Document:

EX-10.4

 Exhibit 10.4 

Execution Version 
 HERSHA
HOSPITALITY LIMITED PARTNERSHIP, 
 as Issuer, 

HERSHA HOSPITALITY TRUST, 
 as
Parent Guarantor, 
 and 
 each
of the other GUARANTORS party hereto 
  
  

9.50% UNSECURED PIK TOGGLE NOTES DUE 2026 
  

 
 NOTE PURCHASE
AGREEMENT 
 DATED AS OF FEBRUARY 17, 2021 
  

 
 and 

each of the GS PURCHASERS party hereto 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 Section 1.1
	 	 Defined Terms
	  	 	1	 
		
	 ARTICLE 2 AUTHORIZATION AND ISSUANCE OF INITIAL NOTES
	  	 	4	 
			
	 Section 2.1
	 	 Authorization of Issue
	  	 	4	 
	 Section 2.2
	 	 Sale and Purchase of the Initial Notes
	  	 	4	 
	 Section 2.3
	 	 Closing
	  	 	4	 
		
	 ARTICLE 3 CONDITIONS PRECEDENT TO ISSUANCE OF INITIAL NOTES
	  	 	5	 
			
	 Section 3.1
	 	 Conditions to Purchase of the Initial Notes
	  	 	5	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES
	  	 	8	 
			
	 Section 4.1
	 	 Organization and Powers; Qualifications and Good Standing
	  	 	8	 
	 Section 4.2
	 	 Subsidiaries
	  	 	9	 
	 Section 4.3
	 	 Due Authorization; No Conflict
	  	 	9	 
	 Section 4.4
	 	 Authorizations and Consents
	  	 	10	 
	 Section 4.5
	 	 Binding Obligation
	  	 	10	 
	 Section 4.6
	 	 Litigation
	  	 	10	 
	 Section 4.7
	 	 Financial Condition
	  	 	10	 
	 Section 4.8
	 	 Forecasts
	  	 	11	 
	 Section 4.9
	 	 Full Disclosure
	  	 	11	 
	 Section 4.10
	 	 Margin Regulation
	  	 	11	 
	 Section 4.11
	 	 Certain Governmental Regulations
	  	 	11	 
	 Section 4.12
	 	 Materially Adverse Agreements
	  	 	11	 
	 Section 4.13
	 	 Surviving Debt
	  	 	11	 
	 Section 4.14
	 	 Liens
	  	 	12	 
	 Section 4.15
	 	 Real Property
	  	 	12	 
	 Section 4.16
	 	 Environmental Matters
	  	 	12	 
	 Section 4.17
	 	 Compliance with Laws
	  	 	13	 
	 Section 4.18
	 	 Force Majeure
	  	 	13	 
	 Section 4.19
	 	 Note Parties’ Credit Decisions
	  	 	13	 
	 Section 4.20
	 	 Solvency
	  	 	14	 
	 Section 4.21
	 	 Sarbanes-Oxley
	  	 	14	 
	 Section 4.22
	 	 ERISA Matters
	  	 	14	 
	 Section 4.23
	 	 Sanctions
	  	 	14	 
	 Section 4.24
	 	 Anticorruption Laws
	  	 	14	 
	 Section 4.25
	 	 Beneficial Ownership
	  	 	14	 
	 Section 4.26
	 	 Private Offering; No Integration or General Solicitation
	  	 	15	 
	 Section 4.27
	 	 Brokerage Fees
	  	 	16	 
	 Section 4.28
	 	 Junior Subordinated Indentures
	  	 	16	 

  
 - i - 

							
	 ARTICLE 5 REPRESENTATIONS AND
WARRANTIES OF THE GS INITIAL PURCHASERS
	  	 	16	 
			
	 Section 5.1
	 	 Securities Representations
	  	 	16	 
		
	 ARTICLE 6 CERTAIN REPORTS
	  	 	17	 
			
	 Section 6.1
	 	 Certain Reports
	  	 	17	 
		
	 ARTICLE 7 OTHER COVENANTS
	  	 	18	 
			
	 Section 7.1
	 	 Assistance in Private Sale of Notes
	  	 	18	 
	 Section 7.2
	 	 DTC Eligibility
	  	 	19	 
	 Section 7.3
	 	 Inspection Rights
	  	 	19	 
	 Section 7.4
	 	 Additional Guarantors
	  	 	19	 
		
	 ARTICLE 8 EXPENSES AND INDEMNIFICATION
	  	 	19	 
			
	 Section 8.1
	 	 Attorney Costs and Expenses
	  	 	19	 
	 Section 8.2
	 	 Indemnification by the Note Parties
	  	 	20	 
	 Section 8.3
	 	 Survival
	  	 	20	 
		
	 ARTICLE 9 COMMITTED NOTES
	  	 	20	 
			
	 Section 9.1
	 	 Issuance of Committed Notes
	  	 	20	 
	 Section 9.2
	 	 Conditions to Issuance of Committed Notes
	  	 	21	 
	 Section 9.3
	 	 Closing of Committed Notes
	  	 	22	 
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	22	 
			
	 Section 10.1
	 	 Notices
	  	 	22	 
	 Section 10.2
	 	 Benefit of Agreement and Assignments
	  	 	23	 
	 Section 10.3
	 	 No Waiver; Remedies Cumulative
	  	 	23	 
	 Section 10.4
	 	 Amendments, Waivers and Consents
	  	 	24	 
	 Section 10.5
	 	 Counterparts
	  	 	24	 
	 Section 10.6
	 	 Reproduction
	  	 	24	 
	 Section 10.7
	 	 Headings
	  	 	24	 
	 Section 10.8
	 	 Survival of Covenants and Indemnities
	  	 	24	 
	 Section 10.9
	 	 Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury
Trial
	  	 	25	 
	 Section 10.10
	 	 Severability
	  	 	25	 
	 Section 10.11
	 	 Entirety
	  	 	26	 
	 Section 10.12
	 	 Survival of Representations and Warranties
	  	 	26	 
	 Section 10.13
	 	 Construction
	  	 	26	 
	 Section 10.14
	 	 Incorporation
	  	 	26	 
	 Section 10.15
	 	 Confidentiality
	  	 	26	 
	 Section 10.16
	 	 No Personal Obligations
	  	 	28	 
	 Section 10.17
	 	 Currency
	  	 	28	 
	 Section 10.18
	 	 Qualified Intermediary
	  	 	28	 
	 Section 10.19
	 	 Patriot Act; Anti-Money Laundering; Beneficial Ownership
	  	 	28	 
	 Section 10.20
	 	 Further Assurances
	  	 	29	 
	 Section 10.21
	 	 Logo Use
	  	 	29	 
	 Section 10.22
	 	 No Fiduciary Duties
	  	 	29	 
	 Section 10.23
	 	 Termination
	  	 	29	 

  
 - ii - 

 EXHIBITS: 
  

			
	A	  	Form of Counterpart for Additional Guarantors
	B	  	Form of Counterpart for GS Additional Purchasers
	C	  	Form of Indenture

 SCHEDULES: 
  

			
	1	  	Information Relating to the GS Initial Purchasers
	3.1	  	Specified Debt Assets
	4.2	  	Subsidiaries and Other Equity Investments
	4.15	  	Real Property
	Part I	  	Owned Assets
	Part II	  	Leased Assets
	Part III	  	Management Agreements
	Part IV	  	Franchise Agreements
	4.16	  	Environmental Concerns

  
 - iii - 

 This NOTE PURCHASE AGREEMENT is entered into as of February 17, 2021, by and among
HERSHA HOSPITALITY LIMITED PARTNERSHIP, a Virginia limited partnership (the “Issuer”), HERSHA HOSPITALITY TRUST, a Maryland real estate investment trust (“Parent Guarantor”), each other Guarantor party hereto and
each GS Purchaser party hereto. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and
agree as follows: 
 ARTICLE 1 

DEFINITIONS AND ACCOUNTING TERMS 

Section 1.1    Defined Terms. Capitalized terms used but not defined herein (including in the preliminary statements above)
have the meanings set forth in the Indenture. As used in this Agreement (including the preliminary statements above), the following terms shall have the meanings set forth below: 

“Applicable Committed Notes” has the meaning set forth in Section 9.2. 

“Availability Period” means the period commencing on the Closing Date and ending on September 30, 2021. 

“Agreement” means this Note Purchase Agreement (including the schedules and exhibits attached hereto), as the same may be
amended, restated, supplemented or otherwise modified from time to time. 
 “Beneficial Ownership Certification” means, if
the Issuer qualifies as a “legal entity customer” within the meaning of the Beneficial Ownership Regulation, a certification of beneficial ownership as required by the Beneficial Ownership Regulation. 

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Board of Directors” means, as to any Person, the board of directors, board of managers or other governing body of such
Person, or if such Person is owned or managed by a single entity, the board of directors, board of managers or other governing body of such entity, and the term “directors” means members of the Board of Directors. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to
time. 
 “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability Information System maintained
by the U.S. Environmental Protection Agency. 
 “Closing Date” means the date on or after February 23, 2021 and on or
prior to March 3, 2021 on which (x) all of the conditions precedent set forth in Section 3.1 have been satisfied (or waived by the GS Initial Purchasers) and (y) the Initial Notes are issued to, and purchased by, the GS
Initial Purchasers. 
 “Closing Location” has the meaning set forth in Section 2.3(a). 

“Closing Payment Letter” means that certain Closing Payment Letter, dated as of the date hereof, by and among the Issuer and
the GS Initial Purchasers. 
 “Committed Notes” means any 9.50% Unsecured PIK Toggle Notes due 2026 issued by the Issuer
pursuant to Section 2.13 of the Indenture and Article 9 of this Agreement. 

 “Committed Notes Closing Payment” has the meaning set forth in the Closing
Payment Letter. 
 “Committed Notes Notice” has the meaning set forth in Section 9.2(a). 

“DTC” has the meaning set forth in Section 2.3(a)(ii). 

“DTC Agreement” means a letter of representations, dated on or before the Closing Date, between the Issuer and DTC. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“GS Additional Entity” means (a) each affiliated investment entity and/or other affiliate of Goldman, Sachs &
Co. LLC, (b) each fund, investor, entity or account that is managed, sponsored or advised by Goldman Sachs & Co. LLC or its affiliates and (c) each limited partner or investor in any GS Initial Purchaser or any of the foregoing
Persons described in clauses (a) and (b). 
 “GS Additional Purchaser” means each GS Additional Entity that executes
this Agreement or a counterpart to this Agreement pursuant to Section 10.2(c) (or otherwise becomes a Beneficial Owner of Notes) or to which any Notes (or beneficial interests therein) or commitments to purchase Notes (or beneficial
interests therein) are transferred or assigned. 
 “GS Agent” has the meaning set forth in Section 10.18. 

“GS Entity” means (a) each GS Initial Purchaser and (b) each GS Additional Entity. 

“GS Initial Purchasers” means West Street Strategic Solutions Fund I, L.P., West Street Strategic Solutions Fund I-(C), L.P.,
WSSS Investment Holdings A, L.P., WSSS Investments E, SCSp, WSSS Investments I, LLC, WSSS Investments U, LLC, Broad Street Credit Holdings, LLC and West Street CT Private Credit Partnership, L.P. 

“GS Purchaser” means (a) each GS Initial Purchaser and (b) each GS Additional Purchaser. 

“Indemnified Party” means each GS Purchaser and each of their Affiliates and their respective officers, directors, employees,
controlling persons, agents and advisors. 
 “Indenture” means the Indenture, to be dated as of the Closing Date, by and
among the Issuer, the Guarantors and the Trustee substantially in the form attached hereto as Exhibit C, as it may be amended, restated, supplemented or otherwise modified from time to time. 

“Information” has the meaning set forth in Section 10.15(a). 

“Initial Closing Payment” has the meaning set forth in the Closing Payment Letter. 

“Initial Notes” means the Notes issued on the Closing Date. For the avoidance of doubt, the term “Initial Notes”
does not include the “Committed Notes.” 
 “Issuer” has the meaning set forth in the preamble hereto. 

“Margin Stock” has the meaning set forth in Regulation U of the Board of Governors of the United States Federal Reserve
System, or any successor thereto. 

  
 2 

 “Material Adverse Change” means a material adverse change in the business,
financial condition or operations of the Parent Guarantor and its Subsidiaries, taken as a whole. 
 “Note Parties” means,
collectively, (a) the Parent Guarantor, (b) the Issuer and (c) each other Guarantor. 
 “Notes” means any
notes authenticated and delivered under the Indenture. 
 “NPL” means the National Priorities List under CERCLA. 

“Regulation U” means Regulation U of the FRB as from time to time in effect and all official rulings and interpretations
thereunder or thereof. 
 “Required GS Purchasers” means, at any time, the GS Purchasers that Beneficially Own more than
50% of the aggregate principal amount of the Notes Beneficially Owned by all GS Purchasers at such time. 
 “Rule 501”
means Rule 501 under the Securities Act (or any successor provision), as it may be amended from time to time. 
 “Rule 502”
means Rule 502 under the Securities Act (or any successor provision), as it may be amended from time to time. 

“Securities” means the Notes and the Note Guarantees, collectively. 

“Solvent” and “Solvency” mean, with respect to any Person on a particular date, that on such date
(a) the fair value of the property of such Person, on a going-concern basis, is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the present fair salable value of the
assets of such Person, on a going-concern basis, is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not
believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a
transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at
such time (including, without limitation, after taking into account appropriate discount factors for the present value of future contingent liabilities), represents the amount that can reasonably be expected to become an actual or matured liability.

 “Subsequent Closing Date” means, with respect to any Committed Notes, the date on which such Committed Notes are issued
and purchased pursuant to Section 9.1. 
 “Welfare Plan” means a welfare plan, as defined in Section 3(1)
of ERISA, that is maintained for employees of any Note Party or in respect of which any Note Party could have liability under applicable law. 

“Withdrawal Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA. 

The provisions of Sections 1.02 through 1.07 of the Indenture shall apply to this Agreement and the provisions set forth herein mutatis
mutandis. 

  
 3 

 ARTICLE 2 

AUTHORIZATION AND ISSUANCE OF INITIAL NOTES 

Section 2.1    Authorization of Issue. 

Simultaneous with or prior to the execution and delivery of this Agreement, the Issuer will authorize the issuance and sale of the Initial
Notes. The Initial Notes shall be in the form specified in the Indenture. 
 Section 2.2    Sale and Purchase of the Initial
Notes. 
 (a)    Subject to the terms and conditions herein set forth, the GS Initial Purchasers, severally but not
jointly, will purchase from the Issuer, and the Issuer will issue and sell to the GS Initial Purchasers, on the Closing Date, Initial Notes in an aggregate principal amount of $150,000,000 at a purchase price of 100% of the principal amount thereof
net of the Initial Closing Payment (with each GS Initial Purchaser purchasing the aggregate principal amount of Initial Notes set forth opposite such GS Initial Purchaser’s name on Schedule 1 hereto). 

(b)    The obligations of each of the GS Initial Purchasers to purchase and pay for Initial Notes hereunder are several
and not joint. No GS Initial Purchaser shall have any liability to any Person for the performance or non-performance by any other GS Initial Purchaser in connection therewith. 

Section 2.3    Closing. 

(a)    Closing of the Initial Notes. 

(i)    The sale and purchase of the Initial Notes shall occur at the offices of Latham & Watkins
LLP, New York, New York (the “Closing Location”) on the Closing Date. 
 (ii)    The
Initial Notes to be purchased hereunder by the GS Initial Purchasers will be represented by one or more definitive Global Notes in book-entry form which will be deposited by or on behalf of the Issuer with The Depository Trust Company
(“DTC”) or its designated custodian. On the Closing Date, the Issuer will deliver the Initial Notes purchased hereunder to the applicable GS Initial Purchasers by causing DTC to credit the applicable Initial Notes to the applicable
DTC account, against payment by the Persons to whom delivery is made, of the purchase price therefor (as provided in Section 2.2, which is equal to, with respect to each GS Initial Purchaser, the principal amount of the Initial Notes
being purchased by such GS Initial Purchaser, net of the applicable portion of the Initial Closing Payment owing to such GS Initial Purchaser), by wire transfer in federal (same day) funds to such bank account or accounts as the Issuer may request
in writing at least one Business Day prior to the Closing Date. The certificates for the Initial Notes purchased pursuant to this Agreement shall be in denominations permitted by the Indenture and registered in the name of Cede & Co., as
nominee of the Depositary, pursuant to the DTC Agreement, and shall be made available for inspection at the Closing Location on the Business Day preceding the Closing Date. 

(b)    Failure to Deliver Initial Notes. If, at the Closing Date, the Issuer shall fail to deliver the Initial Notes
purchased hereunder to each GS Initial Purchaser as provided in this Section 2.3 or any of the conditions specified in Article 3 shall not have been fulfilled to the GS Initial Purchasers’ satisfaction (or waived by the GS
Initial Purchasers), then each GS Initial Purchaser as to which the Issuer 

  
 4 

 
shall have failed to deliver the Initial Notes or the conditions shall not have been fulfilled to such GS Initial Purchaser’s satisfaction (or waived by the GS Initial Purchasers), shall, at
its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such GS Initial Purchaser may have by reason of such failure or such non-fulfillment. 

ARTICLE 3 
 CONDITIONS PRECEDENT
TO ISSUANCE OF INITIAL NOTES 
 Section 3.1    Conditions to Purchase of the Initial Notes. 

The obligation of the GS Initial Purchasers to purchase the Initial Notes hereunder on the Closing Date is subject to the satisfaction (or due
waiver by the GS Initial Purchasers) of, each of the following conditions precedent: 
 (a)    The GS
Initial Purchasers’ receipt of the following, each of which shall be originals, facsimiles or copies in .pdf format unless otherwise specified: 

(i)     executed counterparts of this Agreement, the Closing Payment Letter, the Indenture and the
definitive Global Notes to be delivered on the Closing Date (and, in the case of the definitive Global Notes, such Global Notes having been made available for inspection at the Closing Location on the Business Day preceding the Closing Date); 

(ii)     to the extent in the Issuer’s possession, completed requests for information dated a recent
date, including UCC, judgment, tax, litigation and bankruptcy searches with respect to each applicable Note Party, and, in the case of UCC searches, listing all effective financing statements filed in the jurisdictions specified by the GS Initial
Purchaser that name any such Note Party as debtor, together with copies of such financing statements; 

(iii)    [reserved]; 

(iv)    As to each Specified Debt Asset: 

 

	 	(A)	 to the extent in the Issuer’s possession, the most recently prepared land survey of such Specified Debt
Asset, prepared by a duly licensed and registered land surveyor, showing all buildings and other improvements, any off-site improvements, the location of any easements, parking spaces, rights of way, building set-back lines and other dimensional
regulations and the absence of encroachments, either by such improvements or on to such property, and other defects, other than (1) Permitted Liens and (2) encroachments and other defects that do not materially and adversely affect the
value or operation of such property or are reasonably acceptable to the GS Initial Purchasers, 

  

	 	(B)	 copies of each Management Agreement and Franchise Agreement, Qualified Ground Lease, Material Contracts, and
all amendments thereto, entered into with respect to such Specified Debt Asset, 

  

	 	(C)	 to the extent in the Issuer’s possession, a copy of an ALTA Owner’s Policy of Title Insurance of the
Issuer or a Subsidiary 

  
 5 

	 	
thereof, as applicable, covering such Specified Debt Asset showing the identity of the fee titleholder thereto and all matters of record as of the date of such policy, and 

 

	 	(D)	 to the extent in the Issuer’s possession, (1) a “Phase I” environmental assessment of such
Specified Debt Asset, which report (i) has been prepared by an environmental engineering firm reasonably acceptable to the GS Initial Purchasers and (ii) is otherwise in form and substance reasonably acceptable to the GS Initial Purchasers
and (2) any other environmental assessments or similar reports relating to such Specified Debt Asset, including any “Phase II” environmental assessment prepared or recommended by such environmental engineering firm to be prepared for
such Specified Debt Asset. 

 (v)    Certified copies of the resolutions of the Board
of Directors of each Note Party approving the transactions contemplated by the Note Documents and each Note Document to which such Note Party is or is to be a party, and of all documents evidencing other necessary corporate action and governmental
and other third party approvals and consents, if any, with respect to the transactions under the Note Documents and each Note Document to which such Note Party is or is to be a party. 

(vi)    A copy of a certificate of the Secretary of State (or equivalent authority) of the jurisdiction of
incorporation, organization or formation of each Note Party and of each general partner or managing member (if any) of each Note Party, certifying, if and to the extent such certification is generally available for entities of the type of such Note
Party, (A) as to a true and correct copy of the charter, certificate of limited partnership, limited liability company agreement or other organizational document of such Note Party, general partner or managing member, as the case may be, and
each amendment thereto on file in such Secretary’s office, (B) that (1) such amendments are the only amendments to the charter, certificate of limited partnership, limited liability company agreement or other organizational document,
as applicable, of such Note Party, general partner or managing member, as the case may be, on file in such Secretary’s office, (2) such Note Party, general partner or managing member, as the case may be, has paid all franchise taxes to the
date of such certificate and (C) such Note Party, general partner or managing member, as the case may be, is duly incorporated, organized or formed and in good standing or presently subsisting under the laws of the jurisdiction of its
incorporation, organization or formation. 
 (vii)    A copy of a certificate of the Secretary of State
(or equivalent authority) of each jurisdiction in which any Note Party owns or leases property or in which the conduct of its business requires it to qualify or be licensed as a foreign corporation except where the failure to so qualify or be
licensed could not reasonably be expected to result in a Material Adverse Effect, dated reasonably near (but prior to) the Closing Date, stating, with respect to each such Note Party, that such Note Party is duly qualified and in good standing as a
foreign corporation, limited partnership or limited liability company in such State and has filed all annual reports required to be filed to the date of such certificate. 

(viii)    A certificate of each Note Party, signed on behalf of such Note Party by its President or a Vice
President and its Secretary or any Assistant Secretary (or those of its general partner or managing member, if applicable), dated the Closing Date (the statements made in which certificate shall be true on and as of the Closing Date), certifying

  
 6 

 
as to (A) the absence of any amendments to the constitutive documents of such Note Party and its general partner or managing member, as applicable, since the date of the certificate referred
to in Section 3.1(a)(vi), (B) a true and correct copy of the bylaws, operating agreement, partnership agreement or other governing document of such Note Party and its general partner or managing member, as applicable, as in effect on the
date on which the resolutions referred to in Section 3.1(a)(v) were adopted and on the Closing Date, (C) the due incorporation, organization or formation and good standing or valid existence of such Note Party and its general partner or
managing member, as applicable, as a corporation, limited liability company or partnership organized under the laws of the jurisdiction of its incorporation, organization or formation and the absence of any proceeding for the dissolution or
liquidation of such Note Party and its general partner or managing member, as applicable, (D) the truth of the representations and warranties contained in the Note Documents as though made on and as of the Closing Date and (E) the absence
of any event occurring and continuing, or resulting from the issuance of the Initial Notes, that constitutes a Default. 

(ix)    A certificate of the Secretary or an Assistant Secretary of each Note Party (or Responsible Officer
of the general partner or managing member of any Note Party) certifying the names and true signatures of the officers of such Note Party, and of the general partner or managing member of such Note Party, as applicable, authorized to sign each Note
Document to which such Note Party is or is to be a party and the other documents to be delivered hereunder and thereunder. 

(x)    [reserved]. 

(xi)    Evidence that all insurance required to be maintained pursuant to the Note Documents has been
obtained and is in effect. 
 (xii)    Opinions of counsel from internal counsel of the Issuer and from
Latham & Watkins LLP, Hunton Andrews Kurth LLP and Venable LLP, in each case, as special counsel to the Note Parties with respect to such matters as any GS Purchaser may reasonably request. 

(xiii)    A certificate from the chief financial officer or other officer of equivalent duties of the
Issuer which certifies that (after giving effect to the transactions contemplated by the Note Documents) each Note Party, individually, is Solvent and the Issuer and its Subsidiaries, taken as a whole, are Solvent. 

(xiv)    (A) The documentation and other information reasonably requested by the GS Initial Purchasers
at least three (3) Business Days prior to the Closing Date in connection with applicable “know your customer” and Anti-Corruption Laws, including, without limitation, the Patriot Act and the Beneficial Ownership Regulation, in each
case in form and substance reasonably satisfactory to the GS Initial Purchasers and (B) if the Issuer qualifies as a “legal entity customer” within the meaning of the Beneficial Ownership Regulation, a Beneficial Ownership
Certification for the Issuer; in each case delivered at least five Business Days prior to the Closing Date. 

(xv)    a customary DTC letter of representations and customary Trustee authentication order; 

(b)    The Closing Date shall not occur prior to February 23, 2021. 

  
 7 

 (c)    Before and after giving effect to the
transactions contemplated by the Note Documents, there shall have occurred no Material Adverse Change since September 30, 2020. 

(d)    There shall exist no action, suit, investigation, litigation or proceeding affecting any Note Party
or any of its Subsidiaries pending or threatened before any court, governmental agency or arbitrator that (i) could reasonably be expected to result in a Material Adverse Effect or (ii) purports to affect the legality, validity or
enforceability of any Note Document or the consummation of the transactions contemplated thereby. 

(e)    All governmental and third party consents and approvals necessary in connection with the
transactions contemplated by the Note Documents shall have been obtained (without the imposition of any conditions that are not acceptable to the GS Initial Purchasers) and shall remain in effect, and no law or regulation shall be applicable in the
reasonable judgment of the GS Initial Purchasers that restrains, prevents or imposes materially adverse conditions upon the transactions contemplated by the Note Documents. 

(f)    The representations and warranties contained in each Note Document are true and correct in all material respects
(unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects) on and as of the Closing Date (provided that those representations and warranties
which speak as of a specified date are true and correct in all material respects as of such specified date), before and after giving effect to (A) the issuance and purchase of the Initial Notes and (B) the application of the proceeds
therefrom. 
 (g)    No Default or Event of Default has occurred and is continuing, or would result from (A) the
issuance and purchase of the Initial Notes or (B) the application of the proceeds therefrom. 
 (h)    Payment of
the Initial Closing Payment and expenses due to the GS Initial Purchasers, and, in the case of expenses and legal fees to the extent invoiced in reasonable detail at least two (2) Business Days before the Closing Date (except as otherwise
reasonably agreed to by the Issuer). 
 (i)    The GS Initial Purchasers’ receipt of an Officer’s Certificate
which certifies that the conditions precedent in Sections 3.1(c) through 3.1(g) have been satisfied. 
 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

To induce the applicable GS Purchasers to the purchase the Initial Notes on the Closing Date and the Committed Notes on each Subsequent
Closing Date, each of the Note Parties represents and warrants each of the following to the GS Purchasers on and as of the Closing Date and on and as of each Subsequent Closing Date: 

Section 4.1    Organization and Powers; Qualifications and Good Standing. 

Each Note Party and each of its Subsidiaries and each general partner or managing member, if any, of each Note Party (i) is a corporation,
limited liability company or partnership duly incorporated, organized or formed, validly existing and, solely with respect to each Note Party and each general partner or managing member, if any, of each such Note Party, in good standing under the
laws of the jurisdiction of its incorporation, organization or formation, (ii) is duly qualified and in good standing as a foreign corporation, limited liability company or partnership in each other jurisdiction in which it owns or leases
property or in which the conduct of its business requires it to so qualify or be licensed except where the failure to so qualify or be licensed could not reasonably be expected to result in a Material Adverse Effect and (iii) has

  
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all requisite corporate, limited liability company or partnership power and authority (including, without limitation, all material governmental licenses, permits and other approvals) to own or
lease and operate its material properties and to carry on its business in all material respects as now conducted and as proposed to be conducted, except, solely with respect to each Subsidiary that does not hold any direct or indirect interest in a
Specified Debt Asset, where the failure to do so could not reasonably be expected to have a Material Adverse Effect. All of the outstanding Equity Interests in the Issuer have been validly issued, are fully paid and non-assessable. The Parent
Guarantor directly owns not less than 70% of all Equity Interests in the Issuer, and, as of the Closing Date, directly owns approximately 87.8% of the general partnership interests in the Issuer. All Equity Interests in the Issuer that are directly
or indirectly owned by the Parent Guarantor are owned free and clear of all Liens. The Parent Guarantor has been organized and operated in conformity with the requirements for qualification as a REIT under the Internal Revenue Code and its current
and proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Internal Revenue Code. 

Section 4.2    Subsidiaries. 

Set forth on Schedule 4.2 hereto is a complete and accurate list of all Subsidiaries of each Note Party, showing as of the date hereof
(as to each such Subsidiary) the jurisdiction of its incorporation, organization or formation, the number of shares (or the equivalent thereof) of each class of its Equity Interests authorized, and the number outstanding, as of the date hereof and
the percentage of each such class of its Equity Interests owned (directly or indirectly) by such Note Party and the number of shares (or the equivalent thereof) covered by all outstanding options, warrants, rights of conversion or purchase and
similar rights as of the date hereof. All of the outstanding Equity Interests in each Note Party’s Subsidiaries has been validly issued, are fully paid and non-assessable and to the extent owned by such Note Party or one or more of its
Subsidiaries, are owned by such Note Party or Subsidiaries free and clear of all Liens (other than Liens permitted by Section 4.01 of the Indenture). 

Section 4.3    Due Authorization; No Conflict. 

(a)    The execution and delivery by each Note Party and of each general partner or managing member (if any) of each Note
Party of each Note Document to which it is or is to be a party, and the performance of its obligations thereunder, and the consummation of the transactions contemplated by the Note Documents, are within the corporate, limited liability company or
partnership powers of such Note Party, general partner or managing member, have been duly authorized by all necessary corporate, limited liability company or partnership action, and do not (i) contravene the charter or bylaws, operating
agreement, partnership agreement or other governing document of such Note Party, general partner or managing member, (ii) violate any law, rule, regulation (including, without limitation, Regulation X of the Board of Governors of the Federal
Reserve System), order, writ, judgment, injunction, decree, determination or award, (iii) conflict with or result in the breach of, or constitute a default or require any payment to be made under, (A) any Material Contract binding on or
affecting any Note Party, any of its Subsidiaries or any of their properties, or any general partner or managing member of any Note Party, or (B) solely with respect to each Note Party, any loan agreement, indenture, mortgage, deed of trust,
material lease or other material instrument binding on or affecting such Note Party or any of its properties or (iv) result in or require the creation or imposition of any Lien upon or with respect to any of the properties of any Note Party or
any of its Subsidiaries. No Note Party or any of its Subsidiaries is in violation of any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or in breach of any such contract, loan agreement, indenture,
mortgage, deed of trust, lease or other instrument, the violation or breach of which could reasonably be expected to result in a Material Adverse Effect. 

(b)    No default or event of default exists under the 2019 Term Loan Agreement, the 2017 Credit Agreement or the 2016
Term Loan Agreement or would result thereunder from the issuance of the Initial Notes or the application of the proceeds thereof on the Closing Date or from the issuance of any Committed Notes or the application of the proceeds thereof on any
Subsequent Closing Date. 

  
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 Section 4.4    Authorizations and Consents. 

No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or any other
third party is required for (i) the due execution, delivery, recordation, filing or performance by any Note Party or any general partner or managing member of any Note Party of any Note Document to which it is or is to be a party or for the
consummation of the transactions contemplated by the Note Documents, or (ii) the exercise by the Trustee or any GS Purchaser of its rights or remedies under the Note Documents, except for authorizations, approvals, actions, notices and filings
which have been duly obtained, taken, given or made and are in full force and effect. 
 Section 4.5    Binding Obligation.

 This Agreement has been, and each other Note Document when delivered hereunder will have been, duly executed and delivered by each Note
Party and general partner or managing member (if any) of each Note Party party thereto. This Agreement is, and each other Note Document when delivered hereunder will be, the legal, valid and binding obligation of each Note Party and general partner
or managing member (if any) of each Note Party party thereto, enforceable against such Note Party, general partner or managing member, as the case may be, in accordance with its terms, except as such enforceability may be limited by any applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity. The Notes, when issued and delivered by the Issuer on the Closing Date or any Subsequent Closing Date,
as applicable, as provided herein, will be in the form contemplated by, and entitled to the benefits of, the Indenture and will have been duly issued. The Note Guarantees, when issued and delivered by each of the Parent Guarantor and the Subsidiary
Guarantors on the Closing Date and, if applicable, on any Subsequent Closing Date, will be in the form contemplated by, and entitled to the benefits of, the Indenture and will have been duly issued. 

Section 4.6    Litigation. 

There is no action, suit, investigation, litigation or proceeding affecting any Note Party or any of its Subsidiaries or any general partner or
managing member (if any) of any Note Party, including any Environmental Action, pending or to the knowledge of any Responsible Officer, threatened before any court, governmental agency or arbitrator that (i) could reasonably be expected to
result in a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of any Note Document or the consummation of the transactions contemplated by the Note Documents. 

Section 4.7    Financial Condition. 

The Consolidated balance sheets of the Parent Guarantor as at December 31, 2018 and December 31, 2019 and the related Consolidated
statements of income and Consolidated statements of cash flows of the Parent Guarantor for the fiscal years then ended, accompanied by unqualified opinions of KPMG LLP, independent public accountants, and the Consolidated balance sheets of the
Parent Guarantor as at September 30, 2020 and the related Consolidated statements of income and Consolidated statements of cash flows of the Parent Guarantor for the nine months then ended, copies of which have been furnished to the GS Initial
Purchasers, fairly present in all material respects, subject, in the case of such balance sheets as at September 30, 2020, and such statements of income and cash flows for the nine months then ended, subject to year-end audit adjustments, the
Consolidated financial condition of the Parent Guarantor as at such dates and the Consolidated results of operations of the Parent Guarantor for the periods ended on such dates, all in accordance with generally accepted accounting principles applied
on a consistent basis. Since September 30, 2020 there has been no Material Adverse Change. 

  
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 Section 4.8    Forecasts. 

The Consolidated forecasted balance sheets, statements of income and statements of cash flows of the Parent Guarantor and its Subsidiaries most
recently delivered to the GS Purchasers (collectively, the “Projections”) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable in light of the conditions
existing at the time of delivery of such forecasts, and represented, at the time of delivery, the Parent Guarantor’s best estimate of its future financial performance, it being understood that Projections are subject to significant
uncertainties and contingencies and no assurance can be given that any particular Projection will be realized and variances may be material. 

Section 4.9    Full Disclosure. 

No information, exhibit or report (other than Projections) furnished by or on behalf of any Note Party to the Trustee or any GS Purchaser in
connection with the issuance of the Initial Notes or any Committed Notes or in connection with the negotiation of the Note Documents or pursuant to the terms of the Note Documents, taken as a whole, contained any untrue statement of a material fact
or omitted to state a material fact necessary to make the statements made therein not materially misleading. The Note Parties have disclosed to the GS Purchasers, in writing, any and all existing facts that have or may have (to the extent any of the
Note Parties can now reasonably foresee) a Material Adverse Effect. 
 Section 4.10    Margin Regulations. 

No Note Party is engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of the
Notes will be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. 

Section 4.11    Certain Governmental Regulations. 

Neither any Note Party nor any of its Subsidiaries is or is required to be registered as an “investment company” or is a company
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

Section 4.12    Materially Adverse Agreements. 

Neither any Note Party nor any of its Subsidiaries is a party to any indenture, loan or credit agreement or any lease or other agreement or
instrument or subject to any charter, corporate, partnership, membership or other governing restriction that could reasonably be expected to result in a Material Adverse Effect (absent a material default under a Material Contract). 

Section 4.13    Surviving Debt. 

Set forth on Schedule 4.02 to the Indenture is a complete and accurate list of all Surviving Debt, showing as of the date indicated on such
schedule the obligor and the principal amount outstanding thereunder, the maturity date thereof and the amortization schedule therefor. 

  
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 Section 4.14    Liens. 

Set forth on Schedule 4.01 to the Indenture is a complete and accurate list of (i) all Liens on the property or assets of any Note Party
and (ii) all Liens on the property or assets of any non-Note Party Subsidiaries securing Debt for Borrowed Money, in each case showing as of the date hereof the lienholder thereof, the principal amount of the obligations secured thereby and the
property or assets of such Note Party or such Subsidiary subject thereto, provided however, that (i) Permitted Liens (other than Liens arising under ERISA as set forth in clause (j) of the definition thereof) and (ii) easements
and other real property restrictions, covenants and conditions of record (exclusive of Liens securing Debt) shall not be listed on Schedule 4.01 of the Indenture. 

Section 4.15    Real Property. 

(a)    Set forth on Part I of Schedule 4.15 hereto is a complete and accurate list of all Real Property owned in fee by any
Note Party or any of its Subsidiaries, showing as of the date hereof, (A) the street address and state, and (B) solely with respect to Real Property owned by any Note Party, the record owner and gross book value thereof. Each such Note
Party or Subsidiary has good, marketable and insurable fee simple title to such Real Property, free and clear of all Liens, other than Permitted Liens. 

(b)    Set forth on Part II of Schedule 4.15 hereto is a complete and accurate list of all leases of Real Property under
which any Note Party or any of its Subsidiaries is the lessee (other than Operating Leases), showing as of the date hereof, (A) the street address and state, and (B) solely with respect to leases of Real Property under which any Note Party
is the lessee, the lessor, lessee, expiration date and annual rental cost thereof. Each such lease is the legal, valid and binding obligation of the lessor thereof, enforceable in accordance with its terms, except as such enforceability may be
limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity. 

(c)    Each Specified Debt Asset is operated and managed by an Approved Manager pursuant to a Management Agreement listed
on Part III of Schedule 4.15 hereto. 
 (d)    Each Specified Debt Asset subject to a Franchise Agreement is operated by
an Approved Franchisor pursuant to such Franchise Agreement as listed on Part IV of Schedule 4.15 hereto. 

Section 4.16    Environmental Matters. 

(a)    Except as otherwise set forth on Part I of Schedule 4.16 hereto or as could not reasonably be expected to result in
a Material Adverse Effect, the operations and properties of each Note Party and each of its Subsidiaries comply in all material respects with all applicable Environmental Laws and Environmental Permits, all past material non-compliance with such
Environmental Laws and Environmental Permits has been resolved without ongoing material obligations or costs, and, to the knowledge of any Responsible Officer of each Note Party and its Subsidiaries, no circumstances exist that could be reasonably
likely to (A) form the basis of an Environmental Action against any Note Party or any of its Subsidiaries or any of their properties that could 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 applicable Environmental Law. 
 (b)    Except as otherwise
set forth on Part II of Schedule 4.16 hereto or as could not reasonably be expected to result in a Material Adverse Effect, none of the properties currently or formerly owned or operated by any Note Party or any of its Subsidiaries is listed or, to
the knowledge of any Responsible Officer of each Note Party and its Subsidiaries, proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such listed property; there are no underground or
above ground storage tanks or any surface impoundments, septic tanks, pits, sumps or 

  
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lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Note Party or any of its Subsidiaries that is reasonably
expected to result in material liability to any Note Party or any of its Subsidiaries; there is no asbestos or asbestos-containing material on any property currently owned or operated by any Note Party or any of its Subsidiaries except for any
non-friable asbestos-containing material that is being managed pursuant to, and in compliance with, an operations and maintenance plan and that does not currently require removal, remediation, abatement or encapsulation under applicable
Environmental Law; and, to the knowledge of any Responsible Officer of any Note Party or any of its Subsidiaries, Hazardous Materials have not been released, discharged or disposed of in any material amount or in violation of any applicable
Environmental Law or Environmental Permit on any property currently owned or operated by any Note Party or any of its Subsidiaries or, to the knowledge of any Responsible Officer of any Note Party or any of its Subsidiaries, during the period of
their ownership or operation thereof, on any property formerly owned or operated by any Note Party or any of its Subsidiaries. 

(c)    Except as otherwise set forth on Part III of Schedule 4.16 hereto, neither any Note Party nor any of its
Subsidiaries is undertaking, and has not 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 that could not reasonably be expected to result in a Material Adverse Effect 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; all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Note Party or any of its Subsidiaries have been
disposed of in a manner not reasonably expected to result in a Material Adverse Effect; and, with respect to any property formerly owned or operated by any Note Party or any of its Subsidiaries, all Hazardous Materials generated, used, treated,
handled, stored or transported by or, to the knowledge of each Note Party and its Subsidiaries, on behalf of any Note Party or any of its Subsidiaries have been disposed of in a manner that could not reasonably be expected to result in a Material
Adverse Effect. 
 Section 4.17    Compliance with Laws. 

Each Note Party and each Subsidiary is in compliance with the requirements of all laws, rules and regulations (including, without limitation,
the Securities Act and the Securities Exchange Act, and the applicable rules and regulations thereunder, state securities law and “Blue Sky” laws) applicable to it and its business, where the failure to so comply could reasonably be
expected to result in a Material Adverse Effect. 
 Section 4.18    Force Majeure. 

Neither the business nor the properties of any Note Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike,
lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that could reasonably be expected to result in a Material Adverse Effect; provided,
that, notwithstanding anything to the contrary contained in the Note Documents, this Section 4.18 shall be of no force or effect until after March 31, 2022. 

Section 4.19    Note Parties’ Credit Decisions. 

Each Note Party has, independently and without reliance upon any GS Purchaser and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into the Note Documents entered into by such Note Party, and each Note Party has established adequate means of obtaining from each other Note Party on a continuing basis information
pertaining to, and is now and on a continuing basis will be completely familiar with, the business, condition (financial or otherwise), operations, performance, properties and prospects of such other Note Party. 

  
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 Section 4.20    Solvency. 

Each Note Party, individually, is Solvent and the Issuer and its Subsidiaries, taken as a whole, are Solvent. 

Section 4.21    Sarbanes-Oxley. 

No Note Party has made any extension of credit to any of its directors or executive officers in contravention of any applicable restrictions
set forth in Section 402(a) of Sarbanes-Oxley. 
 Section 4.22    ERISA Matters. 

(a)    No ERISA Event has occurred within the preceding five plan years or is reasonably expected to occur with respect to
any Plan that has resulted in or is reasonably expected to result in a Material Adverse Effect. 
 (b)    Schedule B
(Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have been filed with the Internal Revenue Service and furnished to the GS Purchasers, is complete and accurate and fairly presents the funding
status of such Plan as of the date of such Schedule B, and since the date of such Schedule B there has been no material adverse change in such funding status. 

Section 4.23    Sanctions. 

(a)    None of the Issuer, any Guarantor, or any of their respective Subsidiaries or, to the knowledge of any Note Party,
any of their Affiliates, directors, officers, employees or agents acting or benefitting in any capacity in connection with this Agreement, is a Person that is: (A) the subject of any Sanctions, or (B) located, organized or resident in a
country or territory that is, or whose government is, the subject of Sanctions. 
 (b)    None of the Note Parties or
any of their respective Subsidiaries has within the preceding five years knowingly engaged in, or is now knowingly engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or
transaction is or was, or whose government is or was, the subject of Sanctions. 
 Section 4.24    Anticorruption Laws. 

None of the Issuer, any Guarantor, or any of their respective Subsidiaries, directors or officers or, to the knowledge of the Issuer and the
Guarantors, any employee, agent or Affiliate thereof, is in violation of any Anti-Corruption Laws. 
 Section 4.25    Beneficial
Ownership. 
 The Issuer is in compliance in all material respects with any applicable requirements of the Beneficial Ownership
Regulation. The information included in the most recent Beneficial Ownership Certification, if any, delivered by the Issuer is true and correct in all respects. The information delivered by the Note Parties to the GS Purchasers in connection with
“know your customer” rules and regulations is true and correct in all respects. 

  
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 Section 4.26    Private Offering; No Integration or General Solicitation.

 (a)    In connection with the issuance and sale of the Initial Notes on the Closing Date: 

(i)    Subject to compliance by the GS Initial Purchasers with the representations and warranties set forth
in Article 5, it is not necessary in connection with the offer and sale of the Initial Notes in the manner contemplated by this Agreement, to register the Initial Notes issued on the Closing Date under the Securities Act or to qualify an
indenture relating to the Initial Notes under the Trust Indenture Act of 1939. 
 (ii)    None of the
Issuer or its Affiliates or any Person acting on any of their behalf (other than the GS Initial Purchasers and their Affiliates, as to whom the Issuer makes no representation or warranty) directly or indirectly, has offered, sold or solicited any
offer to buy and will not, directly or indirectly, offer, sell or solicit any offer to buy, any security of a type or in a manner which would be integrated with the sale of the Initial Notes issued on the Closing Date and require the Initial Notes
issued on the Closing Date to be registered under the Securities Act. None of the Issuer or its Affiliates or any Person acting on any of their behalf (other than the GS Initial Purchasers and their Affiliates, as to whom the Issuer makes no
representation or warranty) has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Rule 502(c) under the Securities Act) in connection with the offering of the Initial Notes issued on the Closing
Date. With respect to any Initial Notes issued on the Closing Date sold in reliance upon the exemption afforded by Regulation S: (i) none of the Issuer or its Affiliates or any Person acting on their behalf (other than the GS Initial Purchasers
and their Affiliates, as to whom the Issuer makes no representation or warranty) has engaged or will engage in any directed selling efforts within the meaning of Regulation S and (ii) each of the Issuer and its Affiliates or any Person acting
on their behalf (other than the GS Initial Purchasers and their Affiliates, as to whom the Issuer makes no representation or warranty) has complied and will comply with the offering restrictions set forth in Regulation S. 

(iii)    The Initial Notes issued on the Closing Date are eligible for resale pursuant to Rule 144A and
will not, as of the Closing Date, be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted on a U.S. automated interdealer quotation system. 

(b)    In connection with the issuance and sale of any Committed Notes on any applicable Subsequent Closing Date: 

(i)    Subject to compliance by the applicable GS Purchasers with the representations and warranties set
forth in Article 5, it is not necessary in connection with the offer and sale of such Committed Notes, in each case in the manner contemplated by this Agreement, to register such Committed Notes issued on such Subsequent Closing Date under
the Securities Act or to qualify an indenture relating to such Committed Notes under the Trust Indenture Act of 1939. 

(ii)    None of the Issuer or its Affiliates or any Person acting on any of their behalf (other than the GS
Purchasers and their respective Affiliates, as to whom the Issuer makes no representation or warranty) directly or indirectly, has offered, sold or solicited any offer to buy and will not, directly or indirectly, offer, sell or solicit any offer to
buy, any security of a type or in a manner which would be integrated with the sale of such Committed Notes issued on such Subsequent Closing Date and require such Committed 

  
 15 

 
Notes issued on such Subsequent Closing Date to be registered under the Securities Act. None of the Issuer or its Affiliates or any Person acting on any of their behalf (other than the GS
Purchasers and their respective Affiliates as to whom the Issuer makes no representation or warranty) has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Rule 502(c) under the Securities Act)
in connection with the offering of such Committed Notes issued on such Subsequent Closing Date. With respect to such Committed Notes issued on such Subsequent Closing Date sold in reliance upon the exemption afforded by Regulation S: (i) none
of the Issuer or its Affiliates or any Person acting on their behalf (other than the GS Purchasers and their respective Affiliates, as to whom the Issuer makes no representation or warranty) has engaged or will engage in any directed selling efforts
within the meaning of Regulation S and (ii) each of the Issuer and its Affiliates or any Person acting on their behalf (other than the GS Purchasers and their respective Affiliates, as to whom the Issuer makes no representation or warranty) has
complied and will comply with the offering restrictions set forth in Regulation S. 
 (iii)     The
Committed Notes issued on such Subsequent Closing Date are eligible for resale pursuant to Rule 144A and will not, as of such Subsequent Closing Date, be of the same class as securities listed on a national securities exchange registered under
Section 6 of the Exchange Act or quoted on a U.S. automated interdealer quotation system. 
 Section 4.27    Brokerage Fees.

 Except as disclosed by the Issuer to the GS Initial Purchasers, none of Parent Guarantor, the Issuer or their Subsidiaries has paid, or is
obligated to pay, to any Person any brokerage or finder’s fees in connection with the offering and sale of the Securities issued on the Closing Date or any Subsequent Closing Date. 

Section 4.28    Junior Subordinated Indentures. 

The Note Obligations constitute “Senior Debt” under, and as defined in, the Junior Subordinated Indentures. 

ARTICLE 5 
 REPRESENTATIONS AND
WARRANTIES OF THE GS INITIAL PURCHASERS 
 Section 5.1    Securities Representations. 

Each GS Purchaser purchasing Initial Notes on the Closing Date or Committed Notes on any Subsequent Closing Date, severally and not jointly,
represents and warrants to, and agrees with, the Issuer as of the Closing Date or such Subsequent Closing Date, as applicable, that: 

(i)    It is either: (A) a Qualified Institutional Buyer, (B) an institutional accredited
investor (as such term is defined in Rule 501(a)(1), (2), (3) or (7)) or (C) a non- U.S. Person (as such term is defined in Regulation S under the Securities Act) and will not acquire the Securities for the account or benefit of any
U.S. Person; 
 (ii)    It is acquiring the applicable Securities for its own account, for investment
purposes only and not with a view to any distribution thereof that would not otherwise comply with the Securities Act; and 

  
 16 

 (iii)    It (A) understands that the applicable
Securities have not been registered under the Securities Act and the Securities are being issued by the Issuer in transactions exempt from the registration requirements of the Securities Act and (B) agrees that all or any part of the applicable
Securities may not be offered or sold except pursuant to effective registration statements under the Securities Act or pursuant to applicable exemptions from registration under the Securities Act and in compliance with applicable state laws; 

(iv)    It understands that the exemption from registration afforded by Rule 144 (the provisions of which
are known to such GS Purchaser) promulgated under the Securities Act depends on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for sales only in limited amounts; 

(v)    Except as disclosed, it did not employ any broker or finder in connection with the transactions
contemplated in this Agreement and no fees or commissions are payable to such GS Purchaser (it being understood and agreed that the Initial Closing Payment and the Committed Notes Closing Payment do not constitute a fees or commission); 

(vi)    Either (1) the source of funds to be used by such GS Purchaser to pay the purchase price of
the applicable Securities does not include assets of any employee benefit plan (other than a plan exempt from the coverage of ERISA) or plan or any other entity the assets of which consist of “plan assets” of employee benefit plans or
plans as defined in Department of Labor regulation Section 2510.3-101, as amended by Section 3(42) of ERISA (the “Plan Asset Regulation”) or (2) its purchase and holding of the Securities or any interest therein shall
not result in a non-exempt prohibited transaction under ERISA or section 4975 of the Code. As used in this clause (vi), the term “employee benefit plan” shall have the meaning assigned to such term in Section 3(3) of ERISA, and
the term “plan” shall have the meaning assigned thereto in Section 4975(e)(1) of the Code; and 

(vii)    It either (A) is, and for so long as it holds any Securities, will be, a “venture
capital operating company” or wholly owned by a “venture capital operating company” or (B) does not have, and for so long as it holds any Securities, will not have, “significant equity participation” by benefit plan
investors pursuant to the Plan Asset Regulation. The term “venture capital operating company” shall have the meaning assigned to such term in the Plan Asset Regulation. 

ARTICLE 6 
 CERTAIN REPORTS

 In addition to the information and inspection rights provided for in the Indenture, the Issuer covenants and agrees with each GS
Purchaser that, for so long as any GS Entity Beneficially Owns any Notes, it shall furnish to the GS Purchasers: 

Section 6.1    Certain Reports. 

(a)    as soon as available and in any event within 45 days after the end of each fiscal year, forecasts prepared by
management of the Parent Guarantor, in form satisfactory to the GS Purchasers, of balance sheets, income statements and cash flow statements on a quarterly basis for the then current fiscal year and on an annual basis for each fiscal year thereafter
until the Final Maturity Date; 

  
 17 

 (b)    if, as a result of any change in accounting principles and
policies from those used in the preparation of the forecasts referred to in Section 6.1(a) of this Agreement, the forecasts of the Parent Guarantor and its Subsidiaries delivered pursuant to Section 6.1(a) will differ in any
material respect from the forecasts that would have been delivered pursuant to such Section had no such change in accounting principles and polices been made, then (i) together with the first delivery of forecasts pursuant to Section
6.1(a) following such change, forecasts of the Parent Guarantor and its Subsidiaries for the fiscal quarter immediately preceding the fiscal quarter in which such change is made, prepared on a pro forma basis as if such change had been in effect
during such fiscal quarter, and (ii) if requested by any of the GS Purchasers, a written statement of the Chief Executive Officer, Chief Financial Officer or Treasurer (or other Responsible Officer performing similar functions) of the Parent
Guarantor setting forth the differences which would have resulted if such forecasts had been prepared without giving effect to such change; and 

(c)    furnish to the GS Purchasers, promptly, such additional information regarding the business, condition (financial or
otherwise), operations, performance, properties or prospects of any Note Party or any Subsidiary, or compliance with the terms of the Note Documents, as any GS Purchaser may from time to time reasonably request. 

ARTICLE 7 
 OTHER COVENANTS

 The Issuer covenants and agrees (and each other Note Party to the extent such covenant is applicable to it covenants and agrees) with
each GS Purchaser that in the case of each subsection in this Article 7 other than Section 7.2, for so long as any GS Entity Beneficially Owns any Notes (but subject to any limitations set forth therein): 

Section 7.1    Assistance in Private Sale of Notes. 

If requested by one or more GS Purchasers, upon reasonable notice, the Issuer, its Subsidiaries and the Guarantors shall use commercially
reasonable efforts to assist such GS Purchasers (and any other applicable GS Purchasers) in completing any sale process undertaken in connection with the private resale of any Notes or any portion thereof to Qualified Institutional Buyers without
registration under the Securities Act under Rule 144A, by: (i) providing direct contact between senior management and advisors and prospective purchasers; (ii) responding to inquiries of, and providing answers to, prospective purchasers;
(iii) providing assistance in completion of the prospective purchasers’ due diligence review; and (iv) hosting one or more meetings of prospective purchasers at the Issuer’s facilities or such other location selected by the
Issuer; provided that: (a) such assistance shall not be required more than one time per year or more than three times during the term of the Notes or during any blackout period (and it being understood that such assistance will not
include a preparation of an offering memorandum or a similar document and that such assistance will otherwise be limited to assistance set forth under subclauses (i) through (iv) above); (b) all reasonable and documented
out-of-pocket third-party expenses and costs incurred by the Issuer and the Guarantors relating to the provision of such assistance shall be paid by the applicable GS Purchasers; and (c) the applicable GS Purchasers shall provide the Issuer
with prior written notice of any resale made by such GS Purchasers of the Notes with respect to which assistance was requested pursuant to this Section 7.1 (such notice to identify the applicable purchaser to whom the resale was made and
the amount of such resale); provided further, that such assistance shall not include participation in any “road shows” or otherwise require senior management to disclose any material non-public information to such prospective
holder. 

  
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 Section 7.2    DTC Eligibility. 

From and after the Closing Date, the Issuer will use its commercially reasonable efforts, upon issuance thereof and while outstanding, to
ensure that the Notes are eligible for clearance and settlement through the facilities of the DTC, and to cause the Notes to be evidenced by one or more Global Notes to be issued in the name of Cede & Co., as nominee for the DTC, pursuant
to the DTC Agreement and do all other things necessary and appropriate to give effect to the foregoing provisions. 

Section 7.3    Inspection Rights. 

Each Note Party shall, at any reasonable time and from time to time, permit any of the GS Purchasers, or any agent or representatives thereof,
upon reasonable prior notice and during regular business hours, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, any Note Party and any of its Subsidiaries, and to discuss the
affairs, finances and accounts of any Note Party and any of its Subsidiaries with any of their general partners, managing members, officers or directors and with their independent certified public accountants, provided that such Note Party
has the right to participate in such discussions, and provided further that no more than two such visits shall take place during any Fiscal Year unless an Event of Default has occurred and is continuing. 

Section 7.4    Additional Guarantors. 

The Note Parties will cause each additional Guarantor to execute a counterpart to this Agreement in the form attached hereto as Exhibit A and
to deliver such counterpart to the GS Purchasers substantially concurrently with execution of such additional Guarantor of the supplemental indenture pursuant to which it shall have become a Guarantor. 

ARTICLE 8 
 EXPENSES AND
INDEMNIFICATION 
 Section 8.1    Attorney Costs and Expenses. 

Each Note Party agrees jointly and severally to pay on demand (i) all reasonable out-of-pocket costs and expenses of the GS Purchasers in
connection with the issuance of the Initial Notes, any issuance of Committed Notes and the preparation, execution, delivery, administration, modification and amendment of the Note Documents (including, without limitation, (A) all due diligence,
Asset review, syndication transportation, computer, duplication, appraisal, audit, insurance, consultant, search, filing and recording fees and expenses and (B) the reasonable fees and expenses of counsel for the GS Purchasers with respect
thereto (including, without limitation, with respect to reviewing and advising on any matters required to be completed by the Note Parties on a post-closing basis), with respect to advising the GS Purchasers as to their rights and responsibilities,
or the perfection, protection or preservation of rights or interests, under the Note Documents, with respect to negotiations with any Note Party or with other creditors of any Note Party or any of its Subsidiaries arising out of any Default or any
events or circumstances that may give rise to a Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding involving creditors’ rights generally and any
proceeding ancillary thereto and (ii) all reasonable out-of-pocket costs and expenses of the GS Purchasers in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of the Note Documents, whether in any
action, suit or litigation, or any bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally (including, without limitation, the reasonable fees and expenses of counsel for the GS Purchasers with respect thereto).

  
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 Section 8.2    Indemnification by the Note Parties. 

Each Note Party agrees to indemnify, defend and save and hold harmless each Indemnified Party from and against, and shall pay on demand, any
and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) 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 (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (i) any Notes, the actual or proposed use of the proceeds of any
Notes, the Note Documents or any of the transactions contemplated thereby or (ii) the actual or alleged presence of Hazardous Materials on any property of any Note Party or any of its Subsidiaries or any Environmental Action relating in any way
to any Note Party or any of its Subsidiaries, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s
gross negligence or willful misconduct or willful breach in bad faith of a material provision of any Note Document. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 8.2 applies, such
indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Note Party, its directors, shareholders or creditors or an Indemnified Party, whether or not any Indemnified Party is otherwise a party
thereto and whether or not the transactions contemplated by the Note Documents are consummated. Each Note Party also agrees not to assert any claim against any GS Purchaser or any of their Affiliates, or any of their respective officers, directors,
employees, agents and advisors, on any theory of liability, for special, indirect, incidental, consequential or punitive damages arising out of or otherwise relating to the Notes, the actual or proposed use of the proceeds of the Notes, the Note
Documents or any of the transactions contemplated by the Note Documents. 
 Section 8.3    Survival. 

The obligations of each of the parties under this Article 8 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of any Note Document and the termination of this Agreement and the termination of any of the other Note Documents. 

ARTICLE 9 
 COMMITTED NOTES

 Section 9.1    Issuance of Committed Notes. 

(a)    The parties to this Agreement agree that the Issuer, on up to a maximum of two (2) occasions at any time or
from time to time during the Availability Period, may cause the applicable GS Purchasers, severally and not jointly, to purchase Committed Notes in an aggregate principal amount (when taken together with all prior issuances of Committed Notes
pursuant to this Article 9) not to exceed $50,000,000, in each case upon a written notice described in Section 9.2(b) below and subject to the other conditions set forth in Section 9.2, in minimum principal amounts of
$25,000,000 per issuance (or such lesser amount as the GS Purchasers may agree or such lesser amount constituting the entire principal amount of the Committed Notes remaining to be purchased after giving effect to all prior Committed Notes
purchased). The aggregate principal amount of Committed Notes required to be purchased by any GS Purchaser on any Subsequent Closing Date shall be determined by multiplying (x) the aggregate principal amount of Committed Notes to be issued on
such Subsequent Closing Date by (y) the percentage set forth opposite such GS Purchaser’s name on Schedule 1 in the column titled “Committed Notes Commitment Percentage” (such product, the “Allocated
Amount”). In no event will any GS Purchaser be required to be purchase Committed Notes in in excess of its Allocated Amount. The purchase price to be paid by the applicable GS Purchasers for the Committed Notes on any Subsequent Closing
Date shall be equal to 100% of the principal amount of such Committed Notes net of the Committed Notes Closing Payment. The obligation of the GS Purchasers hereunder (including with respect to the Committed Notes) are several and not joint and no GS
Purchaser shall have any liability to any Person for the performance or non-performance by any other GS Purchaser (including with respect to the Committed Notes). 

  
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 (b)    Any commitments in respect of the Committed Notes that remain
outstanding on September 30, 2021 shall immediately and irrevocably terminate and expire at the close of business on September 30, 2021 and no GS Purchaser shall have any obligation to purchase any Committed Notes pursuant to this
Agreement from and after such time. 
 Section 9.2    Conditions to Issuance of Committed Notes. 

The obligation of each GS Purchaser to purchase and pay for any applicable Committed Notes on any Subsequent Closing Date (such Committed
Notes, the “Applicable Committed Notes”) is subject to satisfaction (or waiver by the GS Purchasers) of the following conditions precedent prior to or on such Subsequent Closing Date: 

(a)    the Issuer shall have given the GS Purchasers at least ten (10) Business Days’ prior written notice of
the Subsequent Closing Date with respect to such Applicable Committed Notes, specifying (i) the aggregate principal amount of the Committed Notes to be issued on such Subsequent Closing Date and (ii) the date on which the Subsequent
Closing Date will occur, which shall be a Business Day (a “Committed Notes Notice”); 
 (b)    the
representations and warranties contained in each Note Document shall be true and correct in all material respects (unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and
correct in all respects) on and as of the Subsequent Closing Date (provided that those representations and warranties which speak as of a specified date are true and correct in all material respects as of such specified date), before and
after giving effect to (A) the issuance and purchase of the Applicable Committed Notes and (B) the application of the proceeds therefrom, as though made on such Subsequent Closing Date; 

(c)    no Default or Event of Default has occurred and is continuing, or would result from (A) the issuance and
purchase of the Applicable Committed Notes or (B) the application of the proceeds therefrom; 
 (d)    the
Applicable Committed Notes shall have been, or, substantially concurrently with the issuance of the Applicable Committed Notes, shall be, used in compliance with Section 3.30 of the Indenture; 

(e)    the GS Purchasers shall have received a certificate of a Responsible Officer certifying as to compliance with the
conditions set forth in Sections 9.02(b), (c) and (d); 
 (f)    to the extent requested in
writing, the GS Purchasers shall have received on or prior to such Subsequent Closing Date each of the documents required with respect to the issuance of the Initial Notes on the Closing Date set forth in Section 3.1 (on the terms specified
therein) mutatis mutandis for such Committed Notes and Subsequent Closing Date, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the
signing Note Party, each dated as of such Subsequent Closing Date (or, in the case of certificates of governmental officials, a recent date before such Subsequent Closing Date) and in each case, in form and substance reasonably satisfactory to the
GS Purchasers and their counsel; and 

  
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 (g)    each GS Purchaser shall have received from the Issuer
(i) the portion of the Committed Notes Closing Payment owing to it and (ii) all other amounts, including expenses, required to be paid in connection with such Committed Notes issuance, including pursuant to Section 8.1; 

Section 9.3    Closing of Committed Notes. 

(a)    The sale and purchase of each issuance of Committed Notes shall occur on the Subsequent Closing Date specified
therefor in the applicable Committed Notes Notice. 
 (b)    The Committed Notes to be purchased by each GS Purchaser on
any Subsequent Closing Date shall be substantially in the form of Exhibit A of the Indenture with any modifications contemplated by this Agreement and/or the Indenture and shall be represented by one or more Global Notes in book-entry form which
will be deposited by or on behalf of the Issuer with DTC or its designated custodian. On the applicable Subsequent Closing Date, the Issuer will deliver the Committed Notes to the GS Purchasers by causing DTC to credit the applicable Committed Notes
to the applicable DTC account or accounts, against payment by the Persons to whom delivery is made, of the purchase price therefor (which is equal to, with respect to each GS Purchaser, the principal amount of the Committed Notes being purchased by
such GS Purchaser, net of the applicable portion of the Committed Notes Closing Payment owing to such GS Purchaser), by wire transfer in Federal (same day) funds to such bank account or accounts as the Issuer may request in writing at least two
Business Days prior to the applicable Subsequent Closing Date. The certificates for the Committed Notes purchased pursuant to this Section 9.3 shall be in such denominations and registered in the name of Cede & Co., as nominee
of the Depositary, pursuant to the DTC Agreement, and shall be made available for inspection at the Closing Location on the Business Day preceding the applicable Subsequent Closing Date. If, at any Subsequent Closing Date, the Issuer shall fail to
deliver the Committed Notes to the GS Purchasers as provided in this Section 9.3, or any of the conditions specified in Sections 9.1 and 9.2 shall not have been fulfilled to the GS Purchasers’ satisfaction (or waived
by the GS Purchasers), then each GS Purchaser, shall, at its election, be relieved of its obligations to purchase the Committed Notes that were the subject of the applicable Committed Notes Notice; provided that the GS Purchasers shall remain
obligated to purchase Committed Notes pursuant to any further Committed Notes Notice delivered in accordance with Section 9.1. Nothing herein will serve to waive any rights such GS Purchaser may have by reason of such failure or such
non-fulfillment. 
 ARTICLE 10 

MISCELLANEOUS 

Section 10.1    Notices. 

Except as otherwise expressly provided herein, all notices and other communications shall have been duly given and shall be effective
(a) when delivered, (b) when transmitted via telecopy or e-mail (or other facsimile device) to the number or e-mail address, as applicable, set out below if the sender on the same day sends a confirming copy of such notice by a recognized
overnight delivery service (charges prepaid), (c) the day following the day (except that if such day is not a Business Day, then the next Business Day) on which the same has been delivered prepaid to a reputable national overnight air courier
service or (d) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case to the respective parties at the address set forth below, or at such other address as such party
may specify by written notice to the other party hereto: 
 (a)    if to any GS Purchaser or its nominee, to such GS
Purchaser or its nominee at the address specified in Schedule 1, with copies (which copies shall not constitute notice) to: Milbank LLP, 55 Hudson Yards, New York, NY 10001, Attn: Ben Miles, fax: (212) 822-5372, e-mail: BMiles@milbank.com, or
at such other address as any GS Purchaser or its nominee shall have specified to the Issuer in writing; or 

  
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 (b)    if to the Issuer or the Guarantors, to: c/o Hersha Hospitality
Limited Partnership, with copies (which copies shall not constitute notice) to: Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022, Attn: Senet Bischoff and Gary E. Axelrod, esq., e-mail: Senet.Bischoff@lw.com,
gary.axelrod@lw.com. 
 Section 10.2    Benefit of Agreement and Assignments. 

(a)    Except as otherwise expressly provided herein, all covenants, agreements and other provisions contained in this
Agreement by or on behalf of any of the parties hereto shall bind, inure to the benefit of and be enforceable by their respective successors and permitted assigns; provided, however, that none of the Issuer or the Guarantors may assign or
transfer any of its rights or obligations without the prior written consent of the other parties hereto. 

(b)    Nothing in this Agreement or in any other Note Document, express or implied, shall give to any Person (other than
the parties hereto, Indemnitees and each of their respective successors and permitted assigns) any benefit or any legal or equitable right, remedy or claim under this Agreement. For the avoidance of doubt, any Holder of Notes or holder of beneficial
interest therein that, in each case, is not a GS Initial Purchaser, a GS Purchaser or otherwise party hereto or an intended third-party beneficiary hereof, shall not be entitled to the benefits of this Agreement. 

(c)    Notwithstanding anything to the contrary contained herein, any GS Purchaser may assign its commitment to purchase
all or any portion of the Initial Notes or the Committed Notes (or the beneficial interests therein) or transfer its Notes (or beneficial interests therein) and/or rights hereunder, either together or separately, to any other GS Entity subject to
such other GS Entity, if not already a party, becoming a party hereto, evidenced by delivering an executed counterpart hereof in substantially the form of Exhibit B, and, upon execution of such counterpart, each such Person shall be deemed to
be a party hereto as a GS Purchaser entitled to the full benefit and subject to the obligations of this Agreement as if such Person were initially a GS Purchaser hereunder. Upon any transfer, assignment or sale by any GS Purchaser of all or a
portion of its commitment to purchase Committed Notes, (x) the transferring GS Purchaser shall be relieved of the percentage of the commitments in respect of the Committed Notes transferred, assigned or sold and (y) Schedule 1 shall
automatically be deemed to be modified to reflect such transfer, assignment or sale, including the automatic inclusion of any such transferee, if not already a GS Purchaser, to Schedule 1 with the percentage of commitments in respect of the
Committed Notes so transferred thereto set forth opposite its name. 
 (d)    The GS Purchasers (or any GS Purchaser on
their behalf) shall notify the Issuer of the occurrence of the Disposition Date no less than 10 Business Days following the occurrence thereof. 

Section 10.3    No Waiver; Remedies Cumulative. 

No failure or delay on the part of any party hereto in exercising any right, power or privilege hereunder or under the Notes and no course of
dealing between any Note Party and any other party shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or under the Notes preclude any other or further exercise thereof or the
exercise of any other right, power or privilege hereunder or thereunder. The rights and remedies provided herein and in the Notes are cumulative and not exclusive of any rights or remedies that the parties would otherwise have. No notice to or
demand on any Note Party in any case shall entitle any such Note Party to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the other parties hereto to any other or further action in any
circumstances without notice or demand. 

  
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 Section 10.4    Amendments, Waivers and Consents. 

This Agreement may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively) at any time, with
the written consent of the Issuer and the Required GS Purchasers. No amendment or waiver of this Agreement will extend to or affect any obligation, covenant or agreement not expressly amended or waived or thereby impair any right consequent thereon.
As used herein, the term “Agreement” and references thereto shall mean this agreement as it may from time to time be amended, supplemented or modified. 

Section 10.5    Counterparts. 

This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all
of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Each counterpart may consist of a number of copies hereof, each signed by
less than all, but together signed by all, of the parties hereto. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or by email with a .pdf or similar attachment shall be effective as delivery of an original
executed counterpart of this Agreement. 
 Section 10.6    Reproduction. 

This Agreement, the other Note Documents and all documents relating hereto and thereto, including: (a) consents, waivers and modifications
that may hereafter be executed, (b) documents received by the GS Purchasers on the Closing Date (except the Initial Notes themselves), (c) documents received by the GS Purchasers on any Subsequent Closing Date (except the Committed Notes
themselves) and (d) financial statements, certificates and other information previously or hereafter furnished in connection herewith, may be reproduced by any photographic, photostatic, microfilm, microcard, miniature photographic or other
similar process and any original document so reproduced may be destroyed. Each party hereto agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence. This Section 10.6 shall not prohibit any party hereto or any holder of the Notes from contesting any such reproduction to the same extent that it could contest the original or from introducing evidence
to demonstrate the inaccuracy of any such reproduction. 
 Section 10.7    Headings. 

The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or
construction of any provision of this Agreement. 
 Section 10.8    Survival of Covenants and Indemnities. 

All covenants and indemnities set forth herein shall survive the execution and delivery of this Agreement, the issuance of the Notes, and,
except as otherwise expressly provided herein with respect to covenants, the payment of principal of the Notes and any other obligations hereunder. 

  
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 Section 10.9    Governing Law; Jurisdiction; Consent to Service of Process;
Waiver of Jury Trial. 
 (a)    This Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York. 
 (b)    Each party hereto hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court 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 any Note Document, 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
may be heard and determined in such New York State court or, to the extent permitted by law, in 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. Nothing in this Agreement or any other Note Document shall affect any right that the Trustee or any GS Purchaser may otherwise have to bring any action or proceeding
relating to any Note Document against Parent Guarantor or the Issuer or the other Note Parties or their respective properties in the courts of any jurisdiction. 

(c)    Each party hereto hereby 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 any Note Document in any court referred to in Section 10.9(b) above. 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. 

(d)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 10.1. Nothing in any Note Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(e)    EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY NOTE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 10.10    Severability. 

If any provision of this Agreement is determined to be illegal, invalid or unenforceable, such provision shall be fully severable to the extent
of such illegality, invalidity or unenforceability and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 

  
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 Section 10.11    Entirety. 

This Agreement together with the other Note Documents represents the entire agreement of the parties hereto and thereto, and supersedes all
prior agreements and understandings, oral or written, if any, relating to the Note Documents or the transactions contemplated herein or therein. 

Section 10.12    Survival of Representations and Warranties. 

All representations and warranties made by Parent Guarantor (in such capacity), the Issuer and the Guarantors herein shall survive the
execution and delivery of this Agreement, the issuance, delivery and transfer of all or any portion of the Notes, and the payment of principal of the Notes, and any other obligations hereunder, regardless of any investigation made at any time by or
on behalf of the GS Purchasers. 
 Section 10.13    Construction. 

Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant
contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which
such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person, whether or not expressly specified in such provision. 

Section 10.14    Incorporation. 

All Schedules attached hereto are incorporated as part of this Agreement as if fully set forth herein. 

Section 10.15    Confidentiality. 

(a)    Each of the GS Purchasers agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (i) to its Affiliates, limited partners and managed accounts and to its and their respective managers, administrators, consultants, service providers, trustees, partners (including limited 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
confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies under this Agreement, the Indenture, the Notes or any other Note
Document or any action or proceeding relating to this Agreement, the Indenture, the Notes or any other Note Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions at least as
restrictive as those of this Section 10.15(a), (vii) to any purchaser, transferee, assignee of or participant in, or any prospective purchaser, transferee, assignee of or participant in, any Notes or beneficial interests therein,
(viii) to any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap, derivative or other transaction under which payments are to
be made by reference to the Issuer and its obligations, the Notes, this Agreement or any other Note Document, or payments hereunder or thereunder, (ix) to any rating agency, (x) the CUSIP Service Bureau or any similar organization,
(xi) with the consent of the Issuer or (xii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section 10.15(a) or (B) becomes available to the GS Purchasers or
any of their respective Affiliates on a non-confidential basis from a source other than the Parent Guarantor or any of its Subsidiaries without such GS Purchasers or any of their respective Affiliates having knowledge that a duty of confidentiality
to the Parent Guarantor or any of its Subsidiaries has been 

  
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breached. For purposes of this Section 10.15, “Information” means all information obtained pursuant to the requirements of the Notes, this Agreement or any other Note
Document that any Note Party furnishes to any GS Purchaser but does not include any information that is or becomes generally available to the public other than by way of a breach of the confidentiality provisions of this Section 10.15(a)
or that is or becomes available to such GS Purchaser from a source other than the Note Parties and not in violation of any confidentiality agreement with respect to such information that is actually known to such GS Purchaser. Any Person required to
maintain the confidentiality of Information as provided in this Section 10.15(a) 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. 
 (b)    Without limiting the
obligations of the Issuer to provide information to the GS Purchasers under this Agreement and the other Note Documents, each GS Purchaser understands that it may receive material non-public information relating to the Issuer and its Affiliates
pursuant to this Agreement, or upon exercise of its rights hereunder and acknowledges that none of the Issuer or any other Note Party shall have any duty to disclose any information publicly or privately to any other Person in connection with any
actual or proposed transfer of the Notes or any beneficial interest therein, in each case except as otherwise required under this Agreement or the other Note Documents. Notwithstanding anything to the contrary contained in this Agreement, nothing in
this Section 10.15 or otherwise in this Agreement shall prohibit any GS Purchaser from disclosing any information to any lender to, or any managed account or any limited partner of, such GS Purchaser to the extent such information is
subject to customary confidentiality obligations binding on such lender, managed account or limited partner pursuant to customary investment advisory, fund or loan documentation. 

(c)    Notwithstanding anything to the contrary set forth herein, each party (and each of their respective employees,
representatives or other agents) may disclose to any and all Persons, without limitations of any kind, the tax treatment and tax structure of the transactions contemplated by the Note Documents and all materials of any kind (including opinions and
other tax analyses) that are provided to any such party relating to such tax treatment and tax structure. However, any information relating to such tax treatment and tax structure shall remain subject to the confidentiality provisions of
Section 10.15(a) (and the foregoing sentence shall not apply) to the extent reasonably necessary to enable the parties hereto, their respective Affiliates, and their respective Affiliates’ partners, shareholders, directors, officers
and employees to comply with applicable securities laws. For this purpose, “tax structure” means any facts relevant to the federal income tax treatment of the transactions contemplated by the Note Documents but does not include
information relating to the identity of any of the parties hereto or any of their respective Affiliates. 
 (d)    Each
of the Note Parties agrees that any reference to any GS Purchaser or any affiliate thereof and/or the use of any logo of, or information relating to, any GS Purchaser (or any affiliate thereof), made in connection with the transactions contemplated
hereby are subject to the prior written approval of such GS Purchaser, which approval shall not be unreasonably withheld. 

(e)    Notwithstanding anything to the contrary herein or therein, nothing in this Agreement or any other Note Document
shall require Parent Guarantor, the Issuer or any of their respective Subsidiaries to provide information (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure is
prohibited by applicable law, (iii) that is subject to attorney client or similar privilege or constitutes attorney work product or (iv) the disclosure of which is restricted by binding agreements. 

  
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 Section 10.16    No Personal Obligations. 

Notwithstanding anything to the contrary contained herein or in any Note Document, it is expressly understood and the GS Purchasers expressly
agree that nothing contained herein or in any other Note Document or in any other document contemplated hereby or thereby (whether from a covenant, representation, warranty or other provision herein or therein) shall create, or be construed as
creating, any personal liability of any stockholder, director, officer or employee of the Issuer and its Subsidiaries in such Person’s capacity as such, with respect to (a) any payment obligation of the Issuer or any of its Subsidiaries,
(b) any obligation of the Issuer or any of its Subsidiaries to perform any covenant, undertaking, indemnification or agreement, either express or implied, contained herein or in any other Note Document, (c) any representation or warranty
contained herein or any other Note Document, (d) any other claim or liability to the GS Purchasers under or arising under this Agreement or any other Note Document or in any other document contemplated hereby or thereby, or (e) any credit
extended or loan made; provided that nothing herein shall be deemed to be a waiver of claims arising from fraud. 

Section 10.17    Currency. 

Unless otherwise specified, all dollar amounts referred to in this Agreement are in Dollars. 

Section 10.18    Qualified Intermediary. 

The GS Purchasers shall take all actions necessary to cause all payments of principal and interest made to the GS Purchasers to be made on
their behalf to either (a) a financial institution described in Treasury Regulation section 1.1441-1(b)(2)(ii) or (b) a “qualified intermediary” (as defined in Treasury Regulation section 1.1441-1(e)(5)(ii)) that satisfies the
requirements of Treasury Regulation section 1.1441-1(e)(5) (the Person described in clause (a) or (b) of this Section 10.18, the “GS Agent”). The GS Purchasers shall, or shall cause the GS Agent,
to satisfy any withholding obligations pursuant to chapter 3 of the Code in respect of payments of, on or with respect to the Notes owned by the GS Purchasers. Failure of the GS Purchasers to comply with this Section 10.18 shall not be a
defense to any of the Issuer’s obligations under the Indenture or this Agreement, but shall entitle the Issuer or its agent to withhold any amounts required by the Internal Revenue Code from payments on the Notes, unless the Issuer or its agent
is satisfied in its sole discretion that no such withholding is required. 
 Section 10.19    Patriot Act; Anti-Money
Laundering; Beneficial Ownership. 
 The GS Purchasers hereby notify the Note Parties that (a) pursuant to the requirements of the
Patriot Act and other Anti-Corruption Laws and anti-terrorism laws and regulations, it is required to obtain, verify and record information that identifies the Issuer, its Subsidiaries and the Guarantors, which information includes the names and
addresses of the Issuer, its Subsidiaries and Guarantors and other information that will allow such GS Purchaser to identify the Issuer, its Subsidiaries and Guarantors in accordance with the Patriot Act and such other Anti-Corruption Laws and
anti-terrorism laws and regulations and (b) pursuant to the Beneficial Ownership Regulation, it is required, to the extent that the Issuer qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, to obtain a
Beneficial Ownership Certification in connection with the execution and delivery of the Notes, this Agreement and the other Note Documents. The Parent Guarantor and the Issuer shall, and shall cause each of their Subsidiaries to, provide, to the
extent commercially reasonable, such information and take such actions as are reasonably requested by the GS Purchasers to assist the GS Purchasers in maintaining compliance with the Patriot Act and other Anti- Corruption Laws and anti-terrorism
laws and regulations including Sanctions and the Trading with the Enemy Act. 

  
 28 

 Section 10.20    Further Assurances. 

Each of the parties hereto shall, upon reasonable request of any other party hereto, do, make and execute all such documents, act, matters and
things as may be reasonably required in order to give effect to the transactions contemplated hereby. 
 Section 10.21    Logo
Use. 
 Parent Guarantor grants each GS Purchaser permission to use Parent Guarantor’s and its Subsidiaries’ names and logos in
such GS Purchaser’s or its Affiliates’ marketing materials; provided that any such logos or other materials are used solely in a manner that is not intended to or reasonably likely to harm or disparage Parent Guarantor or any of its
Subsidiaries or the reputation or goodwill of any of them. 
 Section 10.22    No Fiduciary Duties. 

Each of the Note Parties acknowledges and agrees that (i) the purchase and sale of the Securities pursuant to this Agreement is an
arm’s-length commercial transaction among the Note Parties, on the one hand, and the GS Initial Purchasers, on the other, (ii) in connection therewith and with the process leading to such transaction each GS Initial Purchaser is acting
solely as principal and not the agent or fiduciary of any of the Note Parties, (iii) none of the GS Initial Purchasers has assumed an advisory or fiduciary responsibility in favor of any Note Party, with respect to the offering contemplated
hereby or the process leading thereto (irrespective of whether any GS Initial Purchaser has advised or is currently advising any Note Party on other matters) or any other obligation to any Note Party except the obligations expressly set forth in
this Agreement and (iv) each of the Note Parties has consulted its own legal and financial advisors to the extent it deemed appropriate. Each of the Note Parties agrees that it will not claim that any GS Purchaser has rendered advisory services
of any nature or respect, or owes a fiduciary or similar duty to any Note Party, in connection with such transaction or the process leading thereto. 

Section 10.23    Termination. 

This Agreement will terminate and will cease to be of further effect (other than the provisions of Sections 8.1 through 8.3,
10.1 through 10.11, 10.12, 10.13, 10.14, 10.16, 10.17, 10.19, 10.22 and 10.23) (i) if the Closing Date does not occur on or prior to 1:00 p.m. on March 3, 2021 or
(ii) if the Closing Date occurs, upon the earlier of (x) the first date occurring after September 30, 2021 on which none of the GS Entities Beneficially Owns any Notes and (y) the Termination Date. 

[Signature Pages Follow] 

  
 29 

 
					
	 HERSHA HOSPITALITY LIMITED PARTNERSHIP,

a Virginia limited partnership,
 as Issuer

		
	By:	 	HERSHA HOSPITALITY TRUST, a Maryland real estate investment trust, its general partner
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	CFO
	
	 HERSHA HOSPITALITY TRUST,
 a
Maryland real estate investment trust,
 as Parent Guarantor

		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	CFO

  
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on the next page] 

 
			
	SUBSIDIARY GUARANTORS:
	
	 HHLP DC CONVENTION CENTER ASSOCIATES, LLC,

a Delaware limited liability company

		
	By:	 	 HHLP DC CONVENTION CENTER MANAGER, LLC, a Delaware limited liability company,

its manager

		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	 HHLP BULFINCH ASSOCIATES, LLC,

a Delaware limited liability company

		
	By:	 	 HHLP BULFINCH MANAGER, LLC,
 a Delaware
limited liability company, its manager

		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	44 CAMBRIDGE ASSOCIATES, LLC,
a Massachusetts limited liability company
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager

  
 [Signatures continue
on the next page] 

 
			
	 RISINGSAM HOSPITALITY LLC,

a New York limited liability company

		
	By:	 	HERSHA CONDUIT ASSOCIATES, LLC,
a New York limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	AFFORDABLE HOSPITALITY ASSOCIATES, L.P.,
a Pennsylvania limited partnership
		
	By:	 	RACE STREET, LLC, a Pennsylvania limited liability company, its general partner
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	HHLP RITTENHOUSE ASSOCIATES, LLC,
a Delaware limited liability company
		
	By:	 	HHLP RITTENHOUSE MANAGER, LLC,
a Delaware limited liability company,
its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	HHLP COCONUT GROVE ASSOCIATES, LLC,
a Delaware limited liability company
		
	By:	 	HHLP COCONUT GROVE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager

  
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on the next page] 

 
					
	HHLP BLUE MOON ASSOCIATES, LLC,
a Delaware limited liability company
		
	By:	 	HHLP BLUE MOON MANAGER, LLC,
a Delaware limited liability company its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	HHLP WINTER HAVEN ASSOCIATES, LLC,
a Delaware limited liability company
		
	By:	 	HHLP WINTER HAVEN MANAGER, LLC,
a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager

  
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on the next page] 

 
					
	HHLP SMITH STREET ASSOCIATES, LLC,
	a New York limited liability company
		
	By:	 	HHLP SMITH STREET HOLDING, LLC,
a New York limited liability company, its manager
		
	By:	 	HHLP SMITH STREET MANAGING MEMBER, LLC, a New York limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	HHLP KEY WEST ONE ASSOCIATES, LLC,
a Delaware limited liability company
		
	By:	 	HHLP KEY WEST ONE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	HHLP KEY WEST ONE MANAGER, LLC,
a Delaware limited liability company
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager

  
 [Signatures continue
on the next page] 

 
			
	44 BROOKLINE HOTEL, LLC,
	a Delaware limited liability company
		
	By:	 	44 BROOKLINE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	44 BROOKLINE MANAGER, LLC,
a Delaware limited liability company
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	HHLP MIAMI BEACH ASSOCIATES, LLC,
	a Delaware limited liability company
		
	By:	 	HHLP MIAMI BEACH MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager
	
	 HHLP GEORGETOWN ASSOCIATES, LLC,

a Delaware limited liability company

		
	By:	 	 HERSHA GEORGETOWN MANAGER, LLC,
 a
Delaware limited liability company, its manager

		
	By:	 	 /s/ Ashish Parikh

		 	Name: Ashish Parikh
		 	Title:   Manager

  
 [Signatures continue
on the next page] 

 
					
	 HHLP GEORGETOWN II ASSOCIATES, LLC,

a Delaware limited liability company

		
	By:	 	HHLP GEORGETOWN II MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	HHLP SUNNYVALE TPS ASSOCIATES, LLC, 
a Delaware limited liability company
		
	By:	 	HHLP SUNNYVALE TPS MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	 SEAPORT HOSPITALITY LLC,

a New York limited liability company

		
	By:	 	320 PEARL STREET, INC., a New York corporation, its managing member
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Vice President

  
 [Signatures continue
on the next page] 

 
					
	HHLP SAN DIEGO ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	HHLP SAN DIEGO MANAGER, LLC, a
		 	Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	METRO JFK ASSOCIATES, LLC, a New York limited liability company
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	5444 ASSOCIATES, a Pennsylvania limited partnership
		
	By:	 	44 DUANE STREET, LLC, a Delaware limited
		 	liability company, its General Partner
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager

  
 [Signatures continue
on the next page] 

 
					
	HHLP WHITE PLAINS ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	BRISAM MANAGEMENT (DE) LLC, a Delaware limited liability company
		
	By:	 	HHLP BRISAM 29 MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	HHLP BOSTON SEAPORT ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	HHLP BOSTON SEAPORT MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	HHLP AMBROSE ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	HHLP AMBROSE MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager

  
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on the next page] 

 
					
	EXIT 88 HOTEL, LLC, a Connecticut limited liability company
		
	By:	 	EXIT 88 HOTEL MANAGER, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	HHLP SEATTLE ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	HHLP SEATTLE MANAGERE, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager
	
	CHIMES OF FREEDOM, LLC, a Delaware limited liability company
		
	By:	 	OF FREEDOM I, LLC, a Delaware limited liability company, its managing member
		
	By:	 	HHLP LIBERTY ASSOCIATES, LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ Ashish Parikh

		 	Name:	 	Ashish Parikh
		 	Title:	 	Manager

  
 [Signatures continue
on the next page] 

 
			
	Accepted as of the date hereof:
	
	WEST STREET STRATEGIC SOLUTIONS FUND I, L.P.,
	as a GS Initial Purchaser
	
	By: West Street Strategic Solutions GP, L.L.C., its General Partner
		
	By:	 	 /s/ Patrick Armstrong

	Name:	 	Patrick Armstrong
	Title:	 	Vice President
	
	WEST STREET STRATEGIC SOLUTIONS FUND I-(C), L.P.,
	as a GS Initial Purchaser
	
	By: West Street Strategic Solutions GP, L.L.C., its General Partner
		
	By:	 	 /s/ Patrick Armstrong

	Name:	 	Patrick Armstrong
	Title:	 	Vice President
	
	WSSS INVESTMENT HOLDINGS A, L.P.,
	as a GS Initial Purchaser
	
	By: West Street Strategic Solutions GP, L.L.C., its General Partner
		
	By:	 	 /s/ Patrick Armstrong

	Name:	 	Patrick Armstrong
	Title:	 	Vice President
	
	WSSS INVESTMENTS I, LLC,
	as a GS Initial Purchaser
		
	By:	 	 /s/ Patrick Armstrong

	Name:	 	Patrick Armstrong
	Title:	 	Vice President

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	WSSS INVESTMENTS U, LLC,
	as a GS Initial Purchaser
		
	By:	 	 /s/ Patrick Armstrong

	Name:	 	Patrick Armstrong
	Title:	 	Vice President
	
	BROAD STREET CREDIT HOLDINGS, LLC,
	as a GS Initial Purchaser
		
	By:	 	 /s/ Patrick Armstrong

	Name:	 	Patrick Armstrong
	Title:	 	Vice President
	
	WEST STREET CT PRIVATE CREDIT PARTNERSHIP, L.P.,
	as a GS Initial Purchaser
	
	By: West Street CT Private Credit Advisors, L.L.C., its General Partner
		
	By:	 	 /s/ Patrick Armstrong

	Name:	 	Patrick Armstrong
	Title:	 	Vice President

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	WSSS INVESTMENTS E, SCSP,
as a GS Initial Purchaser
	
	By: West Street Strategic Solutions ESC Advisors S.a r.l., its General Partner
		
	By:	 	 /s/ Alexis De Montpellier

	Name:	 	Alexis De Montpellier
	Title:	 	Manager
		
	By:	 	 /s/ Marielle Stijger

	Name:	 	Marielle Stijger
	Title:	 	Manager

  
 [Signature Page to Note
Purchase Agreement]EX-10.9

 Exhibit 10.9 

FORWARD PURCHASE AGREEMENT 

This Forward Purchase Agreement (this “Agreement”) is entered into as of [●], 2021, by and between Soaring Eagle
Acquisition Corp., a Cayman Islands exempted company (the “Company”), and [•], each account advised by [●] (the “Adviser”) and listed on a Schedule to be provided prior to the Forward Closing (as defined
below) (each, severally but not jointly a “Purchaser”; collectively herein, the “Purchasers”). 

Recitals 
 WHEREAS,
the Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”); 

WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”) of 150,000,000 units (or 172,500,000 units if the underwriters’ over-allotment option (the
“IPO Option”) is exercised in full) (the “Public Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the
“Class A Shares,” and the Class A Shares included in the Public Units, the “Public Shares”), and one-fifth of one redeemable warrant, where each whole
redeemable warrant is exercisable to purchase one Class A Share at an exercise price of $11.50 per share (the “Warrants,” and the Warrants included in the Public Units, the “Public Warrants”); 

WHEREAS, the Company’s sponsor, Eagle Equity Partners III, LLC, has agreed to purchase an aggregate of 22,000,000 warrants (or 25,000,000
warrants if the IPO Option is exercised in full) at a price of $1.50 per warrant in a private placement that will close simultaneously with the closing of the IPO (the “Private Placement Warrants”); 

WHEREAS, following the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business
Combination; 
 WHEREAS, proceeds from the IPO and the sale of the Private Placement Warrants in an aggregate amount equal to the gross
proceeds from the IPO will be deposited into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the Registration Statement; and 

WHEREAS, the amounts available to the Company from the Trust Account (after giving effect to any redemptions of Public Shares and the payment
of the deferred fees due to the underwriters of the IPO) and any other equity or debt financing (including a private placement of Class A Shares (a “PIPE Transaction”)) obtained by the Company in connection with the Business
Combination (the “Available Cash”), together with the proceeds from the sale of the Forward Purchase Shares (as defined below), will be used to satisfy the cash requirements of the Business Combination, including funding the
purchase price and paying expenses and retaining amounts specified in the definitive agreement for the Business Combination (the “Definitive Agreement”) to be retained for use by the post-Business Combination company for working
capital or other purposes (the “Cash Requirements”); 

 WHEREAS, the parties wish to enter into this Agreement, pursuant to which the Purchasers,
severally and not jointly, shall have the right, but not the obligation, to purchase from the Company, on a private placement basis, the number of Class A Shares (the “Forward Purchase Shares”) determined pursuant to
Section 1(a) hereof, concurrently with the closing of the Company’s initial Business Combination (the “Business Combination Closing”) on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Agreement 

1.    Sale and Purchase. 

(a)    Forward Purchase Shares. 

(i)    Subject to the terms and conditions hereof, if the Company conducts a PIPE Transaction in connection with its
initial Business Combination, the Company shall offer to each Purchaser, severally and not jointly, the opportunity to purchase Forward Purchase Shares, for a purchase price of $10.00 per Forward Purchase Share (the “Forward Purchase
Price”), in an aggregate amount equal to no less than (i) the percentage of Public Units purchased by such Purchaser in the IPO out of the total number of Units sold by the Company in the IPO (excluding any Units sold pursuant to the
exercise of the underwriters’ over-allotment option) multiplied by (ii) the total number of Class A Shares sold in the PIPE Transaction (including the Forward Purchase Shares being sold pursuant to this Agreement and any other forward
purchase agreements) (the “Minimum Aggregate Amount”). 
 (ii)    As soon as reasonably practicable,
but in no event less than ten (10) Business Days prior to the Company’s entry into the Definitive Agreement, the Company shall provide the Purchasers with notice of the number of Forward Purchase Shares that the Company has elected to
offer the Purchasers the opportunity to purchase (which amount shall be at least equal to the Minimum Aggregate Amount). Following delivery of such notice, the Company shall provide the Purchasers with such other information as the Purchasers (or
any applicable Transferee pursuant to Section 4(b)) may reasonably request so that the Purchasers (or such Transferee) may seek all necessary internal approvals required to consummate the purchase of the Forward Purchase Shares hereunder.
Within five (5) Business Days after receipt of such notice, each Purchaser will notify the Company of whether it elects, in its sole discretion, to accept such offer, and shall specify the amount (the “Specified Amount”) of
Forward Purchase Shares that the Purchaser is willing to subscribe for and purchase at the Forward Closing (as defined below); provided, that the Specified Amount shall not be less than the Minimum Aggregate Amount, without the prior written
agreement of the Company. Notwithstanding the provisions of this Section 1(a), the Company shall have the right to specify in the Notice provided pursuant to this paragraph, in its sole discretion, an amount below the
Specified Amount (but no less than the Minimum Aggregate Amount) that the Company is willing to offer, issue and sell to the Purchaser at the Forward Closing. If the Purchaser, in its sole discretion, accepts such offer, the Company

  
 2 

 
shall issue and sell to the Purchaser the agreed upon amount of Forward Purchase Shares at the Forward Closing as determined pursuant to this Section 1(a). For the
avoidance of doubt, it shall be in the sole and absolute discretion of each Purchaser whether to elect to accept the Company’s offer to purchase Forward Purchase Shares hereunder, and each Purchaser shall be excused, without any further
liability or obligation hereunder, from the purchase of any Forward Purchase Shares if for any reason, in its sole and absolute discretion, it elects not to accept the Company’s offer. 

(iii)    At least five (5) Business Days before the Business Combination Closing, the Company shall provide the
Purchasers with notice including the final number of Forward Purchase Shares to be issued to the Purchasers and the corresponding aggregate Forward Purchase Price, the anticipated date of the Business Combination Closing and instructions for wiring
the Forward Purchase Price. 
 (iv)    The closing of the sale of Forward Purchase Shares (the “Forward
Closing”) shall be held on the same date and concurrently with the Business Combination Closing (such date being referred to as the “Forward Closing Date”). At least one (1) Business Day prior to the Forward Closing
Date, each Purchaser shall deliver to the Company the Forward Purchase Price for the Forward Purchase Shares by wire transfer of U.S. dollars in immediately available funds to the account specified by the Company in such notice to be held in escrow
until the Forward Closing. Immediately prior to the Forward Closing on the Forward Closing Date, (i) the Forward Purchase Price shall be released from escrow automatically and without further action by the Company or the Purchaser, and
(ii) upon such release, the Company shall issue the Forward Purchase Shares to the Purchaser in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws),
registered in the name of the Purchaser (or its nominee in accordance with its delivery instructions), or to a custodian designated by the Purchaser, as applicable. Notwithstanding the foregoing, if the Purchaser informs the Company (1) that it
is an investment company registered under the Investment Company Act of 1940, as amended, (2) that it is advised by an investment adviser subject to regulation under the Investment Advisers Act of 1940, as amended, or (3) that its internal
compliance policies and procedures so require it, then, in lieu of the settlement procedures in the foregoing sentences, the following shall apply: the Purchaser shall deliver at 8:00 a.m. New York City time on the Forward Closing Date (or as soon
as practicable following receipt of evidence from the Company’s transfer agent of the issuance to the Purchaser of the Forward Purchase Shares on and as of the Forward Closing Date) the Forward Purchase Price for the Forward Purchase Shares by
wire transfer of United States dollars in immediately available funds to the account specified by the Company against delivery by the Company to the Purchaser of the Forward Purchase Shares in book entry form, free and clear of any liens or other
restrictions (other than those arising under this Agreement or applicable securities laws), in the name of the Purchaser (or its nominee in accordance with its delivery instructions) and evidence from the Company’s transfer agent of the
issuance to the Purchaser of the Forward Purchase Shares on and as of the Forward Closing Date. In the event the Business Combination Closing does not occur within five (5) Business Days of the date scheduled for closing, the Forward Closing
shall not occur and the Company shall promptly (but not later than one (1) Business Day thereafter) return the Forward Purchase Price to the Purchasers. For purposes of this Agreement, “Business Day” means any day, other than a
Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in the City of New 

  
 3 

 
York, New York. 
 (b)    Legends. Each register and book
entry for the Forward Purchase Shares shall contain a notation, and each certificate (if any) evidencing the Forward Purchase Shares shall be stamped or otherwise imprinted with a legend, in substantially the following form: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE
AGREEMENT BY AND BETWEEN THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO
REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

2.    Representations and Warranties of the Purchaser. Each Purchaser represents and warrants,
severally and not jointly, to the Company as follows, as of the date hereof: 
 (a)    Organization and Power. The
Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted. 

(b)    Authorization. The Purchaser has full power and authority to enter into this Agreement. This Agreement, when
executed and delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws. 

(c)    Governmental Consents and Filings. No consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated by this Agreement. 

(d)    Compliance with Other Instruments. The execution, delivery and

  
 4 

 
performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any
provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound,
(iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause
(i)), which would have a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement. 

(e)    Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the
Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Shares to be acquired by the Purchaser will be acquired for investment for the
Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities laws, and that the Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any
Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Forward Purchase Shares. For purposes of this Agreement, “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government or any department or agency thereof. 

(f)    Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s business,
management, financial affairs and the terms and conditions of the offering of the Forward Purchase Shares, as well as the terms of the Company’s proposed IPO, with the Company’s management. 

(g)    Restricted Securities. The Purchaser understands that the offer and sale of the Forward Purchase Shares to
the Purchaser has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act which depends
upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Forward Purchase Shares are “restricted securities”
under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase Shares indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption
from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Forward Purchase Shares for resale, except for the Registration Rights. The Purchaser
further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase Shares,
and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser acknowledges that the Company filed the Registration Statement
for its proposed IPO. The Purchaser understands that the offering of the Forward Purchase Shares is not, and is not intended to be, part of the IPO, and that the Purchaser 

  
 5 

 
will not be able to rely on the protection of Section 11 of the Securities Act with respect to the Forward Purchase Shares. 

(h)    No Public Market. The Purchaser understands that no public market now exists for the Forward Purchase
Shares, and that the Company has made no assurances that a public market will ever exist for the Forward Purchase Shares. 

(i)    High Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Shares
involves a high degree of risk which could cause the Purchaser to lose all or part of its investment. 

(j)    Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D
promulgated under the Securities Act. 
 (k)    No General Solicitation. Neither the Purchaser, nor any of its
officers, directors, employees, agents, shareholders or partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the
offer and sale of the Forward Purchase Shares. 
 (l)    Residence. The Purchaser’s principal place of
business is the office or offices located at the address of the Purchaser set forth on the signature page hereof. 

(m)    Non-Public Information. The Purchaser acknowledges its obligations
under applicable securities laws with respect to the treatment of non-public information relating to the Company. 

(n)    Adequacy of Financing. At the time of the Forward Closing, the Purchaser will have available to it
sufficient funds to satisfy its obligations under this Agreement. 
 (o)    No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor
any person acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the
Purchaser and this offering, and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement and in
any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or any
of the Company’s affiliates (collectively, the “Company Parties”). 

3.    Representations and Warranties of the Company. The Company represents and warrants to the
Purchasers as follows: 
 (a)    Incorporation and Corporate Power. The Company is an exempted company duly
incorporated and validly existing and in good standing under the laws of Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company has no
subsidiaries. 

  
 6 

 (b)    Capitalization. On the date hereof, the authorized share
capital of the Company consists of: 
 (i)    400,000,000 Class A Shares, none of which are issued and outstanding.

 (ii)    80,000,000 of the Company’s Class B ordinary shares, par value $0.0001 per shares (the
“Class B Shares”), 43,125,000 of which are issued and outstanding. All of the outstanding Class B Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all
applicable federal and state securities laws. 
 (iii)    1,000,000 preference shares, none of which are issued and
outstanding. 
 (c)    Authorization. All corporate action required to be taken by the Company’s Board of
Directors and shareholders in order to authorize the Company to enter into this Agreement, and to issue the Forward Purchase Shares at the Forward Closing, has been taken or will be taken prior to the Forward Closing. All action on the part of the
shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of the Forward Closing, and the issuance and
delivery of the Forward Purchase Shares has been taken or will be taken prior to the Forward Closing. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable
against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the
Registration Rights may be limited by applicable federal or state securities laws. 
 (d)    Valid Issuance of
Securities. The Forward Purchase Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable, as applicable, and free of all
preemptive or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable state and federal securities laws and
liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in this Agreement and subject to the filings described in Section 3(e) below, the Forward Purchase
Shares will be issued in compliance with all applicable federal and state securities laws. 
 (e)    Governmental
Consents and Filings. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with,
any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and
applicable state securities laws, if any, and pursuant to the Registration Rights. 

  
 7 

 (f)    Compliance with Other Instruments. The execution, delivery
and performance of this Agreement and the consummation of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of the Company’s memorandum and articles of association, as it may
be amended from time to time (the “Charter”) or other governing documents of the Company, (ii) of any instrument, judgment, order, writ or decree to which the Company is a party or by which it is bound, (iii) under any
note, indenture or mortgage to which the Company is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party or by which it is bound or (v) of any provision of federal or
state statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement. 

(g)    Operations. As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company
will not conduct, any operations other than organizational activities and activities in connection with offerings of its securities. 

(h)    No General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or
shareholders has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Shares. 

(i)    No Other Representations and Warranties; Non-Reliance. Except for
the specific representations and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any other express
or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. Except for the specific representations and
warranties expressly made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other
representations or warranties that may have been made by the Purchaser Parties. 
 4.    Registration Rights;
Transfer 
 (a)    Registration Rights. The Purchasers shall be granted the same registration rights (the
“Registration Rights”) with respect to the Forward Purchase Shares on the same terms (or terms more favorable to the Purchasers, but in any event providing customary terms for indemnification of the Purchasers and their affiliates
and removal of legends, subject to customary process requirements) as are agreed with subscribers for Class A Shares issued in connection with any PIPE Transaction. 

(b)    Transfer. This Agreement and each Purchaser’s rights and obligations hereunder (including such
Purchaser’s right to purchase the Forward Purchase Shares) may be transferred or assigned, at any time and from time to time, in whole or in part, to one or more affiliates of the Purchaser (each such transferee, a
“Transferee”). Upon any such assignment: 
 (i)    the applicable Transferee shall execute a signature
page to this 

  
 8 

 
Agreement, substantially in the form of the Purchaser’s signature page hereto (the “Joinder Agreement”), which shall reflect the number of Forward Purchase Shares to be
purchased by such Transferee (the “Transferee Securities”), and, upon such execution, such Transferee shall have all the same rights and obligations of the Purchaser hereunder with respect to the Transferee Securities, and
references herein to the “Purchaser” shall be deemed to refer to and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and
agreements of the Purchaser and any such Transferee shall be several and not joint and shall be made as to the Purchaser or any such Transferee, as applicable, as to itself only; and 

(ii)    upon a Transferee’s execution and delivery of a Joinder Agreement, the number of Forward Purchase Shares to
be purchased by the Purchaser hereunder shall be reduced by the total number of Forward Purchase Shares to be purchased by the applicable Transferee pursuant to the applicable Joinder Agreement, which reduction shall be evidenced by the Purchaser
and the Company amending Schedule A to this Agreement to reflect each transfer and updating the “Number of Forward Purchase Shares” and “Aggregate Purchase Price for Forward Purchase Shares” on the Purchaser’s
signature page hereto to reflect such reduced number of Forward Purchase Shares, and the Purchaser shall be fully and unconditionally released from its obligation to purchase such Transferee Securities hereunder. For the avoidance of doubt, this
Agreement need not be amended and restated in its entirety, but only Schedule A and the Purchaser’s signature page hereto need be so amended and updated and executed by each of the Purchaser and the Company upon the occurrence of any
such transfer of Transferee Securities. 
 5.    Additional Agreements, Acknowledgements and Waivers. 

(a)    Trust Account. 

(i)    The Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the
benefit of its public shareholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the
Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

(ii)    The Purchaser hereby agrees that it shall have no right of set-off or any
right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for
redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely against the
Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

(b)    In addition to the representations and warranties and covenants set forth in this Agreement, the Purchasers will
also have the benefit of any representations and warranties and covenants made to other purchasers in subscription agreements in connection with any PIPE 

  
 9 

 
Transaction as if made in this Agreement, mutatis mutandis. The Company has not entered into any other forward purchase agreement that includes terms and conditions that are materially
more advantageous to any such other purchaser than the terms and conditions contained herein and will not amend such other forward purchase agreements to so provide. Any other forward purchase agreement provides for the same Forward Purchase Price
as set forth herein. 
 6.    Nasdaq Listing. The Company will use commercially reasonable efforts
to effect the listing of the Class A Shares on The Nasdaq Capital Market (“Nasdaq”) (or another national securities exchange) at the time of the Business Combination Closing. 

7.    Forward Closing Conditions. 

(a)    The right of each Purchaser to purchase the Forward Purchase Shares at the Forward Closing under this Agreement
shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser: 

(i)    The Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase
Shares; 
 (ii)    The representations and warranties of the Company set forth in Section 3
of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and warranties had been made on and as of such
date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material adverse
effect on the Company or its ability to consummate the transactions contemplated by this Agreement; 
 (iii)    The
Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Forward Closing; and

 (iv)    No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any
governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Shares.

 (b)    The obligation of the Company to sell the Forward Purchase Shares at the Forward Closing under this Agreement
shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Company: 

(i)    The Business Combination shall be consummated substantially concurrently with the purchase of Forward Purchase
Shares; 
 (ii)    The representations and warranties of each Purchaser set forth in
Section 2 of this Agreement shall have been true and correct as of the date hereof and shall be true 

  
 10 

 
and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and warranties had been made on and as of such date (other than any such
representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material adverse effect on the Purchaser or
its ability to consummate the transactions contemplated by this Agreement; 
 (iii)    Each Purchaser shall have
performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Forward Closing; and 

(iv)    No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any
governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchasers of the Forward Purchase Shares.

 8.    Termination. This Agreement may be terminated at any time prior to the Forward Closing: 

(a)    by mutual written consent of the Company and the Purchasers; 

(b)    automatically 

(i)    if the IPO is not consummated on or prior to twelve (12) months from the date of this Agreement; or 

(ii)    if the Business Combination is not consummated within twenty four (24) months from the closing of the IPO,
or 30 months from the closing of the IPO if the Company has executed a definitive agreement for the Business Combination within 24 months from the closing of IPO, or such later date as may be approved by the Company’s shareholders. 

In the event of any termination of this Agreement pursuant to this Section 8, the Forward Purchase Price (and
interest thereon, if any), if previously paid, and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement shall forthwith become null and void and have no effect, without any
liability on the part of the Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or shareholders and all rights and obligations of each party shall cease; provided, however, that
nothing contained in this Section 8 shall relieve either party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements
contained in this Agreement. 
 9.    General Provisions. 

(a)    Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing
and shall be deemed effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient,
and if not sent during normal business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having 

  
 11 

 
been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Soaring Eagle Acquisition Corp., 955 Fifth Avenue, New York, NY, 10075, Attn: Eli Baker, President and
Chief Financial Officer, email: EBaker@eagleequityptnrs.com, with a copy to the Company’s counsel at: White & Case LLP, 1221 Avenue of the Americas, New York, New York 10020, Attn: Joel L. Rubinstein, Esq., email:
joel.rubinstein@whitecase.com. 
 All communications to the Purchasers shall be sent to the Purchaser’s address as set forth on the
signature page hereof, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 9(a). 

(b)    No Finder’s Fees. Each party represents that it neither is nor will be obligated for any
finder’s fee or commission in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee
arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and
hold harmless each Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted
liability) for which the Company or any of its officers, employees or representatives is responsible. 

(c)    Survival of Representations and Warranties. All of the representations and warranties contained herein shall
survive the Forward Closing. 
 (d)    Entire Agreement. This Agreement, together with any documents, instruments
and writings that are delivered pursuant hereto or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

(e)    Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this
Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(f)    Assignments. Except as otherwise specifically provided herein, no party hereto may assign either this
Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. 

  
 12 

 (g)    Counterparts. This Agreement may be executed in two or
more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 

(h)    Headings. The section headings contained in this Agreement are inserted for convenience only and will not
affect in any way the meaning or interpretation of this Agreement. 
 (i)    Governing Law. This Agreement, the
entire relationship of the parties hereto, and any dispute between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New
York, without giving effect to its choice of laws principles. 
 (j)    Jurisdiction. The parties (i) hereby
irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States District Court for the Southern
District of New York, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject
matter hereof may not be enforced in or by such court. 
 (k)    Waiver of Jury Trial. The parties hereto hereby
waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby. 

(l)    Amendments. This Agreement may not be amended, modified or waived as to any particular provision except with
the prior written consent of the Company and the Purchasers. 
 (m)    Severability. The provisions of this
Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided, that if any provision of this Agreement, as applied to any
party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such
determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will
be enforced. 
 (n)    Expenses. Each of the Company and the Purchasers will bear their own costs and expenses
incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and 

  
 13 

 
expenses of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of its transfer agent; stamp taxes and all of The Depository
Trust Company’s fees associated with the issuance of the Forward Purchase Shares and the securities issuable upon conversion or exercise of the Forward Purchase Shares. 

(o)    Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because
of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires
otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another
representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of
the first representation, warranty, or covenant. 
 (p)    Waiver. No waiver by any party hereto of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights
arising because of any prior or subsequent occurrence. 
 (q)    Specific Performance. Each Purchaser agrees that
irreparable damage may occur in the event any provision of this Agreement was not performed by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to seek specific performance of the terms hereof, in addition to
any other remedy at law or equity. 
 (r)    Publicity. Notwithstanding anything in this Agreement to the
contrary, the Company shall not publicly disclose the name of the Purchasers and [●] (“[●]”) or any of its affiliates, or include their names in any press release or in any filing with the SEC or any
regulatory agency or trading market, without the prior written consent of the [●], except (i) as required by the federal securities law in connection with any registration statement, (ii) in a press release or marketing materials of
the Company in connection with any transaction if agreeable by [●] and in a manner acceptable to [●] and (iii) to the extent such disclosure is required by applicable law, at the request of the Staff of the SEC or regulatory agency
or under the regulations of the Nasdaq, in which case the Company shall provide [●] with prior written notice of such disclosure permitted under this section. 

[Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as
of the date first set forth above. 
 PURCHASER: 

[●] 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 Address for Notices:     

[●] 
 E-mail:
[●]  
 COMPANY: 
 SOARING EAGLE
ACQUISITION CORP. 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Forward Purchase Agreement] 

 TO BE EXECUTED UPON ANY ASSIGNMENT AND/OR REVISION IN ACCORDANCE WITH THIS AGREEMENT TO “NUMBER OF
FORWARD PURCHASE SHARES” AND “AGGREGATE PURCHASE PRICE FOR FORWARD PURCHASE SHARES” SET FORTH BELOW 
  

					
	 Number of Forward Purchase Shares:
	  			
	 Aggregate Purchase Price for Forward Purchase Shares:
	  	$	             	 
		  	  
	  
	 

 Number of Forward Purchase Shares and Aggregate Purchase Price for Forward Purchase Shares as
of                , 202[    ], accepted and agreed to as of this    day
of                    , 202[    ]. 
  

			
	[●]

 
			
		
	By:	 	  

	 Name:    
	 	
	 Title:
	 	

  

			
	SOARING EAGLE ACQUISITION CORP.

 
			
		
	By:	 	  

	 Name:    
	 	
	 Title:
	 	

 SCHEDULE A 

SCHEDULE OF PURCHASERS 
  

							
	 Name of
Purchaser
	  	 IPO Purchase Amount
	  	 Number of
Forward
Purchase
Shares
Purchased
	  	 Purchaser Revised
Forward Purchase
Shares
Amount

 *To be completed prior to Forward Closing* 

  
 A-1 

 TO BE EXECUTED UPON ANY ASSIGNMENT OR FINAL DETERMINATION OF FORWARD PURCHASE SHARES: 

Schedule A as of                    ,
202[    ], accepted and agreed to as of this    day of                    , 202[    ] by:

  

									
	[●]	 	        	 	SOARING EAGLE ACQUISITION CORP.
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

  
 A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]