Document:

EX-10.27

 Exhibit 10.27 

AMENDMENT NO. 2 
 Dated as of
December 6, 2013 
 to 

CREDIT AGREEMENT 
 Dated as of
September 22, 2011 
 THIS AMENDMENT NO. 2 (this “Amendment”) is made as of December 6, 2013 by and among AMETEK,
Inc., a Delaware corporation (the “Company”), EMA Holdings UK Limited, a company organized and existing under the laws of England and Wales (the “UK Borrower”), AMETEK Holdings B.V., a private limited liability
company incorporated under the law of the Netherlands (the “Dutch Borrower”), AMETEK Material Analysis Holdings GmbH, a German limited liability company (the “German Borrower”), AMETEK Canada Limited Partnership, a
limited partnership formed under the laws of the Province of Alberta (the “Canadian Borrower” and, together with the Company, the UK Borrower, the Dutch Borrower and the German Borrower, the “Borrowers”), the
financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated as of September 22, 2011 by and among
the Company, the Foreign Subsidiary Borrowers from time to time party thereto, the financial institutions from time to time party thereto as Lenders and the Administrative Agent (the “Credit Agreement”). Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. 
 WHEREAS, the Company
has requested that the Lenders and the Administrative Agent agree to an amendment to the Credit Agreement; 
 WHEREAS, the Borrowers, the
Lenders and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein; 
 NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders and the
Administrative Agent hereby agree to the following amendment to the Credit Agreement. 
 1. Amendments to the Credit Agreement.
Effective as of the date of satisfaction of the conditions precedent set forth in Section 3 below, the parties hereto agree that the Credit Agreement is hereby amended as follows: 

(a) Section 1.01 of the Credit Agreement is hereby amended to insert the following new definitions in the appropriate alphabetical
order: 
 “Agent Party” has the meaning assigned to such term in Section 9.01(d). 

“Amendment No. 2 Effective Date” means December 6, 2013. 

 “Anti-Corruption Laws” means all laws, rules, and regulations of
any jurisdiction applicable to the Company or its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“CDOR Screen Rate” means, with respect to any Interest Period, the average rate for bankers acceptances as
administered by the Investment Industry Regulatory Organization of Canada (or any other Person that takes over the administration of that rate) with a tenor equal to the relevant period displayed on CDOR01 page of the Reuters Monitor Service (or, in
the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen or service that displays such rate, or on the appropriate page of such other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion) at or about 10:15 a.m. (Toronto, Ontario time) on the Quotation Day for such Interest Period. 

“COF Rate” has the meaning assigned to such term in Section 2.14(a). 

“Communications” has the meaning assigned to such term in Section 9.01(d). 

“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a
contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the
Administrative Agent and any Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system. 

“Ineligible Institution” has the meaning assigned to such term in Section 9.04(b). 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) supplied
to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the applicable time on the Quotation Day for Loans in the applicable currency and the applicable Interest Period: 

(a) in relation to Loans in Canadian Dollars, as the rate at which the relevant Reference Bank is willing to extend credit by
the purchase of bankers acceptances which have been accepted by banks which are for the time being customarily regarded as being of appropriate credit standing for such purpose with a term to maturity equal to the relevant period; and 

(b) in relation to Loans in any LIBOR Quoted Currency, as the rate at which the relevant Reference Bank could borrow funds in
the London interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in that currency and for that period. 

  
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 “Reference Banks” means the principal London offices (or, in the
case of Loans denominated in Canadian Dollars, the principal Toronto offices) of JPMorgan Chase Bank, N.A. and such other banks as may be appointed by the Administrative Agent in consultation with the Company. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any
Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related
list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any
Person controlled by any such Person. 
 “Sanctions” means economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “TARGET2” means the Trans-European Automated Real-time
Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of
payments in euro. 
 “TARGET2 Day” means a day that TARGET2 is open for the settlement of payments in euro.

 (b) Section 1.01 of the Credit Agreement is hereby amended to delete the definitions of “CAD Screen Rate”,
“Designated Persons”, “Local Rate”, “Sanctions Laws and Regulations” and “TARGET” appearing therein in their entirety. 

(c) The definition of “Agreed Currencies” appearing in Section 1.01 of the Credit Agreement is hereby amended to
delete the reference to “Foreign Currency” appearing in clause (vii) thereof and replace it with a reference to “currency (x) that is a lawful currency (other than Dollars) that is readily available and freely transferable
and convertible into Dollars, (y) for which a LIBOR Screen Rate is available in the Administrative Agent’s determination and (z) that is”. 

(d) The definition of “Business Day” appearing in Section 1.01 of the Credit Agreement is hereby amended to
delete the reference to “TARGET” appearing therein and replace it with a reference to “TARGET2”. 
 (e) The definition
of “CDOR Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“CDOR Rate” means, for any Loans denominated in Canadian Dollars, the CDOR Screen Rate or, if applicable
pursuant to the terms of Section 2.14(a), the applicable Reference Bank Rate. 

  
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 (f) The definition of “Change in Law” appearing in Section 1.01 of
the Credit Agreement is hereby amended to insert a reference to “, implementation” immediately after the word “interpretation” appearing therein. 

(g) The definition of “Commitment” appearing in Section 1.01 of the Credit Agreement is amended to restate the
final sentence thereof in its entirety to read as follows: 
 “The amount of each Lender’s Commitment as of the
Amendment No. 2 Effective Date is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.” 

(h) The definition of “Excluded Taxes” appearing in Section 1.01 of the Credit Agreement is hereby amended to
(w) delete the word “and” appearing at the end of clause (b) thereof, (x) delete the parenthetical “(including FATCA)” appearing in clause (c) thereof, (y) replace the period at the end of clause
(c) thereof with “; and” and (z) insert the following as a new clause (d) thereof: 
 “(d) any
U.S. Federal withholding Taxes imposed under FATCA.” 
 (i) The definition of “FATCA” appearing in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code.

 (j) The definition of “Lenders” appearing in Section 1.01 of the Credit Agreement is hereby amended to add
the following sentence at the end thereof: 
 “Unless the context otherwise requires, the term “Lenders”
includes the Issuing Banks.” 
 (k) The definition of “LIBO Rate” appearing in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows: 
 “LIBO Rate” means, with
respect to (a) any Eurocurrency Borrowing denominated in any LIBOR Quoted Currency and for any applicable Interest Period, the London interbank offered rate administered by the British Bankers Association (or any other Person that takes over
the administration of such rate) for such LIBOR Quoted Currency for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters
pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its
reasonable 

  
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discretion (in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, on the Quotation Day for such currency and Interest Period; provided that, if
the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement and (b) any Eurocurrency Borrowing denominated in any Non-Quoted Currency and for any applicable Interest Period, the applicable
Local Screen Rate for such Non-Quoted Currency at approximately 11:00 a.m. Toronto, Ontario time, on the Quotation Day for such currency and Interest Period; provided that if any Local Screen Rate shall be less than zero, such rate shall be
deemed to be zero for purposes of this Agreement; provided, that, if a LIBOR Screen Rate or a Local Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period (the
“Impacted Interest Period”), then the LIBO Rate for such currency and such Interest Period shall be the Interpolated Rate; provided, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to
be zero for purposes of this Agreement. It is understood and agreed that all of the terms and conditions of this definition of “LIBO Rate” shall be subject to Section 2.14. 

(l) The definition of “Local Screen Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended to
delete the reference to “CAD” appearing therein and replace it with a reference to “CDOR”. 
 (m) The definition of
“Maturity Date” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Maturity Date” means December 6, 2018. 

(n) The definition of “OFAC” appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in
its entirety to read as follows: 
 “OFAC” means the Office of Foreign Assets Control of the U.S. Department
of Treasury. 
 (o) The definition of “Quotation Day” appearing in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows: 
 “Quotation Day” means, with respect to
any Eurocurrency Borrowing for any Interest Period, (i) if the currency is Pounds Sterling or Canadian Dollars, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days before the first
day of such Interest Period, and (iii) for any other currency, two Business Days prior to the commencement of such Interest period (unless, in each case, market practice differs in the relevant market where the LIBO Rate for such currency is to
be determined, in which case the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last
of those days)). 
 (p) The definition of “Statutory Reserve Rate” appearing in Section 1.01 of the Credit
Agreement is hereby amended to delete the reference to “, in the case of Dollar denominated Loans” appearing therein. 

  
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 (q) Section 2.02(b) of the Credit Agreement is hereby amended to (x) delete the
phrase “and shall only be made to the Company” appearing at the end of the first sentence thereof and (y) delete the word “Eurocurrency” appearing in the second sentence thereof. 

(r) Section 2.03 of the Credit Agreement is hereby amended to (x) insert “(i) the name of the applicable Borrower;”
as a new clause (i) thereof, (y) re-number the remaining clauses and (z) delete the phrase “to the Company” appearing immediately after the phrase “in the case of a Borrowing denominated in Dollars” therein. 

(s) Section 2.06(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(a) General. Subject to the terms and conditions set forth herein, the Company may request the issuance of Letters
of Credit denominated in Agreed Currencies (x) for its own account or (y) for the account of its Subsidiaries, in a form reasonably acceptable to the Administrative Agent and the relevant Issuing Bank, at any time and from time to time
during the Availability Period. The Company may arrange for the issuance by any Issuing Bank of a Letter of Credit to support payment and performance obligations of its Subsidiaries in such form, and in such manner, as may be required by local
custom or law. Notwithstanding the foregoing, the letters of credit identified on Schedule 2.06 (the “Existing Letters of Credit”) shall be deemed to be “Letters of Credit” issued on the Effective Date for all
purposes of the Loan Documents. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Company to, or entered
into by the Company with, the relevant Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. The Company unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued
or arranged for the support of any Subsidiary’s obligations as provided in the first and second sentences of this paragraph, the Company will be fully responsible for the reimbursement of LC Disbursements in accordance with the terms hereof,
the payment of interest thereon and the payment of fees due with respect to such Letters of Credit under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Letter of Credit (the Company hereby irrevocably
waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such a Subsidiary that is the named account party in respect of any such Letter of Credit).” 

(t) Section 2.06(f) of the Credit Agreement is hereby amended to replace the words “consequential damages” appearing in
the parenthetical appearing in the proviso appearing therein with the words “special, indirect, consequential or punitive damages”. 

(u) Section 2.07(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds (i) in the case of Loans denominated in Dollars, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in
the case of each Loan denominated in a Foreign Currency, by 12:00 noon, Local Time, in the city of the 

  
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Administrative Agent’s Eurocurrency Payment Office for such currency and at such Eurocurrency Payment Office for such currency. The Administrative Agent will make such Loans available to the
relevant Borrower by promptly crediting the amounts so received, in like funds, to (x) an account of such Borrower maintained with the Administrative Agent in New York City or Chicago and designated by such Borrower in the applicable Borrowing
Request, in the case of Loans denominated in Dollars and (y) an account of such Borrower in the relevant jurisdiction and designated by such Borrower in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency;
provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the relevant Issuing Bank.” 

(v) Section 2.08(b) of the Credit Agreement is hereby amended to delete the references to “to the Company” and “or
to a Foreign Subsidiary Borrower” appearing therein. 
 (w) Section 2.08(c)(i) of the Credit Agreement is hereby amended to
insert the phrase “the name of the applicable Borrower and” at the beginning thereof. 
 (x) Section 2.08(e) of the
Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “(e) If the relevant Borrower
fails to deliver a timely Interest Election Request with respect to a Eurocurrency Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period (i) in the case of a Borrowing denominated in Dollars, such Borrowing shall be converted to an ABR Borrowing and (ii) in the case of a Borrowing denominated in a Foreign Currency in respect of which the applicable Borrower shall
have failed to deliver an Interest Election Request prior to the third (3rd) Business Day preceding the end of such Interest Period, such Borrowing shall automatically continue as a
Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11. Notwithstanding any contrary provision hereof, if an Event of Default
has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing denominated in Dollars may
be converted to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Revolving Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and
(iii) unless repaid, each Eurocurrency Revolving Borrowing denominated in a Foreign Currency shall automatically be continued as a Eurocurrency Borrowing with an Interest Period of one month.” 

(y) Section 2.12(b) of the Credit Agreement is hereby amended to insert the following new sentence at the end thereof: 

“Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be paid in Dollars, and
participation fees and fronting fees in respect of Letters of Credit denominated in a Foreign Currency shall be paid in such Foreign Currency.” 

  
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 (z) Section 2.13(e) of the Credit Agreement is hereby amended to amend and restate
the first sentence thereof in its entirety as follows: 
 “All interest hereunder shall be computed on the basis of a
year of 360 days, except that (i) (A) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and (B) interest computed by reference to the CDOR Rate shall be
computed on the basis of a year of 365 days (or 366 days in a leap year) and (ii) interest for Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of 365 days, and in each case of the foregoing
clauses (i) and (ii) shall be payable for the actual number of days elapsed (including the first day but excluding the last day).” 

(aa) Section 2.14 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“SECTION 2.14. Alternate Rate of Interest. 

(a) If at the time that the Administrative Agent shall seek to determine the relevant Screen Rate on the Quotation Day for any
Interest Period for a Eurocurrency Borrowing the applicable Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Eurocurrency Borrowing for any reason, and the Administrative Agent shall
reasonably determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the applicable Reference Bank Rate shall be the LIBO Rate for such Interest Period for
such Eurocurrency Borrowing; provided that if any Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; provided, further, however, that if less than two Reference
Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing, (i) if such Borrowing shall be requested in Dollars, then such Borrowing shall be made as an ABR Borrowing at the
Alternate Base Rate and (ii) if such Borrowing shall be requested in any Foreign Currency, the LIBO Rate shall be equal to the cost to each Lender to fund its pro rata share of such Eurocurrency Borrowing (from whatever source and using
whatever methodologies as such Lender may select in its reasonable discretion, such rate, the “COF Rate”). 

(b) If prior to the commencement of any Interest Period for a Eurocurrency Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for a Loan in the applicable currency or for the applicable Interest Period; or 

(ii) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for a Loan in the applicable currency or for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

  
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 then the Administrative Agent shall give notice thereof to the applicable Borrower and the
Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing in the applicable currency or for the applicable Interest Period, as the case may be, shall be
ineffective, (ii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing and (iii) if any Borrowing Request requests a Eurocurrency Borrowing in a Foreign Currency,
then the LIBO Rate for such Eurocurrency Borrowing shall be the COF Rate; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.” 

(bb) Section 2.15(a) of the Credit Agreement is hereby amended to (x) insert the phrase “or such other Recipient”
immediately after the first reference to “increase the cost to such Lender” appearing therein and (y) delete each reference to “such Lender or such Issuing Bank” appearing therein and replace each such reference with
“such Lender, such Issuing Bank or such other Recipient”. 
 (cc) Section 2.19(a) is hereby amended to delete the
references to “by the Company”, “or by a Foreign Subsidiary Borrower” and “or to a Foreign Subsidiary Borrower” appearing therein. 

(dd) Section 2.21 of the Credit Agreement is hereby amended to (x) insert the proviso “; provided that no
Ineligible Institution may be an Augmenting Lender” immediately after the reference to “an “Augmenting Lender”” appearing therein and (y) insert the phrase “, which agree” immediately before the
reference to “increase their existing Commitments” appearing therein. 
 (ee) Section 2.24 of the Credit Agreement is
hereby amended to (x) insert a period after the reference to “shall for all purposes of this Agreement be a Foreign Subsidiary Borrower and a party to this Agreement” appearing therein and (y) insert the words “Each Foreign
Subsidiary Borrower shall remain a Foreign Subsidiary Borrower” immediately after such period. 
 (ff) Section 2.25(b) of
the Credit Agreement is hereby amended to amend and restate the proviso appearing therein in its entirety as follows: 

“provided, that, except as otherwise provided in Section 9.02, this clause (b) shall not apply to the
vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby” 

(gg) Section 3.15 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“SECTION 3.15. Anti-Corruption Laws and Sanctions. The Company has implemented and maintains in effect policies and
procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and 

  
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applicable Sanctions, and the Company, its Subsidiaries and their respective officers and employees and to the knowledge of the Company its directors and agents, are in compliance with
Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Company, any Subsidiary or to the knowledge of the Company or such Subsidiary any of their respective directors, officers or employees, or (b) to the
knowledge of the Company, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds
directly or indirectly or other Transactions will violate Anti-Corruption Laws or applicable Sanctions.” 
 (hh) Article V of
the Credit Agreement is hereby amended to insert the phrase “, in each case, without any pending draw,” immediately after the phrase “all Letters of Credit shall have expired or terminated” appearing in the first paragraph
thereof. 
 (ii) Section 5.08 of the Credit Agreement is hereby amended to insert the following new sentence at the end thereof:

 “The Company will maintain in effect and enforce policies and procedures designed to ensure compliance by the
Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.” 

(jj) Article VI of the Credit Agreement is hereby amended to insert the phrase “, in each case, without any pending draw,”
immediately after the phrase “all Letters of Credit have expired or terminated” appearing in the first paragraph thereof. 
 (kk)
Section 6.08 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“SECTION 6.08. Anti-Corruption Laws and Sanctions. No Borrower will request any Borrowing or Letter of Credit, and
no Borrower shall use, and the Company shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit directly or indirectly (i) in
furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.” 

(ll) Section 9.01(a) of the Credit Agreement is hereby amended to (x) amend and restate clauses (ii) and
(iii) thereof in their entirety to read as follows: 
 “(ii) if to the Administrative Agent, (A) in the case
of Borrowings by any Borrower other than a Canadian Borrower denominated in Dollars, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor 07, Chicago, Illinois 60603, Attention of April Yebd (Telecopy No. (888) 292-9533;
jpm.agency.servicing.4@jpmchase.com), (B) in the case of Borrowings by any Borrower other than a Canadian Borrower denominated in Foreign Currencies, to 

  
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J.P. Morgan Europe Limited, 25 Bank Street, Canary Wharf, London E14 5JP, Attention of The Manager, Loan & Agency Services (Telecopy No. 44 207 777 2360) and (C) in the
case of Borrowings by a Canadian Borrower, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor 07, Chicago, Illinois 60603, Attention of Jackie See (Telecopy No. (312) 385-7101; cls.specialized.servicing@jpmorgan.com), and in each case with
a copy to JPMorgan Chase Bank, N.A., 270 Park Avenue, 43rd Floor, New York, New York 10017, Attention of Anthony Galea (Telecopy No. (866) 682-7113); 

(iii) if to JPMorgan as an Issuing Bank, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor 07, Chicago, Illinois 60603,
Attention of April Yebd (Telecopy No. (888) 292-9533), or in the case of any other Issuing Bank, to it at the address and telecopy number specified from time to time by such Issuing Bank to the Company and the Administrative Agent” 

and (y) insert the following new paragraph at the end thereof: 

“Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
business day for the recipient). Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).” 

(mm) Sections 9.01(b) and (c) of the Credit Agreement are hereby amended and restated in their entirety to read as follows:

 “(b) Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by
using Electronic Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable
Lender. The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as
described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or
other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

  
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 (c) Any party hereto may change its address or telecopy number for notices and
other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

(d) Electronic Systems. 

(i) The Company agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below)
available to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without
limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic
System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender, any Issuing Bank or any other Person or entity for damages of any
kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative Agent’s transmission
of Communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan
Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System.” 

(nn) Section 9.02(b) of the Credit Agreement is hereby amended to insert the following phrase immediately before the period at the
end thereof: 
 “(it being understood that any change to Section 2.25 shall require the consent of the
Administrative Agent and each Issuing Bank). Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment,
waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other
modification.” 
 (oo) Section 9.04(b)(i) of the Credit Agreement is hereby amended to replace the word
“assignees” appearing in the first sentence therein with the phrase “Persons (other than an Ineligible Institution)”. 

  
 12 

 (pp) Section 9.04(b)(ii) of the Credit Agreement is hereby amended to
(x) replace the phrase “the term “Approved Fund” has the following meaning” with the phrase “the terms “Approved Fund” and “Ineligible Institution” have the following meanings” and
(y) insert the following as a new third paragraph at the end thereof: 
 “Ineligible Institution” means
(a) a natural person, (b) a Defaulting Lender, (c) the Company, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural
person or relative(s) thereof. 
 (qq) Section 9.04(c) of the Credit Agreement is hereby amended to insert the words “,
other than an Ineligible Institution,” immediately after the parenthetical “(a “Participant”)” appearing in the first sentence thereof. 

(rr) Section 9.06 of the Credit Agreement is hereby amended to (x) amend the header thereof to insert immediately before the
period at the end thereof a reference to “; Electronic Execution” and (y) delete the last sentence thereof in its entirety and replace it with the following: 

“Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other
electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act.” 
 (ss) Section 9.09(b) of the Credit Agreement is hereby amended to (x) delete the word
“nonexclusive” appearing therein and replace it with the word “exclusive”, (y) insert the words “, Borough of Manhattan,” after the words “New York County” appearing therein and (z) replace the word
“of” appearing immediately after the words “United States District Court” with the word “for”. 
 (tt)
Article IX of the Credit Agreement is hereby amended to insert the following as new Sections 9.15 and 9.16 thereof: 

“SECTION 9.15. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a

  
 13 

 
result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

SECTION 9.16. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided
by the Lenders are arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (B) such Borrower has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) such Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent
or fiduciary for such Borrower or any of its Affiliates, or any other Person and (B) no Lender or any of its Affiliates has any obligation to such Borrower or any of its Affiliates with respect to the transactions contemplated hereby except, in
the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of such Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to such Borrower or its Affiliates. To the fullest extent permitted by law, each Borrower hereby waives
and releases any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.” 

(uu) Article X of the Credit Agreement is hereby amended to amend and restate the fifth paragraph thereof in its entirety to read as
follows: 
 “The Company further agrees that its obligations hereunder shall constitute a continuing and irrevocable
guarantee of all Obligations now or hereafter existing and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation (including a payment effected through exercise of a right
of setoff) is rescinded, or is or must otherwise be restored or returned by the Administrative Agent, any Issuing Bank or any Lender upon the insolvency, bankruptcy or reorganization of any other Borrower or otherwise (including pursuant to any
settlement entered into by a holder of Obligations in its discretion).” 
 (vv) Schedule 2.01 to the Credit Agreement is amended
and restated in its entirety in the form of Schedule 2.01 attached hereto. 

  
 14 

 2. Departing Lenders. The parties hereto hereby acknowledge and agree that: 

(a) Manufacturers and Traders Trust Company (the “Departing Lender”) is entering into this Amendment solely to evidence its
exit from the Credit Agreement and shall have absolutely no obligation hereunder. Upon the effectiveness hereof and the payment described in Section 2(b)(ii), the Departing Lender shall no longer (i) constitute a “Lender” for all
purposes under the Loan Documents, (ii) be a party to the Credit Agreement and (iii) have any obligations under any of the Loan Documents, in each case, without further action required on the part of any Person; and 

(b) Upon the effectiveness hereof: (i) the Departing Lender’s “Commitment” under the Credit Agreement shall be terminated,
(ii) the Departing Lender shall have received payment in full in immediately available funds of all of its Loans, all interest thereon and all other amounts payable to it under the Credit Agreement, (iii) the Departing Lender shall not be
a Lender hereunder as evidenced by its execution and delivery of its signature page hereto and (iv) the defined term “Lenders” in the Credit Agreement shall exclude the Departing Lender. 

3. Conditions of Effectiveness. The effectiveness of this Amendment is subject solely to the conditions precedent that: 

(a) The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrowers, the Lenders (including the
Departing Lender) and the Administrative Agent; 
 (b) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Loan Parties, the authorization of this Amendment and the Transactions and any other legal matters relating to the Loan
Parties, the Loan Documents, this Amendment or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel; 

(c) The Administrative Agent shall have received a certificate signed by the President, a Vice President or a Financial Officer of the
Company, certifying that, after giving effect to this Amendment, the Borrowers are in compliance with paragraphs (a) and (b) of Section 4.02 of the Credit Agreement; 

(d) The Administrative Agent shall have received, for the account of each Lender (excluding the Departing Lender) party hereto that delivers
its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an upfront amendment fee in an amount equal to the amount previously disclosed to the Lenders; and 

(e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the date of this Amendment,
including, to the extent invoiced, payment and/or reimbursement of the Administrative Agent’s and its Affiliates’ reasonable and documented out-of-pocket fees and expenses (including reasonable fees, charges and disbursements of counsel
for the Administrative Agent) required to be reimbursed or paid by the Borrowers in connection with this Amendment and the other Loan Documents. 

(f) The Administrative Agent shall have made such reallocations of each Lender’s Applicable Percentage of the Revolving Credit Exposure
under the Credit Agreement as are necessary in order that the Revolving Credit Exposure with respect to such Lender reflects such Lender’s Applicable Percentage of the Revolving Credit Exposure under the Credit Agreement as amended hereby. The
Borrowers hereby agree to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Eurocurrency Loans and the reallocation described in this clause (f), in each case
on the terms and in the manner set forth in Section 2.16 of the Credit Agreement. 

  
 15 

 4. Representations and Warranties of the Borrowers. Each Borrower hereby represents and
warrants as follows: 
 (a) This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of
such Borrower, enforceable against such Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law. 
 (b) As of the date hereof and after giving effect to the
terms of this Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of such Borrower set forth in the Credit Agreement are true and correct in all material respects. 

5. Reference to and Effect on the Credit Agreement. 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be
a reference to the Credit Agreement as amended hereby. 
 (b) Except as specifically amended above, the Credit Agreement and all other
documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the
Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

(d) This Amendment is a “Loan Document” under (and as defined in) the Credit Agreement. 

6. Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York. 

7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part
of this Amendment for any other purpose. 
 8. Counterparts. This Amendment may be executed by one or more of the parties hereto on
any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered
in person. 
 [Signature Pages Follow] 

  
 16 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	AMETEK, INC.,
	as the Company
		
	By:	 	 /s/ William J. Burke

	Name:	 	William J. Burke
	Title:	 	Sr. Vice President Comptroller and Treasurer

 Signature Page to Amendment No. 2 to 

Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	EMA HOLDINGS UK LIMITED
	as a Foreign Subsidiary Borrower
		
	By:	 	 /s/ Robert R. Mandos

	Name:	 	Robert R. Mandos
	Title:	 	Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	AMETEK HOLDINGS B.V.
	as a Foreign Subsidiary Borrower
		
	By:	 	 /s/ Robert S. Feit

	Name:	 	Robert S. Feit
	Title:	 	Managing Director “A”
	
	 AMETEK HOLDINGS B.V.
 as a Foreign
Subsidiary Borrower

		
	By:	 	 /s/ Thecla Magdalena Anna Kamphuijs

	Name:	 	Thecla Magdalena Anna Kamphuijs
	Title:	 	Managing Director “B”

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	AMETEK MATERIAL ANALYSIS HOLDINGS GMBH,
	as a Foreign Subsidiary Borrower
		
	By:	 	 /s/ Manfred A. Bergsch

	Name:	 	Manfred A. Bergsch
	Title:	 	Managing Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	AMETEK CANADA LIMITED PARTNERSHIP, by its general partner, AMETEK CANADA 1 ULC,
	as a Foreign Subsidiary Borrower
		
	By:	 	 /s/ Bernard G. Boulet

	Name:	 	Bernard G. Boulet
	Title:	 	Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	JPMORGAN CHASE BANK, N.A.,
	individually as a Lender, as an Issuing Bank and as Administrative Agent
		
	By:	 	 /s/ Anthony Galea

	Name:	 	Anthony Galea
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	 /s/ Andrew Richards

	Name:	 	Andrew Richards
	Title:	 	SVP

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Denise DiSimone

	Name:	 	Denise DiSimone
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	SUNTRUST BANK,
	as a Lender
		
	By:	 	 /s/ Johnetta Bush

	Name:	 	Johnetta Bush
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ James Travagline

	Name:	 	James Travagline
	Title:	 	Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
	as a Lender
		
	By:	 	 /s/ George Stoecklein

	Name:	 	George Stoecklein
	Title:	 	Director

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	SANTANDER BANK, N.A. (formerly known as Sovereign Bank),
	as a Lender
		
	By:	 	 /s/ Francis D. Phillips

	Name:	 	Francis D. Phillips
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	CITIZENS BANK OF PENNSYLVANIA,
	as a Lender
		
	By:	 	 /s/ Devon Starks

	Name:	 	Devon Starks
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	THE BANK OF NEW YORK MELLON,
	as a Lender
		
	By:	 	 /s/ Jeffrey Dears

	Name:	 	Jeffrey Dears
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	KEYBANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Suzannah Valdivia

	Name:	 	Suzannah Valdivia
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 
			
	
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Amendment No. 2 Effective Date, it is no longer a party to the Credit Agreement
	
	 MANUFACTURERS AND TRADERS TRUST COMPANY,

as Departing Lender

		
	By:	 	 /s/ Derek Lynch

	Name:	 	Derek Lynch
	Title:	 	Assistant Vice President

  
 Signature Page to
Amendment No. 2 to 
 Credit Agreement dated as of September 22, 2011 

AMETEK, Inc. 

 SCHEDULE 2.01 

COMMITMENTS 
  

					
	 LENDER
	  	COMMITMENT	 
		
	 JPMORGAN CHASE BANK, N.A.
	  	$	106,000,000	  
		
	 BANK OF AMERICA, N.A.
	  	$	87,250,000	  
		
	 PNC BANK, NATIONAL ASSOCIATION
	  	$	87,250,000	  
		
	 SUNTRUST BANK
	  	$	87,250,000	  
		
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	  	$	87,250,000	  
		
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
	  	$	65,000,000	  
		
	 SANTANDER BANK, N.A.
	  	$	65,000,000	  
		
	 CITIZENS BANK OF PENNSYLVANIA
	  	$	50,000,000	  
		
	 THE BANK OF NEW YORK MELLON
	  	$	50,000,000	  
		
	 KEYBANK NATIONAL ASSOCIATION
	  	$	15,000,000	  
		
	 AGGREGATE COMMITMENT
	  	$	700,000,000Exhibit 4(a)(i)

 Exhibit 4(a)(i) 

EXECUTION COPY 
 CONTRIBUTION AGREEMENT

 by and among 

Barclay Operating Corp., a New York corporation, 

and 
 InterContinental
Hotels Group Resources, Inc., a Delaware corporation, 
 as Existing Members, 

Constellation Barclay Holding US, LLC 

as Investor, 
 and

 111 East 48th Street Holdings, LLC, a Delaware limited liability 

company, 
 as the Company

 December 19, 2013 

 TABLE OF CONTENTS 
  

									
	 	 	 	 	 	  	 	  	Page
	1.	 		 	Definitions	  	2
				
	2.	 		 	Investor Capital Contribution	  	2
					
		 		 	2.1	  	Contribution	  	2
		 		 	2.2	  	Intentionally Omitted	  	2
		 		 	2.3	  	Use	  	2
				
	3.	 		 	Payment of Investor Capital Contribution	  	2
					
		 		 	3.1	  	Deposit	  	2
		 		 	3.2	  	Remainder of Investor Capital Contribution	  	2
				
	4.	 		 	Investor’s Due Diligence and Inspection Rights	  	3
					
		 		 	4.1	  	Review of Property and Interest	  	3
		 		 	4.2	  	Guidelines for Inspection Rights	  	3
		 		 	4.3	  	Indemnity	  	4
		 		 	4.4	  	Title and Survey Examination; Permitted Title Exceptions	  	5
		 		 	4.5	  	As-Is, Where-Is, With All Faults Sale	  	6
				
	5.	 		 	Existing Members’ Covenants	  	7
					
		 		 	5.1	  	No Alteration of Title	  	7
		 		 	5.2	  	New Occupancy Leases and Modifications to Existing Occupancy Leases	  	7
		 		 	5.3	  	Contracts	  	8
		 		 	5.4	  	Status of Property	  	8
		 		 	5.5	  	Tax Matters	  	9
		 		 	5.6	  	Personal Property	  	10
		 		 	5.7	  	Intellectual Property	  	10
		 		 	5.8	  	Transition of Liquor License and other licenses	  	11
		 		 	5.9	  	Operating Covenants	  	11
		 		 	5.10	  	Financing Activities	  	13
		 		 	5.11	  	Governmental Approvals	  	13
		 		 	5.12	  	No Transfers	  	13
		 		 	5.13	  	Collective Bargaining; Restructuring	  	13
		 		 	5.14	  	Exclusivity	  	13
				
	6.	 		 	Closing	  	14
					
		 		 	6.1	  	Closing Mechanics	  	14
		 		 	6.2	  	Existing Members’ Deliveries	  	14
		 		 	6.3	  	Investor’s Deliveries	  	16

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

											
	 	 	 	 	 	  	 	  	Page	 
	7.	 		 	 Prorations, Credits and Closing Costs
	  	 	17	  
					
		 		 	 7.1
	  	Proration Items	  	 	17	  
		 		 	 7.2
	  	Closing Statement and Schedules	  	 	21	  
		 		 	 7.3
	  	Reproration after Closing	  	 	21	  
		 		 	 7.4
	  	Existing Members’ Closing Costs	  	 	22	  
		 		 	 7.5
	  	Investor’s Closing Costs	  	 	22	  
		 		 	 7.6
	  	Transfer Taxes	  	 	22	  
				
	8.	 		 	 Representations and Warranties
	  	 	23	  
					
		 		 	 8.1
	  	Existing Members’ Representations and Warranties	  	 	23	  
		 		 	 8.2
	  	Existing Members’ Warranties Deemed Modified; Right to Update for Changes during Interim Period	  	 	33	  
		 		 	 8.3
	  	Claims of Breach Prior To Closing	  	 	34	  
		 		 	 8.4
	  	Survival and Limits On Investor’s Claims	  	 	34	  
		 		 	 8.5
	  	Investor’s Representations and Warranties	  	 	35	  
		 		 	 8.6
	  	Leases, Baggage and Safe Deposit Boxes	  	 	38	  
				
	9.	 		 	 Casualty and Condemnation
	  	 	38	  
					
		 		 	 9.1
	  	Major Event	  	 	38	  
		 		 	 9.2
	  	Closing Despite Casualty/Condemnation	  	 	39	  
				
	10.	 		 	 Other Conditions to Closing
	  	 	39	  
					
		 		 	 10.1
	  	Conditions to Investor’s Obligations	  	 	40	  
		 		 	 10.2
	  	Conditions to Existing Members’ and Company’s Obligations	  	 	41	  
		 		 	 10.3
	  	Waiver of Conditions	  	 	42	  
				
	11.	 		 	 Transaction Issues: Brokers, Confidentiality and Indemnities
	  	 	42	  
					
		 		 	 11.1
	  	Brokers	  	 	42	  
		 		 	 11.2
	  	Announcements; Confidentiality	  	 	42	  
		 		 	 11.3
	  	Indemnification and Release	  	 	43	  
				
	12.	 		 	 Default At or Prior to Closing
	  	 	45	  
					
		 		 	 12.1
	  	Investor Default	  	 	45	  
		 		 	 12.2
	  	Existing Members’ or Company’s Default	  	 	45	  
		 		 	 12.3
	  	Indemnity	  	 	46	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

											
	 	 	 	 	 	  	 	  	Page	 
	13.	 		 	 Notices
	  	 	46	  
				
	14.	 		 	 General Provisions
	  	 	48	  
					
		 		 	 14.1
	  	Execution Necessary	  	 	48	  
		 		 	 14.2
	  	Counterparts	  	 	48	  
		 		 	 14.3
	  	Successors and Assigns	  	 	48	  
		 		 	 14.4
	  	Governing Law	  	 	49	  
		 		 	 14.5
	  	Entire Agreement	  	 	49	  
		 		 	 14.6
	  	Time is of the Essence	  	 	49	  
		 		 	 14.7
	  	Interpretation	  	 	49	  
		 		 	 14.8
	  	Further Assurances	  	 	49	  
		 		 	 14.9
	  	Exclusive Application	  	 	49	  
		 		 	 14.10
	  	Severability	  	 	49	  
		 		 	 14.11
	  	Approvals	  	 	50	  
		 		 	 14.12
	  	Waiver Rights	  	 	50	  
		 		 	 14.13
	  	No Implied Waiver	  	 	50	  
		 		 	 14.14
	  	Rights Cumulative	  	 	50	  
		 		 	 14.15
	  	Attorneys’ Fees	  	 	50	  
		 		 	 14.16
	  	Waiver of Jury Trial	  	 	50	  
		 		 	 14.17
	  	Email Signatures	  	 	51	  
		 		 	 14.18
	  	No Recordation	  	 	51	  
		 		 	 14.19
	  	Maximum Aggregate Liability	  	 	51	  
		 		 	 14.20
	  	Exhibits and Schedules	  	 	51	  
		 		 	 14.21
	  	Jurisdiction	  	 	51	  
				
	15.	 		 	 Hotel Employees
	  	 	51	  
				
	16.	 		 	 Effect of Termination
	  	 	52	  
				
	17.	 		 	 Survival/Merger
	  	 	52	  
				
	18.	 		 	 On-Going Management of Hotel
	  	 	52	  

  
 iii 

 LIST OF SCHEDULES & EXHIBITS 

 

					
	 SCHEDULE
	  	 TITLE
	  	 REFERENCE

PARAGRAPH

	A	  	Definitions	  	1
	1	  	BOC Property	  	Recitals
	2	  	Excluded Property	  	Recitals
	3	  	Real Property and Rights Leases	  	Definitions
	4	  	List of Ongoing Capital Expenditure Projects	  	5.4
	5	  	Representation Exception Schedule	  	Definitions
	6	  	Restructuring Steps Memorandum	  	5.9
	7	  	Intercreditor Term Sheet	  	5.10
			
	 EXHIBIT
	  	 TITLE
	  	 REFERENCE

PARAGRAPH

	A.	  	Legal Description of Land	  	Recitals
	B.	  	Amended and Restated Operating Agreement	  	Recitals
	C.	  	Non-Foreign Affidavit	  	6.2
	D.	  	Intentionally Omitted	  	
	E.	  	Existing Members’ Reaffirmation of Representations	  	6.2
	F.	  	List of Tenants (Rent Roll)	  	8.1
	G-1	  	Affidavit of Title	  	6.2
	G-2	  	Non-Imputation Affidavit	  	6.2
	H.	  	List of Contracts	  	8.1
	I.	  	Management Agreement	  	18
	J.	  	Intentionally Omitted	  	
	K.	  	Retained Intellectual Property	  	5.7
	L.	  	Litigation	  	8.1
	M.	  	Escrow Agreement	  	3.1
	N.	  	Investor’s Reaffirmation of Representations	  	6.3
	O.	  	Title Pro Forma	  	4.4
	P.	  	Minimum Return Agreement	  	6.2

  
 iv 

					
	Q.	  	Shortfall Reserve and Pool Agreement	  	6.2
	R.	  	List of Insurance Policies	  	8.1
	S.	  	List of Collective Bargaining and Employment Agreements	  	8.1
	T.	  	Form of IWA Assumption Agreement	  	15

  
 v 

 CONTRIBUTION AGREEMENT 

THIS CONTRIBUTION AGREEMENT (this “Agreement”) is made and entered into as of December 19, 2013 (the
“Effective Date”), by and among BARCLAY OPERATING CORP., a New York corporation (“BOC”), and INTERCONTINENTAL HOTELS GROUP RESOURCES, INC., a Delaware corporation (“Resources”;
together with BOC, subject to substitution by the New Subsidiaries as set forth herein, “Existing Members”), CONSTELLATION BARCLAY HOLDING US, LLC, a Delaware limited company (“Investor”) and 111 EAST 48TH
STREET HOLDINGS, LLC, a Delaware limited liability company (“Company”). 
 R E C I
T A L S: 
 WHEREAS, Company is the owner of the fee estate and certain other estates and interests
in that certain hotel and parcel of land located at 111 East 48th Street, New York, New York and more particularly described on Exhibit A (the “Land”) and known as the InterContinental Barclay, which fee estate and
other estates and interests Company acquired from BOC on December 20, 2010 by virtue of a deed and certain assignments of estates and interests recorded as of November 7, 2013 in the Office of the City Register of the City of New York;

 WHEREAS, BOC is the owner of a sub-leasehold interest in the Land pursuant to that certain Agreement of Lease dated as of
December 20, 2010 from Company, as Landlord, to BOC, as Tenant (the “Leaseback”) and is the owner of certain tangible and intangible personal property (including, without limitation, furnishings and equipment) located in or
otherwise used in connection with the operation of the Hotel, as more particularly described on Schedule 1 attached (such sub-leasehold interest and personal property collectively, the “BOC Property”), which BOC
Property in each case shall be contributed by BOC to Company prior to Closing upon and subject to the terms and conditions set forth in Paragraph 10.1 below. In no event shall the Excluded Property described on Schedule 2 attached
(collectively, the “Excluded Property”) be transferred to Company; 
 WHEREAS, the Existing Members collectively own
one hundred percent (100%) of the membership interests in Company (collectively, the “Membership Interests”); 

WHEREAS, prior to Closing the Existing Members as listed in the Preamble hereto will contribute the Membership Interests to certain
newly formed subsidiaries (the “New Subsidiaries”), whereupon such subsidiaries will be substituted for the Existing Members listed in the Preamble hereto as parties to this Agreement; and 

WHEREAS, Investor desires to become a member of Company holding eighty percent (80%) of the Membership Interests (the
“Interest”) in accordance with the Amended and Restated Operating Agreement of the Company in the form attached hereto as Exhibit B (the “Amended and Restated Operating Agreement”) by making a capital
contribution to Company of Two Hundred Thirty-Seven Million and 00/100 Dollars ($237,000,000.00), as such amount may be reduced by Investor’s share of the proceeds of any financing entered into by the Company in connection with the Closing (the
“Investor Capital Contribution”). 

  
 1 

 NOW, THEREFORE, for ten dollars ($10.00) and in consideration of the other promises,
covenants, representations and warranties hereinafter set forth, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto, the parties hereto hereby agree as follows:

 1. Definitions. Wherever used in this Agreement, the terms herein shall have the meanings set forth on Schedule
A. 
 2. Investor Capital Contribution. 

2.1 Contribution. Upon, subject to, and in accordance with the terms and conditions of this Agreement, at the Closing, Investor
agrees to contribute the Investor Capital Contribution to Company, and Company agrees to issue to Investor the Interest, in each case subject to and in accordance with the terms and conditions set forth in this Agreement and in the Amended and
Restated Operating Agreement, as applicable. 
 2.2 Intentionally Omitted. 

2.3 Use. The Investor Capital Contribution shall be used by Company for the purchase upon the Closing from InterContinental
Hotels Nevada Corporation of an intercompany receivable payable by InterContinental Hotels Group Operating Corp. to InterContinental Hotels Nevada Corporation in the amount of the Investor Capital Contribution, as more particularly described in, and
on the terms more particularly set forth in, Section 4.1(d) of the Amended and Restated Operating Agreement. 
 3. Payment of
Investor Capital Contribution. The Investor Capital Contribution, subject to the prorations and credits set forth herein, shall be due and payable as follows: 

3.1 Deposit. Investor has, concurrently with the execution of this Agreement, made the Deposit, in immediately available funds
with Closing Agent, to be held in escrow by Closing Agent in accordance with the terms of the Escrow Agreement attached hereto as Exhibit M (the “Escrow Agreement”). Except as expressly otherwise set forth herein, the
Deposit shall be non-refundable to Investor, but shall be applied against the Investor Capital Contribution on the Closing Date as set forth herein. The Deposit shall be invested in accordance with the Escrow Agreement and all interest earned on the
Deposit shall accrue to the benefit of the party entitled to the Deposit. 
 3.2 Remainder of Investor Capital Contribution. At
Closing, Investor shall make a capital contribution to Company in the amount of the Investor Capital Contribution as follows: (1) Investor shall pay to Company an amount equal to the difference between (a) the Investor Capital
Contribution, and (b) the Deposit, subject to the credits, prorations and adjustments set forth herein, in cash by federal reserve bank wire transfer to such account and bank as Company shall designate in writing to Investor at or prior to
Closing to be confirmed received in Company’s account on or before 2:00 p.m. New York, New York time on the Closing Date; and (2) Investor shall authorize and direct Closing Agent to release the Deposit to Company immediately upon the
consummation of the Closing. The Investor Capital Contribution shall not be deemed made until received in its entirety by Company in cleared funds, subject to the credits, prorations and adjustments set forth herein. 

  
 2 

 4. Investor’s Due Diligence and Inspection Rights. 

4.1 Review of Property and Interest. 

A. Review of Property and Property Documents. Until Closing or the sooner termination of this Agreement, and subject to the terms
of Paragraph 4.2, Existing Members shall provide Investor and Investor’s Representatives with access to the Property and the Property Documents, wherever located, upon reasonable prior notice at reasonable times during business hours, with the
right and license to conduct Due Diligence with respect to the Property. Investor covenants and agrees that it will inspect the Property and the Property Documents at its sole cost and expense and will not permit any mechanics’,
materialmen’s or other Liens to be filed against the Hotel or Land by any Person or entity as a result of Investor’s or Investor’s Representatives’ activities. If any such Lien is filed against the Hotel or Land as a result of
the activities of Investor, any Investor’s Representative, or any party having a claim against or through Investor or the Investor’s Representatives, Investor shall cause the same to be discharged of record within ten (10) Business
Days after receipt of written demand from Existing Member either by payment of the claim or by posting and recording the bond required by applicable law. On written request from Existing Members or Company, Investor shall deliver promptly to
Existing Members or Company, as applicable, copies of all Investor’s Diligence Reports with respect to the Property (other than any Confidential Materials of the Investor or its affiliates, or any attorney work product or attorney-client
privileged documents), but with no liability for the accuracy thereof and no representation that Existing Members, Company or any other party may rely thereon; provided, however, with respect to any third party Investor’s Diligence Reports
which require the preparer’s consent to disclose the same to Existing Members, Investor shall use commercially reasonable efforts to obtain such consent but a failure to do so (and to deliver the applicable Investor’s Diligence Reports as
a result of the same) shall not constitute a default by Investor under this Agreement. Investor acknowledges that the Property Documents may not be complete and that Existing Members, Company, the other Existing Members Parties and their respective
Representatives may not have complete information concerning the Hotel, and Investor acknowledges that other than Existing Members’ Warranties, such information should not and shall not be relied upon and should be independently verified to
Investor’s satisfaction during Due Diligence. 
 B. Review of Information Relating to Interest and the Company. In
addition to the inspection rights set forth in Paragraph 4.1.A above, and subject to the confidentiality restrictions set forth in Paragraph 11.2 hereof, Existing Members shall afford to Investor reasonable access to the offices, properties, books,
contracts, commitments and records of Company, and shall furnish Investor with all information (including financial and operating data) concerning the Interest, the Company or the Property as Investor reasonably may request. Such requests shall not
interfere unreasonably with Company’s ability to operate the Hotel beyond a de minimis extent. Existing Members shall use commercially reasonable efforts to assist Investor in its examination. Investor shall comply with all provisions of
Paragraph 4.2 in exercising such additional access rights. 
 4.2 Guidelines for Inspection Rights. Investor’s rights to
conduct Due Diligence shall be subject to the following further requirements: (a) Due Diligence may only be performed from 8:00 a.m. through 6:00 p.m., Eastern Standard Time, on Business Days and must

  
 3 

 
not interfere beyond a de minimis extent, as reasonably determined by Existing Members, with the operation or management of the Hotel or disturb the rights of guests or Tenants; (b) Investor
must provide Existing Members with at least twenty-four (24) hours’ prior written notice (which may be delivered by electronic mail) of its intent to perform Due Diligence on the Property and Existing Members shall have the right to have
one or more Representatives of Existing Members present and accompanying each individual during any such entry upon the Property by Investor or Investor’s Representatives; (c) Investor shall not communicate with any Hotel vendor or
contractor, Hotel guest, or Hotel Employee or any neighboring property or occupant or lessee of neighboring property or their respective representatives without Existing Members’ prior written consent which may be withheld in Existing
Members’ sole discretion but which shall not be unreasonably withheld, conditioned or delayed with respect to Prospective Buyer’s requested contact of the Hotel general manager or other executive level Hotel staff (in addition, if Existing
Members’ consent is obtained by Investor under clause (c) foregoing, Existing Members shall be entitled to receive at least twenty-four (24) hours’ prior written notice (which may be delivered by electronic mail) of the intended
contact (which shall include the names of people participating) and to have one or more Representatives present when Investor has any such contact with any such Person); (d) Investor shall, at its sole cost, immediately return the Property to
the condition existing prior to any tests and inspections; (e) Due Diligence activities may not affect the appearance of the Hotel in any way; and (f) Investor shall not conduct any invasive sampling, boring, testing, or analysis of soils,
surface water, groundwater, building materials or air quality at, in, or under the Property without first having obtained prior written approval of Existing Members, which may be withheld in Existing Members’ sole discretion. Prior to such time
as Investor or any of Investor’s Representatives enter the Property for purposes of conducting the Due Diligence as set forth herein, upon Existing Members’ reasonable request, Investor or the applicable Investor’s Representative
shall (i) obtain or shall cause the applicable Investor’s Representative to obtain policies of general liability insurance which insure Investor or the applicable Investor’s Representatives with liability insurance limits of not less
than $2,000,000 combined single limit for personal injury and property damage and name Company and Existing Members and their affiliates as additional insureds and which are with insurance companies reasonably approved by Existing Members, and
(ii) provide or shall cause the applicable Investor’s Representative to provide Existing Members and their affiliates with certificates of insurance evidencing that Investor or any other Investor’s Representative has obtained the
aforementioned policies of insurance. Notwithstanding any provision in this Agreement to the contrary, except to the extent necessary in connection with the preparation of a Phase I environmental report with respect to the Hotel or Land, Investor
shall not contact any government official or representative regarding Hazardous Materials on, or the environmental condition of, the Property, without Existing Members’ prior written consent thereto which consent shall not be unreasonably
withheld, conditioned or delayed. Investor, at its sole cost and expense, shall comply with all applicable laws, rules, regulations and orders with respect to the use of the Hotel or Land for Investor’s Due Diligence, including, without
limitation, Environmental Laws. 
 4.3 Indemnity. Investor hereby agrees to indemnify, defend, and hold Existing Members and
each of the other Existing Members Parties free and harmless from and against any and all Liabilities arising out of or resulting from or in connection with the entry on the Property and/or the conduct of any Due Diligence by Investor or any of
Investor’s Representatives for purposes of conducting Due Diligence at any time prior to the Closing; 

  
 4 

 
provided, however, that Investor’s obligations under this Paragraph 4.3 shall not apply to the mere discovery of a pre-existing environmental, physical or other condition at the Property.
The foregoing indemnity shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement. 
 4.4
Title and Survey Examination; Permitted Title Exceptions. Existing Members have delivered to Investor a copy of the Survey. Existing Members have delivered to Investor a copy of the Title Commitment and the Title Pro Forma. Any and all
exceptions to title as reflected on Schedule B of the Title Pro Forma attached hereto as Exhibit O shall be deemed to constitute Permitted Title Exceptions. Investor shall have no right to object to any Permitted Title Exceptions or to
refuse to proceed to Closing or to demand that any such matters be discharged, satisfied or otherwise cleared from title or to demand any reduction of or credit against the Investor Capital Contribution due to the existence of any Permitted Title
Exceptions. 
 A. Pre-Closing “Gap” Defects. Investor may at or prior to Closing obtain, at Investor’s sole cost
and expense, one or more additional updates to the Title Commitment from Title Company. Investor may at or prior to Closing notify Existing Members in writing of any defects in title disclosed by such updated Title Commitment first arising between
the last revision date of the Title Commitment and the Closing Date (“Gap Title Objections”); any such notice shall be accompanied by the update to the Title Commitment and any other materials which evidence or disclose such Gap
Title Objections. If Investor fails to notify Existing Members in writing of any Gap Title Objections by the earlier to occur of (i) ten (10) Business Days of Investor’s receipt of the updated Title Commitment and (ii) the
Closing Date, then, notwithstanding any other provisions set forth herein, such failure to notify Existing Members shall constitute a waiver of such right to object to such matters and such matters shall be deemed to constitute Permitted Title
Exceptions (other than Required Removal Items). Existing Members shall notify Investor in writing by the earlier to occur of (i) ten (10) days of its receipt of such notice and (ii) the Closing Date, if Existing Members have elected
to Remove any such Gap Title Objections. If Existing Members fail to respond within such timeframe, Existing Members shall be deemed to have declined to remove such Gap Title Objections (other than Required Removal Items). If Existing Members elect
to Remove any such Gap Title Objections, Existing Members shall have the right to extend the date for Closing (by not more than fifteen (15) days) so that Existing Members may cure such Gap Title Objections. If Existing Members decline, or are
deemed to have declined as aforesaid, to Remove the Gap Title Objections prior to Closing, Investor shall have until the Closing to elect in writing, either (a) if the Gap Title Objection in question can reasonably be expected to have a
Material Adverse Effect, to Terminate this Agreement, in which case the Deposit shall be returned to Investor, and the parties shall have no further rights or obligations hereunder, except for those which expressly survive any such termination, or
(b) to waive its Gap Title Objections (other than Required Removal Items) and proceed with the transaction pursuant to the remaining terms and conditions of this Agreement. If Investor fails to give Existing Members notice of its election by
such time or if the Gap Title Objection in question cannot reasonably be expected to have a Material Adverse Effect (other than a Required Removal Item), it shall be deemed to have elected the option contained in clause (b) above. Any such Gap
Title Objection so waived (or deemed waived) by Investor shall be deemed to constitute a Permitted Title Exception and the Closing shall occur as herein provided without any reduction of or credit against the Investor Capital Contribution. 

  
 5 

 B. Cure of Title Matters. At Closing, if this Agreement is not Terminated as
permitted herein, Existing Members shall Remove or cause to be Removed any non-Permitted Title Exceptions to the extent (and only to the extent) that the same constitute Required Removal Items or Existing Members have agreed to Remove a Gap Title
Objection pursuant to subsection (A) above. 
 C. Investor’s Right To Terminate. If Existing Members fail to Remove
any Gap Title Objection (other than Required Removal Items) that it has agreed to remove pursuant to subsection (A) above prior to Closing, then Investor’s sole remedy shall be to Terminate this Agreement by written notice to Existing
Members prior to the Closing Date, in which case the Deposit shall be returned to Investor, and the parties shall have no further rights or obligations hereunder, except for those which expressly survive any such termination. Notwithstanding any
provision to the contrary in this Agreement, if Existing Members fail to Remove a Required Removal Item prior to Closing, then Investor’s sole remedy shall be to Terminate this Agreement by written notice to Existing Members prior to the
Closing Date, in which case the Deposit shall be returned to Investor, Existing Members shall reimburse Investor for the actual, out-of-pocket costs and expenses incurred by Investor in connection with this Agreement and the Transaction in an amount
not to exceed $1,000,000, and the parties shall have no further rights or obligations hereunder, except for those which expressly survive any such termination. 

4.5 As-Is, Where-Is, With All Faults Sale. Investor acknowledges that: (a) it has, prior to the Effective Date, completed
such Due Diligence as Investor deems necessary or appropriate, and has independently confirmed to its satisfaction all information that it considers material to its purchase of the Interest or the Transaction, (b) it is a sophisticated investor
capable of utilizing the information made available to it in connection with its acquisition of the Interest to evaluate the merits and risks of its acquisition of the Interest, to make an informed investment decision with respect thereto and to
protect its interests in connection with such acquisition, and (c) it has the ability through its own employees, or through agents, independent contractors, consultants or other experts with whom it has a relationship, to evaluate the
investment characteristics of the Interest and the Hotel and to assess issues pertaining to title to the Real Property, the value of the Property and the Interest, the past performance of the Hotel, the projected performance of the Hotel, the
structural integrity and soundness of all improvements and structures located on the Real Property and the environmental condition of the Real Property; and, accordingly, the Interest to be issued to Investor and the Property shall be accepted by
Investor on the Closing Date, subject to the Existing Members’ Warranties, “AS IS, WHERE IS, WITH ALL FAULTS”, with no right of setoff or reduction in the Investor Capital Contribution except for the adjustments and prorations set
forth herein. Except for, and only to the extent of, Existing Members’ Warranties, Investor is acquiring the Interest based exclusively upon its own Due Diligence and not upon (i) any verbal or written representations, warranties, promises
or guarantees (whether express, implied, statutory or otherwise) made to Investor or its Representatives with respect to the Interest, the Property, any matter set forth, contained or addressed in the Documents (including, but not limited to, the
accuracy and completeness thereof) or the results of Investor’s Due Diligence nor upon (ii) any financial data or projections, offering memoranda, reports, analyses, estimates, budgets (operational, construction or otherwise), commentary,
opinions or communications in any form related to the Property made available to Investor including, without limitation, concerning tax, legal, financial, labor, hotel operations or corporate structuring matters and the like ((i) and
(ii) collectively, “Waived 

  
 6 

 
Reliance Items”). Except for, and only to the extent of, Existing Members’ Warranties, Investor hereby expressly waives, relinquishes and releases any right or remedy available
to it at law, in equity, under this Agreement or otherwise to make a claim against Existing Members for damages that Investor may incur, or to rescind this Agreement and the Transaction, as the result of any of the Waived Reliance Items being
untrue, inaccurate or incorrect. Notwithstanding the foregoing, such acknowledgment is not intended to, and shall not be construed to affect or impair any rights or remedies that Investor may have against Existing Members as a result of a breach of
any of Existing Members’ Warranties. 
 5. Existing Members’ Covenants. Existing Members agrees that between the
Effective Date and the Closing Date (the “Interim Period”) or earlier termination of this Agreement, and, with respect to Paragraph 5.5, after the Closing Date. to the extent provided therein: 

5.1 No Alteration of Title. Existing Members shall not permit Company to transfer or further alter or encumber in any way
Company’s title to the Real Property or BOC’s title to the BOC Property as it exists as of the Effective Date without written notice to, and the prior written consent of, Investor. If Investor fails to object in writing to any such
proposed instrument within five (5) Business Days after giving of the aforementioned notice, Existing Members shall notify Investor of such failure and if Investor fails to respond within twenty-four (24) hours following such notice,
Investor shall be deemed to have approved the proposed instrument. 
 5.2 New Occupancy Leases and Modifications to Existing Occupancy
Leases. If Existing Members desire that Company (i) enter into any new Occupancy Lease, (ii) cancel, modify, amend, extend or renew any existing Occupancy Lease, (iii) consent to any assignment or sublease in connection with
any Occupancy Lease, or (iv) accept any prepayment of rent thereunder (more than thirty (30) days in advance), Existing Members shall deliver to Investor written notice of such action, which notice shall contain information regarding the
proposed action that Existing Members believe is reasonably necessary to enable Investor to make informed decisions with respect to the advisability of the proposed action. Existing Members shall not permit Company to take such action without
Investor’s prior written consent, which consent will not be unreasonably withheld, conditioned or delayed (and if no response by Investor is made within five (5) Business Days after Investor’s receipt of such request and all documents
related thereto, Existing Members shall notify Investor of such failure and if Investor fails to respond within twenty-four (24) hours following such notice, such consent shall be deemed to have been granted). If Investor rejects the proposed
action, Existing Members nevertheless retain full right, power and authority to cause Company to execute such documents as are necessary to effect such action, and Existing Members shall promptly advise Investor of the same. The foregoing
notwithstanding, in the event Investor has rejected the proposed action pursuant to its rights hereunder but Existing Members nonetheless proceeds to permit Company to effect it, Investor shall have the right, within five (5) Business Days
after receipt of Existing Members’ notice that Company has taken such action, to Terminate this Agreement by the delivery to Existing Members of a written notice of termination, in which case the Deposit shall be paid to Investor, and the
parties shall have no further rights or obligations hereunder, except for those which expressly survive any such termination. If Investor fails to notify Existing Members within such time period, Investor shall be deemed to have fully waived any
rights to 

  
 7 

 
Terminate this Agreement pursuant to this Paragraph 5.2. Existing Members shall promptly provide Investor with true, correct and complete copies of any Occupancy Lease, modification, or amendment
entered into by Company. Notwithstanding any provision of this Agreement to the contrary, without any requirement for notice or consent from Investor, Existing Members may, but shall not be obligated to, cause Company to pursue any of Company’s
legal rights for contract enforcement (including, but not limited to, commencing a dispossessory action) against any Tenant. 
 5.3
Contracts. Except as it relates to “Excepted Contracts” (hereinafter defined), if Existing Members desire that Company (i) enter into any new Contracts, (ii) cancel, modify, amend, extend or renew any existing
Contracts, or (iii) waive any default under, or accept any surrender of, any Contracts, Existing Members shall deliver to Investor written notice of such action, which notice shall contain information regarding the proposed action that Existing
Members believe is reasonably necessary to enable Investor to make informed decisions with respect to the advisability of the proposed action. Except for Contracts that (a) can be terminated, without penalty, upon thirty (30) days (or
less) written notice from the Company or an Existing Member, (b) expire prior to the Closing or (c) are terminated prior to the Closing by Company at Existing Members’ sole cost and expense (collectively, “Excepted
Contracts”), Existing Members shall not permit Company to take such action without Investor’s prior written consent, which consent will not be unreasonably withheld, conditioned or delayed (and if no response by Investor is made within
five (5) Business Days after Investor’s receipt of such request and all documents related thereto, Existing Members shall notify Investor of such failure and if Investor fails to respond within twenty-four (24) hours following such
notice, such consent shall be deemed to have been granted); upon delivery of such written consent, such Contract or modification thereof shall thereupon be included within the definition of “Contracts” set forth herein and any such
cancelled contract shall thereupon be excluded from the definition of “Contracts” set forth herein. Existing Members shall promptly provide Investor with true, correct and complete copies of any Contract, modification, or amendment entered
into by Company. Notwithstanding any provision of this Agreement to the contrary, without any requirement for notice or consent from Investor, Existing Members may, but shall not be obligated to, cause Company to pursue any of Company’s legal
rights to enforce any Contract. 
 Notwithstanding anything stated herein to the contrary, the Company may enter into contracts related to
the Planned Renovation to the extent the Amended and Restated Operating Agreement would permit Existing Members’ affiliates to do so during the effectiveness of the Amended and Restated Operating Agreement. 

5.4 Status of Property. Except for the ongoing performance of the capital expenditure projects as described in Schedule 4
attached (with respect to which Existing Members shall be entitled, prior to the Closing, to continue to effectuate such performance and to enter into, or to cause Company to enter into, agreements that will continue to be binding on the
Property and the Company after Closing), during the Interim Period Existing Members shall cause Company to maintain and keep the Property in a manner consistent with Company’s practices with respect to the Property as in effect on and around
the Effective Date; provided, however, that Investor hereby agrees that the Property shall remain subject to, and Existing Members shall have no obligation to cure, (a) any violations of Laws (provided the same do not constitute
Required Removal Items), (b) any physical conditions that would require capital 

  
 8 

 
expenditures or would give rise to violations of Laws, whether the same now exist or arise prior to Closing or (c) any damage caused by casualty, except as otherwise provided in this
Agreement. 
 5.5 Tax Matters. 

A. Company and Existing Members (insofar as related to the Company, the Property or the operation of the Property) shall properly and timely
file with the appropriate Tax Authority all Tax Returns required to be filed during the Interim Period and will timely pay to the relevant Tax Authority all Taxes due and payable during the Interim Period. Promptly, and no later than three
(3) Business Days after the filing thereof, Company shall deliver to Investor copies of all Tax Returns filed by Company during the Interim Period. 

B. Company and Existing Members shall notify Investor promptly, and in any event within ten (10) days, of any claim, assessment, notice of
deficiency, audit, examination or other administrative or judicial proceeding that is asserted, imposed or commenced during the Interim Period or after the Closing Date with respect to any Taxes or Tax Returns relating to the Company, the Property
or the operation of the Property. Such notice shall include a reasonably detailed description of the matter and shall include a copy of any written material received from the Tax Authority. From and after the Effective Date, Existing Members shall
have the right to cause Company to continue and to control the progress of and to make all decisions with respect to any contest of any Taxes due and payable by the Company for any Tax Year ending prior to the Closing Date and any contests relating
to any income Tax Returns filed by the Company for any Tax Year ending prior to the Closing Date; provided, Existing Members (i) shall keep Investor and the Company informed of the progress and substantive aspects of such contests and
(ii) shall not take any action (or fail to take any action) in the course of any such contest, or compromise or settle any such contest, without the prior written consent of Investor, which will not be unreasonably withheld, conditioned or
delayed, if such action, inaction, compromise or settlement reasonably could be expected to affect Taxes payable by the Company or any member thereof in any Post-Closing Tax Year. Any contests relating to Taxes or Tax Returns for any Straddle Period
shall be jointly controlled by Investor and Existing Members unless Investor and Existing Members mutually agree otherwise. 
 C. All real
estate and personal property Tax refunds and credits received after Closing with respect to the Property for a Pre-Closing Tax Year shall be applied in the following order of priority: (i) first, to pay the actual, out-of-pocket costs and
expenses (including reasonable attorneys’ fees, expenses and disbursements and fees contingent on the amount of recovery) incurred in connection with obtaining such Tax refund or credit; (ii) second, to pay any amounts due to any past or
present tenant of the Property as a result of such Tax refund or credit to the extent required pursuant to the terms of the Occupancy Leases; and (iii) third, apportioned between Investor and Existing Members as follows: (a) any refunds or
credits attributable to the Closing Tax Year shall be apportioned between Investor and Existing Members in the manner provided in Paragraph 7.1; and (b) any refunds or credits attributable to any Tax Year prior to the Closing Tax Year, shall be
paid to Existing Members. 
 D. For U.S. federal and applicable state and local income Tax purposes, items of Company income, gain, loss and
deduction shall be apportioned between the portion of the 

  
 9 

 
Closing Tax Year ending on the Closing Date and the portion of the Closing Tax Year beginning after the Closing Date using an interim closing of the books method. In the event that an election
under Section 754 of the Code, or any analogous election under state or local Law (a “Section 754 Election”) is not currently in effect with respect to the Company, the Company shall make, and Investor and Existing Members
shall cause the Company to make, a Section 754 Election to be effective for the Closing Tax Year. 
 E. Investor and Existing Members
acknowledge and agree that (i) pursuant to Treasury Regulation § 1.704-1(b)(2)(iv)(f), immediately prior to Closing, the Company shall adjust the capital accounts of Existing Members to reflect a revaluation of the assets of the Company on
the Company’s books for purposes of Section 704(b) of the Code, (ii) Investor’s initial capital account as of the beginning of the day after the Closing Date shall be equal to the amount of the Investor Capital Contribution, as
increased or decreased at Closing pursuant to this Agreement for any prorations, credits or adjustments and (iii) the capital accounts of Investor and Existing Members as of the beginning of the day after the Closing Date shall be in proportion
to their Pro Rata Shares. A schedule of agreed gross fair market values of the Property and any assets of the Company shall be reasonably agreed upon between the parties prior to the Closing Date and shall be attached to the Amended and Restated
Operating Agreement. 
 F. Investor and Existing Members shall reasonably cooperate, and shall cause their respective affiliates to
reasonably cooperate, in connection with the filing of Tax Returns and any contest regarding Taxes of, or with respect to, the Company or the Property. Such cooperation shall include the retention of and (upon the other party’s request) the
provision of records and information reasonably relevant to any such Tax Return or contest and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder, and the
provision of such powers of attorney as may be necessary to allow for the control of Tax audits or proceedings as described in Paragraph 5.5.B. 

G. The provisions this Paragraph 5.5 shall survive the Closing (and shall not be merged therein) or any earlier termination of this Agreement.

 5.6 Personal Property. Except for the Excluded Property, and except for Existing Members’ right to retain books and
records stored off-site and duplicate copies of any books and records stored at the Real Property, Existing Members shall not remove any of the Property, including Personal Property, from the Real Property nor permit Company to use any of the
Personal Property prior to the Closing Date except such removal and use thereof as is normal in the operation and maintenance of the Property consistent with Company’s past practices. Existing Members covenant that items of Personal Property
which consist of furniture and furnishings, artwork and supplies and maintenance items shall be maintained at Company’s customary level of quality and will be available and retained by Company on the Closing Date. 

5.7 Intellectual Property. Investor acknowledges that Existing Members and the Existing Members Parties are retaining all right,
title and interest in and to all their respective intellectual property rights in the name “InterContinental” and any derivations or variations thereof, except as may be specifically used by the Company pursuant to the terms of the Hotel

  
 10 

 
Management Agreement. Investor hereby acknowledges and agrees that neither Investor nor any affiliate, successor, assignee or designee of Investor shall be entitled (a) to use the name
“InterContinental” in any way whatsoever or (b) to any ownership interest or other rights with respect to the system operated by the Existing Members and their affiliates (collectively, the “InterContinental Hotels
Group”) reflecting the business practices and quality standards of InterContinental Hotels branded hotels, and to the other intellectual property and proprietary rights of the InterContinental Hotels Group. The provisions of this Paragraph
5.7 shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement. 
 5.8 Transition of Liquor
License and other licenses. Existing Members and Investor acknowledge that the liquor license and certain other licenses required for Hotel operations (including without limitation those set forth on Schedule 5 attached hereto)
are, as of the Effective Date, held by, and are personal to, BOC. Existing Members and Investor shall reasonably cooperate so that such licenses (collectively, the “Transitioning Licenses”) are either transferred to the Company or
its designee or are replaced with new licenses issued to the Company or its designee at Closing or as soon as reasonably practicable thereafter, provided that the parties shall use all commercially reasonable efforts to ensure that all Transitioning
Licenses necessary for the operation of the Hotel are validly transferred or issued to the Company or its designee at Closing. 
 5.9
Operating Covenants. Except in each case in connection with the consummation of the Transaction, including without limitation, the following (collectively, the “Preparatory Restructuring”): (i) the Leaseback
Contribution, (ii) the contribution to the Company of the BOC Property (other than any the Excluded Property) and (iii) the restructuring as described in the memorandum attached as Schedule 6, the Company and Existing
Members, insofar as it relates to the Company and/or the Property, agree that neither the Company nor any Existing Member shall during the Interim Period: 

A. permit the Company to incur any indebtedness for borrowed money, except in the ordinary course of business though not to exceed (except with
respect to trade payables and equipment leases that are no more than 60 days past due), individually or in the aggregate, $1,000,000; 
 B.
fail to maintain all existing insurance coverage relating to the Property (however, in the event any such coverage shall be terminated or lapse, to the extent available at reasonable cost, Existing Members or the Company may procure substantially
similar substitute insurance policies which in all material respects are in at least such amounts and against such risks as are currently covered by such policies); 

C. except in the ordinary course of business consistent with past practice, award or increase any bonuses, salaries, or other compensation to
any Participant outside of the ordinary course of business, or enter into any employment, severance or similar Contract with any Participant or any Benefit Plan or Benefit Agreement outside of the ordinary course of business; accelerate the time of
payment or vesting of any compensation or benefits of any Participant outside of the ordinary course of business; or enter into, amend, modify or terminate any collective bargaining agreement; 

  
 11 

 D. allow any Hazardous Materials to be Released by Existing Members or the Company at, in, on or
under the Property (or knowingly allow any other Person on the Property to cause any Hazardous Materials to be Released), except (i) for Releases of such quantities or types of Hazardous Materials that are reasonably required for the operation
of the Property and conducted in compliance with Environmental Law or (ii) Releases of de minimis quantities of Hazardous Materials as would not reasonably be expected to require notification, investigation or remediation under Environmental
Law; 
 E. except as otherwise expressly permitted or required by this Agreement, enter into any transactions with any affiliate of Existing
Members or the Company that will be binding on the Company or the Property after Closing and is not entered into in the ordinary course of business and consistent with past practice; 

F. except as expressly contemplated in connection with the Transaction, make any amendment to the Company’s certificate of formation or
operating agreement (or equivalent organizational documents); 
 G. delay, postpone or accelerate the payment or receipt of Accounts
Receivable or accounts payable other than in the ordinary course of business and consistent with past practice; 
 H. issue or sell any
equity interests or options, warrants, calls, subscriptions or other rights to purchase any equity interests of the Company or reclassify, split, combine, subdivide or amend the terms of the equity interests of the Company currently outstanding; or

 I. make any material change to the accounting methods, principles or practices applicable to the Company; 

J. adopt or change any method of Tax accounting, make or change any Tax election, file any amended Tax return, agree to an extension or waiver
of the statute of limitations with respect to the assessment or determination of any Taxes, settle or compromise any Tax liability, request any private letter ruling or enter into any closing agreement with respect to any Tax or surrender any right
to claim a Tax refund, in each case, if such action reasonably could be expected to affect the Tax liability of the Company or its members with respect to any Post-Closing Tax Year; 

K. cancel or compromise any material indebtedness, or, other than in the ordinary course of business, waive or release any material right of
the Company; 
 L. enter into or agree to enter into any merger or consolidation with any corporation or other entity, or acquire the
securities or business (or any business unit) or, other than in the ordinary course of business and consistent with past practice, other assets of any other Person; 

M. enter into a contract or other agreement to do any of the foregoing prohibited by this Paragraph, or to authorize or announce an intention
to do any of the foregoing prohibited by this Paragraph. 

  
 12 

 5.10 Financing Activities. Investor and Existing Members shall use their good
faith, commercially reasonable efforts to consummate the Initial Financing (as defined in the Amended and Restated Operating Agreement) either as of the Closing or subsequent to the date thereof on terms which are reasonably acceptable to them
provided that any such Initial Financing shall (i) be consistent with the terms and objectives set forth on the intercreditor term sheet attached as Schedule 7 hereto; and (ii) provide for non-disturbance terms benefiting the
Manager as described in the Management Agreement. Existing Members and Investor acknowledge that they will use their good faith, commercially reasonable effort to agree on the structuring of any joint and several guarantees in connection with such
Initial Financing and how such guaranty obligations are coordinated with rights under the Amended and Restated Operating Agreement. 
 5.11
Governmental Approvals. Existing Members, the Company, Investor and their respective affiliates shall cooperate with each other and use their commercially reasonable efforts to (i) as promptly as practicable, take, or cause to be
taken, all appropriate action, and do or cause to be done, all things necessary, proper or advisable under applicable Law or otherwise to consummate and make effective the Transaction governed by this Agreement as promptly as practicable,
(ii) obtain from Governmental Entities all consents, licenses, permits, waivers, approvals, authorizations or orders, required (A) to be obtained or made by Existing Members, Company or Investor, as the case may be, or any of their
respective affiliates or any of their respective Representatives and (B) to avoid any action or proceeding by any Governmental Entity, in connection with the authorization, execution and delivery of this Agreement and the consummation of the
Transaction governed herein, and (iv) make all necessary filings, and thereafter make any other required submissions, with respect to this Agreement, as required under any applicable Law (collectively, the “Governmental
Approvals”), and to comply with the terms and conditions of all such Governmental Approvals. 
 5.12 No Transfers.
Existing Members hereby agrees that, during the Interim Period, Existing Members will not sell, transfer, assign, pledge, hypothecate, donate or otherwise dispose of any interest in the Company to any Person except as expressly contemplated by the
Preparatory Restructuring. 
 5.13 Collective Bargaining; Restructuring. Existing Members shall, and shall cause their
respective affiliates and each of their respective employees and officers, as applicable, to (i) promptly inform Investor of any material developments in the negotiations related to the collective bargaining agreement or the terms and
conditions of employment of the bargaining unit employees at the Hotel, and (ii) with respect to any proposed changes in employment terms or conditions that would be expected to be material to the cost or manner of operation of the Hotel,
obtain the written consent of Investor before agreeing with the Union to adopt such changes. 
 5.14 Exclusivity. Neither any
Existing Member nor the Company shall take any action to encourage, initiate, continue or engage in discussions or negotiations with, or provide any information to, any third-party concerning any purchase, transfer or other disposition of the
Interest or the Property to such Person, any merger or other business combination involving the Company, any sale of all or a material portion of the assets of the Company (or any 

  
 13 

 
assets or property to be contributed to the Company as contemplated herein prior to or as of Closing), any sale of the Hotel or any similar transaction. 

6. Closing. The time and place of Closing shall be held on the Closing Date at no later than 2:00 p.m. local New York, New York
time, TIME BEING OF THE ESSENCE, at or through the offices of the Closing Agent. 
 6.1 Closing Mechanics. If agreed to by both
parties, Investor and Existing Members shall conduct an escrow-style closing through the Closing Agent so that it will not be necessary for any party to attend the Closing (Investor and Existing Members shall have pre-Closings to finalize and sign
all documents not later than the day prior to Closing, and deliver such items to the Closing Agent). Upon Closing, Investor shall deliver to Existing Members the Investor Capital Contribution and the other items required of Investor as elsewhere set
forth herein, and Existing Members shall deliver to Investor the Interest and the other items required of Existing Members as elsewhere set forth herein. 

6.2 Existing Members’ Deliveries. At Closing, Existing Members shall deliver or cause to be delivered to Investor the
following, including executed counterparts thereof, to the extent applicable: 
 A. Amended and Restated Operating Agreement; the
Interest. The Amended and Restated Operating Agreement and issuance of the Interest. 
 B. Withholding and Tax
Certificates. A certificate in the form of Exhibit C with respect to Section 1445 of the Internal Revenue Code from each owner of the Company (as determined for U.S. federal income tax purposes) stating whether or not such
owner is a foreign person as defined in said Section 1445 and applicable regulations thereunder. 
 C. Affidavit of Title/Gap
Indemnity. An Affidavit of Title with respect to liens and title matters in the form of Exhibit G-1 and a non-imputation affidavit in the form of Exhibit G-2. 

D. Closing Statement. The final closing statement pursuant to Paragraph 7.2. Existing Members and Investor shall authorize and
instruct the Closing Agent to file, as the “reporting person,” Internal Revenue Service Form 1099-B (“Proceeds from Real Estate, Broker, and Barter Exchange Transactions”), if and as required by Section 6045(d) of the
Code. 
 E. Evidence of Authority. Evidence that Existing Members has the requisite power and authority to execute and deliver,
and perform under, this Agreement and all Closing Documents, including without limitation delivery of an incumbency certificate signed by an officer of the appropriate company of each entity signing on behalf of Existing Members. 

F. Existing Members’ Reaffirmation. A reaffirmation of the representations, warranties and covenants set forth in Paragraph
8 hereof in the form of Exhibit E and made a part hereof (“Existing Members’ Reaffirmation of Representations”). 

G. Security Documents. A Security Agreement and Deposit Account Control Agreement with respect to the Payable and the Receivable
(and any other such 

  
 14 

 
agreements as may be reasonably required to reflect the structure thereof as may be agreed to by the parties), to the extent desired by Existing Members, in a form prepared by Existing Members
consistent with the terms and objectives set forth in Schedule 7 and approved by Investor, such approval not to be unreasonably withheld, conditioned or delayed. In the event that a draft of such form has been provided to Investor not less than 30
days prior to the scheduled Closing Date but has not been approved by Investor as of the scheduled Closing Date, neither party shall have the right to terminate this Agreement for failure to deliver such document on the Closing Date and the matter
shall be submitted for resolution in accordance with the provisions set forth in Section 20.12 of the Amended and Restated Operating Agreement which are incorporated by reference herein. 

H. Intentionally Omitted. 

I. Management Agreement. The Management Agreement executed by Company and the Manager. 

J. Memorandum of Management Agreement. A memorandum of the Management Agreement to be recorded against title to the Real Property
(the “Memorandum of Management Agreement”). 
 K. Leaseback Contribution. The Leaseback Contribution executed
by BOC, as Tenant, and Company, as Landlord, as described in Paragraph 10.1 below. 
 L. Minimum Return Agreement. The Minimum
Return Agreement in the form of Exhibit P executed by the Manager. 
 M. Shortfall Reserve and Pool Agreement.
The Shortfall Reserve and Pool Agreement in the form of Exhibit Q executed by the Manager. 
 N. IHG Affiliate
Guaranty. The IHG Affiliate Guaranty (as defined in the Amended and Restated Operating Agreement) made by IHG Guarantor (as defined in the Amended and Restated Operating Agreement) in favor of the Company in form and substance reasonably
acceptable to the parties. In the event that a draft of such form has been provided to Investor not less than 30 days prior to the scheduled Closing Date but has not been approved by Investor as of the scheduled Closing Date, neither party shall
have the right to terminate this Agreement for failure to deliver such document on the Closing Date and the matter shall be submitted for resolution provisions set forth in Section 20.12 of the Amended and Restated Operating Agreement which are
incorporated by reference herein. 
 O. Assignment of Receivables. The Assignment of Receivables (as defined in the Amended and
Restated Operating Agreement) in form and substance reasonably acceptable to the parties. In the event that a draft of such form has been provided to Investor not less than 30 days prior to the then scheduled Closing Date but not approved by
Investor as of the scheduled Closing Date, neither party shall have the right to terminate this Agreement for failure to deliver such document on the Closing Date and the matter shall be submitted for resolution in accordance with the provisions set
forth in Section 20.12 of the Amended and Restated Operating Agreement which are incorporated by reference herein. 

  
 15 

 P. Other Instruments. Such other instruments or documents as may be contemplated
hereunder, to effect or carry out the purposes of this Agreement, subject to Existing Members’ prior approval thereof, which approval shall not be unreasonably withheld or delayed. 

6.3 Investor’s Deliveries. At the Closing, Investor shall deliver or cause to be delivered to Existing Members and/or
Company, as applicable, the following: 
 A. Investor Capital Contribution. The Investor Capital Contribution due to Company at
Closing under this Agreement. 
 B. Amended and Restated Operating Agreement. The Amended and Restated Operating Agreement.

 C. Closing Statement. The final closing statement pursuant to Paragraph 7.2. 

D. Evidence of Authority. Evidence that Investor has the requisite power and authority to execute and deliver, and perform under,
this Agreement and all Closing Documents, including without limitation delivery of an incumbency certificate signed by an officer of the appropriate company of each entity signing on behalf of Investor. 

E. Investor’s Reaffirmation. A reaffirmation of the representations, warranties and covenants set forth in Paragraph 8.5
hereof in the form of Exhibit N and made a part hereof (“Investor’s Reaffirmation of Representations”). 

F. Intentionally Omitted. 

G. Closing Document Counterparts. Executed counterparts of any of the other Closing Documents described in Paragraph 6.2 which
are to be signed by Investor. 
 H. Minimum Return Agreement. The Minimum Return Agreement in the form of Exhibit
P executed by the Company. 
 I. Shortfall Reserve and Pool Agreement. The Shortfall Reserve and Pool Agreement in the
form of Exhibit Q executed by the Company. 
 J. Investor Affiliate Guaranty. The Investor Affiliate Guaranty (as
defined in the Amended and Restated Operating Agreement) made by Investor Guarantor (as defined in the Amended and Restated Operating Agreement) in favor of the Company in form and substance reasonably acceptable to the parties. In the event that a
draft of such form has been provided to Existing Members not less than 30 days prior to the then scheduled Closing Date but not approved by Existing Members as of the scheduled Closing Date, neither party shall have the right to terminate this
Agreement for failure to deliver such document on the Closing Date and the matter shall be submitted for resolution provisions set forth in Section 20.12 of the Amended and Restated Operating Agreement which are incorporated by reference
herein. 

  
 16 

 K. Security Documents. A Security Agreement and Deposit Account Control Agreement
with respect to the Payable and the Receivable (and any other such agreements as may be reasonably required to reflect the structure thereof as may be agreed to by the parties), to the extent desired by Existing Members, in a form prepared by
Existing Members consistent with the terms and objectives set forth in Schedule 7 and approved by Investor, such approval not to be unreasonably withheld, conditioned or delayed. In the event that a draft of such form has been provided to Investor
not less than 30 days prior to the scheduled Closing Date but has not been approved by Investor as of the scheduled Closing Date, neither party shall have the right to terminate this Agreement for failure to deliver such document on the Closing Date
and the matter shall be submitted for resolution in accordance with the provisions set forth in Section 20.12 of the Amended and Restated Operating Agreement which are incorporated by reference herein. 

L. Assignment of Receivables. The Assignment of Receivables (as defined in the Amended and Restated Operating Agreement) in form
and substance reasonably acceptable to the parties. In the event that a draft of such form has been provided to Investor not less than 30 days prior to the then scheduled Closing Date but not approved by Investor as of the scheduled Closing Date,
neither party shall have the right to terminate this Agreement for failure to deliver such document on the Closing Date and the matter shall be submitted for resolution in accordance with the provisions set forth in Section 20.12 of the Amended
and Restated Operating Agreement which are incorporated by reference herein. 
 M. Other Instruments. Such other instruments or
documents as may be contemplated hereunder, to effect or carry out the purposes of this Agreement, subject to Investor’s prior approval thereof, which approval shall not be unreasonably withheld or delayed. 

7. Prorations, Credits and Closing Costs. 

7.1 Proration Items. Except as otherwise provided below, in each such proration set forth below, (a) the portion thereof
allocable to periods beginning as of the Closing Proration Time shall be credited or charged, as applicable, subject to any terms of the Amended and Restated Operating Agreement to the contrary, (i) eighty and one tenths percent
(80.1%) (“Investor’s Pro Rata Share”) to Investor and (ii) nineteen and nine tenths percent (19.9%) (“Existing Members’ Pro Rata Share” to Existing Members; Existing Members’ Pro Rata
Share and Investor’s Pro Rata Share each a “Pro Rata Share”); and (b) the portion thereof allocable to periods prior to but ending as of the Closing Proration Time shall be credited or charged, as applicable, in its
entirety to Existing Members, all of which prorations shall be made at Closing or, in the case of allocations to be made after Closing, upon receipt of such payments or payment of such expenses. The following items shall be so credited or charged:

 A. Taxes and Assessments. All real property and personal property Taxes and similar ad valorem Taxes, and any sales Taxes
with respect to Rental Payments, payable by the Company with respect to the Property for the Closing Tax Year (regardless of when such Taxes are payable) (collectively, “Prorated Taxes”) shall be prorated as of the Closing Proration
Time. Existing Members shall cause Company to pay all installments of special assessments due and payable on or prior to the Closing Date; provided, however, that the foregoing shall not be deemed to make Existing Members responsible
for the payment of any installments of special 

  
 17 

 
assessments which have not been confirmed or which relate to projects that have not been completed on the Closing Date. If Tax bills for the Closing Tax Year are not available on the Closing
Date, the Prorated Taxes shall be prorated at Closing based upon the Tax bills for the previous Tax Year, or, if available, based upon the current assessed valuation and current millage rates, and in such event Existing Members and Investor shall
reprorate the Prorated Taxes as actual or final tax bills for the Closing Tax Year are available. For purposes of this Agreement, including the definition of Pre-Closing Tax Liabilities, in the case of any Taxes that are payable with respect to a
Straddle Tax Year, the portion of such Taxes that relate to the Pre-Closing Tax Year shall (i) in the case of Prorated Taxes, be deemed to be the amount of such Tax for the entire Straddle Tax Year multiplied by a fraction the numerator of
which is the number of days in the Straddle Tax Year ending as of the Closing Proration Time and the denominator of which is the number of days in the entire Straddle Tax Year and (ii) in the case of any other Tax, be deemed equal to the amount
which would be payable (computed on an interim closing of the books basis) as if the relevant Tax Year ended as of the close of business on the Closing Date. The Amended and Restated Operating Agreement shall govern the parties’ respective
Liabilities for Taxes payable with respect to periods after the Closing Tax Year. 
 B. Hotel Revenues. 

(i) Guest Ledger Receivables. Existing Members shall receive a credit at Closing for all Guest Ledger Receivables for
all room nights up to and including the room night immediately prior to the night when the Closing Proration Time occurs, and the Company shall be entitled to the amounts of Guest Ledger Receivables for the room nights after the Closing Proration
Time. Existing Members shall receive a credit of fifty percent (50%) of Guest Ledger Receivables for the room night when the Closing Proration Time occurs and the Company shall be entitled to the remaining fifty percent (50%) credit.
Existing Members shall receive the income from all restaurant and bar facilities located on the Real Property through the Closing Proration Time and the Company shall receive such income thereafter. 

(ii) Booking Deposits. Existing Members and Investor shall receive a credit at Closing for advance payments and
deposits, if any, under Bookings to the extent the Bookings relate to a period after the Closing Proration Time in proportion with their respective Pro Rata Shares. Investor acknowledges that Company shall assume and honor for its account all
Bookings relating to dates after the Closing Proration Time provided that Existing Members provide a written account to Investor of all such Bookings at the Closing. 

(iii) Vending Machines. Vending machine monies will be removed by Existing Members as of the Closing Proration Time for
the benefit of Existing Members. All vending machine monies received after the Closing Proration time shall be paid to the Company. 

(iv) Petty Cash. Existing Members shall receive a credit at Closing for all petty cash funds and cash in the
Hotel’s house banks at 100% of face value at the Closing Proration Time. 

  
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 (v) Accounts Receivable. Existing Members shall retain the right to
collect, and Investor and Company each hereby assign to Existing Members such right to collect, all unpaid room charges, Rental Payments, or other sums or charges owed by Tenant or guests or other Accounts Receivable on the Closing Date. Existing
Members shall receive a credit of fifty percent (50%) of Account Receivables for the room night when the Closing Proration Time occurs and the Company shall be entitled to the remaining fifty percent (50%). Investor shall cooperate with
Existing Members in collecting such Accounts Receivable, at no cost or expense to Investor other than any de minimis cost and expense or any cost and expense which Existing Members agree in writing to reimburse. If any Accounts Receivable are
paid to Investor or Company after the Closing, Investor shall, or shall cause Company to, pay to Existing Members the amounts so received within ten (10) days after receipt of such amounts, without any commission or deduction for Investor or
Company other than any such actual, out-of-pocket costs and expenses required in the collection thereof. 
 C. Rental Payments.

 (i) Rents. All Rental Payments received by Company or Existing Members prior to Closing shall be prorated as of the
Closing Proration Time. Any Rental Payments received after Closing by Existing Members or its agents shall be promptly endorsed to Company by the payee thereof and delivered to Company; if any of such Rental Payments are attributable also to the
period prior to the Closing Proration Time, upon such endorsement, deposit and receipt of collected funds, the part thereof belonging to Existing Members pursuant to the terms hereof shall be promptly paid to Existing Members and the balance shall
be retained by Company. 
 (ii) Percentage Rents. To the extent percentage rents apply to any of the Occupancy Leases,
with respect to percentage rent due from any Tenant, notwithstanding the foregoing, Investor and Existing Members agree that at Closing estimated percentage rent shall be prorated for the calendar year in which the Closing occurs (even though the
same may not have been collected as of the Closing) based upon the amount of percentage rent due from such Tenant for the calendar year immediately prior to the calendar year in which the Closing occurs. For proration of percentage rents, the amount
attributable to the period prior to the Closing Proration Time shall be equal to (a) the aggregate amount of such percentage rents actually collected for the calendar year in which the Closing occurs multiplied by (b) a fraction, the
numerator of which shall be the number of days prior to the Closing Proration Time that the applicable Tenant leases space at the Property during the calendar year in which the Closing occurs and the denominator of which shall be 365. 

D. Security Deposits/Advance Rent. All cash Tenant Deposits shall be transferred to the Company at Closing. To the extent
applicable, with respect to any Tenant Deposits which are letters of credit, Existing Members shall deliver to Company at the Closing such original letters of credit. 

E. Utility Expenses and Deposits. Water, sewer, gas, waste fee, fire protection, electric and all other utility expenses and
payments due or made with respect to the 

  
 19 

 
Property shall be prorated as of the Closing Proration Time (except for those utility charges and operating expenses payable by tenants in accordance with the Occupancy Leases), based upon the
utility bills for the preceding period, or, if available, the meters with respect thereto read as of Closing. Existing Members shall assign and/or transfer all utility deposits, bonds, letters of credit or other security to Company and receive a
credit therefor at Closing; Company shall, to the extent necessary, notify all utilities, governmental agencies, suppliers and others providing services to the Real Property of the prospective change in ownership and operation of the Hotel.
Notwithstanding the foregoing, at Existing Members’ election, any utility deposit, bond, letter of credit or other security may be released directly to Existing Members, provided that following Closing, the Company shall promptly replace the
same (with each of the Existing Members and Investor funding its Pro Rata Share), if required by the applicable utility. 
 F. Hotel
Consumables. Existing Members shall receive a credit at Closing equal to Existing Members’ Pro Rata Share of the actual cost as disclosed by Existing Members’ or Company’s books of the food and beverages (including alcoholic
and non-alcoholic to the extent permitted by Law), engineering, maintenance, and housekeeping supplies (including soap and matches), stationery, printing and other supplies of all kinds (but specifically excluding any stationery, printing and other
supplies with proprietary insignia or logos of the Existing Members or Existing Members’ affiliated entities) (collectively, the “Consumables”) located at the Property and used in connection with the ownership, use, operation
and maintenance of the Hotel as of the Closing Date; provided, however, if no actual cost is ascertainable with respect to particular Consumables on Existing Members’ or Company’s books, the first in, first out method of valuation shall be
used. The amount of such credit shall be determined by an actual inventory of all usable, unopened items of Consumables taken the day preceding the Closing Date (or such other date as the parties hereto may reasonably agree upon). Such credit shall
account for (a) all unopened cases of Consumables, (b) all unopened individual items of Consumables which are a part of an opened case, but which have not been stocked in the guest rooms of the Hotel, and (c) all food and similar
unused perishables usable in the ordinary course of the operation of the Hotel. Existing Members shall have no right to any credit under this Paragraph for Consumables stocked in the guest rooms of the hotel on the Closing Date. 

G. Working Capital. Existing Members shall receive a credit at Closing equal to Existing Members’ Pro Rata Share of
the amount of Working Capital in the Hotel accounts as of the Closing Date as disclosed by Company’s books. 
 H. Intentionally
Deleted. 
 I. Trade Payables. Except to the extent an adjustment or proration is made under the
foregoing subsections of this Paragraph 7, (i) Existing Members shall pay in full prior to the Closing all amounts payable to vendors or other suppliers of goods or services for the Hotel (the “Trade Payables”) which are due
and payable as of the Closing Date for which goods or services have been delivered to the Hotel prior to Closing, and (ii) the Company shall receive a credit for the amount of such Trade Payables which have accrued, but are not yet due and
payable as of the Closing Date, and Company shall pay all such Trade Payables accrued as of the Closing Date when such Trade Payables become due and payable; provided, however, Existing Members and Investor shall reprorate the amount of credit for
any Trade Payables and pay any 

  
 20 

 
deficiency in the original proration to the other party promptly upon receipt of the actual bill for such goods or services. 

J. Intentionally Deleted. 

K. Reimbursement of Rebates. Investor acknowledges that Company or Existing Members may participate in various incentive programs
with various suppliers for the Hotel whereby rebates are earned by Company or Existing Members for Company’s or Existing Members’ purchase of designated goods and services from such suppliers. Investor acknowledges that Company or Existing
Members may have earned credits toward a rebate prior to Closing and that after Closing, Investor may benefit from credits earned by Company or Existing Members prior to Closing. Investor therefore agrees to notify Existing Members of any rebate
related to the Hotel received by, or credited to, the Company within one (1) year of the Closing Date and to cooperate with Existing Members’ inquiries into the status of any such rebates. Investor and Existing Members shall cooperate in
good faith to determine which, if any, portion of such rebate is attributable to Existing Members’ or Company’s activities prior to the Closing Date, whereupon the Company shall promptly reimburse Existing Members for Existing
Members’ share of each rebate. If the parties are unable to determine Existing Members’ precise share of a rebate, they shall work in good faith to equitably prorate the rebate into Investor’s and Existing Members’ shares.
Investor shall make available to Existing Members all records and other data verifying each rebate and the payment thereof. 
 L. Other
Operating Expenses. All other operating expenses of the Property, including payments due or owing under any Contracts in effect at Closing and any fees as to which periodic payments are made for applicable licenses and permits, if any, shall
be prorated as of the Closing Proration Time, except that no premiums for insurance policies paid as of the Closing Date shall be prorated, and Existing Members shall be entitled to any refunds of any such premiums for such policies. Existing
Members shall receive a credit for all Contract deposits or other security, if any, at Closing. 
 M. Reimbursable Occupancy Lease
Expenses. At Closing, Investor shall reimburse Existing Members for any and all Reimbursable Occupancy Lease Expenses to the extent that the same have been paid by Company prior to Closing. Each party shall make available to the other all
records, bills, vouchers and other data in such party’s control verifying Reimbursable Occupancy Lease Expenses and the payment thereof. 

7.2 Closing Statement and Schedules. On or before the date that is ten (10) Business Days prior to the Closing Date,
Existing Members shall deliver to Investor a current draft schedule of the items and amounts to be prorated or credited as set forth in this Paragraph 7, and a draft closing statement for the Transaction. A final closing statement will be delivered
to the Title Company at least one (1) Business Day prior to the Closing Date. 
 7.3 Reproration after Closing. The
provisions of Paragraph 7.1, this Paragraph 7.3 and Paragraphs 7.4 and 7.5 below shall survive the Closing (and not be merged therein). If the actual amounts of any of the aforesaid proration items are unavailable as of the Closing Date, then such
proration shall be made on the basis of an amount reasonably estimated by Investor and Existing Members at Closing and Investor and Existing Members shall 

  
 21 

 
thereupon reprorate such items at such times as the exact amounts for such proration items become available (but such prorations will be made within one (1) year after the Closing Date or
upon such earlier date as the exact amounts for such proration become available); provided however, that no reproration adjustment shall be made if the net amount due is $1,000 or less, and provided that any request is delivered to the party from
whom payment is requested on or before one (1) year after Closing. In order to enable Existing Members and Investor to determine whether any such delayed adjustment is necessary, the Company shall provide to Existing Members and Investor
current operating and financial statements for the Hotel no later than six (6) months after Closing. Notwithstanding anything to the contrary in this Paragraph 7.3, Investor’s right to indemnification for Pre-Closing Tax Liabilities shall
not be subject to or prejudiced by the limitations on reproration set forth in this Paragraph 7.3. 
 7.4 Existing Members’
Closing Costs. Existing Members shall pay the following: (a) the fees and expenses of Existing Members’ attorneys, (b) all real estate transfer Taxes (as provided in Section 7.6 below) and recording fees imposed by virtue
of the Transaction, but only 20% of Taxes and recording fees related to any Financing to be obtained by the Company, to the extent the Closing occurs and such financing closes, (c) twenty percent (20%) of the costs, expenses and premiums
for the Title Policy (including all examinations and reports in connection therewith, and all endorsements and reinsurance reasonably required by Investor including, without limitation, a Non-Imputation Endorsement), (d) 20% of all
lenders’ fees and taxes and recording fees related to the Initial Financing to be obtained by the Company, if the Closing occurs and such financing closes or if such Closing does not occur by virtue of a default by Existing Members under this
Agreement or the Amended and Restated Operating Agreement, and (e) 100% of the commission due to Broker. 
 7.5 Investor’s
Closing Costs. Investor shall pay the following: (a) the costs of Investor’s Due Diligence, (b) the fees and expenses of Investor’s attorneys, (c) 80% of all lenders’ fees and taxes and recording fees related to
the Initial Financing to be obtained by the Company, if the Closing occurs and such financing closes, or, alternatively, 100% of all lenders’ fees related to any financing if the Closing does not occur or such financing fails to close other
than by virtue of a default by Existing Members under this Agreement or the Amended and Restated Operating Agreement (it being the intention of the parties hereto that this Paragraph 7.5 should not in any way be construed as limiting or modifying
any provision of the Amended and Restated Operating Agreement prohibiting or otherwise restricting any such financing); (d) all escrow agent fees (if any are charged in connection with this Transaction), (e) eighty percent (80%) of
the costs, expenses and premiums for the Title Policy (including all examinations and reports in connection therewith, and all endorsements and reinsurance reasonably required by Investor including, without limitation, a Non-Imputation Endorsement),
and (f) the costs of any update to the Survey obtained by Investor. 
 7.6 Transfer Taxes. Existing Members shall pay or
cause to be paid (i) all transfer taxes due to the State of New York in connection with the Closing no later than the date that is fifteen (15) days following the Closing Date and (ii) all transfer taxes due to the City of New York in
connection with the Closing no later than the date that is thirty (30) days following the Closing Date. Each of Existing Members and Investor shall deliver duly completed real estate transfer tax declarations or returns, as required in the City
of New York and State of New York, as applicable, in connection with payment of such transfer taxes by Existing Members 

  
 22 

 
within the applicable time frames set forth above. The provisions of this Paragraph shall survive the Closing (and not be merged therein) The provisions of this Paragraph shall survive the
Closing (and not be merged therein). 
 8. Representations and Warranties. 

8.1 Existing Members’ Representations and Warranties. Existing Members, as of the date of the execution of this Agreement by
Existing Members, represent and warrant to Investor, and covenant with Investor, subject to the matters on the Representation Exception Schedule, as follows: 

A. Organization, Power and Authority of Company. 

(i) Company is duly organized, validly existing and in good standing under the Laws of the State of its organization and is, to
the extent required by Law, duly qualified to do business in the State in which the Real Property is located. Company has the full power and authority to enter into and perform this Agreement and the execution, delivery and performance of this
Agreement by the Company (i) has been duly and validly authorized by all necessary action on the part of the Company, (ii) does not conflict with or result in a violation of the organizational documents of the Company (including, as
applicable, its articles of incorporation, charter or by-laws, its partnership agreement or its operating agreement), or any judgment, order or decree of any court or arbiter in any proceeding to which the Company is a party, (iii) does not
conflict with or constitute a breach of, or constitute a default under, any material contract, agreement or other instrument by which the Company is bound or to which it is a party; subject to the Company and Investor entering into assumption
agreements for the existing collective bargaining agreement; and (iv) does not contravene, conflict with, or result in a violation of any of the terms or requirements of any Law or judgment. A true, correct and complete copy of the
Company’s Certificate of Formation and the currently effective operating agreement has been made available to Investor prior to the Effective Date. 

(ii) This Agreement has been duly and validly executed and delivered by the Company and constitutes a legal, valid and binding
agreement of the Company enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or similar Laws affecting the enforcement of
creditors’ rights generally, and (ii) as the remedy of specific performance and other forms of equitable relief may be subject to equitable defenses and principles and to the discretion of the court before which any proceeding therefor may
be brought. 
 B. Organization, Power and Authority of Existing Members. 

(i) Each entity comprising Existing Members is duly organized, validly existing and in good standing under the Laws of the
State of its organization. Existing Members has the full power and authority to enter into and perform this Agreement and the execution, delivery and performance of this Agreement by such parties (i) has been duly and validly authorized by all
necessary action on the part of such parties, (ii) does 

  
 23 

 
not conflict with or result in a violation of the organizational documents of such parties (including, as applicable, its articles of incorporation, charter or by-laws, its partnership agreement
or its operating agreement), or any judgment, order or decree of any court or arbiter in any proceeding to which any such party is a party, (iii) does not conflict with or constitute a material breach of, or constitute a material default under,
any contract, agreement or other instrument by which any such party is bound or to which it is a party subject to the Company and Investor entering into assumption agreements for the existing collective bargaining agreement; and (iv) does not
contravene, conflict with, or result in a violation of any of the terms or requirements of any Law or judgment in each case applicable to the Existing Members. 

(ii) This Agreement has been duly and validly executed and delivered by each Existing Member and constitutes a legal, valid and
binding agreement of each such Existing Member enforceable against such Existing Member in accordance with its terms, except (i) as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or similar Laws
affecting the enforcement of creditors’ rights generally, and (ii) as the remedy of specific performance and other forms of equitable relief may be subject to equitable defenses and principles and to the discretion of the court before
which any proceeding therefor may be brought. 
 C. Approvals. No consent, approval, order or authorization of, or
registration, declaration or filing with, any Governmental Entity is required by or with respect to Existing Members or the Company in connection with the execution and delivery of this Agreement by Existing Members and the Company or the
consummation by Existing Members of the transactions that are contemplated hereby, except with respect to the Transitioning Licenses and for such other filings, consents, approvals, orders, authorizations, permits, registrations and declarations
(A) required of or by Investor or any of its affiliates or key employees or (B) which have been or will be obtained prior to Closing, subject to cooperation of the parties to this Agreement. 

D. The Interest. Existing Members are, and BOC and Resources have been at all times since the formation of the Company until
transfer of the Membership Interests to the New Subsidiaries as contemplated herein, the sole owners of record and beneficially of all issued and outstanding Membership Interests, no other Person owns or holds any Membership Interest or other equity
interest in the Company, including, without limitation, an economic interest in Company, an interest in the profits or losses of Company, an interest in the right to affect the management of Company or an interest in the right to receive
distributions from Company, except in each case the direct and indirect shareholders, members, partners or other beneficial owners of Existing Members by virtue of their direct or indirect ownership interests in Existing Members. The issued and
outstanding Membership Interests are (i) duly authorized, validly issued, fully paid and non-assessable, (ii) free of preemptive rights, and (iii) owned (legally and beneficially) by Existing Members, free and clear of any and all
Liens, claims and encumbrances of any kind and nature whatsoever, including, without limitation, any restrictions on the right to vote, sell or otherwise dispose of such membership interest. Existing Members have not previously assigned, transferred
or encumbered the Interest. Other than pursuant to this Agreement, there are no subscriptions, options, warrants, calls, rights, convertible securities or other agreements or commitments of any character obligating Company to issue, transfer or
sell, 

  
 24 

 
or cause the issuance, transfer or sale of, any equity interests or other securities (whether or not such securities have voting rights) of Company. Other than pursuant to this Agreement and the
Amended and Restated Operating Agreement, there are no shareholder agreements, voting agreements, management agreements, proxies or other similar agreements or understandings, whether written or oral, with respect to any direct equity interest in
Company (including any Membership Interest). 
 E. Company Activities Since Formation. Since its formation, the Company has not
(a) engaged in any business other than the ownership of the Property (other than the BOC Property), (b) owned any assets other than the fee estate and subordinate leasehold terms and estates in the Property and any proceeds derived
therefrom, other than the Receivable to be acquired at Closing; (c) incurred any indebtedness or other identifiable liabilities that remain outstanding other than (i) real property taxes and similar taxes; (ii) the Payable,
(iii) in connection with the Planned Renovation and (iv) any other amounts for which Existing Members are responsible pursuant to Article 7 of this Agreement incurred in the ordinary course of business. 

F. Financial Statements. The Data Room contains (i) a copy of the audited financial statements for BOC for the twelve
(12) month periods ending on each of December 31, 2010 and December 31, 2011 (the “BOC Statements”), and (ii) the unaudited financial statements for Hotel operations the period commencing January 1, 2013
through September 30, 2013 (the “Year to Date Hotel Statements”) (both collectively, the “Financial Information”). Except as noted therein, the BOC Statements were prepared in accordance with GAAP (except as
may be indicated in the notes to such financial statements) and fairly presents in all material respects the financial position of the entity as of the respective dates and the results of its operations for the periods presented. Except as noted
therein, the Year to Date Hotel Statements were prepared in accordance with GAAP (if from Sbase) or IFRS (if from Peoplesoft) (except as may be indicated in the notes to such financial statements) and, to Existing Members’ Knowledge, fairly
present in all material respects the financial position of the applicable entity as of the respective dates and the results of its operations for the periods presented. 

G. No Undisclosed Liabilities. Except for (i) Liabilities reflected or reserved against in the BOC Statements or the notes
thereto, (ii) Excluded Liabilities, (iii) Liabilities incurred in the ordinary course of business, (iv) Liabilities that are not Assumed Liabilities and (v) Liabilities that would not reasonably be expected to have a Material
Adverse Effect, to Existing Members’ Knowledge, there are no Liabilities with respect to the operation and support of the business located at the Property that would have been required to be reflected in, reserved against or otherwise described
in the BOC Statements or the notes thereto in accordance with GAAP. 
 H. Labor Matters. Exhibit S attached hereto sets forth a
true and correct list of (i) all collective bargaining agreements to which the Existing Members, Manager or the Company is a party related to the Hotel; provided that side letters associated with grievances and work rules related to the
collective bargaining agreement are not listed, though Investor has been provided the opportunity to access such items, to the extent in the Company’s possession; and, as a matter of course, the foregoing exhibit does not include unwritten work
practices and grievance settlements; and (ii) all written employment or severance agreements (other than the collective 

  
 25 

 
bargaining agreements) to which either the Existing Members, Manager or the Company is a party with respect to any employee at the Hotel and which may not be terminated at will, or by giving
notice of thirty (30) days or less, without cost or penalty. As clarification, employees may be subject to company policies regarding severance which may not be in written employment agreements. Except as disclosed on the Representation
Exception Schedule, neither the Existing Members, Manager nor the Company has entered into any severance or similar arrangement in respect of any current or former employee of the Existing Members, Manager or the Company that will result in any
obligation (absolute or contingent) of the Investor or the Company to make any payment to any current or former employee of the Existing Members, Manager nor the Company following termination of employment or upon the consummation of the
Transaction. Except as disclosed on the Representation Exception Schedule, as of the date hereof, except as disclosed in reasonable detail in writing by the Existing Members to the Investor prior to the Closing Date, there are no written notices
delivered to the Company or the Existing Partners for representation, arbitration proceedings, labor strikes, or stoppages, or other labor disputes pending in a court or arbitration, and during the past five years related to the Hotel, neither the
Existing Members, Manager nor the Company has experienced any strike, work stoppage, lockup, slow-down or other material labor dispute or any attempt by organized labor to cause the Existing Members, Manager or the Company to recognize at the Hotel
any union or collective bargaining units not previously recognized. 
 I. Employee Benefits. 

(i) The Representation Exception Schedule sets forth a complete and accurate list of each Benefit Plan that is not a
Multiemployer Pension Plan and each Benefit Agreement. The summaries and other documents relating to such Benefit Plans and Benefit Agreements provided in the Data Room or otherwise provided to Investor prior to the data hereof are materially true
and correct. 
 (ii) No Benefit Plan or Benefit Agreement is subject to the Laws of any jurisdiction outside of the United
States. 
 J. No Bankruptcy. Neither the Existing Members nor the Company has (A) commenced a voluntary case, or had
entered against it a petition, for relief under any federal bankruptcy act or any similar petition, order or decree under any federal or state Law relative to bankruptcy, insolvency or other relief for debtors, (B) caused, suffered or consented
to the appointment of a receiver, trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold, administer and/or liquidate all or substantially all of its assets,
or (C) made an assignment for the benefit of creditors. 
 K. Taxes. 

(i) All Tax Returns required to be filed by or with respect to the Company, the Existing Members (insofar as related to the
Property or the operation of the Property), the Property and the operation of the Property since January 1, 2007 have been timely filed (or caused to be filed) with the appropriate Tax Authority, with the exception of any Commercial Rent Tax
Return, which Existing Members have disclosed has not been filed as set forth on the Representation Exception Schedule (including specified years and 

  
 26 

 
jurisdictions). All such Tax Returns are true, correct and complete in all material respects. Neither the Company nor the Existing Members (insofar as related to the Property or the operation of
the Hotel) is currently the beneficiary of any extension of time to file any Tax Return, other than an extension automatically granted by a Tax Authority. The Company and the Existing Members, as applicable, have made available to Investor true,
correct and complete copies of all Tax Returns filed by the Company. 
 (ii) All material Taxes due and payable by or with
respect to the Company, the Property and the operation of the Hotel (whether or not shown on any Tax Return) since January 1, 2007 have been paid. All material Taxes that the Company or an Existing Member (insofar as related to the Property or
the operation of the Hotel) was required to withhold or collect for payment by applicable Tax Law since January 1, 2007 have in all material respects been withheld, collected and timely paid to the applicable Tax Authority or, if not yet due
and payable, have been accrued as a current liability on the books of the Company or the Existing Member, as applicable, and are being held in an account for remittance in accordance with applicable Tax Law. Notwithstanding the foregoing, to the
extent a statement in this Section 8.K(ii) is not correct as of the Closing Date, Existing Members may cure such misstatement by paying such Tax or establishing a reasonable escrow arrangement as security for the Existing Members’
obligation to indemnify the Company for any such Tax hereunder, and if such misstatement is so effectively cured, Investor shall not have the right to terminate this Agreement as a result of the breach of the representations set forth in this
Section 8.K(ii). 
 (iii) No Tax deficiencies or adjustments have been claimed, proposed or assessed in writing or, to
the Existing Members’ Knowledge, have been threatened by a Tax Authority against the Company or an Existing Member (insofar as related to the Property or the operation of the Hotel), in each case, that remain outstanding or otherwise unsettled.
No audits or examinations or other administrative or judicial proceedings are ongoing, pending or scheduled or, to the Existing Members’ Knowledge, have been threatened by a Tax Authority since January 1, 2007, with respect to any Taxes or
Tax Returns of the Company or an Existing Member (insofar as related to the Property or the operation of the Hotel). Neither the Company nor the Existing Members (insofar as related to the Property or the operation of the Hotel) has waived or
entered into any agreement to extend any statute of limitation with respect to its Taxes or Tax Returns that remains effective or has otherwise not yet expired, other than in connection with an automatic extension of time to file any Tax Return.
Since January 1, 2007, no written claim has been made against the Company or an Existing Member (insofar as related to the Property or the operation of the Hotel) by a Tax Authority in a jurisdiction where such entity does not file a Tax Return
or pay Taxes asserting that such entity (or any of its members or partners, as applicable) is or may be subject to Tax by such jurisdiction. 

(iv) Neither the Company nor any Existing Member (insofar as related to the Property or the operation of the Property) is a
party to any Tax sharing, Tax indemnification, Tax allocation or other similar Tax agreement or arrangement. The Company has no liability for Taxes of any other Person as a transferee or successor, pursuant to Law, by Contract, or otherwise. 

  
 27 

 (v) There are no outstanding rulings or outstanding requests for rulings from any
Tax Authority with respect to the Company, an Existing Member (insofar as related to the Property or the operation of the Property), the Property or the operation of the Property that will be binding on the Company after Closing. The transactions
contemplated by this Agreement will not terminate any Tax incentive, holiday or abatement for the Company, the Property or the operation of the Hotel, including, for the avoidance of doubt, any property tax exemption, exclusion or other similar
incentive. 
 (vi) For U.S. federal and applicable state income Tax purposes, the Company has been properly classified and
treated as a partnership at all times since its formation. No election has been made under Treasury Regulation § 301.7701-3 (or any comparable provision of state or local Law) to classify the Company as a corporation for income Tax purposes.

 (vii) Neither the Company nor Investor will be required to include any item of income in, or exclude any item of deduction
from, taxable income for any Post-Closing Tax Year as a result of: (i) a change in method of accounting of the Company during a Pre-Closing Tax Year; (ii) any written agreement with a Tax Authority, including a “closing
agreement” as described in Section 7121 of the Code (or any similar provision of state or local Tax Law), entered into by the Company or an Existing Member or its affiliates prior to the Closing Date; (iii) any installment sale or
open transaction disposition made by the Company or an Existing Member or its affiliates prior to the Closing Date; (iv) any prepaid amounts received by the Company or an Existing Member or its affiliates prior the Closing Date; or
(iv) any election under Section 108(i) of the Code made by the Company or an Existing Member or its affiliates prior to the Closing Date. 

(viii) The Company has not engaged in any “reportable transaction” within the meaning of Treasury Regulations §
1.6011-4(b)(2) or as similarly defined under applicable state Tax Law. 
 L. Absence of Certain Changes or Events. 

(i) Except as set forth on the Representation Exception Schedule, since the Balance Sheet Date and prior to the date of this
Agreement, the business of the Company has been conducted in all material respects in the ordinary course consistent with past practice, except in connection with the Transaction and the Preparatory Restructuring. 

(ii) Without limiting the generality of the foregoing Paragraph 8.1.L(i), since the Balance Sheet Date and prior to the date of
this Agreement, other than as set forth on the Representations Exception Schedule, there has not been (except in connection with the Transaction and the Preparatory Restructuring): 

(a) any amendment or change in the Company’s organizational or governing documents; 

(b) any declaration, setting aside or payment of any non-cash dividend, distribution or capital return in respect of any shares
of the Company’s equity 

  
 28 

 
interests or any redemption, purchase or other acquisition by the Company any shares of the Company’s equity interests; or 

(c) any sale, assignment, transfer, lease or other disposition or agreement to sell, assign, transfer, lease or otherwise
dispose of any assets of the Company or the Property, except in the ordinary course of business consistent with past practice to Persons who are not affiliates of the Existing Members, the Company or their respective affiliates; or 

(d) any agreement to take any actions specified in this Paragraph 8.1.L(ii). 

(iii) Without limiting the generality of the foregoing Paragraph 8.1.L(i) and (ii), since the Balance Sheet Date and prior to
the date of this Agreement, other than as set forth on the Representations Exception Schedule, there has not been (except in connection with the Transaction and the Preparatory Restructuring): 

(a) any acquisition (by merger, consolidation, or acquisition of stock or assets) by the Company of any corporation,
partnership or other business organization or division thereof or any equity interest therein; 
 (b) any incurrence of,
or guarantee with respect to, or provision of credit support for, any indebtedness for borrowed money by the Company; 

(c) any loan, advance or capital contribution made by the Company to, or investment in, any Person; or 

(d) any agreement to take any actions specified in this Paragraph 8.1.L(c), except for this Agreement. 

M. OFAC. 

(i) Each Existing Member represents and warrants that it is in material compliance with all applicable anti-money laundering
and anti-terrorist laws, regulations, rules, executive orders and government guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act, as amended by The International Money Laundering Abatement and
Financial Anti-Terrorism Act of 2001, Title III of the USA PATRIOT Act, and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission, self-regulatory organization
(“SRO”) or other agency rules and regulations, and has policies, procedures, internal controls and systems that are reasonably designed to ensure such compliance. 

(ii) Each Existing Member represents and warrants that neither: (i) any Affiliate of such Existing Member nor any Person
Controlled by such Existing Member or any Affiliate of such Existing Member; nor (ii) to the best of knowledge of such Existing Member, after making due inquiry, any Person who owns a Controlling interest in or otherwise Controls such Existing
Member; nor (iii) to the best of knowledge of such 

  
 29 

 
Existing Member, after making due inquiry, if such Existing Member is a privately held entity, any person otherwise having a direct or indirect beneficial interest (other than with respect to an
interest in a publicly traded entity) in such Existing Member; nor (iv) any Person for whom such Existing Member is acting as agent or nominee in connection with this investment, is a country, territory, Person, organization, or entity named on
an OFAC List, nor is a prohibited country, territory, Person, organization, or entity under any economic sanctions program administered or maintained by OFAC. 

(iii) Each Existing Member represents and warrants that, unless disclosed in writing on the date hereof; it is not a Senior
Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, that it is not Controlled by a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign
Political Figure, and that, to the best of such Existing Member’s knowledge, after making due inquiry, none of the direct or indirect owners of such Existing Member (other than any owner(s) of any interest(s) in a publicly-traded entity) is a
Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. 

(iv) Each Existing Member agrees that, upon receiving a request from Investor, such Existing Member shall provide information
reasonably required by Investor to confirm that the foregoing representations, warranties and covenants continue to be true and to comply with all applicable anti-money laundering and anti-terrorist laws, regulations and executive orders. Each
Existing Member consents to the disclosure to U.S. regulators and law enforcement authorities by Investor and its Affiliates of such information about such Existing Member that Investor reasonably deems necessary or appropriate to comply with
applicable anti-money laundering and anti-terrorist laws, regulations, and executive orders. 
 (v) Each Existing Member
agrees to notify Investor promptly if there is any change with respect to the representations provided herein. 
 (vi)
Notwithstanding the foregoing, Existing Members make no representation or warranty with respect to, and the foregoing provisions of this Paragraph 8.1.M shall not be deemed or otherwise construed to apply with respect to, any holder of the issued
and outstanding shares of stock of InterContinental Hotels Group, PLC, and any successor thereto by way of merger or sale of all or substantially all assets (“IHG Control Party”), which is a publicly traded company, or interests in
any entity that is not Controlled, directly or indirectly, by IHG Control Party. 
 N. Title to Real and Personal Property.

 (i) Neither Company nor Existing Members has entered into any currently effective agreement to sell or dispose of all or
any portion of its interest in and to the Interest or the Property. To the Existing Members’ Knowledge, here are no unrecorded outstanding options or rights of first refusal or first offer to purchase the Real Property, or any portion thereof
material to the operation of the Property. Except as disclosed in the 

  
 30 

 
Title Commitment, the Personal Property is free and clear of Liens, security interests and other encumbrances, except the Permitted Title Exceptions. 

(ii) As of the Closing, all BOC Property (other than any Excluded Property), together with any and all other real or personal
property used to operate the Hotel will have been contributed to the Company. 
 O. Occupancy Leases. 

(i) Tenants. As of the Effective Date, the only tenants under signed Occupancy Leases at the Property are the tenants
listed in Exhibit F attached hereto and incorporated herein by this reference; provided, however, that the foregoing is not intended (and shall not be construed) as a representation by Existing Members of the parties that
are in actual possession of any portion of the Property since there may be subtenants, licensees or assignees that are in possession of portions of the Property of which Existing Members may not be aware, but to Existing Members’ Knowledge,
only the tenants list on Exhibit F are the only parties in possession or premises demised under Occupancy Leases, and nor does Existing Members represent or warrant that any particular Occupancy Lease or Occupancy Leases will be in
force or effect on the Closing Date or that the Tenants will have performed their obligations thereunder. 
 (ii)
Occupancy Lease Defaults. As of the Effective Date, except for defaults cured on or before the date hereof, neither Existing Members nor Company has to Existing Members’ Knowledge, (1) received any written notice from any tenant of
the Property asserting or alleging that Company is in default under such tenant’s Occupancy Lease, nor (2) sent to any tenant of the Property any written notice alleging or asserting that such tenant is in default under such tenant’s
Occupancy Lease. 
 (iii) Title. No rents or Occupancy Leases have been assigned, transferred or hypothecated by
Existing Members or Company except as set forth in the list of Contracts attached hereto as Exhibit H with respect to any surviving leasing commission agreements with respect to the Property. 

P. Contracts. As of the Effective Date, except for (i) the Contracts listed in Exhibit H attached hereto, and
(ii) the Permitted Title Exceptions, neither Existing Members nor Company has entered into any Material Contracts that will be binding upon Investor after the Closing. Copies of the Material Contracts as of the Effective Date have been made
available to Investor. Each Material Contract is valid and binding upon the Company or the Existing Members, as applicable and, to Existing Members’ Knowledge, all other parties thereto, and there is no breach or violation by Existing Members
or the Company of, or default by Existing Members or the Company under, the Material Contracts to which it is a party (and no event has occurred with respect to Existing Members or the Company which, with notice or lapse of time or both, would
constitute a breach or violation by Existing Members or the Company of, or default by Existing Members or the Company under, the Material Contracts to which it is a party) and, to Existing Members’ and the Company’s Knowledge, there is no
breach or violation by any other Person of, or default by any other Person under, the Material Contracts, in each case 

  
 31 

 
under this sentence, except for failures to be valid and binding, or breaches, violations or defaults, that would not reasonably be expected to have a Material Adverse Effect. 

Q. Legal Proceedings. Except as set forth on Exhibit L, there is no current, pending or threatened Legal Proceeding
against Company or Existing Members (including, but not limited to, condemnation proceedings against the Property) of which Company or Existing Members has Knowledge or has received written notice. No petition has been filed by Company or Existing
Members, nor has Company or Existing Members received written notice or have Knowledge of any petition filed against Company or Existing Members, under the Federal Bankruptcy Code or any similar state or federal Law. 

R. Special Assessments and Exactions. Except as disclosed in the Title Commitment, as of the Effective Date, neither Existing
Members nor Company has, to Existing Members’ Knowledge, received any written notice from any Governmental Entity that any special assessments are pending, noted or levied against the Property. 

S. Environmental Matters. Except for matters expressly identified as material concerns in the Phase I Environmental Site
Assessment, dated October 31, 2013, performed by Cardno ATC and delivered to Investor, and to Existing Members’ Knowledge: 

(i) Neither the Company nor any Existing Member has received written notice of any violation with respect to the Property
alleging material noncompliance with or material liability under any Environmental Law during the previous five (5) years. 

(ii) There are no pending or, to the Knowledge of Existing Members, written notice received by the Company or Existing Members
of threatened material claims or Legal Proceedings against the Property, Existing Members or the Company with respect to the Property alleging material noncompliance with or material liability under any Environmental Law. 

(iii) There has been no receipt of written notice by the Company or Existing Members that an investigation is pending or
threatened against the Property, the Existing Members or the Company with respect to the Property relating to a material Release of Hazardous Materials or any material noncompliance with Environmental Laws. 

(iv) There have been no Releases of Hazardous Materials by Existing Members (nor has any Existing Member knowingly allowed any
other Person on the Property to cause Hazardous Materials to be Released) at, on or under the Property of types or in quantities or locations that would reasonably be expected to require the owner or operator of the Property to either report any
Governmental Entities of such Release or to undertake any investigation or remedial action pursuant to Environmental Law. 

(v) There are no Hazardous Materials stored, used, handled, manufactured, generated or otherwise located at, in, on or under
the Property by Existing Members or transported to or from the Property by Existing Members (nor has any Existing Member knowingly allowed any other Person on the Property to perform such actions) except for such quantities and types of Hazardous
Materials reasonably required for the 

  
 32 

 
construction, operation or maintenance of the Property and that are stored, used, handled, manufactured, generated, located or transported in compliance with Environmental Laws. 

T. Permits; Compliance with Laws. To Existing Members’ Knowledge, no material permit, registration, license or approvals of
any Governmental Entities necessary to conduct the business and operations at the Hotel as presently conducted (the “Existing Permits”), has been revoked, suspended or terminated in the three (3) year period prior to the
Effective Date except where such revocation, suspension or termination would not reasonably be expected to have a Material Adverse Effect. To Existing Members’ Knowledge, (i) no event has occurred which permits or is reasonably likely to
result in, or upon the giving of notice or passage of time, or both, would permit or would be reasonably likely to result in, and (ii) except with respect to the Transitioning Licenses, the execution, delivery and performance of this Agreement
by the Company and the Existing Members is not reasonably likely to result in: revocation, non-renewal, suspension or termination of any Existing Permit that currently is in effect, except where such revocation, non-renewal, modification,
suspension, limitation or termination would not reasonably be expected to have a material adverse effect on the operation of the Property. Neither Existing Members nor the Company nor the Property has, in the period of five (5) years prior to
the Effective Date, been subject to any violation of any Laws in connection with the business conducted at the Property which resulted in the closure of the Hotel lobby or more than 10% of the Hotel’s guest rooms and/or resulted in fines for
such individual violation being levied against the Hotel, the Property, the Company or any Existing Member in excess of $100,000. 
 U.
Condemnation Proceedings. There are no pending or, to Existing Members’ Knowledge, threatened judicial proceedings seeking to condemn the Property or any part thereof. Neither the Company nor the Existing Members have entered into
any agreement in lieu of condemnation therefor. 
 V. Insurance. The Existing Members have made available to the Investor prior
to the Effective Date a true and correct copy of insurance certificates for each insurance policy listed in Exhibit R attached hereto. 

8.2 Existing Members’ Warranties Deemed Modified; Right to Update for Changes during Interim Period. Because Investor is
relying on Investor’s own Due Diligence, to the extent that Investor has Actual Knowledge prior to the Closing that Existing Members’ Warranties are inaccurate, untrue or incorrect in any way, such Existing Members’ Warranties shall
be deemed modified to reflect Investor’s Actual Knowledge. Existing Members shall update Existing Members’ Warranties as of the Closing Date in the Existing Members’ Reaffirmation. Further, in no event shall Existing Members be liable
to Investor for, or be deemed to be in default hereunder by reason of, any update of Existing Members’ Warranties which results from any change that (i) occurs during the Interim Period and (ii) (x) is expressly permitted under
the terms of this Agreement or (y) is beyond the reasonable control of Existing Members to prevent or (z) involves an allegation or action by a third party arising during the Interim Period which would not result in a Material Adverse
Effect, and is subject to indemnification by Existing Members herein, then for each of the foregoing (ii)(x), (y) or (z), the occurrence of such change shall not constitute the non-fulfillment of the condition set forth in Paragraph 10.1.A.;
provided, however, that the update of any of Existing Members’ Warranties which results from the occurrence of a change during the Interim Period which is not permitted 

  
 33 

 hereunder shall, to the extent such change does not qualify under (ii)(x), (y) or (z) herein and is
material (as defined in Paragraph 8.3), constitute the non-fulfillment of the condition set forth in Paragraph 10.1.A. (unless Investor had Actual Knowledge of such change, or was advised by Existing Members of such change, prior to the Closing
Date, in which event the provisions of Paragraph 8.3 shall apply); if, despite changes or other matters described in Existing Members’ Reaffirmation, the Closing occurs, Existing Members’ Warranties set forth in this Agreement shall be
deemed to have been modified by all statements made in Existing Members’ Reaffirmation. For purposes of this Agreement, “Actual Knowledge” shall refer only to the actual knowledge of Fady Bakhos and Zaki Guiziri without duty to
investigate the matters to which such knowledge, or absence of knowledge, pertains. 
 8.3 Claims of Breach Prior To Closing.
If at or prior to the Closing, Existing Members obtains Knowledge that any Existing Members’ Warranty is untrue, inaccurate or incorrect in any material respect as of the date made, Existing Members shall give Investor written notice thereof
within ten (10) Business Days of obtaining such Knowledge (but, in any event, prior to the Closing). If at or prior to the Closing, Investor or any Investor’s Representative obtains Actual Knowledge that any Existing Members’ Warranty
is untrue, inaccurate or incorrect in any material respect as of the date made, Investor shall give Existing Members written notice thereof within ten (10) Business Days of obtaining such knowledge (but, in any event, prior to the Closing). In
either such event, Existing Members shall have the right to cure such misrepresentation or breach and shall be entitled to a reasonable adjournment of the Closing (not to exceed fifteen (15) days) to attempt such cure. If Investor fails to
notify Existing Members within ten (10) Business Days of obtaining knowledge (or, if earlier, prior to the Closing) that any Existing Members’ Warranty is untrue, inaccurate or incorrect as of the date made, then Investor shall be deemed
to waive such misrepresentation or breach of warranty. If any Existing Members’ Warranty is untrue, inaccurate or incorrect in any material respect as of the date made, and Existing Members are unable to so cure such misrepresentation or
breach, then Investor, as its sole remedy shall elect either (a) to waive such misrepresentation or breach and consummate the Transaction without any reduction of or credit against the Investor Capital Contribution, or (b) to Terminate
this Agreement by written notice given to Existing Members on the Closing Date, in which event any Deposit shall be returned to Investor. If any of Existing Members’ Warranties are untrue, inaccurate or incorrect but are not untrue, inaccurate
or incorrect in any material respect, Investor shall be deemed to waive such misrepresentation or breach of warranty, and Investor shall be required to consummate the Transaction without any reduction of or credit against the Investor Capital
Contribution. The untruth, inaccuracy or incorrectness of Existing Members’ Warranties shall be deemed material only if Investor’s aggregate damages resulting from the untruth, inaccuracy or incorrectness of Existing Members’
Warranties are reasonably estimated to exceed $150,000. 
 8.4 Survival and Limits On Investor’s Claims. The Limited
Existing Members’ Warranties shall survive the Closing and not be merged therein for a period of twelve (12) months and Existing Members shall only be liable to Investor hereunder for a breach of the Limited Existing Members’
Warranties made herein or in any of the documents executed by Existing Members at the Closing with respect to which a claim is made by Investor against Existing Members in writing and a proceeding commenced on or before the date that is the one year
anniversary of the Closing Date. Anything in this Agreement to the contrary notwithstanding, the maximum aggregate liability of Existing Members for breaches of the 

  
 34 

 Limited Existing Members’ Warranties shall be subject to Existing Members’ Liability Limit.
Notwithstanding the foregoing, however, if the Closing occurs, Investor hereby expressly waives, relinquishes and releases any right or remedy available to it at law, in equity, under this Agreement or otherwise to make a claim against Existing
Members for damages that Investor may incur, or to rescind this Agreement and the Transaction, as the result of any of Existing Members’ Warranties being untrue, inaccurate or incorrect if (a) Investor had Actual Knowledge that such
representation or warranty was untrue, inaccurate or incorrect at the time of the Closing (Investor’s remedy being as set forth in Paragraph 8.3), or (b) Investor’s damages as a result of such representations or warranties being
untrue, inaccurate or incorrect are reasonably estimated to aggregate less than $150,000. 
 8.5 Investor’s Representations and
Warranties. Investor, as of the date of the execution of this Agreement by Investor, represents and warrants to Existing Members as follows, and as a condition precedent to Existing Members’ obligation to consummate the Transaction at
Closing pursuant to the terms of this Agreement, the following representations of Investor shall be true and correct in all material respects as of the Closing Date: 

A. Organization, Power and Authority. 

(i) Investor is a Delaware limited liability company, duly organized, validly existing and in good standing under the Laws of
the state of its organization, is, or will by the Closing Date be, to the extent required by Law, duly qualified to do business in the State in which the Real Property is located and has all necessary power to execute and deliver this Agreement and
perform all its obligations hereunder. Investor has the full power and authority to enter into this Agreement and the execution and delivery of this Agreement by Investor (i) has been duly and validly authorized by all necessary action on the
part of Investor, (ii) does not conflict with or result in a violation of Investor’s Articles of Incorporation or By-Laws or any judgment, order or decree of any court or arbiter in any proceeding to which Investor is a party, and
(iii) does not conflict with or constitute a material breach of, or constitute a material default under, any contract, agreement or other instrument by which Investor is bound or to which it is a party. There are no Legal Proceedings filed or
served against Investor or, to Investor’s Actual Knowledge, otherwise pending or threatened the outcome of which would be reasonably likely to adversely affect Investor’s ability to purchase the Interest or otherwise perform its
obligations under this Agreement. 
 (ii) This Agreement has been duly and validly executed and delivered by Investor and
constitutes a legal, valid and binding agreement of Investor enforceable against Investor in accordance with its terms, except (i) as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or similar Laws
affecting the enforcement of creditors’ rights generally, and (ii) as the remedy of specific performance and other forms of equitable relief may be subject to equitable defenses and principles and to the discretion of the court before
which any proceeding therefor may be brought. 
 B. No Bankruptcy. Investor has not (A) commenced a voluntary case, or had
entered against it a petition, for relief under any federal bankruptcy act or any similar 

  
 35 

 
petition, order or decree under any federal or state Law relative to bankruptcy, insolvency or other relief for debtors, (B) caused, suffered or consented to the appointment of a receiver,
trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold, administer and/or liquidate all or substantially all of its assets, or (C) made an assignment for
the benefit of creditors. 
 C. OFAC. 

(i) Investor represents and warrants that it is in material compliance with all applicable anti-money laundering and
anti-terrorist laws, regulations, rules, executive orders and government guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act, as amended by The International Money Laundering Abatement and Financial
Anti-Terrorism Act of 2001, Title III of the USA PATRIOT Act, and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission, SRO or other agency rules and regulations, and has
policies, procedures, internal controls and systems that are reasonably designed to ensure such compliance. 
 (ii) Investor
represents and warrants that neither: (i) any Affiliate of such Investor nor any Person Controlled by such Investor or any Affiliate of such Investor; nor (ii) to the best of knowledge of such Investor, after making due inquiry, any Person
who owns a Controlling interest in or otherwise Controls such Investor; nor (iii) to the best of knowledge of such Investor, after making due inquiry, if such Investor is a privately held entity, any person otherwise having a direct or indirect
beneficial interest (other than with respect to an interest in a publicly traded entity) in such Investor; nor (iv) any Person for whom such Investor is acting as agent or nominee in connection with this investment, is a country, territory,
Person, organization, or entity named on an OFAC List, nor is a prohibited country, territory, Person, organization, or entity under any economic sanctions program administered or maintained by OFAC. 

(iii) Investor represents and warrants that, unless disclosed in writing on the date hereof; it is not a Senior Foreign
Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, that it is not Controlled by a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign
Political Figure, and that, to the best of such Investor’s knowledge, after making due inquiry, none of the direct or indirect owners of such Investor (other than any owner(s) of any interest(s) in a publicly-traded entity) is a Senior Foreign
Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. 
 (iv) Investor
agrees that, upon receiving a request from Existing Members, Investor shall provide information reasonably required by Existing Members to confirm that the foregoing representations, warranties and covenants continue to be true and to comply with
all applicable anti-money laundering and anti-terrorist laws, regulations and executive orders. Investor consents to the disclosure to U.S. regulators and law enforcement authorities by Existing Members and their Affiliates of such information about
Investor that Existing Members reasonably deems necessary or appropriate to 

  
 36 

 
comply with applicable anti-money laundering and anti-terrorist laws, regulations, and executive orders. 

(v) Investor agrees to notify Existing Members promptly if there is any change with respect to the representations provided
herein. 
 D. United Kingdom, European Union and United Nations Anti-Terrorism, Anti-Bribery and Trade Sanctions Compliance.

 (i) For the purposes of this Paragraph 8.5.D, “Person” means any individual, corporation, partnership,
joint venture, limited liability company, estate, trust, unincorporated association, any national, provincial, state, county or municipal government or any bureau, office, department or agency thereof and any fiduciary acting in an agency capacity
on behalf of any of the foregoing. 
 (ii) For purposes of this Paragraph 8.5.D, “Prohibited Person” means
any person identified by Her Majesty’s Treasury of the United Kingdom (“UK”), the Office of Foreign Assets Control of the Department of the Treasury of the United States (“US”), the European Union
(“EU”) or the United Nations (“UN”) (collectively, “Sanctioning Bodies”) or any other Person with whom any Existing Member, or any of its affiliated companies, are prohibited from transacting
business. 
 (iii) Investor represents, warrants and covenants that neither it nor any Person having a direct or indirect
ownership interest in Investor, nor any Person associated with Investor: 
 (iv) is directly or indirectly owned or
controlled by the government of any nation subject to trade sanctions or embargoes imposed by any of the Sanctioning Bodies; 

(v) is acting on behalf of any government of any nation subject to trade sanctions or embargoes imposed by any of the
Sanctioning Bodies, 
 (vi) has been or is now identified by any of the Sanctioning Bodies as a Prohibited Person; 

(vii) has been or is now in violation of any applicable law relating to anti-money laundering, anti-terrorism,
anti-bribery, trade sanctions or embargoes, including without limitation the UK Bribery Act 2010, the US Foreign Corrupt Practices Act, the US Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“US Patriot
Act”) and related regulations and executive orders related to the foregoing laws (the “Relevant Laws”); and 

(viii) has engaged in, or now engages in, or has been convicted of fraud, corruption, bribery, money laundering,
narcotics, terrorism, illegal immigration, human trafficking or other similar criminal offenses. 
 For the purposes of this Paragraph 8.5.D,
whether a Person is “associated with Investor” must be determined with reference to the Relevant Laws, specifically the UK Bribery 

  
 37 

 
Act 2010 and accompanying guidance from the UK Ministry of Justice; but, whether a Person is “associated with Investor Existing Member” includes, but is not limited to, any authorized
agent of Investor Existing Member. 
 E. ERISA. Investor is not an employee benefit plan as defined in Section 3(3)
of ERISA. Investor is not funding the Investor Capital Contribution with assets that constitute “plan assets” within the meaning of the plan asset regulations promulgated by the U.S. Department of Labor at 29 C.F.R. 2510.3-101 et
seq., as amended or modified from time to time. 
 F. Survival. The Investor Warranties shall survive the Closing (and
not be merged therein) indefinitely. 
 G. Investor Structure. Investor has previously provided to Existing Members a true,
correct and complete description of the ownership structure of Investor. 
 8.6 Leases, Baggage and Safe Deposit Boxes.

 A. Contracts and Occupancy Leases. All Contracts and Occupancy Leases shall remain with Company at Closing (or, to the
extent held by BOC, shall be transferred by BOC to Company at or prior to the Closing), and all such Contracts and Occupancy Leases shall be deemed approved by Investor. 

B. Guest Baggage. All baggage of Hotel guests which has been checked with or left in the care of Company shall be inventoried,
sealed and tagged jointly by Existing Members and Investor immediately after the Closing Date. The Company hereby indemnifies Investor (to the extent of the Interest) against all claims, losses or liabilities with respect to such baggage arising out
of the acts or omissions of Existing Members prior to the Closing Date. 
 C. Safe Deposit Boxes. Any property in safe deposit
boxes as of the Closing Date (whether or not so recorded) shall continue to be the responsibility of Company. 
 D. Survival.
The provisions of this Paragraph shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement. 
 9.
Casualty and Condemnation. If after the Effective Date and prior to the Closing Date, any portion of the improvements is materially damaged or destroyed by fire or other casualty, or there shall be commenced or instituted against the
Property any Condemnation Proceeding, Existing Members shall promptly give written notice of such event to Investor, and the following provisions shall apply notwithstanding the contrary terms of any applicable Laws with respect to the subject
matter of this Paragraph 9: 
 9.1 Major Event. If such damage or destruction occurring after the Effective Date and prior to
the Closing Date results in a casualty loss in excess of Ten Million and no/100 Dollars ($10,000,000.00), as reasonably determined by Existing Members, or if such Condemnation Proceeding would result in the taking of a portion of the Property worth
in excess of Ten Million and no/100 Dollars ($10,000,000.00), as reasonably determined by Existing Members, then Investor and Existing Members shall each have the right to Terminate this Agreement by written notice given to Existing Members or
Investor, as applicable, given no later 

  
 38 

 than ten (10) Business Days after the giving of Existing Members’ notice of such event, in which event,
upon the effective date of such Termination, any Deposit shall be returned to Investor, and the Closing Date shall be extended, if necessary, to provide sufficient time for Investor to make such election within the aforementioned ten
(10) Business Day period. The failure by Investor or Existing Members to so elect in writing to Terminate this Agreement within such period shall be deemed an election not to Terminate this Agreement. 

9.2 Closing Despite Casualty/Condemnation. If a casualty or Condemnation Proceeding occurs and either Investor or Existing
Members shall not as provided herein, or neither Investor or Existing Members has the right to, Terminate this Agreement on account thereof, then the parties shall proceed to Closing without adjustment of the Investor Capital Contribution on account
of such casualty or Condemnation Proceeding except as expressly provided in this Paragraph 9.2 and (a) Existing Members shall assign to the Company at Closing all their rights to all awards or insurance proceeds with respect to such casualty or
Condemnation Proceeding (except for business interruption coverage with respect to Rental Payments, income from Bookings and any other income prior to Closing); (b) Existing Members shall provide a credit at Closing equal to Investor’s Pro
Rata Share of (i) all proceeds previously paid to Existing Members with respect to such casualty or, with respect to a Condemnation Proceeding, all awards previously paid to Existing Members with respect to such Condemnation Proceeding, less
(ii) an amount equal to the sum of (A) the actual out-of-pocket costs, expenses and fees, including reasonable attorneys’ fees, expenses and disbursements, incurred by Existing Members in connection with such casualty or Condemnation
Proceeding, (B) any portion of any Condemnation Proceeding award that is allocable to loss of use of the Property prior to Closing, and the proceeds of any rental loss, business interruption or similar insurance to the extent allocable to the
period prior to the Closing Date, and (C) the reasonable and actual out-of-pocket costs incurred by Existing Members in stabilizing and/or repairing the Property following a casualty (and to the extent the sum of the items in (ii) is
greater than the items in (i), Investor shall pay Investor’s Pro Rata Share of such excess to Existing Members within one (1) Business Day after receipt of such awards or proceeds after Closing) and (c) any actual out-of-pocket costs
or expenses in connection with the restoration of the Property as a result of such casualty or Condemnation Proceeding shall be treated as a Company Cost Overrun pursuant to the terms of the Amended and Restated Operating Agreement. 

10. Other Conditions to Closing. The obligation of Investor, Company and Existing Members to close the Transaction shall be
further subject to the satisfaction at or prior to Closing of the conditions precedent set forth in this Paragraph. In the event that any of the conditions precedent set forth in this Paragraph fail to be satisfied as of the scheduled Closing Date,
the Closing shall be adjourned for a maximum of fifteen (15) days thereafter or such longer grace period specified therefor in the other provisions of this Agreement, and upon expiration of said fifteen (15) day or longer period, Investor
(in the case of failure of the conditions precedent set forth in Paragraph 10.1) or Existing Members (in the case of failure of the conditions precedent set forth in Paragraph 10.2) may thereafter until such condition precedent is satisfied, as
their sole remedy for such failure except to the extent the other provisions of this Agreement provide for additional or alternative remedies, Terminate this Agreement (whereupon, in the case of failure of the conditions precedent set forth in
Paragraph 10.1, the Deposit shall be returned to Investor). 

  
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 10.1 Conditions to Investor’s Obligations. The conditions precedent to
Investor’s obligations at Closing referenced above are as follows, any or all of which may be expressly waived by Investor in writing, at its sole option: 

A. Representations. Aside from ministerial corrections that have no substantive effect on the veracity of the Existing
Members’ Warranties, subject to Paragraphs 8.2 and 8.3, Existing Members’ Warranties shall be true and correct on and as of the Closing Date as if made on and as of such date except to the extent that they expressly relate to an earlier
date; 
 B. Contribution of Leaseback. BOC shall have contributed the Leaseback to the Company by entering into an assignment
of the Leaseback to the Company effective upon or prior to the Closing (the “Leaseback Contribution”); 
 C. Payable
and Receivable. The structuring of the Payable and the Receivable as contemplated by Schedule 6 shall have been consummated; 

D. Management Agreement. Company, as Owner, and Manager, as Manager, shall have entered into the Management Agreement as
described in Paragraph 6.2, effective upon or prior to the Closing; 
 E. Contribution of BOC Property. BOC shall have
contributed to the Company, to the extent transferrable, the BOC Property, except the Excluded Property which shall be retained by BOC, such contribution to be effective upon or prior to the Closing; 

F. Title Policy. At Closing, Company shall have such title to the Real Property as will enable the Title Company (or, if the
Title Company so refuses to issue, such other title insurance company selected by Investor being one of the following: Fidelity or First American) to issue the Title Policy (or a signed specimen or proforma policy thereof or “marked” title
commitment) subject only to the Permitted Title Exceptions and consistent with Paragraph 4.3 hereof with customary endorsements thereto including, without limitation, a Non-Imputation Endorsement; 

G. No Material Adverse Effect. Since the date of this Agreement, there has not occurred any event, change, development,
occurrence or circumstance that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect. 

H. No Injunctions. No Governmental Entity of competent jurisdiction shall have initiated any action seeking, or shall have
enacted, issued, promulgated, enforced or entered any order, executive order, stay, decree, judgment or injunction or statute, rule or regulation (in each case, whether temporary, preliminary or permanent) to prevent or prohibit the consummation of
any of the transactions contemplated by this Agreement or to make it illegal for either party hereto to perform its obligations hereunder, provided, however, that in the event such action is initiated, the condition precedent set forth in this
clause H shall be deemed satisfied if such action is dismissed or withdrawn. 
 I. Existing Members Compliance. Existing
Members shall have performed all of the material covenants, undertakings and obligations to be performed or complied with by 

  
 40 

 
Existing Members at or prior to the Closing, including delivery of the Closing Documents required to be delivered by Existing Members pursuant to Paragraph 6.2. 

J. Transfer to New Subsidiaries. BOC and Resources shall have contributed the Membership Interests to the New Subsidiaries. Upon
such contribution, the parties agree that the New Subsidiaries shall automatically be substituted as the Existing Members for all purposes under this Agreement effective as of the Effective Date; provided, however, following the date of any such
substitution, BOC and Resources shall continue to remain jointly and severally liable for any and all liability and obligations of Existing Members under this Agreement. 

K. Other Restructuring Steps. The restructuring steps as described in the memorandum attached as Schedule 6 shall
have been consummated; provided, however, that (i) in no event shall the consummation of any third party financing be a condition precedent to either party’s obligations at Closing and (ii) the steps described in paragraph number 5 of
the Section entitled “PRE-CONTRIBUTION STEPS WITH $150M NON-RECOURSE FINANCING” and paragraph number 6 of the Section entitled “PRE-CONTRIBUTION STEPS WITH NO OUTSIDE FINANCING” of the
memorandum attached as Schedule 6 are intended to occur at Closing but not as a condition precedent to either party’s obligations at Closing. 

10.2 Conditions to Existing Members’ and Company’s Obligations. The conditions precedent to Existing Members’
obligations at Closing and to Company’s obligations at Closing referenced above are as follows, any or all of which may be expressly waived by Existing Members and Company in writing, at their sole option: 

A. Representations. Investor’s Warranties set forth in Paragraph 8.5, shall be true and correct in all material respects on
and as of the Closing Date as if made on and as of such date except to the extent that they expressly relate to an earlier date; 
 B.
No Injunctions. No Governmental Entity of competent jurisdiction shall have initiated any action seeking, or shall have enacted, issued, promulgated, enforced or entered any order, executive order, stay, decree, judgment or injunction
or statute, rule or regulation (in each case, whether temporary, preliminary or permanent) to prevent or prohibit the consummation of any of the transactions contemplated by this Agreement or to make it illegal for either party hereto to perform its
obligations hereunder; and 
 C. Investor Compliance. Investor shall have performed all of the material covenants, undertakings
and obligations to be performed or complied with by Investor at or prior to the Closing, including, without limitation, delivery of the Investor Capital Contribution and the Closing Documents required to be delivered by Investor pursuant to
Paragraph 6.3. 
 D. Other Restructuring Steps. The restructuring steps as described in the memorandum attached as
Schedule 6 shall have been consummated; provided, however, that (i) in no event shall the consummation of any third party financing be a condition precedent to either party’s obligations at Closing and (ii) the steps
described in paragraph number 5 of the Section entitled “PRE-CONTRIBUTION STEPS WITH $150M NON-RECOURSE 

  
 41 

 
FINANCING” and paragraph number 6 of the Section entitled “PRE-CONTRIBUTION STEPS WITH NO OUTSIDE FINANCING” of the memorandum attached as Schedule 6 are intended to
occur at Closing but not as a condition precedent to either party’s obligations at Closing. 
 10.3 Waiver of Conditions.
By closing the Transaction, Existing Members and Investor shall be conclusively deemed to have waived the benefit of any remaining unfulfilled conditions set forth in Paragraph 10.1 and 10.2, respectively. 

11. Transaction Issues: Brokers, Confidentiality and Indemnities. 

11.1 Brokers. Each party represents to the other that such party has not incurred any obligation to any broker or real estate
agent with respect to the purchase or sale of the Interest except for the Broker defined herein, which obligation has been incurred by Existing Members pursuant to a separate agreement with Broker executed in connection with the Transaction.
Existing Members shall, upon the Closing of this Transaction, pay to Broker the appropriate sales commission pursuant to the terms of the brokerage agreement with Broker. Except for Broker and such commission payable as set forth above, Existing
Members and Investor each hereby (a) represent and warrant to the other that it has not employed, retained or consulted any broker, agent, or finder in carrying on a negotiation in connection with this Agreement or the Transaction, and
(b) indemnify and agree to hold the other harmless from and against any and all claims, demands, causes of action, debts, liabilities, judgments and damages (including actual, out-of-pocket costs and reasonable attorneys’ fees actually
incurred in connection with the enforcement of this indemnity) which may be asserted or recovered against the indemnified party on account of any brokerage fee, commission or other compensation arising by reason of the indemnitor’s breach of
this representation and warranty. This Paragraph shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement. 

11.2 Announcements; Confidentiality. 

A. Existing Members shall provide any proposed stock exchange announcement regarding the transaction contemplated herein to Investor in advance
of such announcement (but no approval of Investor shall be required for such announcement); provided in no event shall any such stock exchange or other public announcement reference any percentage increase of the Investor Capital Contribution over
net book value of the Property or any other inflation or misconstruing of the Investor Capital Contribution in any manner. Prior to making any disclosure or announcement relating to the Transaction, Existing Members shall, so far as practicable,
consult with the Investor and take into account the reasonable recommendations of the Investor as to the content, timing and manner of such disclosure or announcement. Except as provided herein, in no event shall Existing Members, the Company nor
any of such party’s Representatives or affiliates disclose the identity of the direct or indirect members of Investor, or the principals of any such member or Investor, without the prior written consent of Investor, and such information shall
be deemed Confidential Materials of Investor for all purposes of this Agreement and the Transaction. In addition, except as provided herein, each of Investor and Existing Members and their respective Representatives shall keep confidential the terms
of this Agreement and all Confidential Materials of the other party and all other reports 

  
 42 

 
and information received or completed in connection with the Transaction. The foregoing provisions of this Section 11.2 shall not preclude either party from (a) discussing the substance
or any relevant details of the transactions contemplated in this Agreement on a need to know basis, with such party’s respective Representatives, provided that each party shall instruct its respective Representatives of the confidential nature
of the Transaction prior to providing any such information and each party shall be responsible for causing its Representatives to maintain confidentiality of such information pursuant to the terms herein, or (b) from complying with any Laws
applicable to such party, including, without limitation, governmental regulatory, disclosure, tax and reporting requirements, which may, to the extent required under the law, include disclosure of the terms of this Agreement and, subject to the
terms of Paragraph 11.2(B), the identity of the direct or indirect members of Investor, or the principals of any such member or Investor or, at and after Closing, issuing or causing the issuance of a press or media release or other information in
the nature of a press release relating to this Agreement or the Transaction, provided, however, that such release has received the prior written approval of Existing Members as to the exact text of such press release and of the extent of
distribution thereof and subject to the first sentence of this Paragraph 11.2. The foregoing confidentiality obligations shall not apply to any information which becomes public knowledge other than through a default of the other party or its
Representatives. 
 B. In the event that Existing Members are required in any judicial, administrative or regulatory proceeding (including in
connection with any pre-trial discovery) to disclose the identity of the direct or indirect members of Investor, or the principals of any such member or Investor, Existing Members shall (if legally permitted to do so) provide Investor with
(a) prompt written notice of any such requirement in order to afford Investor time either to seek an appropriate protective order or other reliable remedy or to waive compliance with this Agreement, unless such notice is prohibited by law or
legal process, and (b) a complete copy of any such request or order or similar judicial, administrative or regulatory document evincing such requirement. Subject to the limitations set forth above, Exiting Members shall, and shall request its
Representatives to, reasonably cooperate with Investor in a commercially reasonable manner in obtaining such protective order or other remedy. If no such protective order or other remedy is obtained, or if Investor waives compliance with this
Agreement in writing, then Exiting Members may disclose the identity of the direct or indirect members of Investor, or the principals of any such member or Investor, as is legally required to be disclosed. Existing Members shall inform Investor of
the proposed disclosure, to the extent permitted by law and as far in advance of its disclosure as is practicable, and shall use commercially reasonable efforts to implement the suggestions of Investor concerning the nature and scope of the
information Existing Members propose to disclose. 
 11.3 Indemnification and Release. From and after the Closing, Existing
Members shall indemnify, save and hold harmless Investor, each Investor Party and the Company from and against any and all Liabilities incurred in connection with, arising out of or resulting from the following: 

A. any breach of or inaccuracy in the Indefinite Existing Member’s Warranties (whether such Liability arises prior to or following
Closing); 
 B. the Excluded Liabilities; and 

  
 43 

 C. the Excluded Property (whether such Liability arises prior to or following Closing). 

Notwithstanding the foregoing, Existing Members shall have no obligation to indemnify, save and hold harmless Investor, any Investor Party or the Company
against any of the following Liabilities, and Investor, for Investor and Investor’s successors and assigns, hereby releases Existing Members and each of the other Existing Members Parties from, and waives any and all Liabilities against
Existing Members and each of the other Existing Members Parties for or attributable to or in connection with the following, except in each case to the extent of Existing Members’ Warranties (collectively, “Assumed
Liabilities”): 
 (a) any and all Liabilities with respect to the structural, physical, or environmental
condition of the Property, including without limitation the Property’s compliance with Law; and 
 (b) any and all
Liabilities relating to the release of or the presence, discovery or removal of any Hazardous Materials in, at, about or under the Property, or for, connected with or arising out of any and all claims or causes of action based upon CERCLA
(Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. §§9601 et seq., as amended by SARA (Superfund Amendment and Reauthorization Act of 1986) and as may be further amended from time to time), the
Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§6901 et seq., or any related claims or causes of action or any other federal, state or municipal based statutory or regulatory causes of action for environmental
contamination at, in, about or under the Property; and 
 (c) any and Liabilities related to the Property or the use or
operation thereof or related to the Company or contracts and/or assets assigned to the Company for which the Liability occurs or accrues after the Closing Date and any claims made or brought by third parties with respect to the Property or the use
or operation thereof or the Company for which the injury, damage or loss occurs after the Closing Date; and 
 (d) any
implied or statutory warranties or guaranties of fitness, merchantability or any other statutory or implied warranty or guaranty of any kind or nature regarding or relating to any portion of the Property; and 

(e) any and all Liabilities relating to the condition or status of Company’s title to the Property; and 

(f) any and all Liabilities for (i) employee wages, payroll taxes, bonuses and incentives, vacation pay (vested or
unvested), pension benefits, any COBRA rights, together with F.I.C.A. unemployment and other taxes, sick pay and other benefits of all kinds, workers’ compensation, severance payments or the like in each case occurring or arising on or after
the Closing Date even if calculated based upon service time of Participants which occurred prior to the Closing Date; or (ii) Benefit Plans and Benefit Agreements, in each case incurred or accruing on or after the Closing Date (even if
calculated based upon service time of Participants that occurred prior to the Closing 

  
 44 

 
Date and even though the Benefit Plans and Benefit Agreements may have been in effect prior to the Closing Date). For the purposes of the foregoing, a medical/dental/vision claim shall be
considered incurred when the services are rendered or the supplies or medications are provided, and not when the condition arose. For the avoidance of doubt, Assumed Liabilities shall not include any incentive compensation or bonuses earned with
respect to periods prior to the Closing Date. 
 The Company shall indemnify, defend and hold Existing Members and Existing Member Parties
from and against any and all liability, loss, damage and costs (including without limitation reasonable attorney’s fees) related to the Assumed Liabilities. This Paragraph 11.3 shall survive the Closing (and not be merged therein). 

12. Default At or Prior to Closing. 

12.1 Investor Default. If Investor defaults in the observance or performance of its covenants and obligations hereunder, and such
default continues for the greater of five (5) Business Days after the date of receipt of written notice from Existing Members demanding cure of such default, or the expiration of other applicable cure periods set forth in this Agreement,
Existing Members shall be entitled, as its sole and exclusive remedy hereunder (except with respect to any right, obligation or liability which survives Closing or termination of this Agreement, including the indemnification obligation of Investor
set forth in Paragraph 4.3), to Terminate this Agreement by written notice to Investor of such termination and to receive payment of the Deposit as full liquidated damages for such default of Investor the parties hereto acknowledging the difficulty
of ascertaining the actual damages in the event of such a default, that it is impossible more precisely to estimate the damages to be suffered by Existing Members upon Investor’s default, that such forfeiture of the Deposit is intended not as a
penalty, but as full liquidated damages and that such amount constitutes a reasonable good faith estimate of the potential damages arising therefrom, it being otherwise difficult or impossible to estimate Existing Members’ actual damages which
would be suffered by Existing Members in the event of default by Investor. Except with respect to any right, obligation or liability which survives Closing or termination of this Agreement, including the indemnification obligation of Investor set
forth in Paragraph 4.3, Existing Members’ right to Terminate this Agreement and receive payment of the Deposit as full liquidated damages, are Existing Members’ sole and exclusive remedies in the event of default hereunder by Investor, and
Existing Members hereby waive, relinquish and release any and all other rights and remedies (except any that survive termination pursuant to the express provisions of this Agreement), including, but not limited to: (1) any right to sue Investor
or its affiliates for damages or to prove that Existing Members’ actual damages exceed the Deposit which is hereby provided Existing Members as full liquidated damages, (2) any right to sue Investor for specific performance, or
(3) any other right or remedy which Existing Members may otherwise have against Investor or its affiliates, either at law, or equity or otherwise. 

12.2 Existing Members’ or Company’s Default. If Existing Members or Company default in the observance or performance of
their respective covenants and obligations hereunder, or if Existing Members breaches any of its representations and warranties under this Agreement, and such default continues for the greater of five (5) Business Days after the date of receipt
of written notice from Investor demanding cure of such default, or the expiration of other 

  
 45 

 
applicable cure periods set forth in this Agreement, then Investor shall be entitled either, at Investor’s option, as applicable, (i) to bring an action against Existing Members and/or
Company, as applicable, for specific performance of this Agreement but only if such suit is filed within ninety (90) days after the scheduled Closing Date or (ii) to Terminate this Agreement by the delivery to Existing Members and Company
of notice of such termination and in such event Investor shall be entitled to the return the Deposit and, with respect to any Termination caused by a material default of Existing Members (including, without limitation, any intentional breach of any
Existing Members’ Warranty), Existing Members shall reimburse Investor for the actual, out-of-pocket costs and expenses incurred by Investor in connection with this Agreement and the Transaction in an amount not to exceed $1,000,000.
Investor’s rights to so Terminate this Agreement or sue for specific performance are Investor’s sole and exclusive remedies hereunder in the event of default hereunder by Existing Members or Company, and Investor hereby waives,
relinquishes and releases any and all other rights and remedies (except any that survive Closing or termination pursuant to the express provisions of this Agreement), including, but not limited to: (1) any right to bring an action for damages,
or (2) any other right or remedy which Investor may otherwise have against Existing Members or Company either at law, in equity or otherwise. 

12.3 Indemnity. If Existing Members terminate this Agreement pursuant to a right given to them hereunder and Investor
files any lis pendens, injunction or other form of attachment against the Property (or publicly threatens to take any such action or publicly asserts rights to acquire the Property or publicly attempts to block another party’s proposed
acquisition of the Property) which interferes with Existing Members’ or Company’s ability to sell, exchange, transfer, lease, dispose of or finance the Property, then the named Investor (and any assignee of Investor’s interest
hereunder) shall be liable for, and indemnify and hold harmless Existing Members, Company and the other Existing Members Parties from and against any and all Liabilities incurred by Existing Members, Company and the other Existing Members Parties by
reason of such action to contest by Investor. Notwithstanding the foregoing, the terms of this Paragraph 12.3 shall not prevent Investor from filing a lis pendens in connection with an action for specific performance timely filed pursuant to
the terms of Paragraph 12.2. The obligations of Investor under this Paragraph 12.3 shall survive the termination of this Agreement. 
 13.
Notices. All notices, consents, approvals and other communications which may be or are required to be given by either Existing Members or Investor under this Agreement shall be properly given only if made in writing and sent by
(a) hand delivery or (b) a nationally recognized overnight delivery service (such as Federal Express, UPS Next Day Air or Airborne Express), with all postage and delivery charges paid by the sender and addressed to the Investor or Existing
Members, as applicable as set forth below, or at such other address as each may request in writing. Such notices delivered by hand, or overnight delivery service shall be deemed received on the date of delivery. Said notice addresses are as follows
(and Existing Members and Investor shall have the right to designate changes to their respective notice addresses, effective five (5) days after the delivery of written notice thereof): 

  
 46 

			
	If to Existing Members:	  	Barclay Operating Corp.
		  	InterContinental Hotels Group Resources, Inc.
		  	c/o InterContinental Hotels Group
		  	Three Ravina Drive
		  	Suite 100
		  	Atlanta, Georgia 30346-2149
		  	Attention: Robert Chitty
		  	Telephone No.: (770) 604-5321
		  	Email: bob.chitty@ihg.com
		
	With a copy to:	  	InterContinental Hotels Group
		  	Three Ravina Drive
		  	Suite 100
		  	Atlanta, Georgia 30346-2149
		  	Attention: Legal Dept. - Paul Huang
		  	Telephone No.: (770) 604-2644
		  	Email: paul.huang@ihg.com
		
	and a copy to:	  	DLA Piper LLP (US)
		  	1251 Avenue of the Americas
		  	New York, New York 10020-1104
		  	Attn: Andrew H. Levy
		  	Telephone No.: (212) 335-4544
		  	Email: andrew.levy@dlapiper.com
		
	If to Investor:	  	Constellation Hotel Holdings Ltd. S.A.
		  	15, Boulevard Roosevelt L-2450
		  	Luxemburg
		  	Attn: Fady Bakhos
		  	Telephone No.:
		  	Email: fbakhos@almirqab.com
		
	With a copy to:	  	Latham & Watkins
		  	885 Third Avenue
		  	New York, NY 10022-4834
		  	Attention: Michelle Kelban
		  	Telephone No.: (212) 906-1607
		  	Email: michelle.kelban@lw.com

  
 47 

			
	If to Company:	  	111 East 48th Street Holdings, LLC
		  	c/o InterContinental Hotels Group
		  	Three Ravina Drive
		  	Suite 100
		  	Atlanta, Georgia 30346-2149
		  	Attention: Robert Chitty
		  	Telephone No.: (770) 604-5321
		  	Email: bob.chitty@ihg.com
		
	With a copy to:	  	InterContinental Hotels Group
		  	Three Ravina Drive
		  	Suite 100
		  	Atlanta, Georgia 30346-2149
		  	Attention: Legal Dept. - Paul Huang
		  	Telephone No.: (770) 604-2644
		  	Email: paul.huang@ihg.com
		
	and a copy to:	  	DLA Piper LLP (US)
		  	1251 Avenue of the Americas
		  	New York, New York 10020-1104
		  	Attn: Andrew H. Levy
		  	Telephone No.: (212) 335-4544
		  	Email: andrew.levy@dlapiper.com

 14. General Provisions. 

14.1 Execution Necessary. This Agreement shall not be binding upon Existing Members or Investor until fully executed and
delivered by a proper official of Existing Members or Investor, as applicable, and no action taken by Existing Members’ or Investor’s Representatives shall be deemed an acceptance of this Agreement until this Agreement has been so executed
and delivered by Existing Members and Investor. 
 14.2 Counterparts. This Agreement may be executed in separate counterparts.
It shall be fully executed when each party whose signature is required has signed at least one counterpart even though no one counterpart contains the signatures of all of the parties to this Agreement. 

14.3 Successors and Assigns. This Agreement shall be binding upon the parties hereto and their respective successors and assigns
and inure to the benefit of the parties hereto and their respective permitted successors and assigns. Investor and Existing Members shall not have the right to assign or delegate any right, duty or obligation of Investor under this Agreement to any
other party without the prior written consent of the other party (including without limitation, by any direct or indirect change in equity structure, ownership or control of Investor or any Existing Member or the Company, as applicable), which
consent Investor or Existing Members, as applicable, may grant or withhold in their sole and absolute discretion, and any such assignment shall be null and void ab initio. 

  
 48 

 14.4 Governing Law. This Agreement shall be governed by New York law, without
regard to the conflicts or choice of laws principles or any other Law that would make the laws of any other jurisdiction other than the State of New York applicable hereto. 

14.5 Entire Agreement. This Agreement and all the exhibits referenced herein and annexed hereto contain the entire agreement of
the parties hereto with respect to the matters contained herein, and no prior agreement or understanding including, without limitation, the Letter of Intent, pertaining to any of the matters connected with this Transaction shall be effective for any
purpose. Neither this Agreement nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument signed by the party against whom the enforcement of such waiver, modification, amendment, discharge or
termination is sought, and then only to the extent set forth in such instrument. 
 14.6 Time is of the Essence. TIME IS OF THE
ESSENCE of the Transaction and this Agreement. If the time period by which any right, option or election provided under this Agreement must be exercised, or by which any act required hereunder must be performed, or by which the Closing must be held,
expires on a day that is not a Business Day, then such time period shall be automatically extended through the close of business on the next Business Day. 

14.7 Interpretation. The titles, captions and paragraph headings are inserted for convenience only and are in no way intended to
interpret, define, limit or expand the scope or content of this Agreement or any provision hereof. If any party to this Agreement is made up of more than one Person or entity, then all such Persons and entities shall be included jointly and
severally, even though the defined term for such party may be used in the singular in this Agreement. If any time period under this Agreement ends on a day other than a Business Day, then the time period shall be extended until the next Business
Day. This Agreement shall be construed without regard to any presumption or other rule requiring construction against the party causing this Agreement to be drafted. If any words or phrases in this Agreement shall have been stricken out or otherwise
eliminated, whether or not any other words or phrases have been added, this Agreement shall be construed as if the words or phrases so stricken out or otherwise eliminated were never included in this Agreement and no implication or inference shall
be drawn from the fact that said words or phrases were so stricken out or otherwise eliminated. 
 14.8 Further Assurances.
Each party agrees to execute and deliver to the other such further documents or instruments as may be reasonable and necessary in furtherance of the performance of the terms, covenants and conditions of this Agreement; provided, however, that the
execution and delivery of such documents by such party shall not result in any additional liability or cost to such party. 
 14.9
Exclusive Application. Nothing in this Agreement is intended or shall be construed to confer upon or to give to any Person, firm or corporation other than Investor and Existing Members hereto any right, remedy or claim under or by reason
of this Agreement. All terms and conditions of this Agreement shall be for the sole and exclusive benefit of the parties hereto and may not be assigned. 

14.10 Severability. If any provision of this Agreement or the application of such provision to any party or circumstance shall be
held invalid or unenforceable, the remainder 

  
 49 

 
of this Agreement or the application of that provision to another party or circumstance shall not be affected thereby; provided, however, that, if the performance of this Agreement absent the
performance of the invalid or unenforceable provision materially affects any material aspect of this Transaction, Existing Members and Investor shall cooperate in good faith to attempt to agree a resolution of the affected aspect of the Transaction
so that the Transaction can proceed substantially as contemplated without any adverse impact on the parties, except to a de minimis extent. 

14.11 Approvals. Unless otherwise specified in this Agreement, in all instances where Existing Members or Investor may give or
withhold their approval, as applicable, such approval may be given or withheld in such Existing Members’ or Investor’s sole and absolute discretion. 

14.12 Waiver Rights. Investor reserves the right to waive, in whole or in part, any provision hereof which is for the benefit of
Investor. Existing Members reserve the right to waive, in whole or in part, any provision hereof that is for the benefit of Existing Members. 

14.13 No Implied Waiver. Unless otherwise expressly provided herein, no waiver by Existing Members or Investor of any provision
hereof shall be deemed to have been made unless expressed in writing and signed by such party. No delay or omission in the exercise of any right or remedy accruing to Existing Members or Investor upon any breach under this Agreement shall impair
such right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring. The waiver by Existing Members or Investor of any breach of any term, covenant or condition herein stated shall not be deemed to be a waiver of
any other breach, or of a subsequent breach of the same or any other term, covenant or condition herein contained. 
 14.14 Rights
Cumulative. All rights, powers, options or remedies afforded to Existing Members or Investor either hereunder or by Law shall be cumulative and not alternative, and the exercise of one right, power, option or remedy shall not bar other
rights, powers, options or remedies allowed herein or by Law, unless expressly provided to the contrary herein. 
 14.15
Attorneys’ Fees. Should either party employ an attorney or attorneys to enforce any of the provisions hereof or to protect its interest in any manner arising under this Agreement, or to recover damages for breach of this Agreement,
the non-prevailing party in any action pursued in a court of competent jurisdiction (the finality of which is not legally contested) agrees to pay to the prevailing party all reasonable actual, out-of-pocket costs, damages and expenses, including
attorneys’ fees, expended or incurred in connection therewith. 
 14.16 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES
TRIAL BY JURY IN ANY PROCEEDINGS BROUGHT BY THE OTHER PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE TRANSACTION, THIS AGREEMENT, THE PROPERTY OR THE RELATIONSHIP OF INVESTOR AND EXISTING MEMBERS HEREUNDER. THE
PROVISIONS OF THIS PARAGRAPH SHALL SURVIVE THE CLOSING (AND NOT BE MERGED THEREIN) OR ANY EARLIER TERMINATION OF THIS AGREEMENT. 

  
 50 

 14.17 Email Signatures. Signatures to this Agreement transmitted by email copy
transmission shall be valid and effective to bind the party so signing upon the authorization of such party. Each party agrees to promptly deliver an execution original to this Agreement with its actual signature to the other party, but a failure to
do so shall not affect the enforceability of this Agreement, it being expressly agreed that each party to this Agreement shall be bound by its own email copy signature upon such party’s release thereof and shall accept the email copy signature
of the other party to this Agreement. 
 14.18 No Recordation. Existing Members and Investor each agrees that neither this
Agreement nor any memorandum or notice hereof shall be recorded and Investor agrees (a) not to file any notice of pendency or other instrument (other than a judgment) against the Property or any portion thereof in connection herewith unless in
connection with the exercise of specific performance as set forth in Paragraph 12.2 and (b) to indemnify Existing Members against all Liabilities (including reasonable attorneys’ fees, expenses and disbursements) incurred by Existing
Members by reason of the filing by Investor of such notice of pendency or other instrument not in connection with the exercise of specific performance as set forth in Paragraph 12.2. 

14.19 Maximum Aggregate Liability. Notwithstanding any provision to the contrary contained in this Agreement or any documents
executed by Existing Members pursuant hereto or in connection herewith, the maximum aggregate liability of Existing Members and the Existing Members Parties, and the maximum aggregate amount which may be awarded to and collected by Investor, in
connection with the Transaction, the Property, under this Agreement and under any and all documents executed pursuant hereto or in connection herewith (including, without limitation, in connection with the breach of any of Existing Members’
Warranties for which a claim is timely made by Investor) shall not exceed Existing Members’ Liability Limit. The provisions of this paragraph shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement.

 14.20 Exhibits and Schedules. All exhibits and schedules referred to in, and attached to, this Agreement are hereby
incorporated herein in full by this reference. 
 14.21 Jurisdiction. With respect to any suit, action or proceedings relating
to the Transaction, this Agreement, the Property or the relationship of Investor and Existing Members hereunder (“Proceedings”) each party irrevocably (a) submits to the exclusive jurisdiction of the Courts of the County of New
York, State of New York and the United States District Court for the Southern District of New York, and (b) waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any claim
that such proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have jurisdiction over such party. The provisions of this paragraph shall survive the
Closing (and not be merged therein) or any earlier termination of this Agreement. 
 15. Hotel Employees. Investor recognizes
that the Hotel is subject to that certain Industry Wide Collective Bargaining Agreement (“IWA”) between the New York Hotel and Motel Trades Council, AFL-CIO (the “Union”) and the Hotel Association of New York City,

  
 51 

 
Inc., effective July 1, 2012, as may be amended from time to time. As such, Investor acknowledges and agrees to the following: 

A. Upon Closing, the Company and Investor must assume and be bound to the IWA, consistent with the terms of the IWA, including Article 59(B)
thereof. 
 B. Not less than thirty (30) days prior to the Closing, BOC will be entitled to give the Union written notice of the
possibility of a transaction, consistent with Article 59(E) of the IWA. 
 C. Not less than ten (10) business days prior to the Closing,
BOC will be entitled to give the Union notice in writing of the transaction between Existing Members and Investor which will include the full and complete identity of the Investor, together with a duly executed copy of the pertinent portion of this
Section 15). 
 D. The Company and Investor shall execute the Assumption Agreement not less than ten (10) days prior to closing
pursuant to Article 59 (C) of the IWA, pursuant to the Assumption Agreement in the form attached as Exhibit T. 
 E. To the
extent applicable, the Union shall be given at least thirty (30) days’ notice of any major structural alteration. 
 16.
Effect of Termination. In the event of termination of this Agreement, this Agreement shall immediately become void and there shall be no Liability on the part of Investor or Existing Members, except with respect to provisions of this
Agreement that expressly survive termination. 
 17. Survival/Merger. Except for the provisions of this Agreement that are
explicitly stated to survive the Closing or earlier termination of this Agreement, (a) none of the terms of this Agreement shall survive the Closing or earlier termination of this Agreement, and (b) the delivery of the Investor Capital
Contribution, delivery of the Interest, and delivery of the other closing documents and the acceptance thereof shall effect a merger, and be deemed the full performance and discharge of every obligation on the part of Existing Members and Investor
to be performed hereunder. 
 18. On-Going Management of Hotel. Investor acknowledges that Existing Members are unwilling to
enter into the Transaction unless, effective immediately upon and as a condition of Closing, Company and Existing Members’ designated affiliate enter into a long term hotel management agreement for the Property. At Closing, Existing
Members’ designated affiliate and Company shall execute the Management Agreement in the form attached hereto as Exhibit I and Company shall cause the Memorandum of Management Agreement to be placed of record in the Office of the
City Register of the City of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURES OVER PAGE] 

  
 52 

 IN WITNESS WHEREOF, Investor, Existing Members and Company have executed this Agreement
under seal as of the day and year first above written. 
  

			
	EXISTING MEMBERS:
	
	BARCLAY OPERATING CORP., a New York corporation
		
	By:	 	/s/ Travis Ray
		 	 Name: Travis Ray
 Title: Vice
President

	
	 INTERCONTINENTAL HOTELS

GROUP RESOURCES, INC., a Delaware corporation

		
	By:	 	/s/ Travis Ray
		 	 Name: Travis Ray
 Title: Vice
President

 [Signatures continued over page] 

  
 Signature Page 1 of 3
to Contribution Agreement 

 
			
	INVESTOR:
	
	CONSTELLATION BARCLAY HOLDING US, LLC, a Delaware limited liability company
		
	By:	 	/s/ Fady Bakhos
		 	 Name: Fady Bakhos
 Title: Secretary and
Authorized
 Signatory

 [Signature continued over page] 

  
 Signature Page 2 of 3
to Contribution Agreement 

 
			
	COMPANY:
	
	111 EAST 48TH STREET HOLDINGS, LLC, a Delaware limited liability company
		
	By:	 	/s/ Travis Ray
		 	 Name: Travis Ray
 Title: Vice
President

  
 Signature Page 3 of 3
to Contribution Agreement 

 SCHEDULE A 

(attached to and made a part of that certain Contribution 

Agreement by and among Barclay Operating Corp., a New 

York corporation, and InterContinental Hotels Group 

Resources, Inc., a Delaware corporation, as Existing Members, 

Constellation Barclay Holding US, LLC, a Delaware limited 

liability company as Investor, and 111 East 48th Street 

Holdings, LLC, a Delaware limited liability company, as 

Company, dated as of December 19, 2013) 

“Accounts Receivable” shall mean any and all rents, deposits and other sums and charges (including Guest Ledger Receivables)
owing to Company (attributable on an accrual basis to the period of time prior to Closing) or Existing Members that are in any way attributable to the operation of the business at the Hotel, including, without limitation: (a) amounts receivable
in connection with the letting of rooms, use of banquet services and facilities, use of conference facilities or meeting rooms or the provision of any other service by or on behalf of Company or Existing Members on the Real Property; (b) gross
credit card charges, whether or not they have been submitted to the applicable credit card company; and (c) rents and/or license fees due from Tenants under Occupancy Leases. 

“Actual Knowledge” shall have the meaning ascribed to it in Paragraph 8.2. 

“Affiliate” means as to any specified Person (a) any Person Controlling, Controlled by or under Common Control with such
Person, (b) any Person owning or controlling ten percent (10%) or more of the outstanding voting securities or any other class of ownership interests in the specified Person, directly or indirectly; (c) any Person in which the
specified Person owns or controls ten percent (10%) or more of the outstanding voting securities or any other class of ownership interests, directly or indirectly, or (d) a Person in which any Person described in the preceding clauses
(a) through (c) serves as a trustee, general partner, manager, managing member or in a similar fiduciary or decision-making capacity. 

“Agreement” shall mean this Contribution Agreement between Existing Members, Company and Investor including all schedules,
exhibits and other attachments hereto, and documents incorporated herein by reference. 
 “Amended and Restated Operating
Agreement” shall have the meaning ascribed to it in the Recitals hereto. 
 “Assumed Liabilities” shall have the
meaning ascribed to it in Paragraph 11.3.C. 
 “Balance Sheet Date” shall mean December 31, 2012. 

“Benefit Agreement” shall mean each employment, consulting, bonus, incentive or deferred compensation, equity or equity-based
compensation, severance, change in control, retention, termination or other material contract between any Existing Member or any affiliate thereof, on the one hand, and any Participant, on the other hand, whether or not subject to the Laws of the
United States. 

  
 Schedule A - 1 

 “Benefit Plan” shall mean each (i) pension plan (as defined in
Section 3(2) of ERISA) or post-retirement or employment health or medical plan, program, policy or arrangement, (ii) bonus, incentive or deferred compensation or equity or equity-based compensation plan, program, policy or arrangement,
(iii) severance, change in control, retention or termination plan, program, policy or arrangement or (iv) other material compensation or benefit plan, program, policy or arrangement, in each case, sponsored, maintained, contributed to or
required to be maintained or contributed to by any Existing Member or any Commonly Controlled Entity for the benefit of any Participant and whether or not subject to the Laws of the United States. 

“BOC” shall have the meaning given to such term in the first paragraph of this Agreement. 

“BOC Property” shall have the meaning ascribed to it in the Recitals hereto. 

“BOC Statements” shall have the meaning ascribed to it in Paragraph 8.1.F. 

“Bookings” shall mean all contracts or reservations for the use of guest rooms, banquet facilities, meeting rooms, and/or
conference or convention facilities at the Hotel. 
 “Broker” shall mean Jones Lang LaSalle, which Broker has been retained
by Existing Members on behalf of Existing Members and the Company. 
 “Business Day” shall mean Monday through Friday
excluding holidays recognized by the state government of the State in which the Real Property is located and any bank holidays in the State in which the Real Property is located; provided, however, with respect to any obligation or requirement of
Investor that involves wiring funds from financial institutions located outside of the United States, Friday shall not be deemed a Business Day. 

“Close Associate” is a person who is widely and publicly known to maintain an unusually close relationship with a Senior
Foreign Political Figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the Senior Foreign Political Figure. 

“Closing” shall mean the consummation of the Transaction. 

“Closing Agent” shall mean the Title Company or such other party as is selected by Investor and Existing Members to fund the
Closing in escrow. 
 “Closing Date” shall mean the date on which the Closing occurs, which shall be on or before the
Closing Deadline, as the same may be postponed, extended or adjourned in accordance with the express provisions of this Agreement. 

“Closing Deadline” shall mean the date which is forty-five (45) days after the Effective Date unless such date is a
Friday or is not a Business Day in which case the Closing Deadline shall be the next succeeding Business Day. 
 “Closing
Documents” shall mean the documents and instruments delivered by Investor and Existing Members, in order to consummate the Transaction. 

  
 Schedule A - 2 

 “Closing Proration Time” shall mean (a) 11:59 P.M. local New York, New York
time on the day prior to the Closing Date if the Investor Capital Contribution is received by Company (or by the Closing Agent, along with authorization from Investor to release such proceeds) prior to 2:00 P.M. local New York, New York time on the
Closing Date, in which event the day of Closing shall belong to Investor, or (b) 11:59 P.M. local New York, New York time on the Closing Date if the Investor Capital Contribution is received by Company (or by the Closing Agent) at or after 2:00
P.M. local New York, New York time on the Closing Date, in which event the day of Closing shall belong to Existing Members, and, either at Closing or upon reproration after Closing, Investor and Existing Members shall reprorate as of such new
Closing Proration Time. 
 “Closing Tax Year” shall mean the Tax Year in which the Closing Date occurs. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commonly Controlled Entity” shall mean any Existing Member or any person or entity that, together with such Existing Member,
is treated as a single employer under Section 414 of the Code. 
 “Company” shall have the meaning given to such term
in the first paragraph of this Agreement. 
 “Company Cost Overrun” shall have the meaning given to such term in the
Amended and Restated Operating Agreement. 
 “Condemnation Proceeding” shall mean any proceeding in condemnation, eminent
domain or any written request for a conveyance in lieu thereof, or any notice that such proceedings have been or will be commenced against any portion of the Property. 

“Confidential Materials” shall mean any books, computer software, databases, records or files (whether in an electronic or
printed format) that consist of or contain any of the following: appraisals; budgets; strategic plans for the Property; internal analyses; historical information; management reports; information regarding the marketing of the Property for sale;
submissions relating to obtaining internal authorization for the Transaction by the applicable Person or any direct or indirect owner of any beneficial interest in such Person; attorney work product; attorney-client privileged documents; internal
correspondence of such Person, any direct or indirect owner of any beneficial interest in such Person, or any of their respective affiliates and correspondence between or among such parties; or other information or materials in the possession or
control of such Person, its agents or representatives or any direct or indirect owner of any beneficial interest in such Person in each case, which such party deems proprietary or confidential. 

“Consumables” shall have the meaning ascribed to it in Paragraph 7.1.F. 

“Contracts” shall mean all contracts respecting leasing, management, maintenance or operation of the Property, including, but
not limited to, equipment leases, agreements with respect to building systems, service, construction, and maintenance contracts, but specifically excluding the Real Property and Rights Leases, Occupancy Leases, Bookings and any license to

  
 Schedule A - 3 

 
Company of computer hardware, software, or system(s). A summary list of the Contracts (including identity of contract parties and type of service) is shown on Exhibit H and made a
part hereof. 
 “Control”, “Controlling” and “Controlled by” means, when used with
respect to any specified Person, the ability, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, to direct or cause the direction of, alone or in concert with others, the management and policies of
a Person (including by being a general partner, a member, a manager, an officer or a director of the Person in question). 
 “Data
Room” shall mean the electronic data room hosted by Broker titled “Intercontinental Barclay”. 

“Deposit” shall mean the sum of Twenty-Three Million Seven Hundred Thousand and No/100 Dollars ($23,700,000), together with
any interest earned thereon after deposited by Investor in accordance with Paragraph 3.1. 
 “Documents” shall mean the
documents and instruments applicable to the Property or any portion thereof that Existing Members or any of the other Existing Members Parties deliver or make available to Investor or Investor’s Representatives at or prior to Closing or which
are otherwise obtained by Investor or Investor’s Representatives prior to Closing, including, but not limited to, the Title Commitment, the Title Pro Forma, the Survey, the Title Documents, and the Property Documents. 

“Due Diligence” shall mean the investigation by Investor and Investor’s Representatives of the feasibility and
desirability of purchasing the Interest, including all audits, surveys, examinations, inspections, investigations, tests, studies, analyses, appraisals, evaluations, investigations and verifications with respect to the Property, the Documents, title
matters, applicable land use and zoning Laws and other Laws applicable to the Property, the physical condition of the Property, the economic status of the Property, and other information and documents regarding the Interest or Property, including,
but not limited to, the documents described in Paragraph 4.1.B., investigations of the legal and physical status of the Property by such consultants, engineers, architects and/or entomologists as Investor requires, tests and assessments with respect
to environmental matters, soil tests, asbestos analysis, mold analysis, structural review, examination of title to the Property and the Survey and any update thereto, and verification of all information made or to be made available to Investor with
respect to Property. 
 “Effective Date” shall mean the date of this Agreement referenced in the first paragraph of this
Agreement. 
 “Environmental Laws” shall mean all foreign, federal, state and local statutes or laws, judgments, orders,
regulations, licenses, permits, rules and ordinances and any legally binding guidance, decrees, orders, or other standards of any relevant Governmental Entity (including the common law) relating to pollution or the protection or preservation of the
environment, or to the use, storage, transportation, disposal of or exposure to Hazardous Materials. 
 “ERISA” shall mean
the Employee Retirement Income Security Act of 1974, as amended. 

  
 Schedule A - 4 

 “Escrow Agreement” shall have the meaning ascribed to it in Paragraph 3.1. 

“EU” shall have the meaning ascribed to it in Paragraph 8.5.D. 

“Excepted Contracts” shall have the meaning ascribed to it in Paragraph 5.3. 

“Excluded Liabilities” shall mean Liabilities related to the following: 

(a) any Liability in respect of any Existing Members’ Confidential Material (whether such Liability arises prior to or following Closing);

 (b) all Pre-Closing Tax Liabilities; 

(c) all Pre-Closing Employee Liabilities; 

(d) all Pre-Closing Benefit Liabilities; 

(e) all other Liabilities of Existing Members or the Company to the extent occurring or accrued prior to the Closing Date; and 

(f) any Liability in respect of any and all Intercompany Payables other than the Payable (as such term is defined in the Amended and
Restated Operating Agreement), whether such Liability arises prior to or following Closing. 
 “Excluded Property” shall
have the meaning ascribed to it in the Recitals hereto. 
 “Existing Members” shall mean the Existing Members referenced in
the first paragraph of this Agreement. 
 “Existing Members’ Liability Limit” shall mean Twelve Million and no/100
Dollars ($12,000,000). 
 “Existing Members Parties” shall mean and include, collectively, (a) Existing Members;
(b) Company; (c) Existing Members’ counsel; (d) any Broker retained by Company or Existing Members; (e) Company’s property manager; (f) any direct or indirect owner of any beneficial interest in Company or Existing
Members; (g) any officer, director, employee, or agent of any of the foregoing or such party’s counsel; and (h) any other entity or individual affiliated or related in any way to any of the foregoing. 

“Existing Members’ Pro Rata Share” shall have the meaning ascribed to it in Paragraph 7.1. 

“Existing Members’ Reaffirmation of Representations” shall have the meaning ascribed to it in Paragraph 6.2. 

“Existing Members’ Warranties” shall mean, collectively, the Indefinite Existing Members’ Warranties and the
Limited Existing Members’ Warranties. 
 “Existing Permits” shall have the meaning ascribed to it in Paragraph 8.1.T.

  
 Schedule A - 5 

 “Financial Information” shall have the meaning ascribed to it in Paragraph
8.1.F. 
 “GAAP” shall mean the generally accepted accounting principles in the United States in effect on the date hereof,
consistently applied. 
 “Gap Title Objections” shall have the meaning set forth in Paragraph 4.4.A. 

“Governmental Approvals” has the meaning ascribed to it in Paragraph 5.11. 

“Governmental Entity” shall mean any court, administrative agency, commission or other governmental authority or
instrumentality. 
 “Guest Ledger Receivables” shall mean amounts, including, without limitation, room and service charges,
accrued to (i) the accounts of guests occupying rooms at the Hotel as of the Closing Proration Time or (ii) group, conference or banquet customers of Existing Members at the Hotel as of the Closing Proration Time. 

“Hazardous Material” shall mean any material, substance, or waste, whether solid, liquid or gas, that is defined, listed or
regulated as hazardous or toxic or as a pollutant or contaminant under any applicable Environmental Law, including any quantity of friable asbestos, urea formaldehyde foam insulation, PCBs, crude oil or any fraction thereof, petroleum products or
by-products or derivatives, and toxic mold at quantities reasonably likely to adversely affect human health. 
 “Hotel”
shall mean the hotel located on the Land and commonly known as the InterContinental Barclay located at 111 East 48th Street, New York, New York. 

“Hotel Employees” shall mean all employees who are employed by Existing Members or their affiliates at or solely in
connection with the Hotel immediately before the Effective Date (whether such employees are actively employed or on a leave of absence due to disability or any other reason). 

“IHG Control Party” shall have the meaning ascribed to it in Paragraph 8.1.M. 

“Immediate Family Member” includes the parents, siblings, spouse, children and in laws of a Senior Foreign Political Figure.

 “Indefinite Existing Members’ Warranties” mean those Existing Members’ Warranties in Paragraph 8.1.A through
8.1.M. 
 “Intercompany Payables” shall mean all intercompany accounts payable, and notes for those accounts payable, of
the business conducted at the Hotel existing immediately prior to the Closing Date where the obligor is the Company or an Existing Member and the obligee is Parent or a subsidiary of Parent other than Company or the Existing Member, as applicable.
Intercompany Payables shall not under any circumstances include any accounts payable and notes established in contemplation of the Transaction (including in connection with the Preparatory Restructuring) or established as of or after the Closing
Date. 

  
 Schedule A - 6 

 “InterContinental Hotels Group” has the meaning ascribed to it in Paragraph 5.7.

 “Interest” shall have the meaning ascribed to it in the Recitals to this Agreement. 

“Interim Period” shall have the meaning ascribed to it in Paragraph 5. 

“Investor” shall mean the Investor referenced in the first paragraph of this Agreement. 

“Investor Capital Contribution” shall have the meaning ascribed to it in the Recitals to this Agreement. 

“Investor Party” shall mean and include, collectively, (a) Investor; (b) Investor’s counsel; (c) any
direct or indirect owner of any beneficial interest in Investor; (d) any officer, director, employee, or agent of Investor and such party’s counsel; and (e) any other entity or individual affiliated or related in any way to any of the
foregoing. 
 “Investor’s Diligence Reports” shall mean the results of any examinations, inspections, investigations,
tests, studies, analyses, appraisals, evaluations and/or investigations prepared by or for or otherwise obtained by Investor, Investor’s affiliates or Investor’s Representatives in connection with Investor’s Due Diligence. 

“Investor’s Pro Rata Share” shall have the meaning ascribed to it in Paragraph 7.1. 

“Investor’s Reaffirmation of Representations” shall have the meaning ascribed to it in Paragraph 6.3.E. 

“Investor’s Warranties” shall mean Investor’s representations and warranties set forth in Paragraph 8.5. 

“Knowledge” or words of similar import with respect to Existing Members or Company shall refer only to the actual knowledge
of Robert Chitty and Travis Ray, and shall not be construed to refer to the knowledge of any other Existing Members Party, or to impose or have imposed upon such parties any duty to investigate the matters to which such knowledge, or the absence
thereof, pertains, including, but not limited to, the contents of the files, documents and materials made available to or disclosed to Investor or the contents of files maintained by such parties. There shall be no personal liability on the part of
such parties arising out of any of the Existing Members’ Warranties. 
 “Land” shall have the meaning ascribed to it
in the Recitals hereto. 
 “Law” shall mean any federal, state or local law, statute, ordinance, code, order, decrees, or
other governmental rule, regulation or requirement, including common law. 
 “Leaseback” shall have the meaning ascribed to
it in the Recitals hereto. 
 “Leaseback Contribution” shall have the meaning ascribed to it in Paragraph 10.1. 

  
 Schedule A - 7 

 “Legal Proceeding” shall mean any action, arbitration, audit, hearing,
investigation, litigation, or suit (whether civil, criminal, administrative, investigative, or informal) commenced, brought, conducted, or heard by or before or otherwise involving any Governmental Entity or arbitrator. 

“Letter of Intent” shall mean that certain Letter of Intent, dated as of October 7, 2013, by and between Constellation
Hotels Holding Ltd. and Six Continents Hotels, Inc., together with the Exhibits thereto. 
 “Liabilities” shall mean any
and all direct or indirect damages, demands, claims, payments, problems, conditions, obligations, actions, administrative proceedings or causes of action, assessments, losses, liabilities, costs and expenses of any kind or nature whatsoever,
including, without limitation, penalties, interest on any amount payable to a third party, and any legal or other expenses (including, without limitation, reasonable attorneys’ fees and expenses but excluding any consequential, punitive or
special damages other than to the extent that any such consequential, punitive or special damages are sustained by the applicable party hereto as a result of such damages being awarded to a third party in an action brought by such third party
against the such party hereto) reasonably incurred in connection with investigating or defending any claims or actions, whether or not resulting in any liability. 

“Lien” shall mean any mortgage, deed of trust, security deed, lien, judgment, pledge, conditional sales contract, security
interest, past-due taxes, past-due assessments, contractor’s lien, materialmen’s lien, judgment or similar encumbrance against the Property of a monetary nature. 

“Limited Existing Members’ Warranties” mean those Existing Members’ Warranties in Paragraph 8.1.N through 8.1.V.

 “Management Agreement” shall mean that certain Management Agreement between Company and Manager in the form attached
hereto as Exhibit I. 
 “Manager” shall mean IHG Management (Maryland) LLC, a Maryland limited liability
company, together with its successors and permitted assigns. 
 “Material Adverse Effect” shall mean, other than in
connection with the Planned Renovation of the Hotel, (i) the closure or other inability to use guest rooms or other material facilities at the Property, other than for routine maintenance or renovation, which together result in: (i) 75% of
the guest rooms of the Hotel being reasonably likely to be closed or unable to be used for a period not less than 30 days after Closing; (ii) 50% of the guest rooms of the Hotel being reasonably likely to be closed or unable to be used for a
period not less than 90 days after Closing; or (iii) any specific, act event or circumstance, unrelated to the Transaction, the Planned Renovation, the Preparatory Restructuring or the financing of the Property or any construction therein
(including valuations or analyses related thereto which may be furnished after the Effective Date), that has a negative effect on the value of the Property such that the value of the Property is reduced by an amount equal to ten percent
(10%) of the initial Investor Capital Contribution or more, in each case that arises after the Effective Date and prior to Closing but excluding in each case any such material adverse change resulting from: 

  
 Schedule A - 8 

 (a) changes in stock markets, interest rates, exchange rates, commodity prices or other general
economic conditions; 
 (b) changes in conditions generally affecting the hotel industry; 

(c) changes in laws, regulations or accounting practices; 

(d) an act of terrorism; 

(e) matters disclosed in the Representation Exception Schedule; or 

(f) the transactions contemplated by this Agreement or the change of control resulting from those transactions. 

“Material Contract” shall mean a Contract under which the Company or any Existing Member is obligated to make payments in
excess of $40,000 per year which is not terminable by the Company or such Existing Member without payment of penalty or premium on 30 days’ or less notice. 

“Membership Interests” shall have the meaning ascribed to it in the Recitals hereto. 

“Memorandum of Management Agreement” shall have the meaning ascribed to it in Paragraph 6.2. 

“Non-Imputation Endorsement” shall mean the non-imputation endorsement to be delivered as part of the Title Policy. 

“Occupancy Leases” shall mean all leases, rental agreements and other occupancy agreements for the use or occupancy of any
portion of the Property, if any, other than the Real Property and Rights Leases, together with all amendments to, modifications of, renewals and extensions thereof, and all Tenant Deposits. 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“OFAC List” is any list of prohibited countries, individuals, organizations and entities that is administered or maintained
by OFAC, including: (a) Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001) issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who
Commit, Threaten to Commit, or Support Terrorism), any related enabling legislation or any other similar Executive Orders, (b) the List of Specially Designated Nationals and Blocked Persons maintained by OFAC), and/or on any other similar list
maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation, or (c) a “Designated National” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515. 

“Other Interests” shall mean the following other interests of Company in and to the Real Property, the Real Property and
Rights Leases, the Occupancy Leases, Contracts, or Personal Property, or pertaining thereto: (a) to the extent that the same are in effect as of the Closing Date, any licenses (but excluding any franchise license rights), permits and other
written 

  
 Schedule A - 9 

 
authorizations necessary for the use, operation or ownership of the Real Property, and (b) any guaranties and warranties in effect with respect to any portion of the Real Property or the
Personal Property as of the Closing Date. 
 “Parent” shall mean InterContinental Hotels Group Resources, Inc., a Delaware
corporation. 
 “Participant” shall mean each current or former director, officer, employee or independent contractor of
any Existing Member or any Commonly Controlled Entity who provides or has provided services in connection with the Hotel. 

“Permitted Title Exceptions” shall mean, subject to Investor’s rights to review and make objection to the status of
title and survey to the extent, if any, set forth in this Agreement, and the right of Investor to Terminate this Agreement pursuant to Paragraph 4.4, the following: (a) the Occupancy Leases and any new Occupancy Leases entered into during the
Interim Period in accordance with the terms of this Agreement; (b) all real estate taxes and assessments not yet due and payable as of the Closing Date; (c) local, state and federal (if applicable) zoning and building Laws; (d) the
Record Exceptions reflected on the Title Pro Forma attached hereto as Exhibit O or on the final Title Policy as approved by Investor in each case in accordance with the terms of this Agreement; (e) the state of facts disclosed by
the Survey and any update to the Survey obtained by Investor; (f) equipment financing in the ordinary course of business which in have payments not to exceed One Hundred Thousand and No/100 Dollars ($100,000) per year in the aggregate for all
such equipment financing(s); and (g) any other matters approved as Permitted Title Exceptions in writing by Investor prior to Closing or deemed approved as Permitted Title Exceptions pursuant to this Agreement. 

“Person” shall mean an individual, corporation, limited liability company, partnership, association, trust, unincorporated
organization, other entity or “group” (as defined in Rule 13d-5(b)(1) under the Exchange Act). 
 “Personal
Property” shall mean (a) all Property Documents; (b) all keys and combinations to all doors, cabinets, safes, enclosures and other locking items or areas on or about the Improvements; (c) the food and beverage inventory of
the Hotel (for which Existing Members shall receive a credit pursuant to and in accordance with Paragraph 7.1); and (d) all tangible personal property, including, but not limited to, all “Inventories”, as such term is defined in the
Uniform System of Accounts, and all other tools, vehicles, supplies, artwork, furniture, furnishings, machinery, equipment, specialized hotel equipment and other tangible personal property, in each case, owned or leased by Existing Members in
connection with the ownership, operation or maintenance of the Hotel, including without limitation all china, glassware, silverware, linens, towels, curtains, uniforms, works of art, engineering, maintenance, and housekeeping supplies, draperies,
materials and carpeting, used or intended for use, but not for sale, in connection with the operation of the Hotel, all equipment used in the operation of the kitchen, dining rooms, lounges, bars, laundry, dry cleaners, lobby, reservation desk and
all supplies, merchandise, food and beverages held for sale in connection with the operation of the Hotel, which are on hand on the Execution Date; but specifically excluding (i) any Confidential Materials of Existing Members, (ii) any
computer hardware, software, or system that is licensed to Existing Members, and (iii) the Excluded Property. 

  
 Schedule A - 10 

 “Planned Renovation” shall mean the “Redevelopment,” as defined in the
Amended and Restated Operating Agreement. 
 “Post-Closing Tax Year” shall mean any Tax Year beginning after the Closing
Date and that portion of any Straddle Tax Year beginning on the day after the Closing Date. 
 “Pre-Closing Benefit
Liabilities” shall mean all Liabilities related to the Benefit Plans and Benefit Agreements incurred or accruing prior to the Closing Date, even if the amounts payable with respect to such Liabilities are payable after the Closing Date;
provided that purposes hereof, a medical/dental/vision claim shall be considered incurred when the services are rendered or the supplies or medications are provided, and not when the condition arose. For the avoidance of doubt, Pre-Closing Benefit
Liabilities shall include, without limitation, any incentive compensation or bonuses earned with respect to periods prior to the Closing Date. 

“Pre-Closing Employee Liabilities” shall mean all employment and service-related Liabilities (excluding Pre-Closing Benefit
Liabilities) incurred or accruing prior to the Closing Date, even if the amounts payable with respect to such Liabilities are payable after the Closing Date, and including all damages of any type awarded therein. 

“Pre-Closing Tax Liabilities” shall mean any and all Liability for (i) Taxes of Existing Members and their affiliates
(other than the Company), (ii) Taxes of the Company for all Pre-Closing Tax Years, (iii) Taxes of any other Person imposed on the Company as a result of transaction or agreement entered into prior to the Closing Date, and (iv) Taxes
arising from or attributable to the Property (or the operation of the Property) for all Pre-Closing Tax Years. 
 “Pre-Closing Tax
Year” shall mean any Tax Year ending on or before the Closing Date and that portion of any Straddle Tax Year ending on the Closing Date. 

“Preparatory Restructuring” shall have the meaning ascribed to it in Paragraph 5.9. 

“Pro Rata Share” shall have the meaning ascribed to it in Paragraph 7.1. 

“Proceedings” shall have the meaning ascribed to it in Paragraph 14.21. 

“Prohibited Person” shall have the meaning ascribed to it in Paragraph 8.5.D. 

“Property” shall mean the Real Property, the BOC Property, the Real Property and Rights Leases, the Occupancy Leases, the
Contracts, the Personal Property and the Other Interests, but specifically excluding any right or interest to any liquor license rights and intellectual property rights referenced in Paragraph 5 hereto. 

“Property Documents” shall mean all books, records and files of the Company, the Existing Members and of the management agent
for the Property related to the Property (other than those books, records or files containing Confidential Materials of the Existing Members or Excluded Property, unless Existing Members provide such Confidential Materials or Excluded Property to
Investor). 
 “Prorated Taxes” shall have the meaning ascribed to it in Paragraph 7.1.A. 

  
 Schedule A - 11 

 “Real Property” shall mean the Land, including, without limitation, (a) the
Hotel and any other buildings located on the Land and all other improvements, (b) all easements appurtenant to the Land and other easements, grants of right, licenses, privileges or other agreements for the benefit of, belonging to or
appurtenant to the Land whether or not situate upon the Land, including, without limitation, signage rights and parking rights or agreements, all whether or not specifically referenced on Exhibit A, (c) all mineral, oil and gas
rights, riparian rights, water rights, sewer rights and other utility rights allocated to the Land, (d) all right, title and interest, if any, of the Company in the Land in and to any and all strips and gores of land located on or adjacent to
the Land, and (e) all right, title and interest of the Company in the Land in and to any roads, streets and ways, public or private, open or proposed, in front of or adjoining all or any part of the Land and serving the Land. 

“Real Property and Rights Leases” shall mean those leases and other instruments, as listed on Schedule 3
hereto, together with all amendments to, modifications of, renewals and extensions thereof. 
 “Record Exceptions” shall
mean all instruments recorded in the real estate records of the County in which the Land is located which affect the status of title to the Real Property. 

“Reimbursable Occupancy Lease Expenses” shall mean, collectively, any and all actual, out-of-pocket costs, expenses and fees
paid by Company or Existing Members prior to Closing or actual, out-of-pocket costs, expenses and fees incurred by Company or Existing Members prior to Closing arising out of or in connection with (a) any extensions, renewals or expansions
under any Occupancy Lease exercised or granted during the Interim Period, and (b) any Occupancy Lease entered into during the Interim Period. Reimbursable Occupancy Lease Expenses shall include, without limitation, (i) brokerage
commissions and fees to effect any such leasing transaction, (ii) expenses incurred for repairs, improvements, equipment, painting, decorating, partitioning and other items to satisfy the tenant’s requirements with regard to such leasing
transaction, (iii) legal fees for services in connection with the preparation of documents and other services rendered in connection with the effectuation of the leasing transaction and (iv) if there are any rent concessions covering any
period that the tenant has the right to be in possession of the demised space, the rents that would have accrued during the period of such concession prior to the Closing Date as if such concession were amortized over (A) with respect to any
extension or renewal, the term of such extension or renewal, (B) with respect to any expansion, that portion of the term remaining under the subject Occupancy Lease after the date of any expansion, or (C) with respect to any new Occupancy
Lease, the entire initial term of any such new Occupancy Lease. 
 “Release” shall mean, with respect to Hazardous
Materials, any spilling, leaking, pumping, pouring, injecting, emitting, discharging, depositing, dispersing, escaping, leaching, dumping, or other releasing or migration of Hazardous Materials into or through the environment. 

“Relevant Laws” shall have the meaning ascribed to it in Paragraph 8.5.D. 

“Remove” with respect to any exception to title shall mean that Existing Members or Company causes the Title Company to
remove, omit or affirmatively insure over the same as an 

  
 Schedule A - 12 

 
exception to the Title Policy, without any cost to Investor, whether such removal, omission or insurance is made available in consideration of payment, bonding, indemnity of Existing Members or
Company or otherwise. 
 “Rent Roll” shall mean the rent roll set forth on Exhibit F, and any future rent
rolls delivered by Existing Members pursuant to this Agreement, each of which shall show the categories of information described on Exhibit F. 

“Rental Payments” shall mean all payments received by on or behalf of one or more of Existing Members or Company from Tenants
or with respect to the Occupancy Leases or with respect to any other use or occupancy of the Property for items such as minimum or base rent, additional rent, percentage rent, termination or cancellation charges, reimbursement for real estate taxes,
utilities, parking fees, operating and maintenance expenses and insurance, as well as any other reimbursements or charges received thereunder. 

“Representation Exception Schedule” shall mean the exceptions to the representations and warranties of Existing Members, if
any, as disclosed to Investor in Schedule 5 hereto and as the same may be supplemented or modified by Existing Members’ Reaffirmation delivered in accordance with Paragraph 6.2.F hereto. 

“Representatives” shall mean a party’s officers, directors, employees, agents, advisors, representatives, attorneys,
lenders, financial advisors, accountants, consultants, investors, contractors, architects and engineers and other advisors. 

“Required Removal Items” shall mean, collectively, any Gap Title Objections to the extent (and only to the extent) that the
same (a) have not been caused by Investor or any Investor’s Representatives, and (b) are either: (i) Liens evidencing monetary encumbrances (other than liens for non-delinquent general real estate taxes or assessments) which can
be Removed by payment of liquidated amounts (such amounts, excluding amounts payable to Remove such Liens granted by Existing Members, not to exceed $1,000,000 in the aggregate) provided that in no event shall Existing Members be required to Remove
any such Lien which is not related to the operation of the Property by any method other than indemnity of Existing Members or other credit worthy entity in favor of the Title Company as may be required by the Title Company (for example, unrelated
items would include a judgment against such party in connection with its other operations; whereas a mechanic’s lien for work on the Property pursuant to a contract entered into by Existing Members would be related to Property operations), or
(ii) Liens or encumbrances (including, but not limited to, Monetary Liens) granted by Existing Members after the Effective Date in violation of this Agreement. 

“Sanctioning Bodies” shall have the meaning ascribed to it in Paragraph 8.5.D. 

“Section 754 Election” shall have the meaning ascribed to it in Paragraph 5.5.D. 

“Senior Foreign Political Figure” means a senior official of a major non-U.S. political party or a senior executive of a
government-owned corporation not organized within the U.S. In addition, a “Senior Foreign Political Figure” includes any corporation, business or other entity that has been formed by or for the benefit of a Senior Foreign Political
Figure. 

  
 Schedule A - 13 

 “SRO” shall have the meaning ascribed to it in Paragraph 8.1.M. 

“Straddle Tax Year” shall mean any Tax Year beginning on or before and ending after the Closing Date. 

“Survey” shall mean that certain survey of the Land dated April 27, 2010 and last revised on August 22, 2010
prepared by D.W. Hannig L.S. P.C. and certified by David W. Hannig, Network Project No. 201000440-1. 
 “Tax” and
“Taxes” mean all federal, state, local, and foreign income taxes (including any tax on or based upon net income, gross income, income as specially defined, earnings, profits or selected items of income, earnings or profits), capital
taxes, gross receipts taxes, environmental taxes, sales taxes, use taxes, ad valorem taxes, value added taxes, transfer taxes, franchise taxes, license taxes, withholding taxes or other withholding obligations, payroll taxes, employment taxes,
excise, severance, social security premiums, workers’ compensation premiums, employment insurance or compensation premiums, stamp taxes, occupation taxes, premium taxes, property taxes, windfall profits taxes, alternative or add-on minimum
taxes, goods and services tax, customs duties or other taxes, governmental fees or other like assessments or charges of any kind whatsoever imposed by any Tax Authority, including any interest, penalties, additional taxes, additions to tax or other
amounts imposed with respect to the foregoing. 
 “Tax Authority” shall mean any governmental authority having jurisdiction
over the administration, assessment or collection of any Tax. 
 “Tax Return” shall mean any return, report, declaration,
statement, notice, notification, form, or other document or information relating to Taxes, including any schedules or attachments thereto or amendments thereof, filed or required to be filed with any Tax Authority. 

“Tax Year” shall mean any period (which, for the avoidance of doubt, may be a period other than a calendar year and/or less
than calendar or fiscal year, such as a month, quarter or “short year) for which a Tax Return is required to filed or a Tax is required to be paid. 

“Tenant” shall mean a tenant under an Occupancy Lease; collectively, all tenants under the Occupancy Leases are referred to
as the “Tenants”. 
 “Tenant Deposits” shall mean all prepaid rents, advance rentals, security deposits and other
deposits made with respect to the Occupancy Leases. 
 “Terminate” shall mean the termination of this Agreement, by
Investor or Existing Members as applicable as set forth in this Agreement, in which event thereafter neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or
liability set forth herein expressly survives termination of this Agreement. 
 “Title Commitment” shall mean the
Commitment of the Title Company to issue the Title Policy (Title Number 3110-00615) having an effective date of October 7, 2013. 

  
 Schedule A - 14 

 “Title Company” shall mean Chicago Title Insurance Company (711 Third Avenue,
5th Floor, New York, NY office). 
 “Title Policy” shall mean either (i) the ALTA Owner’s Policy of Title
Insurance (or such other comparable form of title insurance policy as is available in the jurisdiction in which the Real Property is located) issued by the Title Company in the name of Company or (ii) the ALTA Owner’s Policy of Title
Insurance (or such other comparable form of title insurance policy as is available in the jurisdiction in which the Real Property is located) issued by the Title Company in the name of the Investor, in the amount of the Investor Capital Contribution
or such other amount as Investor may request and substantially in the form of the pro forma Title Policy signed by each of Investor and the Title Company at Closing. Investor shall be entitled to request that the Title Company provide such
endorsements (or amendments) to the Title Policy as Investor may reasonably require, unless prohibited by applicable statutes or regulations. 

“Title Pro Forma” shall mean the Title Company’s Pro Forma Title Policy (Title Number 3110-00615) attached hereto as
Exhibit O. 
 “Trade Payables” shall have the meaning ascribed to it in Paragraph 7.1.I. 

“Transaction” shall mean, collectively, the transactions contemplated by this Agreement, including, without limitation, the
contribution by Investor to Company of the Investor Capital Contribution and the issuance to Investor of the Interest. 

“Transitioning Licenses” shall have the meaning ascribed to it in Paragraph 5.8. 

“UK” shall have the meaning ascribed to it in Paragraph 8.5.D. 

“UN” shall have the meaning ascribed to it in Paragraph 8.5.D. 

“Uniform System of Accounts” shall mean the Uniform System of Accounts for the Lodging Industry, prepared by The Hotel
Association of New York City, Inc., in effect as of the date hereof. 
 “US” shall have the meaning ascribed to it in
Paragraph 8.5.D. 
 “US Patriot Act” shall have the meaning ascribed to it in Paragraph 8.5.D. 

“Waived Reliance Items” shall have the meaning ascribed to it in Paragraph 4.5. 

“Working Capital” shall mean funds that are used in the day-to-day operation of the business of the Hotel, including, without
limitation, amounts sufficient for the maintenance of change and petty cash funds, amounts deposited in operating bank accounts, receivables, amounts deposited in payroll accounts, prepaid expenses and funds required to maintain Inventories (as
defined in the Uniform System of Accounts), less accounts payable and accrued current liabilities. 
 “Year to Date Hotel
Statements” shall have the meaning ascribed to it in Paragraph 8.1.F. 

  
 Schedule A - 15 

 The exhibits and schedules to the Contribution Agreement have been omitted from the filing. The following is a
list of omitted exhibits and schedules and a brief description of each. InterContinental Hotels Group PLC agrees to furnish to the Securities and Exchange Commission, upon its request, a copy of any such omitted exhibits and schedules: 

List of Exhibits/Schedules 
 SCHEDULES:

 1 BOC Property 
 2 Excluded Property 

3 Real Property and Rights Leases 
 4 List of Ongoing Capital
Expenditure Projects 
 5 Representation Exception Schedule 
 6
Restructuring Steps Memorandum 
 7 Intercreditor Term Sheet 

EXHIBITS: 
 A. Legal Description of Land 

B. Amended and Restated Operating Agreement 
 C. Non-Foreign
Affidavit 
 D. Intentionally Omitted 
 E. Existing
Members’ Reaffirmation of Representations 
 F. List of Tenants (Rent Roll) 

G-1 Affidavit of Title 
 G-2 Non-Imputation Affidavit 

H. List of Contracts 
 I. Management Agreement 

J. Intentionally Omitted 
 K. Retained Intellectual Property 

L. Litigation 
 M. Escrow Agreement 

N. Investor’s Reaffirmation of Representations 
 O. Title Pro
Forma 
 P. Minimum Return Agreement

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