee Trustee in personal liability. 
  
 (b) Any Holder of Capital Securities may institute a legal
proceeding directly against the Guarantor to enforce the Guarantee Trustee’s rights under this Guarantee, without first instituting a legal proceeding against the Issuer, the Guarantee Trustee or any other Person. The Guarantor waives any right
or remedy to require that any such action be brought first against the Issuer, the Guarantee Trustee or any other Person before so proceeding directly against the Guarantor. 
  
 SECTION 4.5. Guarantee of Payment. 
  
 This Guarantee creates a guarantee of payment and not of collection. 
  
 SECTION 4.6. Subrogation. 
  
 The Guarantor shall be subrogated to all (if any) rights of the Holders of
Capital Securities against the Issuer in respect of any amounts paid to such Holders by the Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the extent required by applicable provisions of law)
be entitled to enforce or exercise any right that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if, after giving effect to any such payment, any
amounts are due and unpaid under this Guarantee. If any amount shall be paid to the Guarantor 

  

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in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders.

  
 SECTION 4.7. Independent Obligations.

  
 The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Capital Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the
occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 4.3 hereof. 
  
 SECTION 4.8. Enforcement. 
  
 A Beneficiary may enforce the Obligations of the Guarantor contained in Section 4.1(b) directly against the Guarantor, and the Guarantor waives any
right or remedy to require that any action be brought against the Issuer or any other person or entity before proceeding against the Guarantor. 
  
 The Guarantor shall be subrogated to all rights (if any) of any Beneficiary against the Issuer in respect of any amounts paid to the Beneficiaries by the
Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the extent required by applicable provisions of law) be entitled to enforce or exercise any rights that it may acquire by way of subrogation or
any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if, after giving effect to such payment, any amounts are due and unpaid under this Guarantee. 
  
 ARTICLE V 
 LIMITATION OF TRANSACTIONS; SUBORDINATION 
  
 SECTION 5.1. Limitation of Transactions. 
  

So long as any Capital Securities remain outstanding, if (a) there shall have occurred and be continuing an Event of Default or (b) the
Guarantor shall have selected an Extension Period as provided in the Declaration and such period, or any extension thereof, shall have commenced and be continuing, then the Guarantor may not (x) declare or pay any dividends or distributions on,
or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Guarantor’s capital stock or (y) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities
of the Guarantor that rank pari passu in all respects with or junior in interest to the Debentures (other than (i) payments under this Guarantee, (ii) repurchases, redemptions or other acquisitions of shares of capital stock of the
Guarantor (A) in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors, or consultants, (B) in connection with a dividend reinvestment or
stockholder stock purchase plan or (C) in connection with the issuance of capital stock of the Guarantor (or securities convertible into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior
to the occurrence of the Event of Default or the applicable Extension Period, (iii) as a result of any exchange, reclassification, combination or conversion of any class or series of the Guarantor’s capital stock (or any capital stock of a

  

 - 12 - 

 
subsidiary of the Guarantor) for any class or series of the Guarantor’s capital stock or of any class or series of the Guarantor’s indebtedness for
any class or series of the Guarantor’s capital stock, (iv) the purchase of fractional interests in shares of the Guarantor’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being
converted or exchanged, (v) any declaration of a dividend in connection with any stockholder’s rights plan, or the issuance of rights, stock or other property under any stockholder’s rights plan, or the redemption or repurchase of
rights pursuant thereto, or (vi) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the
dividend is being paid or ranks pari passu with or junior to such stock). 
  
 SECTION 5.2. Ranking. 
  
 This Guarantee will constitute an unsecured obligation of the Guarantor and will rank subordinate and junior in right of payment to all present and future
Senior Indebtedness (as defined in the Indenture) of the Guarantor. By their acceptance thereof, each Holder of Capital Securities agrees to the foregoing provisions of this Guarantee and the other terms set forth herein. 
  
 The right of the Guarantor to participate in any distribution of assets of
any of its subsidiaries upon any such subsidiary’s liquidation or reorganization or otherwise is subject to the prior claims of creditors of that subsidiary, except to the extent the Guarantor may itself be recognized as a creditor of that
subsidiary. Accordingly, the Guarantor’s obligations under this Guarantee will be effectively subordinated to all existing and future liabilities of the Guarantor’s subsidiaries, and claimants should look only to the assets of the
Guarantor for payments thereunder. This Guarantee does not limit the incurrence or issuance of other secured or unsecured debt of the Guarantor, including Senior Indebtedness of the Guarantor, under any indenture or agreement that the Guarantor may
enter into in the future or otherwise. 
  
 ARTICLE VI 

TERMINATION 
  
 SECTION 6.1. Termination. 
  
 This Guarantee shall terminate as to the Capital Securities (i) upon full payment of the Redemption Price or the Special Redemption Price, as the
case may be, of all Capital Securities then outstanding, (ii) upon the distribution of all of the Debentures to the Holders of all of the Capital Securities or (iii) upon full payment of the amounts payable in accordance with the
Declaration upon dissolution of the Issuer. This Guarantee will continue to be effective or will be reinstated, as the case may be, if at any time any Holder of Capital Securities must restore payment of any sums paid under the Capital Securities or
under this Guarantee. 
  

 - 13 - 

 ARTICLE VII 
 INDEMNIFICATION 
  
 SECTION 7.1. Exculpation. 
  
 (a)
No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Guarantor or any Covered Person for any loss, damage or claim incurred by reason of any act or omission of such Indemnified Person in good faith in
accordance with this Guarantee and in a manner that such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Guarantee or by law, except that an Indemnified Person shall be
liable for any such loss, damage or claim incurred by reason of such Indemnified Person’s negligence or willful misconduct with respect to such acts or omissions. 
  
 (b) An Indemnified Person shall be fully protected in relying in good faith upon the records of the Issuer
or the Guarantor and upon such information, opinions, reports or statements presented to the Issuer or the Guarantor by any Person as to matters the Indemnified Person reasonably believes are within such other Person’s professional or expert
competence and who, if selected by such Indemnified Person, has been selected with reasonable care by such Indemnified Person, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from which Distributions to Holders of Capital Securities might properly be paid. 
  
 SECTION 7.2. Indemnification. 
  
 (a) The Guarantor agrees to indemnify each Indemnified Person for, and to hold each Indemnified Person harmless against, any and all loss,
liability, damage, claim or expense incurred without negligence or willful misconduct on the part of the Indemnified Person, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including but not
limited to the costs and expenses (including reasonable legal fees and expenses) of the Indemnified Person defending itself against, or investigating, any claim or liability in connection with the exercise or performance of any of the Indemnified
Person’s powers or duties hereunder. The obligation to indemnify as set forth in this Section 7.2 shall survive the resignation or removal of the Guarantee Trustee and the termination of this Guarantee. 
  
 (b) Promptly after receipt by an Indemnified Person under
this Section 7.2 of notice of the commencement of any action, such Indemnified Person will, if a claim in respect thereof is to be made against the Guarantor under this Section 7.2, notify the Guarantor in writing of the commencement
thereof; but the failure so to notify the Guarantor (i) will not relieve the Guarantor from liability under paragraph (a) above unless and to the extent that the Guarantor did not otherwise learn of such action and such failure results in
the forfeiture by the Guarantor of substantial rights and defenses and (ii) will not, in any event, relieve the Guarantor from any obligations to any Indemnified Person other than the indemnification obligation provided in paragraph
(a) above. The Guarantor shall be entitled to appoint counsel of the Guarantor’s choice at the Guarantor’s 

  

 - 14 - 

 
expense to represent the Indemnified Person in any action for which indemnification is sought (in which case the Guarantor shall not thereafter be
responsible for the fees and expenses of any separate counsel retained by the Indemnified Person or Persons except as set forth below); provided, however, that such counsel shall be satisfactory to the Indemnified Person.
Notwithstanding the Guarantor’s election to appoint counsel to represent the Indemnified Person in any action, the Indemnified Person shall have the right to employ separate counsel (including local counsel), and the Guarantor shall bear the
reasonable fees, costs and expenses of such separate counsel (and local counsel), if (i) the use of counsel chosen by the Guarantor to represent the Indemnified Person would present such counsel with a conflict of interest, (ii) the actual
or potential defendants in, or targets of, any such action include both the Indemnified Person and the Guarantor and the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it and/or other Indemnified
Persons which are different from or additional to those available to the Guarantor, (iii) the Guarantor shall not have employed counsel satisfactory to the Indemnified Person to represent the Indemnified Person within a reasonable time after
notice of the institution of such action or (iv) the Guarantor shall authorize the Indemnified Person to employ separate counsel at the expense of the Guarantor. The Guarantor will not, without the prior written consent of the Indemnified
Persons, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the
Indemnified Persons are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each Indemnified Person from all liability arising out of such claim, action, suit or
proceeding. 
  
 SECTION 7.3. Compensation;
Reimbursement of Expenses. 
  
 Other than as provided in the
Fee Agreement of even date herewith between Cohen Bros. & Company and the Guarantee Trustee, the Guarantor agrees: 
  
 (a) to pay to the Guarantee Trustee from time to time such compensation for all services rendered by it hereunder as the parties shall
agree to from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); and 
  
 (b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon request for all
reasonable expenses, disbursements and advances incurred or made by it in accordance with any provision of this Guarantee (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or willful misconduct. 
  
 The provisions of this Section 7.3 shall survive the resignation or removal of the Guarantee Trustee and the termination of this Guarantee. 
  

 - 15 - 

 ARTICLE VIII 
 MISCELLANEOUS 
  
 SECTION 8.1. Successors and Assigns. 
  
 All
guarantees and agreements contained in this Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Capital Securities then outstanding. Except in
connection with any merger or consolidation of the Guarantor with or into another entity or any sale, transfer or lease of the Guarantor’s assets or capital stock to another entity, in each case to the extent permitted under the Indenture, the
Guarantor may not assign its rights or delegate its obligations under this Guarantee without the prior approval of the Holders of not less than a Majority in liquidation amount of the Capital Securities. 
  
 SECTION 8.2. Amendments. 
  
 Except with respect to any changes that do not adversely affect the rights
of Holders of the Capital Securities in any material respect (in which case no consent of Holders will be required), this Guarantee may be amended only with the prior approval of the Holders of not less than a Majority in liquidation amount of the
Capital Securities. The provisions of the Declaration with respect to amendments thereof shall apply equally with respect to amendments of the Guarantee. 
  
 SECTION 8.3. Notices. 
  
 All notices provided for in this Guarantee shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed
by first class mail, as follows: 
  
 (a) If given
to the Guarantee Trustee, at the Guarantee Trustee’s mailing address set forth below (or such other address as the Guarantee Trustee may give notice of to the Holders of the Capital Securities): 
  
 U.S. Bank National Association 
 225 Asylum Street, 23rd Floor 
 Hartford, CT
06103 
 Attention: Corporate Trust Services 
 FNB United Statutory Trust I 
  
 With a copy to:

  
 U.S. Bank National Association 
 One Federal Street, 3rd Floor 
 Boston, MA
02110 
 Attention: Corporate Trust Services 
 FNB United Statutory Trust I 
 Telecopy: (617) 603-6683 
 Telephone: (617) 603-6549 
  

 - 16 - 

 (b) If given to the Guarantor, at the Guarantor’s mailing address set forth below
(or such other address as the Guarantor may give notice of to the Holders of the Capital Securities and to the Guarantee Trustee): 
  
 FNB Corp. 
 101 Sunset Avenue 
 Asheboro, North Carolina 27203 
 Attention:
Jerry A. Little 
 Telecopy: (336) 626-8374 
 Telephone: (336) 626-8300 
  
 (c) If given to any Holder of the Capital Securities, at the address set forth on the books and records of the Issuer. 
  
 All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal
or inability to deliver. 
  
 SECTION 8.4.
Benefit. 
  
 This Guarantee is solely for the benefit of
the Holders of the Capital Securities and, subject to Section 2.1(a), is not separately transferable from the Capital Securities. 
  
 SECTION 8.5. Governing Law. 
  
 THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 
  
 SECTION 8.6. Counterparts. 
  
 This Guarantee may contain more than one counterpart of the signature page and this Guarantee may be executed by the affixing of the signature of the Guarantor and the Guarantee Trustee to any of such counterpart signature pages. All of
such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature page. 
  

 - 17 - 

 THIS GUARANTEE is executed as of the day and year first above written. 
  

			
	FNB Corp.,
	as Guarantor
		
	 By:
	 	/S/ MICHAEL C. MILLER
	 Name:
	 	Michael C. Miller
	 Title:
	 	President
	
	U.S. BANK NATIONAL ASSOCIATION, as Guarantee Trustee
		
	 By:
	 	/S/ PAUL D. ALLEN
	 Name:
	 	Paul D. Allen
	 Title:
	 	Vice President

  

 - 18 -Lease Amendment dated August 31, 2004

 Exhibit 10.220 
  
 Evan A. Stein, MD, PhD 
 Medical Research Laboratories 
  
 LEASE

  
 THIS AGREEMENT OF LEASE entered into on August 31, 2004, by and
between Evan A. Stein, MD, PhD (“Lessor”), and Medical Research Laboratories International, LLC (“Lessee”), is as follows: 
  
 1. Leased Premises. Lessor hereby leases to Lessee the premises located at Two Tesseneer Drive, Highland Heights, Kentucky, as more
particularly described in Exhibit A attached hereto (“the Leased Premises”). 
  
 2. Term. 
  
 2.1
The term of this Lease shall be the 10 year period commencing January 1, 2005 and ending December 31, 2014. 
  
 2.2 Lessee shall have the option to renew this Lease for one additional term of 10 years commencing upon the termination of the initial term by giving
Lessor notice of exercise of the option to renew not later than June 30, 2014; provided, however, that Lessee’s exercise of such renewal option shall not be effective to renew this Lease if any Event of Default, as defined in
Section 14.1, exists at the time of giving the renewal notice or at any time thereafter prior to the commencement of the renewal term. The renewal term shall be upon the same terms and conditions as are applicable to the initial term, except as
to rent, which shall be as set forth in Section 3.2. 
  
 3.
Rent. 
  
 3.1 Lessee shall pay Lessor as rent
during the initial term the amount of [$9 x the percentage by which the All items U.S. – CPI-W. All cities average (1982-1984 = 100) has increased from January 1995 through December 2004] per square foot per year for 71,620 square feet,
such annual amount of based on the preceding formula is to be paid in equal monthly installments commencing January 1, 2005. If the CPI for December, 2004 has not been published by January 1, 2005, Lessee shall continue to pay the monthly
rent that was in effect on December 31, 2004 on a temporary basis until such CPI is published. After such CPI is published, Lessee shall pay back-rent for the difference in CPI within thirty days of receiving notice of publication from Lessor.
Thereafter, Lessee shall pay the full amount of the Renewal Rent monthly. 
  
 3.2. If Lessee exercises its option to renew this Lease pursuant to Section 2.2, the rent for the renewal term (the “Renewal Rent”) shall be the rent for the initial term increased by the percentage by
which the “Consumer Price Index” (the “CPI”, as hereinafter defined) reported for the month of December, 2014 is higher than the CPI reported for the month of January, 2005. The “CPI” shall mean the Consume Price Index
as compiled and published by the Bureau of Labor Statistics of the United States 

 
Department of Labor (All items U.S. – CPI-W. All cities average (1982-1984 = 100)), or the most comparable economic statistics indicator then being
published. If the CPI for December 2014 has not been published by the first day of the renewal term, Lessee shall continue to pay the monthly rent that was in effect during the initial term on a temporary basis until such CPI is published, at the
Renewal Rent and the monthly rent that Lessee actually paid for each month during such interim period, and Lessee shall thereafter pay the full amount of the Renewal Rent monthly. 
  
 3.3 Each monthly installment of rent shall be payable in advance on the first day of the applicable month. 
  
 4. Use of Premises. 
  
 4.1 Lessee shall use and occupy the Leased Premises for the purpose of
operating medical laboratory facilities for research, testing and experimentation and for all normal purposes related thereto. Lessee will not use the Leased Premises for any other purpose without the prior written consent of Lessor. 
  
 4.2 Lessee shall use and occupy the Leased Premises in a proper, lawful and
reasonable manner, and shall not permit any use of the Leased Premises that would (i) constitute waste or a nuisance, (ii) increase Lessor’s risk of loss or damage to the Leased Premises, (iii) increase the premiums for insurance
maintained by Lessor on the Leased Premises over those which would apply to the normal commercial use of the Leased Premises, or (iv) cause a cancellation of any policy of casualty, public liability or other insurance on the Leased Premises
with the carrier or carriers then being used. 
  
 4.3 Upon the
termination of this Lease, Lessee will peacefully and quietly surrender possession of the Leased Premises to Lessor and deliver the Leased Premises, together with all improvements, fixtures and appurtenances, except trade fixtures and equipment
installed and removed by Lessee pursuant to Section 5.2, in as good order and condition as when entered upon, reasonable use, ordinary wear and tear and damage by fire or other casualty not caused by Lessee excepted. 
  
 4.4 Lessee shall comply promptly with all laws, ordinances, regulations, and
orders of all governmental authorities, including, without limitation, those relating to protection of health and the environment and to the treatment, storage, disposal and discharge of hazardous substances and solid waste (as those terms are
defined in the applicable laws, rules, regulations and orders), and the requirements of any insurance company or insurance inspection bureau that are applicable to the Leased Premises or to Lessee’s use thereof. 
  
 5. Alterations and Liens. 
  
 5.1 Except as provided in Section 5.2, Lessee shall not make any
alterations, additions or improvements to the building located on the Leased Premises (the “Building”) or to any other part of the Leased Premises without the prior written consent of Lessor. Upon termination of this Lease, all additions,
alterations or 

  

 2 

 
improvements (excluding property which Lessee is entitled to remove under Section 5.2) shall become and be the Lessor’s property without any
obligation of Lessor for compensation or credit to Lessee other than to pay to Lessee the net proceeds from the disposition, if any, of such property, less the expenses of such disposition and less any amounts then due from Lessee to Lessor, but
Lessor shall have no obligation to dispose of any of such property. 
  
 5.2 Lessee shall have the right to install in and on the Building any trade fixtures, equipment and temporary or non-structural partitions or partition walls which Lessee deems necessary in the operation of its business and to remove the
same from time to time during the term of this Lease. If Lessee fails to remove any of its trade fixtures or equipment at the termination of this Lease, Lessee will be deemed to have conveyed such items to Lessor without any obligation of Lessor for
compensation or credit to Lessee for the value thereof; provided, however, that if Lessor elects to remove such items from the Leased Premises, Lessee shall be responsible and shall promptly pay or reimburse Lessor for the cost of such removal and
for all costs of repairing any damage to the Leased Premises caused by such removal. Upon the termination of this Lease, Lessee will also remove any partitions or partition walls installed by Lessee in the Building which Lessor requests Lessee to
remove. The removal by Lessee of trade fixtures, equipment and partitions or partition walls shall be solely at the expense of Lessee and shall be done in a manner satisfactory to Lessor, and Lessee shall be responsible and promptly pay or reimburse
Lessor for all costs of repairing any damage to the Leased Premises caused by such removal. 
  
 5.3 Lessee shall, at its expense, remove any liens filed against the Leased Premises or Lessor’s interest therein in connection with alterations, additions, repairs, maintenance or improvements by Lessee or any
other liens filed against the Leased Premises with respect to any obligation or liability of Lessee within 30 days after the filing or other establishment of such lien. In the event Lessee fails to remove any such lien, Lessor, in addition to his
remedies under Section 14, may at his sole discretion, remove such lien by paying such amount thereof or by taking such other actions as may be necessary to release such lien, and Lessee shall reimburse Lessor for all costs and expenses
incurred by Lessor to remove such lien promptly upon demand by Lessor. 
  
 6. Utilities. Lessee shall pay when due all charges for gas, electricity and other power, water, sewage, waste removal, telephone and all other utility services used or consumed by Lessee in connection with its use of the
Leased Premises. 
  
 7. Maintenance and Repairs.

  
 7.1 Lessor, at his expense, shall maintain the roof,
structural walls, foundation and underground plumbing and other underground facilities serving the Building in good operating condition and shall make all necessary repairs and replacements thereto; provided, however, that Lessor’s obligations
under this Section 7.1 are solely for the normal maintenance of such structural parts and underground facilities and for the correction of structural defects, if any, not caused by the negligence, willful act or improper use of the Leased
Premises by Lessee or its agents, employees, representatives or invitees. 
  

 3 

 7.2 Lessee, at its expense, shall maintain al interior and exterior parts of the Building and the rest of
the Leased Premises not required to be maintained by Lessor pursuant to Section 7.1 in good repair and in clean, orderly operating condition and shall make all necessary repairs and replacements thereto, including, without limitation, all
walls, partitions, windows, and all electrical, heating, ventilating, air conditioning and above-ground plumbing and other above-ground facilities, systems and equipment, driveways and parking areas, shall keep all interior and exterior areas of the
Leased Premises painted, clean and clear of debris, snow and obstructions and shall mow the lawns and maintain all landscaping in a neat and orderly condition. Lessee shall take such action as is necessary to protect the facilities, systems and
equipment of the Leased Premises from damage or premature wear, tear or depreciation caused by its activities so that such systems, facilities and equipment shall function normally throughout their normal useful lives. 
  
 7.3 In the event Lessee fails to make any repairs or to perform any
maintenance required under Section 7.2 within 10 days after Lessor gives Lessee notice requesting the same, Lessor, in addition to his remedies under Section 14, may, at his sole discretion, make such repairs and perform such maintenance
for Lessee’s account and at Lessee’s expense, and Lessee shall reimburse Lessor for any and all costs and expenses incurred by Lessor in making such repairs and performing such maintenance promptly upon demand by Lessor. 
  
 8. Real Estate Taxes and Assessments. Lessee shall reimburse
Lessor for or, at Lessor’s option, pay directly all real estate taxes and assessments applicable to the Leased Premises during the initial term and, if renewed, the renewal term of this Lease. 
  
 9. Damage or Destruction of Premises. 
  
 9.1 Except as provided in Section 9.2, in the event the Building or any
other improvements on the Leased Premises are destroyed or so damaged by fire, explosion or other casualty that they are rendered wholly or partially untenantable to the extent that Lessee is unable reasonably to carry on its normal business
operations, Lessor will restore the Leased Premises to their former condition and complete such restoration as expeditiously as possible. 
  
 9.2 Notwithstanding Section 9.1, Lessor will have no obligation to restore the Building or any other improvements if the damage or destruction
constitutes a Termination Event or Lessee Damage as said terms are described in Section 9.3. 
  
 9.3 For purposes of Section 9.2: 
  
 9.3.1 “Termination Event” means any damage or destruction to the building or any other improvements on the Leased Premises if (i) the cost
of repairing the same exceeds the insurance proceeds available therefore by more than 10%, or (ii) more than 25% of the total square foot floor area of the Building is rendered untenantable; and 
  

 4 

 9.3.2 “Lessee Damage” means any damage or destruction caused by the negligence, misuse or
intentional act of Lessee or any of Lessee’s agents, employees, representatives, invitees or customers or any other person on the Leased Premises for Lessee or in connection with Lessee’s use thereof. 
  
 9.4 In the event of the occurrence of a Termination Event or Lessee Damage,
if Lessor elects not to restore the Building or improvements it will give Lessee notice to that effect within 60 days after such occurrence, and this Lease will thereupon terminate, provided, however, that in the event the occurrence was Lessee
Damage, such termination shall be without prejudice to any other rights Lessor may have against Lessee by reason of such Lessee Damage or otherwise. 
  
 9.5 In the event of the occurrence of any damage or destruction described in Section 9.1, excluding any damage or destruction that constitutes Lessee
Damage: 
  
 9.5.1 if the Building or other improvements cannot
reasonably be expected to be repaired or restored for occupancy within 90 days following such destruction or damage in such manner as to permit Lessee reasonably to carry on its normal business operations, Lessee will have the right to terminate
this Lease by giving notice to that effect to Lessor within 60 days after such damage or destruction, and upon giving of such notice this Lease will terminate; and 
  
 9.5.2 if neither Lessor nor Lessee exercises any of its respective termination rights under this Section 9, or prior
to the exercise of any of such termination rights, as the case may be, rent will be equitably abated during such time as the Leased Premises are wholly or partially untenantable by Lessee because of such damage or destruction on the basis of the
portion of the Leased Premises that is untenantable. 
  
 10.
Insurance. 
  
 10.1 Lessee, at its expense, will
maintain (i) commercial general liability insurance insuring Lessee and Lessor against liability for injuries to person or property arising out of the ownership, occupancy or control of the Leased Premises with minimum limits of $1,000,000 per
occurrence; and (ii) standard “all risk” insurance on the Leased Premises insuring Lessor and Lessee as their interests appear and Lessee’s trade fixtures, equipment, inventory and all other personal property of Lessee
(“Lessee’s Contents”) in an amount equal to not less than 100% of the replacement cost of the Leased Premises and Lessee’s Contents. 
  
 10.2 All policies of insurance required to be maintained by Lessee pursuant to Section 10.1 shall (i) be issued by insurers licensed to issue
such policies in the Commonwealth of Kentucky and reasonably acceptable to Lessor, (ii) in the case of liability insurance, be rated at least A by Best’s Key Rating Guide for Property Liability; 

  

 5 

 
and (iii) provide that they may not be cancelled or materially altered without 30 days prior written notice to Lessor. Prior to occupying the Leased
Premises, upon each renewal of insurance, and upon Lessor’s reasonable request from time to time, Lessee will furnish Lessor with certificates of such insurance and receipts or other proof of payment of the premiums thereon. 
  
 10.3 Lessor will not be liable to Lessee for business interruption or any
similar loss or damage occurring on the Leased Premises, whether or not caused by the negligence or other fault of Lessor. 
  
 10.4 Except as limited in the next sentence, Lessor and Lessee each hereby waives all rights that each of them has or may have under all policies of
insurance maintained by each of them covering any part of the Leased Premises or the contents therein, including Lessee’s Contents, to subrogate the insurer to the rights of the insured party to recover from the other party by reason of the
payment by the insurer of the insured party’s claim. Lessor and Lessee will each obtain and maintain throughout the term of the Lease a waiver of such subrogation rights in all such policies of insurance; provided, however, that such waiver of
subrogation will not be required of either party with respect to any policy of insurance if such waiver (i) is prohibited under the terms of such policy or (ii) can only be obtained upon payment of an additional premium or upon other
conditions and the party to be benefited by such waiver declines to pay such additional premium or to fulfill such other conditions at the benefiting party’s expense. In the event such waiver of subrogation cannot be obtained, the party not
able to obtain such waiver shall promptly notify the other party of such event. 
  
 11. Indemnity. Except to the extent that Lessee is relieved of liability pursuant to Section 10.4, Lessee will indemnify and defend Lessor and will hold Lessor harmless from and against all claims,
demands and damages for injuries to person or property and all other claims, demands, liens, damages, fines or penalties of whatever name, nature or kind arising out of the use or occupancy of the Leased Premises by or any act or omission of any of
Lessee or Lessee’s agents, employees, representatives, invitees, customers, or any other person in, on, or adjacent to the Leased Premises, except for injury or damage occasioned by Lessor’s negligence. 
  
 12. Lessor’s Right of Entry. Lessor may enter the Leased
Premises (i) at any time to attend to sudden or emergency conditions and for purposes related to safety or the maintenance, preservation or protection of the Building, and (ii) at all reasonable times for the purpose of inspecting the
Leased Premises, to determine the compliance by Lessee with the terms of this Lease, to exhibit the Leased Premises to prospective purchasers, and, during the last four months of the initial term or any renewal term of this Lease, to exhibit the
Leased Premises to prospective tenants. 
  
 13. Restrictions
on Assignment and Subletting. Lessee shall not assign this Lease or sublease any part of the Leased Premises without Lessor’s prior written consent. Notwithstanding Lessor’s consent thereto, (i) no sublease or assignment shall
release Lessee from any of its obligations hereunder, and (ii) no sublessee or 

  

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assignee shall have any right to further assign its rights or sublease any part of the Leased Premises. Any transfer, sale or other disposition of ownership
interests in Lessee or reorganization of Lessee which results in the joint venturers who own the ownership interests in Lessee as of the date of this Lease owning Less than a majority of the ownership interests in Lessee or any successor to Lessee,
whether such change results from a single transaction or multiple transactions, shall be deemed an “assignment” for purposes of this Section 13. 
  

14. Events of Default; Lessor’s Remedies. 
  

14.1 Each of the following shall constitute an Event of Default under this Lease: 
  
 14.1.1 the rent or any other payment due to Lessor from Lessee hereunder, or any part thereof, remains unpaid for five days
after such payment becomes due; 
  
 14.1.2 Lessee’s interest
herein is taken in execution or by other process of law; 
  
 14.1.3 Lessee files or has filed against it a petition seeking an order for relief on its behalf as a debtor or seeking reorganization, any receiver or other fiduciary is appointed for the business and property of Lessee, or Lessee makes an
assignment for the benefit of Lessee’s creditors; 
  
 14.1.4
Lessee abandons or vacates the Leased Premises; or 
  
 14.1.5
Lessee fails to cure any other default of the terms and conditions hereof within 15 days after being given written notice by Lessor of such default, or, if such default is of a nature that it cannot be cured completely within such 15-day period,
Lessee does not commence within such 15-day period and thereafter proceed with reasonable diligence and in good faith to cure such default. 
  
 14.2 Upon the occurrence of an Event of Default, Lessor may (i) re-enter and repossess the Leased Premises and, without terminating this Lease,
re-let the Leased Premises or any part of it for the account of Lessor or Lessee and apply such sums collected to amounts owned by Lessee to Lessor as a result of such Event of Default; or (ii) terminate this Lease by giving notice of
termination to Lessee and re-enter and repossess the Leased Premises, such termination effective upon the giving of notice. In addition to any remedy granted to Lessor pursuant to this Section 14.2, Lessee shall remain liable to Lessor for all
damages and injuries suffered by Lessor as a result of such Event of Default. 
  
 14.3 Upon termination of this Lease, Lessee shall have no legal or equitable interest in this Lease the Leased Premises and shall immediately peacefully and quietly surrender possession of the Leased Premises and
remove its personal property as provided in Sections 4.3 and 5.2. 
  

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 14.4 In addition to the rights provided in Section 14.2, if Lessee fails to make any payment of rent
or any other amount due Lessor hereunder when due, or within five days thereafter, Lessee shall pay Lessor interest on such amount at a rate equal to 3% per annum in excess of prime interest rate in effect from time to time as reported in the
Wall Street Journal until paid in full. 
  
 15. Lien of
Lessor. Lessor shall have the first lien, paramount to all others, upon every right and interest of Lessee to and in the Leased Premises, this Lease, and, subject to the rights of secured parties holding purchase money security interests, on
all improvements consented to by Lessor under Section 5.1 which become fixtures erected or placed on or in the Leased Premises by Lessee, as security for the payment of all amounts payable by Lessee hereunder and as security for the performance
of all the terms and conditions of this Lease to be performed by Lessee. 
  
 16. Waiver. No waiver by Lessor of any breach of any provision of this Lease shall be construed to be a waiver by Lessor of any succeeding breach of the same or any other provision of this Lease, and the
acceptance of rent or other payment by Lessor with knowledge of a breach by Lessee of any provision hereof shall not be deemed a waiver of such breach by Lessor. 
  
 17. Hold Over. If Lessee should hold over in possession after the expiration of the initial lease term or, if
renewed, after the expiration of the renewal term, such holding over shall not extend the term or renew the Lease, but, without impairing Lessor’s remedies, shall constitute a month-to-month tenancy upon the same terms and conditions as are set
fourth hereunder until terminated at the end of any month by either party by giving the terminated at the end of any month by either party by giving the other party not less than 10 days prior notice of termination. The rent for such period of
holding over shall be 125% of the rent in effect at the expiration of the Lease term. 
  
 18. Mortgages and Subordination. Lessor shall have the right from time to time during the term of this Lease to make new and/or additional mortgages covering the Leased Premises, which shall be prior in
lien to the Lease and the rights and privileges of Lessee hereunder. Any such mortgage shall provide that so long as Lessee keeps and performs the terms and conditions of this Lease to be kept and performed by Lessee no person shall have the power
to impair, modify, abrogate, or in any way adversely affect the rights of Lessee under this Lease to the full enjoyment of the entire term hereof by virtue of the existence of said indebtedness or mortgage, by reason of being the holder or owner of
said indebtedness or any part thereof or by reason of any proceeding instituted under or pursuant to said mortgage. 
  
 19. Condemnation. If (i) any part of the Leased Premises is taken by or sold under threat of condemnation or eminent domain and
(ii) such taking or sale materially and adversely impairs Lessee’s use of the Leased Premises, either Lessor or 

  

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Lessee may terminate this Lease as of the date of such taking or sale. Lessee shall have no claim or interest in any compensation or award of damages for
such taking or sale except to the extent any separate compensation or award of damages is made to Lessee for its relocation. 
  
 20. Signs. Lessee will not install any signs on the exterior of the Building or elsewhere on the Leased Premises without the prior written
approval of Lessor. The installation, maintenance, repair and replacement of any such sign(s) shall be the responsibility of Lessee, and Lessee shall be responsible for any damage to person or property caused by the erection, existence, maintenance
or removal of such sign(s). Upon the termination of this Lease, Lessee shall remove said sign(s) and repair any damage caused by such removal. 
  
 21. Quiet Enjoyment. If Lessee pays the rent and deeps and performs the obligations of this Lease on the part of Lessee to be kept and
performed, Lessee shall peaceably and quietly occupy the Leased Premises during the term hereof without any hindrance, ejection or molestation by Lessor or any person lawfully claiming under Lessor. 
  
 22. Notices. All notices required or permitted to be given
hereunder shall be in writing and shall be deemed to have been given (i) when personally delivered to a principal of the party to whom such notice is directed, or (ii) one business day after having been delivered to a national overnight
delivery service with delivery charges prepaid, or two business days after having been deposited in a U.S. Mail depository, postage prepaid, for delivery by certified mail, return receipt requested, and addressed as follows until such time as either
party notifies the other of a change of address: 
  

			
	Lessor:	  	Evan A. Stein, MD, PhD
	 	  	111 Stanbery Ridge
	 	  	Ft. Thomas, KY 41075
		
	Lessee:	  	Medical Research Laboratories International, LLC
	 	  	c/o PPD, Inc.
	 	  	3151 South 17th Street
	 	  	Wilmington, NC 28412
		
	 	  	Attn: Site Services Administrator

  
 23. Estoppel
Certificates. At the request of Lessor or any mortgage or secured party of Lessor, Lessee will execute, acknowledge and deliver to the requesting party a certificate in recordable form evidencing whether (i) this Lease is in full force
and effect; (ii) this Lease has been amended in any respect, and in such event, attaching a copy of such amendment; and (iii) any default exists under this Lease to Lessee’s knowledge, and in such event, specifying the nature of such
default. 
  

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 24. Non-Recourse to Partners. Lessor’s sole recourse in the event of a default by
Lessee under this Lease shall be against the Lessee and the Lessee’s assets; no partner of Lessee shall be personally liable for or have any personal obligation to perform any obligations of Lessee under this Lease; and Lessor will not assert
any claim, seek any judgment or seek to enforce any judgment against any partner of Lessee personally or against any property or assets of any partner by reason of any breach of or default by Lessee under this Lease. 
  
 25. General. 
  
 25.1 This Lease shall be governed by and construed in accordance with the
laws of the Commonwealth of Kentucky. 
  
 25.2 This Lease
constitutes the entire agreement between the parties and supersedes all prior written and oral negotiations and understanding. 
  
 25.3 The captions contained in this Lease are for reference purposes only and shall not affect or relate to or be used for purposes of the interpretation
of any provision hereof. 
  
 25.4 All of Lessor’s rights and
remedies are cumulative and may be exercised singularly or concurrently. 
  
 25.5 This Lease shall be binding upon and inure to the benefit of the respective successors and assigns of each of the parties hereto; provided, however, that no assignment by Lessee shall vest any rights or interests
in the assignee except as provided in Section 13. 
  
 25.6
The parties hereto will, at the request of either party, execute a Memorandum of Lease to be recorded at he expense of the requesting party. 
  

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 IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease as of the date set forth at the beginning
of this Agreement of Lease. 
  

	
	 /s/ Evan A. Stein 

	 Evan A. Stein, MD, PhD

	
	 LESSOR

  

			
	MEDICAL RESEARCH LABORATORIES INTERNATIONAL, LLC
		
	By:	 	 /s/ Fred B. Davenport, Jr. 

	 	 	Fred B. Davenport, Jr., Manager
	 	 	Vice President and Asst. Secretary

  

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