Document:

EX-10.1

 Exhibit 10.1 

TWELFTH AMENDMENT TO DELAYED 

DRAW TERM LOAN CREDIT AGREEMENT 

TWELFTH AMENDMENT TO DELAYED DRAW TERM LOAN CREDIT AGREEMENT (this “Amendment”), dated May 30, 2014 (the
“Twelfth Amendment Effective Date”), by and among Par Petroleum Corporation, a Delaware corporation (the “Borrower”), the Guarantors party hereto (the “Guarantors” and together
with the Borrower, each a “Credit Party” and collectively, the “Credit Parties”), WB Macau55 Ltd. (the “Lender”), and Jefferies Finance LLC, as administrative agent for
the Lender (in such capacity, the “Administrative Agent”). 
 WHEREAS, the Credit Parties, the
Administrative Agent, and the lenders party thereto from time to time, entered into that certain Delayed Draw Term Loan Credit Agreement dated as of August 31, 2012 (as amended by the First Amendment dated as of September 28, 2012, as
amended by the Second Amendment dated as of November 29, 2012, as amended by the Third Amendment dated as of December 28, 2012, as amended by the Fourth Amendment dated as of April 19, 2013, as amended by the Fifth Amendment dated
June 4, 2013, as amended by the Sixth Amendment dated June 12, 2013, as amended by the Seventh Amendment dated as of June 17, 2013, as amended by the Eighth Amendment dated as of June 24, 2013, as amended by the Ninth Amendment
dated as of August 1, 2013, as amended by the Tenth Amendment dated as of September 25, 2013, as amended by the Eleventh Amendment dated January 23, 2014, as amended by that certain Side Letter Agreement dated as of May 29, 2014
(and as may be further amended, amended and restated, modified, supplemented, extended, renewed, restated or replaced from time to time, the “Credit Agreement”); 

WHEREAS, as of the date hereof, prior to giving effect to the making of the Incremental Tranche B Loans hereunder, the only
loans and advances outstanding under the Credit Agreement are New Tranche B Loans in the principal amount of $20,256,823.06 payable to WB Macau55 Ltd., as the sole Lender under the Credit Agreement (in such
capacity, “Whitebox”); 
 WHEREAS, Borrower has
requested that Whitebox make an additional term loan to Borrower in the amount of $13,236,741.61 which shall be due and payable on the same terms as the existing New Tranche B Loans payable to Whitebox; 

WHEREAS, Borrower has previously formed Bogey, Inc., a Hawaii corporation (“Acquisition Sub”) as a new
direct wholly owned subsidiary of Hawaii Pacific Energy, LLC (“HPE”), a Delaware limited liability company and wholly owned subsidiary of Borrower; 

WHEREAS, Borrower desires to enter into, and to cause Acquisition Sub to enter into, an agreement and plan of merger (the
“Purchase Agreement”) for the acquisition of all of the outstanding equity interests of Mid Pac Petroleum, LLC, a Delaware limited liability company, from Koko’oha Investments, Inc., a Hawaii corporation
(“Seller”); and 
 WHEREAS, the Administrative Agent and Whitebox have agreed to amend the Credit
Agreement and to enter into the following agreements, subject to the terms and conditions hereof. 

 NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
Defined Terms. All capitalized terms used herein (including the recitals hereto) shall have the respective meaning assigned to such terms in the Credit Agreement as amended by this Amendment, unless otherwise defined herein. 

2. Amendments and Consents. 

(a) The following new defined terms are added to Appendix 1 of the Credit Agreement in their appropriate alphabetical order: 

“Incremental Tranche B Loan” has the meaning given such term in the Twelfth Amendment. 

“Incremental Tranche B Loan Commitment” has the meaning given such term in the Twelfth Amendment. 

“Twelfth Amendment” means that certain Twelfth Amendment to Delayed Draw Term Loan Credit Agreement dated May 30, 2014,
among Borrower, the other Credit Parties thereto, the Lender party thereto, and the Administrative Agent. 
 “Twelfth Amendment
Effective Date” means May 30, 2014. 
 “Whitebox” means WB Macau55 Ltd., acting in its capacity as a
Lender under this Agreement.” 
 (b) The following existing defined terms in Appendix 1 of the Credit Agreement are amended and restated
in their entirety as follows: 
 “New Tranche B Loan” means (a) each New Tranche B Loan made by the Tranche B Lenders
to the Borrower pursuant to Section 2.01 of Appendix 2 of the Credit Agreement prior to the Twelfth Amendment Effective Date and (b) the Incremental Tranche B Loan made by Tranche B Lender on the Twelfth Amendment Effective Date.

 “Tranche B Commitment” means, (a) with respect to each Tranche B Lender, the commitment of such Tranche B Lender to
fund its Pro Rata Share of New Tranche B Loans in accordance with the provisions hereof and as set forth on Schedule I-B on the Eighth Amendment Effective Date, and (b) the commitment of Whitebox to fund the Incremental Tranche B Loan on the
Twelfth Amendment Effective Date in accordance with the terms of the Twelfth Amendment. 
 “Tranche B Lender” means
(a) Whitebox or (b) a party hereto that is an Eligible Assignee that becomes a Tranche B Lender under this Agreement pursuant to Section 2.13 or Section 10.6. 

  
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 (c) Incremental Tranche B Loan. Subject to the terms and conditions of
this Amendment and in reliance upon the representations and warranties set forth herein, Whitebox agrees to make a single advance term loan to Borrower on the Twelfth Amendment Effective Date in the amount of $13,236,741.61 (the commitment to fund
such loan, the “Incremental Tranche B Loan Commitment”; such term loan, the “Incremental Tranche B Loan”). Upon making the Incremental Tranche B Loan, the Incremental Tranche B Loan Commitment and all
other commitments to make loans and/or provide any other financial accommodation under the Loan Documents shall be terminated. When the Incremental Tranche B Loan is made, it shall constitute and be treated as a New Tranche B Loan for all purposes
under the Loan Documents; provided that (x) immediately upon giving effect to this Amendment, the Borrower shall pay to Whitebox an amendment fee equal to $506,420.58, which shall be immediately capitalized and added to principal as a portion
of the Incremental Tranche B Loan (the “Amendment Fee”), and shall be fully earned on the date hereof and (y) the Incremental Tranche B Loan shall be made with original issue discount of five percent (5%) (for the
avoidance of doubt, for each 95 cents funded by Whitebox, the Borrower shall owe $1 of Incremental Tranche B Loans). The Incremental Tranche B Loan shall accrue interest and be prepaid and repaid (and shall mature) on the same terms as the New
Tranche B Loans. On the Twelfth Amendment Effective Date, the aggregate principal amount of the New Tranche B Loans, after giving effect to the making of the Incremental Tranche B Loan, is $33,493,564.67. The conditions precedent to the funding of
the Incremental Tranche B Loan are set forth on Appendix A to this Amendment. Notwithstanding any provisions set forth in the Credit Agreement, including, without limitation, Section 5.9 of the Credit Agreement, Borrower shall use the
cash proceeds of the Incremental Tranche B Loan to make the initial $10,000,000 deposit due to Seller and/or its shareholders under the Purchase Agreement, to pay transaction costs and expenses incurred by the Credit Parties in connection
with this Amendment and the Purchase Agreement, and for working capital and general corporate purposes. If any deposit made pursuant to the Purchase Agreement with the proceeds of the Incremental Tranche B Loan is returned to the Credit Parties or
any of their Subsidiaries, the Borrower shall promptly apply the entire amount of such deposit to prepay the New Tranche B Loans. 

(d) Borrowing Request. The Borrower’s execution of this Amendment shall constitute the Borrower’s request for
an Incremental Tranche B Loan in the amount of $13,236,741.61 and shall otherwise satisfy any Borrowing Request requirements set forth in the Loan Documents. 

(e) Funding Incremental Tranche B Loan. Subject to the terms and conditions set forth herein, the Tranche B Lender
shall make the Incremental Tranche B Loan on the Twelfth Amendment Effective Date by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 3:00 p.m., New York City
time, and the Administrative Agent shall promptly credit and/or remit the amounts so received to an account as directed by the Borrower or, if the Incremental Tranche B Loan is not made on such date because any condition precedent herein specified
shall not have been met or waived in accordance herewith, return the amounts so received to the Tranche B Lender. The Administrative Agent 

  
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shall only be required to advance funds to the Borrower with respect to Incremental Tranche B Loan to the extent that the Administrative Agent shall have received such funds from the Tranche B
Lender. 
 (f) Execution of Purchase Agreement. Notwithstanding any provisions set forth in the Credit Agreement and
the other Loan Documents, including without limitation, Sections 6.3, 6.7, 6.23 and 6.24 of the Credit Agreement, Whitebox hereby consents to Borrower and Acquisition Sub executing and performing their respective
obligations under and in accordance with the Purchase Agreement, in the form approved by the Borrower’s board of directors (or a special committee thereof) on or before the date hereof. 

(g) Interest Rate. Section 2.05(a) of Appendix 2 of the Credit Agreement is hereby deleted in its entirety and the
following is substituted in lieu thereof: 
  

	 	“2.05	Interest. (a) New Tranche B Loans shall bear interest, subject to the terms and conditions hereof, as follows: 

(i) From the Twelfth Amendment Effective Date through August 31, 2014, at a rate per annum equal to twelve percent (12%) which shall
accrue daily and be paid in kind and capitalized (and thereby added to principal, which shall thereafter accrue interest) on the last day of each applicable fiscal quarter (“Initial PIK-B Interest”); 

(ii) From September 1, 2014 and thereafter, at the Borrower’s election: 

(A) at a rate per annum equal to fourteen and three quarters percent (14.75%), which shall accrue daily and be payable in cash in accordance
with Section 2.05(c) of this Appendix 2; or 
 (B) at a rate per annum equal to fourteen and three quarters percent
(14.75%) which shall accrue daily and be paid in kind and capitalized (and thereby added to principal, which shall thereafter accrue interest) on the last day of each applicable fiscal quarter (“Elevated PIK-B Interest”;
together with the Initial PIK-B Interest, the “PIK-B Interest”). 
 In the case of Section 2.05(a)(ii) hereof,
the Borrower must elect the form of interest payment with respect to each Interest Period by delivering a written notice to the Administrative Agent and each Tranche B Lender at least thirty (30) days prior to the beginning of each Interest
Period which notice shall be irrevocable. In the absence of such an election for any Interest Period, interest on New 

  
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Tranche B Loans shall be payable according to the election for the previous Interest Period; provided, however, subject to Section 2.05(b) of Appendix 2, at any time after an Event of
Default shall have occurred and is continuing, the Borrower may not elect PIK-B Interest (and the Initial PIK-B Interest shall be payable in cash). For the avoidance of doubt, for purposes of this Section, the Borrower may file materials with
the SEC stating its intention regarding the election of the form of interest provided, that such filing shall not constitute notice unless a copy of such filing is delivered to the Administrative Agent and each Tranche B Lender.” 

(h) Tranche B Exit Fee. As consideration for the Borrower’s agreement to pay the Amendment Fee, the Lender agrees
that the Tranche B Exit Fee shall not be payable in regards to any of the New Tranche B Loans. 
 (i) Effective Date of
Assignment. The parties hereto hereby waive any requirement in the Credit Agreement (including but not limited to the last sentence of Section 10.6(b)(i) of the Credit Agreement) in regards to any assignment to be consummated within
fourteen (14) days after the date hereof, that would require any assignment by Lender to be executed a certain number of Business Days in advance of its effective date and the parties hereto hereby agree that when such assignment is executed it
may be effective in accordance with its terms. 
 (j) Designation of Eligible Assignees and Approved Funds. Lender
hereby designates and approves Highbridge Tactical Credit & Convertibles Master Fund, L.P. as both an Eligible Assignee and an Approved Fund under the Credit Agreement. 

(k) The Tranche B Lender’s entry into this Amendment shall not obligate or commit the Tranche B Lender to provide any
other consents under the Credit Agreement or the other Loan Documents in the future, whether for purposes similar to those described herein or otherwise. 

3. Representations and Warranties. Each of the Borrower and each of the Guarantors hereby confirms, reaffirms and restates the representations
and warranties made by it in the Credit Agreement, as amended hereby, and confirms that all such representations and warranties are true and correct in all material respects as of the date hereof. The Borrower and each Guarantor further represent
and warrant (which representations and warranties shall survive the execution and delivery of this Amendment) to the Lender that: 
 (a) The
execution, delivery, and performance by each Credit Party of this Amendment and the consummation of the transactions contemplated hereby, (i) are within such Credit Party’s governing powers, (ii) have been duly authorized by all
necessary governing action, (iii) do not contravene (x) such Credit Party’s Organizational Documents or (y) any law or any contractual restriction binding on or affecting such Credit Party, and (iv) will not result in or
require the creation or imposition of any Lien prohibited by the Loan Documents; 

  
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 (b) No consent, order, authorization, or approval or other action by, and no notice to or filing
with, any Governmental Authority or any other Person is required for the due execution, delivery, and performance by any Credit Party of this Amendment, or the consummation of the transactions contemplated hereby, except for those consents and
approvals that have been obtained, made or waived on or prior to the date hereof and that are in full force and effect; 
 (c) This
Amendment has been duly executed and delivered by such Credit Party and is the legal, valid, and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited
by any applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer, or similar law affecting creditors’ rights generally and by general principles of equity; and 

(d) No Default or Event of Default has occurred and is continuing or will result from the execution, delivery and performance of this
Amendment. 
 4. Effect of this Amendment. Except as expressly amended, consented to or waived hereby, the Credit Agreement and the other
Loan Documents are ratified and confirmed in all respects and shall remain in full force and effect in accordance with their respective terms. Except as expressly set forth herein, the terms of this Amendment shall not be deemed (i) a waiver of
any Default or Event of Default, (ii) a consent, waiver or modification with respect to any term, condition, or obligation of the Borrower or any other Credit Party in the Credit Agreement or any other Loan Document, (iii) a consent,
waiver or modification with respect to any other event, condition (whether now existing or hereafter occurring) or provision of the Loan Documents or (iv) to prejudice any right or remedy which the Administrative Agent or Lender may now or in
the future have under or in connection with the Credit Agreement or any other Loan Document. 
 5. Conditions Precedent. 

(a) To Effectiveness of this Amendment. This Amendment shall become effective on the Twelfth Amendment Effective Date when, and only when the
Credit Parties, the Administrative Agent and the Lender shall have executed this Amendment and the Administrative Agent has received counterparts of this Amendment, duly executed by each Credit Party, the Administrative Agent and the Lender. 

6. Miscellaneous. 
 (a) Survival
of Representations and Warranties. All representations and warranties made in this Amendment or any other document furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and such other documents, and
no investigation by the Administrative Agent or the Lender or any closing of any transaction shall affect the representations and warranties or the right of the Administrative Agent or the Lender to rely upon them. 

(b) Notices. All notices required to be made under this Amendment shall be made in the manner and at the address set forth in
Section 10.2 of the Credit Agreement. 

  
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 (c) Expenses. The Borrower agrees to pay or reimburse the Administrative Agent and the Lender for
all reasonable fees and out-of-pocket disbursements incurred by the Administrative Agent or the Lender in connection with the preparation, execution, delivery, administration and enforcement of this Amendment, including without limitation the
reasonable fees and disbursements of counsel for the Administrative Agent and the Lender, to the same extent that the Borrower would be required to do so pursuant to Section 10.4 of the Credit Agreement. 

(d) Reference to Credit Agreement. From and after the effectiveness of this Amendment, all references herein to the Credit Agreement shall
mean the Credit Agreement as amended hereby and as hereafter modified, amended, restated or supplemented from time to time, and each reference in any other Loan Document to the Credit Agreement shall mean the Credit Agreement as amended hereby and
as hereafter modified, amended, restated or supplemented from time to time. The Amendment shall constitute a Loan Document under the Credit Agreement for all purposes. 

(e) Severability. If any provision of this Amendment is held by a court of competent jurisdiction to be invalid or unenforceable, such
provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 (f) Section Headings. Section headings herein are included for convenience of reference only and shall not affect the meaning or
interpretation of this Amendment. 
 (g) Entire Agreement. This Amendment shall be deemed to be a Loan Document and, together with the other
Loan Documents and the agreements, documents and instruments contemplated hereby, constitutes the entire understanding of the parties with respect to the subject matter hereof and thereof, and any other prior or contemporaneous agreements, whether
written or oral, with respect hereto or thereto are expressly superseded hereby and thereby. 
 (h) Counterparts. This Amendment may be
executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same
Amendment. Delivery of an executed counterpart of this Amendment by facsimile or .pdf shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by
facsimile or .pdf also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

(i) Successors and Assigns. This Amendment shall be binding on and inure to the benefit of the parties hereto and their heirs, beneficiaries,
successors and assigns. The Credit Parties may not assign this Amendment or any of their respective rights or obligations hereunder to any Person without the prior written consent of the Lender, which consent may be withheld or given in the sole
discretion of the Lender. 

  
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 (j) Governing Law; Venue; Jury Trial. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE CHOICE OF LAW AND VENUE PROVISIONS SET FORTH IN SECTION 10.12 OF THE CREDIT AGREEMENT, AND SHALL BE SUBJECT TO THE JURY TRIAL WAIVER SET FORTH IN SECTION 10.14 OF THE
CREDIT AGREEMENT. 
 (k) Guarantors. Each Guarantor, for value received, hereby expressly consents and agrees to the Borrower’s
execution and delivery of this Amendment, to the performance by the Borrower of its agreements and obligations hereunder and to the consents, amendments and waivers set forth herein. This Amendment, the performance or consummation of any transaction
or matter contemplated under this Amendment and all consents, amendments and waivers set forth herein, shall not limit, restrict, extinguish or otherwise impair any Guarantor’s liability to the Administrative Agent and Lender with respect to
the payment and other performance obligations of such Guarantor pursuant to the Guarantees. Each Guarantor hereby ratifies, confirms and approves its Guarantee and acknowledges that it is unconditionally liable to the Administrative Agent and Lender
for the full and timely payment of the Guaranteed Obligations (on a joint and several basis with the other Guarantors). Each Guarantor hereby acknowledges that it has no defenses, counterclaims or set-offs with respect to the full and timely payment
of any or all Guaranteed Obligations. 
 [Remainder of Page Intentionally Left Blank; Signature Pages to Follow] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Twelfth Amendment to
Delayed Draw Term Loan Credit Agreement as of the date first written above. 
  

					
	BORROWER:
	
	 PAR PETROLEUM CORPORATION,
 a
Delaware corporation

		
	By:	 	 /s/ William Monteleone

	Name: William Monteleone
	Title: Chief Executive Officer
	
	GUARANTORS:
	
	 PAR PICEANCE ENERGY EQUITY LLC,
 a
Delaware limited liability company

	
	 PAR UTAH LLC,
 a Delaware limited
liability company

	
	EWI LLC, a Delaware limited liability company
	
	 PAR WASHINGTON LLC,
 a Delaware
limited liability company

	
	 PAR NEW MEXICO LLC,
 a Delaware
limited liability company

	
	 HEWW EQUIPMENT LLC,
 a Delaware
limited liability company

	
	 PAR POINT ARGUELLO LLC,
 a Delaware
limited liability company

			
		 		 	 By: PAR PETROLEUM CORPORATION,

a Delaware corporation, as Sole Member of

each of the foregoing companies

			
		 		 	            By: /s/ William
Monteleone                                        
        
		 		 	            Name: William Monteleone
		 		 	            Title: Chief Executive Officer

 Signature Page to Twelfth Amendment to Delayed Draw Term Loan Credit Agreement 

			
	ADMINISTRATIVE AGENT:
	
	JEFFERIES FINANCE LLC
		
	By:	 	 /s/ J. Paul McDonnell

	Name:	 	J. Paul McDonnell
	Title:	 	Managing Director

  
  

Signature Page to Twelfth Amendment to Delayed Draw Term Loan Credit Agreement 

 
			
	WB MACAU55 LTD.
	as sole Lender
		
	By:	 	 /s/ Michael McCormick

	Name:	 	Michael McCormick
	Title:	 	Director

  
  
  

Signature Page to Twelfth Amendment to Delayed Draw Term Loan Credit Agreement 

 APPENDIX A 

CONDITIONS PRECEDENT TO INCREMENTAL TRANCHE B
LOANS 
 The obligation of Whitebox to fund the Incremental Tranche B Loan on the Twelfth Amendment Effective Date shall
be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Appendix A unless any such condition is waived, in writing by Whitebox: 

a) Documentation. Administrative Agent shall have received the following duly executed by all the parties thereto, in form and substance
satisfactory to Whitebox: 
 i. the Twelfth Amendment, any Note if requested by Whitebox payable to it in the amount of its
Incremental Tranche B Loan and all attached exhibits and schedules hereto and thereto; 
 ii. certificates of a Responsible
Officer of each Credit Party as of the date of this Amendment (A) attesting to the resolutions of the Board of Directors of such Credit Party approving the execution, delivery and performance of the Loan Documents to which such Credit Party is
a party, (B) certifying and attaching the Organizational Documents of such Credit Party, (C) certifying to and attaching all other documents evidencing other necessary corporate action and governmental approvals, if any, with respect to
the Credit Agreement, the Twelfth Amendment, any Notes, and the other Loan Documents and (D) certifying the names and true signatures of the officers of such Credit Party authorized to sign this Amendment, any Notes and the other Loan Documents
to which such Credit Party is a party; 
 iii. a certificate dated as of the date of this Amendment from the Responsible
Officer of the Borrower stating that (A) all representations and warranties of each Credit Party set forth in this Amendment are true and correct in all material respects (except that any representation and warranty that is qualified as to
“materiality” or “Material Adverse Change” shall be true in all respects) as of such date (except in the case of representations and warranties that are made solely as of an earlier date or time, which representations and
warranties shall be true and correct as of such earlier date or time), with the exception of those representations and warranties that would not be true and correct solely on account of the anticipated restatement of its financial statements (which
has already been publicly disclosed), which restatement should occur on or about the date hereof; and (B) no Default has occurred and is continuing as of such date; and (C) the conditions in this Appendix A have been satisfied; and 

iv. such other documents, governmental certificates, agreements and lien searches as the Administrative Agent or Whitebox may
reasonably request. 
 b) Payment of Fees. On the Twelfth Amendment Effective Date, Borrower shall have paid all costs and expenses
that have been invoiced and are payable pursuant to Section 10.4 of the Credit Agreement. 

 c) No Default. No event or conditions exists that would constitute a Default or Event of
Default. 
 d) Representations and Warranties. The representations and warranties contained in Article IV of the Credit
Agreement, the Twelfth Amendment, and in each other Loan Document shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Change”
shall be true and correct in all respects) as of such date (except in the case of representations and warranties that are made solely as of an earlier date or time, which representations and warranties shall be true and correct as of such earlier
date or time), with the exception of those representations and warranties that would not be true and correct solely on account of the anticipated restatement of its financial statements (which has already been publicly disclosed), which restatement
should occur on or about the date hereof. 
 e) Material Adverse Change. No event or circumstance that could cause a Material Adverse
Change shall have occurred since September 1, 2013. 
 f) No Proceeding or Litigation, No Injunctive Relief. No action, suit,
investigation or other proceeding (including, without limitation, the enactment or promulgation of a statute or rule) by or before any arbitrator or any Governmental Authority shall be threatened or pending and no preliminary or permanent injunction
or order by a state or federal court shall have been entered (i) in connection with the Credit Agreement, the Twelfth Amendment, or any other document or transaction contemplated hereby or thereby or (ii) which, in any case, in the
judgment of Whitebox, could reasonably be expected to result in a Material Adverse Change (other than the developments under the litigation proceedings set forth on Schedule 4.7 to the Credit Agreement which have been disclosed to
Whitebox prior to the Twelfth Amendment Effective Date).EX-4.1

 Exhibit 4.1 
 ARMADA HOFFLER PROPERTIES, INC. 
 ARTICLES OF AMENDMENT AND
RESTATEMENT 
 Armada Hoffler Properties, Inc., a Maryland corporation (the “Corporation”), hereby certifies to
the State Department of Assessments and Taxation of Maryland (the “SDAT”) that: 
 FIRST: The Corporation
desires to amend and restate its charter as currently in effect and as hereinafter amended. 
 SECOND: The provisions of
the charter of the Corporation, which are now in effect and as amended hereby in accordance with the Maryland General Corporation Law, or any successor statute (the “MGCL”), are as follows: 

ARTICLE I 

INCORPORATION 
 J. Michael Hinchcliffe, whose address is c/o Hunton & Williams LLP, Riverfront Plaza, East Tower, 951 East Byrd Street, Richmond, Virginia 23225, being at least 18 years of age, formed a
corporation under the general laws of the State of Maryland on October 12, 2012. 
 ARTICLE II 

NAME 
 The
name of the Corporation is Armada Hoffler Properties, Inc. 
 ARTICLE III 

PURPOSE 

The purposes for which the Corporation is formed are to engage in any lawful act or activity (including, without limitation or
obligation, engaging in business as a REIT (as hereinafter defined) under the Internal Revenue Code of 1986, as amended, or any successor 

 
statute (the “Code”)) for which corporations may be organized under the general laws of the State of Maryland as now or hereafter in force. For purposes of these Articles of Amendment
and Restatement of the Corporation (the “Charter”), “REIT” means a real estate investment trust under Sections 856 through 860 of the Code. 
 ARTICLE IV 
 PRINCIPAL OFFICE IN MARYLAND AND RESIDENT AGENT

 The address of the principal office of the Corporation in the State of Maryland is c/o The Corporation Trust
Incorporated, 351 West Camden Street, Baltimore, Maryland 21201. The name and address of the resident agent of the Corporation in the State of Maryland are The Corporation Trust Incorporated, 351 West Camden Street, Baltimore, Maryland 21201. The
resident agent is a Maryland corporation. 
 ARTICLE V 

PROVISIONS FOR DEFINING, LIMITING 
 AND REGULATING CERTAIN POWERS OF THE 
 CORPORATION AND OF THE STOCKHOLDERS
AND DIRECTORS 
 Section 5.1 Number of Directors. The business and affairs of the Corporation shall be managed
under the direction of the board of directors of the Corporation (the “Board of Directors”). The number of directors of the Corporation shall be one, which number may be increased or decreased only by the Board of Directors pursuant to the
Bylaws of the Corporation (the “Bylaws”), but shall never be less than the minimum number required by the MGCL. The name of the director serving until the next annual meeting of stockholders and until his successor is duly elected and
qualifies is Louis S. Haddad. 

  
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 Any vacancy on the Board of Directors may be filled in the manner provided in the Bylaws.
The Corporation elects, at such time as it becomes eligible to make the election provided for under Section 3-802(b) of the MGCL, that, except as may be provided by the Board of Directors in setting the terms of any class or series of Preferred
Stock (as defined in Section 6.1), any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and
any director elected to fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred and until his or her successor is duly elected and qualifies. 

Section 5.2 Extraordinary Actions. Except as specifically provided in Section 5.8 (relating to removal of directors) and
in the last sentence of Article VIII, notwithstanding any provision of law permitting or requiring any action to be taken or approved by the affirmative vote of the holders of shares entitled to cast a greater number of votes, any such action shall
be effective and valid if declared advisable by the Board of Directors and taken or approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to be cast on the matter. 

Section 5.3 Authorization by Board of Stock Issuance. The Board of Directors may authorize the issuance from time to time of
shares of stock of the Corporation of any class or series, whether now or hereafter authorized, or securities or rights convertible into shares of its stock of any class or series, whether now or hereafter authorized, for such consideration as the
Board of Directors may deem advisable (or without consideration in the case of a stock split or stock dividend), subject to such restrictions or limitations, if any, as may be set forth in the Charter or the Bylaws. 

  
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 Section 5.4 Preemptive Rights and Appraisal Rights. Except as may be provided by
the Board of Directors in setting the terms of classified or reclassified shares of stock pursuant to Section 6.4 or as may otherwise be provided by a contract approved by the Board of Directors, no holder of shares of stock of the Corporation
shall, as such holder, have any preemptive right to purchase or subscribe for any additional shares of stock of the Corporation or any other security of the Corporation which it may issue or sell. Holders of shares of stock shall not be entitled to
exercise any rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board of Directors, upon affirmative vote of a majority of the Board of Directors, shall determine that such
rights apply, with respect to all or any shares of all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which holders of such shares would otherwise be entitled to
exercise such rights. Notwithstanding the foregoing, in the event the Corporation is subject to the Maryland Control Share Acquisition Act, holders of shares of stock of the Corporation shall be entitled to exercise rights of an objecting
stockholder under Section 3-708(a) of the MGCL. 
 Section 5.5 Indemnification. (a) The Corporation shall
have the power, to the maximum extent permitted by Maryland law in effect from time to time, to obligate itself to indemnify, and to pay or reimburse reasonable expenses in advance of final disposition of a proceeding without requiring a preliminary
determination of the ultimate entitlement to indemnification to, (i) any individual who is a present or former director or officer of the Corporation or (ii) any individual who, while a director or officer of the Corporation and at the
request of the Corporation, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real estate investment trust, partnership, joint venture, trust, limited liability company, employee benefit plan or
any other enterprise from and against any claim or liability to which such person may become subject or which such person may incur by 

  
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reason of his or her service in any of the foregoing capacities. The Corporation shall have the power, with the approval of the Board of Directors, to provide such indemnification and advancement
of expenses to a person who served a predecessor of the Corporation in any of the capacities described in (i) or (ii) above and to any employee or agent of the Corporation or a predecessor of the Corporation. 

(b) The Corporation may, to the fullest extent permitted by law, purchase and maintain insurance on behalf of any person described in the
preceding paragraph against any liability which may be asserted against such person. 
 (c) The indemnification provided herein
shall not be deemed to limit the right of the Corporation to indemnify any other person for any such expenses to the maximum extent permitted by law, nor shall it be deemed exclusive of any other rights to which any person seeking indemnification
from the Corporation may be entitled under any agreement, vote of stockholders or disinterested directors, or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office.

 Section 5.6 Determinations by Board. The determination as to any of the following matters, made by or pursuant to
the direction of the Board of Directors consistent with the Charter, shall be final and conclusive and shall be binding upon the Corporation and every holder of shares of its stock: the amount of the net income of the Corporation for any period and
the amount of assets at any time legally available for the payment of dividends, redemption of its stock or the payment of other distributions on its stock; the amount of paid-in surplus, net assets, other surplus, annual or other net profit, cash
flow, funds from operations, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges
and 

  
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the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution
of any ambiguity with respect to any provision in the Charter (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or
conditions of redemption of any class or series of stock of the Corporation) or of the Bylaws; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Corporation or of any
shares of stock of the Corporation; the number of shares of stock of any class or series of the Corporation; any matter relating to the acquisition, holding and disposition of any assets by the Corporation; or any other matter relating to the
business and affairs of the Corporation or required or permitted by applicable law, the Charter or the Bylaws or otherwise to be determined by the Board of Directors. 
 Section 5.7 REIT Qualification. The Board of Directors, without any action by the stockholders of the Corporation, shall have the authority to cause the Corporation to elect to be taxed as a
REIT for federal income tax purposes. Following any such election, if the Board of Directors determines that it is no longer in the best interests of the Corporation to continue to be taxed as a REIT for federal income tax purposes, the Board of
Directors, without any action by the stockholders of the Corporation, may revoke or otherwise terminate the Corporation’s REIT election pursuant to Section 856(g) of the Code. In addition, the Board of Directors, without any action by the
stockholders of the Corporation, shall have and may exercise, on behalf of the Corporation, without limitation, the power to determine that compliance with any restriction or limitation on stock ownership and transfers set forth in Article VII of
the Charter is no longer required in order for the Corporation to qualify as a REIT. 

  
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 Section 5.8 Removal of Directors. Subject to the rights of holders of one or
more classes or series of Preferred Stock to elect or remove one or more directors, any director, or the entire Board of Directors, may be removed from office at any time, but only for cause, and then only by the affirmative vote of holders of
shares entitled to cast at least two-thirds of all the votes entitled to be cast generally in the election of directors. For the purpose of this paragraph, “cause” shall mean, with respect to any particular director, conviction of a felony
or a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Corporation through bad faith or active and deliberate dishonesty. 

Section 5.9 Advisor Agreements. The Board of Directors may authorize the execution and performance by the Corporation of one
or more agreements with any person, corporation, association, company, trust, partnership (limited or general) or other organization whereby, subject to the supervision and control of the Board of Directors, any such other person, corporation,
association, company, trust, partnership (limited or general) or other organization shall render or make available to the Corporation managerial, investment, advisory and/or related services, office space and other services and facilities
(including, if deemed advisable by the Board of Directors, the management or supervision of the investments of the Corporation) upon such terms and conditions as may be provided in such agreement or agreements (including, if deemed fair and
equitable by the Board of Directors, the compensation payable thereunder by the Corporation). 

  
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 ARTICLE VI 
 STOCK 
 Section 6.1 Authorized Shares. The Corporation has
authority to issue 600,000,000 shares of stock, consisting of 500,000,000 shares of Common Stock, $0.01 par value per share (“Common Stock”), and 100,000,000 shares of Preferred Stock, $0.01 par value per share (“Preferred
Stock”). The aggregate par value of all authorized shares of stock having par value is $6,000,000. If shares of one class of stock are classified or reclassified into shares of another class of stock pursuant to Sections 6.2, 6.3 or 6.4 of this
Article VI, the number of authorized shares of the former class shall be automatically decreased and the number of shares of the latter class shall be automatically increased, in each case by the number of shares so classified or reclassified, so
that the aggregate number of shares of stock of all classes that the Corporation has authority to issue shall not be more than the total number of shares of stock set forth in the first sentence of this paragraph. The Board of Directors, with the
approval of a majority of the entire Board of Directors, and without any action by the stockholders of the Corporation, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares
of stock of any class or series that the Corporation has authority to issue. 
 Section 6.2 Common Stock. Subject to
the provisions of Article VII and except as may otherwise be specified in the Charter, each share of Common Stock shall entitle the holder thereof to one vote. The Board of Directors may reclassify any unissued shares of Common Stock from time to
time into one or more classes or series of stock. 
 Section 6.3 Preferred Stock. The Board of Directors may
classify any unissued shares of Preferred Stock and reclassify any previously classified but unissued shares of Preferred Stock of any series from time to time, into one or more classes or series of stock. 

Section 6.4 Classified or Reclassified Shares. Prior to issuance of classified or reclassified shares of any class or series,
the Board of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of stock of the Corporation; (b) specify the number of shares to be included in the class or series;
(c) set or change, subject to 

  
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the provisions of Article VII and subject to the express terms of any class or series of stock of the Corporation outstanding at the time, the preferences, conversion or other rights, voting
powers (including voting rights exclusive to such class or series), restrictions (including, without limitation, restrictions on transferability), limitations as to dividends or other distributions, qualifications and terms and conditions of
redemption for each class or series; and (d) cause the Corporation to file articles supplementary with the SDAT. Any of the terms of any class or series of stock set or changed pursuant to clause (c) of this Section 6.4 may be made
dependent upon facts or events ascertainable outside the Charter (including determinations by the Board of Directors or other facts or events within the control of the Corporation) and may vary among holders thereof, provided that the manner in
which such facts, events or variations shall operate upon the terms of such class or series of stock is clearly and expressly set forth in the articles supplementary or other Charter document. 

Section 6.5 Distributions. The Board of Directors from time to time may authorize and the Corporation may pay to its
stockholders such dividends or other distributions in cash or other property, including in shares of one class of the Corporation’s stock payable to holders of shares of another class of stock of the Corporation, as the Board of Directors in
its discretion shall determine. 
 Section 6.6 Charter and Bylaws. The rights of all stockholders and the terms of
all stock are subject to the provisions of the Charter and the Bylaws. 
 ARTICLE VII 

RESTRICTION ON TRANSFER AND OWNERSHIP OF SHARES 
 Section 7.1 Definitions. For the purpose of this Article VII, the following terms shall have the following meanings: 

  
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 Beneficial Ownership. The term “Beneficial Ownership” shall mean ownership
of Capital Stock by a Person, whether the interest in the shares of Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the
Code, as modified by Sections 856(h)(1)(B) and 856(h)(3)(A) of the Code. The terms “Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have the correlative meanings. 

Business Day. The term “Business Day” shall mean any day, other than a Saturday or a Sunday that is neither a legal
holiday nor a day on which banking institutions in the State of New York are authorized or required by law, regulation or executive order to close. 
 Capital Stock. The term “Capital Stock” shall mean all classes or series of stock of the Corporation, including, without limitation, Common Stock and Preferred Stock. 

Charitable Beneficiary. The term “Charitable Beneficiary” shall mean one or more beneficiaries of the Charitable Trust
as determined pursuant to Section 7.3.6, provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections
170(b)(1)(A), 2055 and 2522 of the Code. 
 Charitable Trust. The term “Charitable Trust” shall mean any trust
provided for in Section 7.3.1. 
 Constructive Ownership. The term “Constructive Ownership” shall mean
ownership of Capital Stock by a Person, whether the interest in the shares of Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of
Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms “Constructive Owner,” “Constructively Owns” and “Constructively Owned” shall have the correlative meanings. 

  
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 Excepted Holder. The term “Excepted Holder” shall mean a Person for
whom an Excepted Holder Limit is created by the Charter or by the Board of Directors pursuant to Section 7.2.7. 

Excepted Holder Limit. The term “Excepted Holder Limit” shall mean, provided that the affected Excepted Holder agrees to
comply with the requirements established by the Charter or by the Board of Directors pursuant to Section 7.2.7 and subject to adjustment pursuant to Section 7.2.8, the percentage limit established for an Excepted Holder by the Charter or
by the Board of Directors pursuant to Section 7.2.7. 
 Initial Date. The term “Initial Date” shall mean
the date of issuance of Common Stock pursuant to the initial underwritten public offering of Common Stock and set forth in a certificate of notice filed with the SDAT. 
 Market Price. The term “Market Price” on any date shall mean, with respect to any class or series of outstanding shares of Capital Stock, the Closing Price for such Capital Stock on such
date. The “Closing Price” on any date shall mean the last reported sale price for such Capital Stock, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such
Capital Stock, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NYSE or, if such Capital Stock is not listed or admitted to trading on the NYSE, as
reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such Capital Stock is listed or admitted to trading or, if such Capital Stock is not listed
or admitted to trading on any 

  
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national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the principal automated
quotation system that may then be in use or, if such Capital Stock is not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such Capital Stock selected by the
Board of Directors or, in the event that no trading price is available for such Capital Stock, the fair market value of the Capital Stock, as determined by the Board of Directors. 

NYSE. The term “NYSE” shall mean the New York Stock Exchange or any successor stock exchange thereto. 

Person. The term “Person” shall mean an individual, corporation, partnership, limited liability company, estate, trust
(including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation
within the meaning of Section 509(a) of the Code, joint stock company or other entity and also includes a “group” as that term is used for purposes of Rule 13d-5(b) or Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended, and a group to which an Excepted Holder Limit applies. 
 Prohibited Owner. The term “Prohibited
Owner” shall mean, with respect to any purported Transfer (or other event), any Person who, but for the provisions of Section 7.2.1, would Beneficially Own or Constructively Own shares of Capital Stock in violation of the provisions of
Section 7.2.1(a), and if appropriate in the context, shall also mean any Person who would have been the record owner of the shares of Capital Stock that the Prohibited Owner would have so owned. 

  
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 Restriction Termination Date. The term “Restriction Termination Date” shall
mean the first day after the Initial Date on which the Board of Directors determines pursuant to Section 5.7 of the Charter that it is no longer in the best interests of the Corporation to be taxed as a REIT for federal income tax purposes or
that compliance with the restrictions and limitations on Beneficial Ownership, Constructive Ownership and Transfers of shares of Capital Stock set forth herein is no longer required in order for the Corporation to qualify as a REIT. 

Stock Ownership Limit. The term “Stock Ownership Limit” shall mean nine and eight-tenths percent (9.8%) in value or
in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of Capital Stock of the Corporation excluding any outstanding shares of Capital Stock not treated as outstanding for federal income tax purposes, or
such other percentage determined from time to time by the Board of Directors in accordance with Section 7.2.8 of the Charter. 
 TRS. The term “TRS” shall mean a taxable REIT subsidiary (as defined in Section 856(l) of the Code) of the Corporation. 

Transfer. The term “Transfer” shall mean any issuance, sale, transfer, gift, assignment, devise or other disposition, as
well as any other event that causes any Person to acquire or change such Person’s percentage of Beneficial Ownership or Constructive Ownership, or any agreement to take any such actions or cause any such events, of Capital Stock or the right to
vote or receive dividends on Capital Stock, including (a) the granting or exercise of any option (or any disposition of any option), (b) any disposition of any securities or rights convertible into or exchangeable for Capital Stock or any
interest in Capital Stock or any exercise of any such conversion or exchange right, and (c) Transfers of interests in other entities that result in changes in Beneficial Ownership or Constructive Ownership of Capital Stock; in each case,
whether voluntary or involuntary, whether owned of record, Constructively Owned or Beneficially Owned and whether by operation of law or otherwise. The terms “Transferring” and “Transferred” shall have the correlative meanings.

  
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 Trustee. The term “Trustee” shall mean the Person unaffiliated with both
the Corporation and a Prohibited Owner that is appointed by the Corporation to serve as trustee of the Charitable Trust. 

Section 7.2 Capital Stock. 
 Section 7.2.1 Ownership Limitations. During the period commencing on the Initial Date and prior to the Restriction Termination Date or as otherwise set forth below, and subject to
Section 7.4: 
 (a) Basic Restrictions. 
 (i) Except as provided in Section 7.2.7 hereof, no Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own shares of Capital Stock in excess of the Stock Ownership Limit.
No Excepted Holder shall Beneficially Own or Constructively Own shares of Capital Stock in excess of the Excepted Holder Limit for such Excepted Holder. 
 (ii) Except as provided in Section 7.2.7 hereof, no Person shall Beneficially Own shares of Capital Stock to the extent that such Beneficial Ownership of Capital Stock would result in the Corporation
being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year). 

  
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 (iii) Except as provided in Section 7.2.7 hereof, any Transfer of shares of Capital
Stock that, if effective, would result in the Capital Stock being beneficially owned by less than one hundred (100) Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended
transferee shall acquire no rights in such Capital Stock. 
 (iv) Except as provided in Section 7.2.7 hereof, no Person
shall Beneficially Own or Constructively Own shares of Capital Stock to the extent such Beneficial Ownership or Constructive Ownership would cause the Corporation to Constructively Own ten percent (10%) or more of the ownership interests in a
tenant (other than a TRS) of the Corporation’s real property within the meaning of Section 856(d)(2)(B) of the Code. 

(v) No Person shall Beneficially Own or Constructively Own shares of Capital Stock to the extent that such Beneficial Ownership or
Constructive Ownership would otherwise cause the Corporation to fail to qualify as a REIT under the Code, including, but not limited to, as a result of any “eligible independent contractor” (as defined in Section 856(d)(9)(A) of the
Code) that operates a “qualified lodging facility” (as defined in Section 856(d)(9)(D)(i) of the Code), on behalf of a TRS failing to qualify as such. 
 (b) Transfer in Trust/Transfer Void Ab Initio. If any Transfer of shares of Capital Stock (or other event) occurs which, if effective, would result in any Person Beneficially Owning or
Constructively Owning shares of Capital Stock in violation of Section 7.2.1(a)(i), (ii), (iv) or (v), 
 (i) then
that number of shares of the Capital Stock the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to violate Section 7.2.1(a)(i), (ii), (iv) or (v) (rounded up to the nearest whole share) shall
be automatically transferred to a Charitable Trust for the benefit of a Charitable Beneficiary, as described in Section 7.3, effective as of the close of business on the Business Day prior to the date of such Transfer (or other event), and such
Person shall acquire no rights in such shares of Capital Stock; or 

  
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 (ii) if the transfer to the Charitable Trust described in clause (i) of this
Section 7.2.1(b) would not be effective for any reason to prevent the violation of Section 7.2.1(a)(i), (ii), (iv) or (v), then the Transfer of that number of shares of Capital Stock that otherwise would cause any Person to violate
Section 7.2.1(a)(i), (ii), (iv) or (v) shall be void ab initio, and the intended transferee shall acquire no rights in such shares of Capital Stock. 
 Section 7.2.2 Remedies for Breach. If the Board of Directors shall at any time determine that a Transfer or other event has taken place that results in a violation of Section 7.2.1 or
that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any shares of Capital Stock in violation of Section 7.2.1 (whether or not such violation is intended), the Board of Directors or a
committee thereof or other designees if permitted by the MGCL shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, causing the Corporation to redeem
shares of Capital Stock, refusing to give effect to such Transfer on the books of the Corporation or instituting proceedings to enjoin such Transfer or other event; provided, however, that any Transfer or attempted Transfer or other
event in violation of Section 7.2.1 shall automatically result in the transfer to the Charitable Trust described above, or, where applicable, such Transfer (or other event) shall be void ab initio as provided above irrespective of any
action (or non-action) by the Board of Directors or a committee thereof or other designee if permitted by the MGCL. 

  
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 Section 7.2.3 Notice of Restricted Transfer. Any Person who acquires or attempts
or intends to acquire Beneficial Ownership or Constructive Ownership of shares of Capital Stock that will or may violate Section 7.2.1(a) or any Person who would have owned shares of Capital Stock that resulted in a transfer to the Charitable
Trust pursuant to the provisions of Section 7.2.1(b) shall immediately give written notice to the Corporation of such event or, in the case of such a proposed or attempted transaction, give at least fifteen (15) days prior written notice,
and shall provide to the Corporation such other information as the Corporation may request in order to determine the effect, if any, of such Transfer on the Corporation’s status as a REIT. 

Section 7.2.4 Owners Required To Provide Information. From the Initial Date and prior to the Restriction Termination Date:

 (a) Every Person that Beneficially Owns more than five percent (5%) (or such lower percentage as required by the Code
or the Treasury Regulations promulgated thereunder) in number or value of the outstanding shares of Capital Stock, within thirty (30) days after the end of each taxable year, shall give written notice to the Corporation stating (i) the
name and address of such owner, (ii) the number of shares of Capital Stock Beneficially Owned and (iii) a description of the manner in which such shares are held. Each such owner shall provide to the Corporation such additional information
as the Corporation may request in order to determine the effect, if any, of such Beneficial Ownership on the Corporation’s status as a REIT and to ensure compliance with the Stock Ownership Limit; and 

(b) Each Person who is a Beneficial Owner or Constructive Owner of Capital Stock and each Person (including the stockholder of record)
who is holding Capital Stock for a Beneficial Owner or Constructive Owner shall provide to the Corporation such information as the Corporation may request, in good faith, in order to determine the Corporation’s status as a REIT and to comply
with requirements of any taxing authority or governmental authority or to determine such compliance and to ensure compliance with the Stock Ownership Limit. 

  
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 Section 7.2.5 Remedies Not Limited. Nothing contained in this Section 7.2
shall limit the authority of the Board of Directors to take such other action as it deems necessary or advisable to, subject to Section 5.7 of the Charter, protect the Corporation and the interests of its stockholders in preserving the
Corporation’s status as a REIT. 
 Section 7.2.6 Ambiguity. In the case of an ambiguity in the application of
any of the provisions of this Article VII, including any definition contained in Section 7.1 of this Article VII, the Board of Directors shall have the power to determine the application of the provisions of this Article VII with
respect to any situation based on the facts known to it at such time. In the event Section 7.2 or 7.3 requires an action by the Board of Directors and the Charter fails to provide specific guidance with respect to such action, the Board of
Directors shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of Sections 7.1, 7.2 or 7.3. Absent a decision to the contrary by the Board of Directors (which the Board of Directors may
make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in Sections 7.2.1 and 7.2.2) acquired Beneficial Ownership or Constructive Ownership of Capital Stock in violation of Section 7.2.1, such remedies
(as applicable) shall apply first to the shares of Capital Stock which, but for such remedies, would have been actually owned by such Person, and second to shares of Capital Stock which, but for such remedies, would have been Beneficially Owned or
Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such shares of Capital Stock based upon the relative number of the shares of Capital Stock held by each such Person. 

  
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 Section 7.2.7 Exceptions. 

(a)(i) The Board of Directors, in its sole discretion, may exempt (prospectively or retroactively) a Person from the restrictions
contained in Section 7.2.1(a)(i), (ii) or (iv) as the case may be, and may establish or increase an Excepted Holder Limit for such Person if the Board of Directors obtains such representations, covenants and undertakings as the Board
of Directors may deem appropriate in order to conclude that granting the exemption and/or establishing or increasing the Excepted Holder Limit, as the case may be, will not cause the Corporation to lose its status as a REIT. 

(b) Prior to granting any exception pursuant to Section 7.2.7(a), the Board of Directors may require a ruling from the Internal
Revenue Service or an opinion of counsel, in either case in form and substance satisfactory to the Board of Directors in its sole discretion, as it may deem necessary or advisable in order to determine that granting the exception will not cause the
Corporation to lose its status as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board of Directors may impose such conditions or restrictions as it deems appropriate in connection with granting such exception. 

(c) Subject to Section 7.2.1(a)(ii), (iv) and (v), an underwriter, placement agent or initial purchaser that participates in a
public offering, a private placement or other private offering of Capital Stock (or securities convertible into or exchangeable for Capital Stock) may Beneficially Own or Constructively Own shares of Capital Stock (or securities convertible into or
exchangeable for Capital Stock) in excess of the Stock Ownership Limit, but only to the extent necessary to facilitate such public offering, private placement or immediate resale of such Capital Stock and provided that the restrictions contained in
Section 7.2.1(a) will not be violated following the distribution by such underwriter, placement agent or initial purchaser of such shares of Capital Stock. 

  
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 Section 7.2.8 Change in Stock Ownership Limit and Excepted Holder Limits.
(a) The Board of Directors may from time to time increase or decrease the Stock Ownership Limit; provided, however, that a decreased Stock Ownership Limit will not be effective for any Person whose percentage ownership of Capital
Stock is in excess of such decreased Stock Ownership Limit until such time as such Person’s percentage of Capital Stock equals or falls below the decreased Stock Ownership Limit, but until such time as such Person’s percentage of Capital
Stock falls below such decreased Stock Ownership Limit, any further acquisition of Capital Stock will be in violation of the Stock Ownership Limit and, provided further, that the new Stock Ownership Limit would not allow five or fewer individuals
(taking into account all Excepted Holders) to Beneficially Own more than forty-nine and nine-tenths percent (49.9%) in value of the outstanding Capital Stock. 
 (b) The Board of Directors may only reduce the Excepted Holder Limit for an Excepted Holder: (1) with the written consent of such Excepted Holder at any time, or (2) pursuant to the terms and
conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall be reduced to a percentage that is less
than the then existing Stock Ownership Limit. 
 Section 7.2.9 Legend. Each certificate, if any, or any notice in
lieu of any certificate, for shares of Capital Stock shall bear a legend summarizing the restrictions on ownership and transfer contained herein. Instead of a legend, the certificate, if any, may state that the Corporation will furnish a full
statement about certain restrictions on transferability to a stockholder on request and without charge. 

  
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 Section 7.3 Transfer of Capital Stock in Trust. 

Section 7.3.1 Ownership in Trust. Upon any purported Transfer or other event described in Section 7.2.1(b) that would
result in a transfer of shares of Capital Stock to a Charitable Trust, such shares of Capital Stock shall be deemed to have been transferred to the Trustee as trustee for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer
to the Trustee shall be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Charitable Trust pursuant to Section 7.2.1(b). The Trustee shall
be appointed by the Corporation and shall be a Person unaffiliated with the Corporation and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Corporation as provided in Section 7.3.6. 

Section 7.3.2 Status of Shares Held by the Trustee. Shares of Capital Stock held by the Trustee shall continue to be issued
and outstanding shares of Capital Stock of the Corporation. The Prohibited Owner shall have no rights in the Capital Stock held by the Trustee. The Prohibited Owner shall not benefit economically from ownership of any shares held in trust by the
Trustee, shall have no rights to dividends or other distributions and shall not possess any rights to vote or other rights attributable to the shares held in the Charitable Trust. The Prohibited Owner shall have no claim, cause of action, or any
other recourse whatsoever against the purported transferor of such Capital Stock. 

  
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 Section 7.3.3 Dividend and Voting Rights. The Trustee shall have all voting
rights and rights to dividends or other distributions with respect to shares of Capital Stock held in the Charitable Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or other distribution
paid to a Prohibited Owner prior to the discovery by the Corporation that the shares of Capital Stock have been transferred to the Trustee shall be paid with respect to such shares of Capital Stock by the Prohibited Owner to the Trustee upon demand
and any dividend or other distribution authorized but unpaid shall be paid when due to the Trustee. Any dividends or other distributions so paid over to the Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall
have no voting rights with respect to shares held in the Charitable Trust and, subject to Maryland law, effective as of the date that the shares of Capital Stock have been transferred to the Charitable Trust, the Trustee shall have the authority (at
the Trustee’s sole discretion) (i) to rescind as void any vote cast by a Prohibited Owner prior to the discovery by the Corporation that the shares of Capital Stock have been transferred to the Trustee and (ii) to recast such vote in
accordance with the desires of the Trustee acting for the benefit of the Charitable Beneficiary; provided, however, that if the Corporation has already taken irreversible corporate action, then the Trustee shall not have the authority
to rescind and recast such vote. Notwithstanding the provisions of this Article VII, until the Corporation has received notification that shares of Capital Stock have been transferred into a Charitable Trust, the Corporation shall be entitled to
rely on its share transfer and other stockholder records for purposes of preparing lists of stockholders entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes of stockholders. 

Section 7.3.4 Sale of Shares by Trustee. Within twenty (20) days of receiving notice from the Corporation that shares of
Capital Stock have been transferred to the Charitable Trust, the Trustee of the Charitable Trust shall sell the shares held in the Charitable Trust to a person, designated by the Trustee, whose ownership of the shares will not violate the ownership
limitations set forth in Section 7.2.1(a). Upon such sale, the interest of the Charitable 

  
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Beneficiary in the shares sold shall terminate and the Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this
Section 7.3.4. The Prohibited Owner shall receive the lesser of (1) the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give value for the shares in connection with the event causing the shares to be
held in the Charitable Trust (e.g., in the case of a gift, devise or other such transaction), the Market Price of the shares on the day of the event causing the shares to be held in the Charitable Trust and (2) the price per share
received by the Trustee (net of any commissions and other expenses of sale) from the sale or other disposition of the shares held in the Charitable Trust. The Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends
and other distributions paid to the Prohibited Owner and owed by the Prohibited Owner to the Trustee pursuant to Section 7.3.3 of this Article VII. Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be
immediately paid to the Charitable Beneficiary. If, prior to the discovery by the Corporation that shares of Capital Stock have been transferred to the Trustee, such shares are sold by a Prohibited Owner, then (i) such shares shall be deemed to
have been sold on behalf of the Charitable Trust and (ii) to the extent that the Prohibited Owner received an amount for such shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this Section 7.3.4,
such excess shall be paid to the Trustee upon demand. 
 Section 7.3.5 Purchase Right in Stock Transferred to the
Trustee. Shares of Capital Stock transferred to the Trustee shall be deemed to have been offered for sale to the Corporation, or its designee, at a price per share equal to the lesser of (i) the price per share in the transaction that
resulted in such transfer to the Charitable Trust (or, in the case of a devise or gift, the Market Price at the time of such devise or gift) and (ii) the Market Price on the date the 

  
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Corporation, or its designee, accepts such offer. The Corporation may reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions paid to the Prohibited
Owner and owed by the Prohibited Owner to the Trustee pursuant to Section 7.3.3 of this Article VII. The Corporation may pay the amount of such reduction to the Trustee for the benefit of the Charitable Beneficiary. The Corporation shall have
the right to accept such offer until the Trustee has sold the shares held in the Charitable Trust pursuant to Section 7.3.4. Upon such a sale to the Corporation, the interest of the Charitable Beneficiary in the shares sold shall terminate and
the Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and any dividends or other distributions held by the Trustee shall be paid to the Charitable Beneficiary. 

Section 7.3.6 Designation of Charitable Beneficiaries. By written notice to the Trustee, the Corporation shall designate one
or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that (i) the shares of Capital Stock held in the Charitable Trust would not violate the restrictions set forth in
Section 7.2.1(a) in the hands of such Charitable Beneficiary and (ii) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under one of
Sections 170(b)(1)(A), 2055 and 2522 of the Code. Neither the failure of the Corporation to make such designation nor the failure of the Corporation to appoint the Trustee before the automatic transfer provided for in Section 7.2.1(b)(i) shall
make such transfer ineffective, provided that the Corporation thereafter makes such designation and appointment. 

  
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 Section 7.4 NYSE Transactions. Nothing in this Article VII shall preclude the
settlement of any transaction entered into through the facilities of the NYSE or any other national securities exchange or automated inter-dealer quotation system. The fact that the settlement of any transaction occurs shall not negate the effect of
any other provision of this Article VII and any transferee in such a transaction shall be subject to all of the provisions and limitations set forth in this Article VII. 
 Section 7.5 Enforcement. The Corporation is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of this Article VII. 

Section 7.6 Non-Waiver. No delay or failure on the part of the Corporation or the Board of Directors in exercising any right
hereunder shall operate as a waiver of any right of the Corporation or the Board of Directors, as the case may be, except to the extent specifically waived in writing. 
 Section 7.7 Severability. If any provision of this Article VII or any application of any such provision is determined to be invalid by any federal or state court having jurisdiction over the
issues, the validity of the remaining provisions shall not be affected and other applications of such provisions shall be affected only to the extent necessary to comply with the determination of such court. 

ARTICLE VIII 
 AMENDMENTS 
 The Corporation reserves the right from time to time to make
any amendment to the Charter, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any shares of outstanding stock. All rights and powers conferred by the
Charter on stockholders, directors and officers are granted subject to this reservation. Except as otherwise provided in the Charter and except for those amendments permitted to be made without stockholder approval under Maryland law or by specific
provision in the Charter, any amendment to the Charter shall be valid only if declared advisable by the Board of Directors and approved by the affirmative vote of holders of shares 

  
 25 

 
entitled to cast a majority of all the votes entitled to be cast on the matter. However, any amendment to Section 5.8 and Article VII or to this sentence of the Charter shall be valid only
if declared advisable by the Board of Directors and approved by the affirmative vote of holders of shares entitled to cast at least two-thirds of all the votes entitled to be cast on the matter. 

ARTICLE IX 

LIMITATION OF LIABILITY 
 To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no present or former director or officer of the
Corporation shall be liable to the Corporation or its stockholders for money damages. Neither the amendment nor repeal of this Article IX, nor the adoption or amendment of any other provision of the Charter or the Bylaws inconsistent with this
Article IX, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

THIRD: The amendment to and restatement of the Charter as hereinabove set forth have been duly advised by the Board of Directors
and approved by the sole stockholder of the Corporation as required by law. 
 FOURTH: The current address of the
principal office of the Corporation is as set forth in Article IV of the foregoing amendment and restatement of the Charter. 
 FIFTH: The name and address of the Corporation’s current resident agent are as set forth in Article IV of the foregoing amendment and restatement of the Charter. 

SIXTH: The number of directors of the Corporation and the names of those currently in office are as set forth in Article V of
the foregoing amendment and restatement of the Charter. 

  
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 SEVENTH: The total number of shares of stock which the Corporation had authority to
issue immediately prior to this amendment and restatement was 1,000 shares, consisting of 1,000 shares of Common Stock, $0.01 par value per share. The aggregate par value of all shares of stock having par value was $10.00. 

EIGHTH: The total number of shares of stock which the Corporation has authority to issue pursuant to the foregoing amendment and
restatement of the Charter is 600,000,000, consisting of 500,000,000 shares of Common Stock, $0.01 par value per share, and 100,000,000 shares of Preferred Stock, $0.01 par value per share. The aggregate par value of all authorized shares of stock
having par value is $6,000,000. 
 NINTH: The undersigned President and Chief Executive Officer acknowledges these
Articles of Amendment and Restatement to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned President and Chief Executive Officer acknowledges that, to the best of his
knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Corporation has caused these Articles of
Amendment and Restatement to be signed in its name and on its behalf by its President and Chief Executive Officer of the Board and attested to by its Vice President of Operations on this 10th day of May, 2013. 
  

 

									
	ATTEST:	 		 	ARMADA HOFFLER PROPERTIES, INC.	 	
					
	/s/ Eric L. Smith	 		 	By  	 	/s/ Louis S. Haddad	 	 (SEAL)
	 Eric L. Smith
 Vice President
of Operations
	 		 		 	 Louis S. Haddad
 President
and Chief Executive Officer

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