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Exhibit 10.16

The Boeing Company 2003 Incentive Stock Plan
(As Amended and Restated Effective December 9, 2021)
Section 1.  Purpose of the Plan
The purpose of The Boeing Company 2003 Incentive Stock Plan, as amended and restated (the “Plan”), is to attract, retain and motivate employees, officers, directors, consultants, agents, advisors and independent contractors of The Boeing Company (the “Company”) and to align their interests and efforts to the long-term interests of the Company’s shareholders.
Section 2.  Definitions
As used in the Plan,
“Adjusted Operating Cash Flow” means the net cash provided by operating activities of the Company as reported in the Company’s consolidated statements of cash flows included in its Annual Report on Form 10-K, adjusted to eliminate the effect on operating cash flows of net customer financing cash flows, as reported in the Company’s consolidated statements of cash flows included in its Annual Report on Form 10-K.
“Authorized Officer” means the Company’s chief human resources officer, the Company’s vice president of compensation or any other officer of the Company as may be designated by the Committee.
“Award” means an award or grant made to a Participant under Sections 7, 8, 9, 10, and/or 11 of the Plan, including awards or grants made prior to the Shareholder Approval Effective Date.
“Board” means the Board of Directors of the Company.
“Corporate Transaction” has the meaning set forth in Section 14.3.
“Corporate Transaction Price” has the meaning set forth in Section 14.3.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Committee” has the meaning set forth in Section 3.2.
“Common Stock” means the common stock, par value $5.00 per share, of the Company.
“Disability” means “Disability” as defined by the Committee or an Authorized Officer for purposes of the Plan or an Award or in the instrument evidencing the Award or in a written employment or services agreement between the Participant and the Company or a Related Company.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
“Fair Market Value” means the average of the high and low per share trading prices (or the average of the opening and closing prices, or the closing price, if so determined by the Committee) for the Common Stock on the New York Stock Exchange during regular session trading as reported by The Wall Street Journal or such other source the Committee deems reliable for a single trading day. The Committee may vary its determination of the Fair Market Value as provided in this Section 2 depending on whether Fair Market Value is in reference to the grant, exercise, vesting, settlement or payout of an Award and, for Awards subject to Section 409A, as provided in Section 409A.
“Grant Date” means the date on which the Committee completes the corporate action authorizing the grant of an Award or such later date specified by the Committee, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date.
“Incentive Stock Option” means an Option granted with the intention that it qualify as an “incentive stock option” as that term is defined in Section 422 of the Code or any successor provision.
“Layoff” means “Layoff” as defined by the Committee or an Authorized Officer for purposes of the Plan or an Award or in the instrument evidencing the Award or in a written employment or services agreement between the Participant and the Company or a Related Company.
“Nonqualified Stock Option” means an Option other than an Incentive Stock Option.
“Nonrecurring Items” means nonrecurring items deemed not reflective of the Company’s core operating performance, including, but not limited to, exogenous events, acquisitions, divestitures, changes in accounting principles or “extraordinary items” determined under generally accepted accounting principles.
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“Old Plan” means The Boeing Company 1997 Incentive Stock Plan, as amended effective May 1, 2000 and as further amended effective January 1, 2008.
“Option” means a right to purchase Common Stock granted under Section 7.
“Other Cash-Based Award” means an Award granted pursuant to Section 11 and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.
“Participant” means any eligible person as set forth in Section 5 to whom an Award is granted.
“Performance Goals” means specified performance targets or goals for a particular Performance Period, which may be based on individual performance, performance of the Company (as a whole or with respect to one or more business units, divisions, acquired businesses, minority investments, partnerships, or joint ventures), and/or other performance criteria including, but not limited to: Adjusted Operating Cash Flow,  profits (including, but not limited to, profit growth, net operating profit or economic profit); profit-related return ratios; return measures (including, but not limited to, return on assets, capital, equity or sales); cash flow (including, but not limited to, operating cash flow, free cash flow or cash flow return on capital); earnings (including, but not limited to, net earnings, earnings per share, or earnings before or after taxes); net sales growth; net income (before or after taxes, interest, depreciation and/or amortization); gross or operating margins; productivity ratios; share price (including, but not limited to, growth measures and total shareholder return); expense targets; margins; operating efficiency; customer satisfaction; and working capital targets. Performance Goals and underlying performance criteria may be stated in absolute or relative terms. The Committee shall have the right to specify, at the time Performance Goals or underlying performance criteria are established, that any Performance Goals or underlying performance criteria may be adjusted to exclude the impact of any Nonrecurring Item, where applicable.
“Performance Period” means any period of at least 12 consecutive months as determined by the Committee in its sole discretion. The Committee may establish different Performance Periods for different Participants, and the Committee may establish concurrent or overlapping Performance Periods.
“Performance Share,” “Performance Restricted Stock” or “Performance Restricted Stock Unit” has the meaning set forth in Section 10.1.
“Performance Unit” has the meaning set forth in Section 10.2.
“Related Company” means any corporation in which the Company owns, directly or indirectly, at least 50% of the total combined voting power of all classes of stock, or any other entity (including, but not limited to, partnerships and joint ventures) in which the Company owns, directly or indirectly, at least 50% of the combined equity thereof. Notwithstanding the foregoing, for purposes of determining whether any individual may be a Participant for purposes of any grant of Incentive Stock Options, the term “Related Company” shall have the meaning ascribed to the term “subsidiary” in Section 424(f) of the Code, and for purposes of determining whether any individual may be a Participant for purposes of any grant of Options or Stock Appreciation Rights, the term “Related Company” shall mean any “Service Recipient” as that term is defined for purposes of Section 409A.
“Restricted Stock” means an Award of shares of Common Stock granted under Section 9, the rights of ownership of which may be subject to restrictions prescribed by the Committee.
“Retirement” means “Retirement” as defined by the Committee or an Authorized Officer for purposes of the Plan or an Award or in the instrument evidencing the Award or in a written employment or services agreement between the Participant and the Company or a Related Company.
“Section 409A” means Section 409A of the Code, or any successor provision, including any proposed and final regulations and other guidance issued thereunder by the Department of the Treasury and/or the Internal Revenue Service.
“Securities Act” means the Securities Act of 1933, as amended from time to time.
“Shareholder Approval Effective Date” means April 28, 2014, the date the Plan was approved by the holders of shares of Common Stock entitled to vote at the 2014 annual meeting of shareholders of the Company.
“Stock Appreciation Right” or “SAR” has the meaning set forth in Section 8.1.
“Stock Unit” means an Award granted under Section 9 denominated in units of Common Stock.
“Substitute Awards” means Awards granted or shares of Common Stock issued by the Company in assumption of, or in substitution or exchange for, awards previously granted by a company acquired by the Company or any Related Company or with which the Company or any Related Company combines.
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“Termination of Service,” unless otherwise defined by the Committee, an Authorized Officer or in the instrument evidencing the Award or in a written employment or services agreement between the Participant and the Company or a Related Company, means a termination of employment or service relationship with the Company or a Related Company for any reason, whether voluntary or involuntary, including by reason of death, Disability, Retirement or Layoff. Any question as to whether and when there has been a Termination of Service for the purposes of an Award and the cause of such Termination of Service shall be determined by an Authorized Officer or by the Committee with respect to officers subject to the reporting requirements of Section 16(a) of the Exchange Act, and any such determination shall be final. Transfer of a Participant’s employment or service relationship between wholly owned subsidiaries of the Company, or between the Company and any wholly owned subsidiary of the Company, shall not be considered a Termination of Service for purposes of an Award. Unless the Committee determines otherwise, a Termination of Service shall be deemed to occur if the Participant’s employment or service relationship is with an entity that has ceased to be a Related Company.
Section 3.  Administration
3.1  Administration of the Plan. The Plan shall be administered by the Compensation Committee of the Board; provided, however, that with respect to nonemployee directors, the Plan shall be administered by the Governance & Public Policy Committee of the Board unless otherwise determined by the Board. Each such committee shall be comprised of at least three directors, each of whom shall qualify as an “independent director” as defined under the New York Stock Exchange listing standards and a “nonemployee director” as defined in Rule 16b-3 promulgated under the Exchange Act. However, the fact that a Committee member shall fail to qualify under the foregoing requirements shall not invalidate any Award made by the Committee which is otherwise validly made under the Plan.
3.2  Delegation by Committee. Notwithstanding the foregoing, the Board or the Committee may delegate responsibility for administering the Plan with respect to designated classes of eligible persons to different committees consisting of one or more members of the Board, subject to such limitations as the Board or the Compensation Committee deems appropriate, except with respect to benefits to nonemployee directors and to officers subject to Section 16 of the Exchange Act. Members of any committee shall serve for such term as the Board may determine, subject to removal by the Board at any time. To the extent consistent with applicable law, the Board or the Committee may authorize one or more officers of the Company to grant Awards to designated classes of eligible persons, within limits specifically prescribed by the Board or the Committee; provided, however, that no such officer shall have or obtain authority to grant Awards to himself or herself or to any officer subject to Section 16 of the Exchange Act. All references in the Plan to the “Committee” shall be, as applicable, to the Compensation Committee, the Governance & Public Policy Committee or any other committee or any officer to whom the Board or the Compensation  Committee has delegated authority to administer the Plan.
3.3  Administration and Interpretation by Committee. Except for the terms and conditions explicitly set forth in the Plan, the Committee shall have full power and exclusive authority, subject to such orders or resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board, to (a) select the eligible persons as set forth in Section 5 to whom Awards may from time to time be granted under the Plan; (b) determine the type or types of Award to be granted under the Plan; (c) determine the number of shares of Common Stock to be covered by each Award granted under the Plan; (d) determine the terms and conditions of any Award granted under the Plan; (e) approve the forms of agreements for use under the Plan; (f) determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common Stock or other property or canceled or suspended; (g) determine whether, to what extent and under what circumstances cash, shares of Common Stock, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant, subject to Section 409A and in accordance with Section 6.3; (h) interpret and administer the Plan and any instrument or agreement entered into under the Plan; (i) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (j) delegate ministerial duties to such of the Company’s officers as it so determines; (k) amend Section 16.1 in order to comply with Section 10D of the Exchange Act (as determined by the applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission); and (l) make any other determination and take any other action that the Committee deems necessary or desirable for administration of the Plan. Decisions of the Committee shall be final, conclusive and binding on all persons, including the Company, any Participant, any shareholder and any eligible person. A majority of the members of the Committee may determine its actions and fix the time and place of its meetings.
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Section 4.  Shares Subject to the Plan
4.1  Authorized Number of Shares.
(a)  The aggregate number of shares of Common Stock in respect of which Awards (or dividends or dividend equivalents pursuant to Awards) may be granted or paid out under the Plan, subject to adjustment as provided in Section 4.2 and Section 14, shall not exceed 80.0 million shares, plus the aggregate number of shares of Common Stock described in Section 4.1(b).
(b)  Shares of Common Stock that as of the Shareholder Approval Effective Date have not been issued under the Old Plan, and are not covered by outstanding awards under such plan granted on or before the Shareholder Approval Effective Date, shall be available for Awards under the Plan in an amount not to exceed 7.0 million shares of Common Stock in the aggregate.
(c)  Common Stock which may be issued under the Plan may be either authorized and unissued shares or issued shares which have been reacquired by the Company (in the open-market or in private transactions) and which are being held as treasury shares. The Committee shall determine the manner in which fractional share value shall be treated.
(d)  In the event of a change in the Common Stock of the Company that is limited to a change in the designation thereof to “Capital Stock” or other similar designation, or to a change in the par value thereof, or from par value to no par value, without increase or decrease in the number of issued shares, the shares resulting from any such change shall be deemed to be Common Stock for purposes of the Plan.
4.2  Share Usage.
(a)  Shares of Common Stock covered by an Award shall not be counted as used unless and until they are actually issued and delivered to a Participant. Any shares of Common Stock that are subject to Awards that expire or lapse or are forfeited, surrendered, cancelled, terminated, settled in cash in lieu of Common Stock or are issued and thereafter reacquired by the Company shall again be available for Awards under the Plan, to the extent of such expiration, lapse, forfeiture, surrender, cancellation, termination, settlement or reacquisition of such Awards (as may be adjusted pursuant to Section 14). The following shares of Common Stock shall not be treated as having been issued under the Plan: (i) shares tendered by a Participant or retained by the Company as full or partial payment to the Company for the purchase price of an Award or to satisfy any minimum statutorily required taxes that the Company is required by applicable federal, state, local or foreign law to withhold with respect to the grant, vesting or exercise of an Award (“tax withholding obligations”), (ii) shares covered by an Award that is settled in cash, (iii) the number of shares subject to a SAR in excess of the number of shares that are delivered to the Participant upon exercise of the SAR, or (iv) shares issued pursuant to Substitute Awards.
(b)  The Committee shall have the authority to grant Awards as an alternative to or as the form of payment for grants or rights earned or due under other compensation plans or arrangements of the Company.
4.3  Maximum Awards. The maximum Common Stock amounts in this Section 4.3 are subject to adjustment under Section 14 and are subject to the Plan maximum set forth in Section 4.1.
(a)  Options and Stock Appreciation Rights. The aggregate number of shares of Common Stock that may be subject to Options or Stock Appreciation Rights granted to any Participant in any calendar year under the Plan shall not exceed 2.0 million shares of Common Stock.
(b)  Performance Shares and Performance Restricted Stock or Units; Performance Units; Other Cash-Based Awards. The grant date value of Awards of Performance Shares, Performance Restricted Stock, Performance Restricted Stock Units, Performance Units, or other Cash-Based Awards granted to any single Participant in any calendar year shall not exceed in the aggregate the value of 1.0 million shares of Common Stock (determined as of the applicable Award grant dates).
(c)  Limits on Awards to Nonemployee Directors. The aggregate grant date fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted to any nonemployee director in any calendar year (excluding Awards made pursuant to deferred compensation arrangements in lieu of all or a portion of cash retainers) shall not exceed $1.0 million.
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(d)  Awards with No Restrictions.  The aggregate number of shares of Common Stock that may be issued pursuant to Awards granted under the Plan (other than Awards of Options or Stock Appreciation Rights or dividends or dividend equivalents credited in connection with vested Awards) that contain no restrictions or restrictions based solely on continuous employment or services for less than three years (except where Termination of Service occurs by reason of death, Retirement, Disability or Layoff) shall not exceed 4.0 million shares of Common Stock.
(e)  Incentive Stock Options.  The aggregate number of shares of Common Stock that may be subject to Incentive Stock Options granted under the Plan shall not exceed 2.0 million shares of Common Stock.
Section 5.  Eligibility
An Award may be granted to any employee, officer or director of the Company or a Related Company whom the Committee from time to time selects. An Award may also be granted to any consultant, agent, advisor or independent contractor who is a natural person and who provides bona fide services to the Company or any Related Company. The above are “eligible persons.”
Section 6.  Awards
6.1  Form and Grant of Awards. The Committee shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted under the Plan. Such Awards may be granted either alone, in addition to or in tandem with any other type of Award.
6.2  Evidence of Awards. Awards granted under the Plan shall be evidenced by a written instrument that shall contain such terms, conditions, limitations and restrictions as the Committee shall deem advisable and that are not inconsistent with the Plan.
6.3  Deferrals. The Committee may permit a Participant to defer receipt of the payment of any Award. If any such deferral election is permitted, the Committee, in its sole discretion, shall establish rules and procedures for such payment deferrals, which may include the grant of additional Awards or provisions for the payment or crediting of interest or dividend equivalents, including converting such credits to deferred stock unit equivalents. The value of the payment so deferred may be allocated to a deferred account established for a Participant under any deferred compensation plan of the Company designated by the Committee. Notwithstanding the foregoing, any deferral made under this Section 6.3 will be made under a deferred compensation plan of the Company or pursuant to the terms of an employment agreement, either of which satisfies the requirements for exemption from or complies with Section 409A.
6.4  Dividends and Distributions. Participants holding Awards may, if the Committee so determines, be credited with dividends paid with respect to the underlying shares or dividend equivalents while the Awards are so held in a manner determined by the Committee in its sole discretion. The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate. The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash, shares of Common Stock, Restricted Stock or Stock Units.  Dividends and dividend equivalents that may be paid under any awards outstanding under the Old Plan as of the Shareholder Approval Effective Date shall be granted pursuant to Section 11 below.  Notwithstanding the foregoing, (a) the right to any dividends or dividend equivalents declared and paid on the number of shares underlying an Option or a Stock Appreciation Right may not be contingent, directly or indirectly on the exercise of the Option or a Stock Appreciation Right, and an Award providing a right to dividends or dividend equivalents declared and paid on the number of shares underlying an Option or a Stock Appreciation Right, the payment of which is not contingent upon, or otherwise payable on, the exercise of the Option or a Stock Appreciation Right, must comply with or qualify for an exemption under Section 409A and (b) dividend equivalents credited in connection with an Award that vests based on the achievement of Performance Goals shall be subject to restrictions and risk of forfeiture to the same extent as the Award with respect to which such dividend equivalents have been credited.
Section 7.  Options
7.1  Grant of Options. The Committee may grant Options designated as Incentive Stock Options or Nonqualified Stock Options.
7.2  Option Exercise Price; Repricing Prohibition.  The exercise price for shares purchased under an Option shall be as determined by the Committee, but shall not be less than 100% of the Fair Market Value of the Common Stock for the Grant Date, except in the case of Substitute Awards. In no event shall the Committee, without the prior approval of the Company’s shareholders, (a) cancel any outstanding Option for the purpose of reissuing the Option to the Participant at a lower exercise price, (b) exchange any outstanding Option for cash, another Award, or an Option or Stock Appreciation Right with an exercise or 
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grant price that is less than the exercise price of the cancelled Option, (c) reduce the exercise price of an outstanding Option, or (d) take any other action that would be a “repricing” of the Option.
7.3  Term of Options. Subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Option shall be ten years from the Grant Date.
7.4  Exercise of Options. The Committee shall establish and set forth in each instrument that evidences an Option the time at which, or the installments in which, the Option shall vest and become exercisable, any of which provisions may be waived or modified by the Committee at any time.
To the extent an Option has vested and become exercisable, the Option may be exercised in whole or from time to time in part by delivery as directed by the Company to the Company or a brokerage firm designated or approved by the Company of a written stock option exercise agreement or notice, in a form and in accordance with procedures established by the Committee, setting forth the number of shares with respect to which the Option is being exercised, the restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations and agreements as may be required by the Committee, accompanied by payment in full as described in Section 7.5. An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Committee.
7.5  Payment of Exercise Price. The exercise price for shares purchased under an Option shall be paid in full as directed by the Company to the Company or a brokerage firm designated or approved by the Company by delivery of consideration equal to the product of the Option exercise price and the number of shares purchased. Such consideration must be paid before the Company will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Committee for that purchase, which forms may include: (a) check; (b) wire transfer; (c) tendering by attestation shares of Common Stock already owned by the Participant that on the day prior to the exercise date have a Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option; (d) to the extent permitted by applicable law, delivery of a properly executed exercise notice, together with irrevocable instructions to a brokerage firm designated or approved by the Company to deliver promptly to the Company the aggregate amount of sale or loan proceeds to pay the Option exercise price and any tax withholding obligations that may arise in connection with the exercise, all in accordance with the regulations of the Federal Reserve Board; or (e) such other consideration as the Committee may permit in its sole discretion.
7.6  Post-Termination Exercise. The Committee shall establish and set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable, and the terms and conditions of such exercise, after a Termination of Service, any of which provisions may be waived or modified by the Committee at any time, provided that any such waiver or modification shall satisfy the requirements for exemption under Section 409A.
7.7  Incentive Stock Options. The terms of any Incentive Stock Options shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision, and any regulations promulgated thereunder. Individuals who are not employees of the Company or one of its parent or subsidiary corporations (as such terms are defined for purposes of Section 422 of the Code) may not be granted Incentive Stock Options. To the extent that the aggregate Fair Market Value of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year exceeds $100,000 or, if different, the maximum limitation in effect at the time of grant under the Code (the Fair Market Value being determined as of the Grant Date for the Option), such portion in excess of $100,000 shall be treated as Nonqualified Stock Options.  No Incentive Stock Options may be granted more than ten years after the adoption in February 2014 of this amended and restated Plan by the Board.
Section 8.  Stock Appreciation Rights
8.1  Grant of Stock Appreciation Rights; SAR Grant Price. The Committee may grant stock appreciation rights (“Stock Appreciation Rights” or “SARs”). A SAR may be granted in tandem with an Option or alone (“freestanding”). The grant price of a tandem SAR shall be equal to the exercise price of the related Option, and the grant price of a freestanding SAR shall be equal to the Fair Market Value of the Common Stock for the Grant Date, except for Substitute Awards. A SAR may be exercised upon such terms and conditions and for the term as the Committee determines in its sole discretion; provided, however, that, subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the SAR, the term of a freestanding SAR shall be a term not to exceed ten years from the Grant Date as established for that SAR by the Committee or, if not so established, shall be ten years, and in the case of a tandem SAR, (a) the term shall not exceed the term of the related Option and (b) the tandem SAR may be exercised for all or part of the shares subject to the related Option upon the 
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surrender of the right to exercise the equivalent portion of the related Option, except that the tandem SAR may be exercised only with respect to the shares for which its related Option is then exercisable.
8.2  Payment of SAR Amount. Upon the exercise of a SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying (a) the difference between the Fair Market Value of the Common Stock for the date of exercise over the grant price by (b) the number of shares with respect to which the SAR is exercised. At the discretion of the Committee, the payment upon exercise of a SAR may be in cash, in shares of equivalent value, in some combination thereof or in any other manner approved by the Committee in its sole discretion.
8.3  Post-Termination Exercise. The Committee shall establish and set forth in each instrument that evidences a freestanding SAR whether the SAR shall continue to be exercisable, and the terms and conditions of such exercise, after a Termination of Service, any of which provisions may be waived or modified by the Committee at any time, provided that any such waiver or modification shall satisfy the requirements for exemption under Section 409A.
8.4  Repricing Prohibition. In no event shall the Committee, without the prior approval of the Company’s shareholders, (a) cancel any outstanding SAR for the purpose of reissuing the SAR to the Participant at a lower grant price, (b) exchange any outstanding SAR for cash, another Award, or an Option or Stock Appreciation Right with an exercise or grant price that is less than the grant price of the cancelled SAR, (c) reduce the grant price of an outstanding SAR, or (d) take any other action that would be a “repricing” of the SAR.
Section 9.  Restricted Stock and Stock Units
9.1  Grant of Restricted Stock and Stock Units. The Committee may grant Restricted Stock and Stock Units on such terms and conditions and subject to such forfeiture restrictions, if any (which may be based on continuous service with the Company or a Related Company or the achievement of any Performance Goals), as the Committee shall determine in its sole discretion, which terms, conditions and restrictions shall be set forth in the instrument evidencing the Award.
9.2  Issuance of Shares. Upon the satisfaction of any terms, conditions and restrictions prescribed with respect to Restricted Stock or Stock Units, or upon a Participant’s release from any terms, conditions and restrictions of Restricted Stock or Stock Units, as determined by the Committee, (a) the shares of Restricted Stock covered by each Award of Restricted Stock shall become freely transferable by the Participant, and (b) Stock Units shall be paid in cash, shares of Common Stock or a combination of cash and shares of Common Stock as the Committee shall determine in its sole discretion. 
9.3  Waiver of Restrictions. Notwithstanding any other provisions of the Plan, the Committee, in its sole discretion, may waive the repurchase or forfeiture period and any other terms, conditions or restrictions on any Restricted Stock or Stock Unit under such circumstances and subject to such terms and conditions as the Committee shall deem appropriate.
Section 10.  Performance Shares, Performance Restricted Stock 
or Units, and Performance Units
10.1  Grant of Performance Shares and Performance Restricted Stock or Units. The Committee may grant Awards of performance shares, performance restricted stock and performance restricted stock units (“Performance Shares, “Performance Restricted Stock” or “Performance Restricted Stock Units”, as the case may be) and designate the Participants to whom Performance Shares or Performance Restricted Stock or Units are to be awarded and determine the number of Performance Shares or Performance Restricted Stock or Units, the length of the Performance Period and the other terms and conditions of each such Award. Each Award of Performance Shares or Performance Restricted Stock or Units shall entitle the Participant to a payment in the form of shares of Common Stock upon the achievement of Performance Goals and other terms and conditions specified by the Committee. Notwithstanding the achievement of any Performance Goals, the number of shares issued under an Award of Performance Shares or Performance Restricted Stock or Units may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion. The Committee, in its sole discretion, may make a cash payment equal to the Fair Market Value of the Common Stock otherwise required to be issued to a Participant pursuant to an Award of Performance Shares or Performance Restricted Stock or Units.
10.2  Grant of Performance Units. The Committee may grant Awards of performance units (“Performance Units”) and designate the Participants to whom Performance Units are to be awarded and determine the number of Performance Units, the length of the Performance Period and the other terms and conditions of each such Award. Each Award of Performance Units shall entitle the Participant to a payment in cash upon the achievement of Performance Goals and other terms and conditions specified by the Committee. Notwithstanding the achievement of any Performance Goals, the amount to be paid 
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under an Award of Performance Units may be adjusted on the basis of such further consideration as the Committee shall determine in its sole discretion. The Committee, in its sole discretion, may substitute shares of Common Stock for the cash payment otherwise required to be made to a Participant pursuant to a Performance Unit.

Section 11.  Other Stock or Cash-Based Awards
In addition to the Awards described in Sections 7 through 10, and subject to the terms of the Plan, the Committee may grant other incentives payable in cash or in shares of Common Stock under the Plan as it determines to be in the best interests of the Company and subject to such other terms and conditions as it deems appropriate, including dividends and dividend equivalents that may be paid under any awards outstanding under the Old Plan as of the Shareholder Approval Effective Date.
Section 12.  Withholding
The Company may require a Participant to pay to the Company the amount of (a) any tax withholding obligations and (b) any amounts due from the Participant to the Company or to any Related Company (“other obligations”). The Company shall not be required to issue any shares of Common Stock under the Plan until such tax withholding obligations and other obligations are satisfied.
The Committee may permit or require a Participant to satisfy all or part of his or her tax withholding obligations and other obligations by (a) paying cash to the Company, (b) having the Company withhold an amount from any cash amounts otherwise due or to become due from the Company to the Participant, (c) having the Company withhold a number of shares of Common Stock that would otherwise be issued to the Participant (or become vested in the case of Restricted Stock or Performance Restricted Stock) having a Fair Market Value equal to the tax withholding obligations and other obligations, or (d) surrendering a number of shares of Common Stock the Participant already owns having a value equal to the tax withholding obligations and other obligations.
Section 13.  Assignability
No Award or Award agreement, and no rights or interests herein or therein, shall or may be assigned, transferred, sold, exchanged, encumbered, pledged, or otherwise hypothecated or disposed of by a Participant or any beneficiary(ies) of any Participant, except (a) by testamentary disposition by the Participant or the laws of intestate succession and (b) that to the extent permitted by the Committee, in its sole discretion, a Participant may designate one or more beneficiaries on a Company-approved form who may receive payment under an Award after the Participant’s death. No such interest shall be subject to execution, attachment or similar legal process, including, without limitation, seizure for the payment of the Participant’s debts, judgments, alimony, or separate maintenance. Except as provided in this Section 13, during the lifetime of a Participant, Awards are exercisable only by the Participant or his or her legal representative in the case of physical or mental incapacitation of the Participant as evidenced by legal order.
Section 14.  Adjustments
14.1  No Corporate Action Restriction. The existence of the Plan, any Award agreement and/or the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company’s or any subsidiary’s capital structure or its business, (b) any merger, consolidation or change in the ownership of the Company or any subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stocks ahead of or affecting the Company’s or any subsidiary’s capital stock or the rights thereof, (d) any dissolution or liquidation of the Company or any subsidiary, (e) any sale or transfer of all or any part of the Company’s or any subsidiary’s assets or business, or (f) any other corporate act or proceeding by the Company or any subsidiary. No Participant, beneficiary or any other person shall have any claim against any member of the Board or the Committee, the Company or any subsidiary, or any employees, officers, shareholders or agents of the Company or any subsidiary, as a result of any such action.
14.2  Recapitalization Adjustments. In the event of a dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property) other than regular cash dividends, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, change in control or exchange of Common Stock or other securities of the Company, or other corporate transaction or event affects the Common Stock such that an adjustment is necessary or appropriate in order to prevent dilution or enlargement of benefits or potential benefits intended to be made available under the Plan, the Board shall equitably adjust (a) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or property) with respect 
8

to which Awards may be granted, (b) the maximum share limitation applicable to each type of Award that may be granted to any individual Participant in any calendar year, (c) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards, and (d) the exercise price with respect to any Option or the grant price with respect to any Stock Appreciation Right.
14.3  Corporate Transactions. If the Company enters into or is involved in any Corporate Transaction, the Board may, prior to such Corporate Transaction and effective upon such Corporate Transaction, take such action as it deems appropriate, including, but not limited to, replacing outstanding Awards with Substitute Awards in respect of the shares, other securities or other property of the surviving corporation or any affiliate of the surviving corporation on such terms and conditions, as to the number of shares, pricing and otherwise, which shall substantially preserve the value, rights and benefits of any affected Awards granted hereunder as of the date of the consummation of the Corporate Transaction. Notwithstanding anything to the contrary in the Plan, if any Corporate Transaction occurs, the Company shall have the right, but not the obligation, to cancel each Participant’s Options and/or Stock Appreciation Rights and to pay to each affected Participant in connection with the cancellation of such Participant’s Options and/or Stock Appreciation Rights, an amount equal to the excess (if any) of the Corporate Transaction Price (as defined below), as determined by the Board, of the Common Stock underlying any unexercised Options or Stock Appreciation Rights (whether then exercisable or not) over the aggregate exercise price of such unexercised Options and/or Stock Appreciation Rights, and make additional adjustments and/or settlements of other outstanding Awards as it determines to be fair and equitable to affected Participants.  Upon receipt by any affected Participant of any such Substitute Award (or payment) as a result of any such Corporate Transaction, such Participant’s affected Awards for which such Substitute Awards (or payment) were received shall be thereupon cancelled without the need for obtaining the consent of any such affected Participant.
Subject to the provisions of the preceding paragraph, the Board shall not take any further action that causes any Awards, which are not then exercisable and vested, to automatically become vested and exercisable in connection with a Corporate Transaction under this Section 14.3.
For purposes of the Plan, 
(a)  “Corporate Transaction” means the occurrence of any of the following events: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then-outstanding voting securities; (ii) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; (iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation or (iv) individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.  
(b)  “Corporate Transaction Price” means the highest price per share of Common Stock paid in any transaction related to a Corporate Transaction. To the extent that the consideration paid in any Corporate Transaction consists all or in part of securities or other non-cash consideration, the value of such securities or other non-cash consideration shall be determined in the good-faith discretion of the Board consistent with provisions of Section 409A and/or other applicable law.
Section 15.  Amendment and Termination
15.1  Amendment, Suspension or Termination of the Plan. The Board or the Committee may amend, suspend or terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, that, to the extent required by applicable law, regulation or stock exchange rule, shareholder approval shall be required for any amendment to the Plan.
Notwithstanding the foregoing, an amendment that constitutes a “material revision,” as defined by the rules of the New York Stock Exchange shall be submitted to the Company’s shareholders for approval. In 
9

addition, any revision that deletes or limits the scope of the provisions in Sections 7.2 and 8.4 prohibiting repricing of Options or SARs without shareholder approval and any revision that increases the number of shares stated in Section 4.1 as available for issuance under the Plan shall be considered material revisions that require shareholder approval.
15.2  Term of the Plan. Unless sooner terminated as provided herein, the Plan shall terminate ten years from the Shareholder Approval Effective Date. After the Plan is terminated, no future Awards may be granted, but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and the Plan’s terms and conditions. Notwithstanding the foregoing, no Incentive Stock Options may be granted more than ten years after the adoption in February 2014 of this amended and restated Plan by the Board.
15.3  Consent of Participant. The amendment, suspension or termination of the Plan or a portion thereof or the amendment of an outstanding Award shall not, without the Participant’s consent, materially adversely affect any rights under any Award theretofore granted to the Participant under the Plan. Any change or adjustment to an outstanding Incentive Stock Option shall not, without the consent of the Participant, be made in a manner so as to constitute a “modification” that would cause such Incentive Stock Option to fail to continue to qualify as an Incentive Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to Section 14 shall not be subject to these restrictions.
Section 16.  General
16.1  Clawbacks. Awards under the Plan shall be subject to the Clawback Policy as adopted by the Board and as amended from time to time.  In addition, subject to applicable local law, or except as otherwise expressly provided pursuant to an applicable Award agreement, Awards granted under the Plan shall be subject to clawback and forfeiture (meaning that the Award must be promptly returned to the Company if already distributed, or that a Participant will lose his or her entitlement to an Award if it has not yet been distributed) in the event a Participant or former Participant engages in any of the following conduct, as determined by the Company or its delegate in its sole discretion,  prior to the second anniversary of the later of the vesting or receipt of payment of the Award: the Participant (i) pleads or admits to, is convicted of, or is otherwise found guilty of a criminal or indictable offense involving theft, fraud, embezzlement, or other similar unlawful acts against the Company or against the Company’s interests; (ii) directly or indirectly engages in competition with any aspect of Company business with which the Participant was involved or about which the Participant gained Company proprietary or confidential information;  (iii) induces or attempts to induce, directly or indirectly, any of the Company’s employees, representatives or consultants to terminate, discontinue or cease working with or for the Company, or to breach any contract with the Company, in order to work with or for, or enter into a contract with, the Participant or any third party; (iv) disparages or defames the Company,its products, or its current or former employees, provided that this clause shall not be construed to prohibit any individual from reporting, in good faith, suspected unlawful conduct in the workplace; or (v) takes, misappropriates, uses, or discloses Company proprietary or confidential information. Clawback can, if applicable and where permitted by applicable local law, be made by deducting payments that will be due in the future (including salary, bonuses, and other forms of compensation). A Participant’s acceptance of an Award under the Plan shall constitute such Participant’s acknowledgement and recognition that the Participant’s compliance with this Section is a condition for the Participant’s receipt of the Award. For purposes of this Section, the Company shall include the Company and all Related Companies.
Nothing in this Section 16.1 will apply to legally protected communications to government agencies or statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings.  
16.2  No Individual Rights. No individual or Participant shall have any claim to be granted any Award under the Plan, and the Company has no obligation for uniformity of treatment of Participants under the Plan.
Furthermore, nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate a Participant’s employment or other relationship at any time, with or without cause.
16.3  Issuance of Shares. Notwithstanding any other provision of the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such issuance, delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities Act or the laws of any state or foreign jurisdiction) and the applicable requirements of any securities exchange or similar entity.
10

The Company shall be under no obligation to any Participant to register for offering or resale or to qualify for exemption under the Securities Act, or to register or qualify under the laws of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect any such registrations or qualifications if made. The Company may issue certificates for shares with such legends and subject to such restrictions on transfer and stop-transfer instructions as counsel for the Company deems necessary or desirable for compliance by the Company with federal, state and foreign securities laws. The Company may also require such other action or agreement by the Participants as may from time to time be necessary to comply with applicable securities laws.
To the extent the Plan or any instrument evidencing an Award provides for issuance of stock certificates to reflect the issuance of shares of Common Stock, the issuance may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange.
16.4  Indemnification. Each person who is or shall have been a member of the Board, or a committee appointed by the Board, or an officer of the Company to whom authority was delegated in accordance with Section 3 shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit or proceeding against him or her; provided, however, that he or she shall give the Company an opportunity, at its own expense, to handle and defend such claim, action, suit or proceeding before he or she undertakes to handle and defend the same on his or her own behalf, unless such loss, cost, liability or expense is a result of his or her own willful misconduct or except as expressly provided by statute.
The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s certificate of incorporation or bylaws, as a matter of law, or otherwise, or of any power that the Company may have to indemnify them or hold them harmless.
16.5  No Rights as a Shareholder. Unless otherwise provided by the Committee or in the instrument evidencing the Award or in a written employment or services agreement, no Option or Award denominated in units shall entitle the Participant to any cash dividend, voting or other right of a shareholder unless and until the date of issuance under the Plan of the shares that are the subject of such Award.
16.6  Compliance With Laws and Regulations.  Notwithstanding anything in the Plan to the contrary, the Committee, in its sole discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision of the Plan to Participants who are officers or directors subject to Section 16 of the Exchange Act without so restricting, limiting or conditioning the Plan with respect to other Participants. With respect to officers and directors subject to Section 16 of the Exchange Act, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 promulgated under the Exchange Act. 
Additionally, in interpreting and applying the provisions of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall, to the extent permitted by law, be construed as an “incentive stock option” within the meaning of Section 422 of the Code or any successor provision.
Additionally, notwithstanding anything contained in the Plan to the contrary, it is the Company’s intention that any and all Awards and compensation payable under the Plan shall satisfy the requirements for exemption under Section 409A and that all terms and provisions shall be interpreted to satisfy such requirements.  If the Committee determines that an Award, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would, if undertaken, cause a Participant to become subject to Section 409A, the Committee, to the extent it deems necessary or advisable in its sole discretion, reserves the right , but shall not be required, to unilaterally amend or modify the Plan and any Award granted under the Plan so that the Award qualifies for exemption from or compliance with Section 409A.  Awards not deferred under Section 6.3 and not otherwise exempt from the requirements of Section 409A are intended to qualify for the short-term deferral exemption to Section 409A, and payment shall be made as soon as administratively feasible after the Award became vested, but in no event shall such payment be made later than 2-1/2 months after the end of the calendar year in which the Award became vested unless otherwise permitted under the exemption provisions of Section 409A.   Notwithstanding the foregoing, with respect to any Award made under the Plan that is determined to be “deferred compensation” (within the meaning of Section 409A), (a) references to Termination of Service will mean the Participant’s “separation from service” (within the meaning of Section 409A) with the Company or any applicable Related Company, and (b) any payment to be made with respect to such Award in connection with the Participant’s Termination of Service that would be subject to the limitations in Section 409A(a)(2)(b) of the Code shall be delayed until six months after 
11

the Participant’s separation from service (or earlier death) in accordance with the requirements of Section 409A.  
16.7  Participants in Other Countries. The Committee shall have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with provisions of the laws of other countries in which the Company or any Related Company may operate to ensure the viability of the benefits from Awards granted to Participants employed in such countries, to comply with applicable foreign laws and to meet the objectives of the Plan.
Notwithstanding the provisions of Sections 7.2 and 8.1, where applicable foreign law requires that compensatory stock right be priced based upon a specific price averaging method and period, a stock right granted in accordance with such applicable foreign law will be treated as meeting the requirements of Sections 7.2 or 8.1, provided that the averaging period does not exceed 30 days.
16.8  No Trust or Fund. The Plan is intended to constitute an “unfunded” plan. Nothing contained herein shall require the Company to segregate any monies or other property, or shares of Common Stock, or to create any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant, and no Participant shall have any rights that are greater than those of a general unsecured creditor of the Company.
16.9  Successors All obligations of the Company under the Plan with respect to Awards shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business and/or assets of the Company.
16.10  Severability. If any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the Committee’s determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.
16.11  Choice of Law. The Plan, all Awards granted thereunder and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the laws of the United States, shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to the principles of conflict of laws thereof, except as otherwise expressly provided in an applicable Award agreement.
Section 17.  Restatement Effective Date
This amendment and restatement of the Plan shall be effective December 9, 2021.  
12Exhibit 10.1

 

Execution
Copy

 

 

Safehold
Operating Partnership LP

Safehold
Inc.

 

$475,000,000 3.98% Series 2022A Senior Notes
due February 15, 2052

 

 

 

Master Note
Purchase Agreement

 

 

 

Dated January 27, 2022

 

 

     

     

    

 

Table
of Contents

 

	Section	Heading	Page

 

	Section 1.	Authorization of Notes	1
	 	 	 	 
	Section 2.	Sale and Purchase of Notes	1
	 	 	 	 
	 	Section 2.1.	Purchase and Sale of Series 2022A Notes	1
	 	Section 2.2.	Parent Guaranty	2
	 	Section 2.3.	Subsidiary Guaranties	2
	 	Section 2.4.	Additional Series of Notes	2
	 	 	 	 
	Section 3.	Closing	3
	 	 	 	 
	Section 4.	Conditions to Closing	4
	 	 	 	 
	 	Section 4.1.	Representations and Warranties	4
	 	Section 4.2.	Performance; No Default	4
	 	Section 4.3.	Compliance Certificates	4
	 	Section 4.4.	Opinions of Counsel	4
	 	Section 4.5.	Purchase Permitted By Applicable Law, Etc.	5
	 	Section 4.6.	Sale of Other Notes	5
	 	Section 4.7.	Payment of Special Counsel Fees	5
	 	Section 4.8.	Private Placement Number	5
	 	Section 4.9.	Changes in Corporate Structure	5
	 	Section 4.10.	Most Favored Lender Notice	5
	 	Section 4.11.	Funding Instructions	5
	 	Section 4.12.	Debt Rating	6
	 	Section 4.13.	Second Closing	6
	 	Section 4.14.	Proceedings and Documents	6
	 	Section 4.A.	Conditions to Issuance of Additional Notes	6
	 	 	 	 
	Section 5.	Representations and Warranties of the Parent Guarantor and the Company	7
	 	 	 	 
	 	Section 5.1.	Organization; Power and Authority	7
	 	Section 5.2.	Authorization, Etc.	7
	 	Section 5.3.	Disclosure	8
	 	Section 5.4.	Capitalization	8
	 	Section 5.5.	Financial Statements	9
	 	Section 5.6.	Compliance with Laws, Other Instruments, Etc.	9
	 	Section 5.7.	Governmental Authorizations, Etc.	10
	 	Section 5.8.	Litigation; Observance of Statutes and Orders	10
	 	Section 5.9.	Taxes	10
	 	Section 5.10.	Title to Property; Leases	10
	 	Section 5.11.	Licenses, Permits, Etc.	11
	 	Section 5.12.	Compliance with Employee Benefit Plans	11

 

    	 	-i-	 

     

    

 

	 	Section 5.13.	Private Offering by the Company	12
	 	Section 5.14.	Use of Proceeds; Margin Regulations	13
	 	Section 5.15.	Existing Debt	13
	 	Section 5.16.	Foreign Assets Control Regulations, Etc.	13
	 	Section 5.17.	Status under Certain Statutes	14
	 	Section 5.18.	Notes and Guaranties Rank Pari Passu	14
	 	Section 5.19.	Real Estate Investment Trust Status	14
	 	 	 	 
	Section 6.	Representations of the Purchasers	14
	 	 	 	 
	 	Section 6.1.	Purchase for Investment	14
	 	Section 6.2.	Source of Funds	15
	 	Section 6.3.	Purchaser Representations and Agreements	16
	 	 	 	 
	Section 7.	Information as to the Parent Guarantor and the Company	17
	 	 	 	 
	 	Section 7.1.	Financial and Business Information	17
	 	Section 7.2.	Officer’s Certificate	19
	 	Section 7.3.	Visitation	20
	 	Section 7.4.	Electronic Delivery	21
	 	 	 	 
	Section 8.	Payment and Prepayment of the Notes	22
	 	 	 	 
	 	Section 8.1.	Maturity	22
	 	Section 8.2.	Optional Prepayments with Make-Whole Amount	22
	 	Section 8.3.	Allocation of Partial Prepayments	22
	 	Section 8.4.	Maturity; Surrender, Etc.	23
	 	Section 8.5.	Purchase of Notes	23
	 	Section 8.6.	Make-Whole Amount	23
	 	Section 8.7.	Change of Control	25
	 	Section 8.8.	Payments Due on Non-Business Days	26
	 	 	 	 
	Section 9.	Affirmative Covenants	26
	 	 	 	 
	 	Section 9.1.	Compliance with Laws	26
	 	Section 9.2.	Insurance	27
	 	Section 9.3.	Maintenance of Properties	27
	 	Section 9.4.	Payment of Taxes and Claims	27
	 	Section 9.5.	Legal Existence, Etc.	28
	 	Section 9.6.	Books and Records	28
	 	Section 9.7.	Subsidiary Guarantors	28
	 	Section 9.8.	Pari Passu Ranking	29
	 	Section 9.9.	Maintenance of Status	29
	 	Section 9.10.	Most Favored Lender	30
	 	Section 9.11.	Rating Confirmation	31
	 	 	 	 
	Section 10.	Negative Covenants	31
	 	 	 	 
	 	Section 10.1.	Transactions with Affiliates	31

 

    	 	-ii-	 

     

    

 

	 	Section 10.2.	Merger, Consolidation, Etc.	32
	 	Section 10.3.	Liens	34
	 	Section 10.4.	Economic Sanctions, Etc.	34
	 	Section 10.5.	Maintenance of Total Unencumbered Assets	34
	 	 	 	 
	Section 11.	Events of Default	34
	 	 	 	 
	Section 12.	Remedies on Default, Etc.	38
	 	 	 	 
	 	Section 12.1.	Acceleration	38
	 	Section 12.2.	Other Remedies	39
	 	Section 12.3.	Rescission	39
	 	Section 12.4.	No Waivers or Election of Remedies, Expenses, Etc.	39
	 	 	 	 
	Section 13.	Registration; Exchange; Substitution of Notes	40
	 	 	 	 
	 	Section 13.1.	Registration of Notes	40
	 	Section 13.2.	Transfer and Exchange of Notes; Competitors	40
	 	Section 13.3.	Replacement of Notes	40
	 	 	 	 
	Section 14.	Payments on Notes	41
	 	 	 	 
	 	Section 14.1.	Place of Payment	41
	 	Section 14.2.	Payment by Wire Transfer	41
	 	Section 14.3.	FATCA Information	41
	 	 	 	 
	Section 15.	Expenses, Etc.	42
	 	 	 	 
	 	Section 15.1.	Transaction Expenses	42
	 	Section 15.2.	Certain Taxes	43
	 	Section 15.3.	Survival	43
	 	 	 	 
	Section 16.	Survival of Representations and Warranties; Entire Agreement	43
	 	 	 	 
	Section 17.	Amendment and Waiver	43
	 	 	 	 
	 	Section 17.1.	Requirements	43
	 	Section 17.2.	Solicitation of Holders of Notes	44
	 	Section 17.3.	Binding Effect, Etc.	45
	 	Section 17.4.	Notes Held by Company, Etc.	45
	 	 	 	 
	Section 18.	Notices	45
	 	 	 	 
	Section 19.	Reproduction of Documents	46
	 	 	 	 
	Section 20.	Confidential Information	47
	 	 	 	 
	Section 21.	Substitution of Purchaser	47

 

    	 	-iii-	 

     

    

 

	Section 22.	Miscellaneous	48
	 	 	 	 
	 	Section 22.1.	Successors and Assigns	48
	 	Section 22.2.	Accounting Terms	48
	 	Section 22.3.	Severability	49
	 	Section 22.4.	Construction, Etc.	49
	 	Section 22.5.	Counterparts; Electronic Contracting	50
	 	Section 22.6.	Governing Law	50
	 	Section 22.7.	Jurisdiction and Process; Waiver of Jury Trial	50
	 	 	 	 
	Section 23.	Parent Guaranty	51
	 	 	 	 
	 	Section 23.1.	Guaranty; Limitation of Liability	51
	 	Section 23.2.	Guaranty Absolute	52
	 	Section 23.3.	Waivers and Acknowledgments	53
	 	Section 23.4.	Subrogation	54
	 	Section 23.5.	Indemnification by the Parent Guarantor	55
	 	Section 23.6.	Subordination	55
	 	Section 23.7.	Continuing Guaranty; Effect of Release	56
	 	 	 	 
	Signature		57

 

    	 	-iv-	 

     

    

 

	Schedule A	—	Defined Terms
	 	 	 
	Schedule 1	—	Form of 3.98% Series 2022A Senior Note due February 15, 2052
	 	 	 
	Schedule 4.4(a)	—	Form of Opinions of Special Counsels for the Parent Guarantor and the Company
	 	 	 
	Schedule 4.4(b)	—	Form of Opinion of Special Counsel for the Purchasers
	 	 	 
	Exhibit S	—	Form of Supplement to Note Purchase Agreement
	 	 	 
	Purchaser Schedule	—	Information Relating to Purchasers

 

    	 	-v-	 

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

Safehold
Operating Partnership LP

c/o iStar Inc.

1114 Avenue of the Americas, 39th Floor

New York, New York 10036

 

$475,000,000 3.98% Series 2022A Senior Notes
due February 15, 2052

 

January 27, 2022

 

To Each
of the Purchasers Listed in

the
Purchaser Schedule Hereto:

 

Ladies and Gentlemen:

 

Each of Safehold
Operating Partnership LP, a Delaware limited partnership (the “Company”), and Safehold
Inc., a Maryland corporation (the “Parent Guarantor”), jointly and severally, agree with each of the Purchasers
as follows:

 

Section 1.          Authorization
of Notes.

 

The Company will authorize
the issue and sale of $475,000,000 aggregate principal amount of its 3.98% Series 2022A Senior Notes due February 15, 2052 (the
“Series 2022A Notes”; such term shall also include any such notes as amended, restated or otherwise modified from
time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13). The
Notes shall be substantially in the form set out in Schedule 1. Certain capitalized and other terms used in this Agreement are defined
in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 22.4 shall govern.

 

The Series 2022A Notes,
together with each Series of Additional Notes which may from time to time be issued pursuant to the provisions of Section 2.4,
are collectively referred to as the “Notes” (such term shall also include any such notes as amended, restated or otherwise
modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13).

 

Section 2.          Sale
and Purchase of Notes.

 

Section 2.1.         Purchase
and Sale of Series 2022A Notes. Subject to the terms and conditions of this Agreement,
the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at a Closing provided for in Section 3,
Series 2022A Notes in the principal amount specified in the notice delivered by the Company in accordance with Section 3 at
the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations
and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser
hereunder.

 

     

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 2.2.          Parent
Guaranty. The payment by the Company of its obligations hereunder and under the Notes and the
performance by the Company of its obligations under this Agreement will be unconditionally guaranteed by the Parent Guarantor pursuant
and subject to the terms of Section 23 (as amended, modified or supplemented from time to time, the “Parent Guaranty”).

 

Section 2.3.          Subsidiary
Guaranties. The payment by the Company of all amounts due on the Notes and all of its other payment
obligations under this Agreement may from time to time be absolutely and unconditionally guaranteed by the Subsidiary Guarantors pursuant
to and subject to the terms of the Subsidiary Guaranty of each Subsidiary Guarantor (as amended, joined, modified or supplemented from
time to time, each a “Subsidiary Guaranty,” and collectively, the “Subsidiary Guaranties”), and
otherwise in accordance with the provisions of Section 9.7 hereof.

 

Section 2.4.          Additional
Series of Notes. The Company may, from time to time, in its sole discretion but subject
to the terms hereof, issue and sell one or more additional Series of its promissory notes under the provisions of this Agreement
pursuant to a supplement (a “Supplement”) substantially in the form of Exhibit S. Each additional Series of
Notes (the “Additional Notes”) issued pursuant to a Supplement shall be subject to the following terms and conditions:

 

(i)            each
Series of Additional Notes, when so issued, shall be differentiated from all previous Series by sequential designation inscribed
thereon;

 

(ii)           Additional
Notes of the same Series may consist of more than one different and separate tranches and may differ with respect to outstanding
principal amounts, maturity dates, interest rates and premiums, if any, and price and terms of redemption or payment prior to maturity,
but all such different and separate tranches of the same Series shall vote as a single class and constitute one Series;

 

(iii)          each
Series of Additional Notes shall be dated the date of issue, bear interest at such rate or rates, mature on such date or dates, be
subject to such mandatory and optional prepayment on the dates and at the premiums, if any, have such additional, fewer or different conditions
precedent to closing, such representations and warranties, such additional covenants and such additional defaults (if any) as shall be
specified in the Supplement under which such Additional Notes are issued and upon execution of any such Supplement, this Agreement shall
be amended (a) to reflect such additional covenants and defaults (if any) without further action on the part of the holders of the
Notes outstanding under this Agreement, provided, that any such additional covenants and defaults shall inure to the benefit of
all holders of Notes so long as any Additional Notes issued pursuant to such Supplement remain outstanding, and, provided further,
for the avoidance of doubt, no covenant, definition or default expressly set forth in this Agreement as of the date of this Agreement
shall be deemed to be amended or deleted in any respect to be less favorable to the holders of the Notes by virtue of the provisions of
this clause (iii), and (b) to reflect such representations and warranties as are contained in such Supplement for the benefit of
the holders of such Additional Notes in accordance with the provisions of Section 16;

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

(iv)            each
Series of Additional Notes issued under this Agreement shall be in substantially the form of Exhibit 1 to Exhibit S hereto
with such variations, omissions and insertions as are necessary or permitted hereunder;

 

(v)             the
minimum principal amount of any Note issued under a Supplement shall be $500,000, except as may be necessary to evidence the outstanding
amount of any Note originally issued in a denomination of $500,000 or more;

 

(vi)           all
Additional Notes shall rank pari passu with all other outstanding Notes; and

 

(vii)           no
Additional Notes shall be issued hereunder if at the time of issuance thereof and after giving effect to the application of the proceeds
thereof, any Default or Event of Default shall have occurred and be continuing.

 

Section 3.          Closing.

 

This Agreement shall be executed
and delivered in advance of the First Closing at the offices of Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois
60606, on January 27, 2022 (the “Execution Date”).

 

The sale and purchase of the
Series 2022A Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 320 South Canal Street,
Chicago, Illinois 60606, at 8:00 a.m., Central time, at not more than two closings (individually, a “Closing”
and, collectively, the “Closings”). The first Closing shall be held on such Business Day and in respect of such amount
of Series 2022A Notes designated by the Company to the Purchasers of the Series 2022A Notes to be purchased on such date (such
date, the “First Closing Date” and such Closing, the “First Closing”) in a written notice delivered
not less than ten Business Days prior to such First Closing Date and the second Closing shall be held on such Business Day and in respect
of such amount of Notes as designated by the Company to the Purchasers of the Notes to be purchased on such date (such date, the “Second
Closing Date” and such Closing, the “Second Closing”) in a written notice delivered not less than ten Business
Days prior to such Second Closing Date; provided that, in any event, the Second Closing shall occur on a Business Day no later
than April 18, 2022; provided further that in any event the aggregate amount of Notes to be purchased on the First Closing
and Second Closing shall equal $475,000,000; provided further, that the amount of Series 2022A Notes to be purchased by a
Purchaser shall be its pro rata share of the aggregate Series 2022A Notes to be purchased on such date determined based on
the amount of Series 2022A Notes to be purchased by such Purchaser as set forth in the Purchaser Schedule. At each Closing the Company
will deliver to each Purchaser the Series 2022A Notes to be purchased by such Purchaser in the form of a single Note (or such greater
number of Notes in denominations of at least $500,000 as such Purchaser may request) dated the date of such Closing and registered in
such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately
available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company
to account number  at           , ABA:            , Account Name:            . If at a Closing the Company shall fail to tender such Series 2022A Notes to any Purchaser as provided above
in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s reasonable
satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving
any rights such Purchaser may have by reason of such failure by the Company to tender such Series 2022A Notes or any of the conditions
specified in Section 4 not having been fulfilled to such Purchaser’s reasonable satisfaction.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 4.          Conditions
to Closing.

 

Each Purchaser’s obligation
to purchase and pay for the Series 2022A Notes to be sold to such Purchaser at each Closing for the Series 2022A Notes is subject
to the fulfillment to such Purchaser’s reasonable satisfaction, prior to or at such Closing, of the following conditions:

 

Section 4.1.          Representations
and Warranties. The representations and warranties of the Parent Guarantor and the Company in
this Agreement shall be correct in all material respects when made and at such Closing.

 

Section 4.2.          Performance;
No Default. The Parent Guarantor and the Company shall have performed and complied in all material
respects with all agreements and conditions contained in this Agreement and the Parent Guaranty, in each case, required to be performed
or complied with by it prior to or at such Closing. Immediately before and immediately after giving effect to the issue and sale of the
Notes (and the application of the proceeds thereof as contemplated by Section 5.14) at such Closing, no Default or Event of Default
shall have occurred and be continuing and no Change of Control shall have occurred.

 

Section 4.3.          Compliance
Certificates.

 

(a)            Officer’s
Certificate. Each of the Parent Guarantor and the Company shall have delivered to such Purchaser an Officer’s Certificate, dated
the date of such Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

 

(b)            Secretary’s
Certificate. The Note Parties shall have delivered to such Purchaser an omnibus certificate of the duly authorized representative
of the Parent Guarantor, dated the date of such Closing, certifying for all Note Parties as to (i) the resolutions attached thereto
and other corporate, limited partnership or limited liability company proceedings, as applicable, relating to the authorization, execution
and delivery of the Note Documents to which the Note Parties are a party, and (ii) each such entity’s organizational documents
as then in effect.

 

Section 4.4.          Opinions
of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to
such Purchaser, dated the date of such Closing (a) from (x) Latham & Watkins LLP, special counsel for the Note Parties,
in substantially the form set forth in Schedule 4.4(a)(x) and covering such other matters incident to the transactions contemplated
hereby as such Purchaser or its counsel may reasonably request (and the Note Parties hereby instruct their counsel to deliver such opinions
to the Purchasers) and (y) Venable LLP, special Maryland counsel to the Note Parties, in substantially the form set forth in Schedule 4.4(a)(y) and
covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and
the Note Parties hereby instruct their counsel to deliver such opinions to the Purchasers) and (b) from Chapman and Cutler LLP, the
Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and
covering such other matters incident to such transactions as such Purchaser may reasonably request.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 4.5.          Purchase
Permitted By Applicable Law, Etc. On the date of such Closing such Purchaser’s purchase
of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse
to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies
without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including
Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty
or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested
by such Purchaser at least five (5) Business Days prior to such Closing, such Purchaser shall have received an Officer’s Certificate
certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase
is so permitted.

 

Section 4.6.          Sale
of Other Notes. Contemporaneously with such Closing the Company shall sell to each other Purchaser
and each other Purchaser shall purchase the Notes to be purchased by it at such Closing as specified in the Purchaser Schedule.

 

Section 4.7.           Payment
of Special Counsel Fees. Without limiting Section 15.1, the Company shall have paid on or
before the Execution Date and the Closing the reasonable and documented fees, charges and disbursements of the Purchasers’ special
counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least two Business
Days prior to the Execution Date and such Closing, as applicable.

 

Section 4.8.          Private
Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP
Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes.

 

Section 4.9.          Changes
in Corporate Structure. Neither Parent Guarantor nor the Company shall have changed its jurisdiction
of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial
part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in the
General Disclosure Package.

 

Section 4.10.          Most
Favored Lender Notice. Each Purchaser shall have received a Most Favored Lender Notice with respect
to any More Favorable Covenants as of the date of such Closing.

 

Section 4.11.          Funding
Instructions. At least three Business Days prior to the date of such Closing, each Purchaser
shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified
in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and
(iii) the account name and number into which the purchase price for the Notes is to be deposited.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 4.12.          Debt
Rating. The Company shall have delivered, or caused to be delivered, to such Purchaser, a public
rating of the Notes, which rating shall specifically describe the Notes, including their interest rate, maturity and Private Placement
Number.

 

Section 4.13.          Second
Closing. In the case of the Second Closing, the transactions contemplated herein with respect
to the First Closing shall have been consummated, except to the extent of any failure of such transactions so to have been consummated
that was caused by any failure of any Purchaser to perform its obligations hereunder.

 

Section 4.14.          Proceedings
and Documents. All corporate, limited partnership, limited liability company and other proceedings
in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall
be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all
such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request.

 

Section 4A.     Conditions
to Issuance of Additional Notes. The obligations of the Additional Purchasers to purchase any
Additional Notes shall be subject solely to the following conditions precedent, in addition to any conditions specified in the Supplement
pursuant to which such Additional Notes may be issued:

 

(a)            Compliance
Certificate. A duly authorized Senior Financial Officer shall execute and deliver to each Additional Purchaser and each holder of
Notes an Officer’s Certificate dated the date of issue of such Series of Additional Notes stating that such officer has reviewed
the provisions of this Agreement (including any Supplements hereto) and setting forth the information and computations (in sufficient
detail) required in order to establish whether the Company is in compliance with the requirements of Section 10.5 on such date (based
upon the financial statements for the most recent fiscal quarter ended prior to the date of such certificate but after giving effect to
the issuance of the Additional Series of Notes and the application of the proceeds thereof).

 

(b)            Execution
and Delivery of Supplement. The Company, the Parent Guarantor and each such Additional Purchaser shall execute and deliver a Supplement
substantially in the form of Exhibit S hereto.

 

(c)             Representations
of Additional Purchasers. Each Additional Purchaser shall have confirmed in the Supplement that the representations set forth in Section 6
are true with respect to such Additional Purchaser on and as of the date of issue of the Additional Notes.

 

(d)             Execution
and Delivery of Guaranty Ratification. Each Subsidiary Guarantor, if any, shall execute and deliver a ratification of its Subsidiary
Guarantee.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 5.          Representations
and Warranties of the Parent Guarantor and the Company.

 

As of the date of this Agreement
and each Closing for the Series 2022A Notes, the Parent Guarantor and/or the Company (as applicable) represent and warrant to each
Purchaser that:

 

Section 5.1.            Organization;
Power and Authority. (a) The Parent Guarantor is a corporation duly organized, validly existing
and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good
standing in each jurisdiction in which such qualification and good standing is required by law, other than those jurisdictions as to which
the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The Parent Guarantor has the corporate power and authority to own or hold under lease the properties it purports to own
or hold under lease, to conduct its business as described in the General Disclosure Package, to execute and deliver this Agreement and
the Parent Guaranty and to perform the provisions hereof and thereof.

 

(b)     The
Company is a limited partnership duly organized, validly existing and in good standing under the laws of its jurisdiction of organization,
and is duly qualified as a foreign limited partnership and is in good standing in each jurisdiction in which such qualification and good
standing is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the limited partnership power
and authority to own or hold under lease the properties it purports to own or hold under lease to conduct its business as described in
the General Disclosure Package, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

 

Section 5.2.            Authorization,
Etc. Each of the Note Documents has been duly authorized by all necessary corporate, limited
partnership or limited liability company, as applicable, action on the part of each Note Party party thereto, and each Note Document constitutes
a legal, valid and binding obligation of such Note Party enforceable against such Note Party in accordance with its terms, except as such
enforceability may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other
similar laws relating to or affecting the rights and remedies of creditors or (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 5.3.            Disclosure.

 

(a) The
Parent Guarantor has prepared and filed with the SEC an “automatic shelf registration statement”, as defined under Rule 405
(“Rule 405”) under the Securities Act, on Form S-3 (File No. 333-253262), covering the public offering
and sale of certain securities of the Parent Guarantor and the Company under the Securities Act and the rules and regulations promulgated
thereunder (collectively, the “1933 Act Regulations”), which automatic shelf registration statement became effective
under Rule 462(e) of the 1933 Act Regulations (“Rule 462(e)”). The “General Disclosure Package”,
as of any time, means (i) such registration statement as amended by any post-effective amendments thereto at such time, including
the exhibits and any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein at such
time pursuant to Item 12 of Form S-3 under the Securities Act and the documents otherwise deemed to be a part thereof as of such
time pursuant to Rule 430B of the 1933 Act Regulations (“Rule 430B”); provided, however, that
the “General Disclosure Package” referred to in this clause (i) without reference to a time means such registration statement
as amended by any post-effective amendments thereto as of, in the case of any representation or warranty, the date to which the applicable
representation relates, or otherwise as of the Effective Date, including the exhibits and schedules thereto at such time, the documents
incorporated or deemed to be incorporated by reference therein at such time and (ii) the Investor Presentation dated October 29,
2021 (the “Presentation”), relating to the transactions contemplated hereby. As of the Execution Date, the
General Disclosure Package, taken as a whole, does not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein not misleading in light of the circumstances under which they were made. The representations
and warranties in this Section 5.3(a) shall not apply to statements in or omissions from the General Disclosure Package made
in reliance upon and in conformity with written information furnished to the Company by Goldman Sachs & Co. expressly for use
therein.

 

(b) Except as disclosed
in the General Disclosure Package, since the date as of which information is given in the General Disclosure Package, there has been no
material adverse change in or affecting the real properties owned or leased (as a tenant) by the Note Parties and their respective Subsidiaries
(collectively, the “Properties”) taken as a whole or in the condition, financial or otherwise, or in the earnings,
business affairs, management or business prospects of the Note Parties and their respective Subsidiaries considered as one enterprise,
whether or not arising in the ordinary course of business.

 

(c) No
representation is made as to any projections, estimates or other forward-looking information in the General Disclosure Package other than
that the projections are based on information that the Parent Guarantor and the Company reasonably believe to be accurate and were calculated
in a manner the Parent Guarantor and the Company believe to be reasonable.

 

Section 5.4.            Capitalization.

 

(a)            The
authorized, issued and outstanding shares of capital stock of the Parent Guarantor and limited partnership units of the Company as of
September 30, 2021 are as set forth in the financial statements included or incorporated or deemed to be incorporated by reference
in the General Disclosure Package (except for subsequent issuances, if any, pursuant to this Agreement, pursuant to reservations, agreements
or employee benefit plans referred to in the General Disclosure Package or pursuant to the exercise of convertible or exchangeable securities
or options referred to in the General Disclosure Package). Except as disclosed in the General Disclosure Package, (i) no shares of
capital stock of the Parent Guarantor or limited partnership units of the Company are reserved for any purpose, (ii) there are no
outstanding instruments convertible into or exchangeable for any shares of capital stock or any other ownership interests of the Parent
Guarantor or any limited partnership units or any other ownership interests of the Company, and (iii) there are no outstanding options,
rights (preemptive or otherwise) or warrants to purchase or subscribe for shares of capital stock or any other ownership interests of
the Parent Guarantor. Each of (A) the outstanding shares of capital stock of the Parent Guarantor and limited partnership units of
the Company, (B) all outstanding instruments convertible into or exchangeable for any capital stock or any other ownership interests
of the Parent Guarantor or any limited partnership units or any other ownership interests of the Company and (C) all outstanding
options, rights or warrants to purchase or subscribe for shares of capital stock or any other ownership interests of the Parent Guarantor
or limited partnership units of the Company or any other ownership interests of the Company has been duly authorized and validly issued,
is fully paid and non-assessable, was issued in accordance with all applicable securities laws and conforms in all material respects to
all statements relating thereto in the General Disclosure Package and none of such outstanding shares of capital stock, limited partnership
units, instruments, options, rights or warrants were issued in violation of any preemptive rights, resale rights, rights of first offer
or refusal or other similar rights.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

(b)            Except
as disclosed in the General Disclosure Package, all of the issued and outstanding ownership interests in each Subsidiary of the Parent
Guarantor (including, without limitation, all of the issued and outstanding limited partnership units of the Company) have been duly authorized
and validly issued, are fully paid and non-assessable, were issued in accordance with all applicable securities laws and are owned by
the Parent Guarantor, directly or through wholly-owned subsidiaries, free and clear of any security interest, mortgage, pledge, lien,
encumbrance, claim or equity, and none of the outstanding ownership interests in any Subsidiary of the Parent Guarantor were issued in
violation of any preemptive rights, resale rights, rights of first offer or refusal or other similar rights.

 

Section 5.5.            Financial
Statements. All of the financial statements (including in each case the related schedules and
notes) included or incorporated or deemed to be incorporated by reference in the General Disclosure Package, together with the related
schedules and notes, present fairly in all material respects the financial condition of the Parent Guarantor and its consolidated Subsidiaries
at the dates indicated and the results of operations, stockholders’ equity and cash flows of the Parent Guarantor and its consolidated
Subsidiaries for the periods specified, and such financial statements have been prepared in conformity with GAAP applied on a consistent
basis throughout the periods presented.

 

Section 5.6.            Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by the Note Parties
of the Note Documents to which such Note Party is a party will not conflict with or constitute a breach of, or default or Repayment Event
(as defined below) under, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the Properties, assets
or operations of either of the Note Parties or any of their respective Subsidiaries pursuant to, any contract, indenture, mortgage, deed
of trust, loan or credit agreement, note, lease or other agreement or instrument to which either of the Note Parties or any of their respective
Subsidiaries is a party or by which it or any of them may be bound or to which any of their respective Properties, assets or operations
is subject (except for such conflicts, breaches, defaults, Repayment Events, Liens, charges or encumbrances that would not, singly or
in the aggregate, result in a Material Adverse Effect), nor will such action result in any violation of (i) the provisions of the
charter, bylaws, certificate of limited partnership, limited partnership agreement, limited liability company agreement or other organizational
document, as applicable, of either of the Note Parties or any of their respective Subsidiaries or (ii) any applicable law, statute,
rule, regulation, judgment, order, writ or decree of any Governmental Authority, except in the case of clause (ii) only, for any
such violation that would not, singly or in the aggregate, result in a Material Adverse Effect. As used herein, a “Repayment
Event” means any event or condition which gives the holder of any financing instrument (or any person acting on such holder’s
behalf) the right to require the repurchase, redemption or repayment of all or a portion of such financing by either of the Note Parties
or any of their respective subsidiaries.

 

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	Safehold Operating Partnership LP	
    Note Purchase Agreement

 

Section 5.7.     Governmental
Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority is required in connection with the execution, delivery or performance by any Note Party of the Note Documents
to which it is a party, in each case, except for consents, approvals, authorizations, registrations, filings and declarations which have
been duly obtained, taken, given or made and are in full force and effect.

 

Section 5.8.     Litigation;
Observance of Statutes and Orders. (a) Except as disclosed in the General Disclosure Package,
there are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting
the Parent Guarantor, the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental
Authority that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)            None
of the Parent Guarantor, the Company or any Subsidiary is (i) in violation of any order, judgment, decree or ruling of any court,
any arbitrator of any kind or any Governmental Authority or (ii) in violation of any applicable law, ordinance, rule or regulation
of any Governmental Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred
to in Section 5.16), in each case in this clause (b), which violation would, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

Section 5.9.     Taxes.
Each of the Parent Guarantor, the Company and each Subsidiary has filed all income tax returns that are required to have been filed in
any jurisdiction, and have paid all taxes shown to be due and payable on such returns by them, to the extent such taxes have become due
and payable, except for any taxes and assessments (i) the amount of which, individually or in the aggregate, is not Material or (ii) the
amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which
the Parent Guarantor, the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The
charges, accruals and reserves on the books of each of the Parent Guarantor, the Company and the Subsidiaries in respect of any tax liability
for any years not finally determined are adequate to meet any assessments or re-assessments for additional tax for any years not finally
determined, except to the extent of any inadequacy that would not, singly or in the aggregate, result in a Material Adverse Effect.

 

Section 5.10.   Title
to Property; Leases. The Parent Guarantor, the Company and the Subsidiaries have good and marketable
fee simple title to, or leasehold interest under a ground lease in, the Properties, in each case, free and clear of all security interests,
mortgages, pledges, liens, encumbrances, claims or equities of any kind other than, (1) those that are described in the General Disclosure
Package, (2) mortgages to secure Non-Recourse Debt incurred in the ordinary course of business, (3) those that are incurred,
suffered or imposed by any tenant on any leased Property or (4) those that do not, singly or in the aggregate, materially affect
the value of such Property and do not materially interfere with the use made and proposed to be made of such Property by the Note Parties
and any of their respective Subsidiaries. Each of the Material ground leases under which a Note Party or one of its Subsidiaries is a
ground landlord relating to a Property are in full force and effect, with such exceptions as do not materially interfere with the use
made or proposed to be made of such Property by either of the Note Parties or any of their respective Subsidiaries, and (1) no default
or event of default has occurred under any such ground lease with respect to such Property and none of the Note Parties or any of their
respective Subsidiaries has received any notice of any event which, whether with or without the passage of time or the giving of notice,
or both, would constitute a default under such ground lease, except, in each case, for such defaults or events of default that would,
not singly or in the aggregate, result in a Material Adverse Effect, and (2) none of the Note Parties or any of their respective
Subsidiaries has received any notice of any Material claim of any sort that has been asserted by anyone adverse to the rights of the Note
Parties or any of their respective Subsidiaries under any of the ground leases mentioned above, or affecting or questioning the rights
of the Note Parties and any of their respective Subsidiaries to the continued possession of the leased premises under any such ground
lease.

 

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	Safehold Operating Partnership LP	
    Note Purchase Agreement

 

Section 5.11.   Licenses,
Permits, Etc. Except as disclosed in the General Disclosure Package, the Parent Guarantor, the
Company and the Subsidiaries own or possess all licenses, permits, approvals, consents and other authorizations (collectively, the “Governmental
Licenses”) issued by the appropriate Governmental Authorities under applicable law necessary to conduct the business now operated
by them, except where the failure so to possess would not, singly or in the aggregate, result in a Material Adverse Effect. The Note Parties
and their respective Subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions,
copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems
or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual Property”)
reasonably necessary to conduct the business now operated by them, and neither of the Note Parties nor any of their respective subsidiaries
has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual
Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of
the Note Parties or any of their respective subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable
decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in a Material Adverse Effect.

 

Section 5.12.   Compliance
with Employee Benefit Plans. (a) The Company and each ERISA Affiliate have operated and
administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA
Affiliate has incurred any liability with respect to any Plan pursuant to Title I or IV of ERISA or the penalty or excise tax provisions
of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred
or exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the
Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA
Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise
tax provisions under the Code or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a
Plan, other than such liabilities or Liens as would not individually or in the aggregate reasonably be expected to result in a Material
Adverse Effect.

 

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	Safehold Operating Partnership LP	
    Note Purchase Agreement

 

(b)            The
present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end
of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s
most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit
liabilities by more than a Material amount. The term “benefit liabilities” has the meaning specified in section 4001
of ERISA and the terms “current value” and “present value” have the meaning specified in section 3
of ERISA.

 

(c)            The
Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under
section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material.

 

(d)            The
expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance
with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable
to continuation coverage mandated by section 4980B of the Code) of the Parent Guarantor and its Subsidiaries is not Material.

 

(e)            The
execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject
to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of
the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance
upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds to be used
to pay the purchase price of the Notes to be purchased by such Purchaser.

 

(f)             All
Non-U.S. Plans (if any) have been established, operated, administered and maintained in compliance with all laws, regulations and orders
applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums,
contributions and any other amounts (if any) required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by
the Company and its Subsidiaries with respect to such Non-U.S. Plan have been paid or accrued as required, except where failure so to
pay or accrue could not be reasonably expected to have a Material Adverse Effect.

 

Section 5.13.   Private
Offering by the Company. None of the Note Parties nor anyone acting on their behalf have offered
the Notes, the Note Guaranties or any similar Securities for sale to, or solicited any offer to buy the Notes, the Note Guaranties or
any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than 13 Institutional Investors
(not including the Purchasers, which Purchasers are also the Institutional Investors), each of which has been offered the Notes at a private
sale for investment. None of the Note Parties nor anyone acting on its behalf has taken, or will take, any action that would subject the
issuance or sale of the Notes or the execution and delivery of the Note Guaranties to the registration requirements of section 5
of the Securities Act or to the registration requirements of any Securities laws of the jurisdiction of organization of the Parent Guarantor
or the Company.

 

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	Safehold Operating Partnership LP	
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Section 5.14.   Use
of Proceeds; Margin Regulations. The Company intends to apply the proceeds of the sale of the
Notes hereunder to repay borrowings under its Primary Credit Facility and for general corporate purposes, which may include the making
of additional investments in ground leases. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly,
for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve
the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T
of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its
Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets.
As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have
the meanings assigned to them in said Regulation U.

 

Section 5.15.   Existing
Debt. None of the Parent Guarantor, the Company or any Subsidiary is in default and no waiver
of default is currently in effect, in the payment of any principal or interest on any Debt of the Parent Guarantor, the Company or such
Subsidiary and no event or condition exists with respect to any Material Recourse Debt or Material Non-Recourse Debt of the Parent Guarantor,
the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons
to cause such Material Recourse Debt or Material Non-Recourse Debt to become due and payable before its stated maturity or before its
regularly scheduled dates of payment.

 

Section 5.16.   Foreign
Assets Control Regulations, Etc. (a) None of the Parent Guarantor, the Company or any Controlled
Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions
List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union.

 

(b)            None
of the Parent Guarantor, the Company or any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted
under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s
knowledge, is under investigation by any Governmental Authority for possible violation of any applicable U.S. Economic Sanctions Laws,
Anti-Money Laundering Laws or Anti-Corruption Laws.

 

(c)             No
part of the proceeds from the sale of the Notes hereunder:

 

(i)            constitutes
or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly
or knowingly indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for
any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of
any U.S. Economic Sanctions Laws;

 

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	Safehold Operating Partnership LP	
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(ii)           will
be used, directly or knowingly indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering
Laws; or

 

(iii)          will
be used, directly or knowingly indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official
or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be
in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

 

(d)            Each
of the Parent Guarantor and the Company has established procedures and controls which it reasonably believes are adequate (and otherwise
comply with applicable law) to ensure that the Parent Guarantor, the Company and each Controlled Entity is and will continue to be in
compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

 

Section 5.17.   Status
under Certain Statutes. None of the Parent Guarantor, the Company or any Subsidiary is required
to register as an “investment company” under the Investment Company Act of 1940.

 

Section 5.18.   Notes
and Guaranties Rank Pari Passu. The payment obligations of the Company under this Agreement and,
upon issuance, the Notes and the payment obligations of each Note Guarantor under its Note Guaranty will on the date of issuance thereof,
rank at least pari passu in right of payment with all other unsecured and unsubordinated Debt (actual or contingent) then outstanding
of the Company or such Note Guarantor, as the case may be, in each case except for those obligations that are mandatorily preferred by
law.

 

Section 5.19.   Real
Estate Investment Trust Status. The Parent Guarantor is qualified as a real estate investment
trust under the Code. The shares of at least one class of common equity interests of the Parent Guarantor are listed on the New York
Stock Exchange.

 

Section 6.            Representations
of the Purchasers.

 

Section 6.1.     Purchase
for Investment.     Each Purchaser
severally represents that it is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D of the Securities Act and is purchasing the Notes for its own account or for one or more separate accounts maintained by
such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that
the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. Each
Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to
the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such
registration nor such an exemption is required by law, and that the Company is not required to register the Notes.

 

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	Safehold Operating Partnership LP	
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Section 6.2.     Source
of Funds. Each Purchaser severally represents that at least one of the following statements is
an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase
price of the Notes to be purchased by such Purchaser hereunder:

 

(a)           the
Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the
annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account
contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general
account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof
as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities
of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such
Purchaser’s state of domicile; or

 

(b)           the
Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which
the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or
to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance
of the separate account; or

 

(c)           the
Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective
investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to
this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns
more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

 

(d)           the
Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”))
managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM
Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets
of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of
the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total
client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the
QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the
Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such
QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other
employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of
the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund,
have been disclosed to the Company in writing pursuant to this clause (d); or

 

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	Safehold Operating Partnership LP	
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(e)           the
Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling
or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a
10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose
assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or

 

(f)            the
Source is a governmental plan; or

 

(g)           the
Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each
of which has been identified to the Company in writing pursuant to this clause (g); or

 

(h)           the
Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.

 

As used in this Section 6.2, the terms “employee
benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings
assigned to such terms in section 3 of ERISA.

 

Section 6.3.     Purchaser
Representations and Agreements.     Each
Purchaser severally represents and agrees (for itself and for each account for which such Purchaser is acquiring Notes) that:

 

(a)           it
is not relying upon, and has not relied upon, any statement, representation or warranty made by Goldman Sachs & Co., any of its
affiliates or any of its or their control persons, officers, directors or employees, in making its investment or decision to invest in
the Company;

 

(b)           none
of Goldman Sachs & Co., any of its affiliates or any of its or their control persons, officers, directors or employees shall
be liable to any purchaser in connection with its purchase of the Notes;

 

(c)           it
has carefully reviewed any disclosure documents used in the offering of the Notes and has been furnished with all other materials that
it considers relevant to an investment in the Notes;

 

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	Safehold Operating Partnership LP	
    Note Purchase Agreement

 

(d)           has
had a full opportunity to ask questions of and receive answers from the Company or any person or persons acting on behalf of the Company
concerning the terms and conditions of an investment in the Notes;

 

(e)           has
independently made its own analysis and decision to invest in the Notes; and

 

(f)            no
statement or printed material which is contrary to the disclosure documents has been made or given to the Purchaser by or on behalf of
the Company.

 

Section 7.            Information as to the Parent Guarantor and the Company.

 

Section 7.1.     Financial
and Business Information. The Company shall deliver to each Purchaser and holder of a Note that
is an Institutional Investor:

 

(a)           Quarterly
Statements — within 15 days after the filing of the Parent Guarantor’s Quarterly Report on Form 10-Q (the “Form 10-Q”)
with the SEC after the end of each quarterly fiscal period in each fiscal year of the Parent Guarantor (other than the last quarterly
fiscal period of each such fiscal year), duplicate copies of, the financial statements included in the Form 10-Q, setting forth in
each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared
in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of the Parent
Guarantor as fairly presenting, in all material respects, the consolidated financial position of the companies being reported on and their
consolidated results of operations and consolidated cash flows, subject to changes resulting from year-end adjustments; provided
that delivery within the time period specified above of copies of Parent Guarantor’s Form 10-Q prepared in compliance with
the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a);

 

(b)           Annual
Statements — within 15 days after the filing of the Parent Guarantor’s Annual Report on Form 10-K (the “Form 10-K”)
after the end of each fiscal year of the Parent Guarantor, duplicate copies of the financial statements included in the Form 10-K,
setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance
with GAAP, and accompanied by an opinion thereon (without any “going concern” or like qualification or exception or any qualification
or exception as to the scope of such audit (except as may be required solely as a result of the impending maturity of any Debt or any
anticipated inability to satisfy any financial maintenance covenant)) of independent public accountants of recognized national standing,
which opinion shall state that such financial statements present fairly, in all material respects, the consolidated financial position
of the companies being reported upon and their consolidated results of operations and consolidated cash flows and have been prepared in
conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance
with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances; provided
that the delivery within the time period specified above of Parent Guarantor’s Form 10-K for such fiscal year (together with
Parent Guarantor’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared
in accordance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(b);

 

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(c)           SEC
and Other Reports — within 15 days after it files them with the SEC, one copy of (i) each financial statement, report,
notice or proxy statement or similar document sent by the Parent Guarantor, the Company or any Subsidiary (x) to its creditors under
any Material Credit Facility (excluding information sent to such banks in the ordinary course of administration of a credit facility,
such as information relating to pricing and borrowing availability) or (y) to its public Securities holders generally, and (ii) each
regular or periodic report, each registration statement (without exhibits except as expressly requested by such holder), and each final
prospectus and all amendments thereto filed by the Parent Guarantor, the Company or any Subsidiary with the SEC and of all press releases;

 

(d)           Notice
of Default or Event of Default — promptly, and in any event within five days after a Responsible Officer of the Company or the
Parent Guarantor becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period
of existence thereof and what action the Company is taking or proposes to take with respect thereto;

 

(e)           Employee
Benefits Matters — promptly, and in any event within five days after a Responsible Officer of the Company or the Parent Guarantor
becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or,
to the knowledge of the Company, an ERISA Affiliate, proposes to take with respect thereto:

 

(i)            with
respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on the date hereof;

 

(ii)           the
taking by the PBGC, of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate
of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan;

 

(iii)          any
event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate with respect
to any Plan pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans,
or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I
or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or
Liens then existing, could reasonably be expected to have a Material Adverse Effect; or

 

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(iv)          receipt
of notice of the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by
way of indemnity or otherwise) with respect to one or more Non-U.S. Plans that could reasonably be expected to have a Material Adverse
Effect;

 

(f)            Debt
Rating — promptly following the occurrence thereof, notice of any change in the Debt Rating for the Notes;

 

(g)           Resignation
or Replacement of Auditors — within 10 days following the date on which the Parent Guarantor’s auditors resign or the
Parent Guarantor elects to change auditors, as the case may be, notification thereof, together with such further information as the Required
Holders may request; and

 

(h)           Requested
Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial
condition, assets or properties of the Parent Guarantor, the Company or any Subsidiary (including actual copies of the Parent Guarantor’s
Form 10-Q and Form 10-K) or relating to the ability of any Note Party to perform its obligations under the Note Documents as
from time to time may be reasonably requested by any such Purchaser or holder of a Note; and

 

(i)            Supplements
 — promptly, and in any event within 10 Business Days after the execution and delivery of any Supplement, a copy thereof.

 

For so long as the Notes are outstanding,
if at any time the Parent Guarantor is not subject to the periodic reporting requirements of the Exchange Act for any reason, the Company
will, at the Company’s option, either (i) post on a publicly available website, (ii) post on IntraLinks or any comparable
password protected online data system requiring user identification (a “Confidential Datasite”), or (iii) deliver
to each Purchaser and holder of a Note that is an Institutional Investor within 15 days of the filing date that would be applicable to
a non-accelerated filer at that time pursuant to applicable SEC rules and regulations, the quarterly and audited annual financial
statements and accompanying “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
that would have been required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q, respectively,
had the Company been subject to such Exchange Act reporting requirements.

 

Section 7.2.     Officer’s
Certificate. Each set of financial statements delivered to a Purchaser or a holder of a Note
pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer of
the Parent Guarantor:

 

(a)           Covenant
Compliance — setting forth the information from such financial statements that is required in order to establish whether the
Company was in compliance with the requirements of Sections 10.5 and any Incorporated Covenant that is a Financial Covenant during the
quarterly or annual period covered by the financial statements then being furnished (including with respect to each such provision that
involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and
detailed calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section,
and the calculation of the amount, ratio or percentage then in existence. In the event that the Parent Guarantor, the Company or any Subsidiary
has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining
compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial
Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election;

 

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(b)           Event
of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to
be made, under his or her supervision, a review of the transactions and conditions of the Parent Guarantor, the Company and the Subsidiaries
from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and
that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an
Event of Default or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what
action the Parent Guarantor, the Company or such Subsidiary shall have taken or proposes to take with respect thereto; and

 

(c)           Subsidiary
Guarantors — setting forth a list of all Subsidiaries that are Subsidiary Guarantors (if any) and certifying that each Subsidiary
that is required to be a Subsidiary Guarantor pursuant to Section 9.7 is (or within the time period required by Section 9.7
will become) a Subsidiary Guarantor, in each case, as of the date of such certificate of Senior Financial Officer.

 

Section 7.3.     Visitation.
The Parent Guarantor shall permit, and will cause the Company to permit the representatives of each Purchaser and each holder of a Note
(other than, so long as no Event of Default has occurred and is continuing, a Competitor) that is an Institutional Investor:

 

(a)           No
Event of Default — if no Event of Default then exists, at the expense of such Purchasers or such holders and upon five (5) Business
Days’ prior notice to the Parent Guarantor or the Company, as the case may be, and during normal business hours, to visit the principal
executive offices of the Parent Guarantor or the Company, to discuss the affairs, finances and accounts of the Parent Guarantor, the Company
and the Subsidiaries with the Parent Guarantor’s or the Company’s officers, and (with the consent of the Parent Guarantor
or the Company, as the case may be, which consent will not be unreasonably withheld) to visit the other offices and, subject to the rights
of the lessees under leases, properties of the Parent Guarantor, the Company and each Subsidiary, all at such reasonable times and as
often as may be reasonably requested in writing; provided, that unless an Event of Default has occurred and is continuing, such
visits shall be limited to once in any calendar year and only one such visit per calendar year shall be at the expense of the Company;
and

 

(b)           Event
of Default — if an Event of Default then exists, at the expense of the Company to visit and inspect any of the offices or, subject
to the rights of the lessees under leases, properties of the Parent Guarantor, the Company or any Subsidiary, to examine all their respective
books of account, records, reports and other papers, to make copies and extracts therefrom and to discuss their respective affairs, finances
and accounts with their respective officers and independent public accountants (to the extent that the Purchaser or holder has given the
Company the opportunity to participate in any discussions with such independent public accountants) (and by this provision the Parent
Guarantor authorizes said accountants to discuss the affairs, finances and accounts of the Parent Guarantor, the Company and the Subsidiaries),
all at such times and as often as may be requested;

 

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provided, the Purchasers and
the holders of the Notes and their representatives shall use commercially reasonable efforts to minimize disruption with the business
of the lessees under the leases and disturbance of such lessees in violation of the applicable leases.

 

Notwithstanding anything to the contrary
in this Section, none of Parent Guarantor, the Company or any Subsidiary will be required to disclose, permit the inspection, examination
or making copies of abstracts of, or discussion of, any document, information or other matter (i) that constitutes non-financial
trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to any Purchaser or any holder of a Note
(or their respective representatives or contractors) is prohibited by any applicable law or any binding agreement or (iii) that is
subject to attorney-client or similar privilege or constitutes attorney work product.

 

Section 7.4.     Electronic
Delivery. Financial statements, opinions of independent certified public accountants, other information
and Officer’s Certificates that are required to be delivered by the Company pursuant to Sections 7.1 and 7.2 shall be deemed to
have been delivered if the Company satisfies or causes to be satisfied any of the following requirements with respect thereto:

 

(a)           such
financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying
the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each Purchaser
and holder of a Note by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time
to time in a separate writing delivered to the Company;

 

(b)           the
Parent Guarantor shall have timely filed such Form 10-Q or Form 10-K, satisfying the requirements of Section 7.1(a) or
Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer’s Certificate
satisfying the requirements of Section 7.2 available through its home page on the Internet, which is located at www.safeholdinc.com
as of the date of this Agreement;

 

(c)           such
financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s Certificate(s) satisfying
the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf
of the Parent Guarantor on IntraLinks or on any other similar website to which each holder of Notes has free access; or

 

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(d)           the
Parent Guarantor shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR and shall have
made such items available on its home page on the internet or on IntraLinks or on any other similar website to which each holder
of Notes has free access;

 

provided, however, that in no case shall
access to such financial statements, other information and Officer’s Certificates be conditioned upon any waiver or other agreement
or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); provided further, that in
the case of any of clauses (b), (c) or (d), the Company shall give each holder of a Note prompt notice, which may be by e-mail or
in accordance with Section 18, of such posting or filing in connection with each delivery; provided further, that upon request
of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive
them by e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder.

 

Section 8.            Payment
and Prepayment of the Notes.

 

Section 8.1.     Maturity.
As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.

 

Section 8.2.     Optional
Prepayments with Make-Whole Amount. The Company may, at its option, upon notice as provided below,
prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of
the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the applicable Make-Whole
Amount for such tranche determined for the prepayment date with respect to such principal amount; provided, that, so long as no
Default or Event of Default shall then exist, at any time on or after November 15, 2051 the Company may, at its option, upon notice
as provided below, prepay all or any part of the Series 2022A Notes at 100% of the principal amount so prepaid, together with, in
each case, accrued interest to the prepayment date, without any Make-Whole Amount. The Company will give each holder of Notes written
notice of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed
for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 17. Each such notice
shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal
amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on
the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial
Officer of the Parent Guarantor as to the estimated Make-Whole Amount (if any) due in connection with such prepayment (calculated as if
the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such
prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer of the Parent Guarantor specifying
the calculation of such Make-Whole Amount, if any, as of the specified prepayment date.

 

Section 8.3.     Allocation
of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2,
the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly
as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. Any prepayments pursuant to
Section 8.7 shall be applied only to the Notes of the holders electing to participate in such prepayment.

 

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	Safehold Operating Partnership LP	
    Note Purchase Agreement

 

Section 8.4.     Maturity;
Surrender, Etc.     In
the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and
become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and
the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so
due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease
to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall
be issued in lieu of any prepaid principal amount of any Note.

 

Section 8.5.     Purchase
of Notes. Neither the Parent Guarantor nor the Company will, and will not permit any of their
Affiliates, to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon
the payment or prepayment of the Notes in accordance with this Agreement and the Notes or (b) pursuant to a written offer to purchase
any outstanding Notes made by the Company or an Affiliate pro rata to the holders of the Notes at the time outstanding upon the same terms
and conditions. Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect
to such offer, and shall remain open for at least ten Business Days. If the holders of more than 50% of the principal amounts of the Notes
then outstanding accept such offer, the Company shall promptly notify the remaining holders of Notes of such fact and the expiration date
for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder
at least five Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired
by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to this Agreement and no Notes may be issued
in substitution or exchange for any such Notes.

 

Section 8.6.     Make-Whole
Amount.

 

The term “Make-Whole
Amount” means, (a) with respect to any Series 2022A Note, an amount equal to the excess, if any, of the Discounted
Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal,
provided that the Make-Whole Amount may in no event be less than zero and (b) for any other tranche of Notes, as set forth
in the applicable Supplement. For the purposes of determining the Make-Whole Amount for the Series 2022A Notes, the following terms
have the following meanings:

 

“Called Principal”
means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared
to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

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“Discounted Value”
means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect
to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance
with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

 

“Reinvestment Yield”
means, with respect to the Called Principal of any Note, the sum of (a) 0.50% plus (b) the yield to maturity implied by the
 “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement
Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace
Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”)
having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury
securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by
(a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating
linearly between the “Ask Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury
securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than
such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of
the applicable Note.

 

If such yields are not Reported
or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield”
means, with respect to the Called Principal of any Note, the sum of (x) 0.50% plus (y) the yield to maturity implied by the
U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second
Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any
comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such
Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining
Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant
maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant
maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the
number of decimal places as appears in the interest rate of the applicable Note.

 

“Remaining Average
Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into
(ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect
to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and
calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled
due date of such Remaining Scheduled Payment.

 

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“Remaining Scheduled
Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon
that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior
to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under
the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.

 

“Settlement Date”
means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2
or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

Section 8.7.     Change
of Control.

 

(a)            Notice
of Change of Control.  The Parent Guarantor will, no later than ten Business Days after any Responsible Officer of the Parent Guarantor
has knowledge of the occurrence of any Change of Control give written notice (the “Change of Control Notice”) of such
Change of Control to each holder of Notes; provided that such notice of such Change of Control shall contain and constitute an
offer by the Company to prepay Notes in accordance with paragraph (b) of this Section 8.7 and shall be accompanied by the
certificate described in paragraph (e) of this Section 8.7; provided, that this Section 8.7 shall not apply
to any tranche of Notes for which the applicable Supplement expressly provides that this Section 8.7 does not apply.

 

(b)            Offer
to Prepay Notes. The offer to prepay Notes contemplated by paragraph (a) of this Section 8.7 shall be an offer to prepay,
in accordance with and subject to this Section 8.7, all, but not less than all, the Notes held by each holder (in this case only,
 “holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial
owner) on a date (which date shall be a Business Day) specified in such offer (the “Proposed Prepayment Date”). Such
date shall be not less than 30 days and not more than 60 days after the date of such offer (if the Proposed Prepayment Date
shall not be specified in such offer, the Proposed Prepayment Date shall be the Business Day nearest to the 45th day after the date of
such offer).

 

(c)             Acceptance;
Rejection. A holder of Notes may accept or reject the offer to prepay made pursuant to this Section 8.7 by causing a notice of
such acceptance or rejection to be delivered to the Company at least ten Business Days prior to the Proposed Prepayment Date. A failure
by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.7 or to accept an offer as to all of the Notes
held by the holder, in each case on or before the tenth Business Day preceding the Proposed Prepayment Date shall be deemed to constitute
a rejection of such offer by such holder.

 

(d)            Prepayment.
Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together
with accrued and unpaid interest thereon, but without the Make-Whole Amount or any other prepayment premium or penalty of any kind.

 

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(e)            Officer’s
Certificate.  Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by a certificate, executed by
a Senior Financial Officer of the Parent Guarantor and dated the date of such offer, specifying: (i) the Proposed Prepayment Date;
(ii) that such offer is made pursuant to this Section 8.7; (iii) the principal amount of each Note offered to be prepaid;
(iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; and (v) in
reasonable detail, the nature and date or proposed date of the Change of Control.

 

(f)             Definitions.

 

“Change of Control”
means (a) a “Change of Control” as defined in the Primary Credit Facility or (b) if the Primary Credit Facility
is terminated or no longer includes a “Change of Control” definition, an event or series of events by which:

 

(a)           any
Person or “group” (as such term is defined in applicable federal securities laws and regulations), other than iStar Inc. or
an Affiliate of iStar Inc., shall become the owner, directly or indirectly, beneficially or of record, of shares representing more than
forty percent (40%) of the aggregate ordinary voting power represented by all classes of the issued and outstanding common shares of the
Parent Guarantor; or

 

(b)           the
Parent Guarantor or its Affiliates shall cease to Control the sole general partner of the Company or the Parent Guarantor or its Affiliates
shall cease to Control the Company.

 

Section 8.8.     Payments
Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding,
(x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day
shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable
on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due
on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day
and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

 

Section 9.            Affirmative
Covenants.

 

From the date of this Agreement
until the First Closing and thereafter, so long as any of the Notes are outstanding, the Parent Guarantor and the Company jointly and
severally covenant that:

 

Section 9.1.     Compliance
with Laws. Without limiting Section 10.4, the Parent Guarantor will, and will cause the
Company and each Subsidiary to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject
(including ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16)
and will obtain and maintain in effect all Governmental Licenses necessary to the ownership of their respective Properties or to the conduct
of their respective businesses, in each case except where (i) the necessity of compliance with such laws, ordinances or governmental
rules or regulations is contested in good faith by appropriate proceedings or (ii) the failure to comply, obtain or maintain,
as applicable, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Notwithstanding
anything to the contrary set forth in this Agreement, any failure to comply with this provision resulting from the failure of a tenant,
lessee or sub-lessee to take, or refrain from taking, action pursuant to the terms of any ground lease or similar agreement between the
Consolidated Party and such tenant, lessee or sub-lessee shall not result in a breach of this provision; provided that, to the
extent this would otherwise result in a breach of this provision, such Consolidated Party shall use commercially reasonable efforts to
enforce the agreement between itself and the relevant tenant, lessee or sub-lessee.

 

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Section 9.2.     Insurance.
The Parent Guarantor will, and will cause the Company and each Subsidiary to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective Properties and businesses against such casualties and contingencies, of such types, on such
terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto)
as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. Notwithstanding
anything to the contrary set forth in this Agreement, any failure to comply with this provision resulting from the failure of a tenant,
lessee or sub-lessee to take, or refrain from taking, action pursuant to the terms of any ground lease or similar agreement between the
Consolidated Party and such tenant, lessee or sub-lessee shall not result in a breach of this provision; provided that, to the
extent this would otherwise result in a breach of this provision, such Consolidated Party shall use commercially reasonable efforts to
enforce the agreement between itself and the relevant tenant, lessee or sub-lessee.

 

Section 9.3.     Maintenance
of Properties. Subject to Sections 10.2, the Parent Guarantor will, and will cause the Company
and each Subsidiary to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order
and condition (other than ordinary wear and tear and casualty and condemnation) except where the failure to do so would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. Notwithstanding anything to the contrary set forth in this
Agreement, any failure to comply with this provision resulting from the failure of a tenant, lessee or sub-lessee to take, or refrain
from taking, action pursuant to the terms of any ground lease or similar agreement between the Consolidated Party and such tenant, lessee
or sub-lessee shall not result in a breach of this provision; provided that, to the extent this would otherwise result in a breach
of this provision, such Consolidated Party shall use commercially reasonable efforts to enforce the agreement between itself and the relevant
tenant, lessee or sub-lessee.

 

Section 9.4.     Payment
of Taxes and Claims. The Parent Guarantor will, and will cause the Company and each Subsidiary
to, file all income or similar tax returns required to be filed in any jurisdiction and to pay and discharge all income taxes shown to
be due and payable on such returns and all other taxes, assessments, governmental charges, or levies payable by them, to the extent the
same have become due and payable, provided that none of the Parent Guarantor, the Company or any Subsidiary need pay any such tax,
assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by the Parent Guarantor, the
Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Parent Guarantor, the Company or such
Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Parent Guarantor, the Company or such
Subsidiary or (ii) the nonpayment of all such taxes, assessments, charges, and levies would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

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	Safehold Operating Partnership LP	
    Note Purchase Agreement

 

Section 9.5.     Legal
Existence, Etc. The Parent Guarantor will, and will cause the Company and each Subsidiary to,
at all times preserve and keep its limited partnership, limited liability company, corporate or other organizational existence, as the
case may be, in full force and effect, except (i) in a transaction permitted by Section 10.2 or (ii) solely in the
case of a Subsidiary that is not a Note Party, to the extent that the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

 

Section 9.6.     Books
and Records. The Parent Guarantor will, and will cause the Company and each Subsidiary to, maintain
proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made
of all financial transactions and matters involving the assets and business of the Parent Guarantor, the Company or such Subsidiary, as
the case may be.

 

Section 9.7.     Subsidiary
Guarantors. (a) The Company will cause each of its Subsidiaries that guarantees or otherwise
becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Debt under any
Material Credit Facility (without, for purposes of this Section 9.7, giving effect to clause (b) of the definition of Material
Credit Facility) to, within 60 days following such Subsidiary becoming so liable:

 

(i)            enter
into an agreement (or joinder to an existing Subsidiary Guaranty if a Subsidiary Guaranty has previously been delivered hereunder) in
form and substance reasonably satisfactory to the Required Holders providing for the guaranty by such Subsidiary, on a joint and several
basis with all other such Subsidiaries, of (x) the prompt payment in full when due of all amounts payable by the Company pursuant
to the Notes (whether for principal, interest, Make-Whole Amount or otherwise) and this Agreement, including all indemnities, fees and
expenses payable by the Company thereunder and (y) the prompt, full and faithful performance, observance and discharge by the Company
of each and every covenant, agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed
or discharged by it (a “Subsidiary Guaranty”); and

 

(ii)           deliver
the following to each holder of a Note:

 

(A)          an
executed counterpart of such Subsidiary Guaranty or joinder thereto;

 

(B)           to
the extent required under such Material Credit Facility, a certificate signed by an authorized responsible officer of such Subsidiary
containing representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained
in Sections 5.1, 5.2, 5.6, 5.7 and 5.18 of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty or joinder
thereto rather than the Company);

 

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	Safehold Operating Partnership LP	
    Note Purchase Agreement

 

(C)           to
the extent required under such Material Credit Facility, all documents as may be reasonably requested by the Required Holders to evidence
the due organization, continuing existence and, where applicable, good standing of such Subsidiary and the due authorization by all requisite
action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty or joinder thereto and the performance
by such Subsidiary of its obligations thereunder; and

 

(D)          to
the extent required under such Material Credit Facility, an opinion of counsel reasonably satisfactory to the Required Holders covering
such matters relating to such Subsidiary and such Subsidiary Guaranty or joinder thereto as the Required Holders may reasonably request.

 

(b)            At
the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor that has provided a Subsidiary Guaranty
(or joinder thereto) under subparagraph (a) of this Section 9.7 may be discharged from all of its obligations and liabilities
under its Subsidiary Guaranty (or joinder thereto) and shall be automatically released from its obligations thereunder without the need
for the execution or delivery of any other document by the holders, provided that (i) if such Subsidiary Guarantor is a guarantor
or is otherwise liable for or in respect of any Material Credit Facility (without, for purposes of this Section 9.7, giving effect
to clause (b) of the definition of Material Credit Facility), then such Subsidiary Guarantor has been released and discharged (or
will be released and discharged concurrently with the release of such Subsidiary Guarantor under its Subsidiary Guaranty or joinder thereto)
under such Material Credit Facility (or such instrument no longer constitutes such a Material Credit Facility), (ii) at the time
of, and after giving effect to, such release and discharge, no Default or Event of Default shall be existing, (iii) no amount is
then due and payable under such Subsidiary Guaranty, (iv) if in connection with such Subsidiary Guarantor being released and discharged
under any Material Credit Facility, any fee or other form of consideration is given to any holder of Debt under such Material Credit Facility
for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith and (v) each
holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv).

 

Section 9.8.     Pari
Passu Ranking. The Company will ensure that its payment obligations under this Agreement and
the Notes, and the payment obligations of each Note Guarantor under its Note Guaranty, will at all times rank at least pari passu,
without preference or priority, with all other unsecured and unsubordinated Debt of the Company and such Note Guarantor, as applicable.

 

Section 9.9.     Maintenance
of Status. The Parent Guarantor shall, and the Company shall cause the Parent Guarantor to at
all times conduct its affairs and the affairs of its Subsidiaries in a manner so as to continue to qualify as a Parent Guarantor and elect
to be treated as a REIT under all applicable laws, rules and regulations.

 

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	Safehold Operating Partnership LP	
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Section 9.10.            Most
Favored Lender.

 

(a)            If
at any time a Material Credit Facility contains a Financial Covenant or a negative covenant that is more favorable to the lenders under
such Material Credit Facility than the covenants, definitions and/or defaults contained in this Agreement (any such Financial Covenant
or negative covenant (including any necessary definition), a “More Favorable Covenant”), then the Company shall provide
a Most Favored Lender notice in respect of such More Favorable Covenant. Such More Favorable Covenant shall be deemed automatically incorporated
by reference into Section 10 of this Agreement, mutatis mutandis, as if set forth in full herein, effective as of the date
(i) in the case of any More Favorable Covenant in effect on the date of this Agreement, on the date of this Agreement and (ii) in
the case of any More Favorable Covenant that becomes effective after the date of this Agreement, when such More Favorable Covenant shall
have become effective under such Material Credit Facility, unless waived in writing by the Required Holders within 15 days after each
holder’s receipt of such notice of such More Favorable Covenant.

 

(b)            Any
More Favorable Covenant incorporated into this Agreement (herein referred to as an “Incorporated Covenant”) pursuant
to this Section 9.10 (i) shall be deemed automatically amended herein to reflect any subsequent amendments made to such More
Favorable Covenant under the applicable Material Credit Facility; provided that, if an Event of Default then exists and the amendment
of such More Favorable Covenant would make such covenant less restrictive on the Company or Guarantor, such Incorporated Covenant shall
only be deemed automatically amended at such time, if it should occur, when such Event of Default no longer exists and (ii) shall
be deemed automatically deleted, waived or cured (as applicable) from this Agreement at such time as such More Favorable Covenant is deleted
or otherwise removed, waived or cured (as applicable) from the applicable Material Credit Facility or such applicable Material Credit
Facility ceases to be a Material Credit Facility or shall be repaid or terminated; provided that, if an Event of Default then exists,
such Incorporated Covenant shall only be deemed automatically deleted from this Agreement, waived or cured, as applicable, at such time,
if it should occur, when such Event of Default no longer exists; provided further, however, that if any fee or other consideration
shall be given to the lenders under such Material Credit Facility for such amendment or deletion (other than, for the avoidance of doubt,
the repayment of the Debt under such Material Credit Facility), the equivalent of such fee or other consideration shall be given, pro
rata, to the holders of the Notes. In determining whether a breach of any Incorporated Covenant shall constitute a Default or an Event
of Default, the period of grace, if any, applicable to such Incorporated Covenant in the applicable Material Credit Facility shall apply.

 

(c)            “Most
Favored Lender Notice” means, in respect of any More Favorable Covenant, a written notice to each of the holders of the Notes
delivered promptly, and in any event within ten Business Days after the inclusion of such More Favorable Covenant in any Material Credit
Facility (including by way of amendment or other modification of any existing provision thereof) from a Responsible Officer of the Parent
Guarantor referring to the provisions of this Section 9.10 and setting forth a reasonably detailed description of such More Favorable
Covenant (including any defined terms used therein) and related explanatory calculations, as applicable.

 

(d)            Additionally,
notwithstanding the foregoing, no covenant, definition or default expressly set forth in this Agreement as of the date of this Agreement
(or incorporated into this Agreement by an amendment or modification to this Agreement other than pursuant to this Section 9.10)
shall be deemed to be amended to be less restrictive on the Company or deleted in any respect by virtue of the provisions of this Section 9.10.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 9.11.            Rating
Confirmation.

 

(a)            The
Company shall at all times maintain a Debt Rating for the Notes from an Acceptable Rating Agency.

 

(b)            At
any time that the Debt Rating maintained pursuant to clause (a) above is not a public rating, the Company will provide to each holder
of a Note (x) at least annually (on or before each anniversary of the date of the First Closing) and (y) promptly upon any change
in such Debt Rating, an updated Private Rating Letter evidencing such Debt Rating and an updated Private Rating Rationale Report with
respect to such Debt Rating.  In addition to the foregoing information, if the SVO or any other regulatory authority having jurisdiction
over any holder of any Notes from time to time requires any additional information with respect to the Debt Rating of the Notes, the Company
shall use commercially reasonable efforts to procure such information from the Acceptable Rating Agency.

 

Section 10.            Negative
Covenants.

 

From the date of this Agreement
until the First Closing and thereafter, so long as any of the Notes are outstanding, the Parent Guarantor and the Company jointly and
severally covenant that:

 

Section 10.1.             Transactions
with Affiliates. The Parent Guarantor and the Company will not, and will not permit any Subsidiary
to, enter into directly or indirectly any Material transaction or Material group of related transactions (including the purchase, lease,
sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than Parent Guarantor, the Company
or another Subsidiary), except pursuant to the reasonable requirements of Parent Guarantor’s, the Company’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to Parent Guarantor, the Company or such Subsidiary than would be obtainable
in a comparable arm’s-length transaction with a Person not an Affiliate, provided, that:

 

(a)            Persons
which have common members of the board of directors (other than Jay Sugarman) with the Parent Guarantor, the Company or a Subsidiary shall
not be deemed an Affiliate solely by reason of such common members,

 

(b)            so
long as at least one class of the Parent Guarantor’s common equity interests remain publicly traded and listed on, or have trading
privileges on, a nationally recognized stock exchange based in the United States, transactions between Parent Guarantor, the Company or
a Subsidiary and Persons of which more than 40% of the equity interests in which are owned by a Person un-Affiliated with Parent Guarantor,
the Company or a Subsidiary shall be deemed to not be prohibited for purposes of this Section 10.1, and

 

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(c)            so
long as at least one class of the Parent Guarantor’s common equity interests remain publicly traded and listed on, or have trading
privileges on, a nationally recognized stock exchange based in the United States, bona fide corporate transactions, between Parent Guarantor,
the Company or a Subsidiary and iStar Inc. or a Subsidiary thereof and which a majority of the board of directors (or committee thereof)
of each of the Parent Guarantor and iStar Inc. determines is reasonable and fair to the common stockholders of such entity shall
be deemed to not be prohibited for purposes of this Section 10.1 (it being understood that a determination of fairness may be based
solely upon a fairness opinion received from a reputable advisor).

 

For purposes of this Section 10.1, the following
is a non-exclusive list of methods that may be used to establish that a transaction is upon fair and reasonable terms no less favorable
to the Parent Guarantor, the Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a
Person not an Affiliate: (a) the terms of a comparable third-party transaction identified by (or on behalf of) the Parent Guarantor,
(b) a bona fide quote or proposal for a comparable third-party transaction obtained by (or on behalf of) the Parent Guarantor, or
(c) the written advice of an outside expert received by (or on behalf of) the Parent Guarantor on market terms for a comparable third-party
transaction.

 

Section 10.2.            Merger,
Consolidation, Etc. The Parent Guarantor will not, and will not permit the Company or any Subsidiary
Guarantor to, consolidate with or merge with any other Person or convey, transfer or lease (as lessor) all or substantially all of its
assets in a single transaction or series of transactions to any Person unless:

 

(a)            in
the case of any such transaction involving the Parent Guarantor, the successor formed by such consolidation or the survivor of such merger
or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Parent Guarantor as an entirety,
as the case may be (the “Surviving Parent”), shall be a solvent corporation, business, trust, limited partnership or
limited liability company organized and existing under the laws of the United States or any state thereof (including the District of Columbia),
and, if the Parent Guarantor is not such Surviving Parent, (i) such Surviving Parent shall have executed and delivered to each holder
of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the
Parent Guaranty and (ii) such Surviving Parent shall have caused to be delivered to each holder of any Notes an opinion of nationally
recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements
or instruments effecting such assumption are enforceable in accordance with their terms;

 

(b)            in
the case of any such transaction involving the Company, the successor formed by such consolidation or the survivor of such merger or the
Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case
may be (the “Surviving Company”), shall be a solvent corporation, business, trust, limited partnership or limited liability
company organized and existing under the laws of the United States or any state thereof (including the District of Columbia), and, if
the Company is not such Surviving Company, (i) such Surviving Company shall have executed and delivered to each holder of any Notes
its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes and (ii) such
Surviving Company shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent counsel,
or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting
such assumption are enforceable in accordance with their terms;

 

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(c)            in
the case of any such transaction involving a Subsidiary Guarantor, the successor formed by such consolidation or the survivor of such
merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Subsidiary Guarantor
as an entirety, as the case may be, shall be (1) the Parent Guarantor, the Company, such Subsidiary Guarantor or another Subsidiary
Guarantor; (2) a solvent corporation, business, trust, limited partnership or limited liability company (other than the Parent Guarantor,
the Company or another Subsidiary Guarantor) that is organized and existing under the laws of the United States or any state thereof (including
the District of Columbia) and, if such Subsidiary Guarantor is not such solvent corporation, business, trust, limited partnership or limited
liability company, (A) such solvent corporation, business, trust, limited partnership or limited liability company shall have executed
and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition
of the Subsidiary Guaranty of such Subsidiary Guarantor and (B) the Parent Guarantor shall have caused to be delivered to each holder
of Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required
Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms;

 

(d)            each
Note Guarantor under any Note Guaranty that is outstanding at the time such transaction or each transaction in such a series of transactions
occurs reaffirms its obligations under such Note Guaranty in writing at such time pursuant to documentation that is reasonably acceptable
to the Required Holders; and

 

(e)            immediately
before and immediately after giving effect to such transaction or each transaction in any such series of transactions, no Default or Event
of Default shall have occurred and be continuing.

 

No such conveyance, transfer or lease of substantially
all of the assets of the Parent Guarantor, the Company or any Subsidiary Guarantor shall have the effect of releasing the Parent Guarantor,
the Company or such Subsidiary Guarantor, as the case may be, or any successor solvent corporation, business, trust, limited partnership
or limited liability company that shall theretofore have become such in the manner prescribed in this Section 10.2, from its liability
under (x) this Agreement or the Notes (in the case of the Company) or (y) a Note Guaranty (in the case of any Note Guarantor),
unless, in the case of the conveyance, transfer or lease of substantially all of the assets of a Subsidiary Guarantor, such Subsidiary
Guarantor is released from its Subsidiary Guaranty in accordance with Section 9.7(b) in connection with or immediately following
such conveyance, transfer or lease.

 

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Section 10.3.            Liens.
The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist
(upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including any document or instrument
in respect of goods or accounts receivable) of the Company or any such Subsidiary, whether now owned or held or hereafter acquired, or
any income or profits therefrom, securing any Debt outstanding under or pursuant to any Material Credit Facility (without giving effect
to the proviso in clause (b) of the definition thereof) unless and until the Notes (and any guaranty delivered in connection therewith)
shall concurrently be secured equally and ratably with such Debt pursuant to documentation reasonably acceptable to the Required Holders
in substance and in form, including an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as the
case may be, from counsel that is reasonably acceptable to the Required Holders.

 

Section 10.4.            Economic
Sanctions, Etc. The Parent Guarantor will not, and will not permit the Company, any Subsidiary
or any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked
Person or (b) directly or knowingly indirectly have any investment in or engage in any dealing or transaction (including any investment,
dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would
cause any holder or any affiliate of such Purchaser or holder to be in violation of, or subject to sanctions under, any law or regulation
applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws.

 

Section 10.5.            Maintenance
of Total Unencumbered Assets. The Company will not have at any time Total Unencumbered Assets
of less than 125% of the aggregate principal amount of all of the Company’s and its Subsidiaries’ outstanding Unsecured Debt
determined on a consolidated basis in accordance with GAAP. For purposes of this Section 10.5, Debt shall be deemed to be “incurred”
by the Company or any of its Subsidiaries whenever the Company or such Subsidiary shall create, assume, guarantee (on a non-contingent
basis) or otherwise become liable in respect thereof.

 

Section 11.         Events of Default.

 

An “Event of Default”
shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)            the
Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether
at maturity or at a date fixed for prepayment or by declaration or otherwise; provided that such failure shall not be an Event
of Default if it occurs solely from any technical or administrative difficulties relating solely to the transfer of such amount and such
failure is remedied within two Business Days after the due date for payment; or

 

(b)            the
Company defaults in the payment of any interest on any Note for more than ten days after the same becomes due and payable; provided
that such failure shall not be an Event of Default if it occurs solely from any technical or administrative difficulties relating solely
to the transfer of such amount and such failure is remedied within two Business Days after the due date for payment; or

 

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(c)            the
Parent Guarantor or the Company defaults in the performance of or compliance with any term contained in Section 7.1(d), Section 10.5
or any Incorporated Covenant (subject to any grace or cure period thereunder incorporated in accordance with Section 9.10) or any
covenant in a Supplement which specifically provides that it shall have the benefit of this paragraph (c); or

 

(d)            any
Note Party defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a),
(b) and (c)) or in any Supplement or in any Note Guaranty and such default is not remedied within 30 days (or if such default is
of such a nature that it cannot with reasonable effort be completely remedied within said period of 30 days, such additional period of
time as may be reasonably necessary to cure same, not to exceed 60 days, or, in the case of default in the performance of Section 9.11,
90 days) after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving
written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default”
and to refer specifically to this Section 11(d)); or

 

(e)            (i) any
representation or warranty made in writing by or on behalf of the Parent Guarantor or the Company or by any officer of the Parent Guarantor
or the Company in this Agreement or in any Supplement or any writing furnished in connection with the transactions contemplated hereby
proves to have been false or incorrect in any material respect on the date as of which made, or (ii) any representation or warranty
made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guaranty
or any writing furnished in connection with such Subsidiary Guaranty proves to have been false or incorrect in any material respect on
the date as of which made; or

 

(f)             (i) the
Parent Guarantor, the Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment
of any principal of or premium or make-whole amount or interest on any Material Recourse Debt beyond any period of grace provided with
respect thereto, or

 

(ii)            the
Parent Guarantor, the Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence
of any Material Recourse Debt or of any mortgage, indenture or other agreement relating thereto or any other condition exists (and in
all cases other than as a result of (A) any condition which is in the nature of a Change of Control (in which event the terms and
provisions of Section 8.7 shall govern) or (B) the acquisition by the Parent Guarantor, the Company or any Significant Subsidiary
of a Subsidiary, which acquisition resulted in a default under any Debt of such acquired Subsidiary due to the fact that such Subsidiary
was acquired by the Parent Guarantor, the Company or any other Subsidiary, but, if such acquired Subsidiary is a Significant Subsidiary,
only so long as such default is cured or otherwise no longer outstanding on the 30th day following the acquisition of such Significant
Subsidiary or (C) any Debt that becomes due as a result of customary non-default mandatory prepayments resulting from asset sales,
casualty or condemnation events, the incurrence of Debt or issuances of equity interests), and as a consequence of such default or condition
such Debt has become, or has been declared, (or one or more Persons are entitled to declare such Debt to be), due and payable before its
stated maturity or before its regularly scheduled dates of payment, or

 

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(iii)            the
Parent Guarantor, the Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment
of any principal of or premium or make-whole amount or interest on any Material Non-Recourse Debt beyond any period of grace provided
with respect thereto, or

 

(iv)            the
Parent Guarantor, the Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence
of any Material Non-Recourse Debt or of any mortgage, indenture or other agreement relating thereto or any other condition exists (and
in all cases other than as a result of (A) any condition which is in the nature of a Change of Control (in which event the terms
and provisions of Section 8.7 shall govern) or (B) the acquisition by the Parent Guarantor, the Company or any Significant Subsidiary
of a Subsidiary, which acquisition resulted in a default under any Debt of such acquired Subsidiary due to the fact that such Subsidiary
was acquired by the Parent Guarantor, the Company or any other Subsidiary, but, if such acquired Subsidiary is a Significant Subsidiary,
only so long as such default is cured or otherwise no longer outstanding on the 30th day following the acquisition of such Significant
Subsidiary or (C) any Debt that becomes due as a result of customary non-default mandatory prepayments resulting from asset sales,
casualty or condemnation events, the incurrence of Debt or issuances of equity interests), and as a consequence of such default or condition
such Debt has become, or has been declared, (or one or more Persons are entitled to declare such Debt to be), due and payable before its
stated maturity or before its regularly scheduled dates of payment, or

 

(v)            as
a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of
Debt to convert such Debt into equity interests), (x) the Company or any Significant Subsidiary has become obligated to purchase
or repay Material Recourse Debt before its regular maturity or before its regularly scheduled dates of payment, or (y) one or more
Persons have the right to require the Parent Guarantor, the Company or any Significant Subsidiary so to purchase or repay such Debt; or

 

(g)            the
Parent Guarantor, the Company or any Significant Subsidiary (i) becomes unable, or admits in writing its inability to pay, its debts
as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization
or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization,
moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents
to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial
part of its property, (v) is adjudicated as insolvent or to be liquidated or (vi) takes corporate action for the purpose of
any of the foregoing; or

 

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(h)            a
court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by any of the Parent Guarantor,
the Company or any Significant Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with
respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization
or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or
ordering the dissolution, winding-up or liquidation of the Parent Guarantor, the Company or any Significant Subsidiary, or any such petition
shall be filed against the Company or any Significant Subsidiary and such petition shall not be dismissed within 60 days; or

 

(i)             any
event occurs with respect to the Parent Guarantor, the Company or any Significant Subsidiary which under the laws of any jurisdiction
is analogous to any of the events described in Section 11(g) or Section 11(h), provided that the applicable grace
period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding
described in Section 11(g) or Section 11(h); or

 

(j)             one
or more final judgments or orders for the payment of money aggregating in excess of $120,000,000 (or its equivalent in the relevant currency
of payment) (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), including
any such final order enforcing a binding arbitration decision, are rendered against one or more of the Parent Guarantor, the Company and
its Significant Subsidiaries and which judgments are not, within 90 days after entry thereof, bonded, discharged or stayed pending appeal,
or are not discharged within 90 days after the expiration of such stay; or

 

(k)            if
(i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver
of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice
of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted
proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the
Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) there is any “amount of unfunded
benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under one or more Plans, determined in accordance
with Title IV of ERISA, (iv) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds
the aggregate current value of the assets of such Non-U.S. Plans allocable to such liabilities, (v) the Company or any ERISA
Affiliate shall have incurred or is reasonably expected to incur any liability with respect to any Plan pursuant to Title I or IV
of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (vi) the Company or any ERISA Affiliate
withdraws from any Multiemployer Plan, (vii) the Company or any Subsidiary establishes or amends any employee welfare benefit plan
that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder,
(viii) the Company or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and
all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) the
Parent Guarantor, the Company or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall
mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any
such event or events described in clauses (i) through (ix) above, either individually or together with any other such event
or events, would reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms “employee
benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such terms
in section 3 of ERISA; or

 

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(l)             any
Note Guaranty shall cease to be in full force and effect, any Note Guarantor or any Person acting on behalf of any Note Guarantor shall
contest in any manner the validity, binding nature or enforceability of any Note Guaranty, or the obligations of any Note Party under
any Note Guaranty are not or cease to be legal, valid, binding and enforceable in accordance with the terms of such Note Guaranty.

 

Section 12.         Remedies
on Default, Etc.

 

Section 12.1.            Acceleration.
(a)  If an Event of Default with respect to the Company described in Section 11(g), (h) or (i) (other than an Event
of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue
of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically
become immediately due and payable.

 

(b)            If
any other Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice or notices
to the Company, declare all the Notes then outstanding to be immediately due and payable.

 

(c)            If
any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at
the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare
all the Notes held by it or them to be immediately due and payable.

 

Upon any Notes becoming due
and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid
principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon in respect of
Notes at the applicable Default Rate) and (y) the Make-Whole Amount, if any, determined in respect of such principal amount (to the
full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of
a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided
for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated
as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

 

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Section 12.2.            Other
Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective
of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at
the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate
proceeding, whether for the specific performance of any agreement contained herein or in any Note or Note Guaranty, or for an injunction
against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law
or otherwise.

 

Section 12.3.            Rescission.
At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by
written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue
interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than
by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted
by applicable law) any overdue interest in respect of the Notes, at the applicable Default Rate, (b) neither the Company nor any
other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and
Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived
pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or
to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default
or impair any right consequent thereon.

 

Section 12.4.            No
Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part
of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s
rights, powers or remedies. No right, power or remedy conferred by this Agreement, any Note Guaranty or any Note upon any holder thereof
shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity,
by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of
each Note on demand such further amount as shall be sufficient to cover all reasonable and documented costs and expenses of such holder
incurred in any enforcement or collection under this Section 12, including reasonable and documented attorneys’ fees, expenses
and disbursements.

 

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Section 13.          Registration;
Exchange; Substitution of Notes.

 

Section 13.1.            Registration
of Notes. The Company shall keep at its principal executive office a register for the registration
and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and
address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee,
then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner
and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any
amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name
any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall
not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor
promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

 

Section 13.2.            Transfer
and Exchange of Notes; Competitors. Upon surrender of any Note to the Company at the address
and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and
in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered
holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other
information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute
and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in
exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note; provided, however,
that notwithstanding anything to the contrary in this Agreement, no Purchaser or holder of a Note may, so long as no Event of Default
has occurred and is continuing, transfer or assign any Note or any interest therein to any Competitor. Each such new Note shall be payable
to such Person as such holder may request and shall be substantially in the form of Schedule 1 or attached to the applicable Supplement
with respect to any Additional Notes. Each such new Note shall be dated and bear interest from the date to which interest shall have been
paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require
payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall
not be transferred in denominations of less than $500,000, provided that if necessary to enable the registration of transfer by
a holder of its entire holding of Notes, one Note may be in a denomination of less than $500,000. Any transferee, by its acceptance of
a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2.

 

Section 13.3.            Replacement
of Notes. Upon receipt by the Company at the address and to the attention of the designated officer
(all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction
or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor
of such ownership and such loss, theft, destruction or mutilation), and

 

(a)            in
the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is,
or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified
Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

 

(b)            in
the case of mutilation, upon surrender and cancellation thereof,

 

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within ten Business Days thereafter, the Company
at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest
shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated
Note if no interest shall have been paid thereon.

 

Section 14.         Payments
on Notes.

 

Section 14.1.            Place
of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and
interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Goldman Sachs Bank USA in
such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as
such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust
company in such jurisdiction.

 

Section 14.2.            Payment
by Wire Transfer. So long as any Purchaser or any Additional Purchaser or its nominee shall be
the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will
pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming due hereunder
by the method and at the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule or, in the case
of any Additional Purchaser, Schedule A attached to any Supplement to which such Additional Purchaser is a party, or by such other method
or at such other address as such Purchaser or Additional Purchaser shall have from time to time specified to the Company in writing for
such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request
of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser or Additional
Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive
office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition
of any Note held by a Purchaser or Additional Purchaser or its nominee, such Purchaser or Additional Purchaser will, at its election,
either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such
Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2
to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser or Additional Purchaser under
this Agreement or any Supplement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2.

 

Section 14.3.            FATCA
Information. By acceptance of any Note, the holder of such Note agrees that such holder will
with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company,
from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification
number or other forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person
under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any
such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of
the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine
that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold
from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is confidential
or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall
treat any such information it receives as confidential.

 

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Section 15.         Expenses,
Etc.

 

Section 15.1.            Transaction
Expenses. Whether or not the transactions contemplated hereby are consummated, the Company
will pay all reasonable and documented costs and expenses (including reasonable and documented attorneys’ fees of one special counsel
for the Purchasers (and Additional Purchasers under any Supplement) and holders, taken as a whole, and, if reasonably required by the
Required Holders, one local counsel in each relevant jurisdiction for the Purchasers (and Additional Purchasers under any Supplement)
and holders, taken as a whole) incurred by the Purchasers (and Additional Purchasers under any Supplement) and each other holder of a
Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement,
any Note Guaranty or the Notes (whether or not such amendment, waiver or consent becomes effective), including: (a) the reasonable
and documented costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under
this Agreement, any Note Guaranty or the Notes or in responding to any subpoena or other legal process or informal investigative demand
issued in connection with this Agreement, any Note Guaranty or the Notes, or by reason of being a holder of any Note, (b) the reasonable
and documented costs and expenses, including one financial advisor’s fees incurred in connection with the insolvency or bankruptcy
of the Parent Guarantor, the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated
hereby and by the Notes and any Note Guaranty and (c) the reasonable and documented costs and expenses incurred in connection with
the initial filing of this Agreement and all related documents and financial information with the SVO, provided that such costs
and expenses under this clause (c) shall not exceed $5,000. If required by the NAIC, the Company shall obtain and maintain at
its own cost and expense a Legal Entity Identifier (LEI). The Company will pay, and will save each Purchaser and each other holder of
a Note harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those,
if any, retained by a Purchaser (or Additional Purchaser under any Supplement) or other holder in connection with its purchase of the
Notes), (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under such Note
to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any judgment, liability,
claim, order, decree, fine, penalty, cost, fee, expense (including reasonable and documented attorneys’ fees and expenses of one
special counsel for the Purchasers (and Additional Purchasers under any Supplement) and holders, taken as a whole, and if reasonably required
by the Required Holders, one local counsel in each relevant jurisdiction, for the Purchasers (and Additional Purchasers under any Supplement)
and holders, taken as a whole) or obligation resulting from the consummation of the transactions contemplated hereby, including the use
of the proceeds of the Notes by the Company; provided that the Company shall have no obligation under this clause (iii) to
the extent such obligation has resulted from (x) the gross negligence or willful misconduct of a Purchaser or (y) the material
breach of such Purchaser’s obligations hereunder.

 

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Section 15.2.            Certain
Taxes. The Company agrees to pay all stamp, documentary or similar taxes or fees which may
be payable in respect of the execution and delivery or the enforcement of this Agreement or any Note Guaranty or the execution and
delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the
Company or any Note Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or
any Note Guaranty or of any of the Notes (other than any due as a consequence of a Note Transfer), and to pay any value added tax
due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save
each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or
delay in payment of any such tax or fee required to be paid by the Company hereunder.

 

Section 15.3.            Survival.
The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of this Agreement, any Supplement, any Note Guaranty or the Notes, and the termination of this Agreement.

 

Section 16.         Survival
of Representations and Warranties; Entire Agreement.

 

All representations and warranties
contained herein or in any Supplement shall speak solely as of the date made and survive the execution and delivery of this Agreement,
such Supplement and the Notes, the purchase or transfer by any Purchaser or any Additional Purchaser of any Note or portion thereof or
interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation
made at any time by or on behalf of such Purchaser or any Additional Purchaser or any other holder of a Note. All statements contained
in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement or any Supplement shall be
deemed representations and warranties of the Company under this Agreement solely as of the date made. Subject to the preceding sentence,
this Agreement, the Notes and any Note Guaranty embody the entire agreement and understanding between each Purchaser and Additional Purchaser
and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.

 

Section 17.         Amendment
and Waiver.

 

Section 17.1.            Requirements.

 

(a)            Amendments.
This Agreement (including any Supplement) and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived
(either retroactively or prospectively), only with the written consent of the Parent Guarantor, the Company and the Required Holders,
except that:

 

(i)            no
amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), or the corresponding
provision of any Supplement, or any defined term (as it is used in any such Section or such corresponding provision of any Supplement)
will be effective as to any Purchaser unless consented to by such Purchaser in writing; and

 

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(ii)            no
amendment or waiver may, without the written consent of each Purchaser, Additional Purchaser and the holder of each Note of each affected
Series at the time outstanding, (A) subject to Section 12 relating to acceleration or rescission, change the amount or
time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of (x) interest
on the Notes or (y) the Make-Whole Amount, (B) change the percentage of the principal amount of the Notes the holders of which
are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to
Section 2 upon the satisfaction of the conditions to Closing that appear in Section 4, or (C) amend any of Sections 8
(except as set forth in the second sentence of Section 8.2 (or such corresponding provision of any Supplement)), 11(a), 11(b), 12,
17, 20 or 23.

 

(b)            Supplements.
Notwithstanding anything to the contrary contained herein, the Company may enter into any Supplement providing for the issuance of one
or more Series of Additional Notes consistent with, and in compliance with, Sections 2.2 and 4A hereof without obtaining the
consent of any holder of any other Series of Notes.

 

Section 17.2.            Solicitation
of Holders of Notes.

 

(a)            Solicitation.
 The Company will provide each Purchaser and each holder of a Note with sufficient information, sufficiently far in advance of the
date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any
proposed amendment, waiver or consent in respect of any of the provisions hereof, any Supplement or of the Notes or any Note Guaranty.
The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17
or any Note Guaranty to each Purchaser and each holder of a Note promptly following the date on which it is executed and delivered by,
or receives the consent or approval of, the requisite holders of Notes.

 

(b)            Payment.
 The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional
interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration
for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the terms and provisions
hereof, any Supplement or of any Note Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently
granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser and holder of a Note even if such
holder did not consent to such waiver or amendment.

 

(c)            Consent
in Contemplation of Transfer. Any consent given pursuant to this Section 17 or any Note Guaranty by a holder of a Note that has
transferred or has agreed to transfer its Note to (i) the Parent Guarantor, (ii) the Company, (iii) any Subsidiary or any
other Affiliate or (iv) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender
offer for or merging with the Company and/or any of its Affiliates that is under the direct or indirect control of Parent Guarantor or
Company, in each case in connection with such consent, shall be void and of no force or effect except solely as to such holder, and any
amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but
for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void
and of no force or effect except solely as to such holder.

 

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Section 17.3.            Binding
Effect, Etc. Any amendment or waiver consented to as provided in this Section 17
or any Note Guaranty applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any
Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment
or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or
impair any right consequent thereon. No course of dealing between the Company and any Purchasers and holders of a Note and no delay in
exercising any rights hereunder or under any Note or Note Guaranty shall operate as a waiver of any rights of any Purchaser or holder
of such Note.

 

Section 17.4.            Notes
Held by Company, Etc.  Solely for the purpose of determining whether the holders of the
requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent
to be given under this Agreement, any Note Guaranty or the Notes, or have directed the taking of any action provided herein or in any
Note Guaranty or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of
Notes then outstanding, Notes directly or indirectly owned by the Parent Guarantor, the Company or any Affiliate that is under the direct
or indirect control of Parent Guarantor or Company shall be deemed not to be outstanding.

 

Section 18.         Notices.

 

Except to the extent otherwise
provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by telecopy
if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges
prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by an internationally recognized
overnight delivery service (charges prepaid). Any such notice must be sent:

 

(i)            if
to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the Purchaser Schedule,
or at such other address as such Purchaser or nominee shall have specified to the Company in writing,

 

(ii)            if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or

 

(iii)            if
to the Parent Guarantor, the Company or any Subsidiary Guarantor, to the Company at its address set forth at the beginning hereof to the
attention of Chief Legal Officer of the Parent Guarantor, or at such other address as the Company shall have specified to the holder of
each Note in writing, or

 

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(iv)            if
to an Additional Purchaser or such Additional Purchaser’s nominee, to such Additional Purchaser or such Additional Purchaser’s
nominee at the address specified for such communications in Schedule A to any Supplement, or at such other address as such Additional
Purchaser or such Additional Purchaser’s nominee shall have specified to the Company in writing.

 

Notices under this Section 18 will be deemed
given only when actually received.

 

Section 19.         Reproduction
of Documents.

 

This Agreement and all documents
relating hereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by
any Purchaser or Additional Purchaser at a Closing (except the Notes themselves), and (c) financial statements, certificates and
other information previously or hereafter furnished to any Purchaser or Additional Purchaser, may be reproduced by such Purchaser or Additional
Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser or Additional Purchaser may
destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such
reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original
is in existence and whether or not such reproduction was made by such Purchaser or Additional Purchaser in the regular course of business)
and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19
shall not prohibit the Company or any holder of Notes from contesting any such reproduction to the same extent that it could contest the
original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

 

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Section 20.         Confidential
Information.

 

For the purposes of this Section 20,
 “Confidential Information” means information delivered to any Purchaser or Additional Purchaser by or on behalf of
the Parent Guarantor, the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this
Agreement or any Supplement, provided that such term does not include information that (a) was publicly known or otherwise
known to such Purchaser or Additional Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through
no act or omission by such Purchaser or Additional Purchaser or any Person acting on such Purchaser or Additional Purchaser’s behalf,
(c) otherwise becomes known to such Purchaser or Additional Purchaser other than through disclosure by the Parent Guarantor, the
Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise
publicly available. Each Purchaser and Additional Purchaser will maintain the confidentiality of such Confidential Information in accordance
with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser,
provided that such Purchaser or Additional Purchaser may deliver or disclose Confidential Information to (i) its directors,
officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration
of the investment represented by its Notes and such recipient is notified of its obligation to maintain the confidentiality of such information),
(ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information
substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to
which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase
any Security of the Parent Guarantor or the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information
to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser or Additional
Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that
requires access to information about such Purchaser or Additional Purchaser’s investment portfolio or (viii) any other Person
to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order
applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation
to which such Purchaser or Additional Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent
such Purchaser or Additional Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement
or for the protection of the rights and remedies under such Purchaser or Additional Purchaser’s Notes, this Agreement or any Note
Guaranty (provided that, in each case under this clause (viii), unless specifically prohibited by applicable law, rule, regulation
or court order, such Purchaser shall use reasonable efforts to notify the Company prior to such disclosure). Each holder of a Note, by
its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though
it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information
required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this
Agreement or its nominee), such holder will enter into an agreement with the Company embodying this Section 20.

 

In the event that as a condition
to receiving access to information relating to the Parent Guarantor, the Company or any Subsidiary in connection with the transactions
contemplated by or otherwise pursuant to this Agreement, any Purchaser or Additional Purchaser or holder of a Note is required to agree
to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is
different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and
the Company, this Section 20 shall supersede any such other confidentiality undertaking.

 

Section 21.         Substitution
of Purchaser.

 

Each Purchaser and Additional
Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or Additional Purchaser or any one of such
other Purchaser or Additional Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes
that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser or Additional
Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall
contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6.
Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21) or any Additional
Purchaser in any Supplement, shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that
such Substitute Purchaser is so substituted as a Purchaser hereunder or any Additional Purchaser in any Supplement and such Substitute
Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the
Company of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than
in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser
or Additional Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.

 

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Section 22.         Miscellaneous.

 

Section 22.1.            Successors
and Assigns. All covenants and other agreements contained in this Agreement (including
all covenants and other agreements contained in any Supplement) by or on behalf of any of the parties hereto bind and inure to the benefit
of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, subject
to Section 10.2, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without
the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

 

Section 22.2.            Accounting
Terms. (a) All accounting terms used herein which are not expressly defined in this
Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all
computations made pursuant to this Agreement shall be made in accordance with GAAP and (ii) all financial statements shall be prepared
in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the
definition of “Debt”), any election by the Parent Guarantor, the Company or any Subsidiary to measure any financial liability
using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 –
Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement
or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.

 

(b)            Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Note
Document, and either the Company or the Required Holders shall so request, the holder of the Notes and the Company shall negotiate in
good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Required Holders); provided, that, until so amended, (A) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (B) the Company shall provide to the holders of the Notes financial statements
and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations
of such ratio or requirement made before and after giving effect to such change in GAAP.

 

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(c)            Without
limiting the foregoing, for purposes of calculating financial ratios (including for purposes of Section 10.5 and any Incorporated
Covenant) hereunder, leases (whether the Parent Guarantor or its Subsidiaries are the lessors or lessees thereof) shall continue to be
classified and accounted for on a basis consistent with that reflected in the financial statements for the fiscal year ended December 31,
2020, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment
addressing such changes, as provided for above.

 

Section 22.3.            Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision
in any other jurisdiction.

 

Section 22.4.            Construction,
Etc. Each covenant contained herein shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such
an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to
be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken
directly or indirectly by such Person.

 

Defined terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning
and effect as the word “shall.” The word “or” shall not be exclusive and shall be deemed to have the inclusive
meaning of the term “and/or”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein)
and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject
to Section 22.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the
words “herein,” “hereof” and “hereunder” and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules
shall be construed to refer to Sections of, and Schedules to, this Agreement and (e) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

 

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Section 22.5.          Counterparts;
Electronic Contracting. This Agreement may be executed in any number of counterparts,
each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number
of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. The parties agree to electronic contracting
and signatures with respect to this Agreement and the other Note Documents (other than the Notes).  Delivery of an electronic signature
to, or a signed copy of, this Agreement and such other Note Documents (other than the Notes) by facsimile, email or other electronic transmission
shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence
for all purposes. The words “execution,” “execute”, “signed,” “signature,” and words of
like import in or related to any document to be signed in connection with this Agreement and the other Note Documents (other than the
Notes) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Parent Guarantor, the Company, or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case
may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act. Notwithstanding the foregoing, if any Purchaser shall request manually signed counterpart signatures to any document, the Parent
Guarantor and the Company hereby agree to use their reasonable endeavors to provide such manually signed signature pages as soon
as reasonably practicable (but in any event within 30 days of such request or such longer period as the requesting Purchaser, the Parent
Guarantor and the Company may mutually agree).

 

Section 22.6.          Governing
Law. This Agreement shall be construed and enforced in accordance with, and the rights
of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State
that would permit the application of the laws of a jurisdiction other than such State.

 

Section 22.7.          Jurisdiction
and Process; Waiver of Jury Trial. (a) Each of the Parent Guarantor and the Company
irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan,
The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest
extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise,
any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying
of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum.

 

(b)          Each
of the Parent Guarantor and the Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit,
action or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding
upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State
of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.

 

(c)          Each
of the Parent Guarantor and the Company consents to process being served by or on behalf of any holder of Notes in any suit, action or
proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified, priority or express
mail (or any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation requested, to it at its address
specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. Each
of the Parent Guarantor and the Company agrees that such service upon receipt (i) shall be deemed in every respect effective service
of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken
and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced
by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.

 

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(d)          Nothing
in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any
right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction
or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(e)          The
parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document
executed in connection herewith or therewith.

 

Section 23.          Parent
Guaranty.

 

Section 23.1.          Guaranty;
Limitation of Liability. (a) The Parent Guarantor hereby absolutely, unconditionally and
irrevocably guarantees the punctual payment when due, whether at scheduled maturity or on any date of a required prepayment or by acceleration,
demand or otherwise, of all obligations of the Company and each other Note Party now or hereafter existing under or in respect of the
Note Documents (including, without limitation, any extensions, modifications, substitutions, amendments or renewals of any or all of the
foregoing obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums, Make-Whole
Amount, fees, indemnities, contract causes of action, costs, expenses or otherwise (such obligations being the “Guaranteed Obligations”),
and agrees to pay any and all expenses (including, without limitation, reasonable and documented fees and expenses of one special counsel,
and, if reasonably required by the Required Holders, one set of local counsel in each relevant jurisdiction) incurred by the holders of
the Notes in enforcing any rights under this Agreement or any other Note Document. Without limiting the generality of the foregoing, the
Parent Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by
any other Note Party to any holders of the Notes under or in respect of the Note Documents but for the fact that they are unenforceable
or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such other Note Party. This Parent
Guaranty is and constitutes a guaranty of payment and not merely of collection.

 

(b)          The
Parent Guarantor and each holder of a Note hereby confirm that it is the intention of all such Persons that this Parent Guaranty and the
obligations of the Parent Guarantor hereunder do not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the
Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable
to this Parent Guaranty and the obligations of the Parent Guarantor hereunder. To effectuate the foregoing intention, the Parent Guarantor,
and the holders of the Notes hereby irrevocably agree that the obligations of the Parent Guarantor under this Parent Guaranty at any time
shall be limited to the maximum amount as will result in the obligations of the Parent Guarantor under this Parent Guaranty not constituting
a fraudulent transfer or conveyance.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

(c)          The
Parent Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any holders
of a Note under this Parent Guaranty or any other guaranty, the Parent Guarantor will contribute, to the maximum extent permitted by law,
such amounts to each other guarantor so as to maximize the aggregate amount paid to any holders of a Note under or in respect of the Note
Documents.

 

Section 23.2.          Guaranty
Absolute. The Parent Guarantor guarantees that the Guaranteed Obligations will be paid strictly
in accordance with the terms of this Agreement and the other Note Documents, regardless of any law, regulation or order now or hereafter
in effect in any jurisdiction affecting any of such terms or the rights of any holders of a Note with respect thereto. The obligations
of the Parent Guarantor under or in respect of this Parent Guaranty are independent of the Guaranteed Obligations or any other obligations
of any other Note Party under or in respect of this Agreement or the other Note Documents, and a separate action or actions may be brought
and prosecuted against the Parent Guarantor to enforce this Parent Guaranty, irrespective of whether any action is brought against the
Company or any other Note Party or whether the Company or any other Note Party is joined in any such action or actions. The liability
of the Parent Guarantor under this Parent Guaranty shall be irrevocable, absolute and unconditional irrespective of, and the Parent Guarantor
hereby irrevocably waives any defenses (other than the defense of payment and performance in full) it may now have or hereafter acquire
in any way relating to, any or all of the following:

 

(a)          any
lack of validity or enforceability of any Note Document or any agreement or instrument relating thereto;

 

(b)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other obligations
of any other Note Party under or in respect of the Note Documents, or any other amendment or waiver of or any consent to departure from
any Note Document, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional
credit to the Company, any other Note Party or any of their Subsidiaries or otherwise;

 

(c)          any
taking, exchange, release or non-perfection of any collateral, or any taking, release or amendment or waiver of, or consent to departure
from, any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)          any
manner of application of collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or other
disposition of any collateral for all or any of the Guaranteed Obligations or any other obligations of any Note Party under the Note Documents
or any other assets of any Note Party or any of its Subsidiaries;

 

(e)          any
change, restructuring or termination of the corporate structure or existence of any Note Party or any of its Subsidiaries;

 

(f)          any
failure of any holders of a Note to disclose to any Note Party any information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Note Party now or hereafter known to any holders of a Note (the Parent Guarantor
waiving any duty on the part of any holders of a Note to disclose such information);

 

    -52- 

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

(g)          the
failure of any other Person to execute or deliver this Agreement, any other Note Document or any other guaranty or agreement or the release
or reduction of liability of the Parent Guarantor or other guarantor or surety with respect to the Guaranteed Obligations; or

 

(h)          any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation by
any holders of a Note that might otherwise constitute a defense available to, or a discharge of, any Note Party or any other guarantor
or surety (other than payment and performance in full of the Guaranteed Obligations).

 

This Parent Guaranty shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be
returned by any holders of a Note or any other Person upon the insolvency, bankruptcy or reorganization of the Company or any other Note
Party or otherwise, all as though such payment had not been made.

 

Section 23.3.          Waivers
and Acknowledgments. (a) The Parent Guarantor hereby unconditionally and irrevocably waives
promptness, diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration, protest
or dishonor and any other notice with respect to any of the Guaranteed Obligations and this Parent Guaranty and any requirement that any
holders of a Note protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action
against any Note Party or any other Person or any collateral.

 

(b)          The
Parent Guarantor hereby unconditionally and irrevocably waives any right to revoke this Parent Guaranty and acknowledges that this Parent
Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

(c)          The
Parent Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense based upon
an election of remedies by any holders of a Note that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation,
reimbursement, exoneration, contribution or indemnification rights of the Parent Guarantor or other rights of the Parent Guarantor to
proceed against any of the other Note Parties, any other guarantor or any other Person or any collateral and (ii) any defense based
on any right of set-off or counterclaim against or in respect of the obligations of the Parent Guarantor hereunder.

 

(d)          The
Parent Guarantor acknowledges that the holders of the Notes may, without notice to or demand upon the Parent Guarantor and without affecting
the liability of the Parent Guarantor under this Parent Guaranty, foreclose under any mortgage by nonjudicial sale, and the Parent Guarantor
hereby waives any defense to the recovery by the holders of the Notes against the Parent Guarantor of any deficiency after such nonjudicial
sale and any defense or benefits that may be afforded by applicable law.

 

    -53- 

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

(e)          The
Parent Guarantor hereby unconditionally and irrevocably waives any duty on the part of any holders of a Note to disclose to the Parent
Guarantor any matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties
or prospects of the Company, any other Note Party or any of their Subsidiaries now or hereafter known by any holders of a Note.

 

(f)          The
Parent Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated
by this Agreement and the other Note Documents and that the waivers set forth in Section 23.2 and this Section 23.3 are knowingly
made in contemplation of such benefits.

 

Section 23.4.          Subrogation.
The Parent Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire
against the Company or any other Note Party that arise from the existence, payment, performance or enforcement of the Parent Guarantor’s
obligations under or in respect of this Parent Guaranty, this Agreement or any other Note Document, including, without limitation, any
right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy
of any holders of a Note against the Company, any other Note Party or any collateral, whether or not such claim, remedy or right arises
in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Company or any
other Note Party, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account
of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts payable under this Parent Guaranty
(in each case, other than contingent indemnification and expense reimbursement obligations to the extent no claim has been asserted therefor)
shall have been paid in full and the commitments arising under this Agreement shall have expired or been terminated. If any amount shall
be paid to the Parent Guarantor or any Subsidiary Guarantor in violation of the immediately preceding sentence at any time prior to the
latest of (a) the payment in full of the Guaranteed Obligations and all other amounts payable under this Parent Guaranty (in each
case, other than contingent indemnification and expense reimbursement obligations to the extent no claim has been asserted therefor)and
(b) the termination in whole of the obligations under this Agreement, such amount shall be received and held in trust for the benefit
the Parent Guarantor of the holders of the Notes, shall be segregated from other property and funds of the Parent Guarantor and shall
forthwith be paid or delivered to the holders of the Notes in the same form as so received (with any necessary endorsement or assignment)
to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Parent Guaranty, whether matured or
unmatured, in accordance with the terms of the Note Documents. If (i) the Parent Guarantor or any Subsidiary Guarantor shall make
payment to any holders of a Note of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all
other amounts payable under this Parent Guaranty (in each case, other than contingent indemnification and expense reimbursement obligations
to the extent no claim has been asserted therefor) shall have been paid in full and (iii) the termination in whole of the obligations
under this Agreement shall have occurred, the holders of the Notes will, at the Parent Guarantor’s request and expense, execute
and deliver to the Parent Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence
the transfer by subrogation to the Parent Guarantor of an interest in the Guaranteed Obligations resulting from such payment made by the
Parent Guarantor pursuant to this Parent Guaranty.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

Section 23.5.          Indemnification
by the Parent Guarantor. (a) Without limitation on any other obligations of the Parent Guarantor
or remedies of the holders of the Notes under this Agreement, this Parent Guaranty or the other Note Documents, the Parent Guarantor shall,
to the fullest extent permitted by law, indemnify, defend and save and hold harmless the holders of the Notes and each of their Affiliates
and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against,
and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees
and expenses of one special counsel, and, if reasonably required by the Required Holders, one set of local counsel in each relevant jurisdiction)
that may be incurred by or asserted or awarded against any Indemnified Party in connection with or as a result of any failure of any Guaranteed
Obligations to be the legal, valid and binding obligations of any Note Party enforceable against such Note Party in accordance with their
terms.

 

(b)          The
Parent Guarantor hereby also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract, tort
or otherwise) to the Parent Guarantor or any of its Affiliates under the Control of Parent Guarantor or any of its respective officers,
directors, employees, agents and advisors, and the Parent Guarantor hereby agrees not to assert any claim against any Indemnified Party
on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Notes,
the actual or proposed use of the proceeds of the Notes, the Note Documents or any of the transactions contemplated by the Note Documents.

 

Section 23.6.          Subordination.
The Parent Guarantor hereby subordinates any and all debts, liabilities and other obligations owed to the Parent Guarantor by each other
Note Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter
set forth in this Section 23.6.

 

(a)          Prohibited
Payments, Etc. Except during the continuance of an Event of Default (including the commencement and continuation of any proceeding
under any Bankruptcy Law relating to any other Note Party), the Parent Guarantor may receive payments or payments from any other Note
Party on account of the Subordinated Obligations. After the occurrence and during the continuance of any Event of Default (including the
commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Note Party), however, unless the Required
Holders otherwise agrees, the Parent Guarantor shall not demand, accept or take any action to collect any payment on account of the Subordinated
Obligations.

 

(b)          Prior
Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Note Party, the Parent Guarantor
agrees that the holders of the Notes shall be entitled to receive payment in full of all Guaranteed Obligations (including all interest
and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an allowed claim in
such proceeding (“Post Petition Interest”)) before the Parent Guarantor receives payment of any Subordinated
Obligations.

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

(c)          Turn-Over.
After the occurrence and during the continuance of any Event of Default (including the commencement and continuation of any proceeding
under any Bankruptcy Law relating to any other Note Party), the Parent Guarantor shall, if the Required Holders so request, collect, enforce
and receive payments on account of the Subordinated Obligations as trustee for the holders of the Notes and deliver such payments to the
holders of the Notes on account of the Guaranteed Obligations (including all Post Petition Interest), together with any necessary endorsements
or other instruments of transfer, but without reducing or affecting in any manner the liability of the Parent Guarantor under the other
provisions of this Parent Guaranty.

 

(d)          Authorization.
After the occurrence and during the continuance of any Event of Default (including the commencement and continuation of any proceeding
under any Bankruptcy Law relating to any other Note Party), the holders of the Notes are authorized and empowered (but without any obligation
to so do), in its discretion, (i) in the name of the Parent Guarantor, to collect and enforce, and to submit claims in respect of,
Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post Petition
Interest), and (ii) to require the Parent Guarantor (A) to collect and enforce, and to submit claims in respect of, Subordinated
Obligations and (B) to pay any amounts received on such obligations to the holders of the Notes for application to the Guaranteed
Obligations (including any and all Post Petition Interest).

 

Section 23.7.          Continuing
Guaranty; Effect of Release. This Parent Guaranty is a continuing guaranty and shall (a) remain
in full force and effect until the later of (i) the payment in full of the Guaranteed Obligations and all other amounts payable under
this Parent Guaranty and (ii) the termination in whole of the commitments arising under this Agreement, (b) be binding upon
the Parent Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by the holders of the Notes and
their successors, transferees and assigns.

 

* * * * *

 

    -56- 

     

    

 

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

If you are in agreement with
the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement
shall become a binding agreement among you, the Parent Guarantor and the Company.

 

	 	Very truly yours,
	 	 
	 	Safehold Inc.
	 	 	 
	 	By	/s/ Brett Asnas
	 	 	Name: Brett Asnas
	 	 	Title:   Executive Vice President
	 	 	 
	 	Safehold Operating Partnership LP
	 	 	 
	 	By	/s/ Brett Asnas
	 	 	Name: Brett Asnas
	 	 	Title:   Executive Vice President

 

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	Safehold Operating Partnership LP	Note Purchase Agreement

 

The foregoing is hereby

accepted and agreed to as

of the date hereof.

 

	 	Massachusetts Mutual Life Insurance Company
	 	 	 
	 	By:	Barings LLC as Investment Adviser
	 	 	 
	 	By	/s/ Jennie Rose
	 	 	Name: Jennie Rose
	 	 	Title:   Managing Director
	 	 	 
	 	Great American Life Insurance Company
	 	 	 
	 	By:	Barings LLC as Investment Adviser
	 	 	 
	 	By	/s/ Jennie Rose
	 	 	Name: Jennie Rose
	 	 	Title:   Managing Director
	 	 	 
	 	The Lincoln National Life Insurance Company
	 	 	 
	 	By:	Barings LLC as Investment Adviser
	 	 	 
	 	By	/s/ Jennie Rose
	 	 	Name: Jennie Rose
	 	 	Title:   Managing Director

 

     

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

The foregoing is hereby

accepted and agreed to as

of the date hereof.

 

	 	Voya Retirement Insurance and Annuity Company
	 	 
	 	Reliastar Life Insurance Company
	 	 	 
	 	By:	Voya Investment Management LLC, as Agent
	 	 	 
	 	By	/s/ Justin Stach
	 	 	Name: Justin Stach
	 	 	Title:   Senior Vice President

 

	 	Security Life of Denver Insurance Company
	 	Farm Bureau Life Insurance Company of Michigan
	 	Corporate Solutions Life Reinsurance Company
	 	Voya Pension Committee on Behalf of the Voya Retirement Plan
	 	United Insurance Company of America
	 	Horace Mann Life Insurance Company
	 	Carefirst of Maryland, Inc.
	 	Group Hospitalization and Medical Services, Inc.
	 	Carefirst Bluechoice, Inc.
	 	SFM Mutual Insurance Company
	 	Shelter Mutual Insurance Company
	 	Shelter Life Insurance Company
	 	Shelter Reinsurance Company
	 	Brighthouse Life Insurance Company

 

	 	By:	Voya Investment Management LLC, as Agent
	 	 	 
	 	By	/s/ Justin Stach
	 	 	Name: Justin Stach
	 	 	Title:   Senior Vice President

 

     

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

The foregoing is hereby

accepted and agreed to as

of the date hereof.

 

	 	Athene Annuity and Life Company
	 	 	 
	 	By:	Apollo Insurance Solutions Group LP, its investment adviser
	 	By:	Apollo Capital Management, L.P., its sub adviser
	 	By:	Apollo Capital Management GP, LLC, its General Partner
	 	 	 
	 	By	/s/ Joseph D. Glatt
	 	 	Name: Joseph D. Glatt
	 	 	Title:   Vice President
	 	 	 
	 	Structured Annuity Reinsurance Company
	 	 	 
	 	By:	Apollo Insurance Solutions Group LP, its investment adviser
	 	By:	Apollo Capital Management, L.P., its sub adviser
	 	By:	Apollo Capital Management GP, LLC, its General Partner
	 	 	 
	 	By	/s/ Joseph D. Glatt
	 	 	Name: Joseph D. Glatt
	 	 	Title:   Vice President
	 	 	 
	 	Athene Annuity & Life Assurance Company of New York
	 	 	 
	 	By:	Apollo Insurance Solutions Group LP, its investment adviser
	 	By:	Apollo Capital Management, L.P., its sub adviser
	 	By:	Apollo Capital Management GP, LLC, its General Partner
	 	 	 
	 	By	/s/ Joseph D. Glatt
	 	 	Name: Joseph D. Glatt
	 	 	Title:   Vice President

 

     

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

The foregoing is hereby

accepted and agreed to as

of the date hereof.

 

	 	Athene Annuity & Life Insurance Company
	 	 	 
	 	By:	Apollo Insurance Solutions Group LP, its investment adviser
	 	By:	Apollo Capital Management, L.P., its sub adviser
	 	By:	Apollo Capital Management GP, LLC, its General Partner
	 	 	 
	 	By	/s/ Joseph D. Glatt
	 	 	Name: Joseph D. Glatt
	 	 	Title:   Vice President

 

     

     

    

 

	Safehold Operating Partnership LP	Note Purchase Agreement

 

The foregoing is hereby

accepted and agreed to as

of the date hereof.

 

	 	New York Life Insurance Company
	 	 	 
	 	By	/s/ Andrew Leisman
	 	 	Name: Andrew Leisman, CFA
	 	 	Title:   Corporate Vice President
	 	 	 
	 	New York Life Insurance and Annuity Corporation
	 	 	 
	 	By:	NYL Investors LLC, its Investment Manager
	 	 	 
	 	By	/s/ Andrew Leisman
	 	 	Name: Andrew Leisman, CFA
	 	 	Title:   Senior Director
	 	 	 
	 	New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 30C)
	 	 	 
	 	By:	NYL Investors LLC, its Investment Manager
	 	 	 
	 	By	/s/ Andrew Leisman
	 	 	Name: Andrew Leisman, CFA
	 	 	Title:   Senior Director
	 	 	 
	 	New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 30D)
	 	 	 
	 	By:	NYL Investors LLC, its Investment Manager
	 	 	 
	 	By	/s/ Andrew Leisman
	 	 	Name: Andrew Leisman, CFA
	 	 	Title:   Senior Director

 

     

     

    

 

 

Defined
Terms

 

As used herein, the following
terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“Acceptable Rating
Agency” means (a) Fitch, Inc., Moody’s Investors Service, Inc., Standard & Poor’s Ratings
Services, a Standard & Poor’s Financial Services LLC business, or DBRS, Inc., or (b) any other credit rating
agency that is recognized as a nationally recognized statistical rating organization by the SEC and approved by the Required Holders,
so long as, in each case, any such credit rating agency described in clause (a) or (b) above continues to be a nationally recognized
statistical rating organization recognized by the SEC and is approved as a “Credit Rating Provider” (or other similar designation)
by the NAIC.

 

“Additional Notes”
is defined in Section 2.4.

 

“Additional Purchasers”
means purchasers of Additional Notes.

 

“Administrative Agent”
means JPMorgan Chase Bank, N.A. or its successors as administrative agent under the Primary Credit Facility.

 

“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person. Unless the context otherwise clearly requires, any
reference to an “Affiliate” is a reference to an Affiliate of the Parent Guarantor. For purposes of Section 8.5, Section 10.1
and the definition of “Required Holders”, the External Manager and its affiliates shall be deemed Affiliates of the Parent
Guarantor and the Company.

 

“Agreement”
means this Master Note Purchase Agreement, including all Supplements, Schedules and Exhibits attached to this Agreement (including
all Schedules and Exhibits attached to any Supplement) as it may be amended, restated, supplemented or otherwise modified from time to
time.

 

“Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity,
including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.

 

“Anti-Money Laundering
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking,
terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act
of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.

 

“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a
Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic
Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled
by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or
(b).

 

    SCHEDULE
                                            A
(to Master Note Purchase Agreement)

     

    

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be
closed.

 

“Called Principal”
is defined in Section 8.6.

 

“Capital Leases”
as applied to any Person, means any lease of any property (whether real, personal or mixed) by that Person as lessee which, in conformity
with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.

 

“Change of Control”
is defined in Section 8.7(f)

 

“Closing”
is defined in Section 3.

 

“Closing Date”
is defined in Section 3.

 

“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 

“Company”
is defined in the first paragraph of this Agreement.

 

“Competitor”
means (a) any Person that is engaged in the business of acquiring, originating, manufacturing, owning, managing, financing and/or
capitalizing ground leases, including trading or dealing in securities, financial derivatives, currencies or other financial products
relating to or derived from such ground lease activities and (b) any Person that is an Affiliate of any Person referred to in clause
(a) (other than an Affiliate that (i) does not engage, as its primary business, in the business of acquiring, originating, manufacturing,
owning, managing, financing and/or capitalizing ground leases, including trading or dealing in securities, financial derivatives, currencies
or other financial products relating to or derived from such ground lease activities, (ii) has established procedures which will
prevent confidential information supplied to such Affiliate from being transmitted or otherwise made available to such affiliated entities
described in clause (a), and (iii) is managed by Persons other than Persons who manage such affiliated entities described in clause
(a) and the Persons who manage such affiliated entities described in clause (a) do not have the power to manage such Person);
provided that:

 

(i)             the
provision of investment advisory services by a Person to a Plan which is owned or controlled by a Person which would otherwise be a Competitor
shall not in any event cause the Person providing such services to be deemed to be a Competitor, provided that such Person providing
such services has established and maintains procedures which will prevent Confidential Information supplied to such Person from being
transmitted or otherwise made available to such Plan;

 

(ii)            in
no event shall an Institutional Investor be deemed a Competitor if such Institutional Investor is a pension plan sponsored by a Person
which would otherwise be a Competitor but which is a regular investor in privately placed Securities and such pension plan has established
and maintains procedures which will prevent Confidential Information supplied to such pension plan by the Company from being transmitted
or otherwise made available to such plan sponsor; and

 

    A-2

     

    

 

(iii)           in
no event shall an Institutional Investor that is not primarily engaged in the
business of acquiring, originating, manufacturing, owning, managing, financing and/or capitalizing ground leases, including trading or
dealing in securities, financial derivatives, currencies or other financial products relating to or derived from such ground lease activities,
be deemed a Competitor.

 

“Confidential Information”
is defined in Section 20.

 

“Consolidated Group”
means the Parent Guarantor and its Subsidiaries.

 

“Consolidated Party”
means a member of the Consolidated Group.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling”
shall have meanings correlative to the foregoing.

 

“Controlled Entity”
means (a) any of the Subsidiaries of the Parent Guarantor and any of their or the Parent Guarantor’s respective Controlled
Affiliates and (b) if the Parent Guarantor has a parent company, such parent company and its Controlled Affiliates.

 

“Debt”
means, without duplication, with respect to any Person, any indebtedness of such Person in respect of:

 

(a)            borrowed
money or evidenced by bonds, notes, debentures or similar instruments;

 

(b)            indebtedness
secured by any Lien on any property or asset owned by such Person, but only to the extent of the lesser of (a) the amount of indebtedness
so secured and (b) the fair market value (determined in good faith by the board of directors of such Person or, in the case of the
Company and a subsidiary, by the Parent Guarantor’s board of directors or a duly authorized committee thereof) of the property subject
to such Lien;

 

(c)            reimbursement
obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred
and unpaid of the purchase price of any property except any such balance that constitutes (i) an accrued expense, (ii) trade
accounts payable in the ordinary course of business and (iii) any deferred purchase price until such obligation becomes a liability
on the balance sheet of such Person in accordance with GAAP;

 

    A-3

     

    

 

(d)            any
lease of property by such Person as lessee which is required to be reflected on such Person’s balance sheet as a finance lease in
accordance with GAAP; provided, however, that in the case of this clause, Debt excludes operating lease liabilities on a Person’s
balance sheet in accordance with GAAP;

 

(e)            net
obligations of such Person under any Swap Contract;

 

(f)             any
lease of any property (whether real, personal or mixed) by that Person as lessee which, in conformity with GAAP, is or should be accounted
for as a capital lease on the balance sheet in accordance with GAAP; provided, however, that in the case of this clause,
Debt excludes operating lease liabilities on a Person’s balance sheet in accordance with GAAP;

 

(g)            all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any equity interest in such
Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends; or

 

(h)            the
monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement
for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the
insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

Debt also includes, to the extent not otherwise
included, any non-contingent obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for
purposes of collection in the ordinary course of business), Debt of the types referred to above of another Person (it being understood
that Debt shall be deemed to be incurred by such Person whenever such Person shall create, assume, guarantee (on a non-contingent basis)
or otherwise become liable in respect thereof). Notwithstanding the foregoing, with respect to the Company, the Parent Guarantor or any
Subsidiary, the term “Debt” shall not include Permitted Non-Recourse Guarantees of the Company, the Parent Guarantor or any
Subsidiary until such time as they become primary obligations of, and payments are due and required to be made thereunder by, the Company,
the Parent Guarantor or any Subsidiary.

 

“Debt Rating”
means the debt rating of the Notes as determined from time to time by any Acceptable Rating Agency.

 

“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become
an Event of Default.

 

“Default Rate”
means, with respect to the Notes, that rate of interest per annum that is the greater of (a) 2% above the rate of interest stated
in clause (a) of the first paragraph of the Notes or (b) 2% over the rate of interest publicly announced by Goldman Sachs
Bank USA in New York, New York as its “base” or “prime” rate.

 

    A-4

     

    

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Discounted Value”
is defined in Section 8.6.

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such
purposes.

 

“Environmental Laws”
means any and all Federal, state, local, and foreign statutes, laws (including common law), judicial decisions, regulations, ordinances,
rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental
restrictions relating to pollution and the protection of the environment or of human health or safety (as affected by exposure to harmful
or deleterious substances).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time
in effect.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414
of the Code.

 

“Event of Default”
is defined in Section 11.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder from time to time in effect.

 

“Execution Date”
is defined in Section 3.

 

“External Manager”
means SFTY Manager LLC, a Delaware limited liability company, and its successors.

 

“FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations
thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United
States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any
agreements entered into pursuant to section 1471(b)(1) of the Code.

 

“Financial Covenant”
means any covenant (whether set forth as a covenant, undertaking, event of default, restriction, prepayment event or similar provision)
that requires Parent Guarantor or the Company to:

 

(a)            maintain
a specified level of net worth, shareholders’ equity, total assets, unencumbered assets, cash flow or net income;

 

(b)            maintain
any relationship of any component of its capital structure to any other component thereof (including, without limitation, the relationship
of indebtedness, senior indebtedness, secured indebtedness, unsecured indebtedness, or subordinated indebtedness to total capitalization,
total assets, unencumbered assets or to net worth); or

 

    A-5

     

    

 

(c)            maintain
any measure of its ability to service its indebtedness (including, without limitation, exceeding any specified ratio of cash flow, operating
income or net income to indebtedness, interest expense, and/or scheduled payments of indebtedness);

 

but in all cases excluding
any such covenant that amounts to a negative pledge or a sale of assets limitation.

 

“First Closing”
is defined in Section 3.

 

“First Closing Date”
is defined in Section 3.

 

“Fitch”
means Fitch Ratings, Inc. and any successor thereto.

 

“Form 10-K”
is defined in Section 7.1(b).

 

“Form 10-Q”
is defined in Section 7.1(a).

 

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States of America.

 

“Governmental Authority”
means

 

(a)            the
government of

 

(i)            the
United States of America or any state or other political subdivision thereof, or

 

(ii)           any
other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over
any properties of the Company or any Subsidiary, or

 

(b)            any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

“Guaranteed Obligations”
has the meaning specified in Section 23.1(a).

 

“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to
Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and
any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose name and address appears
in such register.

 

“Incorporated Covenant”
is defined in Section 9.10(b).

 

    A-6

     

    

 

“Indemnified Party”
is defined in Section 23.5.

 

“INHAM Exemption”
is defined in Section 6.2(e).

 

“Institutional Investor”
means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than
10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or
other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer or any other similar
financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.

 

“Laws”
means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.

 

“Lien”
means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind whatsoever.

 

“Make-Whole Amount”
is defined in Section 8.6.

 

“Material”
means material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries
taken as a whole.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties
of the Parent Guarantor, the Company and their Subsidiaries taken as a whole, (b) the ability of the Parent Guarantor and the Company
to perform its obligations under this Agreement and the Notes (in the case of the Company), (c) the ability of any Note Guarantor
to perform its obligations under its Note Guaranty or (d) the validity or enforceability of any Note Document.

 

“Material Credit
Facility” means:

 

(a)            the
Primary Credit Facility; and

 

(b)            any
other credit facility(ies) creating or evidencing indebtedness for borrowed money that is Recourse Debt entered into on or after the date
of Closing by the Parent Guarantor or the Company, or in respect of which the Parent Guarantor or the Company is an obligor or otherwise
provides a guarantee or other credit support (“Credit Facility”), in a principal amount outstanding or available for
borrowing equal to or greater than the Material Credit Facility Threshold (or the equivalent of such amount in the relevant currency of
payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency); provided
if no Credit Facility or Credit Facilities equal or exceed such amounts and there is no Primary Credit Facility at such time, then the
largest Credit Facility shall be deemed to be a Material Credit Facility.

 

    A-7

     

    

 

“Material Credit
Facility Threshold” means, as of any date of determination, the greater of (a) $375,000,000 and (b) 7.5% of Total
Asset Value.

 

“Material Non-Recourse
Debt” means Non-Recourse Debt of the Company or the Parent Guarantor or any Subsidiary that is outstanding in a principal amount
equal to or more than the greater of (a) $150,000,000 and (b) 3.0% of Total Asset Value.

 

“Material Recourse
Debt” means Debt for borrowed money that is recourse to the Company or the Parent Guarantor or any Subsidiary that is outstanding
in a principal amount equal to or more than the greater of (a) $90,000,000 and (b) 1.8% of Total Asset Value.

 

“Maturity Date”
with respect to any Note is defined in the first paragraph of such Note.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Most Favored Lender
Notice” is defined in Section 9.10(c).

 

“Multiemployer Plan”
means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).

 

“NAIC”
means the National Association of Insurance Commissioners or any successor thereto.

 

“NAIC Annual Statement”
is defined in Section 6.2(a).

 

“Non-Recourse Debt”
means Debt of a Subsidiary of the Company or the Parent Guarantor (or an entity in which the Company is the general partner or managing
member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests)
of a Subsidiary of the Company or the Parent Guarantor (or entity in which the Company is the general partner or managing member) that
is the borrower and is non-recourse to the Company or the Parent Guarantor or any Subsidiary of the Company or the Parent Guarantor (other
than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the Subsidiary of the Company (or entity in which the
Company is the general partner or managing member) that is the borrower); provided, that, if any such Debt is partially recourse
to the Company or the Parent Guarantor or any Subsidiary of the Company or the Parent Guarantor (other than pursuant to a Permitted Non-Recourse
Guarantee and other than with respect to the Subsidiary of the Company or the Parent Guarantor (or entity in which the Company is the
general partner or managing member) that is the borrower) and therefore does not meet the criteria set forth above, only the portion of
such Debt that does meet the criteria set forth above shall constitute “Non-Recourse Debt”; provided further, that,
recourse to the Company or the Parent Guarantor or any Subsidiary of the Company or the Parent Guarantor for any such Debt for fraud,
misrepresentation, misapplication of cash, waste, bankruptcy, unpermitted transfers, environmental claims and liabilities and other circumstances
customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements or carve-out
guarantees in non-recourse financing of real estate, including any customary carve-outs included in ground leases, shall not, by itself,
prevent such Debt from being characterized as Non-Recourse Debt.

 

    A-8

     

    

 

“Non-U.S.
Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States of
America by the Parent Guarantor, the Company or any Subsidiary primarily for the benefit of employees of the Parent Guarantor, the Company
or one or more Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results
in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and
(b) is not subject to ERISA or the Code.

 

“Note Documents”
means (a) this Agreement, (b) the Notes, (c) each Note Guaranty, and (d) each other document or instrument now or
hereafter executed and delivered by a Note Party in connection with, pursuant to or relating to this Agreement, in each case, as amended.

 

“Note Guarantor”
means the Parent Guarantor and each Subsidiary Guarantor.

 

“Note Guaranty”
means the Parent Guaranty and each Subsidiary Guaranty.

 

“Note Parties”
means the Company and the Note Guarantors.

 

“Notes”
is defined in Section 1.

 

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

 

“OFAC Sanctions
Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions
Programs may be found at www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

 

“Officer’s
Certificate” means, with respect to any Person, a certificate of a Senior Financial Officer or of any other officer of such
Person whose responsibilities extend to the subject matter of such certificate.

 

“Parent Guarantor”
is defined in the introductory paragraph to this Agreement.

 

“Parent Guaranty”
is defined in Section 2.2.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

 

    A-9

     

    

 

“Permitted Equity
Encumbrances” means:

 

(a)            Liens
for taxes not yet due or Liens for taxes which are being contested in good faith and by appropriate proceedings diligently conducted,
and which adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(b)            Permitted
Judgment Liens; and

 

(c)            Permitted
Provisions.

 

“Permitted Judgment
Liens” means Liens securing judgments for the payment of money not constituting an Event of Default solely to the extent the
aggregate amount of the judgments (other than judgments that are being contested in good faith and by appropriate actions or proceedings
diligently conducted (which actions or proceedings have the effect of preventing the forfeiture or sale of the property of assets subject
to any such Lien)) secured by such Liens encumbering such equity interests does not exceed $10,000,000.

 

“Permitted Non-Recourse
Guarantees” means customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements
and carve-out guarantees) provided under Non-Recourse Debt in the ordinary course of business by the Company or the Parent Guarantor or
any Subsidiary of the Company or the Parent Guarantor in financing transactions that are directly or indirectly secured by real estate
assets or other real estate-related assets (including equity interests) of a Subsidiary of the Company or the Parent Guarantor (or entity
in which the Company is the general partner or managing member), in each case that is the borrower in such financing, but is non-recourse
to the Company or the Parent Guarantor or any of the Company’s or the Parent Guarantor’s other Subsidiaries, except for customary
completion or budget guarantees or indemnities (including by means of separate indemnification agreements or carve-out guarantees) as
are consistent with customary industry practice (such as fraud, misrepresentation, misapplication of cash, waste, bankruptcy, unpermitted
transfers, environmental claims and liabilities and other circumstances customarily excluded by institutional lenders from exculpation
provisions and/or separate indemnification agreements or carve-out guarantees in non-recourse financing of real estate, including any
customary carve-outs included in ground leases).

 

“Permitted Provisions”
means provisions that are contained in documentation evidencing or governing Indebtedness which provisions are the result of (i) limitations
on the ability of a Consolidated Party to make restricted payments or transfer property to the Company or the Parent Guarantor which limitations
are not, taken as a whole, materially more restrictive than those contained in the Note Documents, (ii) limitations on the creation
of any Lien on any assets of a Person that are not, taken as a whole, materially more restrictive than those contained in the Note Documents
or (iii) an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified
ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets,
or the encumbrance of specific assets, which conditions are not, taken as a whole, materially more restrictive than those contained in
the Note Documents.

 

    A-10

     

    

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title IV of ERISA or Section 412
of the Code that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within
the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company
or any ERISA Affiliate may have any liability.

 

“Presentation”
is defined in Section 5.3.

 

“Primary Credit Facility”
means the Credit Agreement dated as of March 31, 2021 among the Company, the Parent Guarantor, JPMorgan Chase Bank, N.A. as administrative
agent, and the other lenders party thereto, including any renewals, extensions, amendments, restatements, replacements or refinancing
in full (or a majority) thereof.

 

“Private Rating Letter”
means a letter issued by an Acceptable Rating Agency in connection with any private debt rating for the Notes, which (a) sets forth
the Debt Rating for the Notes, (b) refers to the Private Placement Number issued by Standard & Poor’s CUSIP Bureau
Service in respect of the Notes, (c) addresses the likelihood of payment of both principal and interest on the Notes (which requirement
shall be deemed satisfied if either (x) such letter includes confirmation that the rating reflects the Acceptable Rating Agency’s
assessment of the Company’s ability to make timely payment of principal and interest on the Notes or a similar statement or (y) such
letter is silent as to the Acceptable Rating Agency’s assessment of the likelihood of payment of both principal and interest and
does not include any indication to the contrary), (d) includes such other information describing the relevant terms of the Notes
as may be required from time to time by the SVO or any other regulatory authority having jurisdiction over any holder of any Notes, and
(e) shall not be subject to confidentiality provisions which would prevent it from being shared with the SVO or any other regulatory
authority having jurisdiction over any holder of any Notes.

 

“Private Rating Rationale
Report” means, (a) with respect to the Private Rating Rationale Report delivered pursuant to Section 4.12, the Private
Rating Rational Report dated March 31, 2021, and (b) with respect to any Private Rating Letter delivered pursuant to Section 9.11(b),
a report issued by the Acceptable Rating Agency in connection with such Private Rating Letter setting forth an analytical review of the
Notes explaining the transaction structure, methodology relied upon, and, as appropriate, analysis of the credit, legal, and operational
risks and mitigants supporting the assigned Private Rating for the Notes, in each case, on the letterhead of the Acceptable Rating Agency
or its controlled website and generally consistent with the work product that an Acceptable Rating Agency would produce for a similar
publicly rated security and otherwise in form and substance generally required by the SVO or any other regulatory authority having jurisdiction
over any holder of any Notes from time to time.

 

“Pro Rata Share”
means, with respect to (i) any Wholly-Owned Subsidiary of the Company, 100%, and with respect to any other Subsidiary of the Company,
the percentage interest held by the Company, directly or indirectly, in such joint venture determined by calculating the percentage of
the equity interests of such joint venture owned by the Company and/or one or more of its Subsidiaries.

 

    A-11

     

    

 

“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible,
choate or inchoate.

 

“Proposed Prepayment
Date” is defined in Section 8.7(b).

 

“PTE” is
defined in Section 6.2(a).

 

“Purchaser”
or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to the Company and such
Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that
any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note (whether by full
prepayment or repayment of such Note or as the result of a transfer of such Note pursuant to Section 13.2) shall cease to be included
within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer.

 

“Purchaser Schedule”
means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their notice and payment information.

 

“Qualified Institutional
Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such term as set forth in
Rule 144A(a)(1) under the Securities Act.

 

“QPAM Exemption”
is defined in Section 6.2(d).

 

“Real Estate Investment
Trust” or “REIT” means a Person that is qualified to be treated for tax purposes as a real estate investment
trust under Sections 856-860 of the Internal Revenue Code.

 

“Recourse Debt”
means Debt other than Non-Recourse Indebtedness.

 

“Reinvestment Yield”
is defined in Section 8.6.

 

“REIT”
means a real estate investment trust, as defined under Section 856 of the Code.

 

“Remaining Average
Life” is defined in Section 8.6.

 

“Remaining Scheduled
Payments” is defined in Section 8.6.

 

“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised
or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.

 

    A-12

     

    

 

“Required Holders”
means, at any time:

 

(a)            prior
to the First Closing, the Purchasers, and

 

(b)            on
or after the First Closing and before the Second Closing Date, (i) the holders of more than 50% in principal amount of the Notes
at the time outstanding (exclusive of Notes then owned by Parent Guarantor, the Company or any Affiliates) and (ii) the Purchasers
of the Notes scheduled to be issued at the Second Closing, and

 

(c)            on
or after the Second Closing Date, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of
Notes then owned by Parent Guarantor, the Company or any Affiliates)

 

; provided that in the event
a Supplement has been entered into by the Company with Additional Purchasers thereunder, but the Additional Notes to be issued have not
yet been so issued, “Required Holders” shall also include the Additional Purchasers scheduled to purchase such Additional
Notes until such time as such Additional Notes are so purchased.

 

“Responsible Officer”
means, with respect to any Person, any Senior Financial Officer and any other officer of such Person with responsibility for the administration
of the relevant portion of this Agreement.

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., and any successor thereto.

 

“Second Closing”
is defined in Section 3.

 

“Second Closing Date”
is defined in Section 3.

 

“SEC” means
the U.S. Securities and Exchange Commission of the United States of America.

 

“Securities”
or “Security” shall have the meaning specified in section 2(a)(1) of the Securities Act.

 

“Securities Act”
means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.

 

“Senior Financial
Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer or comptroller
of such Person.

 

“Series”
means any series of Notes issued pursuant to this Agreement or any Supplement hereto.

 

“Series 2022A
Notes” is defined in Section 1.1.

 

    A-13

     

    

 

“Settlement Date”
is defined in Section 8.6.

 

“Significant Subsidiary”
means, on any date of determination, each Subsidiary or group of Subsidiaries of the Parent Guarantor whose total assets as of the last
day of the then most recently ended fiscal quarter were equal to or greater than 5% of the Total Asset Value at such time, it being understood
that all such calculations shall be determined in the aggregate for all Subsidiaries of the Parent Guarantor subject to any of the events
specified in Sections 11(f), (g), (h) and (i).

 

“Source”
is defined in Section 6.2.

 

“State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons
that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under
U.S. Economic Sanctions Laws.

 

“Subsidiary”
means, with respect to the Company or the Parent Guarantor, any Person (excluding an individual), a majority of the outstanding voting
stock, partnership interests, membership interests or other equity interests, as the case may be, of which is owned or controlled, directly
or indirectly, by the Company or the Parent Guarantor, as the case may be, or by one or more other Subsidiaries of the Company or the
Parent Guarantor, as the case may be. For the purposes of this definition, “voting stock, partnership interests, membership interests
or other equity interests” means stock or interests having voting power for the election of directors, trustees or managers, as
the case may be, whether at all times or only so long as no senior class of stock or interests has such voting power by reason of any
contingency.

 

“Subsidiary Guarantor”
means Subsidiary that has executed and delivered a Subsidiary Guaranty pursuant to Section 9.7.

 

“Subsidiary Guaranty”
is defined in Section 9.7.

 

“Substitute Purchaser”
is defined in Section 21.

 

“Supplement”
is defined in Section 2.4.

 

“SVO” means
the Securities Valuation Office of the NAIC or any successor to such Office.

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and
all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.

 

    A-14

     

    

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Total Asset Value”
means, as of any date, the Pro Rata Share of the following:

 

(a)            the
aggregate amount of cash and cash equivalents (as defined in accordance with GAAP) owned by the Company and its Subsidiaries; plus

 

(b)            an
amount equal to the aggregate undepreciated book value of all other assets owned by the Company and its Subsidiaries, as adjusted in accordance
with GAAP to reflect impairment charges, write-downs and losses, owned on such date.

 

“Total Unencumbered
Assets” means the sum of, without duplication:

 

(a)            those
Undepreciated Real Estate Assets which are not subject to a Lien securing Debt; and

 

(b)            all
other assets (excluding non-lease intangibles and accounts receivable other than straight-line receivables and lease receivables) of the
Company and its Subsidiaries not subject to a Lien securing Debt,

 

all determined on a consolidated basis in accordance
with GAAP to reflect impairment charges and write-downs; provided, however, that, in determining Total Unencumbered Assets as a
percentage of outstanding Unsecured Debt for purposes of the covenant set forth in Section 10.5,

 

(i)             all
investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities,

 

(ii)            any
Undepreciated Real Estate Asset or other asset that is subordinated to the applicable leasehold mortgage, and

 

(iii)           any
Undepreciated Real Estate Asset or other asset that is owned by a Subsidiary (A) which is (or any direct or indirect parent company
of such Subsidiary (other than the Company) is) liable for Recourse Debt (other than Recourse Debt owed to a Note Party) (unless such
Subsidiary (and each direct or indirect parent company of such Subsidiary (other than the Company)) is a Subsidiary Guarantor) or (B) the
equity interests of which is subject to any Lien (other than Permitted Equity Encumbrances),

 

shall in each case be excluded from Total Unencumbered
Assets.

 

    A-15

     

    

 

“tranche”
means all Notes of a Series having the same maturity, interest rate, prepayment premium, currency, covenants and schedule for mandatory
prepayments.

 

“Undepreciated Real
Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real estate assets, right-of-use
assets associated with leases of property required to be reflected as finance leases on the balance sheet of the Company and its Subsidiaries
in accordance with GAAP and related intangibles of the Company and its Subsidiaries on such date, before depreciation and amortization,
all determined on a consolidated basis in accordance with GAAP; provided, however, that “Undepreciated Real Estate Assets”
shall not include right-of-use assets associated with leases of property required to be reflected as operating leases on the balance sheet
of the Company and its Subsidiaries in accordance with GAAP.

 

“Unsecured Debt”
means Debt of the Company or any of its Subsidiaries which is not secured by a Lien on any property or assets of the Company or any of
its Subsidiaries.

 

“U.S. Economic Sanctions
Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States
of America pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the
Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment
Act and any other OFAC Sanctions Program.

 

“USA PATRIOT Act”
means U.S. Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
(USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time
in effect.

 

“Wholly-Owned Subsidiary”
means, with respect to the Company or the Parent Guarantor, any Person (excluding an individual), 100% of the outstanding shares of stock
or other equity interests of which are owned and controlled, directly or indirectly, by the Company or the Parent Guarantor, as the case
may be, or by one or more other Subsidiaries of the Company or the Parent Guarantor, as the case may be.

 

    A-16

     

    

 

 

Form of
Series 2022A Note

 

Safehold
Operating Partnership LP

 

3.98%
Series 2022A Senior Note, due February 15, 2052

 

	No. [_____]	 	     [Date]

	$[_______]	 	     PPN 78646U A*0

 

For
Value Received, the undersigned, Safehold Operating Partnership LP, a Delaware limited partnership (herein called the “Company”),
hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on February 15, 2052 (the “Maturity Date”), with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 3.98% per annum
from the date hereof, payable semiannually, on the 15th day of February and August in each year, commencing with the February or
August next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and
(b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of
Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the
Default Rate (as defined in the hereinafter defined Master Note Purchase Agreement), payable semiannually as aforesaid (or, at the option
of the registered holder hereof, on demand).

 

Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at Goldman
Sachs Bank USA or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in
the Master Note Purchase Agreement referred to below.

 

This Note is one of a series
of Series 2022A Senior Notes (herein called the “Notes”) issued pursuant to the Master Note Purchase Agreement,
dated January 27, 2022 (as from time to time amended, the “Master Note Purchase Agreement”), among the Company,
Safehold Inc., a Maryland corporation, and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder
of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20
of the Master Note Purchase Agreement and (ii) made the representation set forth in Section 6.2 of the Master Note Purchase
Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in
the Master Note Purchase Agreement.

 

This Note is a registered
Note and, as provided in the Master Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a
written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

Schedule
1

(to Master Note Purchase Agreement)

 

     

     

    

 

This Note is subject to optional
prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Purchase Agreement, but
not otherwise.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount) and with the effect provided in the Master Note Purchase Agreement.

 

This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.

 

	 	Safehold Operating Partnership LP
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    1-2

     

    

 

 

Safehold
Operating Partnership LP

Safehold
Inc.

 

[Number]
Supplement to Note Purchase Agreement

 

Dated as of ______________________

 

Re:               $____________
_____% Series _______ Senior Notes

Due _____________________

 

 

 

Exhibit
S

(to Master Note Purchase Agreement)

    

     

    

 

Safehold
Operating Partnership LP

c/o iStar Inc.

1114 Avenue of the Americas, 39th Floor

New York, New York 10036

 

Dated as of

____________________, 20__

 

To the Series [____] Additional

Purchaser(s) named in

Schedule A hereto

 

Ladies and Gentlemen:

 

This [Number] Supplement to
Note Purchase Agreement (the “Supplement”) is among Safehold Operating Partnership
LP, a Delaware limited partnership (the “Company”), and Safehold Inc.,
a Maryland corporation (the “Parent Guarantor”), jointly and severally, and the institutional investors named on Schedule A
attached hereto (the “Series [__] Additional Purchasers”).

 

Reference is hereby made to
that certain Master Note Purchase Agreement dated as of [___, 2021] (the “Note Purchase Agreement”) among the Company,
the Parent Guarantor and the Purchasers listed on the Purchaser Schedule thereto. All capitalized terms not otherwise defined herein shall
have the same meanings as specified in the Note Purchase Agreement. Reference is further made to Section 4.15 of the Note Purchase
Agreement which requires that, prior to the delivery of any Additional Notes, the Company, the Parent Guarantor and each Additional Purchaser
shall execute and deliver a Supplement.

 

The Company hereby agrees
with the Series [__] Additional Purchaser(s) as follows:

 

1.        The
Company has authorized the issue and sale of $__________ aggregate principal amount of its _____% Series ______ Senior Notes due
_________, ____ (the “Series ______ Notes”). The Series ____ Notes, together with the Series 2022A Notes
issued pursuant to the Note Purchase Agreement and each series of Additional Notes which may from time to time hereafter be issued pursuant
to the provisions of Section 2.4 of the Note Purchase Agreement, are collectively referred to as the “Notes” (such
term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement). The
Series _____ Notes shall be substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may
be approved by the Series [__] Additional Purchaser(s) and the Company.

 

2.        Subject
to the terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and warranties
hereinafter set forth, the Company agrees to issue and sell to each Series [__] Additional Purchaser, and each Series [__] Additional
Purchaser agrees to purchase from the Company, Series _____ Notes in the principal amount set forth opposite such Series [__]
Additional Purchaser’s name on Schedule A hereto at a price of 100% of the principal amount thereof on the Closing date hereinafter
mentioned.

 

    

     

    

 

3.        The
sale and purchase of the Series ______ Notes to be purchased by each Series [__] Additional Purchaser shall occur at the offices
of [Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606,] at 8:00 a.m. [Chicago
time], at the Closing (the “Series [____] Closing”) on ______, ____ or on such other Business Day thereafter on
or prior to _______, ____ as may be agreed upon by the Company and the Series [__] Additional Purchasers. At the Series [____]
Closing, the Company will deliver to each Series [__] Additional Purchaser the Series ______ Notes to be purchased by such Purchaser
in the form of a single Series ______ Note (or such greater number of Series ______ Notes in denominations of at least $500,000
as such Series [__] Additional Purchaser may request) dated the date of the Series [____] Closing and registered in such Series [__]
Additional Purchaser’s name (or in the name of such Series [__] Additional Purchaser’s nominee), against delivery by
such Series [__] Additional Purchaser to the Company or its order of immediately available funds in the amount of the purchase price
therefor by wire transfer of immediately available funds for the account of the Company to account number [__________________________]
at ____________ Bank, [Insert Bank address, ABA number for wire transfers, and any other relevant wire transfer information]. If,
at the Series [____] Closing, the Company shall fail to tender such Series ______ Notes to any Series [__] Additional Purchaser
as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled
to any Series [__] Additional Purchaser’s satisfaction, such Series [__] Additional Purchaser shall, at such Series [__]
Additional Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving any rights
such Series [__] Additional Purchaser may have by reason of such failure or such nonfulfillment.

 

4.        The
obligation of each Series [__] Additional Purchaser to purchase and pay for the Series ______ Notes to be sold to such Series [__]
Additional Purchaser at the Series [____] Closing is subject to the fulfillment to such Series [__] Additional Purchaser’s
satisfaction, prior to the Series [____] Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement with
respect to the Series ______ Notes to be purchased at the Series [____] Closing as if each reference to “2022A Notes”
or “Notes,” “Closing” and “Purchaser” set forth therein was modified to refer to “Series ______
Notes,” “Series [____] Closing” and “Series [__] Additional Purchaser” (each as defined in this
Supplement) and to the following additional conditions:

 

(a)        Except
as supplemented, amended or superceded by the representations and warranties set forth in Exhibit A hereto, each of the representations
and warranties of the Company set forth in Section 5 of the Note Purchase Agreement shall be correct as of the date of the Series [____]
Closing (except for representations and warranties which apply to a specific earlier date which shall be true as of such earlier date
or as of the date specified in Exhibit A to the extent such provision is superseded in Exhibit A) and the Company shall have
delivered to each Series [____] Additional Purchaser an Officer’s Certificate, dated the date of the Series [____] Closing
certifying that such condition has been fulfilled.

 

(b)        Contemporaneously
with the Series [____] Closing, the Company shall sell to each Series [__] Additional Purchaser, and each Series [__] Additional
Purchaser shall purchase, the Series ______ Notes to be purchased by such Series [__] Additional Purchaser at the Series [____]
Closing as specified in Schedule A.

 

    S-2

     

    

 

5.        [Here
insert special provisions for Series ______ Notes including mandatory prepayment provisions applicable to Series ______ Notes;
any series-specific closing conditions or delayed funding matters applicable to Series ______ Notes; or any additional covenants].

 

6.        Each
Series [__] Additional Purchaser represents and warrants that the representations and warranties set forth in Section 6 of the
Note Purchase Agreement are true and correct on the date hereof with respect to the purchase of the Series ______ Notes by such Series [__]
Additional Purchaser as if each reference to “2022A Notes” or “Notes,” “Series [____] Closing”
and “Purchaser” set forth therein was modified to refer to “Series ______ Notes,” “Series [____]
Closing” and “Series [__] Additional Purchaser” and each reference to “this Agreement” therein was
modified to refer to the Note Purchase Agreement as supplemented by this Supplement.

 

7.        The
Company and each Series [__] Additional Purchaser agree to be bound by and comply with the terms and provisions of the Note Purchase
Agreement as fully and completely as if such Series [__] Additional Purchaser were an original signatory to the Note Purchase Agreement.

 

8.        This
Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State
of New York, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.

 

    S-3

     

    

 

The execution hereof shall
constitute a contract among the Company, the Parent Guarantor and the Series [__] Additional Purchaser(s) for the uses and purposes
hereinabove set forth, and this agreement may be executed in any number of counterparts, each executed counterpart constituting an original
but all together only one agreement.

 

	 	Safehold Inc.
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

	 	Safehold Operating Partnership LP
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

Accepted as of __________, _____

 

	 	[Series [____] Additional Purchaser]
	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

    S-4

     

    

 

Information
Relating to Series [____] Additional Purchasers

 

	

Name and Address of Series [____]

 Additional Purchaser	Principal 

Amount of Series

  ______ Notes to

 Be Purchased	Note Number
	[Name of Series [____] Additional

 Purchaser]	$	 
	
    (1)   All
    payments by wire transfer of immediately available funds to:

     

     

     

    with sufficient information to identify the source and application of such funds.
	 	 
	
    (2)   All
    notices of payments and written confirmations of such wire transfers:

     

     

     

     
	 	 
	(3)    All other communications:	 	 

 

Schedule
A

(to Supplement)

 

    

     

    

 

Supplemental
Representations

 

[updated
representations as appropriate to be included]

 

The Company represents and warrants to each Additional
Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties set forth in Section 5
of the Note Purchase Agreement (other than representations and warranties that apply solely to a specific earlier date which shall be
true as of such earlier date and other than the Section references hereinafter set forth) is true and correct in all material respects
as of the date hereof with respect to the Series ______ Notes with the same force and effect as if each reference to “the Notes”
set forth therein was modified to refer to the “Series ______ Notes” and each reference to “this Agreement”
therein was modified to refer to the Note Purchase Agreement as supplemented by the _______ Supplement. The Section references hereinafter
set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby:

 

[Add any
additional representations as appropriate at the time the Series ______

 Notes are issued]

 

    

     

    

 

[Form of
Series _____ Note]

 

Safehold
Operating Partnership LP

 

[____]%
Series _________ Senior Note Due [__________, ____]

 

	No. [_____]	 	     [Date]

	$[_______]	 	     PPN[______________]

 

For
Value Received, the undersigned, Safehold Operating Partnership LP, a Delaware limited partnership (herein called the “Company”),
hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on [_________, ____] (the “Maturity Date”), with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of [_____]% per annum, as may
be adjusted in accordance with Section 1.2 of the Note Purchase Agreement (as hereinafter defined), from the date hereof, payable
semiannually, on the [___] day of [__________] and [_________] in each year, commencing with the [_________] or [_________] next succeeding
the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted
by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance
and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate (as defined in the
hereinafter defined Master Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof,
on demand).

 

Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at [_____]
or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Master Note
Purchase Agreement referred to below.

 

This Note is one of a series
of Senior Notes (the “Notes”) issued pursuant to a Supplement to the Master Note Purchase Agreement, dated January 27,
2022 (as from time to time amended, the “Master Note Purchase Agreement”), among the Company, the Purchasers named
therein and Additional Purchasers of Notes from time to time issued pursuant to any Supplement to the Note Purchase Agreement. This Note
and the holder hereof are entitled equally and ratably with the holders of all other Notes of all series from time to time outstanding
under the Note Purchase Agreement to all the benefits provided for thereby or referred to therein. Each holder of this Note will be deemed,
by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Master Note Purchase
Agreement and (ii) made the representation set forth in Section 6.2 of the Master Note Purchase Agreement. Unless otherwise
indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Master Note Purchase Agreement.

 

    

     

    

 

This Note is a registered
Note and, as provided in the Master Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a
written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

This Note is subject to [mandatory]
[optional] prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement,
but not otherwise.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York, excluding choice-of-law principles of the law of such State that would permit application of the laws of a jurisdiction
other than such State.

 

	 	Safehold Operating Partnership LP
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    S-2

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