Document:

exhibit102gpmt2019fl2pre

                                                    EXHIBIT 10.2                                                                                                                EXECUTION VERSION                   GPMT 2019-FL2, LTD.,                        as Issuer,     WELLS FARGO BANK, NATIONAL ASSOCIATION,              as Preferred Share Paying Agent,                           and                  MAPLESFS LIMITED,         as Preferred Share Registrar and Administrator   PREFERRED SHARE PAYING AGENCY AGREEMENT                Dated as of February 28, 2019                   

 

                               TABLE OF CONTENTS                                                                             Page   ARTICLE I. DEFINITIONS ...........................................................................................................1   Section 1.1.  Definitions.............................................................................................................1  Section 1.2.  Rules of Construction. ..........................................................................................6   ARTICLE II. THE PREFERRED SHARES ...................................................................................6   Section 2.1.  Form of Preferred Shares. .....................................................................................6  Section 2.2.  Execution; Delivery; Dating and Cancellation. ....................................................6  Section 2.3.  Registration. ..........................................................................................................8  Section 2.4.  Registration of Transfer and Exchange of Preferred Shares. ................................9  Section 2.5.  Transfer and Exchange of Preferred Shares. .......................................................10  Section 2.6.  [Reserved] ...........................................................................................................14  Section 2.7.  Non-Permitted Holders. ......................................................................................14  Section 2.8.  Certain Tax Matters. ...........................................................................................15  Section 2.9.  Provisions of the Indenture and Servicing Agreement. ......................................15   ARTICLE III. DISTRIBUTIONS TO THE HOLDERS ...............................................................16   Section 3.1.  Disbursement of Funds. ......................................................................................16  Section 3.2.  Condition to Payments. .......................................................................................17  Section 3.3.  The Preferred Share Distribution Account. ........................................................19  Section 3.4.  Redemption. ........................................................................................................19  Section 3.5.  Fees or Commissions in Connection with Disbursements. .................................19  Section 3.6.  Liability of the Preferred Share Paying Agent in Connection with                 Disbursements. .................................................................................................19   ARTICLE IV. ACCOUNTING AND REPORTS .........................................................................20   Section 4.1.  Reports and Notices. ...........................................................................................20  Section 4.2.  Notice of Plan Assets. .........................................................................................20  Section 4.3.  Requests by Independent Accountants. ..............................................................20  Section 4.4.  Rule 144A Information. ......................................................................................20  Section 4.5.  Tax Information. .................................................................................................20   ARTICLE V. THE PREFERRED SHARE PAYING AGENT.....................................................21   Section 5.1.  Appointment of Preferred Share Paying Agent. .................................................21  Section 5.2.  Resignation and Removal. ..................................................................................21  Section 5.3.  Fees; Expenses; Indemnification; Liability. .......................................................22     -i-  

 

   ARTICLE VI. [RESERVED] ........................................................................................................23   ARTICLE VII. MISCELLANEOUS PROVISIONS ....................................................................23   Section 7.1.  Amendment. ........................................................................................................23  Section 7.2.  Notices; Rule 17g-5 Procedures. .........................................................................24  Section 7.3.  Governing Law. ..................................................................................................24  Section 7.4.  Non-Petition; Limited Recourse. ........................................................................24  Section 7.5.  No Partnership or Joint Venture. ........................................................................25  Section 7.6.  Counterparts. .......................................................................................................25     Exhibit A  Form of Preferred Share  Exhibit B-1  Form of Transferee Certificate for Transfers of EHRI  Exhibit B-2  Form of Transferor Certificate for Transfers of EHRI         -ii-  

 

               This PREFERRED SHARE PAYING AGENCY AGREEMENT (this  “Agreement”) is dated as of February 28, 2019, by and among GPMT 2019-FL2, LTD., an  exempted company incorporated with limited liability under the laws of the Cayman Islands (the  “Issuer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking  association, as paying agent for the Preferred Shares (in such capacity, the “Preferred Share  Paying Agent”), and MAPLESFS LIMITED, a licensed trust company incorporated in the  Cayman Islands, as administrator (in such capacity, the “Administrator”) and share registrar for  the Preferred Shares (in such capacity, the “Preferred Share Registrar”).                            PRELIMINARY STATEMENT               As authorized by the Issuer and permitted under the terms of the Issuer’s  Amended and Restated Memorandum and Articles of Association (the “Memorandum and  Articles”) as may be hereafter amended and in effect from time to time, the Issuer has a duly  authorized share capital consisting of 250 ordinary voting shares, par value U.S.$1.00 per share,  all of which will have been issued by the Issuer and are outstanding on the Closing Date, and  105,192.857 Preferred Shares, consisting of (i) 105,190.857 shares of Class P Preferred Shares  (the “Class P Preferred Shares”), having a par value U.S.$0.001 per share and with an aggregate  liquidation preference and notional amount equal to U.S.$1,000 per share; (ii) one share of Class  X Preferred Shares (the “Class X Preferred Shares”), having a par value U.S.$0.001 per share  and with an aggregate notional amount equal to the Class X Preferred Share Notional Amount  (as defined herein) and a liquidation preference equal to U.S.$1,000 per share and (iii) one share  of Class R Preferred Shares (the “Class R Preferred Shares”), having a par value U.S.$0.001 per  share and with an aggregate liquidation preference and notional amount equal to U.S.$1,000 per  share (the Class P Preferred Shares, the Class X Preferred Shares and the Class R Preferred  Shares are collectively referred to herein as the “Preferred Shares”), all of which have been  issued on the date hereof on the terms and provisions set forth herein.  The distributions on each  of the Preferred Shares will be payable in accordance with the Memorandum and Articles, the  Indenture (as defined below), and this Agreement.  The Issuer has entered into this Agreement to  provide for the payment of such distributions.               All representations, covenants and agreements made herein by the Issuer and the  Preferred Share Paying Agent are for the benefit of the Holders.  The Issuer is entering into this  Agreement, and the Preferred Share Paying Agent, the Administrator and the Preferred Share  Registrar are accepting their obligations hereunder, for good and valuable consideration, the  receipt and sufficiency of which are hereby acknowledged.                                    ARTICLE I.                                                                          DEFINITIONS              Section 1.1. Definitions.               Capitalized terms used but not defined herein have the respective meanings given  to such terms in the Indenture and, if not defined therein, in the Memorandum and Articles, and  are incorporated by reference herein.  As used herein, the following terms have the following       

 

     respective meanings and the definitions of such terms are equally applicable both in the singular   and the plural forms of such terms and in the masculine, feminine and neuter genders of such   terms:                “Administrator”:  The meaning set forth in the preamble of this Agreement.                “Affiliate” or “Affiliated”:  With respect to a Person, (i) any other Person who,   directly or indirectly, is in control of, or controlled by, or is under common control with, such   Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of   any subsidiary or parent company of such Person or (c) of any Person described in clause (i)   above.  For the purposes of this definition, control of a Person shall mean the power, direct or   indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election   of directors of such Person, or (ii) to direct or cause the direction of the management and policies   of such Person whether by contract or otherwise; provided that neither the Administrator nor any   other company, corporation or person to which the Administrator provides directors and/or   administrative services and/or acts as share trustee shall be an Affiliate of the Issuer or Co-Issuer.                “Agreement”:  The meaning set forth in the Preliminary Statement to this   Agreement.                “AML Compliance”:  Compliance with the Cayman AML Regulations.                “Authorized Denomination”:  Any integral number of Preferred Shares equal to or   greater than 250 shares and integral multiples of one share in excess thereof.                “Available Funds”:  With respect to each Payment Date, the amount (if any) of   distributions received by the Preferred Share Paying Agent from the Issuer or the Trustee under   the Priority of Payments under the Indenture for payments on the Preferred Shares.                “Bank”:  Wells Fargo Bank, National Association, a national banking association.                “Benefit Plan Investor”:  (A) An “employee benefit plan” (as defined in Section   3(3) of ERISA) that is subject to Title I of ERISA, (B) a “plan” within the meaning of Section  4975(e)(1) of the Code that is subject to Section 4975 of the Code, or (C) any entity whose  underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s  investment in the entity or otherwise.               “Business Day”:  Each Business Day under the Indenture.                “Cayman AML Regulations”:  The Anti-Money Laundering Regulations (2018   Revision) and The Guidance Notes on the Prevention and Detection of Money Laundering and   Terrorist Financing in the Cayman Islands, each as amended and revised from time to time.                “Class P Preferred Share”:  The Class P Preferred Shares issued by the Issuer   pursuant to the Memorandum and Articles.      -2-  

 

               “Class P Preferred Share Notional Amount”:  $105,190,857.00, less the amount of  any Principal Proceeds distributed to the holders of the Class P Preferred Shares in accordance  with Section 3.1(g) hereof on any Payment Date.               “Class P Preferred Shares Stated Redemption Price”:  The meaning set forth in  Section 3.1(a) hereof.                 “Class R Preferred Share”:  The Class R Preferred Shares issued by the Issuer  pursuant to the Memorandum and Articles.               “Class X Preferred Share”:  The Class X Preferred Shares issued by the Issuer  pursuant to the Memorandum and Articles.               “Class X Preferred Rate”:  With respect to any Payment Date, a per annum rate  (greater than or equal to zero) equal to:  (a)(i) the total amount of Interest Proceeds available for  actual payment to the holders of the Notes and the Preferred Shares on such Payment Date less  (ii) the total amount of Interest Proceeds distributed on such Payment Date to the holders of the  Notes and the Class P Preferred Shares, divided by (b) the outstanding Class X Preferred Share  Notional Amount, expressed as a percentage and as an annualized rate on an actual/360 basis in  order to produce the aggregate amount of interest described in clause (a) to accrue on the  outstanding Class X Preferred Share Notional Amount during the related Interest Accrual Period.                 “Class X Preferred Share Notional Amount”:  The meaning set forth in Section  3.1(b) hereof.               “Closing Date”:  February 28, 2019.               “Co-Issuer”:  GPMT 2019-FL2 LLC, a Delaware limited liability company.                 “Code”:  The United States Internal Revenue Code of 1986, as amended.               “Credit Risk Retention Rules”:  Regulation RR (17 C.F.R. Part 244), as such rule  may be amended from time to time, and subject to such clarification and interpretation as have  been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit  Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange  Commission and the Department of Housing and Urban Development in the adopting release (79  F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency  or its staff from time to time, in each case, as effective from time to time.                “EHRI”:  The Preferred Shares, which are retained by the Retention Holder on the  Closing Date.               “EHRI Transfer Restriction Period”:  The period from the Closing Date to the  latest of (i) the date on which the total unpaid Principal Balance of the Mortgage Loans has been  reduced to 33% of the Aggregate Collateral Interest Cut-off Date Balance; (ii) the date on which  the total outstanding principal amount or notional amount, as applicable, of the Securities has  been reduced to 33% of the total outstanding principal amount or notional amount, as applicable,  of the Securities as of the Closing Date; or (iii) two years after the Closing Date.  However, if the    -3-  

 

     Credit Risk Retention Rules are modified or repealed, the Securitization Sponsor may choose to   comply with such Credit Risk Retention Rules as are then in effect.                “FATCA”: The meaning set forth in the Indenture.                “Holder”:  With respect to any Preferred Shares, the Person in whose name such   Preferred Shares are registered in the Preferred Share Register.                “Holder AML Obligations”:  The obligations of each Holder of Preferred Shares   to (i) provide the Issuer or its agents with such information and documentation that may be   required for the Issuer to achieve AML Compliance and (ii) update or replace such information  or documentation as may be necessary.               “Indenture”:  The indenture dated as of February 28, 2019 among the Issuer, the   Co-Issuer, the Bank, as note administrator, GPMT Seller LLC, as advancing agent and  Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”), as amended   from time to time in accordance with the terms thereof.                “Institutional Accredited Investor”: An institution that is an “accredited investor”   as described in clause (1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Securities Act   or an entity in which all of the equity owners are such “accredited investors.”                “Investment Company Act”:  Investment Company Act of 1940, as amended.                “Issuer Order”:  A written order or request dated and signed in the name of the   Issuer by an Authorized Officer of the Issuer.                “Majority”:  The Holders of more than 50% of the aggregate outstanding   Preferred Shares.                “Memorandum and Articles”:  The meaning set forth in the Preliminary Statement   to this Agreement.                “Non-Permitted AML Holder”:  A holder of Preferred Shares that fails to comply   with the Holder AML Obligations.                “Non-Permitted Holder”:  (a) Any U.S. person (as defined in Regulation S) that   becomes the beneficial owner of any Preferred Shares or interest in Preferred Shares and is not a   Qualified Institutional Buyer and a Qualified Purchaser, (b) any Person for which the   representations made, or deemed to be made, by such Person for purposes of ERISA,   Section 4975 of the Code or applicable Similar Law in any representation letter or Purchaser   Certificate, or by virtue of deemed representations are or become untrue, (c) any Benefit Plan   Investor or (d) a Non-Permitted AML Holder.                “Notes”:  The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C   Notes, the Class D Notes, the Class E Notes and the Class F Notes, collectively, authorized by,   and authenticated and delivered under, the Indenture.      -4-  

 

               “Ordinary Shares”:  The 250 ordinary shares, U.S.$1.00 par value per share, of  the Issuer which have been issued by the Issuer and are outstanding from time to time.               “Payment Date”:  Each Payment Date under the Indenture (including the Stated  Maturity Date and any Redemption Date).               “Plan Asset Regulation”:  U.S. Department of Labor regulations 29 C.F.R.  Section 2510.3-101, as modified by Section 3(42) of ERISA.               “Preferred Share Certificate”:  Any Preferred Share represented by a physical  certificate in definitive, fully registered, certificated form set forth in Exhibit A.               “Preferred Share Distribution Account”:  The meaning set forth in Section 3.3.               “Preferred Share Paying Agent”:  The Bank, solely in its capacity as Preferred  Share Paying Agent under this Agreement, unless a successor Person shall have become the  Preferred Share Paying Agent pursuant to the applicable provisions of this Agreement, and  thereafter “Preferred Share Paying Agent” shall mean such successor Person.               “Preferred Share Register”:  The register of members maintained by the Preferred  Share Registrar.               “Preferred Shares”:  The meaning set forth in the Preliminary Statement to this  Agreement.               “Purchaser”:  Each purchaser of an interest in Preferred Shares, including any  account for which it is acting.               “Purchaser Certificate”:  A certificate substantially in the form attached as an  exhibit to the Subscription Agreement, duly completed as appropriate.               “QEF”:  The meaning assigned in Section 4.5(ii).               “Qualified Institutional Buyer”:  Any Person that, at the time of its acquisition,  purported acquisition or proposed acquisition of Preferred Shares, is a qualified institutional  buyer within the meaning of Rule 144A.               “Qualified Purchaser”:  Any Person that, at the time of its acquisition, purported  acquisition or proposed acquisition of Preferred Shares, is a qualified purchaser within the  meaning of the Investment Company Act.               “Record Date”:  Each Record Date under the Indenture.               “Redemption Date”:  The earlier of (i) the Stated Maturity Date and (ii) the  Payment Date on which a redemption of the Preferred Shares occurs.               “Redemption Price”:  The Redemption Price for the Preferred Shares calculated in  accordance with the procedures set forth in the Indenture.     -5-  

 

                 “Retention Holder”:  GPMT CLO Holdings LLC, a Delaware limited liability   company.                “Rule 144A Information”:  The meaning set forth in Section 4.4.                “Securities Act”:  The Securities Act of 1933, as amended.                “Securitization Sponsor”:  Granite Point Mortgage Trust Inc., a Maryland   corporation.                 “Similar Law”:  Any local, state, federal, non-U.S. or other law that is   substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA   or Section 4975 of the Code.                “Specified Person”: The meaning set forth in Section 2.2(g).                “Subscription Agreement”:  The Junior Note and Preferred Share Subscription   Agreement, dated as of the date hereof, between the Issuer and the Retention Holder, as amended   from time to time in accordance with the terms thereof.                 “U.S. Person”:  As defined in Regulation S under the Securities Act.                Section 1.2. Rules of Construction.                (a)   The Article and Section headings herein and the Table of Contents are for   convenience only and shall not affect the construction hereof.                (b)   References to Preferred Shares and Certificates shall, when the context   requires, be construed to mean the Preferred Share Certificate representing the same.                                     ARTICLE II.                                                                       THE PREFERRED SHARES                Section 2.1. Form of Preferred Shares.                The Preferred Shares shall be represented by a physical certificate and issued in   the form of definitive, fully registered securities.  The Preferred Share Certificates shall be duly   executed by the Issuer or the Administrator on its behalf (and, with respect to any Preferred   Share Certificate issued after the Closing Date, shall additionally be executed by the Preferred  Share Paying Agent) and delivered by the Preferred Share Paying Agent as hereinafter provided.               Section 2.2. Execution; Delivery; Dating and Cancellation.                (a)   Any Preferred Share Certificates shall be executed on behalf of the Issuer   by one or more Authorized Officers of the Issuer (or by the Administrator on the Issuer’s behalf).    The signature of such Authorized Officer on a Preferred Share Certificate shall be manual and      -6-  

 

     may not be a facsimile or other electronic transmission (including a Portable Document Format   (PDF) copy sent by email).                (b)   Preferred Share Certificates bearing the signatures of individuals who   were at any time the Authorized Officers of the Issuer shall bind the Issuer, notwithstanding the   fact that such individuals or any of them have ceased to hold such offices prior to the delivery of   such Preferred Share Certificates or did not hold such offices at the date of issuance of such   Preferred Shares.                (c)   At any time and from time to time after the execution of this Agreement,   the Issuer may deliver Preferred Share Certificates executed by the Issuer to the Preferred Share   Paying Agent for authentication, and the Preferred Share Paying Agent, upon Issuer Order, shall   authenticate and deliver such Preferred Share Certificates as directed by the Issuer.                (d)   All Preferred Share Certificates authenticated and delivered by the   Preferred Share Paying Agent upon Issuer Order on the Closing Date shall be dated on the   Closing Date.  All other Preferred Share Certificates that are authenticated after the Closing Date   for any other purpose under this Agreement shall be dated on the date of their execution.                (e)   No Preferred Share Certificate (other than the Preferred Share Certificate   issued on the Closing Date) shall be entitled to any benefit under this Preferred Share Paying   Agency Agreement or be valid or obligatory for any purpose, unless there appears on such   Preferred Share Certificate a Preferred Share Certificate of Authentication, substantially in the   form provided for herein, executed by the Preferred Share Paying Agent by the manual signature   of one of their Authorized Officers and executed by the Issuer, and such certificate upon any   Preferred Share Certificate shall be conclusive evidence, and the only evidence, that such   Preferred Share Certificate has been duly authenticated and delivered hereunder.                (f)   All Preferred Share Certificates surrendered for registration of transfer or   exchange, or deemed lost or stolen, shall, if surrendered to any Person other than the Preferred   Share Paying Agent, be delivered to the Preferred Share Paying Agent, and shall promptly be   canceled.  No Preferred Share Certificates shall be issued in lieu of or in exchange for any  Preferred Share Certificates canceled as provided in this Section 2.2(f), except as expressly   permitted by this Agreement.  All canceled Preferred Share Certificates held by the Preferred   Share Paying Agent shall be destroyed or held by the Preferred Share Paying Agent in   accordance with its standard retention policy.                (g)   If (i) any mutilated or defaced Preferred Share Certificate is surrendered to   the Preferred Share Paying Agent, or if there shall be delivered to the Issuer or the Preferred   Share Paying Agent (each, a “Specified Person”) evidence to their reasonable satisfaction of the   destruction, loss or theft of any Preferred Share Certificate, and (ii) there is delivered to each   Specified Person such security or indemnity as may be required by each Specified Person to save   each of them and any agent of any of them harmless, then, in the absence of notice to the   Specified Persons that such Preferred Share Certificate has been acquired by a bona fide   purchaser, the Issuer shall execute in lieu of any such mutilated, defaced, destroyed, lost or   stolen Preferred Share Certificate, a new Preferred Share Certificate, of like tenor (including the   same date of issuance) and equal principal amount, registered in the same manner, dated the date     -7-  

 

     of its authentication, bearing interest from the date to which interest has been paid on the   mutilated, defaced, destroyed, lost or stolen Preferred Share Certificate and bearing a number not   contemporaneously outstanding.                      If, after delivery of such new Preferred Share Certificate, a bona fide   purchaser of the predecessor Preferred Share Certificate presents for payment, transfer or   exchange such predecessor Preferred Share Certificate, any Specified Person shall be entitled to   recover such new Preferred Share Certificate from the Person to whom it was delivered or any   Person taking therefrom, and each Specified Person shall be entitled to recover upon the security   or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by   such Specified Person in connection therewith.                     In case any such mutilated, defaced, destroyed, lost or stolen Preferred   Share Certificate has become due and payable, the Issuer, in its discretion may, instead of issuing   a new Preferred Share Certificate, pay such Preferred Share Certificate without requiring   surrender thereof except that any mutilated or defaced Preferred Share Certificate shall be   surrendered.                      Upon the issuance of any new Preferred Share Certificate under this   Section 2.2(g), the Issuer may require the payment by the registered Holder thereof of a sum   sufficient to cover any tax or other governmental charge that may be imposed in relation thereto   and any other expenses (including the fees and expenses of the Preferred Share Paying Agent)  connected therewith.                     Every new Preferred Share Certificate issued pursuant to this   Section 2.2(g) in lieu of any mutilated, defaced, destroyed, lost or stolen Preferred Share   Certificate shall constitute an original additional contractual obligation of the Issuer, and such   new Preferred Share Certificate shall be entitled, subject to this Section 2.2(g), to all the benefits   of this Agreement equally and proportionately with any and all other Preferred Share Certificates   duly issued hereunder.                      The provisions of this Section 2.2(g) are exclusive and shall preclude (to   the extent lawful) all other rights and remedies with respect to the replacement or payment of   mutilated, defaced, destroyed, lost or stolen Preferred Share Certificates.                Section 2.3. Registration.                (a)   The Issuer shall keep or cause to be kept the Preferred Share Register in   which, subject to such reasonable regulations as it may prescribe, the Preferred Share Registrar  shall provide for the registration of holders of, and the registration of transfers and exchanges of,   Preferred Shares and Ordinary Shares.  The Administrator is hereby initially appointed as agent   of the Issuer to act as the “Preferred Share Registrar” for the purpose of maintaining the   Preferred Share Register and registering and recording in the Preferred Share Register the   Preferred Shares and transfers of such Preferred Shares as herein provided.  Upon any   resignation or removal of the Preferred Share Registrar, the Issuer shall promptly appoint a   successor.  The Preferred Share Paying Agent shall promptly provide the Preferred Share   Registrar with all information necessary to prepare and maintain the Preferred Share Register      -8-  

 

     (upon receipt by the Preferred Share Paying Agent thereof).  The Preferred Share Registrar shall  be entitled to rely on such information provided to it pursuant to the preceding sentence without  any liability on its part.               (b)   The Preferred Share Paying Agent shall maintain a duplicate share register  and shall be entitled to conclusively rely on such duplicate share register for the purpose of  payment on the Preferred Shares.  The Preferred Share Paying Agent shall have the right to  inspect the Preferred Share Register at all reasonable times and to obtain copies thereof and the  Preferred Share Paying Agent shall have the right to rely upon a certificate executed on behalf of  such Preferred Share Registrar by an Authorized Officer thereof as to the names and addresses of  the Holders and the numbers of such Preferred Shares.  If either party becomes aware of any  discrepancies between the Preferred Share Register and the duplicate share register, it shall  promptly inform the other of the same and the Preferred Share Registrar and the Preferred Share  Paying Agent shall cooperatively ensure that the Preferred Share Register and the duplicate share  register are reconciled in a timely manner and in any case prior to the next Record Date.   Notwithstanding anything to the contrary herein, the Preferred Share Paying Agent shall have no  duty to monitor or determine whether any discrepancies exist between the two registers.               Section 2.4. Registration of Transfer and Exchange of Preferred Shares.                (a)   Subject to this Section 2.4 and Section 2.5, upon surrender for registration   of transfer of any Preferred Share Certificates at the offices of the Preferred Share Paying Agent   in compliance with the restrictions set forth in any legend appearing on any such Preferred Share  Certificate, the Preferred Share Paying Agent shall, upon receipt of all related transfer exhibits,  authenticate such Preferred Share Certificate and deliver such Preferred Share Certificate  (together with any related transfer exhibits) to the Issuer (or to the Administrator on its behalf)  for execution.  Upon execution of the Preferred Share Certificate by the Issuer (or the  Administrator on its behalf), the Issuer shall deliver the Preferred Share Certificate to the  Preferred Share Paying Agent, and the Preferred Share Paying Agent shall deliver, in the name  of the designated transferee or transferees, one or more new Preferred Share Certificates, each in  an Authorized Denomination, of like terms and of a like number.               (b)   Subject to this Section 2.4 and Section 2.5, at the option of the Holder,   Preferred Shares may be exchanged for Preferred Shares, each in an Authorized Denomination,   of like terms and of like number upon surrender of the related Preferred Share Certificate at such  office as the Preferred Share Paying Agent may designate for such purposes.  Whenever any  Preferred Share Certificate is surrendered for exchange, the Preferred Share Paying Agent shall  authenticate such Preferred Share Certificate and thereafter deliver such Preferred Share  Certificate to the Issuer for execution (together with any related transfer exhibits).  Upon  execution of the Preferred Share Certificate by the Issuer (or the Administrator on its behalf), the   Issuer shall deliver the Preferred Share Certificate to the Preferred Share Paying Agent, and the   Preferred Share Paying Agent shall deliver such Preferred Share Certificate to the Holder making   the exchange.                (c)   Preferred Share Certificates representing Preferred Shares issued upon any   registration of transfer or exchange of Preferred Shares shall represent equity interests of the  Issuer entitled to the same benefits under this Agreement and the Memorandum and Articles as     -9-  

 

     the Preferred Shares represented by the Preferred Share Certificate surrendered upon such   registration of transfer or exchange.                (d)   All Preferred Share Certificates presented or surrendered for registration   of transfer or exchange shall be accompanied by an assignment form and a written instrument of   transfer each in a form satisfactory to the Issuer and the Preferred Share Paying Agent, duly   executed by the Holder thereof or its attorney duly authorized in writing.                (e)   No service charge shall be made to a Holder for any registration of   transfer or exchange of Preferred Shares, but the Preferred Share Paying Agent may require   payment of a sum sufficient to cover the expenses of delivery (if any) not made by regular mail   or any tax or other governmental charge payable in connection therewith.                (f)   The Issuer, the Preferred Share Paying Agent, the Preferred Share  Registrar, and any agent of the Issuer, the Preferred Share Paying Agent or the Preferred Share  Registrar shall treat the Person in whose name any Preferred Shares are registered on the  Preferred Share Register as the owner of such Preferred Shares on the applicable Record Date for  the purpose of receiving payments in respect of such Preferred Shares and on any other date for  all other purposes whatsoever, and none of the Issuer, the Preferred Share Paying Agent, the  Preferred Share Registrar or any agent of the Issuer, the Preferred Share Paying Agent or the  Preferred Share Registrar shall be affected by notice to the contrary.               Section 2.5. Transfer and Exchange of Preferred Shares.                (a)   Restrictions on Transfer.                (i)   As long as any Note is outstanding, the Retention Holder must at all times         own (for U.S. federal income tax purposes) 100% of both the Preferred Shares and the        Ordinary Shares, and will not transfer (whether by means of actual transfer or a transfer        of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any        of the Preferred Shares or the Ordinary Shares to any other person, entity or entities, as        long as the Issuer receives an opinion of Dechert LLP, Sidley Austin LLP or another        nationally recognized tax counsel experienced in such matters that such transfer, pledge        or hypothecation will not cause the Issuer to be treated as a foreign corporation engaged        in a trade or business within the United States for U.S. federal income tax purposes or        otherwise to become subject to U.S. federal income tax on a net income basis (or has        previously received an opinion of Dechert LLP, Sidley Austin LLP or another nationally        recognized tax counsel experienced in such matters that the Issuer will be treated as a        foreign corporation that is not engaged in a trade or business within the United States for        U.S. federal income tax purposes, which opinion may be conditioned, in each case, on        compliance with certain restrictions on the investment or other activities of the Issuer and        the Collateral Manager or the Servicer on behalf of the Issuer).               (ii)  No Preferred Shares may be sold or transferred (including, without        limitation, by pledge or hypothecation) unless such sale or transfer is exempt from the        registration requirements of the Securities Act and is exempt under applicable securities        laws of any state or other jurisdiction of the United States.      -10-  

 

               (iii) At all times, if a sale or transfer (including without limitation, by pledge or        hypothecation) of all or a portion of the EHRI is to be made, then the Preferred Share        Registrar and the Preferred Share Paying Agent shall refuse to register such sale or        transfer unless:                     (A)   such sale or transfer is to a “majority-owned affiliate,” as such             term is defined in the Credit Risk Retention Rules, of the Securitization Sponsor;                    (B)   such sale or transfer will occur after the termination of the EHRI             Transfer Restriction Period; or                    (C)   the Issuer, the Preferred Share Paying Agent and the Preferred              Share Registrar receives an opinion of Dechert LLP or another nationally              recognized securities law counsel experienced in such matters that such sale or             transfer will not result in a violation of the Credit Risk Retention Rules or that the             Credit Risk Retention Rules no longer apply to such sale or transfer.        In connection with any sale or transfer pursuant to clause (A) or (B) above, the Preferred        Share Paying Agent shall refuse to register such Transfer unless, in addition to a        Purchaser Certificate, it receives (and, upon receipt, may conclusively rely upon) (x) a        certification from the prospective transferee substantially in the form attached hereto as        Exhibit B-1, which certification must be countersigned by the Securitization Sponsor and        (y) a certification from the Holder desiring to effect such sale or transfer, substantially in        the form attached hereto as Exhibit B-2, which certification must be countersigned by the        Securitization Sponsor.  Upon receipt of the foregoing certifications or opinion, as        applicable, the Preferred Share Registrar and the Preferred Share Paying Agent shall,        subject to Section 2.4 and the other provisions of this Section 2.5, reflect all or any such        portion of the EHRI in the name of the prospective transferee.         Any purported transfer or exchange in violation of the foregoing requirements shall be       null and void ab initio.               (b)   No Preferred Shares may be offered, sold, delivered or transferred  (including, without limitation, by pledge or hypothecation) except to (i) (A) a non-U.S. person  (as defined under Regulation S) in accordance with the requirements of Regulation S or (B) both  (x) a Qualified Institutional Buyer and (y) a Qualified Purchaser and (ii) in accordance with any  other applicable law.               (c)   No Preferred Shares may be offered, sold or delivered within the United  States or to, or for the benefit of, U.S. persons (as defined in Regulation S) except in accordance  with Rule 144A or an exemption from the registration requirements of the Securities Act, to  Persons purchasing for their own account or for the accounts of one or more Qualified  Institutional Buyers for which the purchaser is acting as a fiduciary or agent.  Preferred Shares  may be sold or resold, as the case may be, in offshore transactions to non-U.S. persons (as  defined in Regulation S) in reliance on Regulation S. None of the Issuer, the Preferred Share  Paying Agent, the Preferred Share Registrar or any other Person may register the Preferred     -11-  

 

   Shares under the Securities Act or any state securities laws or the applicable laws of any other  jurisdiction.               (d)   No transfer of Preferred Shares to a proposed transferee that is or will be,  or is acting on behalf of or using any assets of any Person that is or will become, a Benefit Plan  Investor will be effective, and the Preferred Share Paying Agent will not process or recognize  any such transfer.               Beneficial interests in Preferred Shares may not at any time be acquired or held by  or on behalf of a Benefit Plan Investor.               No transfer of Preferred Shares will be effective, and the Issuer and the Preferred  Share Paying Agent will not recognize any such transfer, if the transferee’s acquisition, holding  or disposition of such interest constitutes or will constitute or otherwise result in a prohibited  transaction under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a plan  subject to Similar Law, a violation of Similar Law) unless an exemption is available (all of the  conditions of which have been satisfied) or any other violation of an applicable requirement of  ERISA, the Code or other applicable law.               Notwithstanding anything contained herein to the contrary, the Preferred Share  Paying Agent and the Preferred Share Registrar shall not be responsible for ascertaining whether  any transfer complies with the registration provisions of or any exemptions from the Securities  Act, applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the  Code or the Investment Company Act; provided, that if a Purchaser Certificate is specifically  required by the express terms of this Section 2.5 to be delivered to the Preferred Share Paying  Agent, the Preferred Share Paying Agent shall be under a duty to receive and examine the same  to determine whether or not the certificate conforms on its face to the terms of this Agreement  and shall promptly notify the party delivering the same if such Purchaser Certificate does not  comply with such terms.               (e)   Transfers and exchanges of Certificates, in whole or in part, shall only be  made in accordance with this Section 2.5(e).  Any purported transfer or exchange in violation of  the following requirements shall be null and void ab initio, the Issuer shall not execute and the  Preferred Share Paying Agent shall not deliver Preferred Share Certificates with respect to the  transfer or exchange and the Preferred Share Registrar shall not register any such purported  transfer.               (i)   Transfer—Preferred Share Certificate to Preferred Share Certificate.  If a        Holder of a Preferred Share Certificate wishes at any time to transfer such Preferred        Share Certificate to a Person that will take delivery in the form of Certificates, such        Holder may transfer or cause the transfer of such interest for an equivalent interest in one        or more Certificates (in Authorized Denominations), but only upon delivery of the        documents set forth in the following sentence.  Upon receipt by the Preferred Share        Paying Agent of:                     (A)   the Preferred Share Certificates properly endorsed for assignment              to the transferee; and     -12-  

 

                     (B)   a Purchaser Certificate;         the Preferred Share Paying Agent shall cancel such Preferred Share Certificates,        authenticate such new Preferred Share Certificate and arrange for new Preferred Share        Certificates to be executed by the Issuer and, upon the Preferred Share Paying Agent’s        receipt of such executed Preferred Share Certificates, the Preferred Share Paying Agent        shall deliver one or more Preferred Share Certificates registered in the name and number        specified in the Purchaser Certificate (the aggregate number of such Preferred Shares        being equal to the interest delivered to the Preferred Share Paying Agent) and in        Authorized Denominations.  The Preferred Share Paying Agent shall record the exchange        on the duplicate share register and instruct the Preferred Share Registrar to, and the        Preferred Share Registrar shall upon such instruction, record the exchange in the        Preferred Share Register.               (ii)  Exchange—Preferred Share Certificate to Preferred Share Certificate.  If a        Holder of a Preferred Share Certificate wishes at any time to exchange such Preferred        Share Certificate for one or more Certificates, such Holder may exchange or cause such        exchange for an equivalent interest in one or more Certificates (in Authorized        Denominations), but only upon delivery of the documents set forth in the following       sentence.  Upon receipt by the Preferred Share Paying Agent of:                     (A)   the Preferred Share Certificates properly endorsed for exchange;              and                     (B)   a Purchaser Certificate;         the Preferred Share Paying Agent shall cancel such Preferred Share Certificates,        authenticate such new Preferred Share Certificate and arrange for new Preferred Share        Certificates to be executed by the Issuer and, upon the Preferred Share Paying Agent’s        receipt of such executed Preferred Share Certificates, the Preferred Share Paying Agent        shall deliver one or more Preferred Share Certificates, registered in the names and        numbers specified in the Purchaser Certificate (the aggregate number of Preferred Shares        being equal to the number of Preferred Shares delivered to the Preferred Share Paying        Agent) and in Authorized Denominations.  The Preferred Share Paying Agent shall        record the exchange on the duplicate share register and instruct the Preferred Share        Registrar to, and the Preferred Share Registrar shall upon such instruction, record the       transfer in the Preferred Share Register.              (f)   Preferred Share Certificates shall bear a legend substantially in the form  set forth in Exhibit A unless there is delivered to the Issuer such satisfactory evidence, which  may include an Opinion of Counsel, as may be reasonably required by the Issuer to the effect  that neither such applicable legend nor the restrictions on transfer set forth therein are required to  ensure that transfers thereof comply with the provisions of Rule 144A under, Section 4(a)(2) of,  or Regulation S under, the Securities Act, as applicable, and to ensure that neither the Issuer nor  the pool of Collateral becomes an investment company required to be registered under the  Investment Company Act.  Preferred Share Certificates that are delivered to the Preferred Share  Paying Agent by or on behalf of the Issuer without such legend shall be conclusive evidence that    -13-  

 

     the Issuer has satisfied any conditions precedent, and the Preferred Share Paying Agent shall   have no obligation to determine whether such legend is required.  The Preferred Share Paying   Agent shall make no representation or warranty to the validity of any Preferred Share, except to   the extent of its own signature thereon.                (g)   The Preferred Share Registrar may rely conclusively on any directions   given by the Issuer or the Preferred Share Paying Agent in accordance with this Agreement   without further review, to effect the transfer of Preferred Shares by making all necessary entries   in the Preferred Share Register and shall have no liability for acting in reliance on any such  directions.               (h)   Notwithstanding anything contained herein to the contrary, at all times, if  a transfer of all or any portion of the EHRI after the Closing Date is to be made, then the  Preferred Share Registrar shall refuse to register such transfer unless it receives (and, upon  receipt, may conclusively rely upon) (i) a certification from such Holder’s prospective transferee  and (ii) a certification from the Holder of the EHRI desiring to effect such transfer, each, in form  and substance, acceptable to the Securitization Sponsor.  Upon receipt of the foregoing  certifications, the Preferred Share Registrar shall, subject to this Section 2.5, reflect such EHRI   in the name of the prospective transferee.                  Section 2.6. [Reserved]                Section 2.7. Non-Permitted Holders.                (a)   Notwithstanding any other provision in this Agreement, any transfer of a   beneficial interest in Preferred Shares to a Non-Permitted Holder shall be null and void ab initio   and any such purported transfer of which the Issuer or the Preferred Share Paying Agent shall   have notice may be disregarded by the Issuer and the Preferred Share Paying Agent for all   purposes at any time after either of them learns that any Person is or has become a   Non-Permitted Holder.                (b)   If any Non-Permitted Holder becomes the beneficial owner of Preferred   Shares, the Issuer shall, promptly after discovery of any such Non-Permitted Holder by the Issuer   or the Preferred Share Paying Agent (and notice by the Preferred Share Paying Agent to the   Issuer, if the Preferred Share Paying Agent makes the discovery), send notice to such   Non-Permitted Holder demanding that such Non-Permitted Holder transfer its Preferred Shares   or interest to a Person that is not a Non-Permitted Holder within 30 days of the date of such   notice.  If such Non-Permitted Holder fails to so transfer such Preferred Shares or interest, the   Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such   Preferred Shares or interest in Preferred Shares to a purchaser selected by the Issuer that is not a  Non-Permitted Holder on such terms as the Issuer may choose.  The Issuer may retain an  investment bank to act on the Issuer’s behalf or request one or more bids from one or more  brokers or other market professionals that regularly deal in securities similar to the Preferred  Shares, and the Issuer will sell such Preferred Shares or interest to the highest such bidder.   However, the Issuer may select a purchaser by any other means determined by it in its sole  discretion.  Each Holder of Preferred Shares, the Non-Permitted Holder and each other Person in  the chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in     -14-  

 

     the applicable Preferred Shares, agrees to cooperate with the Issuer and the Preferred Share   Paying Agent to effect such transfers.  The proceeds of such sale, net of any commissions,  expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted  Holder.  The terms and conditions of any sale under this subsection shall be determined in the   sole discretion of the Issuer, and none of the Issuer, Preferred Share Registrar or the Preferred   Share Paying Agent shall be liable to any Person having an interest in the Preferred Shares sold   as a result of any such sale or the exercise of such discretion.                Section 2.8. Certain Tax Matters.                (a)   The Issuer, and each Holder by acceptance of such Preferred Shares, each   agree, where permitted by applicable law and unless the Issuer is a Qualified REIT Subsidiary, to  treat such Preferred Shares as an equity interest in the Issuer for U.S. federal, State and local   income and franchise tax purposes.                (b)   The Issuer and the Preferred Share Paying Agent agree that they do not   intend for this Agreement to represent an agreement to enter into a partnership, a joint venture or   any other business entity for U.S. federal income tax purposes. The Issuer and the Preferred   Share Paying Agent shall not represent or otherwise hold themselves out to the IRS or other third   parties as partners in a partnership or members of a joint venture or other business entity for U.S.  federal income tax purposes.               (c)   The Issuer shall not elect to be treated as a partnership and neither the  Issuer, nor the Preferred Share Paying Agent shall file or cause to be filed any U.S. federal, State  or local partnership tax return with respect to this Agreement.               (d)   The Issuer shall take all actions necessary or advisable to allow the Issuer  to comply with FATCA, including, appointing any agent or representative to perform due  diligence, withholding or reporting obligations of the Issuer pursuant to FATCA.  The Issuer  shall provide any certification or documentation (including the applicable IRS Form W-9 (or if  required, the applicable IRS Form W-8) or any successor form) to any payor (as defined in  FATCA) from time to time as provided by law to minimize U.S. withholding tax under FATCA.               Section 2.9. Provisions of the Indenture and Servicing Agreement.                Each Holder of the Preferred Shares, by its acceptance of the Preferred Shares   issued hereunder, agrees to be bound by the provisions of the Indenture and Servicing   Agreement relating to the Preferred Shares.  Notwithstanding the foregoing, the Issuer may,   without the consent of any party other than any Holder of Preferred Shares affected thereby,  reorganize the Preferred Shares with different or additional classes or components so long as the  aggregate liquidation preference of the Preferred Shares and their aggregate entitlement to  dividends and distributions is not increased, and the Issuer may amend its organizational  documents to effect such reorganization of Preferred Shares.      -15-  

 

                                     ARTICLE III.                                                                  DISTRIBUTIONS TO THE HOLDERS                Section 3.1. Disbursement of Funds.                (a)   The Class P Preferred Shares outstanding will have an aggregate stated   redemption price from time to time equal to the Aggregate Outstanding Portfolio Balance minus   the Aggregate Outstanding Amount of all Classes of Notes (the “Class P Preferred Shares Stated   Redemption Price”). The Class P Preferred Shares will have a stated dividend rate equal to the   weighted average of the interest rates on the Mortgage Assets with respect to the related Interest  Accrual Period, expressed on an actual/360 basis.  Such dividend rate will be applied to the  outstanding Class P Preferred Share Notional Amount.               (b)   The Class X Preferred Shares outstanding will have a notional amount  from time to time equal to the outstanding Class P Preferred Share Notional Amount (the “Class   X Preferred Share Notional Amount”).  The Class X Preferred Shares will have a stated dividend   rate of the Class X Preferred Rate.  Such dividend rate will be applied to the outstanding Class X   Preferred Share Notional Amount.                (c)   The Class R Preferred Shares will be entitled to any amount remaining   after all distributions to the Class P Preferred Shares and the Class X Preferred Shares (including,  without limitation, any accrued and unpaid dividends and Class P Preferred Shares Stated  Redemption Price) have been made in accordance with the priority of distribution described  herein.               (d)   Subject to Section 3.2, on each Payment Date (including any Redemption   Date and the Stated Maturity Date) the Preferred Share Paying Agent shall apply the Available   Funds to make payment (i) of dividends and (ii) with respect to any Redemption Date or Stated   Maturity Date, the Redemption Price, to each Holder on the relevant Record Date, on a pro rata   basis in accordance with the priority of distribution described herein.                (e)   Notwithstanding the foregoing, in accordance with the provisions of   Section 12.2(b) of the Indenture and at any time when the Retention Holder holds 100% of the   Preferred Shares, the Retention Holder may designate all or any portion of the Available Funds,   which would otherwise be distributed to the Preferred Share Paying Agent for payment on the   Preferred Shares, for deposit into the Preferred share Distribution Account as a contribution to  the Issuer.  Any such amounts paid to the Issuer as a contribution shall be deemed for all  purposes as having been paid to the Preferred Share Paying Agent pursuant to the Priority of  Payments in the Indenture.               (f)   Payments will be made by wire transfer to a U.S. dollar account  maintained by such Holder as notified to the Preferred Share Paying Agent or, in the absence of  such notification, by U.S. dollar check delivered by first class mail to the Holder at its address of  record.  The Preferred Share Registrar shall, upon request, provide the Preferred Share Paying  Agent with a certified list of the Holders and all relevant information regarding the Holders as  the Preferred Share Paying Agent may require promptly and in each case no later than five      -16-  

 

     Business Days after receipt of such request (or each relevant Record Date, if sooner or if no such   request is made); provided, that in no event shall the Preferred Share Registrar be expected to   respond in less than two Business Days from receipt of such request.                (g)   Subject to Section 3.1(d), the Preferred Share Paying Agent shall   distribute all amounts to be paid in accordance with the Priority of Payments to the holders of the  Preferred Shares as follows:               (i)   Interest Proceeds.  On each Payment Date, Available Funds that constitute         Interest Proceeds under the Indenture shall be distributed in the following order of         priority:                      (A)   to the Class P Preferred Shares, to the extent of accrued and unpaid               dividends thereon;                       (B)   to the Class X Preferred Shares, to the extent of accrued and               unpaid dividends thereon; and                      (C)   to the Class R Preferred Shares, the remaining Interest Proceeds (if               any) in the Preferred Share Distribution Account.                (ii)  Principal Proceeds.  On each Payment Date, Available Funds that         constitute Principal Proceeds under the Indenture shall be distributed in the following         order of priority:                      (A)   to the Class P Preferred Shares, pro rata based on the aggregate               Class P Preferred Shares Notional Amount, in partial redemption thereof, until the               Class P Preferred Shares Notional Amount has been reduced to zero;                      (B)   to the Class X Preferred Shares, (1) any accrued and unpaid               dividends thereon (to the extent not paid pursuant to clause (g)(i)(B) above), plus               (2) $1,000, until such amount has been reduced to zero; and                      (C)   to the Class R Preferred Shares, the remaining Principal Proceeds               (if any) in the Preferred Share Distribution Account.                Section 3.2. Condition to Payments.                (a)   As a condition to payment of any amount hereunder without the   imposition of U.S. withholding tax, the Preferred Share Paying Agent, on behalf of the Issuer,   shall require certification acceptable to it to enable the Issuer and the Preferred Share Paying   Agent to determine their duties and liabilities with respect to any taxes or other charges that they   may be required to deduct or withhold from payments in respect of the Preferred Shares under   any present or future law or regulation of the United States or any present or future law or   regulation of any political subdivision thereof or taxing authority therein or to comply with any   reporting or other requirements under such law or regulation.  Without limiting the foregoing, as   a condition to any payment on the Preferred Shares without U.S. federal back-up withholding,   the Issuer shall require the delivery of properly completed and signed applicable U.S. federal     -17-  

 

     income tax certifications (generally, an IRS Form W-9 (or applicable successor form) in the case  of a Person that is a “United States person” as defined in the Code or an IRS Form W-8BEN or   IRS Form W-8BEN-E, as applicable (or applicable successor form), in the case of a Person that   is not a “United States person” within the meaning of the Code).  In addition, the Issuer or any of   its agents shall require (i) complete and accurate information and documentation that may be   required to enable the Issuer or any of its agents to comply with FATCA and (ii) each Holder to   agree that the Issuer and/or any of its agents may (1) provide such information and   documentation and any other information concerning its investment in the Preferred Shares to   the Cayman Islands Tax Information Authority (including, without limitation, the properly   completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form”   (in the forms published by the Cayman Islands Department for International Tax Cooperation,   which forms can be obtained at http://www.tia.gov.ky/pdf/CRS_Legislation.pdf)), the U.S.   Internal Revenue Service and any other relevant tax authority and (2) take any other actions   necessary for the Issuer or the Co-Issuer to comply with FATCA or necessary to provide to the   Cayman Islands Tax Information Authority pursuant to the Cayman Islands Tax Information   Authority Law (2017 Revision) and the Organization for Economic Co-operation and   Development’s Standard for Automatic Exchange of Financial Account Information – Common   Reporting Standard (each as amended) (including any implementing legislation, rules,   regulations and guidance notes with respect to such laws).                Amounts properly withheld under the Code or other applicable law by any Person   from a payment of dividends to any Holder shall be considered as having been paid by the Issuer  to such Holder for all purposes of this Agreement.               (b)   [Reserved]               (c)   Notwithstanding anything in this Agreement to the contrary, distributions   of Available Funds on any Payment Date (including any Redemption Date or the Stated Maturity   Date), shall be subject to the Issuer being solvent under Cayman Islands law (defined as the   Issuer being able to pay its debts as they become due in the ordinary course of business)   immediately prior to, and after giving effect to, such payment as determined by the Issuer.                (d)   If the Issuer determines that the condition set forth in subsection (c) above   is not satisfied with respect to any portion of the Available Funds on such Payment Date, the   Issuer shall instruct the Preferred Share Paying Agent in writing on or before one Business Day   prior to such Payment Date that such portion should not be paid, and the Preferred Share Paying   Agent shall not pay the same until the first succeeding Payment Date or, in the case of any   payments which would otherwise be payable on any Redemption Date or the Stated Maturity   Date, until the first succeeding Business Day, upon which the Issuer notifies the Preferred Share   Paying Agent in writing that each condition is satisfied.  Any amounts so retained will be held in   the Preferred Share Distribution Account until such amounts are paid, subject to the availability   of such funds under Cayman Islands law to pay any liability of the Issuer.  In the absence of such   notification from the Issuer, the Preferred Share Paying Agent may conclusively assume that the   condition set forth in subsection (c) has been satisfied and shall pay the amounts due under this   Agreement.      -18-  

 

                 Section 3.3. The Preferred Share Distribution Account.                The Preferred Share Paying Agent shall, prior to the Closing Date, establish a   single, segregated, non-interest bearing trust account, which shall be designated as the “Preferred   Share Distribution Account” for the benefit of the Issuer (the “Preferred Share Distribution   Account”).  The Preferred Share Paying Agent shall promptly credit all Available Funds to the   Preferred Share Distribution Account.  All sums payable by the Preferred Share Paying Agent   hereunder shall be paid out of the Preferred Share Distribution Account.  For the avoidance of   doubt, the Preferred Share Distribution Account (and interest, if any, earned on amounts on   deposit therein) shall be owned by the Issuer (or the related REIT so long as the Issuer is a   Qualified REIT Subsidiary) for U.S. federal income tax purposes.                Section 3.4. Redemption.                The Preferred Shares shall be redeemed (in whole but not in part) by the Issuer at   the Redemption Price on any Redemption Date or on the Stated Maturity Date (if not redeemed   earlier).  Notwithstanding any other provision herein, if no funds are available to pay Holders   pursuant to the Indenture and this Agreement, the Issuer may redeem the Preferred Shares (in   whole but not in part) for no consideration (i) on any Redemption Date, (ii) on the Stated   Maturity Date or (iii) upon an acceleration of the Notes as a result of an Event of Default, as   defined in the Indenture.                Section 3.5. Fees or Commissions in Connection with Disbursements.                All payments by the Preferred Share Paying Agent hereunder shall be made   without charging any commission or fee to the Holders.                Section 3.6. Liability of the Preferred Share Paying Agent in Connection with   Disbursements.                (a)   Notwithstanding anything herein, the Preferred Share Paying Agent shall   not incur any personal liability to pay amounts due to Holders and shall only be required to make  payments, including the payment of dividends, if there are sufficient funds in the Preferred Share  Distribution Account to make such payments.               (b)   Except as otherwise required by applicable law, any funds deposited with  the Preferred Share Paying Agent and held in the Preferred Share Distribution Account or  otherwise held for payment on the Preferred Shares and remaining unclaimed for two years after  such payment has become due and payable shall be paid to the Issuer; and the Holder of such  Preferred Shares shall thereafter look only to the Issuer for payment of such amounts and all  liability of the Preferred Share Paying Agent with respect to such funds (but only to the extent of  the amounts so paid to the Issuer) shall thereupon cease.  The Preferred Share Paying Agent,  before being required to make any such release of payment, may, but shall not be required to,  adopt and employ at the expense of the Issuer any reasonable means of notification of such   release of payment, including, but not limited to, arranging with the Preferred Share Registrar for   the Preferred Share Registrar to mail notice of such release to Holders whose right to or interest   in amounts due and payable but not claimed is determinable from the records of the Issuer or   Preferred Share Paying Agent, as applicable, at the last address of record of each such Holder.     -19-  

 

                                     ARTICLE IV.                                                                     ACCOUNTING AND REPORTS                Section 4.1. Reports and Notices.                (a)   The Preferred Share Paying Agent shall cause to be made available to the   Holders the reports required to be made available by the Note Administrator pursuant to Section   10.12 of the Indenture.                (b)   The Preferred Share Paying Agent shall notify the Preferred Shareholders   of the occurrence of an Event of Default under the Indenture of which it receives notice from the   Trustee or the Issuer.                Section 4.2. Notice of Plan Assets.                The Preferred Share Paying Agent has no duty to investigate whether the assets of   the Issuer are reasonably likely to be deemed “plan assets” (within the meaning of the Plan Asset  Regulation); however, in the event that any officer within the corporate trust office of the  Preferred Share Paying Agent (or any successor thereto) working on matters related to the Issuer   has actual knowledge that the assets of the Issuer are “plan assets,” the Preferred Share Paying   Agent will promptly provide notice to the Preferred Share Registrar for forwarding to the Issuer   and the Holders.                Section 4.3. Requests by Independent Accountants.                Upon written request by Independent accountants appointed by the Issuer, the   Preferred Share Registrar shall provide to them that information contained in the Preferred Share   Register needed for them to provide tax information to the Holders.                Section 4.4. Rule 144A Information.                At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange   Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon   the written request of a Holder, the Issuer shall promptly furnish or cause to be furnished Rule   144A Information, and deliver such Rule 144A Information to such Holder, to a prospective   purchaser designated by such Holder or beneficial owner or to the Preferred Share Paying Agent   for delivery to such Holder or a prospective purchaser designated by such Holder, in order to  permit required or protective compliance by any such Holder with Rule 144A in connection with  the resale of any such Preferred Shares.  “Rule 144A Information” shall be information that is  required by subsection (d)(4) of Rule 144A.               Section 4.5. Tax Information.                If the Issuer is no longer a Qualified REIT Subsidiary, the Issuer shall provide to   each beneficial owner of Preferred Shares any information that the beneficial owner reasonably  requests in order for the beneficial owner to (i) comply with its federal state, or local tax and  information returns and reporting obligations, (ii) make and maintain a “qualified electing fund”     -20-  

 

     election (as defined in the Code) with respect to the Issuer (including a “PFIC Annual   Information Statement” as described in Treasury Regulation §1.1295-1(g) (or any successor   Treasury Regulation or IRS release or notice), including all representations and statements   required by such statement), or (iii) comply with filing requirements that arise as a result of the   Issuer being classified as a “controlled foreign corporation” for U.S. federal income tax purposes   (such information to be provided at such beneficial owner’s expense); provided that the Issuer   shall not file, or cause to be filed, any income or franchise tax return in the United States or any   state of the United States unless it shall have obtained advice from Dechert LLP, Sidley Austin   LLP or an opinion of other nationally recognized U.S. tax counsel experienced in such matters   prior to such filing that, under the laws of such jurisdiction, the Issuer is required to file such   income or franchise tax return.                  If required to prevent the withholding or imposition of United States income tax,   (i) the Issuer and each beneficial owner shall deliver or cause to be delivered an IRS Form W-9,   IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or successor applicable form, and   (ii) the Issuer, with respect to (as applicable) an item included in the Collateral, shall deliver or   cause to be delivered an IRS Form W-9 or IRS Form W-8BEN-E to each issuer, counterparty or   Preferred Share Paying Agent at the time such item included in the Collateral is purchased or   entered into (or if such item is held at the time that the Issuer ceases to be a Qualified REIT   Subsidiary, at that time) and thereafter prior to the expiration or obsolescence of such form.                                     ARTICLE V.                                                               THE PREFERRED SHARE PAYING AGENT                Section 5.1. Appointment of Preferred Share Paying Agent.                The Issuer hereby appoints the Bank to act as the Preferred Share Paying Agent,   and the Bank hereby accepts such appointment.  The Issuer hereby appoints the Administrator to   act as the Preferred Share Registrar, and the Administrator hereby accepts such appointment.    The Issuer hereby authorizes the Preferred Share Paying Agent and the Administrator to perform   their respective obligations as provided in this Agreement.                Section 5.2. Resignation and Removal.                The Preferred Share Paying Agent may at any time resign as Preferred Share   Paying Agent by giving written notice to the Issuer of its resignation, specifying the date on   which its resignation shall become effective (which date shall not be less than 60 days after the   date on which such notice is given unless the Issuer shall agree to a shorter period).  The Issuer   may remove the Preferred Share Paying Agent at any time by giving written notice of not less   than 60 days to the Preferred Share Paying Agent specifying the date on which such removal   shall become effective.  Such resignation or removal shall only take effect upon the appointment  by the Issuer of a successor Agent and upon the acceptance of such appointment by such  successor Agent or, in the absence of such appointment, the assumption of the duties of the  Preferred Share Paying Agent by the Issuer; provided, however, that in any event, such  resignation or removal shall take effect not later than one year from the date of such notice of  resignation or removal.  The Issuer shall provide notice to the Rating Agencies of any successor     -21-  

 

     Preferred Share Paying Agent appointed pursuant to this section to the Rating Agencies pursuant   to this Agreement, provided that no such notice shall be required in the event that the successor   Preferred Share Paying Agent is a Person succeeding to all or substantially all of the institutional   trust services business of the Preferred Share Paying Agent.  If the same Person is acting as the   Note Administrator under the Indenture and the Preferred Share Paying Agent hereunder, and the   Note Administrator has resigned or has been terminated under the Indenture, then the Preferred   Share Paying Agent shall also be deemed to have been resigned or terminated hereunder.                Section 5.3. Fees; Expenses; Indemnification; Liability.                (a)   Pursuant to, and at the times and to the extent contemplated by the   Indenture, the Issuer shall pay to the Preferred Share Paying Agent compensation at such   amounts and/or rates as shall be agreed between the Issuer and the Preferred Share Paying Agent   and from time to time shall reimburse the Preferred Share Paying Agent for its reasonable out-of-  pocket expenses (including reasonable legal fees and expenses), disbursements, and advances   incurred or made in accordance with any provisions of this Agreement, except any such expense,   disbursement, or advance that may be attributable to its gross negligence, bad faith or willful   misconduct.  The obligations of the Issuer to the Preferred Share Paying Agent pursuant to the   Indenture and this Section 5.3(a) shall survive the resignation or removal of the Preferred Share   Paying Agent and the satisfaction or termination of this Agreement.                (b)   The Issuer shall indemnify and hold harmless the Preferred Share Paying   Agent, the Preferred Share Registrar and their respective directors, officers, employees, and   agents from and against any and all liabilities, costs and expenses (including reasonable legal  fees and expenses) relating to or arising out of or in connection with its or their performance  under this Agreement, except to the extent that they are caused by the gross negligence, bad  faith, or willful misconduct of the Preferred Share Paying Agent or the Preferred Share Registrar,  as the case may be, or any of their respective directors, officers, employees and agents.  The  foregoing indemnity includes, but is not limited to, any action taken or omitted in good faith  within the scope of this Agreement upon telephone, facsimile or other electronically transmitted  instructions, if authorized herein, received from or reasonably believed by the Preferred Share  Paying Agent or the Preferred Share Registrar, as the case may be, acting in good faith, to have  been given by, an Authorized Officer of the Issuer.  This indemnity shall be payable in  accordance with the Priority of Payments set forth in the Indenture and shall survive the  resignation or removal of the Preferred Share Paying Agent or the Preferred Share Registrar, as  the case may be, and the satisfaction or termination of this Agreement.               (c)   The Preferred Share Paying Agent shall carry out its duties hereunder in  good faith and without gross negligence or willful misconduct.  None of the Preferred Share  Paying Agent, the Preferred Share Registrar or their respective directors, officers, employees or  agents shall be liable for any act or omission hereunder except in the case of gross negligence,  bad faith, or willful misconduct of the Preferred Share Paying Agent or the Preferred Share  Registrar, as the case may be, in violation of its duties under this Agreement.  The duties and  obligations of the Preferred Share Paying Agent and the Preferred Share Registrar, as the case  may be, and their respective employees or agents shall be determined solely by the express  provisions of this Agreement, and they shall not be liable except for the performance of such  duties and obligations as are specifically set forth herein, and no implied covenants shall be read     -22-  

 

     into this Agreement against them.  The Preferred Share Paying Agent and the Preferred Share   Registrar, as the case may be, may consult with counsel and shall be protected in any action   reasonably taken in good faith in accordance with the advice of such counsel.  Notwithstanding   anything contained herein, in no event shall the Preferred Share Paying Agent be liable for   special, indirect or consequential loss or damage of any kind whatsoever (including but not  limited to lost profits), even if the Preferred Share Paying Agent has been advised of such loss or   damage and regardless of the form of action.                (d)   Each of the Preferred Share Paying Agent and the Preferred Share   Registrar may rely conclusively on any notice, certificate or other document furnished to it   hereunder and reasonably believed by it in good faith to be genuine.  Neither the Preferred Share   Paying Agent nor the Preferred Share Registrar shall be liable for any action taken by it in good   faith and reasonably believed by it to be within the discretion or powers conferred upon it, or   taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted   to be taken by it by reason of the lack of direction or instruction required hereby for such action.    The Preferred Share Paying Agent and the Preferred Share Registrar shall in no event be liable   for the application or misapplication of funds by any other Person, or for the acts or omissions of   any other Person.  The Preferred Share Paying Agent and the Preferred Share Registrar shall not   be bound to make any investigation into the facts or matters stated in any certificate, report or   other document; provided that, if the form thereof is prescribed by this Agreement, the Preferred   Share Paying Agent and the Preferred Share Registrar shall examine the same to determine   whether it conforms on its face to the requirements hereof.  The Preferred Share Paying Agent   and the Preferred Share Registrar may exercise or carry out any of its duties under this   Agreement either directly or indirectly through agents or attorneys, and shall not be responsible   for any acts or omissions on the part of any such agent or attorney appointed with due care.  To   the extent permitted by applicable law, the Preferred Share Paying Agent and the Preferred Share   Registrar shall not be required to give any bond or surety in the execution of its duties.  The   Preferred Share Paying Agent and the Preferred Share Registrar shall not be deemed to have   knowledge or notice of any matter unless actually known to a Responsible Officer of the   Preferred Share Paying Agent or unless the Preferred Share Paying Agent or the Preferred Share   Registrar, as the case may be, has received written notice thereof from the Issuer, the Note   Administrator, the Trustee or the Holder of a Preferred Share.                                    ARTICLE VI.                                                                             [RESERVED]                                    ARTICLE VII.                                                                    MISCELLANEOUS PROVISIONS                Section 7.1. Amendment.                This Agreement may not be amended by any party hereto except (i) in writing   executed by each party hereto and (ii) with the prior written consent of Holders of a Majority of   the Preferred Shares.      -23-  

 

               Section 7.2. Notices; Rule 17g-5 Procedures.               (a)   Except as otherwise expressly provided herein, any notice or other  document provided or permitted by this Agreement or the Indenture to be made upon, given or  furnished to, or filed with any of the parties hereto shall be sufficient for every purpose  hereunder if made, given, furnished or filed in writing and mailed by certified mail, return receipt  requested, hand delivered, sent by courier service guaranteeing delivery within two Business  Days or transmitted by electronic mail or facsimile in legible form at the following addresses.   Any such notice shall be deemed delivered upon receipt unless otherwise provided herein.                     (i)   to the Preferred Share Paying Agent at Wells Fargo Bank, National        Association, 9062 Old Annapolis Road, Columbia, Maryland, 21045-1951 Attention:        Corporate Trust Services (CMBS), GPMT 2019-FL2, or at any other address previously        furnished in writing by the Preferred Share Paying Agent;                     (ii)  to the Issuer at c/o MaplesFS Limited, PO Box 1093, Boundary        Hall, Cricket Square, KY1-1102, Cayman Islands, or at any other address previously        furnished in writing by the Issuer; or                     (iii) to the Preferred Share Registrar at MaplesFS Limited, PO Box        1093, Boundary Hall, Cricket Square, KY1-1102, Cayman Islands, or at any other        address previously furnished in writing by the Preferred Share Registrar.               (b)   Each of the parties hereto agrees that (i) it will not orally communicate  information to the Rating Agencies for purposes of determining the initial credit rating of the  Notes or undertaking surveillance of the Notes unless such oral communication is summarized in  writing and the summary is promptly delivered to the 17g-5 Information Provider to be posted on  the  17g-5 Website pursuant to the Indenture, and (ii) it shall cause any notice or other written  communication provided by such Person to the Rating Agencies to be delivered to the 17g-5  Information Provider at 17g5informationprovider@wellsfargo.com for posting to the 17g-5  Website prior to its delivery to the Rating Agencies, and otherwise comply with the Rule 17g-5  Procedures set forth in Section 14.13 of the Indenture.               Section 7.3. Governing Law.               THIS AGREEMENT AND ALL DISPUTES ARISING HEREFROM OR  RELATING HERETO SHALL BE GOVERNED IN ALL RESPECTS (WHETHER IN  CONTRACT OR IN TORT) BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW  OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE  PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS  PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER  THAN THE LAW OF THE STATE OF NEW YORK.               Section 7.4. Non-Petition; Limited Recourse.               None of the Preferred Share Paying Agent, the Preferred Share Registrar or any  Holder may, prior to the date which is one year (or if longer the applicable preference period    -24-  

 

   then in effect) plus one day after the payment in full of the Notes, institute against, or join any  other Person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary any  bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or  other proceedings under Cayman Islands, U.S. federal or state bankruptcy or similar laws of any  jurisdiction.               Notwithstanding any other provisions of this Agreement, recourse in respect of  any obligations of the Issuer hereunder arising from time to time and at any time will be limited  to the cash proceeds of the Collateral at such time as applied in accordance with the Priority of  Payments and, on the exhaustion thereof, all obligations of, and any remaining claims against,  the Issuer arising from this Agreement or any transactions contemplated hereby shall be  extinguished and shall not thereafter revive.               The provisions of this Section 7.4 shall survive termination of this Agreement for  any reason whatsoever.               Section 7.5. No Partnership or Joint Venture.               The Issuer, the Preferred Share Registrar and the Preferred Share Paying Agent  are not partners or joint venturers with each other and nothing in this Agreement shall be  construed to make them such partners or joint venturers or impose any liability as such on any of  them.               Section 7.6. Counterparts.               This Agreement may be signed in two or more counterparts with the same effect  as if the signatures thereto and hereto were upon the same instrument.                            [SIGNATURE PAGES FOLLOW]    -25-  

 

               IN WITNESS WHEREOF, we have set our hands as of the date first written  above.                                          GPMT 2019-FL2, LTD.,                                            as Issuer                                           By: ____________________________________                                            Name:                                            Title:                                                               [SIGNATURES CONTINUE ON FOLLOWING PAGE]                    GPMT 2019-FL2 – Preferred Share Paying Agency Agreement  

 

                                        WELLS FARGO BANK, NATIONAL                            ASSOCIATION, as Preferred Share Paying                            Agent                            By: ____________________________________                            Name:                            Title:    [SIGNATURES CONTINUE ON FOLLOWING PAGE]    GPMT 2019-FL2 – Preferred Share Paying Agency Agreement  

 

                                       MAPLESFS LIMITED, as Preferred Share                           Registrar and Administrator                          By: ____________________________________                           Name:                           Title:                   GPMT 2019-FL2 – Preferred Share Paying Agency Agreement  

 

                                                                         EXHIBIT A                           PREFERRED SHARE CERTIFICATE                                 GPMT 2019-FL2, LTD.            PREFERRED SHARES, PAR VALUE US $0.001 PER SHARE AND WITH AN    AGGREGATE LIQUIDATION PREFERENCE AND NOTIONAL AMOUNT EQUAL TO                               U.S.$1,000 PER SHARE    [FOR EHRI ONLY:  THE PREFERRED SHARES REPRESENTED HEREBY CONSTITUTE   AN ELIGIBLE HORIZONTAL RESIDUAL INTEREST FOR PURPOSES OF THE CREDIT   RISK RETENTION RULES AND THEREFORE ARE SUBJECT TO THE ADDITIONAL   TRANSFER RESTRICTIONS AND REQUIREMENTS IMPOSED BY SECTION 2.5(a)(iii)   OF THE PREFERRED SHARE PAYING AGENCY AGREEMENT AND THE CREDIT RISK   RETENTION RULES, AND EACH HOLDER OF THE PREFERRED SHARES   REPRESENTED HEREBY SHALL BE DEEMED TO HAVE AGREED TO COMPLY WITH   SUCH ADDITIONAL RESTRICTIONS AND REQUIREMENTS.  ANY PURPORTED   TRANSFER OR EXCHANGE IN VIOLATION OF THE FOREGOING SHALL BE NULL   AND VOID AB INITIO.]     THE PREFERRED SHARES REPRESENTED HEREBY HAVE NOT BEEN AND WILL   NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE   “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED   STATES OR ANY OTHER RELEVANT JURISDICTION, AND MAY BE RESOLD,  PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) (1) ON THE CLOSING DATE TO  GPMT CLO HOLDINGS LLC, A DELAWARE LIMITED LIABILITY COMPANY, IN A   TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT   PURSUANT TO THE EXEMPTION PROVIDED BY SECTION 4(a)(2) THEREOF, (2)   PERSONS THAT ARE BOTH (X) A “QUALIFIED INSTITUTIONAL BUYER”   (“QUALIFIED INSTITUTIONAL BUYER”) WITHIN THE MEANING OF RULE 144A   UNDER THE SECURITIES ACT (“RULE 144A”) AND (Y) A “QUALIFIED PURCHASER”   AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS   AMENDED (THE “INVESTMENT COMPANY ACT”) AND THE RULES THEREUNDER,   PURCHASING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH   RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, EACH OF   WHICH THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL   BUYER, AND NONE OF WHICH ARE (X) A DEALER OF THE TYPE DESCRIBED IN   PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS ON A   DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN SECURITIES OF CO-  ISSUERS THAT ARE NOT AFFILIATED TO IT OR (Y) A PARTICIPANT-DIRECTED   EMPLOYEE PLAN, SUCH AS A 401(k) PLAN, OR ANY OTHER TYPE OF PLAN   REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A, OR A TRUST   FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A THAT HOLDS THE   ASSETS OF SUCH A PLAN, UNLESS INVESTMENT DECISIONS WITH RESPECT TO   THE PLAN ARE MADE SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF      

 

   SUCH PLAN, TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER  TRANSFER IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES  ACT REGISTRATION PROVIDED BY RULE 144A, OR (3) TO AN INSTITUTION THAT IS  NOT A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT  (“REGULATION S”)), PURCHASING FOR ITS OWN ACCOUNT OR ONE OR MORE  ACCOUNTS WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT  DISCRETION, EACH OF WHICH IS NEITHER A U.S. PERSON NOR A U.S. RESIDENT  (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT), IN AN OFFSHORE  TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE)  OF REGULATION S, AND (B) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER RELEVANT  JURISDICTION. THE ISSUER HAS NOT BEEN REGISTERED UNDER THE  INVESTMENT COMPANY ACT.  NO TRANSFER OF THE PREFERRED SHARES  REPRESENTED HEREBY MAY BE MADE (AND NEITHER THE PREFERRED SHARE  PAYING AGENT NOR THE PREFERRED SHARE REGISTRAR WILL RECOGNIZE ANY  SUCH TRANSFER) IF (A) SUCH TRANSFER WOULD BE MADE TO A TRANSFEREE  WHO IS EITHER A U.S. PERSON (AS DEFINED IN REGULATION S) OR A U.S.  RESIDENT (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT) WHO IS  NOT A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, (B)  SUCH TRANSFER WOULD HAVE THE EFFECT OF REQUIRING EITHER OF THE  ISSUER OR THE PLEDGED OBLIGATIONS TO REGISTER AS AN INVESTMENT  COMPANY UNDER THE INVESTMENT COMPANY ACT OR (C) SUCH TRANSFER  WOULD BE MADE TO A PERSON WHO IS OTHERWISE UNABLE TO MAKE THE  CERTIFICATIONS AND REPRESENTATIONS DEEMED TO BE MADE BY SUCH  PERSON IN THE INDENTURE REFERRED TO HEREIN.  ACCORDINGLY, AN  INVESTOR IN THE PREFERRED SHARES REPRESENTED HEREBY MUST BE  PREPARED TO BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN  INDEFINITE PERIOD OF TIME.  NO TRANSFER OF THE PREFERRED SHARES  REPRESENTED HEREBY MAY BE MADE (AND NONE OF THE ISSUER, THE  PREFERRED SHARE PAYING AGENT OR THE PREFERRED SHARE REGISTRAR WILL  RECOGNIZE ANY SUCH TRANSFER) IF AFTER GIVING EFFECT TO SUCH  TRANSFER, ANY PREFERRED SHARES WOULD BE HELD BY ANY “BENEFIT PLAN  INVESTOR,” AS DEFINED IN 29 C.F.R. §2510.3-101 (INCLUDING, WITHOUT  LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT, IF APPLICABLE) OR  SUCH TRANSFER WOULD BE MADE TO A PERSON WHO IS OTHERWISE UNABLE  TO MAKE THE CERTIFICATIONS AND REPRESENTATIONS REQUIRED BY THE  APPLICABLE TRANSFER CERTIFICATE ATTACHED AS AN EXHIBIT TO THE JUNIOR  NOTE AND PREFERRED SHARE SUBSCRIPTION AGREEMENT.   AS A CONDITION TO THE PAYMENT OF ANY AMOUNT HEREUNDER WITHOUT THE  IMPOSITION OF WITHHOLDING TAX, THE PREFERRED SHARE PAYING AGENT  SHALL REQUIRE CERTIFICATION ACCEPTABLE TO IT TO ENABLE THE ISSUER  AND THE PREFERRED SHARE PAYING AGENT TO DETERMINE THEIR DUTIES AND  LIABILITIES WITH RESPECT TO ANY TAXES OR OTHER CHARGES THAT THEY  MAY BE REQUIRED TO PAY, DEDUCT OR WITHHOLD IN RESPECT OF THE  PREFERRED SHARES REPRESENTED HEREBY OR THE HOLDER HEREOF UNDER  ANY PRESENT OR FUTURE LAW OR REGULATION OF THE CAYMAN ISLANDS OR    A-2  

 

   THE UNITED STATES OR ANY PRESENT OR FUTURE LAW OR REGULATION OF  ANY POLITICAL SUBDIVISION THEREOF OR TAXING AUTHORITY THEREIN OR TO  COMPLY WITH ANY REPORTING OR OTHER REQUIREMENTS UNDER ANY SUCH  LAW OR REGULATION.   SO LONG AS ANY NOTE ISSUED BY THE ISSUER OF THE PREFERRED SHARES  REPRESENTED HEREBY IS OUTSTANDING, GRANITE POINT MORTGAGE TRUST  INC. MUST AT ALL TIMES BENEFICIALLY OWN (FOR U.S. FEDERAL INCOME TAX  PURPOSES) 100% OF THE PREFERRED SHARES REPRESENTED HEREBY AND THE  ORDINARY SHARES, AND ANNALY SUB REIT, INC. WILL NOT TRANSFER  (WHETHER BY MEANS OF ACTUAL TRANSFER OR A TRANSFER OF BENEFICIAL  OWNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES), PLEDGE OR  HYPOTHECATE ANY OF THE PREFERRED SHARES OR THE ORDINARY SHARES TO  ANY OTHER PERSON, ENTITY OR ENTITIES EXCEPT IN COMPLIANCE WITH  SECTION 2.5 OF THE PREFERRED SHARE PAYING AGENCY AGREEMENT.  IF A  SALE OR TRANSFER (INCLUDING WITHOUT LIMITATION, BY PLEDGE OR  HYPOTHECATION) OF ALL OR A PORTION OF THE EHRI IS TO BE MADE, THEN THE  PREFERRED SHARE REGISTRAR AND THE PREFERRED SHARE PAYING AGENT  SHALL REFUSE TO REGISTER SUCH SALE OR TRANSFER UNLESS THE  CONDITIONS IN SECTION 2.5(a)(iii) OF THE PREFERRED SHARE PAYING AGENCY  AGREEMENT HAVE BEEN SATISFIED.   THE ISSUER MAY REQUIRE ANY HOLDER OF THE PREFERRED SHARES  REPRESENTED HEREBY WHO IS A U.S. PERSON (AS DEFINED IN REGULATION S)  OR A U.S. RESIDENT (WITHIN THE MEANING OF THE INVESTMENT COMPANY  ACT) WHO IS DETERMINED NOT TO HAVE BEEN A (1) QUALIFIED PURCHASER  AND (2) A QUALIFIED INSTITUTIONAL BUYER (EXCEPT IN THE CASE OF GPMT  CLO HOLDINGS LLC) AT THE TIME OF ACQUISITION OF THE PREFERRED SHARES  REPRESENTED HEREBY TO SELL THE PREFERRED SHARES REPRESENTED  HEREBY TO A TRANSFEREE THAT IS (A) BOTH (X) A QUALIFIED INSTITUTIONAL  BUYER AND (Y) AN QUALIFIED PURCHASER OR (B) NOT A U.S. PERSON (AS  DEFINED IN REGULATION S) NOR A U.S. RESIDENT (WITHIN THE MEANING OF THE  INVESTMENT COMPANY ACT) IN AN OFFSHORE TRANSACTION IN ACCORDANCE  WITH REGULATION S.     GPMT CLO HOLDINGS LLC, AND EACH TRANSFEREE OF THE PREFERRED SHARES  REPRESENTED HEREBY WILL BE REQUIRED TO DELIVER A TRANSFER  CERTIFICATE IN THE FORM REQUIRED BY THE PREFERRED SHARES PAYING  AGENCY AGREEMENT.  ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL  BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE  TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY  INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE, THE  PREFERRED SHARE PAYING AGENT OR ANY INTERMEDIARY.        A-3  

 

                               GPMT 2019-FL2, LTD.    Number P-1        CUSIP [__]                     Incorporated under the laws of the Cayman Islands           105,192.857 Preferred Shares of a par value of U.S.$0.001 per share and    with an aggregate liquidation preference and notional amount equal to U.S.$1,000 per share    THIS IS TO CERTIFY THAT ____________________________________________________   is the registered holder of 105,190.857 Class P Preferred Shares, one Class X Preferred Share   and one Class R Preferred Share in the above named Company, subject to the Amended and   Restated Memorandum and Articles of Association thereof, as may be hereafter amended and in   effect from time to time.       A-4  

 

      THIS CERTIFICATE IS ISSUED BY the said Company on this _____ day of __________,  20__.    EXECUTED AS A DEED on behalf of the said Company by:       AUTHORIZED SIGNATORY ____________________________________       

 

                         CERTIFICATE OF AUTHENTICATION  This Certificate evidences the Preferred Shares referred to in the within-mentioned Preferred  Share Paying Agency Agreement.                                      WELLS FARGO BANK, NATIONAL                                      ASSOCIATION,                                      as Preferred Share Paying Agent                                        By:                                      Name:                                      Title:           

 

                                ASSIGNMENT FORM   For value received      does hereby sell, assign and transfer unto    Please insert social security or   other identifying number of assignee     Please print or type name and address,  including zip code, of assignee:    ___________Preferred Shares in the share capital of GPMT 2019-FL2, Ltd. (the “Issuer”) and  does hereby irrevocably constitute and appoint ___________ Attorney to transfer the Preferred  Shares on the books of the Issuer with full power of substitution in the premises.   Date: _____________________          Your Signature:                                                        (Sign exactly as your name                                                     appears on the Preferred Share                                                     Certificate)        

 

                                    SCHEDULE I               Capitalized terms used in this Schedule I that are defined in Regulation S are used  as defined therein.               1.    (A) The Holder is aware that the sale of such Preferred Shares to it is        being made in reliance on the exemption from registration provided by Regulation S and        understands that the Preferred Shares offered in reliance on Regulation S will bear the        appropriate legend set forth herein.  The Preferred Shares so represented may not at any        time be held by or on behalf of U.S. Persons or U.S. Residents.  The Holder is not, and        will not be, a U.S. Person or a U.S. Resident.  Before any Preferred Share issued in        reliance on Regulation S may be offered, resold, pledged or otherwise transferred, the        transferee will be required to provide the Trustee with a written certification substantially        in the form attached to the Preferred Shares Paying Agency Agreement as to compliance        with the transfer restrictions.  The Holder understands that it must inform a prospective       transferee of the transfer restrictions; or                      (B) The Holder (1) is both (x) a Qualified Institutional Buyer and (y) a       Qualified Purchaser; (2) is aware that the sale of the Preferred Shares to it is being made       in reliance on the exemption from registration provided by Rule 144A or Rule 501(a) of       Regulation D and (3) is acquiring the Preferred Shares for its own account or for one or       more accounts, each of which is a Qualified Institutional Buyer, and as to each of which       the owner exercises sole investment discretion.              2.    The Holder understands that the Preferred Shares are being offered only in       a transaction not involving any public offering within the meaning of the Securities Act,       the Preferred Shares have not been and will not be registered under the Securities Act,        and, if in the future the Holder decides to offer, resell, pledge or otherwise transfer the        Preferred Shares, such Preferred Shares may only be offered, resold, pledged or        otherwise transferred only in accordance with the Issuer Charter and the Preferred Shares        Paying Agency Agreement and the applicable legend on such Preferred Shares set forth       herein.  The Holder acknowledges that no representation is made by the Issuer or the        Placement Agents as to the availability of any exemption under the Securities Act or any        State securities laws for resale of the Preferred Shares.               3.    The Holder understands that the Preferred Shares have not been approved        or disapproved by the United States Securities and Exchange Commission (“SEC”) or        any other governmental authority or agency or any jurisdiction and that neither the SEC        nor any other governmental authority or agency has passed upon the accuracy of the final        offering memorandum relating to the Preferred Shares. The Holder further understands        that any representation to the contrary is a criminal offense.               4.    The Holder is not purchasing the Preferred Shares with a view to the        resale, distribution or other disposition thereof in violation of the Securities Act.  The        Holder understands that an investment in the Preferred Shares involves certain risks,       

 

                     including the risk of loss of all or a substantial part of its investment under certain       circumstances.                5.    In connection with the purchase of the Preferred Shares (A) none of the       Issuer, the Placement Agents or the Preferred Share Paying Agent is acting as a fiduciary       or financial or investment adviser for the Holder; (B) the Holder is not relying (for       purposes of making any investment decision or otherwise) upon any advice, counsel or       representations (whether written or oral) of the Issuer, the Placement Agents or the       Preferred Share Paying Agent other than in, if applicable, a current offering       memorandum for such Preferred Shares; (C) none of the Issuer, the Placement Agents or       the Preferred Share Paying Agent has given to the Holder (directly or indirectly through       any other person) any assurance, guarantee, or representation whatsoever as to the       expected or projected success, profitability, return, performance, result, effect,       consequence, or benefit (including legal, regulatory, tax, financial, accounting, or       otherwise) of its purchase; (D) the Holder has consulted with its own legal, regulatory,       tax, business, investment, financial, accounting and other advisers to the extent it has       deemed necessary, and it has made its own investment decisions (including decisions       regarding the suitability of an investment in the Preferred Shares) based upon its own       judgment and upon any advice from such advisers as it has deemed necessary and not       upon any view expressed by the Issuer, the Placement Agents or the Preferred Share       Paying Agent; and (E) the Holder is purchasing the Preferred Shares with a full       understanding of all of the terms, conditions and risks thereof (economic and otherwise),       and is capable of assuming and willing to assume (financially and otherwise) these risks.                6.    The Holder understands that the certificates representing the Preferred       Shares will bear the applicable legend set forth herein.  The Preferred Shares may not at       any time be held by or on behalf of any U.S. Person that is not both (x) a Qualified       Institutional Buyer and (y) a Qualified Purchaser. The Holder understand that it must       inform a prospective transferee of the transfer restrictions.              7.    The Holder understands and agrees that a legend in substantially the       following form will be placed on each certificate representing any Preferred Shares       unless the Issuer determines otherwise in compliance with applicable law:              THE PREFERRED SHARES REPRESENTED HEREBY HAVE             NOT BEEN AND WILL NOT BE REGISTERED UNDER THE             UNITED STATES SECURITIES ACT OF 1933, AS AMENDED             (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF             ANY STATE OF THE UNITED STATES, AND THE ISSUER             HAS NOT BEEN REGISTERED AS AN INVESTMENT             COMPANY UNDER THE UNITED STATES INVESTMENT             COMPANY ACT OF 1940, AS AMENDED (THE             “INVESTMENT COMPANY ACT”).  THE PREFERRED             SHARES REPRESENTED HEREBY MAY NOT BE OFFERED,             SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT             (A) (1) PERSONS THAT ARE BOTH (X) A QUALIFIED             INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE   Schedule I-2  

 

                           144A UNDER THE SECURITIES ACT (A “QIB”) AND (Y) A             QUALIFIED PURCHASER AS DEFINED IN SECTION 2(a)(51)             OF THE INVESTMENT COMPANY ACT (A “QUALIFIED             PURCHASER), AND IS EITHER PURCHASING FOR ITS             OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED             INSTITUTIONAL BUYER AND FOR EACH SUCH             ACCOUNT, IN A TRANSACTION MEETING THE             REQUIREMENTS OF RULE 144A UNDER THE SECURITIES            ACT SO LONG AS THE PREFERRED SHARES            REPRESENTED HEREBY ARE ELIGIBLE FOR RESALE            PURSUANT TO RULE 144A UNDER THE SECURITIES ACT,            SUBJECT TO THE SATISFACTION OF CERTAIN            CONDITIONS SPECIFIED IN THE PREFERRED SHARES            PAYING AGENCY AGREEMENT, OR (2) TO AN            INSTITUTION THAT IS NOT A U.S. PERSON IN AN            OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE            903 OR RULE 904 (AS APPLICABLE) OF REGULATION S            UNDER THE SECURITIES ACT, SUBJECT TO THE            SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN            THE PREFERRED SHARES PAYING AGENCY            AGREEMENT, AND (B) IN ACCORDANCE WITH ALL            APPLICABLE SECURITIES LAWS OF ANY STATE OF THE            UNITED STATES AND ANY OTHER APPLICABLE            JURISDICTION.  EACH PURCHASER OF A PREFERRED            SHARE WILL BE REQUIRED TO MAKE THE            REPRESENTATIONS AND AGREEMENTS SET FORTH IN            SCHEDULE I OF THE PREFERRED SHARES PAYING             AGENCY AGREEMENT.  ANY TRANSFER IN VIOLATION             OF THE FOREGOING WILL BE OF NO FORCE AND             EFFECT, WILL BE VOID AB INITIO, AND WILL NOT             OPERATE TO TRANSFER ANY RIGHTS TO THE             TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS             TO THE CONTRARY TO THE ISSUER, THE PREFERRED             SHARE REGISTRAR, THE PREFERRED SHARE PAYING             AGENT OR ANY INTERMEDIARY.  IF AT ANY TIME, THE             ISSUER DETERMINES OR IS NOTIFIED THAT THE             HOLDER OF SUCH PREFERRED SHARE WAS IN BREACH,             AT THE TIME GIVEN, OF ANY OF THE             REPRESENTATIONS SET FORTH IN THE PREFERRED            SHARES PAYING AGENCY AGREEMENT, THE ISSUER            AND THE PREFERRED SHARE PAYING AGENT MAY            CONSIDER THE ACQUISITION OF THE PREFERRED            SHARES REPRESENTED HEREBY VOID AND REQUIRE            THAT THE PREFERRED SHARES REPRESENTED HEREBY            BE TRANSFERRED TO A PERSON DESIGNATED BY THE            ISSUER.  NO TRANSFER OF THE PREFERRED SHARES    Schedule I-3  

 

                           REPRESENTED HEREBY MAY BE MADE (AND THE             ISSUER AND THE PREFERRED SHARE PAYING AGENT             WILL NOT RECOGNIZE ANY SUCH TRANSFER) IF  (A)             SUCH TRANSFER WOULD HAVE THE EFFECT OF             REQUIRING THE ISSUER TO REGISTER AS AN             INVESTMENT COMPANY UNDER THE INVESTMENT             COMPANY ACT OR (B) SUCH TRANSFER WOULD BE             MADE TO A PERSON WHO IS OTHERWISE UNABLE TO             MAKE THE CERTIFICATIONS AND REPRESENTATIONS             DEEMED TO BE MADE BY SUCH PERSON IN THE             PREFERRED SHARES PAYING AGENCY AGREEMENT             REFERRED TO HEREIN. ACCORDINGLY, AN INVESTOR IN             THE PREFERRED SHARES REPRESENTED HEREBY MUST            BE PREPARED TO BEAR THE ECONOMIC RISK OF THE            INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.            EXCEPT AS OTHERWISE PERMITTED BY THE CO-           ISSUERS, NO TRANSFER OF THE PREFERRED SHARES            REPRESENTED HEREBY MAY BE MADE (AND NONE OF            THE CO-ISSUERS, PREFERRED SHARE PAYING AGENT OR            THE PREFERRED SHARE REGISTRAR WILL RECOGNIZE            ANY SUCH TRANSFER) IF AFTER GIVING EFFECT TO            SUCH TRANSFER, ANY PREFERRED SHARES WOULD BE            HELD BY “BENEFIT PLAN INVESTORS,” AS DEFINED IN            29 C.F.R. §2510.3-101 (EITHER DIRECTLY OR THROUGH            AN INSURANCE COMPANY GENERAL ACCOUNT) OR            SUCH TRANSFER WOULD BE MADE TO A PERSON WHO            IS OTHERWISE UNABLE TO MAKE THE CERTIFICATIONS            AND REPRESENTATIONS REQUIRED BY THE            APPLICABLE TRANSFER CERTIFICATE ATTACHED AS AN            EXHIBIT TO THE PREFERRED SHARES PAYING AGENCY            AGREEMENT.             AS A CONDITION TO THE PAYMENT OF ANY AMOUNT            UNDER THE PREFERRED SHARES REPRESENTED            HEREBY WITHOUT THE IMPOSITION OF BACKUP            WITHHOLDING TAX, THE ISSUER AND THE PREFERRED            SHARE PAYING AGENT SHALL REQUIRE CERTIFICATION            ACCEPTABLE TO THEM TO ENABLE THE ISSUER AND            THE PREFERRED SHARE PAYING AGENT TO DETERMINE            THEIR DUTIES AND LIABILITIES WITH RESPECT TO ANY            TAXES OR OTHER CHARGES THAT THEY MAY BE            REQUIRED TO PAY, DEDUCT OR WITHHOLD IN RESPECT            OF THE PREFERRED SHARES REPRESENTED HEREBY OR            THE HOLDER THEREOF UNDER ANY PRESENT OR            FUTURE LAW OR REGULATION OF THE CAYMAN            ISLANDS OR THE UNITED STATES OR ANY PRESENT OR            FUTURE LAW OR REGULATION OF ANY POLITICAL   Schedule I-4  

 

                 SUBDIVISION THEREOF OR TAXING AUTHORITY               THEREIN OR TO COMPLY WITH ANY REPORTING OR               OTHER REQUIREMENTS UNDER ANY SUCH LAW OR               REGULATION.                8.    The Holder will not, at any time, offer to buy or offer to sell the Preferred         Shares by any form of general solicitation or advertising, including, but not limited to,         any advertisement, article, notice or other communication published in any newspaper,        magazine or similar medium or broadcast over television or radio or at a seminar or         meeting whose attendees have been invited by general solicitations or advertising.               9.    The Holder is not a member of the public in the Cayman Islands, within        the meaning of Section 175 of the Cayman Islands Companies Law (2018 Revision).               10.   The Holder understands that each of the Issuer, the Trustee or the  Preferred Share Paying Agent shall require certification acceptable to it (A) as a condition to the  payment of distributions in respect of any Preferred Shares without, or at a reduced rate of, U.S.  withholding or backup withholding tax, and (B) to enable the Issuer, the Trustee and the  Preferred Share Paying Agent to determine their duties and liabilities with respect to any taxes or  other charges that they may be required to pay, deduct or withhold from payments in respect of  such Preferred Shares or the Holder of such Preferred Shares under any present or future law or  regulation of the Cayman Islands or the United States or any present or future law or regulation  of any political subdivision thereof or taxing authority therein or to comply with any reporting or  other requirements under any such law or regulation.  Such certification may include U.S. federal  income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial  Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E  (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and  Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Flow-Through  Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form  W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI  (Certificate of Foreign Person’s Claim That Income Is Effectively Connected with Conduct of a   Trade or Business in the United States) or any successors to such IRS forms) and the properly   completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form”   (in the forms published by the Cayman Islands Department for International Tax Cooperation,   which forms can be obtained at http://www.tia.gov.ky/pdf/CRS_Legislation.pdf).  In addition,   the Issuer or the Preferred Share Paying Agent may require certification acceptable to it to enable   the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which   the Issuer receives payments on its assets.  Each owner agrees to provide any certification   requested pursuant to this paragraph and to update or replace such form or certification in   accordance with its terms or its subsequent amendments.                11.   The Holder hereby agrees that, for purposes of U.S. federal, state and local         income and franchise tax and any other income taxes, if the Issuer is no longer a         Qualified REIT Subsidiary (A) the Issuer will be treated as a foreign corporation and (B)         the Notes will be treated as equity in the Issuer; the Holder agrees to such treatment and         agrees to take no action inconsistent with such treatment, unless required by law.      Schedule I-5  

 

                           12.   The Holder, if not a “United States person” (as defined in Section       7701(a)(30) of the Code), either: (A) is not a bank (within the meaning of Section       881(c)(3)(A) of the Code); (B) is a bank (within the meaning of Section 881(c)(3)(A) of       the Code) and after giving effect to its purchase of the Preferred Shares, the Holder (x)      shall not own more than 50% of the Preferred Shares (by number) or 50% by value of the      aggregate of the Preferred Shares and all Classes of Notes that are treated as equity for      U.S. federal income tax purposes either directly or indirectly, and will not otherwise be      related to the Issuer (within the meaning of section 267(b) of the Code) and (y) has not      purchased the Preferred Shares in whole or in part to avoid any U.S. federal income tax      liability (including, without limitation, any U.S. withholding tax that would be imposed      on the Preferred Shares with respect to the Collateral if held directly by the Holder); (C)      is a bank (within the meaning of Section 881(c)(3)(A) of the Code) has provided an IRS      Form W-8ECI representing that all payments received or to be received by it from the      Issuer are effectively connected with the conduct of a trade or business in the United      States; or (D) is a bank (within the meaning of Section 881(c)(3)(A) of the Code) is      eligible for benefits under an income tax treaty with the United States that eliminates U.S.      federal income taxation of U.S. source interest not attributable to a permanent      establishment in the United States and the Issuer is treated as a fiscally transparent entity      (as defined in Treasury regulations section 1.894-1(d)(3)(iii)) under the laws of Holder’s      jurisdiction with respect to payments made on the Collateral held by the Issuer.              13.   The Holder will, prior to any sale, pledge or other transfer by such owner       of any Preferred Share, obtain from the prospective transferee, and deliver to the       Preferred Share Paying Agent, a duly executed transferee certificate addressed to each of       the Preferred Share Paying Agent and the Issuer in the form of the relevant exhibit       attached to the Preferred Shares Paying Agency Agreement, and such other certificates       and other information as the Issuer or the Preferred Share Paying Agent may reasonably       require to confirm that the proposed transfer complies with the transfer restrictions       contained in the Issuer Charter and the Preferred Shares Paying Agency Agreement.              14.   The Holder agrees that no Preferred Share may be purchased, sold,       pledged or otherwise transferred in a number less than the minimum number set forth in       the Preferred Shares Paying Agency Agreement.  In addition, the Holder understands that       the Preferred Shares will be transferable only upon registration of the transferee in the       Preferred Share Register of the Issuer following delivery to the Preferred Share Registrar       of a duly executed share transfer certificate, the Preferred Share to be transferred (if       applicable) and any other certificates and other information required by the Issuer Charter       and the Preferred Shares Paying Agency Agreement.              15.   The Holder is aware and agrees that no Preferred Share (or beneficial       interest therein) may be offered or sold, pledged or otherwise transferred (i) to a       transferee taking delivery of such Preferred Shares represented by a certificate       representing a Preferred Share except to both (x) a transferee that the Holder reasonably       believes is a Qualified Institutional Buyer, purchasing for its account, to which notice is       given that the resale, pledge or other transfer is being made in reliance on the exemption       from the registration requirements of the Securities Act provided by Rule 144A or       another person the sale to which is exempt under the Securities Act and (y) a Qualified   Schedule I-6  

 

                     Purchaser, and if such transfer is made in accordance with any applicable securities laws       of any state of the United States and any other relevant jurisdiction, (ii) to a transferee      taking delivery of such Preferred Share represented by a certificate representing a      Preferred Share issued in reliance on Regulation S except (A) to a transferee that is      acquiring such interest in an offshore transaction in accordance with Rule 904 of      Regulation S, (B) to a transferee that is not a U.S. resident (within the meaning of the      Investment Company Act) unless such transferee is a Qualified Purchaser, (C) such      transfer is made in compliance with the other requirements set forth in the Preferred      Shares Paying Agency Agreement and (D) if such transfer is made in accordance with      any applicable securities laws of any state of the United States and any other jurisdiction      or (iii) if such transfer would have the effect of requiring the Issuer to register as an      “investment company” under the Investment Company Act.             16.   The Holder understands that, although the Placement Agents may from      time to time make a market in the Preferred Shares, the Placement Agents are not under      any obligation to do so and, following the commencement of any market-making, may      discontinue the same at any time.  Accordingly, the Holder must be prepared to hold the      Preferred Shares until the scheduled Redemption Date for the Preferred Shares.             17.   The Holder also understands that the Preferred Shares are equity interests      in the Issuer and are not secured by the Collateral securing the Notes.  As such, the      Holder and any other Holders of the Preferred Shares will, on a winding up of the Issuer,      rank behind all of the creditors, whether secured or unsecured and known or unknown, of      the Issuer, including, without limitation, the Holders of the Notes, the Hedge      Counterparties and any judgment creditors.  Payments in respect of the Preferred Shares      are subject to certain requirements imposed by Cayman Islands law. Any amounts paid      by the Preferred Share Paying Agent as distributions by way of dividend on the Preferred      Shares will be payable only if the Issuer has sufficient distributable profits and/or share      premium.  In addition, such distributions and any redemption payments will be payable      only to the extent that the Issuer is and remains solvent after such distributions or      redemption payments are paid.  Under Cayman Islands law, a company generally is      deemed solvent if it is able to pay its debts as they come due in the ordinary course of      business.  To the extent the requirements under Cayman Islands law described above are      not met, amounts otherwise payable to the Holders of the Preferred Shares will be      retained in the Preferred Shares Distribution Account until the next succeeding Payment      Date, or (in the case of any payment that would otherwise be payable on a redemption of      the Preferred Shares) the next succeeding Business Day, on which the Issuer notifies the      Preferred Share Paying Agent that such requirements are met. Amounts on deposit in the      Preferred Shares Distribution Account (unless deposited in error) will not be available to      pay amounts due to the Holders of the Notes, the Note Administrator, the Trustee or any      other creditor of the Issuer the claim of which is limited in recourse to the Collateral.       However, amounts on deposit in the Preferred Shares Distribution Account may be      subject to the claims of creditors of the Issuer that have not contractually limited their      recourse to the Collateral.             18.   The Holder agrees that (i) any sale, pledge or other transfer of a Preferred       Share made in violation of the transfer restrictions contained in the Preferred Shares   Schedule I-7  

 

                     Paying Agency Agreement, or made based upon any false or inaccurate representation       made by the Holder or a transferee to the Issuer, the Preferred Share Paying Agent or the       Preferred Share Registrar, will be void and of no force or effect and (ii) none of the       Issuer, the Preferred Share Paying Agent and the Preferred Share Registrar has any       obligation to recognize any sale, pledge or other transfer of a Preferred Share (or any       beneficial interest therein) made in violation of any such transfer restriction or made       based upon any such false or inaccurate representation.              19.   The Holder acknowledges that the Issuer, the Trustee, the Preferred Share       Paying Agent, the Preferred Share Registrar, the Placement Agents and others will rely       upon the truth and accuracy of the foregoing acknowledgments, representations and       agreements and agrees that, if any of the acknowledgments, representations or warranties       made or deemed to have been made by it in connection with its purchase of the Preferred       Shares are no longer accurate, the Holder will promptly notify the Issuer, the Trustee, the       Note Administrator, the Preferred Share Paying Agent, the Preferred Share Registrar and       the Placement Agents.                   Schedule I-8  

 

                                     EXHIBIT B-1          FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF EHRI                                       [Date]  MaplesFS Limited  PO Box 1093, Boundary Hall, Cricket Square  KY1-1102, Cayman Islands  Attention: The Directors  Wells Fargo Bank, National Association   600 South 4th Street, 7th Floor  MAC N9300-070  Minneapolis, Minnesota 55479  Attention – Note Transfers (CTS) GPMT 2019-FL2  Granite Point Mortgage Trust Inc.  590 Madison Avenue, 38th Floor  New York, New York 10022  Attention: General Counsel                          GPMT 2019-FL2, Transfer of EHRI     [_______] (the “Purchaser”) hereby certifies, represents and warrants to you, as Preferred   Share Registrar, Preferred Share Paying Agent and as “retaining sponsor” as such term is defined  in the Credit Risk Retention Rules, that:             1.     The Purchaser is acquiring [______] Preferred Shares evidencing the EHRI from               [_______] (the “Transferor”).                  2.    The Purchaser is aware that the Preferred Share Registrar will not register any               transfer of Preferred Shares evidencing the EHRI by the Transferor unless the               Purchaser, or such Purchaser’s agent, delivers to the Preferred Share Registrar,               among other things, a certificate in substantially the same form as this certificate.                The Purchaser expressly agrees that it will not consummate any such transfer if it               knows or believes that any representation contained in such certificate is false.                  3.    Check one of the following:                       The Purchaser certifies, represents and warrants to you, as Preferred Share               Registrar, Preferred Share Paying Agent and as “retaining sponsor” as such term               is defined in the Credit Risk Retention Rules, that the transfer will occur during               the EHRI Transfer Restriction Period and that:                A.    The Purchaser is a “majority-owned affiliate,” as such term is defined in                     Regulation RR, of the Securitization Sponsor (a “Majority-Owned                     Affiliate”);               B.    The Purchaser is not acquiring the Preferred Shares evidencing the EHRI                     Interest as a nominee, trustee or agent for any person that is not a                                      Exh. B-1-1  

 

                      Majority-Owned Affiliate, and that for so long as it retains its interest in                    the EHRI, it will remain a Majority-Owned Affiliate;              C.     The Purchaser consents to any additional restrictions or arrangements that                    shall be deemed necessary upon advice of counsel to constitute a                    reasonable arrangement to ensure that its ownership of the EHRI will                    satisfy the risk retention requirements of the Transferor, in its capacity as                    [sponsor] [originator] under Regulation RR.              The Purchaser certifies, represents and warrants to you, as Preferred Share               Registrar, Preferred Share Paying Agent and as “retaining sponsor” as such term               is defined in the Credit Risk Retention Rules, that the transfer will occur after the               termination of the EHRI Transfer Restriction Period.       Any transfer or pledge of any Preferred Shares constituting the EHRI that is in violation of   the Credit Risk Retention Rules shall be absolutely null and void ab initio and shall vest no   rights in the purported transferee or pledgee, as applicable.  Capitalized terms used but not   defined herein have the meanings assigned thereto in the Preferred Share Paying Agency   Agreement dated as of February 28, 2019, among GPMT 2019-FL2, Ltd., as issuer, Wells Fargo  Bank, National Association, as paying agent for the Preferred Shares, and MaplesFS Limited, as  administrator and share registrar for the Preferred Shares.                                [SIGNATURE PAGES FOLLOW]                                                                                     Exh. B-1-2  

 

      IN WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on  its behalf by its duly authorized senior officer this ___ day of _______, 20__.                                                                             By:                                         Name:                                         Title:      The foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first  above written:                                      GRANITE POINT MORTGAGE TRUST INC.                                       By:                                                                                Name:                                         Title:            

 

                                     EXHIBIT B-2         FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF EHRI                                       [Date]  MaplesFS Limited  PO Box 1093, Boundary Hall, Cricket Square  KY1-1102, Cayman Islands  Attention: The Directors  Wells Fargo Bank, National Association   600 South 4th Street, 7th Floor  MAC N9300-070  Minneapolis, Minnesota 55479  Attention – Note Transfers (CTS) GPMT 2019-FL2  Granite Point Mortgage Trust Inc.  590 Madison Avenue, 38th Floor  New York, New York 10022  Attention: General Counsel                          GPMT 2019-FL2, Transfer of EHRI  Ladies and Gentlemen:     This is delivered to you in connection with the transfer by [________] (the “Transferor”) to   [________] (the “Transferee”) of [____________] Preferred Shares evidencing the EHRI.  All   capitalized terms used but not otherwise defined herein shall have the respective meanings set   forth in the Preferred Share Paying Agency Agreement dated as of February 28, 2019 (the   “Preferred Share Paying Agency Agreement”), among GPMT 2019-FL2, Ltd., as issuer, Wells   Fargo Bank, National Association, as paying agent for the Preferred Shares, and MaplesFS  Limited, as administrator and share registrar for the Preferred Shares.  The Transferor hereby  certifies, represents and warrants to you that:             1.     The transfer is in compliance with Sections 2.4 and 2.5 of the Preferred Share               Paying Agency Agreement.                  2.    Check one of the following:                              The Transferor certifies, represents and warrants to you that the transfer                     will occur during the EHRI Transfer Restriction Period and that the                     Transferee is a “majority-owned affiliate,” as such term is defined in                     Regulation RR, of the Transferor;                     The Transferor certifies, represents and warrants to you that the transfer                     will occur after the termination of the EHRI Transfer Restriction Period.         3.    The Transferor understands that the Transferee has delivered to you a Transferee               Certificate in the form attached to the Preferred Share Paying Agency Agreement               as Exhibit B-1.  The Transferor does not know or believe that any representation               contained therein is false.                                      Exh. B-2-1  

 

                                     [SIGNATURE PAGES FOLLOW]                                                             

 

      IN WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on  its behalf by its duly authorized senior officer this ______ day of _____, 20__.                                                                            [TRANSFEROR]                                       By:                                         Name:                                         Title:      The foregoing certificate is hereby confirmed, and the transfer is accepted, as of the date first  above written:                                      GRANITE POINT MORTGAGE TRUST INC.                                       By:                                             Name:                                      Title:bgs_EX10_1

		
			Exhibit 10.1
		

		
			
		

		
			 
		

		
			[FORM OF] PERFORMANCE SHARE AWARD AGREEMENT
		

		
			 (this “Agreement”)
		

		
			 (20[__] to 20[__] Long-Term Incentive Awards)
		

		
			B&G Foods, Inc. (“B&G Foods” or the “Company”) hereby grants to you, a Performance Share Award with respect to the Company’s Common Stock, par value $0.01 per share (the “Common Stock”), pursuant to the B&G Foods Omnibus Incentive Compensation Plan (as amended, supplemented or otherwise modified from time to time, the “Plan”) and subject to the terms and conditions set forth below.  Unless otherwise defined herein, capitalized terms shall have the meanings assigned to them in the Plan.
		

		
			1.          General Grant Information.
		

		
			(a)         Performance Share:  A “Performance Share” is a share of Common Stock used as settlement for Performance Share Award.
		

		
			(b)         Date of Grant:  [___________].
		

		
			(c)         Target Number of Performance Shares:  The target number of Performance Shares (the “Target Number”) is set forth on the cover page to this Agreement and is incorporated herein by reference. The actual number of Performance Shares earned, if any, will be determined based on the table set forth in Section 2(b) below and subject to the limitations set forth in this Agreement.
		

		
			(d)         Performance Period:  Fiscal year 20[__] through fiscal year 20[__].
		

		
			2.          Performance Conditions to Performance Share Award.
		

		
			(a)         Performance Measure:  Excess Cash (which is defined for purposes of this Agreement as adjusted EBITDA (before taking into account accruals for long-term incentive awards and other stock-based compensation) less Cash Interest Payments less Cash Income Tax Payments less Tax Withholding Payments for Share-based Compensation less Capital Expenditures less Dividends Paid).  For purposes of calculating Dividends Paid, the dividend rate shall be deemed to be the existing dividend rate as of the date hereof of $0.[___] per share of Common Stock per quarter, such that when calculating Dividends Paid for any given dividend payment during the Performance Period, Dividends Paid shall be calculated by multiplying $0.[___] per share of Common Stock times the actual number of shares of Common Stock outstanding as of the applicable record date for such dividend payment.
		

		
			(b)         Performance Shares Earned:  The number of Performance Shares earned will be based on the Excess Cash achieved by B&G Foods through the Performance Period as determined by the Committee and indicated in the table below.  As indicated by the table below, no Performance Shares will be earned if results are less than the Performance Measurement Threshold.  Results at the Performance Measurement Threshold will generate an award of Performance Shares equal to [50]% of the Target Number; results at the Performance Measurement Target will generate an award of Performance Shares equal to [100]% of the Target Number; and Results at the Performance Measurement Maximum will generate an award of Performance Shares equal to [200]% of the Target Number, which is the maximum number of Performance Shares that can be earned pursuant to this Agreement.  The number of Performance
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			Shares earned between (1) the Performance Measurement Threshold and the Performance Measurement Target, and (2) the Performance Measurement Target and the Performance Measurement Maximum will be determined by linear interpolation of the chart below.
		

			
					
						Performance
Measurement

					
					
						    

					
					
						Excess Cash

					
					
						    

					
					
						Performance Shares
Earned as a
Percentage of Target
Number

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Below Threshold

					
					
						 

					
					
						Less than $[__________]

					
					
						 

					
					
						0%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Threshold

					
					
						 

					
					
						$[__________]

					
					
						 

					
					
						[50]%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Target

					
					
						 

					
					
						$[__________]

					
					
						 

					
					
						[100]%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Maximum

					
					
						 

					
					
						$[__________]

					
					
						 

					
					
						[200]%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			3.          Settlement of Performance Share Award.  As soon as practicable after the determination by the Committee, but in no event later than March 15, 20[__], B&G Foods will deliver to you one share of Common Stock for each Performance Share earned by you, if any, as determined by the Committee in accordance with Section 2 of this Agreement and subject to Sections 4, 5 and 6 below.  Any fractional Performance Shares will be rounded down to the nearest whole Performance Share.
		

		
			4.          Effect of Termination of Employment.  You must remain an employee of B&G Foods until the end of the Performance Period in order to be entitled to any payment pursuant to this Award, except as provided in Section 5 hereof and except as follows.  If your employment with B&G Foods ends during the Performance Period on account of your separation from service (i) due to your termination by the Company without Cause, (ii) due to your retirement at age 62 or older, (iii) due to your retirement at age 55 or older provided that you have completed at least 10 years of service with the Company or any company or division acquired by the Company, or (iv) because you die or become Disabled, then after the Performance Period, you (or in the event of your death, your estate) will be entitled to a pro rata portion of the number of Performance Shares, if any, you would have received in accordance with Section 2(b) above had you remained employed until the end of the Performance Period.  The pro rata portion will be based on the number of full months in the Performance Period during which you were actively employed as compared to the total number of months in the Performance Period.
		

		
			5.          Effect of Change of Control.  If a Change in Control should occur during the Performance Period, the Performance Share Award granted herein will terminate.  However, upon the Change in Control, you will be entitled to receive a pro rata portion of the shares of Common Stock with respect to the Target Number covered by this Agreement without regard to the extent to which the performance conditions of Section 2 have been satisfied.  The pro rata portion will be based on the number of full months in the Performance Period during which you were actively employed preceding the Change in Control as compared to the number of months in the Performance Period.
		

		
			6.          Other Conditions of Plan Apply; Negative Discretion.  This Performance Share Award is subject to all of the terms and conditions of the Plan, including but not limited to the provisions (i) relating to the Committee’s right to exercise Negative Discretion without your consent, if and when it deems appropriate, to reduce or eliminate the amount of the Performance Share Award earned for the Performance Period if, in the Committee’s sole judgment, such reduction or elimination is appropriate, and (ii) relieving the Company of any obligation to issue shares of Common Stock until all applicable securities laws have been complied with.  Any inconsistency between this Agreement and the Plan will be resolved in favor of the Plan.  The Plan is administered and interpreted by the Committee, whose determinations are final and binding on all persons concerned.
		

		
			
		

		
			

		 

		

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			7.          Taxes and Tax Withholding.  You will have taxable income in the amount of the fair market value of any shares of Common Stock paid to you under this Agreement. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains your responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or payment of Performance Shares in respect of, this Performance Share Award or the subsequent sale of any Performance Shares acquired; and (b) does not commit to structure this Performance Share Award to reduce or eliminate your liability for Tax-Related Items.  B&G Foods will withhold an amount of Performance Shares sufficient to satisfy federal, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement.  B&G Foods will satisfy such tax requirements by withholding shares of Common Stock with a sufficient dollar value (based on the price of shares of Common Stock at the time of the withholding), provided that the dollar value of the stock withheld may not exceed minimum statutory withholding requirements.
		

		
			8.          No Employment Contract.   This Agreement is not an employment contract, and it does not create or evidence any right to continued employment by B&G Foods.  Unless you have a separate, specific agreement, in writing, expressly on the subject, you remain employed at will, which means that either you or B&G Foods can terminate your employment at any time.
		

		
			9.          No Guarantee of Future Awards.  This Agreement in no way guarantees you the right to or expectation that you may receive similar awards with respect to any other similar performance period which the Committee may, in its discretion, establish and as to which the Committee may elect to grant awards under the Plan.
		

		
			10.        No Rights as Stockholder.  You will not be considered a stockholder of the Company with respect to the shares of Common Stock covered by this Award unless and until shares of Common Stock are duly issued to you in settlement of this Award.
		

		
			11.        Transfer Restrictions.  You may not sell, give or otherwise transfer any interest in the Award granted to you under this Agreement, other than by will or by the laws of descent and distribution.  Upon any such attempt by you or your successor in interest after your death, the Award granted to you under this Agreement may immediately become null and void and of no further validity, at the discretion of the Committee.
		

		
			12.        Governing Law.  To the extent that federal laws do not otherwise control, the validity and construction of this Agreement shall be governed by, and this Agreement shall be construed and enforced in accordance with, the laws of the State of Delaware, but without giving effect to the choice of law principles thereof.
		

		
			13.        Electronic Delivery and Acceptance. You hereby consent and agree to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents. You hereby consent to any and all procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan), and agree that your electronic signature is the same as, and shall have the same force and effect as, your manual signature.  You hereby consent and agree that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan, including any program adopted under the Plan.
		

		
			14.        Data Privacy. You hereby acknowledge and consent to the collection, use, processing and transfer of personal information and data as described in this Section 14.  You are not obliged to consent to such collection, use, processing and transfer of personal information and data.  However, failure to provide the consent may affect your ability to participate in the Plan.  The Company holds certain
		

		
			
		

		
			

		 

		

			- 3 -

		

 

		

		
			 
		

		
			personal information and data about you, that may include, without limitation, your name, home address and telephone number, date of birth, social security number or other employee identification number, salary grade, hire data, salary, nationality, job title, any shares of Common Stock, or details of all options, performance shares, restricted stock units or any equity-based grants awarded, canceled, purchased, vested, or unvested, for the purpose of managing and administering the Plan (“Data”).  The Company and/or its subsidiaries will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Company and/or any of its subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan.  These recipients may be located throughout the world, including the United States.  You authorize them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on your behalf to a broker or other third party with whom you may elect to deposit any shares of Common Stock acquired pursuant to the Plan.  You may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent may affect your ability to participate in the Plan.
		

		
			15.        Section 409A Compliance.  This Agreement and all payments and benefits provided hereunder are intended to be exempt from or otherwise comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the provisions of this Agreement will be administered, interpreted and construed accordingly.  Each payment or benefit provided pursuant to this Agreement shall be deemed to be a separate payment for purposes of Section 409A of the Code.  Any amount under this Agreement that is due upon a termination of employment shall not be paid unless such termination constitutes a “Separation from Service” as described in Treasury Regulation Section 1.409A-1(h).  Notwithstanding anything set forth in the Plan or this Agreement to the contrary, if by reason of you being a “Specified Employee” (as described in Treasury Regulation Section 1.409A-1(i)) at the time of such Separation from Service, any payment under this Agreement would be subject to any tax, interest or penalty imposed under Section 409A of the Code if such amount were paid or delivered to you within six months after such Separation from Service, then such amount shall not be paid or delivered to you until the earlier of (i) the date which is six months and one day after the date of your Separation from Service or (ii) the 10th business day following your death (either such date, the “Delayed Payment Date”).  All such amounts that would, but for the foregoing, become payable or deliverable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date without interest.  Notwithstanding the foregoing or any other provision of the Plan or this Agreement, neither the Company nor any Subsidiary or other affiliate of the Company shall have any liability or obligation with respect to any taxes or other penalties that may be imposed with respect to this Agreement or the payments and benefits provided pursuant hereto, whether under Section 409A of the Code or otherwise.
		

		
			16.        Acceptance; Counterparts.  This Agreement may be executed in one or more counterparts all of which together shall constitute but one instrument.  By pressing “I accept” you agree to accept the Performance Share Award, and will be deemed to have executed this Agreement.
		

			
					
						B&G FOODS, INC.

					
					
						    

					
					
						YOU

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By: 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

					
					
						You will be deemed to have executed this

				
	
					
						 

					
					
						Title: 

					
					
						 

					
					
						Agreement by clicking “I accept”

				

		
			 
		

		 

		

			- 4 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]