Document:

Master Confirmation and form of Supplemental Confirmation

 Exhibit 10.1 
 EXECUTION VERSION 
  

			
	 To:  
	  	 The ADT Corporation
 1501
Yamato Road
 Boca Raton, Florida, 33431

		
	 A/C:
	  	2XYKM0
		
	 From:
	  	 Credit Suisse International
 One Cabot Square
 London E14 4QJ
 England

		
	 Re:  
	  	Capped Accelerated Stock Buyback
		
	 Ref. No:
	  	As provided in the Supplemental Confirmation
		
	 Date:
	  	January 29, 2013

  
  

This master confirmation (this “Master Confirmation”), dated as of January 29, 2013 is intended to set forth
certain terms and provisions of certain Transactions (each, a “Transaction”) entered into from time to time between Credit Suisse International (“Dealer”), represented by Credit Suisse AG, New York branch
(“Agent”) as its agent, and The ADT Corporation (“Counterparty”). This Master Confirmation, taken alone, is neither a commitment by either party to enter into any Transaction nor evidence of a Transaction. The
additional terms of any particular Transaction shall be set forth in (i) a Supplemental Confirmation in the form of Schedule A hereto (a “Supplemental Confirmation”), which shall reference this Master Confirmation and
supplement, form a part of, and be subject to this Master Confirmation and (ii) a Trade Notification in the form of Schedule B hereto (a “Trade Notification”), which shall reference the relevant Supplemental Confirmation and
supplement, form a part of, and be subject to such Supplemental Confirmation. This Master Confirmation, each Supplemental Confirmation and the related Trade Notification together shall constitute a “Confirmation” as referred to in the
Agreement specified below. 
 The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the
“Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Master Confirmation. This Master Confirmation, each Supplemental Confirmation and the related Trade
Notification evidence a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of each Transaction to which this Master Confirmation, such Supplemental Confirmation and Trade Notification relate and shall
supersede all prior or contemporaneous written or oral communications with respect thereto. 
 This Master Confirmation, each
Supplemental Confirmation and each Trade Notification supplement, form a part of, and are subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed the
Agreement on the date of this Master Confirmation (but without any Schedule except for (i) the election of New York law (without reference to its choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law)
as the governing law and US Dollars (“USD”) as the Termination Currency; (ii) the election that subparagraph (ii) of Section 2(c) will not apply to the Transactions; and (iii) the election that the “Cross
Default” provisions of Section 5(a)(vi) of the Agreement shall apply to each of Counterparty and Dealer, with a “Threshold Amount” of USD 75 million for Counterparty and a “Threshold Amount” equal to 3% of
shareholders’ equity of Credit Suisse Group AG as of the date hereof for Dealer (provided that (a) the phrase “or becoming capable at such time of being declared” shall be deleted from clause (1) of such
Section 5(a)(vi) of the Agreement and (b) the following sentence shall be added to the end thereof: “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i) the
default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the party to make the payment when due; and (iii) the payment is made within two Local Business Days of such
party’s receipt of written notice of its failure to pay.”). 

 The Transactions shall be the sole Transactions under the Agreement. If there exists any
ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything
to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transactions shall not be considered Transactions under, or otherwise governed by, such existing
or deemed ISDA Master Agreement. 
 All provisions contained or incorporated by reference in the Agreement shall govern this
Master Confirmation, each Supplemental Confirmation and each Trade Notification except as expressly modified herein or in the related Supplemental Confirmation. 
 If, in relation to any Transaction to which this Master Confirmation, a Supplemental Confirmation and a Trade Notification relate, there is any inconsistency between the Agreement, this Master
Confirmation, any Supplemental Confirmation, any Trade Notification and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) such Trade Notification, (ii) such
Supplemental Confirmation; (iii) this Master Confirmation; (iv) the Equity Definitions; and (v) the Agreement. 
 1. Each
Transaction constitutes a Share Forward Transaction for the purposes of the Equity Definitions. Set forth below are the terms and conditions that, together with the terms and conditions set forth in the Supplemental Confirmation and Trade
Notification relating to any Transaction, shall govern such Transaction. 
  

			
	 General Terms:
	  	
		
	 Trade Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Buyer:
	  	Counterparty
		
	 Seller:
	  	Dealer
		
	 Shares:
	  	Common stock, par value $0.01 per share, of Counterparty (Ticker: ADT)
		
	 Exchange:
	  	The New York Stock Exchange
		
	 Related Exchange(s):
	  	All Exchanges.
		
	 Prepayment\Variable Obligation:
	  	Applicable
		
	 Prepayment Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Prepayment Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Valuation:
	  	
		
	 Hedge Period:
	  	The period from and including the Hedge Period Start Date to and including the Hedge Completion Date.
		
	 Hedge Period Start Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Hedge Completion Date:
	  	For each Transaction, as set forth in the related Trade Notification, as determined by Dealer in its sole discretion, but in no event later than the Hedge Period End
Date.

  
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	 Hedge Period End Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation, subject to postponement as provided in “Valuation Disruption” below.
		
	 Hedge Period Reference Price:
	  	For each Transaction, as set forth in the related Trade Notification, to be the average of the VWAP Prices for the Exchange Business Days in the Hedge Period, subject to
“Valuation Disruption” below.
		
	 VWAP Price:
	  	For any Exchange Business Day, as determined by the Calculation Agent based on the New York 10b-18 Volume Weighted Average Price per Share for the regular trading session
(including any extensions thereof) of the Exchange on such Exchange Business Day (without regard to pre-open or after hours trading outside of such regular trading session for such Exchange Business Day), as published by Bloomberg at 4:15 p.m. New
York time (or 15 minutes following the end of any extension of the regular trading session) on such Exchange Business Day, on Bloomberg page “ADT <Equity> AQR_SEC” (or any successor thereto), or if such price is not so reported on
such Exchange Business Day for any reason or is, in the Calculation Agent’s reasonable discretion, erroneous, such VWAP Price shall be as reasonably determined by the Calculation Agent. For purposes of calculating the VWAP Price, the
Calculation Agent will include only those trades that are reported during the period of time during which Counterparty could purchase its own shares under Rule 10b-18(b)(2) and are effected pursuant to the conditions of Rule 10b-18(b)(3), each under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (such trades, “Rule 10b-18 eligible transactions”).
		
	 Forward Price:
	  	The average of the VWAP Prices for the Exchange Business Days in the Calculation Period, subject to “Valuation Disruption” below.
		
	 Forward Price Adjustment Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Calculation Period:
	  	The period from and including the Calculation Period Start Date to and including the Termination Date.
		
	 Calculation Period Start Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Termination Date:
	  	The Scheduled Termination Date; provided that Dealer shall have the right to designate any Exchange Business Day on or after the First Acceleration Date to be the
Termination Date (the “Accelerated Termination Date”) by delivering notice to Counterparty of any such designation prior to 11:59 p.m. New York City time on the Exchange Business Day immediately following the designated Accelerated
Termination Date.
		
	 Scheduled Termination Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation, subject to postponement as provided in “Valuation Disruption” below.
		
	 First Acceleration Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Valuation Disruption:
	  	The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “at any time during the one-hour
period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and inserting the words “at any time on any Scheduled Trading Day during the Hedge Period,
Calculation Period or Settlement Valuation Period” after the word “material,” in the third line thereof.

  
 3 

			
		
		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line
thereof.
		
		  	Notwithstanding anything to the contrary in the Equity Definitions, to the extent that a Disrupted Day occurs (i) in the Hedge Period or the Calculation Period, the
Calculation Agent may, in its good faith and commercially reasonable discretion, postpone either or both of the Hedge Period End Date and/or the Scheduled Termination Date by one Scheduled Trading Day for each such Disrupted Day, or (ii) in the
Settlement Valuation Period, the Calculation Agent may extend the Settlement Valuation Period by one Scheduled Trading Day for each such Disrupted Day. If any such Disrupted Day is a Disrupted Day because of a Market Disruption Event (or a deemed
Market Disruption Event as provided herein), the Calculation Agent shall determine whether (i) such Disrupted Day is a Disrupted Day in full, in which case the VWAP Price for such Disrupted Day shall not be included for purposes of determining
the Hedge Period Reference Price, the Forward Price or the Settlement Price, as the case may be, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the VWAP Price for such Disrupted Day shall be determined by the
Calculation Agent based on Rule 10b-18 eligible transactions in the Shares on such Disrupted Day taking into account the nature and duration of the relevant Market Disruption Event, and the weighting of the VWAP Price for the relevant Exchange
Business Days during the Hedge Period, the Calculation Period or the Settlement Valuation Period, as the case may be, shall be adjusted in a commercially reasonable manner by the Calculation Agent for purposes of determining the Hedge Period
Reference Price, the Forward Price or the Settlement Price, as the case may be, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price of the Shares. Any
Exchange Business Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business Day; if a closure of the Exchange prior to its normal close of trading on
any Exchange Business Day is scheduled following the date hereof, then such Exchange Business Day shall be deemed to be a Disrupted Day in full.
		
		  	If a Disrupted Day occurs during the Hedge Period, the Calculation Period or the Settlement Valuation Period, as the case may be, and each of the nine immediately following
Scheduled Trading Days is a Disrupted Day, then the Calculation Agent, in its good faith and commercially reasonable discretion, may deem such ninth Scheduled Trading Day to be an Exchange Business Day that is not a Disrupted Day and determine the
VWAP Price for such ninth Scheduled Trading Day using its good faith estimate of the value of the Shares on such ninth Scheduled Trading Day based on the volume, historical trading patterns and price of the Shares and such other factors as it deems
appropriate.
	
	 Settlement Terms:

		
	 Settlement Procedures:
	  	If the Number of Shares to be Delivered is positive, Physical Settlement shall be applicable; provided that Dealer does not, and shall not, make the agreement or the
representations set forth in Section 9.11 of the Equity Definitions related to the restrictions imposed by applicable securities laws with respect to any Shares delivered by Dealer to Counterparty under any Transaction that arise as a result of the
fact that Counterparty is the Issuer of the Shares. If the Number of Shares to be Delivered is negative, then the Counterparty Settlement Provisions in Annex A shall apply.

  
 4 

			
		
	 Number of Shares to be Delivered:
	  	A number of Shares equal to (a) the Prepayment Amount divided by (b) the Settlement Price; provided that the Number of Shares to be Delivered as so determined shall
be reduced by the aggregate number of Shares delivered on the Initial Share Delivery Date and the Minimum Share Delivery Date, if any; provided further that, if the Cap Percentage is greater than 0%, the Number of Shares to be Delivered shall
not be so reduced to a number below zero in respect of the portion of such Transaction corresponding to such Cap Percentage. Notwithstanding Section 9.2 of the Equity Definitions, the Number of Shares to be Delivered shall be rounded down to the
nearest whole number of Shares and no Fractional Share Amounts shall be delivered..
		
	 Settlement Price:
	  	(a) If the Calculation Period Price is equal to or greater than the Cap Price, the Settlement Price shall be equal to the sum of (i) the Cap Price multiplied by the Cap
Percentage and (ii) the Calculation Period Price multiplied by the Non-Cap Percentage; or
		
		  	(b) If the Calculation Period Price is less than the Cap Price, the Settlement Price shall be equal to the Calculation Period Price.
		
	 Calculation Period Price:
	  	The greater of (i) the Forward Price minus the Forward Price Adjustment Amount and (ii) $2.00.
		
	 Cap Price:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Cap Percentage:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Non-Cap Percentage:
	  	For each Transaction, as set forth in the related Supplemental Confirmation, to be a percentage obtained by subtracting the Cap Percentage from 100%.
		
	 Excess Dividend Amount:
	  	For the avoidance of doubt, all references to the Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the Equity Definitions.
		
	 Settlement Date:
	  	If the Number of Shares to be Delivered is positive, the date that is one Settlement Cycle immediately following the Termination Date.
		
	 Settlement Currency:
	  	USD
		
	 Initial Share Delivery:
	  	Dealer shall deliver a number of Shares equal to the Initial Shares to Counterparty on the Initial Share Delivery Date in accordance with Section 9.4 of the Equity Definitions,
with the Initial Share Delivery Date deemed to be a “Settlement Date” for purposes of such Section 9.4.
		
	 Initial Share Delivery Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Initial Shares:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Minimum Share Delivery:
	  	Dealer shall deliver a number of Shares equal to the Minimum Shares on the Minimum Share Delivery Date in accordance with Section 9.4 of the Equity Definitions, with the Minimum
Share Delivery Date deemed to be a “Settlement Date” for purposes of such Section 9.4.

  
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	 Minimum Share Delivery Date:
	  	The date one Settlement Cycle immediately following the Hedge Completion Date.
		
	 Minimum Shares:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Share Adjustments:	  	
		
	 Potential Adjustment Event:
	  	Notwithstanding anything to the contrary in Section 11.2(e) of the Equity Definitions, neither (i) an Extraordinary Dividend nor (ii) repurchases effected in accordance with
Section 7 below shall constitute Potential Adjustment Events.
		
		  	It shall constitute an additional Potential Adjustment Event if the Scheduled Termination Date for any Transaction is postponed pursuant to “Valuation Disruption” above,
in which case the Calculation Agent may, in its commercially reasonable discretion, adjust any relevant terms of any such Transaction as appropriate to account for the economic effect on the Transaction of such postponement.
		
	 Extraordinary Dividend:
	  	For any calendar quarter, any dividend or distribution on the Shares with an ex-dividend date occurring during such calendar quarter (other than any dividend or distribution of
the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) of the Equity Definitions) (a “Dividend”) the amount or value of which (as determined by the Calculation Agent), when aggregated with the amount or value (as
determined by the Calculation Agent) of any and all previous Dividends with ex-dividend dates occurring in the same calendar quarter, exceeds the Ordinary Dividend Amount.
		
	 Ordinary Dividend Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment
		
	 Early Ordinary Dividend Payment:
	  	If an ex-dividend date for any Dividend that is not an Extraordinary Dividend occurs during any calendar quarter occurring (in whole or in part) during the Relevant Period (as
defined below) and is prior to the Scheduled Ex-Dividend Date for such calendar quarter, the Calculation Agent shall make such commercially reasonable adjustments to the exercise, settlement, payment or any other terms of the relevant Transaction as
the Calculation Agent determines in its good faith discretion to be appropriate to account for the economic effect on the Transaction of such event.
		
	 Scheduled Ex-Dividend Dates:
	  	For each Transaction for each calendar quarter, as set forth in the related Supplemental Confirmation.
		
	Extraordinary Events:	  	
		
	 Consequences of Merger Events:
	  	
		
	 (a)    Share-for-Share:
	  	 Modified Calculation Agent Adjustment

  
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	 (b)    Share-for-Other:
	  	 Cancellation and Payment

		
	 (c)    Share-for-Combined:
	  	 Component Adjustment

		
	 Tender Offer:
	  	Applicable; provided that (i) Section 12.1(d) of the Equity Definitions shall be amended by replacing “10%” in the third line thereof with “20%”, (ii)
Section 12.1(l) of the Equity Definitions shall be amended (x) by deleting the parenthetical in the fifth line thereof, (y) by replacing “that” in the fifth line thereof with “whether or not such announcement” and (z) by adding
immediately after the words “Tender Offer” in the fifth line thereof “, and any publicly announced change or amendment to such an announcement (including the announcement of an abandonment of such intention)” and (iii) Sections
12.3(a) and 12.3(d) of the Equity Definitions shall each be amended by replacing each occurrence of the words “Tender Offer Date” by “Announcement Date.”
		
	 Consequences of Tender Offers:
	  	
		
	 (a)    Share-for-Share:
	  	 Modified Calculation Agent Adjustment

		
	 (b)    Share-for-Other:
	  	 Modified Calculation Agent Adjustment

		
	 (c)    Share-for-Combined:
	  	 Modified Calculation Agent Adjustment

		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment; provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is
located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective
successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.
		
	 Additional Disruption Events:
	  	
		
	 (a)    Change in Law:
	  	 Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the
interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) by replacing the word “Shares” where it appears in clause (X) thereof with the words
“Hedge Position” and (iii) by immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; provided further that (i)
any determination as to whether (A) the adoption of or any change in any applicable law or regulation (including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or
mandated by existing statute) or (B) the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing
authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer

  
 7 

			
		
		  	 Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the
Trade Date, and (ii) Section 12.9(a)(ii) of the Equity Definitions is hereby amended by replacing the parenthetical beginning after the word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and
without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)”.

		
	 (b)    Failure to Deliver:
	  	 Applicable

		
	 (c)    Insolvency Filing:
	  	 Applicable

		
	 (d)    Loss of Stock Borrow:
	  	 Applicable

		
	 Maximum Stock Loan Rate:
	  	 200 basis points per annum

		
	 Hedging Party:
	  	 Dealer

		
	 (e)    Increased Cost of Stock Borrow:
	  	 Applicable

		
	 Initial Stock Loan Rate:
	  	 50 basis points per annum

		
	 Hedging Party:
	  	 Dealer

		
	 Determining Party:
	  	 Dealer; provided that, upon receipt of written request from Counterparty, the Determining Party shall promptly provide Counterparty with a written
explanation describing in reasonable detail any calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination,
as the case may be, but without disclosing Dealer’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially
reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such request.

		
	 Additional Termination Event:
	  	The declaration by the Issuer of any Extraordinary Dividend, the ex-dividend date for which occurs or is scheduled to occur during the Relevant Dividend Period, will constitute
an Additional Termination Event, with Counterparty as the sole Affected Party and all Transactions hereunder as the Affected Transactions.
		
	 Relevant Dividend Period:
	  	The period from and including the first day of the Hedge Period to and including the Relevant Dividend Period End Date.
		
	Relevant Dividend Period End Date:	  	If Annex A applies, the last day of the Settlement Valuation Period; otherwise, the Termination Date.
		
	Non-Reliance/Agreements and Acknowledgements Regarding Hedging Activities/Additional Acknowledgements:	  	Applicable

  
 8 

			
		
	Transfer:	  	Notwithstanding anything to the contrary in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer
under any Transaction, in whole or in part, to an affiliate of Dealer whose obligations are guaranteed by Credit Suisse Group AG pursuant to a guarantee in a form customarily used by Credit Suisse Group AG at such time without the consent of
Counterparty; provided that (i) prior written notice of such transfer is provided to Counterparty, (ii) immediately upon giving effect to such transfer and assignment, an Event of Default, Potential Event of Default or Termination Event will
not occur as a result thereof and (iii) as a result of such transfer and assignment, Counterparty will not be expected as of the date of such transfer and assignment to (x) be required to pay or deliver to the transferee on any payment date or
delivery date an amount under Section 2(d)(i)(4) of the Agreement or a number of Shares, as applicable, greater than the amount or the number of Shares, respectively, that Counterparty would have been required to pay or deliver to Dealer in the
absence of such transfer and assignment or (y) receive from the transferee on any payment date or delivery date an amount under Section 2(d)(i)(4) of the Agreement or a number of Shares, as applicable, lower than the amount or the number of Shares,
respectively, that Dealer would have been required to pay or deliver to Counterparty in the absence of such transfer and assignment.
		
	Dealer Payment Instructions:	  	To be provided by Dealer
		
	Counterparty’s Contact Details for Purpose of Giving Notice:	  	To be provided by Counterparty
		
	Dealer’s Contact Details for Purpose of Giving Notice:	  	To be provided by Dealer
		
	2. Calculation Agent.	  	Dealer; provided that, upon receipt of written request from Counterparty, the Calculation Agent shall promptly provide Counterparty with a written explanation describing
in reasonable detail any calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be,
but without disclosing Dealer’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to
provide such written explanation within five (5) Exchange Business Days from the receipt of such request.

 3. Additional Mutual Representations, Warranties and Covenants of Each Party. In addition to the representations, warranties and covenants in the Agreement, each party represents, warrants and
covenants to the other party that: 
 (a) Eligible Contract Participant. It is an “eligible contract
participant”, as defined in the U.S. Commodity Exchange Act (as amended), and is entering into each Transaction hereunder as principal (and not as agent or in any other capacity, fiduciary or otherwise) and not for the benefit of any third
party. 
 (b) Accredited Investor. Each party acknowledges that the offer and sale of each Transaction to it is intended
to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(2) thereof. Accordingly, each party represents and warrants to the other that (i) it has the financial
ability to bear the economic risk of its investment in each Transaction and is able to bear a total loss of its investment, (ii) it is an “accredited investor” as that term is defined under Regulation D under the Securities Act and
(iii) the disposition of each Transaction is restricted under this Master Confirmation, the Securities Act and state securities laws. 

  
 9 

 3A. Additional Representations, Warranties and Covenants of Dealer. 

(a) In addition to the covenants in the Agreement and herein, Dealer agrees to use good faith efforts, during the Hedge Period, the
Calculation Period and any Settlement Valuation Period (as defined in Annex A) for any Transaction, to make all purchases of Shares in connection with such Transaction in a manner that would comply with the limitations set forth in clauses (b)(2),
(b)(3) and (b)(4) of Rule 10b-18 under the Securities Exchange Act of 1934 (“Rule 10b-18”), as if such rule was applicable to such purchases and taking into account any applicable Securities and Exchange Commission no-action letters
as appropriate, and subject to any delays between the execution and reporting of a trade of the Shares on the Exchange and other circumstances beyond Dealer’s control; provided that, following the Hedge Period, the foregoing agreement
shall not apply to purchases made to dynamically hedge for Dealer’s own account or the account of its affiliate(s) the optionality arising under a Transaction. 
 (b) In connection with each Transaction, Dealer represents and warrants to Counterparty that it has not, at any time on or before the Trade Date for such Transaction, discussed any offsetting
transaction(s) in respect of such Transaction with any third party. 
 4. Additional Representations, Warranties and Covenants of
Counterparty. In addition to the representations, warranties and covenants in the Agreement, Counterparty represents, warrants and covenants to Dealer that: 
 (a) Counterparty is not engaged in on the Trade Date, and will not engage in during the Relevant Period (as defined below in clause (g) of this Section 4), any tender offer for the Shares.

 (b) It is not entering into, nor making any election with respect to, any Transaction (i) on the basis of, and is not
aware of, any material non-public information with respect to the Shares (ii) in anticipation of, in connection with, or to facilitate, a distribution of its securities, a self tender offer or a third-party tender offer or (iii) to create
actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the
Shares). 
 (c) Each Transaction is being entered into pursuant to a publicly disclosed Share buy-back program and its Board of
Directors has approved the use of derivatives to effect the Share buy-back program. 
 (d) Without limiting the generality of
Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of any
Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in
Entity’s Own Equity. 
 (e) As of (i) the date hereof and (ii) the Trade Date for each Transaction hereunder,
Counterparty is in compliance with its reporting obligations under the Exchange Act, and the Form 10, as amended, filed in connection with Counterparty’s spin-off from Tyco International Ltd, together with all reports subsequently filed by it
pursuant to the Exchange Act, taken together and as amended and supplemented to the date of this representation, do not, as of their respective filing dates, contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (f) Counterparty shall report each Transaction as required under the Exchange Act and the rules and regulations thereunder. 

  
 10 

 (g) The Shares are not, and Counterparty will not cause the Shares to be, subject to a
“restricted period” (as defined in Regulation M promulgated under the Exchange Act) at any time during any Regulation M Period (as defined below) for any Transaction unless Counterparty has provided written notice to Dealer of such
restricted period not later than the Scheduled Trading Day immediately preceding the first day of such “restricted period”; Counterparty acknowledges that any such notice may cause a Disrupted Day to occur pursuant to Section 5 below;
accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set forth in Section 6 below; “Regulation M Period” means, for any Transaction, (i) the Relevant Period (as
defined below) and (ii) the Settlement Valuation Period, if any, for such Transaction. “Relevant Period” means, for any Transaction, the period commencing on the first day of the Hedge Period for such Transaction and ending on
the earlier of (i) the Scheduled Termination Date and (ii) the last Additional Relevant Day (as specified in the related Supplemental Confirmation) for such Transaction, or such earlier day as elected by Dealer and communicated to
Counterparty on such day (or, if later, the First Acceleration Date without regard to any acceleration thereof pursuant to “Special Provisions for Friendly Transaction Announcements” below). 

(h) As of the Trade Date and the Prepayment Date for each Transaction, Counterparty is not “insolvent” (as such term is defined
under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase a number of Shares with a value equal to the Prepayment Amount in
compliance with the laws of the jurisdiction of Counterparty’s incorporation. 
 (i) Counterparty is not and, after giving
effect to any Transaction, will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (j) Counterparty has not and will not enter into agreements similar to the Transactions described herein where any initial hedge period, calculation period, relevant period or settlement valuation period
(each however defined) in such other transaction will overlap at any time (including as a result of extensions in such initial hedge period, calculation period, relevant period or settlement valuation period as provided in the relevant agreements)
with any Relevant Period or, if applicable, any Settlement Valuation Period under this Master Confirmation. In the event that the initial hedge period, relevant period, calculation period or settlement valuation period in any other similar
transaction overlaps with any Relevant Period or, if applicable, Settlement Valuation Period under this Master Confirmation as a result of any postponement of the Scheduled Termination Date or extension of the Settlement Valuation Period pursuant to
“Valuation Disruption” above, Counterparty shall promptly amend such transaction to avoid any such overlap. 
 5. Regulatory
Disruption. In the event that Dealer concludes, in good faith and in consultation with counsel, that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures generally applicable
to the relevant line of business (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer), for it to refrain from or decrease any market activity on any Scheduled Trading Day or Days
during the Hedge Period, the Calculation Period or, if applicable, the Settlement Valuation Period, Dealer may by written notice to Counterparty elect to deem that a Market Disruption Event has occurred and will be continuing on such Scheduled
Trading Day or Days. 
 6. 10b5-1 Plan. Counterparty represents, warrants and covenants to Dealer that: 

(a) Counterparty is entering into this Master Confirmation and each Transaction hereunder in good faith and not as part of a plan or
scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) or any other antifraud or anti-manipulation provisions of the federal or applicable state securities laws and that it has not entered into or
altered and will not enter into or alter any “corresponding or hedging transaction” (within the meaning of Rule 10b5-1) or position with respect to the Shares. Counterparty acknowledges that it is the intent of the parties that each
Transaction entered into under this Master Confirmation comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 and each Transaction entered into under this Master Confirmation shall be interpreted to comply with the
requirements of Rule 10b5-1(c). 
 (b) Counterparty will not seek to control or influence Dealer’s decision to make any
“purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under any Transaction entered into under this Master 

  
 11 

 
Confirmation, including, without limitation, Dealer’s decision to enter into any hedging transactions. Counterparty represents and warrants that it has consulted with its own advisors as to
the legal aspects of its adoption and implementation of this Master Confirmation, each Supplemental Confirmation and each Trade Notification under Rule 10b5-1. 
 (c) Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this Master Confirmation, the relevant Supplemental Confirmation or Trade Notification must be effected
in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good
faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is
aware of any material non-public information regarding Counterparty or the Shares. 
 7. Counterparty Purchases. Counterparty (or any
“affiliated purchaser” as defined in Rule 10b-18) shall not, without the prior written consent of Dealer, directly or indirectly purchase any Shares (including by means of a derivative instrument), listed contracts on the Shares or
securities that are convertible into, or exchangeable or exercisable for Shares (including, without limitation, any Rule 10b-18 purchases of blocks (as defined in Rule 10b-18)) during any Relevant Period or, if applicable, Settlement Valuation
Period, except through Dealer; provided that (x) purchases of Shares that do not constitute “Rule 10b-18 purchases” under subparagraphs (ii) or (iii) of Rule 10b-18(a)(13), (y) withholding of Shares to cover
amounts payable (including tax liabilities and/or payment of exercise price) in respect of the exercise of employee stock options, and (z) privately negotiated off-exchange repurchases of Shares that are not reasonably expected to result in
purchases of Shares in the market shall, in each case, not be subject to this Section 7. 
 8. Special Provisions for Merger
Transactions. Notwithstanding anything to the contrary herein or in the Equity Definitions: 
 (a) Counterparty agrees that
it: 
 (i) will not during the period commencing on the Trade Date through the end of the Relevant Period or, if
applicable, the Settlement Valuation Period for any Transaction make, or (to the extent within its control) permit to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger
Transaction (a “Public Announcement”) unless such Public Announcement is made prior to the opening or after the close of the regular trading session on the Exchange for the Shares; 

(ii) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify
Dealer following any such Public Announcement that such Public Announcement has been made; and 
 (iii) shall
promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice specifying (i) Counterparty’s average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during
the three full calendar months immediately preceding the announcement date that were not effected through Dealer or its affiliates and (ii) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for
the three full calendar months preceding the date of such Public Announcement. Such written notice shall be deemed to be a certification by Counterparty to Dealer that such information is true and correct. In addition, Counterparty shall promptly
notify Dealer of the earlier to occur of the completion of the relevant Merger Transaction and the completion of the vote by target shareholders. 
 (b) Counterparty acknowledges that a Public Announcement may cause the terms of any Transaction to be adjusted or such Transaction to be terminated; accordingly, Counterparty acknowledges that in making
any Public Announcement, it must comply with the standards set forth in Section 6 above. 

  
 12 

 (c) Upon the occurrence of any Public Announcement (whether made by Counterparty or a third
party), Dealer in its sole discretion may (i) make commercially reasonable adjustments to the terms of any Transaction, including, without limitation, the Scheduled Termination Date or the Forward Price Adjustment Amount, and/or suspend the
Hedge Period, the Calculation Period and/or any Settlement Valuation Period or (ii) treat the occurrence of such Public Announcement as an Additional Termination Event with Counterparty as the sole Affected Party and the Transactions hereunder
as the Affected Transactions and with the amount under Section 6(e) of the Agreement determined taking into account the fact that the Calculation Period or Settlement Valuation Period, as the case may be, had fewer Scheduled Trading Days than
originally anticipated. 
 “Merger Transaction” means any merger, acquisition or similar transaction involving
a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. 
 9. Special Provisions for Friendly Transaction
Announcements. (a) If a Friendly Transaction Announcement occurs on or prior to the Settlement Date for any Transaction, then the Calculation Agent shall make such adjustments to the exercise, settlement, payment or any other terms of such
Transaction (including, without limitation, the Cap Price and the Forward Price Adjustment Amount) as the Calculation Agent determines appropriate, at such time or at multiple times as the Calculation Agent determines appropriate, to account for the
economic effect on such Transaction of such Friendly Transaction Announcement (including adjustments to account for changes in volatility, expected dividends, stock loan rate and liquidity relevant to the Shares or to such Transaction). If a
Friendly Transaction Announcement occurs after the Trade Date, but prior to the First Acceleration Date of any Transaction, the First Acceleration Date shall be the date of such Friendly Transaction Announcement. If a Friendly Transaction
Announcement occurs after the Settlement Date for any Transaction or any earlier date of termination or cancellation of such Transaction pursuant to Section 6 of the Agreement or Article 12 of the Equity Definitions, then a second settlement of
such Transaction (a “Second Settlement”) shall occur (notwithstanding such earlier termination or cancellation) with a Number of Shares to be Delivered equal to the lesser of (i) zero and (ii) (x) the Number of Shares
to be Delivered determined pursuant to the first sentence of this paragraph as if such Friendly Transaction Announcement occurred prior to such Settlement Date minus (y) the Number of Shares to be Delivered determined pursuant to
Section 1 of this Master Confirmation (provided that in the case of a Second Settlement occurring after such an early termination or cancellation, a Number of Shares to be Delivered shall not be determined and instead a Forward Cash
Settlement Amount will be determined as provided in Annex A). 
 (b) “Friendly Transaction Announcement” means
(i) an Acquisition Transaction Announcement by Counterparty or its board of directors prior to the Settlement Date or any earlier date of termination or cancellation of the relevant Transaction pursuant to Section 6 of the Agreement or
Article 12 of the Equity Definitions (such date, the “Actual Termination Date”), (ii) (A) an announcement by Counterparty or its board of directors prior to the date three months following the Scheduled Termination Date
that an Acquisition Transaction that is the subject of an Acquisition Transaction Announcement occurring prior to the Actual Termination Date has been approved, agreed to, recommended by or otherwise consented to by Counterparty or its board of
directors, or negotiated by Counterparty or any authorized representative of Counterparty or (B) consummation prior to the date three months following the Scheduled Termination Date of an Acquisition Transaction that is the subject of an
Acquisition Transaction Announcement occurring prior to the Actual Termination Date, or (iii) where Counterparty or its board of directors has a legal obligation to make a recommendation to its shareholders in respect of any such Acquisition
Transaction prior to the date three months following the Scheduled Termination Date, the absence of a recommendation that its shareholders reject such transaction. 
 (c) “Acquisition Transaction Announcement” means (i) the announcement of an Acquisition Transaction, (ii) an announcement that Counterparty or any of its subsidiaries has
entered into an agreement, a letter of intent or an understanding designed to result in an Acquisition Transaction, (iii) the announcement of the intention to solicit or enter into, or to explore strategic alternatives or other similar
undertaking that may include, an Acquisition Transaction, (iv) any other announcement that in the reasonable judgment of the Calculation Agent may result in an Acquisition Transaction or (v) any announcement of any change or amendment to
any previous Acquisition Transaction Announcement (including any announcement of the abandonment of any such previously announced Acquisition Transaction, agreement, letter of intent, understanding or intention). For the avoidance of doubt,
announcements as used in the definition of Acquisition Transaction Announcement refer to any public announcement whether made by the Issuer or a third party. 

  
 13 

 (d) “Acquisition Transaction” means (i) any Merger Event (for purposes
of this definition the definition of Merger Event shall be read with the references therein to “100%” being replaced by “25%” and to “50%” by “75%” and without reference to the clause beginning immediately
following the definition of Reverse Merger therein to the end of such definition), Tender Offer or Merger Transaction (provided that, for purposes of this Section 9, the Merger Transaction involves consideration (x) valued in excess of 25%
of the market capitalization of Counterparty measured on the relevant date of announcement or (y) consisting of a number of Shares that exceeds 25% of the number of outstanding Shares on the relevant date of announcement) or any other
transaction involving the merger of Counterparty with or into any third party, (ii) the sale or transfer of all or substantially all of the assets of Counterparty, (iii) a recapitalization, reclassification, binding share exchange or other
similar transaction, (iv) any acquisition, lease, exchange, transfer, disposition (including by way of spin-off or distribution) of assets (including any capital stock or other ownership interests in subsidiaries) or other similar event by
Counterparty or any of its subsidiaries where the aggregate consideration transferable or receivable by or to Counterparty or its subsidiaries exceeds 25% of the market capitalization of Counterparty measured as of the relevant date of announcement
and (v) any transaction in which Counterparty or its board of directors has a legal obligation to make a recommendation to its shareholders in respect of such transaction (whether pursuant to Rule 14e-2 under the Exchange Act or otherwise).

 10. Acknowledgments. (a) The parties hereto intend for: 

(i) each Transaction to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code, a
“swap agreement” as defined in Section 101(53B) of the Bankruptcy Code and a “forward contract” as defined in Section 101(25) of the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by,
among other Sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 555, 556, 560 and 561 of the Bankruptcy Code; 
 (ii) the Agreement to be a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code; 

(iii) a party’s right to liquidate, terminate or accelerate any Transaction, net out or offset termination values or
payment amounts, and to exercise any other remedies upon the occurrence of any Event of Default or Termination Event under the Agreement with respect to the other party or any Extraordinary Event that results in the termination or cancellation of
any Transaction to constitute a “contractual right” (as defined in the Bankruptcy Code); and 
 (iv)
all payments for, under or in connection with each Transaction, all payments for the Shares (including, for the avoidance of doubt, payment of the Prepayment Amount) and the transfer of such Shares to constitute “settlement payments” and
“transfers” (as defined in the Bankruptcy Code). 
 (b) Counterparty acknowledges that: 

(i) during the term of any Transaction, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or
futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to such Transaction; 
 (ii) Dealer and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in connection with hedging activities in relation to any Transaction,
including acting as agent or as principal and for its own account or on behalf of customers; 
 (iii) Dealer shall make its own
determination as to whether, when or in what manner any hedging or market activities in Counterparty’s securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the
Forward Price and the VWAP Price; 
 (iv) any market activities of Dealer and its affiliates with respect to the Shares may
affect the market price and volatility of the Shares, as well as the Forward Price and VWAP Price, each in a manner that may be adverse to Counterparty; and 

  
 14 

 (v) each Transaction is a derivatives transaction in which it has granted Dealer an option;
Dealer may purchase shares for its own account at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the related Transaction. 

(c) Counterparty: 
 (a) is an “institutional account” as defined in FINRA Rule 4512(c); 
 (b) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, and will exercise independent
judgment in evaluating the recommendations of Dealer or its associated persons; and 
 (c) will notify Dealer if
any of the statements contained in clause (i) or (ii) of this Section 12(c) ceases to be true. 
 11. Credit Support
Documents. The parties hereto acknowledge that no Transaction hereunder is secured by any collateral that would otherwise secure the obligations of Counterparty herein or pursuant to the Agreement. 

12. Set-off. (a) The parties agree to amend Section 6 of the Agreement by adding a new Section 6(f) thereto as follows: 

“(f) Upon the occurrence of an Event of Default or Termination Event with respect to a party who is the Defaulting Party or the
Affected Party (“X”), the other party (“Y”) will have the right (but not be obliged) without prior notice to X or any other person to set-off or apply any obligation of X owed to Y (whether or not matured or contingent and
whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation) against any obligation of Y owed to X (whether or not matured or contingent and whether or not arising under the
Agreement, and regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of any set-off effected under this Section 6(f). 

Amounts (or the relevant portion of such amounts) subject to set-off may be converted by Y into the Termination Currency at the rate of
exchange at which such party would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. If any obligation is unascertained, Y may in good faith estimate that obligation and set-off in respect of
the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section 6(f) shall be effective to create a charge or other security interest. This Section 6(f) shall be without
prejudice and in addition to any right of set-off, combination of accounts, lien or other right to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise).” 

(b) Notwithstanding anything to the contrary in the foregoing, Dealer agrees not to set off or net amounts due from Counterparty with
respect to any Transaction against amounts due from Dealer to Counterparty with respect to contracts or instruments that are not Equity Contracts. “Equity Contract” means any transaction or instrument that does not convey to Dealer
rights, or the ability to assert claims, that are senior to the rights and claims of common stockholders in the event of Counterparty’s bankruptcy. 
 13. Delivery of Shares. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to Counterparty, satisfy its obligation to deliver any Shares or other securities on any date
due (an “Original Delivery Date”) by making separate deliveries of Shares or such securities, as the case may be, at more than one time on or prior to such Original Delivery Date, so long as the aggregate number of Shares and other
securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered on such Original Delivery Date. 

  
 15 

 14. Early Termination. In the event that an Early Termination Date (whether as a result of an Event
of Default or a Termination Event) occurs or is designated with respect to any Transaction (except as a result of a Merger Event in which the consideration or proceeds to be paid to holders of Shares consists solely of cash), if either party would
owe any amount to the other party pursuant to Section 6(d)(ii) of the Agreement (any such amount, a “Payment Amount”), then, in lieu of any payment of such Payment Amount, Counterparty may, no later than the Early Termination
Date or the date on which such Transaction is terminated, elect to deliver or for Dealer to deliver, as the case may be, to the other party a number of Shares (or, in the case of a Merger Event, a number of units, each comprising the number or
amount of the securities or property that a hypothetical holder of one Share would receive in such Merger Event (each such unit, an “Alternative Delivery Unit” and, the securities or property comprising such unit,
“Alternative Delivery Property”)) with a value equal to the Payment Amount, as determined by the Calculation Agent (and the parties agree that, in making such determination of value, the Calculation Agent may take into account a
number of factors, including the market price of the Shares or Alternative Delivery Property on the date of early termination and, if such delivery is made by Dealer, the prices at which Dealer purchases Shares or Alternative Delivery Property to
fulfill its delivery obligations under this Section 14); provided that in determining the composition of any Alternative Delivery Unit, if the relevant Merger Event involves a choice of consideration to be received by holders, such
holder shall be deemed to have elected to receive the maximum possible amount of cash; and provided further that Counterparty may make such election only if Counterparty represents and warrants to Dealer in writing on the date it notifies
Dealer of such election that, as of such date, Counterparty is not aware of any material non-public information concerning the Shares and is making such election in good faith and not as part of a plan or scheme to evade compliance with the federal
securities laws. If such delivery is made by Counterparty, paragraphs 2 through 7 of Annex A shall apply as if such delivery were a settlement of the Transaction to which Net Share Settlement applied, the Cash Settlement Payment Date were the Early
Termination Date and the Forward Cash Settlement Amount were zero (0) minus the Payment Amount owed by Counterparty. 
 15.
Calculations and Payment Date upon Early Termination. The parties acknowledge and agree that in calculating Close-out Amount pursuant to Section 6 of the Agreement, Dealer may (but need not) determine losses incurred in connection with
terminating, liquidating or re-establishing any hedge without reference to actual losses incurred but based on expected losses assuming a commercially reasonable (including without limitation with regard to reasonable legal and regulatory
guidelines) risk bid were used to determine such losses to avoid awaiting the delay associated with closing out any hedge or related trading position in a commercially reasonable manner prior to or sooner following the designation of an Early
Termination Date; provided that, if such a risk bid is used by Dealer, then, in addition to and without limiting the generality of Section 6(d) of the Agreement, Dealer shall promptly provide Counterparty with a written statement
describing in reasonable detail the basis for such risk bid (including any quotations, market data or information from internal or external sources used in determining such risk bid, but without disclosing Dealer’s proprietary models or other
information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information). Notwithstanding anything to the contrary in Section 6(d)(ii) of the Agreement, all amounts calculated as being due
in respect of an Early Termination Date under Section 6(e) of the Agreement will be payable on the day that notice of the amount payable is effective; provided that if Counterparty elects to receive Shares or Alternative Delivery
Property in accordance with Section 14, such Shares or Alternative Delivery Property shall be delivered on a date selected by Dealer as promptly as practicable. 
 16. Automatic Termination Provisions. Notwithstanding anything to the contrary in Section 6 of the Agreement, if a Termination Price is specified in any Supplemental Confirmation, then an
Additional Termination Event with Counterparty as the sole Affected Party and the Transaction to which such Supplemental Confirmation relates as the Affected Transaction will automatically occur without any notice or action by Dealer or Counterparty
if the closing price of the Shares on the Exchange is below such Termination Price for two consecutive Exchange Business Days, and the second Exchange Business Day that the closing price of the Shares on the Exchange is below the Termination Price
will be the “Early Termination Date” for purposes of the Agreement. 
 17. Delivery of Cash. For the avoidance of doubt,
nothing in this Master Confirmation shall be interpreted as requiring Counterparty to deliver cash in respect of the settlement of the Transactions contemplated by this Master Confirmation following payment by Counterparty of the relevant Prepayment
Amount, except in circumstances 

  
 16 

 
where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as
in effect on the relevant Trade Date (including, without limitation, where Counterparty so elects to deliver cash or fails timely to elect to deliver Shares or Alternative Delivery Property in respect of the settlement of such Transactions).

 18. Claim in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to
the Transactions that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. 
 19. General
Obligations Law of New York. With respect to each Transaction, (i) this Master Confirmation, together with the related Supplemental Confirmation, as supplemented by the related Trade Notification, is a “qualified financial
contract”, as such term is defined in Section 5-701(b)(2) of the General Obligations Law of New York (the “General Obligations Law”); (ii) such Trade Notification constitutes a “confirmation in writing sufficient
to indicate that a contract has been made between the parties” hereto, as set forth in Section 5-701(b)(3)(b) of the General Obligations Law; and (iii) this Master Confirmation, together with the related Supplemental Confirmation,
constitutes a prior “written contract” as set forth in Section 5-701(b)(1)(b) of the General Obligations Law, and each party hereto intends and agrees to be bound by this Master Confirmation and the related Supplemental Confirmation,
as supplemented by the Trade Notification. 
 20. Governing Law. The Agreement, this Master Confirmation, each Supplemental Confirmation,
each Trade Notification and all matters arising in connection with the Agreement, this Master Confirmation, each Supplemental Confirmation and each Trade Notification shall be governed by, and construed and enforced in accordance with, the laws of
the State of New York (without reference to its choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law). 
 21. Offices. 
 (a) The Office of Dealer for each Transaction is: as set
forth on the first page hereof. 
 (b) The Office of Counterparty for each Transaction is: 1501 Yamato Road, Boca Raton,
Florida, 33431. 
 22. Matters relating to Credit Suisse International and Credit Suisse AG, New York Branch. 

 

	 	1.	Credit Suisse AG, New York Branch, in its capacity as Agent will be responsible for (A) effecting the Transaction, (B) issuing all required confirmations and
statements to Dealer and Counterparty, (C) maintaining books and records relating to the Transaction in accordance with its standard practices and procedures and in accordance with applicable law and (D) unless otherwise requested by
Counterparty, receiving, delivering, and safeguarding Counterparty’s funds and any securities in connection with the Transaction, in accordance with its standard practices and procedures and in accordance with applicable law.

  

	 	2.	Agent is acting in connection with the Transaction solely in its capacity as Agent for Dealer and Counterparty pursuant to instructions from Dealer and Counterparty.
Agent shall have no responsibility or personal liability to Dealer or Counterparty arising from any failure by Dealer or Counterparty to pay or perform any obligations hereunder, or to monitor or enforce compliance by Dealer or Counterparty with any
obligation hereunder, including, without limitation, any obligations to maintain collateral. Each of Dealer and Counterparty agrees to proceed solely against the other to collect or recover any securities or monies owing to it in connection with or
as a result of the Transaction. Agent shall otherwise have no liability in respect of the Transaction, except for its gross negligence or willful misconduct in performing its duties as Agent. 

  
 17 

	 	3.	Any and all notices, demands, or communications of any kind relating to the Transaction between Dealer and Counterparty shall be transmitted exclusively through Agent
at the following address: 

 Credit Suisse AG, New York Branch 

Eleven Madison Avenue 
 New York, NY 10010-3629 
 For payments and deliveries: 

Facsimile No.: (212) 325 8175 
 Telephone No.: (212) 325 8678 / (212) 325 3213 
 For all other
communications: 
 Facsimile No.: (212) 325 8173 
 Telephone No.: (212) 325 8676 / (212) 538 5306 / (212) 538 1193 / (212) 538 6886 
  

	 	4.	Dealer is regulated by The Securities and Futures Authority and has entered into the Transaction as principal. The time at which the Transaction was executed will be
notified to Counterparty (through Agent) on request. 

 23. Account Opening Agreements. If in connection with any
Transaction there is any inconsistency between the Agreement, this Master Confirmation, any Supplemental Confirmation and the Equity Definitions, on the one hand, and Credit Suisse International’s Account Opening Documents, entered into between
Dealer and Counterparty in connection with executing this Master Confirmation, as amended or supplemented from time to time, the Agreement, this Master Confirmation, and Supplemental Confirmation and the Equity Definitions, as the case may be, shall
prevail for purposes of such Transaction. 
 24. Submission to Jurisdiction. Section 13(b) of the Agreement is hereby deleted in its
entirety and replaced by the following: 
 “Each party hereby irrevocably and unconditionally submits for itself and its
property in any suit, legal action or proceeding relating to this Agreement and/or any Transaction, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive jurisdiction of the
Supreme Court of the State of New York, sitting in New York Country, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in the Master Confirmation, any Supplemental
Confirmation, any Trade Notification or this Agreement precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York
lack jurisdiction over the parties or the subject matter of the Proceedings or declines to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the
other party’s property, assets or estate any decision or judgment rendered by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to
any higher court with competent appellate jurisdiction over that court’s decisions or judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court;
or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this
Agreement, the Master Confirmation, any Supplemental Confirmation or any Trade Notification, the party (1) joints, files a claim, or takes any other action, in any such suit, action or proceeding or (2) otherwise commences any Proceeding
in that other jurisdiction as the result of that other suit, action or proceeding having commenced in that other jurisdiction.” 
 25.
Waiver of Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS MASTER CONFIRMATION, EACH SUPPLEMENTAL CONFIRMATION AND THE RELATED TRADE NOTIFICATION AND EACH TRANSACTION OR THE ACTIONS OF DEALER OR ITS
AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

  
 18 

 26. Counterparts. This Master Confirmation may be executed in any number of counterparts, all of
which shall constitute one and the same instrument, and any party hereto may execute this Master Confirmation by signing and delivering one or more counterparts. 

  
 19 

 EXECUTION VERSION 

Counterparty hereby agrees (a) to check this Master Confirmation carefully and immediately upon receipt so that errors or
discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with respect to any particular
Transaction to which this Master Confirmation relates, by manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed
copy. 
  

			
	 Yours faithfully,

	
	CREDIT SUISSE INTERNATIONAL
		
	 By:
	 	 /s/ Tobias Schraven

	 Name:
	 	 Tobias Schraven

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Steve Winnert

	 Name:
	 	 Steve Winnert

	 Title:
	 	 Managing Director

	
	CREDIT SUISSE AG, NEW YORK BRANCH, AS AGENT FOR CREDIT SUISSE INTERNATIONAL
		
	 By:
	 	 /s/ Gautam Ahuja

	 Name:
	 	 Gautam Ahuja

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Steve Winnert

	 Name:
	 	 Steve Winnert

	 Title:
	 	 Managing Director

  

			
	 Agreed and Accepted By:

	
	THE ADT CORPORATION
		
	By:	 	 /s/ Ravi Tulsyan

	Name:	 	 Ravi Tulsyan

	Title:	 	 Senior Vice President and Treasurer

 SCHEDULE A 
 SUPPLEMENTAL CONFIRMATION 
  

			
		
	 To:   
	  	 The  ADT Corporation

1501Yamato Road
 BocaRaton, Florida, 33431

		
	 From:
	  	 CreditSuisse International

One  Cabot Square

LondonE14 4QJ
 England

		
	 Subject:
	  	 CappedAccelerated Stock Buyback

		
	 Ref. No:
	  	 [InsertReference No.]

		
	 Date:
	  	 [InsertDate]

  
  

The purpose of this Supplemental Confirmation is to confirm the terms and conditions of the Transaction entered into between Credit
Suisse International (“Dealer”) and The ADT Corporation (“Counterparty”) (together, the “Contracting Parties”) on the Trade Date specified below. This Supplemental Confirmation is a binding contract between Dealer and
Counterparty as of the relevant Trade Date for the Transaction referenced below. 
 1. This Supplemental Confirmation
supplements, forms part of, and is subject to the Master Confirmation dated as of [Insert Date] (the “Master Confirmation”) between the Contracting Parties, as amended and supplemented from time to time. All provisions
contained in the Master Confirmation govern this Supplemental Confirmation except as expressly modified below. 
 2. The terms
of the Transaction to which this Supplemental Confirmation relates are as follows: 
  

			
		
	Trade Date:	  	[            ]
		
	Forward Price Adjustment Amount:	  	USD [            ] 
		
	Cap Price:	  	[            ] 
		
	 VWAP Reference Price:
  

Reference Date:
  
 Cap Percentage:
	  	 USD [            ] 

 
 [            ]

  
 [    ]%

		
	Non-Cap Percentage:	  	[    ]%
		
	Hedge Period Start Date:	  	[            ] 
		
	Hedge Period End Date:	  	[            ] 
		
	Calculation Period Start Date:	  	[            ] 
		
	Scheduled Termination Date:	  	[            ] 
		
	First Acceleration Date:	  	[            ] 
		
	Prepayment Amount:	  	USD [            ] 

  
 A-1

			
		
	Prepayment Date:	  	[            ] 
		
	Ordinary Dividend Amount:	  	[            ] 
		
	Scheduled Ex-Dividend Dates:	  	[            ] 
		
	Termination Price:	  	USD [            ] 
		
	Initial Shares:	  	[            ] Shares; provided that if, in connection with the Transaction, Dealer is unable to borrow or
otherwise acquire a number of Shares equal to the Initial Shares for delivery to Counterparty on the Initial Share Delivery Date, the Initial Shares delivered on the Initial Share Delivery Date shall be reduced to such number of Shares that Dealer
is able to so borrow or otherwise acquire, and thereafter Dealer shall continue to use commercially reasonable efforts to borrow or otherwise acquire a number of Shares, at a stock borrow cost no greater than the Initial Stock Loan Rate, equal to
the shortfall in the Initial Share Delivery and to deliver such additional Shares as soon as reasonably practicable (it being understood, for the avoidance of doubt, that in using such commercially reasonable efforts Dealer shall act in good faith
and in accordance with its then current policies, practices and procedures (including without limitation any policies, practices or procedures relating to counterparty risk, market risk, reputational risk, credit, documentation, legal, regulatory
capital, compliance and collateral), and shall not be required to enter into any securities lending transaction or transact with any potential securities lender if such transaction would not be in accordance with such policies, practices and
procedures). For the avoidance of doubt, the aggregate of all shares delivered to Counterparty in respect of the Transaction pursuant to this paragraph shall be the “number of Initial Shares” for purposes of “Number of Shares to be
Delivered” in the Master Confirmation.
		
	Initial Share Delivery Date:	  	[            ]
		
	Minimum Shares:	  	 [As set forth in the Trade Notification, to be a number of Shares equal to the excess, if any, of:

 
 (a) (i) the Prepayment Amount multiplied by the Cap
Percentage divided by (ii) the Cap Price, over
  
 (b) the number of
Initial Shares/ [Not Applicable]

		
	Additional Relevant Days:	  	The [            ] Exchange Business Days immediately following the Calculation Period.

 3. [Notwithstanding anything to the contrary in the Master Confirmation, the representation and warranty of Counterparty
in clause (i) of Section 4(b) shall be given as of the date and time that Counterparty delivers to Dealer a certificate in substantially the form of Exhibit A hereto and not as of the Trade Date. The parties agree that in the event
Counterparty does not deliver such certificate to Dealer prior to [            ], the Transaction shall terminate with no further payment or delivery due from either party.] 

4. Without limiting the generality of Section 7 of the Master Confirmation, Dealer agrees to consent to the purchase of Shares by Counterparty
during the tenor of the Transaction, provided that (i) such purchases are effected by or through Dealer and (ii) the terms and conditions are substantially similar to those contemplated by Dealer and Counterparty on the date hereof,
or on such other terms and conditions as Dealer and Counterparty may agree. 
 5. Counterparty represents and warrants to Dealer that neither it
nor any “affiliated purchaser” (as defined in Rule 10b-18 under the Exchange Act) has made any purchases of blocks pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act during either (i) the four full calendar weeks
immediately preceding the Trade Date or (ii) during the calendar week in which the Trade Date occurs. 

  
 A-2

 6. This Supplemental Confirmation may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts. 

  
 A-3

 Counterparty hereby agrees (a) to check this Supplemental Confirmation carefully and
immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and
Counterparty with respect to the Transaction to which this Supplemental Confirmation relates, by manually signing this Supplemental Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested
herein and immediately returning an executed copy. 
  

			
	 Yours sincerely,

	
	CREDIT SUISSE INTERNATIONAL
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	CREDIT SUISSE AG, NEW YORK BRANCH, AS AGENT FOR CREDIT SUISSE INTERNATIONAL
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	Agreed and Accepted By:
	
	THE ADT CORPORATION
		
	By:	 	  

	Name:
	Title:

 EXHIBIT A 
 [Form of Certificate] 
 [ADT Corporation Letterhead] 

[Date] 
 [Credit Suisse International

 One Cabot Square 
 London E14 4QJ

 England] 
  

	Re:	Capped Accelerated Stock Buyback 

 Ladies
and Gentlemen: 
 In connection with the Transaction documented under the Master Confirmation and Supplemental Confirmation,
each dated as of January 29, 2013, each between Credit Suisse International (“Dealer”), and The ADT Corporation (“Counterparty”), as of the date hereof Counterparty represents to Dealer that it is not aware of
any material non-public information regarding Counterparty or the Shares. 
 Very truly yours, 

 

			
	THE ADT CORPORATION
		
	By:	 	  

			
	Name:	 	
	Title:	 	

 SCHEDULE B 
 TRADE NOTIFICATION 
  

			
	To:	  	 The ADT Corporation
 1501
Yamato Road
 Boca Raton, Florida, 33431

		
	From:	  	Credit Suisse International
		
	Subject:	  	Capped Accelerated Stock Buyback
		
	Ref. No:	  	[Insert Reference No.]
		
	Date:	  	[Insert Date]

  
  

The purpose of this Trade Notification is to notify you of certain terms in the Transaction entered into between Credit Suisse
International (“Dealer”) and The ADT Corporation (“Counterparty”) (together, the “Contracting Parties”) bearing the trade reference number set forth above. 

This Trade Notification supplements, forms part of, and is subject to the Supplemental Confirmation dated as of [Insert Date of
Supplemental Confirmation] (the “Supplemental Confirmation”) between the Contracting Parties, as amended and supplemented from time to time. The Supplemental Confirmation is subject to the Master Confirmation dated as of
[Insert Date of Master Confirmation] (the “Master Confirmation”) between the Contracting Parties, as amended and supplemented from time to time. 

 

			
	Hedge Completion Date:	  	[            ]
		
	Hedge Period Reference Price:	  	USD [            ]
		
	Minimum Shares:	  	[            ]
		
	 Cap Price
  
 VWAP Reference Price:
  
 Forward
Price Adjustment Amount:
	  	 USD [            ]

 
 USD
[            ]
  

USD [            ]

 
			
	Yours sincerely,
		
	By:	 	  

 

			
	Name:	 	
	Title:	 	

 
			
		
	By:	 	  

 

			
	Name:	 	
	Title:	 	
	
	CREDIT SUISSE AG, NEW YORK BRANCH, AS AGENT FOR CREDIT SUISSE INTERNATIONAL

			
		
	By:	 	  

 

			
	Name:	 	
	Title:	 	

 
			
		
	By:	 	  

 

			
	Name:	 	
	Title:	 	

 ANNEX A 
 COUNTERPARTY SETTLEMENT PROVISIONS 
 1. The following Counterparty Settlement
Provisions shall apply to the extent indicated under the Master Confirmation: 
  

			
		
	 Settlement Currency:
	  	USD
		
	 Settlement Method Election:
	  	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and
replacing it with the words “Net Share” and (ii) the Electing Party may make a settlement method election only if the Electing Party represents and warrants to Dealer in writing on the date it notifies Dealer of its election that, as of
such date, the Electing Party is not aware of any material non-public information concerning Counterparty or the Shares and is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal
securities laws.
		
	 Electing Party:
	  	Counterparty
		
	 Settlement Method
 Election Date:
	  	

The earlier of (i) the Scheduled Termination Date and (ii) the second Exchange Business Day immediately following the Accelerated Termination Date (in
which case the election under Section 7.1 of the Equity Definitions shall be made no later than 10 minutes prior to the open of trading on the Exchange on such second Exchange Business Day), as the case may be; provided that if a Friendly
Transaction Announcement occurs after the Settlement Date, the Settlement Method Election Date for the Second Settlement shall be the date of the Friendly Transaction Announcement.
		
	 Default Settlement Method:
	  	Cash Settlement
		
	 Forward Cash Settlement Amount:
	  	

The Number of Shares to be Delivered multiplied by the Settlement Price; provided that in the case of a Second Settlement occurring after
an early termination or cancellation of the relevant Transaction pursuant to Section 6 of the Agreement or Article 12 of the Equity Definitions, the Forward Cash Settlement Amount shall equal the lesser of (i) zero and (ii)(x) the Payment Amount
that would have been calculated for such early termination or cancellation if the Friendly Transaction Announcement had occurred immediately prior to such early termination or cancellation and the Calculation Agent had made adjustments to the terms
of the Transaction pursuant to Section 9(a) herein, minus (y) the actual Payment Amount calculated for such early termination or cancellation (in each case, with an amount that would have been owed by Counterparty expressed as a negative number for
purposes of this calculation).

  
 1 

			
		
	 Settlement Price:
	  	The average of the VWAP Prices (or, in the case of a Second Settlement, the Relevant Prices) for the Exchange Business Days in the Settlement Valuation Period, subject to
Valuation Disruption as specified in the Master Confirmation or, in the case of a Second Settlement, subject to Section 6.6(a) of the Equity Definitions as if such dates were Valuation Dates.
		
	 Settlement Valuation Period:
	  	A number of Scheduled Trading Days selected by Dealer in its commercially reasonable and good faith discretion, beginning on the Scheduled Trading Day immediately following the
earlier of (i) the Scheduled Termination Date or (ii) the Exchange Business Day immediately following the Termination Date or, in the case of a Second Settlement, the date of the Friendly Transaction Announcement.
		
	 Cash Settlement:
	  	If Cash Settlement is applicable, then Buyer shall pay to Seller the absolute value of the Forward Cash Settlement Amount on the Cash Settlement Payment Date.
		
	 Cash Settlement
 Payment Date:
	  	The date one Settlement Cycle following the last day of the Settlement Valuation Period.
		
	 Net Share Settlement Procedures:
	  	

If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs 2 through 7 below.

 2. Net Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number of
Shares satisfying the conditions set forth in paragraph 3 below (the “Registered Settlement Shares”), or a number of Shares not satisfying such conditions (the “Unregistered Settlement Shares”), in either case with
a value equal to the absolute value of the Forward Cash Settlement Amount, with such Shares’ value based on the value thereof to Dealer (which value shall, in the case of Unregistered Settlement Shares, take into account a commercially
reasonable illiquidity discount), in each case as determined by the Calculation Agent. For the avoidance of doubt, if delivery of any shares would not satisfy the conditions listed in paragraph 3 below, the provisions of paragraph 4 below shall
apply to such delivery. 
 3. Counterparty may only deliver Registered Settlement Shares pursuant to paragraph 2 above if:

 (a) a registration statement covering public resale of the Registered Settlement Shares by Dealer (the “Registration
Statement”) shall have been filed with the Securities and Exchange Commission under the Securities Act and been declared or otherwise become effective on or prior to the date of delivery, and no stop order shall be in effect with respect to
the Registration Statement; a printed prospectus relating to the Registered Settlement Shares (including any prospectus supplement thereto, the “Prospectus”) shall have been delivered to Dealer, in such quantities as Dealer shall
reasonably have requested, on or prior to the date of delivery; 
 (b) the form and content of the Registration Statement and
the Prospectus (including, without limitation, any sections describing the plan of distribution) shall be satisfactory to Dealer; 
 (c) as of or prior to the date of delivery, Dealer and its agents shall have been afforded a reasonable opportunity to conduct a due diligence investigation with respect to Counterparty customary in scope
for underwritten offerings of equity securities of similar size and the results of such investigation are satisfactory to Dealer, in its good faith discretion; and 

  
 2 

 (d) as of the date of delivery, an agreement (the “Underwriting Agreement”)
shall have been entered into with Dealer in connection with the public resale of the Registered Settlement Shares by Dealer substantially similar to underwriting agreements customary for underwritten offerings of equity securities of similar size,
in form and substance satisfactory to Dealer, which Underwriting Agreement shall include, without limitation, provisions substantially similar to those contained in such underwriting agreements relating, without limitation, to the indemnification
of, and contribution in connection with the liability of, Dealer and its affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters. 

4. If Counterparty delivers Unregistered Settlement Shares pursuant to paragraph 2 above: 

(a) all Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of Dealer designated by Dealer) pursuant to the
exemption from the registration requirements of the Securities Act provided by Section 4(2) thereof; 
 (b) as of or prior
to the date of delivery, Dealer and any potential purchaser of any such shares from Dealer (or any affiliate of Dealer designated by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for private placements of equity securities of similar size (including, without limitation, the right to have made available to them for inspection all financial and other records,
pertinent corporate documents and other information reasonably requested by them); 
 (c) as of the date of delivery,
Counterparty shall enter into an agreement (a “Private Placement Agreement”) with Dealer (or any affiliate of Dealer designated by Dealer) in connection with the private placement of such shares by Counterparty to Dealer (or any
such affiliate) and the private resale of such shares by Dealer (or any such affiliate), substantially similar to private placement purchase agreements customary for private placements of equity securities of similar size, in form and substance
commercially reasonably satisfactory to Dealer, which Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating, without limitation, to
the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters, and shall provide for
the payment by Counterparty of all reasonable fees and expenses in connection with such resale, including all fees and expenses of counsel for Dealer, and shall contain representations, warranties, covenants and agreements of Counterparty reasonably
necessary or advisable to establish and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales; and 
 (d) in connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such shares by Dealer (or any such affiliate), Counterparty shall,
if so requested by Dealer, prepare, in cooperation with Dealer, a private placement memorandum in form and substance reasonably satisfactory to Dealer. 
 5. Dealer, itself or through an affiliate (the “Selling Agent”) or any underwriter(s), will sell all, or such lesser portion as may be required hereunder, of the Registered Settlement
Shares or Unregistered Settlement Shares and any Makewhole Shares (as defined below) (together, the “Settlement Shares”) delivered by Counterparty to Dealer pursuant to paragraph 6 below commencing on the Cash Settlement Payment
Date and continuing until the date on which the aggregate Net Proceeds (as such term is defined below) of such sales, as determined by Dealer, is equal to the absolute value of the Forward Cash Settlement Amount (such date, the “Final Resale
Date”). If the proceeds of any sale(s) made by Dealer, the Selling Agent or any underwriter(s), net of any fees and commissions (including, without limitation, underwriting or placement fees) customary for similar transactions under the
circumstances at the time of the offering, together with carrying charges and expenses incurred in connection with the offer and sale of the Shares (including, but without limitation to, the covering of any over-allotment or short position
(syndicate or otherwise)) (the “Net Proceeds”) exceed the absolute value of the Forward Cash Settlement Amount, Dealer will refund, in USD, such excess to Counterparty on the date that is three (3) Currency Business Days
following the Final Resale Date, and, if any portion of the Settlement Shares remains unsold, Dealer shall return to Counterparty on that date such unsold Shares. 

  
 3 

 6. If the Calculation Agent determines that the Net Proceeds received from the sale of the
Registered Settlement Shares or Unregistered Settlement Shares or any Makewhole Shares, if any, pursuant to this paragraph 6 are less than the absolute value of the Forward Cash Settlement Amount (the amount in USD by which the Net Proceeds are less
than the absolute value of the Forward Cash Settlement Amount being the “Shortfall” and the date on which such determination is made, the “Deficiency Determination Date”), Counterparty shall on the Exchange Business
Day next succeeding the Deficiency Determination Date (the “Makewhole Notice Date”) deliver to Dealer, through the Selling Agent, a notice of Counterparty’s election that Counterparty shall either (i) pay an amount in cash
equal to the Shortfall on the day that is one (1) Currency Business Day after the Makewhole Notice Date, or (ii) deliver additional Shares. If Counterparty elects to deliver to Dealer additional Shares, then Counterparty shall deliver
additional Shares in compliance with the terms and conditions of paragraph 3 or paragraph 4 above, as the case may be (the “Makewhole Shares”), on the first Clearance System Business Day which is also an Exchange Business Day
following the Makewhole Notice Date in such number as the Calculation Agent reasonably believes would have a market value on that Exchange Business Day equal to the Shortfall. Such Makewhole Shares shall be sold by Dealer in accordance with the
provisions above; provided that if the sum of the Net Proceeds from the sale of the originally delivered Shares and the Net Proceeds from the sale of any Makewhole Shares is less than the absolute value of the Forward Cash Settlement Amount
then Counterparty shall, at its election, either make such cash payment or deliver to Dealer further Makewhole Shares until such Shortfall has been reduced to zero. 
 7. Notwithstanding the foregoing, in no event shall the aggregate number of Settlement Shares and Makewhole Shares be greater than the Reserved Shares minus the amount of any Shares actually
delivered by Counterparty under any other Transaction(s) under this Master Confirmation (the result of such calculation, the “Capped Number”). Counterparty represents and warrants (which shall be deemed to be repeated on each day
that a Transaction is outstanding) that the Capped Number is equal to or less than the number of Shares determined according to the following formula: 
 A – B 
  

			
		
	 Where
	  	A = the number of authorized but unissued shares of the Counterparty that are not reserved for future issuance on the date of the determination of the Capped Number;
and
		
		  	B = the maximum number of Shares required to be delivered to third parties if Counterparty elected Net Share Settlement of all transactions in the Shares (other than Transactions
in the Shares under this Master Confirmation) with all third parties that are then currently outstanding and unexercised.

 “Reserved Shares” means initially, [to be a number of Shares equal to 2x the notional
number of shares underlying the transaction] Shares. The Reserved Shares may be increased or decreased in a Supplemental Confirmation. 

  
 4Unassociated Document

THIRD AMENDED AND RESTATED

 

ADVISORY AGREEMENT

 

BETWEEN

 

WINTHROP REALTY TRUST,

WRT REALTY, L.P.

 

AND

 

FUR ADVISORS LLC

 

Dated as of February 1, 2013

 

Effective January 1, 2013

 

  

  

  

 

THIRD AMENDED AND RESTATED ADVISORY AGREEMENT

 

THIS AGREEMENT, made as of February 1, 2013 and effective as of January 1, 2013, among WINTHROP REALTY TRUST, an Ohio business trust (the “Trust”), WRT REALTY, L.P., a Delaware limited partnership (the “Operating Partnership”, and together with the Trust, the “Company”), and FUR ADVISORS LLC (the “Advisor”).

 

WHEREAS, pursuant to that certain Second Amended and Restated Advisory Agreement, dated as of March 5, 2009, between the Trust and the Advisor, (as amended, the “Original Agreement”), the Advisor has been retained to provide, among other things, certain asset management, investor relations and accounting services to the Trust;

 

WHEREAS, the Operating Partnership holds substantially all of the Trust’s assets;

 

WHEREAS, the Trust and the Advisor desire to amend and restate the Original Agreement in its entirety;

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, it is agreed as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1.           Specific Terms.   As used in this Agreement:

 

“Advance Amount” means the lesser of (a) $3,000,000 and (b) any amounts payable by the Advisor with respect to the termination of any of its or its affiliates employees (other than the Principal Officers) whose employment is terminated as a result of the Termination.

 

“Affiliate” means with respect to a Person any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, or is a director of such Person.  For purposes of this definition, “control” (including the terms “controlling,” “controlled by” and “under common control with”) when used with respect to any specified Person means the possession, direct or indirect, of the power to vote 50% or more of the voting securities of such Person or to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.  For purposes of this Agreement, neither the Advisor nor any of its Affiliates shall be deemed an Affiliate of the Trust or the Operating Partnership nor shall the Trust or the Operating Partnership be deemed an Affiliate of the Advisor or any of its Affiliates.

“Article 8 Base Fee” means either:

(x)           in the case of a Termination without a corresponding Disposition or Liquidation, the lesser of (1) the Base Management Fee for the immediately preceding 12 months prior to the Termination or (2) 20% of the positive difference, if any between (A) the Net Asset Amount and (B) the Hurdle minus $104,980,468;

 

  

  

  

 

(y)           in the case of a Disposition, the lesser of (1) the Base Management Fee for the immediately preceding 12 months prior to the Disposition or (2) 20% of any Dividends at such time as the Hurdle is less than $104,980,468 but not less than zero, including 20% of the portion of any Dividend in excess of the amount thereof which reduced the Hurdle to less than $104,980,468; or

(z)           in the case of a Liquidation, the lesser of (1) the Base Management Fee for the immediately preceding 12 months prior to the Liquidation or (2) 20% of any Dividends at such time as the Hurdle is less than $104,980,468 but not less than zero, including 20% of the portion of any Dividend in excess of the amount thereof which reduced the Hurdle to less than $104,980,468.

The calculation of the Article 8 Base Fee is illustrated on Schedule A to this Agreement.

“Ashner” means Michael L. Ashner, an individual.

 

“Base Management Fee” means an amount equal to 25% of the sum of (i) 1.5% of the aggregate Issuance Price of the issued and outstanding Equity Securities plus (ii) 0.25% of any equity contribution by a third party to a Qualified Venture, in each case pro-rated to the extent that an Equity Security was not issued, or an equity contribution was not made, for the entire quarterly period; provided, however, from and after the first to occur of a Disposition or a Liquidation, for purposes of determining the Base Management Fee, all Dividends paid that result in a reduction of the Hurdle at the date of the Disposition or Liquidation, whichever first occurs, will be deemed a reduction of the aggregate Issuance Price.

 

“Board” means the Board of Trustees of the Trust.

 

“Cause” means

 

(x)           with respect to the Advisor, the occurrence of any of (i) the Advisor’s continuous and intentional failure to perform its duties under this Agreement after written notice from the Company to the Advisor of such non-performance which is not cured within 10 days of notice thereof; (ii) intentional misconduct by the Advisor which is materially injurious to the Company, monetarily or otherwise; (iii) the material breach by the Advisor of any of the material terms or conditions of this Agreement which is not cured within 10 days of notice thereof; (iv) unless approved by 80% of the independent trustees of the Board or as a result of the death or Disability of Ashner, (x) Ashner fails to spend substantially all of his business time with respect to the business of the Company, (y) Ashner is no longer the direct or indirect managing member of the Advisor, or (z) Ashner no longer beneficially owns, directly or indirectly, at least 15% of the Advisor on a fully diluted basis; or (v) Ashner being deemed to be the beneficial owner (as such term is defined in Rule16(a)(2) promulgated under the Securities Exchange Act of 1934, as amended, as in effect on the date hereof, of less than 1,500,000 Common Shares (excluding any Common Shares issued to the Advisor or Ashner that are subject to forfeiture), as adjusted for stock splits or combinations; and

 

  

-2-

  

 

(y)           with respect to the Company, (i) the failure to make any payment when due to the Advisor under this Agreement, or (ii) the retention by the Company of a Person other than the Advisor to provide a significant portion of the services to be provided by the Advisor hereunder, in each case which failure is not cured within 10 days of notice thereof to the Board and which failure or retention is not caused, in whole or in part, directly or indirectly, by the Advisor or any representative of Advisor acting in his capacity as an officer or representative of the Company.

 

“Common Shares” means common shares of beneficial interest of the Trust.

 

“Deemed Excess Share Dividends” means the excess, if any, of (A) the Net Asset Amount (as defined below) over (B) the Hurdle (after giving effect to any Dividends paid at the time of Termination), as of the date of Termination.

 

“Disability” means the applicable person’s incapacity due to physical or mental illness resulting in such person being substantially unable to perform his duties to the Advisor for an entire period of six consecutive months.

 

“Disposition” means the sale of all or substantially all of the assets of the Trust and the Operating Partnership, the acquisition of the Trust and the Operating Partnership by merger or other similar business combination transaction, or such other disposition of the Trust and the Operating Partnership or of all or substantially all of their assets.

 

“Dividends” means all dividends paid after the date hereof in respect of Common Shares, including Dividends of cash, debt obligations and the fair market value of other property and the fair market value of any consideration received in exchange for Common Shares by reason of a merger or consolidation with a third party entity or other similar transaction.  In the event of a merger, consolidation or other similar business combination transaction, the Advisor will receive a credit toward the Dividend amount equal to the fair market value of the consideration received by holders of Common Shares received in exchange for their Common Shares, including, but not limited to, the fair market value ascribed in the transaction to stock, preferred stock, debt instruments, cash, warrants, options, etc., received by the holders of Common Shares.  Except as otherwise provided herein, “fair market value” shall be determined by the Board in good faith; provided, however, that if the Advisor disagrees in good faith with such determination, then the Advisor shall be entitled to seek arbitration in accordance with Section 9.4 with respect to this issue.

 

  

-3-

  

 

“Equity Securities” means Common Shares, Series D Preferred Shares, convertible preferred shares, convertible debt, perpetual preferred shares of the Trust and, in the case of the Operating Partnership limited partnership interests issued to a person or entity other than the Trust or its subsidiary.

 

“Hurdle” means (x) $534,223,711, increased by the Issuance Price of all Common Shares issued after the date hereof (including the conversion price of any securities actually converted into Common Shares) and decreased by (1) the redemption price of all Common Shares redeemed after the date hereof and (2) all Dividends paid from and after the date hereof, plus (y) a return on the amount set forth in (x) above, as adjusted, equal to the Hurdle Rate, compounded annually taking into account the timing of any such adjustments.

 

“Hurdle Rate” means a per annum rate determined at the end of each fiscal quarter equal to the greater of (x) 4% or (y) the 5 year U.S. Treasury Yield plus 2.5%.

 

“Incentive Fee” means an amount equal to 20% of any Dividends paid at such time as the Hurdle is less than zero, including 20% of the portion of any Dividend in excess of the amount thereof which reduced the Hurdle to less than zero.

 

“Incentive Termination Fee” means an amount equal to 20% of the excess, if any, of (x) the Deemed Excess Share Dividends over (y) the amount of Incentive Fees which have theretofore been paid to the Advisor in accordance with Section 6.3.

 

“Issuance Price” means, the issuance price of each Equity Security after deducting any underwriting discounts and commissions and other expenses and costs relating to the issuance.  The Issuance Price will be modified accordingly in the event of stock splits.  Upon the repurchase by the Trust of Common Shares, for purposes of determining the Issuance Price of the remaining Common Shares outstanding, the shares repurchased will be deemed to have been repurchased proportionally among all Common Shares outstanding on the applicable repurchase date, and, with respect to Common Shares, only the Common Shares not so deemed to have been repurchased will be included in the “issued and outstanding Equity Securities” for purposes of calculating the Base Management Fee.

 

“Liquidation” means the determination by the Board and, if required by applicable law or the governing documents of the Company, the approval of the holders of the Common Shares, to implement an orderly liquidation of the assets of the Company either through a formal plan or otherwise.

 

  

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“Net Asset Amount” means the difference between (x) the gross assets of the Company as of the date of Termination as determined by an appraisal to be conducted by a nationally recognized appraisal firm mutually agreed upon by the Company and the Advisor less (y) the total liabilities of the Company as of the date of Termination (including any amounts necessary to satisfy obligations due to holders of preferred shares of the Company as liabilities) less (z) 3% of the gross assets of the Company as determined by the appraisal provided for in (x) above (other than cash) which shall be deemed the estimated costs to sell such assets.  If the Company and the Advisor are unable to agree upon an appraisal firm, then each of the Company and the Advisor is to choose an independent appraisal firm to conduct an appraisal.  In such event, (i) if the appraisals prepared by the two appraisers so selected are the same or differ by an amount that does not exceed 20% of the higher of the two appraisals, the Net Asset Amount is to be deemed to be the average of the appraisals, as prepared by each party’s chosen appraiser, and (ii) if these two appraisals differ by more than 20% of such higher amount, the two appraisers together are to select a third appraisal firm to conduct an appraisal.  If the two appraisers are unable to agree on the identity of such third appraiser, either of the Advisor and the Company may request that the American Arbitration Association (“AAA”) select the third appraiser.  The Net Asset Amount then is to be the amount determined by such third appraiser, but in no event less than the lower of the two initial appraisals or more than the higher of such two initial appraisals.  Each party shall pay the costs of the appraisals chosen by it, and each party shall pay one half of the costs of the third appraiser.  Any appraisal hereunder shall be performed no later than 45 days following selection of the appraiser or appraisers.  In the event that an asset of the Company is sold after Termination in an arms-length transaction prior to the date on which the Net Asset Amount for such asset is otherwise determined, the Net Asset Amount for such asset shall equal the net proceeds derived by the Company from such sale.

 

“Person” means any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability company or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision thereof) endowment fund or any other form of entity.

 

“Principal Officers” means Ashner and Carolyn Tiffany.

 

“Qualified Venture” means a venture managed by the Trust or the Operating Partnership unless (i) the Advisor or any of its Affiliates receives a fee from such venture for providing (x) similar services to those provided to the Company hereunder or (y) property management services to the real property owned by such venture or (ii) all or substantially all of the assets of such venture have been disposed of.

 

“Series D Preferred Shares” means the Trust’s 9.25% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest.

 

 “Termination” means a termination of this Agreement.

 

1.2.           Other Terms.  Unless the context shall require otherwise:

 

(i)           Words importing the singular number or plural number shall include the plural number and singular number respectively;

 

(ii)           Words importing the masculine gender shall include the feminine and neuter genders and vice versa;

 

  

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(iii)           Reference to “include”, “includes”, and “including” shall be deemed to be followed by the phrase “without limitation”; and

 

(iv)           Reference in this Agreement to “herein”, “hereof’, “hereby” or “hereunder”, or any similar formulation, shall be deemed to refer to this Agreement as a whole.  Except as otherwise indicated, all references in this Agreement to “Articles,” and “Sections,” are intended to refer to Articles and Sections of this Agreement.

 

ARTICLE II

 

RETENTION OF ADVISOR

 

Subject to the terms and conditions hereinafter set forth, the Company hereby retains the Advisor to undertake the duties and responsibilities hereinafter set forth.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

By their execution and delivery of this Agreement, the Advisor, the Trust and the Operating Partnership each represents and warrants solely with respect to itself that (i) it is duly organized, validly existing, in good standing under the laws of the state of its formation and has all requisite power and authority to enter into and perform its obligations under this Agreement and (ii) the person signing this Agreement for such party is duly authorized to execute this Agreement on behalf of such party.

 

ARTICLE IV

 

RESPONSIBILITIES OF ADVISOR

 

4.1.           General Responsibility.   Subject to the supervision of the Board, the Advisor shall:

 

(i)           serve as the Company’s investment and financial advisor and recommend changes in the Company’s investment policies, when appropriate;

 

(ii)           investigate and evaluate investment opportunities and recommend them to the Board;

 

(iii)           administer the day-to-day operations of the Company, and cause the Company to comply with its obligations under this Agreement;

 

(iv)           investigate, select and conduct relations and enter into appropriate contracts on behalf of the Company with other individuals, corporations and entities in furtherance of the investment activities of the Company;

 

  

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(v)           acquire and dispose of investments and funds of the Company, handle, prosecute and settle any claims of the Company and handle, defend and settle claims against the Company;

 

(vi)           invest and reinvest any money of the Company;

 

(vii)           negotiate, as appropriate, on behalf of the Company with investment banking firms, banks and other institutions or investors for public or private sales of securities of the Company or for other financing on behalf of the Company;

 

(viii)           conduct relations on behalf of the Trust with the Trust’s beneficiaries and the Operating Partnership with the Operating Partnership’s partners and with securities exchanges and dealers making markets in the Trust’s or the Operating Partnership’s securities;

 

(ix)           establish one or more bank accounts in the name of the Company and deposit into and disburse from such accounts any moneys on behalf of the Company, provided that no funds in any such account shall be commingled with funds of the Advisor, and the Advisor shall as requested by the Board render appropriate accountings of such deposits and payments to the Board;

 

(x)           administer such day-to-day bookkeeping and accounting functions as are required for the proper management of the assets of the Company and prepare or cause to be prepared such reports (other than the preparation and filing of tax returns) as may be required by any governmental authority in connection with the ordinary conduct of the Company’s business, including without limitation, periodic reports, returns or statements required under the Securities Exchange Act of 1934, as amended, the Internal Revenue Code of 1986, as amended, the securities and tax statutes of any jurisdiction in which the Company is obligated to file reports or the rules and regulations promulgated under any of the foregoing;

 

(xi)           from time to time, enter into Property Management Agreements and Construction Management Agreements (each as defined in Section 6.2, upon terms set forth in Section 6.2, in consultation with the Board;

 

(xii)           from time to time, or at any time requested by the Board, make reports to the Board of its performance of the foregoing services; and

 

(xiii)           cause the Company to obtain insurance covering such risks, with such insurers and on such terms as the Company may reasonably determine.

 

4.2.           Authority.  The Advisor shall have discretion and authority pursuant to this Agreement to perform the duties and services specified in Section 4.1 in such manner as the Advisor reasonably considers appropriate subject to the terms and restrictions contained in the organizational documents of the Trust or the Operating Partnership, as amended from time to time.  In furtherance of the foregoing, the Company hereby designates and appoints the Advisor or its designee as the agent and attorney-in-fact of the Company, with full power and authority and without further approval of the Company, for purposes of accomplishing on its behalf any of the foregoing matters or any matters which are properly the subject matter of this Agreement.  The Advisor may execute, in the name and on behalf of the Company and its affiliates all such documents and take all such other actions which the Advisor reasonably considers necessary or advisable to carry out its duties hereunder.

 

  

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4.3.           Key-Person Insurance.  The Advisor shall use its commercially reasonable efforts to obtain, at the Company’s expense, life insurance on the lives of the Principal Officers naming the Company as the beneficiary in an amount for each such Principal Officer equal to such amount as may be determined by the Board upon the recommendation of the Compensation Committee of the Board from time to time.  Notwithstanding the foregoing, prior to acquiring any such life insurance policy, the Advisor shall provide to the Compensation Committee of the Board the death benefit amount and cost of such policies and the Compensation Committee shall have approved such amount and cost.

 

ARTICLE V

 

INDEMNIFICATION

 

5.1.           Indemnity.  (a)  The Company shall indemnify and hold harmless the Advisor, and its members, officers, affiliates, agents and employees (each, an “Advisor Indemnitee”), from and against any and all liability, claims, demands, expenses and fees, fines, suits, losses and causes of action of any and every kind or nature arising from or in any way connected with the performance by the Advisor of its obligations under this Agreement, other than any liability, claim, demand, expense, fee, suit, loss or cause of action arising from or in any way connected with (i) any acts of the Advisor, or its members, officers, affiliates, agents or employees, outside the scope of the authority of the Advisor under this Agreement unless such person acted in good faith and reasonably believed that his conduct was within the scope of authority of the Advisor under this Agreement, or (ii) the gross negligence, willful misconduct or the violation of applicable laws by the Advisor, its members, officers, affiliates, agents or employees.  In addition, Advisor shall be named as an additional insured on all policies of insurance maintained by the Company including, without limitation, to the extent maintained by the Company, Commercial General Liability, Comprehensive Automobile Liability, Umbrella and Excess Liability Insurance policy.  Certificates of Insurance evidencing compliance with the provisions of the immediately preceding sentence shall be furnished to the Advisor on request.

 

(b)           The Advisor shall indemnify and hold harmless the Trust, the Operating Partnership and their respective Trustees, officers, partners, affiliates, agents and employees (each, a “Company Indemnitee”), from and against any and all liability, claims, demands, expenses and fees, fines, suits, losses and causes of action of any and every kind or nature arising from third party actions and connected with the performance by the Advisor of its obligations under this Agreement to the extent caused by (i) any acts of the Advisor, or its members, officers, affiliates, agents or employees, outside the scope of the authority of the Advisor under this Agreement unless such person acted in good faith and reasonably believed that his conduct was within the scope of authority of the Advisor under this Agreement, or (ii) the gross negligence, willful misconduct, or the violation of applicable laws by the Advisor, its members, officers, affiliates, agents or employees; provided, however, that a member, officer, Affiliate, agent or employee of the Advisor shall in no event be indemnified hereby as a Company Indemnitee.

 

  

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5.2.           Additional Costs.  The obligation to indemnify set forth in Section 5.1 shall include the payment of reasonable attorneys’ fees and investigation costs, as well as other reasonable costs and expenses incurred by the indemnified party in connection with any such claim.

 

5.3.           Procedure.  If any action or proceeding in respect of which indemnity may be sought in accordance with Section 5.1 is brought or asserted by a Company Indemnitee or an Advisor Indemnitee (each, an “Indemnitee”), such Indemnitee shall promptly notify the Advisor, if the Indemnitee is a Company Indemnitee, or the Trust, if the Indemnitee is an Advisory Indemnitee, (such notified party, the “Indemnitor”) in writing (but the failure to give such notice shall not affect the Indemnitor’s obligations hereunder or otherwise unless the Indemnitor demonstrates that the defense of such action or proceeding was materially prejudiced by such failure), and the Indemnitor shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnitee and the payment of all defense costs and expenses.  Indemnitee shall have the right to employ separate counsel in any such action or proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be borne by the Indemnitee unless (i) the Indemnitor has agreed in writing to pay such fees and expenses, (ii) the Indemnitor shall have failed to assume the defense of such action or proceeding within ten business days after the Indemnitee gives notice of such action or proceeding, or (iii) the named parties to any such action or proceeding include both the Indemnitee and the Indemnitor or an affiliate thereof such that joint representation would be inappropriate (in which case, if the Indemnitee notifies the Indemnitor that it elects to employ separate counsel at the expense of the Indemnitor, the Indemnitor shall not have the right to assume the defense of such action or proceeding on behalf of the Indemnitee; however, the Indemnitor shall not, in connection with any one such action or proceeding, be liable for the fees and expenses of more than one separate firm of attorneys, together with local counsel at any time for all Indemnitees, which firm shall be designated by the Indemnitee).  If the Indemnitor assumes the defense of such an action, (a) no compromise or settlement thereof may be effected by the Indemnitor without the Indemnitee’s consent (which shall not be unreasonably withheld or delayed) unless (i) there is no finding or admission of any violation of law or any violation of the rights of any person and no effect on any other claims that may be made against the Indemnitee and (ii) the sole relief provided is monetary damages that are paid in full by the Indemnitor and (b) the Indemnitor shall have no liability with respect to any compromise or settlement thereof effected without its consent (which shall not be unreasonably withhold).  If notice is given to the Indemnitor of the commencement of any action and it does not, within ten business days after the Indemnitee’s notice is given, give notice to the Indemnitee of its election to assume the defense thereof, the Indemnitor shall be bound by any determination made in such action or any compromise or settlement thereof effected by the Indemnitee.

 

5.4.           Survival.  The provisions of this Article V shall survive the Termination.

 

  

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ARTICLE VI

 

COMPENSATION

 

The Advisor agrees to accept from the Company the compensation set forth in this Article VI as full and complete consideration for all services to be rendered by the Advisor pursuant to this Agreement.  Except as hereinafter provided or as approved by the Compensation Committee of the Board, neither the Advisor nor any of its Affiliates shall be entitled to receive any other fees or compensation relating to the Company or its properties, including but not limited to leasing commissions, acquisition fees, disposition fees or loan fees.

 

6.1.           Management Fee.  The Advisor shall be entitled to receive a quarterly management fee equal to the Base Management Fee which shall be payable in arrears on the first business day of each fiscal quarter.

 

6.2.           Property and Construction Management Fees.  (a)  The Company may, from time to time, enter into separate property management agreements (the “Property Management Agreements”) with third parties, the Advisor or an Affiliate of the Advisor for each Company property, pursuant to which the Advisor or its Affiliate shall be entitled to receive fees for property management services at a rate for each property that does not exceed a commercially reasonable rate for performing such services for comparable properties in the same geographic location taking into account that the Advisor will not be performing leasing services or receiving leasing commissions.  The rates shall be disclosed to the Board no less frequently than quarterly.  Such Property Management Agreements may be terminated in the same manner as proscribed in Section 8.2 and shall contain commercially reasonable and customary terms for such arrangements.

 

(b)           The Company may, from time to time, enter into construction management agreements (the “Construction Management Agreements”) with third parties, the Advisor or an Affiliate of the Advisor with respect to Company properties, pursuant to which the Advisor or its Affiliate shall be entitled to receive fees for construction management services at a rate that does not exceed a commercially reasonable rate for performing such services for comparable properties in the same geographic location.  The proposed rates shall be submitted for and subject to approval by a majority of the independent trustees on the Board.  Such Construction Management Agreements may be terminated in the same manner as proscribed in Section 8.2 and shall contain commercially reasonable and customary terms for such arrangements.

 

6.3.           Incentive Fee.  As additional compensation for its services hereunder, the Advisor shall be entitled to receive the Incentive Fee.  The Incentive Fee payable with respect to any Dividends shall be deemed earned on the first date that such Dividends are paid to common shareholders of the Trust and shall not be subject to any claw-back, refund or offset for any reason, including as a result of an increase in the amount of the Hurdle from time to time.  The amount of each payment of the Incentive Fee shall equal the entire Incentive Fee computed pursuant to the definition thereof, less the amount thereof which has theretofore been paid to the Advisor.

 

  

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6.4.           Joint Investment Fees.  In the event that the Company and the Advisor or an affiliate of the Advisor make a joint investment, then the Advisor agrees to share with the Company, in proportion to their respective investments, the amount of any fee or promoted interest payable to the Advisor or its affiliate by a third party in connection with entering into or structuring the transaction

 

6.5.           Other Services.  Other than as specifically provided in this Agreement, or as approved in writing by a majority of independent trustees of the Board, the Advisor shall not be compensated by the Company for services rendered to the Company.  The Advisor shall disclose to the Board the terms of any sub-contracting arrangement entered into by the Advisor with third parties with respect to the services to be provided by the Advisor hereunder.

 

ARTICLE VII

 

COMPANY EXPENSES

 

7.1.           Expenses Paid by Advisor.  Without regard to the amount of compensation received hereunder by the Advisor, the Advisor shall bear the following expenses of the Company:

 

(i)           all direct and indirect remuneration and all other employment expenses of employees of the Advisor, including but not limited to, salaries, wages, payroll taxes and the costs of employee benefit plans, and fees, if any, paid to members of the Board who are employed by the Advisor;

 

(ii)           rent, telephone, utilities, office furniture, equipment and machinery and other office expenses of the Advisor and the Company;

 

(iii)           all expenses incurred by employees of the Advisor relating to any potential investments, and investments and assets held, by the Company including travel, lodging and meals incurred in connection therewith; and

 

(iv)           administrative expenses relating to performance by the Advisor of its duties hereunder other than payments to third parties as provided in Section 7.2.

 

7.2.           Expenses Paid by the Company.  The following expenses relating to the operation and management of the Company shall be paid by the Company:

 

(i)           underwriting, brokerage, listing, reporting, registration and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and securities exchange or quotation system listing of the Company’s securities;

 

(ii)           fees and expenses paid to members of the Board who are not affiliated with the Advisor, independent advisors, consultants and other agents employed by or on behalf of the Company;

 

(iii)           the cost of borrowed money;

 

  

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(iv)           third party expenses directly connected with the acquisition, disposition, ownership and operation of real estate interests or other property (including the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, taxes and assessments on real property and all other taxes, utilities, maintenance, repair and improvement of property and expenses for which reimbursement or payment by the Company is provided for under the Property Management Agreements);

 

(v)           third party expenses connected with payments of dividends or interest or distributions in cash or any other form made to beneficiaries of the Company;

 

(vi)           all third party expenses connected with communications to the beneficiaries of the Company including with the proxy solicitation materials and reports to holders of the Trust’s beneficial interests and the Operating Partnership’s limited partners;

 

(vii)           transfer agent’s, registrar’s and indenture trustee’s fees and charges;

 

(viii)           legal, investment banking and external accounting, auditing and tax return preparation fees and expenses;

 

(ix)           directors and officers liability insurance costs;

 

(x)           all expenses in connection with the beneficiaries’ and trustees’ meetings including travel, lodging and meals for Board members, officers and other invitees (including, in each case, representatives, employees and affiliates of the Advisor);

 

(xi)           all expenses associated with real estate industry related conferences (e.g. NAREIT) including travel, lodging and meals; and

 

(xii)           all expenses relating to membership of the Company in any trade or similar association.

 

ARTICLE VIII

 

TERM OF AGREEMENT; PAYMENTS UPON TERMINATION, DISPOSITION OR LIQUIDATION

 

8.1.           Term.  This Agreement shall become effective as of January 1, 2013 and shall continue in force for a period expiring December 31, 2017 and thereafter shall be automatically renewed for successive one-year periods without action on the part of any party hereto unless terminated in accordance with the provisions of this Agreement.

 

8.2.           Right of Termination.   Notwithstanding anything to the contrary contained in this Agreement, this Agreement may be terminated:

 

  

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(i)           by the Company without Cause upon 60 days prior written notice to the Advisor;

 

(ii)           by the Company with Cause upon one business day prior written notice to the Advisor;

 

(iii)           by the Advisor without Cause upon 120 days prior written notice to the Board;

 

(iv)           by the Advisor with Cause upon one business day prior written notice to the Board; and

 

(v)           by the mutual consent of the Board and the Advisor.

 

8.3.           Fees Payable Upon Termination.  (3)  Upon Termination:

 

(i)           by (x) the Advisor for any reason other than Cause or (y) the Company for Cause, the Advisor shall not be entitled to receive either the Article 8 Base Fee or the Incentive Termination Fee and shall only be entitled to receive its Base Management Fee and any Incentive Fee accrued to the date of Termination;

 

(ii)           for any reason other than those set forth in clause (i) of this Section 8.3, the Company shall pay to the Advisor in addition to any Base Management Fee and any Incentive Fee accrued to the date of termination, the Article 8 Base Fee and Incentive Termination Fee as provided in Section 8.3(b).

 

(b)           To the extent that the Advisor is entitled to receive the Article 8 Base Fee and/or Incentive Termination Fee pursuant to Section 8.3(a)(ii), the Company shall be obligated to make such payment to the Advisor:

 

(i)           if the Termination coincides with a Disposition, upon such Disposition;

 

(ii)           in all other cases, on the earlier of (x) a subsequent Disposition or (y) the date that is six (6) months after the Termination; provided, however, that notwithstanding the foregoing, the Company shall pay to the Advisor within 30 days of the Termination an amount equal to the Advance Amount, which Advance Amount shall be deemed an advance against the Article 8 Base Fee and the Incentive Termination Fee due hereunder.  To the extent that the Advisor receives the Advance Amount and such Advance Amount paid to the Advisor exceeds the ultimate Article 8 Base Fee and Incentive Termination Fee due to the Advisor, the Advisor shall reimburse the Company such excess within five business days of the determination of such Article 8 Base Fee and Incentive Termination Fee.

 

(c)           Any payment of such Article 8 Base Fee and Incentive Termination Fee (other than the Advance Amount) required under this Section 8.3 shall be made in immediately available funds; provided, however, if such payment is made at any time that the Termination does not coincide with a Disposition, the Article 8 Base Fee shall be payable in immediately available funds and the Incentive Termination Fee shall be payable by delivery to the Advisor of a number of Common Shares, which Common Shares shall be freely tradable (subject only to standard securities law restrictions), equal to the Incentive Termination Fee divided by the greater of (x) the closing price for the Common Shares on the date of Termination or (y) $11.05.

 

  

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8.4.           Fees Payable upon Disposition or Liquidation.  In the event that there is a Disposition or a Liquidation and this Agreement is not then terminated, the Company shall pay to the Advisor in addition to any Base Management Fee and any Incentive Fee which may be earned in accordance with the terms of this Agreement, the Article 8 Base Fee in immediately available funds at such time or times as a Dividend is paid with respect to which the Article 8 Base Fee is payable.

 

8.5.           Continued Responsibility.  Notwithstanding Termination as provided above, the Advisor agrees to use its commercially reasonable efforts in the performance of its duties under this Agreement until the effective date of the Termination.

 

8.6.           Responsibilities upon Termination.  Upon Termination, the Advisor shall forthwith deliver the following to the Company as and in the manner reasonably requested by the Company, as applicable, on the effective date of Termination:

 

(i)           A final accounting reflecting the balance of funds held on behalf of the Company as of the date of Termination;

 

(ii)           All files, records, documents and other property of any kind relating to the Company, including, but not limited to, computer records, contracts, leases, warranties, bank statements, rent rolls, employment records, plans and specifications, inventories, correspondence, tenant records, receipts, paid and unpaid bills or invoices, maintenance records; and

 

(iii)           Agreements to terminate all property management, construction management and other agreements with Affiliates of the Advisor and third parties retained on a subcontracting basis by the Advisor, in each case, with respect to the services to be provided by the Advisor hereunder.

 

8.7.           Survival.  The provisions of this Article VIII shall survive the Termination.

 

  

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ARTICLE IX

 

MISCELLANEOUS PROVISIONS

 

9.1.           Notice.  Any notice required or permitted under this Agreement shall be in writing and shall be given by being delivered to the following addresses or fax numbers of the parties hereto:

 

	
  

	
To the Company:

	
Winthrop Realty Trust

	
  

	
7 Bulfinch Place

	
  

	
Suite 500,P.O. Box 9507

	
  

	
Boston, Massachusetts 02114

	
  

	
 

	

Telephone No.: (617) 570-4600

	
  

	
 

	

Telecopier No.: (617) 742-4641

	
  

	
 

	

Attention: Chair of the Compensation Committee

 

	
  

	
To the Advisor:

	
FUR Advisors LLC

	
  

	
Two Jericho Plaza

	
  

	
Wing A, Suite 111

	
  

	
Jericho, New York  11753

	
  

	
 

	

Telephone No.: (516) 822-0022

	
  

	
 

	

Telecopier No.: (516) 433-2777

	
  

	
 

	

Attention: Michael L. Ashner

 

or to such other address or fax number as may be specified from time to time by such party in writing.

 

9.2.           Entire Agreement; Amendment.  This Agreement together with the provisions of the Trust’s Declaration of Trust as in effect from time to time contains the entire agreement of the parties hereto with respect to the subject matter hereof.  This Agreement shall not be amended or modified in any respect unless agreed to in writing by the Company and the Advisor.

 

9.3.           Governing Law.  This Agreement shall be construed, interpreted and applied in accordance with, and shall be governed by, the laws of the State of New York without reference to principles of conflicts of law.

 

9.4.           Arbitration.  Any dispute or controversy between the Advisor or any of its employees or Affiliates and the Company or any of its Affiliates arising in connection with this Agreement, any amendment thereof, or the breach thereof shall be determined and settled by arbitration in New York, New York, by an arbitrator in accordance with the rules of the American Arbitration Association.  Any award rendered therein shall be final and binding upon the Company, the Advisor and their Affiliates and their respective legal representatives and judgment may be entered in any court having jurisdiction thereof. The expenses of such arbitration shall be paid by the party against whom the award shall be entered, unless otherwise directed by the arbitrators.

 

  

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9.5.           Assignment.  This Agreement may not be assigned by any party hereto without the prior written consent of the other parties hereto; provided, however, that the Advisor shall be permitted to assign this Agreement or any of its rights hereunder, and delegate any and all of its responsibilities and obligations hereunder, to any of its Affiliates without the consent of the other parties hereto; provided, however, that no such delegation shall release or discharge the Advisor from its responsibilities and obligations hereunder.

 

9.6.           Amendment and Restatement.  This Agreement amends and restates in its entirety the Original Agreement.

 

[SIGNATURES ON FOLLOWING PAGE]

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

 

	 	WINTHROP REALTY TRUST	 
	 	 	 	 
	
 

	
By: 

	/s/ Carolyn Tiffany	 
	 	 	

Carolyn Tiffany

	 
	 	 	

President

	 
	 	 	 	 

 

	 	
WRT REALTY, L.P.

	 
	 	 	 
	 	

By: 

	
Winthrop Realty Trust 

General Partner

	 
	 	 	 	 	 
	
 

	
 

	

By: 

	/s/ Carolyn Tiffany	 
	 	 	 	

Carolyn Tiffany

	 
	 	 	 	

President

	 
	 	 	 	 	 

 

	 	
FUR ADVISORS LLC

	 
	 	 	 	 
	 	By:	FUR Holdings LLC

Member

	 
	 	 	 	 
	 	 	

By: 

	WEM-FUR Investors LLC 

Managing Member

	 
	 	 	 	 	 	 
	
 

	 	
 

	

By: 

	/s/ Michael L. Ashner	 
	 	 	 	 	

Michael L. Ashner

	 
	 	 	 	 	

Managing Member

	 
	 	 	 	 	 	 

 

  

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Schedule A

 

ARTICLE 8 BASE FEE CALCULATION EXAMPLES

 

Example 1

Assumptions:

	
Hurdle at Termination, Liquidation or Disposition

	 	$	500,000,000	 
	
Net Asset Value (for use in case of Termination only)

	 	$	600,000,000	 
	
Dividends paid on Disposition or Liquidation

	 	$	600,000,000	 
	
Prior 12 months Base Management Fee

	 	$	12,000,000	 

	
  

	
A.

	
If a Termination

Article 8 Base Fee would equal $12,000,000 which is the lesser of prior 12 months Base Management Fee ($12,000,000) and $40,996,093.60 which is calculated as follows:

20% x ($600,000,000-($500,000,000-$104,980,468)) = $40,996,093.60

and Advisor would receive an Incentive Termination Fee equal to $20,000,000 which is calculated as follows:

20% x ($600,000,000-$500,000,000) = $20,000,000

	
  

	
B.

	
If a Liquidation or Disposition

Article 8 Base Fee would be same as in case of Termination and Advisor would receive an Incentive Fee when Dividends are paid equal to 20% of all Dividends in excess of Hurdle ($500,000,000).

 

  

Schedule A-1

  

 

Example 2

Assumptions:

	
Hurdle at Termination, Liquidation or Disposition

	 	$	500,000,000	 
	
Net Asset Value (for use in case of Termination only)

	 	$	450,000,000	 
	
Dividends paid on Disposition or Liquidation

	 	$	450,000,000	 
	
Prior 12 months Base Management Fee

	 	$	12,000,000	 

	
  

	
A.

	
If a Termination

Article 8 Base Fee would equal $10,996,093.60 which is the lesser of prior 12 months Base Management Fee ($12,000,000) and $10,996,093.60 which is calculated as follows:

20% x ($450,000,000-($500,000,000-$104,980,468)) = $10,996,093.60

and Advisor would not receive any Incentive Termination Fee as the Net Asset Value is not sufficient to reduce the Hurdle to below zero.

	
  

	
B.

	
If a Liquidation or Disposition

Article 8 Base Fee would be same as in case of Termination and Advisor would also not receive an Incentive Fee as the Dividends are not sufficient to reduce the Hurdle to below zero.

 

  

Schedule A-2

  

 

Example 3

Assumptions:

	
Hurdle at Termination, Liquidation or Disposition

	 	$	100,000,000	 
	
Net Asset Value (for use in case of Termination only)

	 	$	25,000,000	 
	
Dividends paid on Disposition or Liquidation

	 	$	25,000,000	 
	
Prior 12 months Base Management Fee

	 	$	7,500,000	 

	
  

	
C.

	
If a Termination

Article 8 Base Fee would equal $5,996,093.60 which is the lesser of prior 12 months Base Management Fee ($7,500,000) and $5,996,093.60 which is calculated as follows:

20% x ($25,000,000-($100,000,000-$104,980,468)) = $5,996,093.60

and Advisor would not receive any Incentive Termination Fee as the Net Asset Value is not sufficient to reduce the Hurdle to below zero.

	
  

	
D.

	
If a Liquidation or Disposition

Article 8 Base Fee would be same as in case of Termination and Advisor would also not receive an Incentive Fee as the Dividends are not sufficient to reduce the Hurdle to below zero.

 

  

Schedule A-3

  

 

Example 4

Assumptions:

	
Hurdle at Termination, Liquidation or Disposition

	 	$	50,000,000	 
	
Net Asset Value (for use in case of Termination only)

	 	$	25,000,000	 
	
Dividends paid on Disposition or Liquidation

	 	$	25,000,000	 
	
Prior 12 months Base Management Fee

	 	$	7,500,000	 

	
  

	
A.

	
If a Termination

Article 8 Base Fee would equal $7,500,000 which is the lesser of prior 12 months Base Management Fee ($7,500,000) and $15,996,093.60 which is calculated as follows:

20% x ($25,000,000-($50,000,000-$104,980,468)) = $15,996,093.60

and Advisor would not receive any Incentive Termination Fee as the Net Asset Value is not sufficient to reduce the Hurdle to below zero.

	
  

	
B.

	
If a Liquidation or Disposition

Article 8 Base Fee would be same as in case of Termination and Advisor would also not receive an Incentive Fee as the Dividends are not sufficient to reduce the Hurdle to below zero.

 

  

Schedule A-4

  

 

CALCULATIONS FOR EXAMPLES 1-4

	  	 	
Example1

	 	 	
Example2

	 	 	
Example3

	 	 	
Example4

	 
	
Hurdle

	 	$	500,000,000.00	 	 	$	500,000,000.00	 	 	$	100,000,000.00	 	 	$	50,000,000.00	 
	
Net Asset Value/Dividends

	 	$	600,000,000.00	 	 	$	450,000,000.00	 	 	$	25,000,000.00	 	 	$	25,000,000.00	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Hurdle less 104,980,468

	 	$	395,019,532.00	 	 	$	395,019,532.00	 	 	$	(4,980,468.00	)	 	$	(54,980,468.00	)
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
20% of (i) Net Asset Value/Dividends less Hurdle less 104,980,468

	 	$	40,996,093.60	 	 	$	10,996,093.60	 	 	$	5,996,093.60	 	 	$	15,996,093.60	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Prior 12 Months Base Management Fee

	 	$	12,000,000.00	 	 	$	12,000,000.00	 	 	$	7,500,000.00	 	 	$	7,500,000.00	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Article 8 Base Management Fee(1)

	 	$	12,000,000.00	 	 	$	10,996,093.60	 	 	$	5,996,093.60	 	 	$	7,500,000.00	 

 

 

 

Schedule A-5

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