Document:

EX-4.5

 Exhibit 4.5 

EXECUTION VERSION 

INTERNATIONAL FLAVORS & FRAGRANCES INC., 

as Issuer, 
 AND 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Third Supplemental
Indenture 
 Dated as of September 17, 2018 

Supplemental to Indenture 
 Dated
as of March 2, 2016 
 3.79% Senior Amortizing Notes due 2021 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	1	 
				
		 	Section 1.01	 	Scope of Supplemental Indenture; General	  	 	1	 
				
		 	Section 1.02	 	Definitions	  	 	1	 
		
	ARTICLE 2 THE SECURITIES	  	 	4	 
				
		 	Section 2.01	 	Title and Terms	  	 	4	 
				
		 	Section 2.02	 	Installment Payments	  	 	5	 
				
		 	Section 2.03	 	Maturity Date	  	 	6	 
				
		 	Section 2.04	 	Right to Exchange or Register a Transfer	  	 	6	 
		
	ARTICLE 3 SUCCESSOR CORPORATION	  	 	7	 
				
		 	Section 3.01	 	Amendments to Article X of the Base Indenture	  	 	7	 
		
	ARTICLE 4 DEFAULTS AND REMEDIES	  	 	7	 
				
		 	Section 4.01	 	Amendments to Article VI of the Base Indenture	  	 	7	 
		
	ARTICLE 5 CONCERNING THE TRUSTEE	  	 	7	 
				
		 	Section 5.01	 	Amendments to Article VII of the Base Indenture	  	 	7	 
		
	ARTICLE 6 SATISFACTION AND DISCHARGE AND DEFEASANCE	  	 	7	 
				
		 	Section 6.01	 	Amendments to Article XI of the Base Indenture	  	 	7	 
		
	ARTICLE 7 NO REDEMPTION	  	 	8	 
				
		 	Section 7.01	 	Article III of the Base Indenture Inapplicable	  	 	8	 
		
	ARTICLE 8 REPURCHASE OF NOTES AT THE OPTION OF THE HOLDER	  	 	8	 
				
		 	Section 8.01	 	Offer to Repurchase	  	 	8	 
				
		 	Section 8.02	 	Early Mandatory Settlement Notice and Merger Redemption Notice	  	 	8	 
				
		 	Section 8.03	 	Procedures for Exercise	  	 	8	 
				
		 	Section 8.04	 	Withdrawal of Repurchase Notice	  	 	9	 
				
		 	Section 8.05	 	Effect of Repurchase	  	 	9	 
				
		 	Section 8.06	 	No Sinking Fund	  	 	10	 
		
	ARTICLE 9 TAX TREATMENT	  	 	10	 
				
		 	Section 9.01	 	Tax Treatment	  	 	10	 
		
	ARTICLE 10 AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 	10	 
				
		 	Section 10.01	 	Amendments to Article IX of the Base Indenture	  	 	10	 
		
	ARTICLE 11 MISCELLANEOUS	  	 	10	 
				
		 	Section 11.01	 	Governing Law and Jury Trial Waiver	  	 	10	 
				
		 	Section 11.02	 	No Security Interest Created	  	 	10	 
				
		 	Section 11.03	 	Benefits of Indenture	  	 	11	 
				
		 	Section 11.04	 	Effect on Successors and Assigns	  	 	11	 
				
		 	Section 11.05	 	Effect of Headings and Table of Contents	  	 	11	 
				
		 	Section 11.06	 	Counterparts	  	 	11	 
				
		 	Section 11.07	 	Separability	  	 	11	 

  
 i 

 Table of Contents 

(Continued) 
  

 EXHIBIT: 
  

	A.	 Form of Note 

ii 

 THIRD SUPPLEMENTAL INDENTURE dated as of September 17, 2018 (this “Supplemental
Indenture”) between INTERNATIONAL FLAVORS & FRAGRANCES INC., a New York corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”),
supplementing the Indenture dated as of March 2, 2016 between the Company and the Trustee (the “Base Indenture”). 

RECITALS OF THE COMPANY: 

WHEREAS, the Company executed and delivered the Base Indenture to provide for, among other things, the issuance of unsecured debt securities
in an unlimited aggregate principal amount to be issued from time to time in one or more series as provided in the Base Indenture; 

WHEREAS, the Base Indenture provides that the Company may enter into an indenture supplemental to the Base Indenture to establish the form and
terms of any series of Securities as provided by Section 2.01 of the Base Indenture; 
 WHEREAS, the Company desires and has requested
the Trustee to join it in the execution and delivery of this Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its 3.79% Senior Amortizing Notes due 2021 (the
“Notes”, and each $8.45436 of initial principal amount of such Securities, a “Note”), substantially in the form attached hereto as Exhibit A, on the terms set forth herein; 

WHEREAS, the Company now wishes to issue Notes in an aggregate initial principal amount of $139,496,940, each Note initially to be issued as a
component of the Units (as defined herein) being issued on the date hereof by the Company pursuant to the Purchase Contract Agreement, dated as of September 17, 2018, between the Company and U.S. Bank National Association, as Purchase Contract
Agent, as Trustee and as attorney-in-fact for the holders of Purchase Contracts from time to time (the “Purchase Contract Agreement”); and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make
(i) this Supplemental Indenture a valid instrument in accordance with its terms and (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and
the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 
 NOW, THEREFORE, THIS SUPPLEMENTAL
INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders thereof, it is mutually agreed, for the benefit of the parties hereto and the equal and proportionate benefit of all Holders of the Notes,
as follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Scope of Supplemental Indenture; General. The changes, modifications and supplements to the Base Indenture effected
by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes (which shall be initially in the aggregate initial principal amount of $139,496,940 and shall not apply to any other Securities that may be
issued under the Base Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. This Supplemental Indenture shall supersede any corresponding provisions in
the Base Indenture. 
 Section 1.02 Definitions. For all purposes of the Indenture, except as otherwise expressly provided or
unless the context otherwise requires: 
 (i) the terms defined in this Article 1 shall have the meanings assigned to them in
this Article and include the plural as well as the singular; 

  
 1 

 (ii) all words, terms and phrases defined in the Base Indenture (but not
otherwise defined herein) shall have the same meaning herein as in the Base Indenture; 
 (iii) all other terms used herein
that are defined in the Trust Indenture Act, either directly or by reference therein, shall have the meanings assigned to them therein; and 

(iv) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Agent Members” has
the meaning ascribed to such term in Section 2.01(d). 
 “Base Indenture” has the meaning ascribed to it in the
preamble hereof. 
 “Beneficial Holder” means, with respect to a Global Note, a Person who is the beneficial owner of such
Book-Entry Interest as reflected on the books of the Depositary or on the books of a Person maintaining an account with the Depositary (directly as a Depositary Participant or as an indirect participant, in each case in accordance with the rules of
the Depositary). 
 “Book-Entry Interest” means a beneficial interest in a Global Note, registered in the name of a
Depositary or a nominee thereof, ownership and transfers of which shall be maintained and made through book entries by such Depositary. 

“Business Day” means any day other than a Saturday, Sunday or any day on which banking institutions in New York, New York are
authorized or obligated by applicable law or executive order to close or be closed. 
 “Certificated Note” means a Note in
definitive registered form without interest coupons. 
 “close of business” means 5:00 p.m. (New York City time). 

“Common Stock” means the common stock, par value $0.125 per share, of the Company or such other securities or assets as shall
be deliverable in replacement thereof under the Purchase Contract Agreement pursuant to the terms thereof. 
 “Company” has
the meaning ascribed to it in the preamble hereof and shall also refer to any successor obligor under the Indenture. 
 “Component
Note” means a Note in global form and attached to a Global Unit that (a) shall evidence the number of Notes specified therein that are components of the Units evidenced by such Global Unit, (b) shall be registered on the Security
Register for the Notes in the name of the Purchase Contract Agent, as attorney-in-fact of holder(s) of the Units of which such Notes form a part, and (c) shall be
held by the Purchase Contract Agent as attorney-in-fact for such holder(s), together with the Global Unit, as custodian of such Global Unit for the Depositary. 

“Depositary” means The Depository Trust Company until a successor Depositary shall have become such pursuant to the
applicable provisions of the Indenture, and thereafter “Depositary” shall mean such successor Depositary. 

“Depositary Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
the Depositary effects book-entry transfers of securities deposited with the Depositary. 
 “Early Mandatory Settlement
Date” has the meaning ascribed to it in the Purchase Contract Agreement. 
 “Early Mandatory Settlement Notice”
has the meaning ascribed to it in the Purchase Contract Agreement. 

  
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 “Early Mandatory Settlement Right” has the meaning ascribed to it in the
Purchase Contract Agreement. 
 “Fundamental Change” has the meaning ascribed to such term in the Purchase Contract
Agreement. 
 “Global Note” means any Note that is a Global Security. 

“Global Unit” has the meaning ascribed to such term in the Purchase Contract Agreement. 

“Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“Indenture” means the Base Indenture, as supplemented by this Supplemental Indenture as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental thereto entered into pursuant to the applicable provisions thereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of
the Trust Indenture Act that are deemed to be a part of and govern the Base Indenture, this Supplemental Indenture and any such supplemental indenture, respectively. 

“Initial Principal Amount” means $8.45436 initial principal amount per Note. 

“Installment Payment” has the meaning ascribed to it in Section 2.02(a). 

“Installment Payment Date” means each March 15, June 15, September 15 and December 15, commencing on
December 15, 2018 and ending on the Maturity Date. 
 “Installment Payment Period” means (i) in the case of the
first Installment Payment Date on December 15, 2018, the period from, and including, the Issue Date to, but excluding, such first Installment Payment Date and (ii) in the case of any other Installment Payment Date, the quarterly period
from, and including, the immediately preceding Installment Payment Date to, but excluding, such other Installment Payment Date. 

“Issue Date” means September 17, 2018. 

“Maturity Date” means September 15, 2021. 

“Merger Redemption Notice” has the meaning ascribed to it in the Purchase Contract Agreement. 

“Merger Redemption Settlement Date” has the meaning ascribed to it in the Purchase Contract Agreement. 

“Merger Termination Redemption” has the meaning ascribed to it in the Purchase Contract Agreement. 

“Note” and “Notes” have the respective meanings ascribed to such terms in the preamble hereof and include,
for the avoidance of doubt, both Separate Notes and Notes that constitute part of a Unit. 
 “Paying Agent” means any
Person (including the Company) authorized by the Company to pay the principal amount of or interest on any Notes on behalf of the Company. The Paying Agent shall initially be the Trustee. 

“Prospectus Supplement” means the preliminary prospectus supplement dated September 10, 2018, as supplemented by the
related pricing term sheet dated September 12, 2018, related to the offering and sale of the Notes. 
 “Purchase
Contract” means a prepaid stock purchase contract obligating the Company to deliver shares of Common Stock on the terms and subject to the conditions set forth in the Purchase Contract Agreement. 

“Purchase Contract Agent” means U.S. Bank National Association, as purchase contract agent under the Purchase Contract
Agreement, until a successor Purchase Contract Agent shall have become such pursuant to the applicable provisions of the Purchase Contract Agreement, and thereafter “Purchase Contract Agent” shall mean such Person. 

  
 3 

 “Purchase Contract Agreement” has the meaning ascribed to it in the
preamble hereof. 
 “Repurchase Date” shall be a date specified by the Company in the Early Mandatory Settlement Notice or
Merger Redemption Notice, as the case may be, which date shall be at least 20 but not more than 35 Business Days following the date of the Early Mandatory Settlement Notice or the date of the Merger Redemption Notice, as the case may be (and which
may or may not fall on the Early Mandatory Settlement Date or Merger Redemption Settlement Date, as the case may be). 
 “Repurchase
Notice” means a notice in the form entitled “Form of Repurchase Notice” attached to the Notes. 
 “Repurchase
Price” means, with respect to a Note to be repurchased pursuant to Article 8, an amount equal to the principal amount of such Note as of the Repurchase Date, plus accrued and unpaid interest, if any, on such principal amount from,
and including, the immediately preceding Installment Payment Date (or, if none, from, and including, the Issue Date) to, but not including, such Repurchase Date, calculated at an annual rate of 3.79%; provided that, if the Repurchase Date
falls after a Regular Record Date for any Installment Payment and on or prior to the immediately succeeding Installment Payment Date, the Installment Payment payable on such Installment Payment Date will be paid on such Installment Payment Date to
the holder as of such Regular Record Date and will not be included in the Repurchase Price per Note. 
 “Repurchase Right”
has the meaning ascribed to it in Section 8.01. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Separate Note” means a Note that has been separated from a Unit in accordance with the terms of the Purchase Contract
Agreement. 
 “Separate Purchase Contract” means a Purchase Contract that has been separated from a Unit in accordance with
the terms of the Purchase Contract Agreement. 
 “Supplemental Indenture” has the meaning ascribed to it in the preamble
hereof. 
 “Trustee” means the party named in the preamble hereof until a successor replaces such party in accordance with
the applicable provisions of the Indenture and thereafter means the successor serving hereunder. 
 “Unit” means the
collective rights of a holder of a 6.00% Tangible Equity Unit, with a stated amount of $50 (representing an issue price of $8.45436 for the Note included in each Unit and an issue price of $41.54564 for the Purchase Contract included in each Unit),
issued by the Company pursuant to the Purchase Contract Agreement, each consisting of a single Purchase Contract and a single Note prior to separation or subsequent to recreation thereof pursuant to the Purchase Contract Agreement. 

ARTICLE 2 
 THE SECURITIES 

Section 2.01 Title and Terms. 

(a) There is hereby authorized a series of Securities designated the “3.79% Senior Amortizing Notes due 2021” limited in aggregate
initial principal amount to $139,496,940, which amount shall be as set forth in any written order of the Company for authentication and delivery of Notes pursuant to Section 2.04 of the Base Indenture. 

  
 4 

 (b) The Notes will initially be issued as Component Notes in substantially the form of
Attachment 4 to the form of Global Unit attached as Exhibit A to the Purchase Contract Agreement, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers of the Company
executing such Notes, as evidenced by their execution of the Notes. The Notes will initially be attached to the related Global Unit and registered in the name of U.S. Bank National Association, as attorney-in-fact of the holder(s) of such Global Unit. 
 (c) Holders of Units have the right to
separate such Units into their constituent parts, consisting of Separate Purchase Contracts and Separate Notes, during the times, and under the circumstances, described in Section 2.03 of the Purchase Contract Agreement. Upon separation of any
Unit into its constituent parts, (i) if such Unit is a Global Unit, the Separate Notes will initially be evidenced by a Global Note (the “Global Note”) in substantially the form of Exhibit A hereto, which is incorporated into
and shall be deemed a part of this Supplemental Indenture, and deposited with the Trustee as custodian for the Depositary and registered in the name of the Depositary or its nominee, or (ii) if such Unit is in definitive, registered form, the
Separate Notes will be evidenced by Certificated Notes in substantially the form of Exhibit A hereto, in each case, as provided in Section 2.03 of the Purchase Contract Agreement. Following separation of any Unit into its constituent Separate
Note and Separate Purchase Contract, the Separate Notes are transferable independently from the Separate Purchase Contracts. In addition, Separate Notes can be recombined with Separate Purchase Contracts to recreate Units, as provided for in
Section 2.04 of the Purchase Contract Agreement. 
 (d) The Global Note representing Separate Notes (which shall initially have a
balance of zero Notes) shall be registered in the name of Cede & Co., as nominee of the Depositary and delivered to the Trustee, as custodian for the Depositary. Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Supplemental Indenture or the Base Indenture with respect to any Global Note (or any Global Unit in the case of Component Notes) held on their behalf by the Depositary, or the Trustee as its
custodian, or under the Global Note (or such Global Unit), and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Note (or such Global Unit) for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of any Holder. 

(e) The Notes shall be issuable in denominations of initial principal amounts equal to the Initial Principal Amount and integral multiples in
excess thereof. 
 Section 2.02 Installment Payments. (a) The Company shall pay installments on the Notes (each such payment, an
“Installment Payment”) in cash at the place, at the respective times and in the manner provided in the Notes. The Company has initially designated the Trustee as its Paying Agent and Registrar in respect of the Notes and its agency
in New York, New York as a place where Notes may be presented for payment or for registration of transfer. The Company may, however, change the Paying Agent or Registrar for the Notes without prior notice to the Holders thereof, and the Company may
act as Paying Agent or Registrar. 
 (b) On the first Installment Payment Date occurring on December 15, 2018, the Company shall pay, in
cash, an Installment Payment with respect to each Note in an amount equal to $0.73333 per Note, and on each Installment Payment Date thereafter, the Company shall pay, in cash, equal quarterly Installment Payments with respect to each Note in an
amount equal to $0.75000 per Note; provided that, in respect of any Certificated Note, the final Installment Payment shall be made only against surrender of such Certificated Note to the Paying Agent. 

(c) Each Installment Payment shall constitute a payment of interest (at a rate of 3.79% per annum) and a partial repayment of principal on the
Notes, allocated with respect to each Note as set forth in the schedule below: 

  
 5 

									
	 Installment Payment Date
	  	Amount of
Principal	 	  	Amount of
Interest	 
	 December 15, 2018
	  	$	0.65497	 	  	$	0.07836	 
	 March 15, 2019
	  	$	0.67606	 	  	$	0.07394	 
	 June 15, 2019
	  	$	0.68247	 	  	$	0.06753	 
	 September 15, 2019
	  	$	0.68894	 	  	$	0.06106	 
	 December 15, 2019
	  	$	0.69547	 	  	$	0.05453	 
	 March 15, 2020
	  	$	0.70206	 	  	$	0.04794	 
	 June 15, 2020
	  	$	0.70872	 	  	$	0.04128	 
	 September 15, 2020
	  	$	0.71544	 	  	$	0.03456	 
	 December 15, 2020
	  	$	0.72222	 	  	$	0.02778	 
	 March 15, 2021
	  	$	0.72907	 	  	$	0.02093	 
	 June 15, 2021
	  	$	0.73598	 	  	$	0.01402	 
	 September 15, 2021
	  	$	0.74296	 	  	$	0.00704	 

 (d) Each Installment Payment for any Installment Payment Period shall be computed on the basis of a 360-day year of twelve 30-day months. If an Installment Payment is payable for any period shorter than a full Installment Payment Period, such Installment Payment shall be
computed on the basis of the actual number of days elapsed per 30-day month. Furthermore, if any date on which an Installment Payment is payable is not a Business Day, then payment of the Installment Payment
on such date shall be made on the next succeeding day that is a Business Day, and without any interest or other payment in respect of any such delay. 

Section 2.03 Maturity Date. The date on which the final Installment Payment on the Notes shall be due, unless the Notes are
accelerated pursuant to the terms hereof or otherwise paid prior to maturity in connection with a Holder’s exercise of the Repurchase Right, shall be the Maturity Date. 

Section 2.04 Right to Exchange or Register a Transfer. (a) The Company shall not be required to exchange or register a transfer of
any Note if the Holder thereof has exercised his, her or its right, if any, to require the Company to repurchase such Note in whole or in part, except the portion of such Note not required to be repurchased. 

(b) For purposes of any Note that constitutes part of a Unit, Section 2.05 and Section 2.11(c) of the Base Indenture (as modified by
this Supplemental Indenture) shall be subject to the provisions of the Purchase Contract Agreement. 
 (c) For purposes of the Notes,
Section 2.11(c) of the Base Indenture shall be amended by (i) deleting the second paragraph thereof, (ii) replacing the words “shall no longer be registered or in good standing” therein with the words “ceases to be a
clearing agency registered” and (iii) replacing the portion of the first sentence thereof following “(2)” with the following words: “an Event of Default has occurred and is continuing with respect to the Notes and a
Beneficial Holder requests that its Book-Entry Interest be issued as a Certificated Note, in accordance with applicable procedures of the Depositary and upon completion of related administrative actions by the Depositary, Section 2.11 (a) and
(b) shall no longer be applicable to the Notes (or, in the case of clause (2), the Notes represented by such Book-Entry Interest) and the Company will execute, and subject to Section 2.05, the Trustee will authenticate and deliver
Certificated Notes in an aggregate principal amount equal to the principal amount of the outstanding Global Notes (or, in the case of clause (2), the Notes represented by such Book-Entry Interest) in exchange for such Global Notes (or, in the case
of clause (2), the Notes represented by such Book-Entry Interest).” 

  
 6 

 ARTICLE 3 

SUCCESSOR CORPORATION 

Section 3.01 Amendments to Article X of the Base Indenture. 

(a) For purposes of the Notes, Section 10.01 of the Base Indenture shall be amended by (i) replacing the words “the principal of
(premium, if any) and interest” with the words “the Repurchase Price, if applicable, of and all Installment Payments”, (ii) inserting “(i)” immediately following the phrase “covenants and agrees that,” and
(iii) inserting at the end thereof the following words: “and (ii) the entity formed by such consolidation, or into which the Company shall have been merged, or the entity which shall have acquired such property, shall be a corporation
organized and existing under the laws of the United States or any state thereof or the District of Columbia”. 
 (b) For purposes of the
Notes, Section 10.02(a) of the Base Indenture shall be amended by replacing the words “the principal of, premium, if any, and interest” with the words “the Repurchase Price, if applicable, of and all Installment Payments”.

 ARTICLE 4 
 DEFAULTS AND
REMEDIES 
 Section 4.01 Amendments to Article VI of the Base Indenture. 

(a) For purposes of the Notes, Section 6.01(a) of the Base Indenture shall be amended by (i) deleting the word “or” at the
end of clause (4), (ii) replacing the period at the end of clause (5) with a semi-colon and (iii) inserting the following after clause (5): 

“(6) the Company defaults in the payment of the Repurchase Price of any Notes when the same shall become due and payable;

 (7) the Company defaults in the payment of any Installment Payment on any Notes as and when the same shall become due and
payable and such failure continues for a period of 30 days; or 
 (8) the Company fails to give notice of a Fundamental
Change when any such notice is due pursuant to the terms of the Purchase Contract Agreement and such failure continues for a period of five Business Days.” 

(b) For purposes of the Notes, Section 6.06(c) of the Base Indenture shall be amended by replacing the words “the principal of, or
premium, if any, or interest on,” with the words “the Repurchase Price of or any Installment Payment on”. 
 ARTICLE 5 

CONCERNING THE TRUSTEE 

Section 5.01 Amendments to Article VII of the Base Indenture. For purposes of the Notes, Section 7.01(b) of the Base
Indenture shall be amended by replacing the words “the principal of, or premium, if any, or interest” with the words “the Repurchase Price of or any Installment Payment”. 

ARTICLE 6 
 SATISFACTION AND
DISCHARGE AND DEFEASANCE 
 Section 6.01 Amendments to Article XI of the Base Indenture. 

(a) For purposes of the Notes, the coin or currency or currency unit or the nature of the Governmental Obligations to be deposited with the
Trustee under Article XI of the Base Indenture shall be U.S. dollars. 

  
 7 

 (b) For purposes of the Notes, references in Article XI of the Base Indenture to
“principal” shall be deemed to refer to the portion of all scheduled Installment Payments constituting the payment of principal in respect of the Notes and the portion of the Repurchase Price constituting the principal amount of the Notes.

 (c) For purposes of the Notes, references in Article XI of the Base Indenture to “interest” shall be deemed to refer to the
portion of all scheduled Installment Payments constituting the payment of interest in respect of the Notes and the portion of the Repurchase Price constituting the accrued but unpaid interest on the Notes. 

(d) Section 11.02 of the Base Indenture shall apply to the Notes. 

ARTICLE 7 
 NO REDEMPTION 

Section 7.01 Article III of the Base Indenture Inapplicable. The Notes shall not be redeemable and Article III of the Base
Indenture shall not apply to the Notes. 
 ARTICLE 8 

REPURCHASE OF NOTES AT THE OPTION OF THE HOLDER 

Section 8.01 Offer to Repurchase. If the Company elects to exercise its Early Mandatory Settlement Right with respect to, or
causes a Merger Termination Redemption of, the Purchase Contracts pursuant to the terms of the Purchase Contract Agreement, then each Holder of Notes (whether any such Note is a Separate Note or constitutes part of a Unit) shall have the right (the
“Repurchase Right”) to require the Company to repurchase some or all of its Notes for cash at the Repurchase Price per Note to be repurchased on the Repurchase Date, pursuant to Section 8.03. The Company shall not be required
to repurchase a portion of a Note. Holders shall not have the right to require the Company to repurchase any or all of such Holders’ Notes in connection with any Early Settlement (as such term is defined in the Purchase Contract Agreement) of
such Holders’ Purchase Contracts at the Holders’ option pursuant to the terms of the Purchase Contract Agreement. 

Section 8.02 Early Mandatory Settlement Notice and Merger Redemption Notice. If the Company elects to exercise its Early Mandatory
Settlement Right with respect to, or causes a Merger Termination Redemption of, the Purchase Contracts pursuant to the terms of the Purchase Contract Agreement, the Company shall provide the Trustee and the Holders of the Notes with a copy of the
Early Mandatory Settlement Notice or Merger Redemption Notice, as the case may be, delivered pursuant to the Purchase Contract Agreement. 

Section 8.03 Procedures for Exercise. 

(a) To exercise the Repurchase Right, a Holder must deliver, prior to the close of business on the Business Day immediately preceding the
Repurchase Date, the Notes to be repurchased (or the Units that include the Notes to be repurchased, if (x) the Early Mandatory Settlement Date or Merger Redemption Settlement Date, as the case may be, occurs on or after the Repurchase Date and
(y) the relevant Notes have not been separated from the Units), together with a duly completed written Repurchase Notice, in each case, subject to and in accordance with applicable procedures of the Depositary, unless the Notes are not in the
form of a Global Note (or the Units are not in the form of Global Units, as the case may be), in which case such Holder must deliver the Notes to be repurchased (or the Units that include the Notes to be repurchased, if (i) the Early Mandatory
Settlement Date or Merger Redemption Settlement Date, as the case may be, occurs on or after the Repurchase Date and (ii) the Notes have not been separated from the Units), duly endorsed for transfer to the Company, together, in either case,
with a Repurchase Notice, to the Paying Agent. 

  
 8 

 (b) The Repurchase Notice must state the following: 

(i) if Certificated Notes (or Units) have been issued, the certificate numbers of the Notes (or Units), or if the Notes (or
Units) are in the form of a Global Note (or a Global Unit), the Repurchase Notice must comply with appropriate procedures of the Depositary; 

(ii) the number of Notes to be repurchased; and 

(iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Article
8. 
 (c) In the event that the Company exercises its Early Mandatory Settlement Right or in the event that a Merger Termination Redemption
occurs with respect to Purchase Contracts that are a component of Units and the Early Mandatory Settlement Date or Merger Redemption Settlement Date, as the case may be, occurs prior to the Repurchase Date, upon such Early Mandatory Settlement Date
or Merger Redemption Settlement Date, as the case may be, the Company shall execute and the Trustee shall authenticate on behalf of the holder of the Units and deliver to such holder, at the expense of the Company, Separate Notes in the same form
and in the same number as the Notes comprising part of the Units. 
 Section 8.04 Withdrawal of Repurchase Notice. 

(a) A Holder may, subject to and in accordance with applicable procedures of the Depositary, in the case of a Global Note or Global Unit,
withdraw any Repurchase Notice (in whole or in part) by a written, irrevocable notice of withdrawal delivered to the Paying Agent, with a copy to the Trustee and the Company, prior to the close of business on the Business Day immediately preceding
the Repurchase Date. 
 (b) The notice of withdrawal must state the following: 

(i) the number of the withdrawn Notes; 

(ii) if Certificated Notes (or Units) have been issued, the certificate numbers of the withdrawn Notes (or Units), or if the
Notes (or Units) are in the form of a Global Note (or a Global Unit), the notice of withdrawal must comply with appropriate Depositary procedures; and 

(iii) the number of Notes, if any, that remain subject to the Repurchase Notice. 

Section 8.05 Effect of Repurchase. (a) The Company shall be required to repurchase the Notes with respect to which the Repurchase
Right has been validly exercised and not withdrawn on the Repurchase Date. To effectuate such repurchase, the Company shall deposit immediately available funds with the Paying Agent, on or prior to 11:00 a.m., New York City time, on the Repurchase
Date, in an amount or amounts sufficient to pay the Repurchase Price with respect to those Notes for which the Repurchase Right has been exercised. A Holder electing to exercise the Repurchase Right shall receive payment of the Repurchase Price on
the later of (i) the Repurchase Date and (ii) the time of book-entry transfer or the delivery of the Notes (or Units, as applicable). 

(b) If the Paying Agent holds money on the Repurchase Date sufficient to pay the Repurchase Price with respect to those Notes for which the
Repurchase Right has been exercised, then (i) such Notes shall cease to be outstanding and interest shall cease to accrue thereon (whether or not book-entry transfer of the Notes or Units, as applicable, is made or whether or not the Notes or
Units, as applicable, are delivered as required herein), and (ii) all other rights of the Holder shall terminate (other than the right to receive the Repurchase Price and, if the Repurchase Date falls between a Regular Record Date and the
corresponding Installment Payment Date, the related Installment Payment). 
 (c) The Company shall, in connection with any repurchase offer
pursuant to this Article 8, if required, comply with the provisions of the tender offer rules under the Exchange Act that may then be applicable. 

  
 9 

 (d) Notwithstanding anything to the contrary herein, no Notes may be repurchased at the
option of Holders if the principal amount thereof has been accelerated, and such acceleration has not been rescinded, on or prior to the Repurchase Date (except in the case of an acceleration resulting from a Default by the Company in the payment of
the Repurchase Price with respect to such Notes). 
 Section 8.06 No Sinking Fund. The Notes are not entitled to the benefit of
any sinking fund. 
 ARTICLE 9 

TAX TREATMENT 
 Section 9.01
Tax Treatment. The Company and each Beneficial Holder agree, for United States federal income tax purposes, to treat the Notes as indebtedness of the Company. 

ARTICLE 10 
 AMENDMENTS,
SUPPLEMENTS AND WAIVERS 
 Section 10.01 Amendments to Article IX of the Base Indenture.  

(a) For purposes of the Notes, Section 9.01(a) of the Base Indenture shall be amended by (i) deleting the word “and” at the
end of clause (12), (ii) replacing the period at the end of clause (13) with “; and” and (iii) inserting the following after clause (13): 

“(14) to conform the provisions of the Indenture or the Notes to any provision of the “Description of the Amortizing
Notes” section in the Prospectus Supplement.” 
 (b) For purposes of the Notes, Section 9.02(a) of the Base Indenture shall be
amended by (i) deleting the word “or” at the end of clause (6), (ii) replacing the period at the end of clause (7) with a semi-colon and (iii) inserting the following after clause (7): 

“(8) postpone any Installment Payment Date or reduce the amount owed on any Installment Payment Date; or 

(9) reduce the Repurchase Price or amend or modify in any manner adverse to the Holders the Company’s obligation to pay
the Repurchase Price.” 
 ARTICLE 11 

MISCELLANEOUS 

Section 11.01 Governing Law and Jury Trial Waiver. (a) THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AS AMONG
THE COMPANY AND THE TRUSTEE ONLY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE NOTES. 
 (b) For purposes of the Notes,
Section 13.14 of the Base Indenture shall be amended by replacing the phrase “THE COMPANY, THE TRUSTEE AND THE HOLDERS, BY THEIR ACCEPTANCE OF THE SECURITIES,” with the phrase “THE COMPANY AND THE TRUSTEE”. 

Section 11.02 No Security Interest Created. Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall be
construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

  
 10 

 Section 11.03 Benefits of Indenture. Nothing in this Supplemental Indenture or
in the Notes, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the Holders, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture, or under any
covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the Holders. 

Section 11.04 Effect on Successors and Assigns. All the covenants, stipulations, promises and agreements in this Supplemental
Indenture contained by or on behalf of the Company shall bind their respective successors and assigns, whether so expressed or not. 

Section 11.05 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 11.06 Counterparts. This Supplemental Indenture may be
executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

Section 11.07 Separability. In case any one or more of the provisions contained in this Supplemental Indenture or in the Notes
shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture or of the Notes, but this Supplemental
Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 11.08 Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The provisions of this Supplemental Indenture shall, subject to the terms hereof, supersede
the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 
 Section 11.09 Conflicts with
Trust Indenture Act. If and to the extent that any provision of this Supplemental Indenture limits, qualifies or conflicts with a provision required under the terms of the Trust Indenture Act, such Trust Indenture Act provision shall control.

 [Remainder of the page intentionally left blank] 

  
 11 

 SIGNATURES 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

  

			
	 INTERNATIONAL FLAVORS & FRAGRANCES INC., as
the Company

		
	By:	 	 /s/ Robert G. Anderson

	Name:	 	Robert G. Anderson
	Title:	 	Senior Vice President and Controller

 U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

			
	By:	 	 /s/ Beverly A. Freeney

	Name:	 	Beverly A. Freeney
	Title:	 	Vice President

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 
  
  

	* 	 Include only if a Global Note. 

  
 A - 1 

 INTERNATIONAL FLAVORS & FRAGRANCES INC. 

3.79% SENIOR AMORTIZING NOTES DUE 2021 
 CUSIP
No.: 459506 AF8 
 ISIN No.: US459506AF83 
 No.
[        ]
                                         
                                         
                                         
               [Initial]* Number of Notes: [            ] 

INTERNATIONAL FLAVORS & FRAGRANCES INC., a New York corporation (the “Company”, which term includes any successor
under the Indenture hereinafter referred to), for value received, hereby promises to pay to [CEDE & CO., as nominee of The Depository Trust Company]*
[            ]**, or registered assigns (the “Holder”), the initial principal amount of $8.45436 for each of the number
of Notes set forth above[, which number of Notes may from time to time be reduced or increased as set forth in Schedule A hereto, as appropriate, in accordance with the terms of the Indenture]*,
in equal quarterly installments (except for the first such payment) (each such payment, an “Installment Payment”), constituting a payment of interest (at a rate of 3.79% per annum) and a partial repayment of principal, payable on
each March 15, June 15, September 15 and December 15, commencing on December 15, 2018 (each such date, an “Installment Payment Date”, and the period from, and including, September 17, 2018 to, but
excluding, the first Installment Payment Date and thereafter each quarterly period from, and including, the immediately preceding Installment Payment Date to, but excluding, the relevant Installment Payment Date, an “Installment Payment
Period”) with the final Installment Payment due and payable on September 15, 2021, all as set forth on the reverse hereof and in the Indenture referred to on the reverse hereof. 

Each Installment Payment for any Installment Payment Period shall be computed on the basis of a
360-day year of twelve 30-day months. If an Installment Payment is payable for any period shorter than a full Installment Payment Period, such Installment Payment shall
be computed on the basis of the actual number of days elapsed per 30-day month. Furthermore, if any date on which an Installment Payment is payable is not a Business Day, then payment of the Installment
Payment on such date shall be made on the next succeeding day that is a Business Day, and without any interest or other payment in respect of any such delay. Installment Payments shall be paid to the Person in whose name the Note is registered, with
limited exceptions as provided in the Indenture, at the close of business on the Business Day immediately preceding the related Installment Payment Date (each, a “Regular Record Date”). If the Notes do not remain in book-entry only
form, the Company shall have the right to elect that each Regular Record Date shall be each March 1, June 1, September 1 and December 1 immediately preceding the relevant Installment Payment Date by giving advance written notice
to the Trustee and the Holders. Installment Payments shall be payable (x) in the case of any Certificated Note, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York;
provided, however, that payment of Installment Payments may be made at the option of the Company by check mailed to the registered Holder at such address as shall appear in the Security Register or (y) in the case of any Global
Note, by wire transfer in immediately available funds to the account of the Depositary or its nominee or otherwise in accordance with applicable procedures of the Depositary. 

This Note shall not be entitled to any benefit under the Indenture hereinafter referred to or be valid or obligatory for any purpose until the
Certificate of Authentication shall have been manually signed by or on behalf of the Trustee. 
 Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

[SIGNATURES ON THE FOLLOWING PAGE] 
  

 
  

	* 	 Include only if a Global Note. 

	** 	 Include only if not a Global Note. 

  
 A - 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated:                      

[CORPORATE SEAL] 
  

			
	INTERNATIONAL FLAVORS & FRAGRANCES INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

U.S. Bank National Association, as Trustee, certifies 
 that this
is one of the Securities of the series 
 designated herein referred to in the within 

mentioned Indenture. 
 Dated: 

U.S. BANK NATIONAL ASSOCIATION, as 
 Trustee 

 

	
	 By: ____________________

	      Authorized Signatory

  
 A - 3 

 [REVERSE OF NOTE] 

INTERNATIONAL FLAVORS & FRAGRANCES INC. 

3.79% Senior Amortizing Notes due 2021 

This Note is one of a duly authorized series of Securities of the Company designated as its 3.79% Senior Amortizing Notes due 2021 (herein
sometimes referred to as the “Notes”), issued under the Indenture, dated as of March 2, 2016, between the Company and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor
trustee under the Indenture) (including any provisions of the Trust Indenture Act that are deemed incorporated therein) (the “Base Indenture”), as supplemented by the Third Supplemental Indenture, dated as of September 17, 2018
(the “Supplemental Indenture”), between the Company and the Trustee (the Base Indenture, as supplemented by the Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders. The terms of other series of Securities issued under the Base Indenture may vary with respect to interest rates, issue
dates, maturity, redemption, repayment, currency of payment and otherwise as provided in the Base Indenture. The Base Indenture further provides that securities of a single series may be issued at various times, with different maturity dates and may
bear interest at different rates. This series of Securities is limited in aggregate initial principal amount as specified in the Supplemental Indenture. 

Each Installment Payment shall constitute a payment of interest (at a rate of 3.79% per annum) and a partial repayment of principal on the
Notes, allocated with respect to each Note as set forth in the schedule below: 
  

									
	 Installment Payment Date
	  	Amount of
Principal	 	  	Amount of
Interest	 
	 December 15, 2018
	  	$	0.65497	 	  	$	0.07836	 
	 March 15, 2019
	  	$	0.67606	 	  	$	0.07394	 
	 June 15, 2019
	  	$	0.68247	 	  	$	0.06753	 
	 September 15, 2019
	  	$	0.68894	 	  	$	0.06106	 
	 December 15, 2019
	  	$	0.69547	 	  	$	0.05453	 
	 March 15, 2020
	  	$	0.70206	 	  	$	0.04794	 
	 June 15, 2020
	  	$	0.70872	 	  	$	0.04128	 
	 September 15, 2020
	  	$	0.71544	 	  	$	0.03456	 
	 December 15, 2020
	  	$	0.72222	 	  	$	0.02778	 
	 March 15, 2021
	  	$	0.72907	 	  	$	0.02093	 
	 June 15, 2021
	  	$	0.73598	 	  	$	0.01402	 
	 September 15, 2021
	  	$	0.74296	 	  	$	0.00704	 

 The Notes shall not be subject to redemption at the option of the Company. However, a Holder shall have the
right to require the Company to repurchase some or all of its Notes for cash at the Repurchase Price per Note and on the Repurchase Date, upon the occurrence of certain events and subject to the conditions set forth in the Indenture. 

This Note is not entitled to the benefit of any sinking fund. The Indenture contains provisions for satisfaction and discharge, legal
defeasance and covenant defeasance of this Note upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Note. 

If an Event of Default with respect to the Notes shall occur and be continuing, then (unless no declaration of acceleration or notice is
required for such Event of Default) either the Trustee or the Holders of not less than 25% in principal amount of the Notes then outstanding may declare the aggregate principal amount of the Notes, and all interest accrued thereon, to be due and
payable immediately, in the manner, subject to the conditions and with the effect provided in the Indenture. 

  
 A - 4 

 The Indenture permits, with certain exceptions as therein provided, the Company and the
Trustee, with the consent of the Holders of not less than a majority in principal amount of the Notes at the time outstanding, to execute supplemental indentures for certain purposes as described therein. 

No provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the Repurchase Price, if applicable, of and all Installment Payments on this Note at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

The Notes are originally being issued as part of the 6.00% Tangible Equity Units (the “Units”) issued by the Company pursuant
to that certain Purchase Contract Agreement, dated as of September 17, 2018, between the Company and U.S. Bank National Association, as Purchase Contract Agent, as Trustee and as
attorney-in-fact for the holders of Purchase Contracts from time to time (the “Purchase Contract Agreement”). Holders of the Units have the right to
separate such Units into their constituent parts, consisting of Separate Purchase Contracts (as defined in the Purchase Contract Agreement) and Separate Notes, during the times, and under the circumstances, described in the Purchase Contract
Agreement. Following separation of any Unit into its constituent Separate Note and Separate Purchase Contract, the Separate Notes are transferable independently from the Separate Purchase Contracts. In addition, Separate Notes can be recombined with
Separate Purchase Contracts to recreate Units, as provided for in the Purchase Contract Agreement. Reference is hereby made to the Purchase Contract Agreement for a more complete description of the terms thereof applicable to the Units. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note shall be registered on the
Security Register of the Company, upon due presentation of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon the Company shall execute and the Trustee shall authenticate and deliver in
the name of the transferee or transferees a new Note or Notes in authorized denominations and for a like aggregate principal amount. 
 The
Notes are initially issued in registered, global form without coupons in denominations equal to $8.45436 initial principal amount and integral multiples in excess thereof. 

The Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer of this Note. No service charge shall be made for any such transfer or for any exchange of this Note as contemplated by the Indenture. 

The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Person in whose name this Note is registered upon
the Security Register for the Notes as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Registrar) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of the Indenture, interest on this Note and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by
any notice to the contrary. 
 This Note and the Indenture shall be governed by, and construed in accordance with, the laws of the State
of New York. 
 Capitalized terms used but not defined in this Note shall have the meanings ascribed to such terms in the Indenture.

 No recourse shall be had for the payment of any Installment Payment on this Note, or for any claim based hereon, or upon any obligation,
covenant or agreement of the Company in the Indenture, against any incorporator, stockholder, officer or director, past, present or future of the Company or of any predecessor or successor, either directly or through the Company or any predecessor
or successor, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment of penalty or otherwise; and all such personal liability is expressly released and waived as a condition of, and as part of the
consideration for, the issuance of this Note. 

  
 A - 5 

 The Company and each Beneficial Holder agrees, for United States federal income tax
purposes, to treat the Notes as indebtedness of the Company. 
 In the event of any inconsistency between the provisions of this Note and
the provisions of the Indenture, the Indenture shall prevail. 

  
 A - 6 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 

(Insert assignee’s social security or tax identification number) 

(Insert address and zip code of assignee) 
 and irrevocably
appoints 
 agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 

Date:                      

 

	
	Signature:
	
	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Note) 

  
 A - 7 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended. 
  

			
	By:	 	  

		 	Name:
		 	Title:

 as Trustee 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Attest 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 A - 8 

 FORM OF REPURCHASE NOTICE 

 

	TO:	 INTERNATIONAL FLAVORS & FRAGRANCES INC. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

The undersigned registered Holder hereby irrevocably acknowledges receipt of a notice from International Flavors & Fragrances Inc.
(the “Company”) regarding the right of Holders to elect to require the Company to repurchase the Notes and requests and instructs the Company to pay, for each Note designated below, the Repurchase Price for such Notes (determined as
set forth in the Indenture), in accordance with the terms of the Indenture and the Notes, to the registered holder hereof. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. The Notes shall
be repurchased by the Company as of the Repurchase Date pursuant to the terms and conditions specified in the Indenture. 
 Dated:
                         
  

	
	Signature:

 NOTICE: The above signature of the Holder hereof must correspond with the name as written upon the face
of the Notes in every particular without alteration or enlargement or any change whatever. 
 Notes Certificate Number (if applicable): __________________

 Number of Notes to be repurchased (if less than all, must be one Note or integral multiples in excess thereof): __________________ 

Social Security or Other Taxpayer Identification Number: ___________________ 

  
 A - 9 

 SCHEDULE A 

[SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]* 

The initial number of Notes evidenced by this Global Note is             . The
following increases or decreases in this Global Note have been made: 
  

									
	 Date
	  	Amount of decrease
in number of Notes
evidenced hereby	  	Amount of increase
in number of Notes
evidenced hereby	  	Number of Notes
evidenced hereby
following such
decrease (or
increase)	  	Signature of
authorized officer
of Trustee

  

 

	* 	 Include only if a Global Note. 

  
 A - 10Exhibit 10.1

 

Execution Version

 

REGISTRATION AGREEMENT

 

BY AND BETWEEN

 

SELECT INCOME REIT

 

AND

 

GOVERNMENT PROPERTIES INCOME TRUST

 

Dated as of September 14, 2018

 

 

REGISTRATION AGREEMENT

 

This Registration Agreement (as amended, supplemented or restated from time to time, this “Agreement”) is entered into as of September 14, 2018, by and between Select Income REIT, a Maryland real estate investment trust (“SIR”), and Government Properties Income Trust, a Maryland real estate investment trust (including its successors and permitted assigns, “Shareholder”).  SIR and Shareholder are each referred to as a “Party” and together as the “Parties”.

 

RECITALS

 

WHEREAS, the Parties are entering into this Agreement in connection with the transactions contemplated by that certain Merger Agreement, dated as of the date hereof (as it may be amended or otherwise modified from time to time, the “Merger Agreement”), by and between Shareholder, a subsidiary of Shareholder and SIR;

 

WHEREAS, the sale by Shareholder of the Registrable Securities (as defined below) is a condition to the consummation of the transactions contemplated by the Merger Agreement and material inducement to SIR and Shareholder’s entry into this Agreement; and

 

WHEREAS, Shareholder has acquired and currently holds common shares of beneficial interest, par value $.01 per share, of SIR (“Common Shares”);

 

NOW, THEREFORE, in consideration of the foregoing recitals and of the representations, warranties, covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

As used in this Agreement, the following terms shall have the following meanings:

 

“AAA” is defined in Section 6.4(c)(i).

 

“Award” is defined in Section 6.4(c)(v).

 

“Business Day” means a day, other than Saturday, Sunday or other day on which banks located in Boston, Massachusetts or Baltimore, Maryland are authorized or required by Law to close.

 

“Chosen Courts” is defined in Section 6.4(b).

 

“Common Shares” is defined in the recitals to this Agreement.

 

1

 

“control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract, or otherwise.

 

“Covered Liabilities” is defined in Section 4.1.

 

“Demand Registration” is defined in Section 2.1(a).

 

“Disputes” is defined in Section 6.4(c)(i).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.

 

“Governmental Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any state, province, district, territory or other political subdivision of (a) or (b) of this definition, including any county, municipal or other local subdivision of the foregoing, or (d) any entity exercising executive, legislative, judicial, regulatory or administrative functions of government on behalf of (a), (b) or (c) of this definition.

 

“Law” means any law, statute, ordinance, rule, regulation, directive, code or order enacted, issued, promulgated, enforced or entered by any Governmental Entity.

 

“Merger” means the merger of SIR with and into a subsidiary of Shareholder pursuant to the terms and conditions of the Merger Agreement.

 

“Merger Agreement” is defined in the recitals to this Agreement.

 

“Party” is defined in the preamble to this Agreement.

 

“Person” means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity.

 

“Proceeding” means any suit, action, proceeding, arbitration, mediation, audit, hearing, inquiry or, to the knowledge of the Person in question, investigation (in each case, whether civil, criminal, administrative, investigative, formal or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Entity.

 

“Prospectus” means a prospectus or prospectus supplement relating to the sale of Registrable Securities pursuant to a Demand Registration request and included in a Registration Statement, as amended or supplemented, including all materials incorporated by reference in such prospectus or prospectus supplement.

 

“register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document under the Securities Act and such registration statement becoming effective.

 

2

 

“Registration” means a registration pursuant to a Registration Statement or Prospectus requested pursuant to a Demand Registration request and filed pursuant to Section 3.1(a).

 

“Registration Period” means the period (a) beginning on the date hereof and (b) ending on the earliest of (i) the date and time at which Shareholder no longer holds any Registrable Securities, (ii) the date and time the Merger contemplated by the Merger Agreement becomes effective and (iii) the date that the Merger Agreement is terminated; provided that the Registration Period shall not include the period beginning on the date that proxy solicitation materials with respect to the Merger are first disseminated to SIR’s shareholders and ending on the date of the meeting of SIR shareholders held to vote on the approval of the Merger.

 

“Registration Statement” means any registration statement filed by SIR with the SEC in compliance with the Securities Act for a public offering and sale of Common Shares that includes Registrable Securities (other than a registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity), as amended or supplemented, including all materials incorporated by reference in such registration statement.

 

“Registrable Securities” mean all of the Common Shares owned by Shareholder; provided, however, that Common Shares shall cease to be Registrable Securities hereunder, as of any date, when: (i) a Registration Statement with respect to the sale of such Registrable Securities shall have become effective under the Securities Act and such Registrable Securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (ii) such Registrable Securities shall have been otherwise sold pursuant to Rule 144 under the Securities Act (or any similar provisions thereunder, but not Rule 144A) or (iii) such Registrable Securities shall have ceased to be outstanding.

 

“Rules” is defined in Section 6.4(c)(i).

 

“SEC” means the U.S. Securities and Exchange Commission.

 

“Securities Act” means the Securities Act of 1933, as amended, together with the rules and regulations promulgated thereunder.

 

“Shareholder” is defined in the preamble to this Agreement.

 

“Shareholder Indemnified Party” is defined in Section 4.1.

 

“Shelf Registration” is defined in Section 2.1(a).

 

“SIR” is defined in the preamble to this Agreement.

 

“SIR Indemnified Party” is defined in Section 4.2.

 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering.

 

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ARTICLE II

 

REGISTRATION RIGHTS

 

Section 2.1                                    Demand Registration.

 

(a)                                 General Request for Registration.  At any time during the Registration Period, Shareholder may make a written demand for registration under the Securities Act of all or part of the Registrable Securities owned by it.  Any such written demand for a registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof.  The registration so demanded by Shareholder is referred to herein as a “Demand Registration”.  If SIR is eligible to utilize a Registration Statement on Form S-3 to sell securities in a secondary offering on a delayed or continuous basis in accordance with Rule 415 under the Securities Act, whether such Registration Statement is then currently effective or becomes effective in connection with such Demand Registration (a “Shelf Registration”), any Demand Registration made pursuant to this Section 2.1(a) shall, at the option of Shareholder be a demand for a Shelf Registration.  For the avoidance of doubt, if a Shelf Registration is so requested pursuant to this Section 2.1(a), any reference to a Demand Registration in this Agreement also refers to a Shelf Registration.

 

(b)                                 Underwritten Offering.  If Shareholder so advises SIR as part of its written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering.  In such case, Shareholder shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such underwriting by Shareholder (which Underwriter(s) shall be reasonably acceptable to SIR), complete and execute any questionnaires, powers of attorney, indemnities, lock-up agreements, securities escrow agreements and other documents reasonably required or which are otherwise customary under the terms of such underwriting agreement and furnish to SIR such information as SIR may reasonably request in writing for inclusion in the Registration Statement.

 

ARTICLE III

 

REGISTRATION PROCEDURES

 

Section 3.1                                    Filings; Information.  Whenever SIR is required to effect the Registration of any Registrable Securities owned by Shareholder pursuant to ARTICLE II, SIR shall use its commercially reasonable efforts to effect the Registration of such Registrable Securities in accordance with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

(a)                                 Filing Registration Statement.  After receipt of a request for a Demand Registration from Shareholder pursuant to Section 2.1(a), SIR shall prepare as expeditiously as possible, and use its commercially reasonable efforts to within five (5) days file with the SEC, a Registration Statement (or a Prospectus to a currently effective Registration Statement or a Registration Statement that becomes effective in connection with the Demand Registration) on any form for which SIR then qualifies or which counsel for SIR shall deem

 

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appropriate and which form shall be available for the sale of all Registrable Securities owned by Shareholder to be registered thereunder and the intended method(s) of distribution thereof, in each case pursuant to such request for a Demand Registration, and shall use commercially reasonable efforts to cause such Registration Statement to become and remain effective for the period required by Section 3.1(c); provided, however, that:

 

(i)                                     In the case of any demand under Section 2.1(a) for a Shelf Registration, the Registration Statement shall be on Form S-3; and

 

(ii)                                  SIR shall have the right to defer any Demand Registration, or to suspend the use of any Registration Statement or Prospectus, for a reasonable period of time if, in the good faith judgment of the Board of Trustees or the officers of SIR (and SIR shall furnish to the holders a confirmatory certificate signed by a principal executive officer or principal financial officer of SIR), it would (1) result in the disclosure of material information that SIR has a bona fide business purpose for preserving as confidential that is not then otherwise required to be disclosed or if the Registration Statement or the Prospectus contains an untrue statement of material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements in the Registration Statement or the Prospectus (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading without the inclusion of additional information that SIR has a bona fide business purpose for not disclosing, or is not permitted to disclose, at such time, (2) include information that is materially inconsistent with or that the SEC has objected to inclusion in the registration statement on Form S-4 or proxy materials with respect to the Merger and which SIR has excluded or intends to instead exclude from such registration statement on Form S-4 or proxy materials (it being understood that discussions with, or comments from, the staff of the SEC regarding the possibility of inclusion or exclusion of such information shall not render this section 3.1(a)(ii)(2) applicable until SIR has reached a definitive conclusion that it must exclude such information), or (3) render SIR unable to comply with requirements under the Securities Act or the Exchange Act; in such event, (A) if the applicable Registration Statement has become effective, Shareholder will forthwith discontinue (or cause the discontinuance of) disposition of its Registrable Securities until it is advised by SIR that the use of such Registration Statement may be resumed or (B) Shareholder shall be entitled to withdraw its request for the filing of the applicable Registration Statement or Prospectus and SIR shall pay all customary costs and expenses in connection with such withdrawn registration; provided, further, however, that SIR may not exercise the right set forth in this subsection (ii) in respect of a request by Shareholder for more than a total of forty-five (45) days in any 365-day period in respect of a Demand Registration.

 

(b)                                 Copies.  After SIR’s receipt of a Demand Registration request, SIR shall, prior to filing any Registration Statement or Prospectus pursuant to Section 3.1(a), or any amendment or supplement thereto, furnish to Shareholder and its counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case, if reasonably requested by Shareholder, including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents

 

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as Shareholder or counsel for Shareholder may reasonably request in order to facilitate the disposition of the Registrable Securities included in such Registration.

 

(c)                                  Amendments and Supplements.  If Shareholder has included Registrable Securities in a Registration, SIR shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement (which period shall not extend beyond the end of the Registration Period) or such Demand Registration request shall have been withdrawn.

 

(d)                                 Notification.  If Shareholder has included Registrable Securities in a Registration, after the filing of the Registration Statement (unless filed prior to SIR’s receipt of the Demand Registration request), SIR shall promptly, and in no event more than two (2) Business Days after such filing, notify Shareholder of such filing, and shall further notify Shareholder promptly and confirm such notification in writing in all events within two (2) Business Days of the occurrence of any of the following (unless such event occurred prior to SIR’s receipt of the Demand Registration request):  (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the SEC of any stop order (and SIR shall use reasonable best efforts to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the SEC for any amendment or supplement to such Registration Statement or any Prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such Prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein (in the light of the circumstances under which they were made) not misleading, and promptly make available to Shareholder any such supplement or amendment; except that before filing with the SEC a Registration Statement or Prospectus or any amendment or supplement thereto, including documents incorporated by reference, SIR shall furnish to Shareholder and to its counsel, copies of all such documents proposed to be filed sufficiently in advance of filing to provide Shareholder and its counsel with a reasonable opportunity to review such documents and comment thereon, and SIR shall not file any Registration Statement or Prospectus or amendment or supplement thereto, including documents incorporated by reference, to which Shareholder or its counsel shall reasonably object; provided that nothing herein shall prohibit SIR from timely filing any reports required to be filed under the Exchange Act or otherwise timely filing any documents necessary to comply with applicable Law.

 

(e)                                  State Securities Laws Compliance.  If Shareholder has included Registrable Securities in a Registration, SIR shall use commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the United States as Shareholder (in light of the intended plan of distribution) may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or

 

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approved by such other federal or state authorities as may be necessary by virtue of the business and operations of SIR and do any and all other acts and things that may be necessary or advisable to enable Shareholder to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that SIR shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.1(e) or subject itself to taxation in any such jurisdiction.

 

(f)                                   Agreements for Disposition.  If Shareholder has included Registrable Securities in a Registration, (i) SIR shall enter into customary agreements (including, if applicable, an underwriting agreement in customary form) and use commercially reasonable efforts to take such other actions as are required in order to expedite or facilitate the disposition of such Registrable Securities and (ii) the representations, warranties and covenants of SIR in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of Shareholder.  For the avoidance of doubt, Shareholder may not require SIR to accept terms, conditions or provisions in any such agreement which SIR determines are not reasonably acceptable to SIR, notwithstanding any agreement to the contrary herein.  Shareholder shall not be required to make any representations or warranties in the underwriting agreement except as reasonably requested by the Underwriters or SIR and, if applicable, with respect to Shareholder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with Shareholder’s material agreements and organizational documents, and with respect to written information relating to Shareholder that Shareholder has furnished in writing expressly for inclusion in such Registration Statement, in each case, as applicable to Shareholder.  Shareholder, however, shall agree to such covenants and indemnification and contribution obligations for selling stockholders as are reasonable and customarily contained in agreements of that type.

 

(g)                                  Cooperation.  SIR shall reasonably cooperate in any offering of Registrable Securities under this Agreement, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential investors.  Shareholder shall reasonably cooperate in the preparation of the Registration Statement and other documents relating to any offering in which it includes securities pursuant to this Agreement.  If Shareholder has included, or made a request to include, Registrable Securities in a Registration, Shareholder shall also furnish to SIR such information regarding itself, the Registrable Securities held by it, and the intended method(s) of disposition of such securities as SIR and/or its counsel shall reasonably request in order to assure full compliance with applicable provisions of the Securities Act and the Exchange Act in connection with the registration of the Registrable Securities.

 

(h)                                 Records.  If Shareholder has included Registrable Securities in a Registration, upon reasonable notice and during normal business hours, subject to SIR receiving any customary confidentiality undertakings or agreements, SIR shall make available for inspection by Shareholder, any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other professional retained by Shareholder or any Underwriter, all relevant financial and other records, pertinent corporate documents and properties of SIR as shall be necessary to enable them to exercise their due diligence responsibility, and shall cause SIR’s officers, trustees and employees to supply all

 

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information reasonably requested by Shareholder in connection with such Registration Statement.

 

(i)                                     Opinions and Comfort Letters.  If Shareholder has included Registrable Securities in a Registration, SIR shall use commercially reasonable efforts to furnish to Shareholder signed counterparts, addressed to Shareholder, of (i) any opinion of counsel to SIR delivered to any Underwriter and (ii) any comfort letter from SIR’s independent public accountants delivered to any Underwriter; provided, however, that counsel to the Underwriter shall have exclusive authority to negotiate the terms thereof.  In the event no legal opinion is delivered to any Underwriter, SIR shall furnish to Shareholder, at any time that Shareholder elects to use a Prospectus in connection with an offering of Shareholder’s Registrable Securities, an opinion of counsel to SIR to the effect that the Registration Statement containing such Prospectus has been declared effective, that no stop order is in effect, and such other matters as the Persons holding a majority of the Registrable Securities subject to the registration may reasonably request as would customarily have been addressed in an opinion of counsel to SIR delivered to an Underwriter.

 

(j)                                    Earning Statement.  SIR shall comply with all applicable rules and regulations of the SEC and the Securities Act, and make generally available to its shareholders, as soon as practicable, an earning statement satisfying the provisions of Section 11(a) of the Securities Act, provided that SIR will be deemed to have complied with this Section 3.1(j) if the earning statement satisfies the provisions of Rule 158 under the Securities Act.

 

(k)                                 Listing.  SIR shall use commercially reasonable efforts to cause all Registrable Securities of Shareholder included in any Registration to be listed on such exchange or otherwise designated for trading in the same manner as the Common Shares are then listed or designated.

 

Section 3.2                                    Registration Expenses.  If Shareholder has included or requested inclusion of Registrable Securities in a Registration, subject to Section 3.1(a)(ii)(B), Shareholder shall pay all costs and expenses arising from or incident to such Registration, including promptly reimbursing SIR for all costs and expenses incurred by SIR, in each case, whether or not the Registration Statement is filed or becomes effective, any Prospectus is filed or any Registrable Securities are sold, including, without limitation:  (i) all registration and filing fees and all costs to prepare such Registration Statement or Prospectus and any amendments or supplements thereto; (ii) fees and expenses of compliance with securities or “blue sky” Laws (including fees and disbursements of counsel (including counsel to any Underwriters) in connection with blue sky qualifications of the Registrable Securities); (iii) printing, messenger and delivery expenses; (iv) fees imposed by the Financial Industry Regulatory Authority, Inc.;  (v) listing fees and expenses; (vi) fees and disbursements of counsel for Shareholder, SIR and any of SIR’s affiliates, including any separate counsel to the board of trustees or any committee thereof, and fees and expenses for independent registered public accountants retained by Shareholder, SIR or any of SIR’s affiliates (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1(i)); and (vii) fees and expenses incurred in connection with any marketing efforts or “road show” for any underwritten or marketed offering.  SIR shall have no obligation to pay any underwriting discounts, fees or selling commissions, or any other expenses of any underwritten offering, attributable to the

 

8

 

Registrable Securities being sold by Shareholder, which underwriting discounts, fees and selling commissions shall be borne solely by Shareholder, and which other expenses shall be borne solely by Shareholder or the Underwriters in such underwritten offering, as applicable.  For the avoidance of doubt, Shareholder shall have no obligation to pay, and SIR shall bear, all internal expenses of SIR (including, without limitation, all fees, salaries and expenses of its officers, employees and management) incurred in connection with performing or complying with SIR’s obligations under this Agreement.

 

Section 3.3                                    Information.  Shareholder shall provide such information as may reasonably be requested by SIR, or the managing Underwriter, if any, in connection with the preparation of any Registration Statement or Prospectus, including amendments and supplements thereto, in order to effect the registration of any of its Registrable Securities under the Securities Act pursuant to this Agreement and in connection with SIR’s obligation to comply with federal and applicable state securities Laws.

 

Section 3.4                                    Shareholder Obligations.  Shareholder may not participate in any underwritten offering pursuant to this Agreement unless Shareholder (i) agrees to only sell Registrable Securities on the basis reasonably provided in any underwriting agreement and (ii) completes, executes and delivers any and all questionnaires, lock-up agreements, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents reasonably or customarily required by or under the terms of any underwriting agreement or as reasonably requested by SIR or the Underwriter(s) for such underwritten offering.

 

Section 3.5                                    Lock-Up in an Underwritten Public Offering.  If requested by the Underwriter(s) of a registered underwritten public offering of securities of SIR, Shareholder will enter into a lock-up agreement in customary form pursuant to which it shall agree not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer, dispose of or hedge, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of any Common Shares or other securities of SIR or any securities convertible into or exercisable or exchangeable for Common Shares or other securities of SIR (except as part of such registered underwritten public offering or as otherwise permitted by the terms of such lock-up agreement) for a lock-up period that is customary for such an offering.

 

ARTICLE IV

 

INDEMNIFICATION

 

Section 4.1                                    Indemnification by SIR.  SIR shall, to the extent permitted by applicable Law, indemnify and hold harmless Shareholder, its subsidiaries, their trustees, directors, officers, employees, representatives and agents in their capacity as such and each Person, if any, who controls Shareholder within the meaning of the Securities Act or the Exchange Act, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “Shareholder Indemnified Parties”) from and against any and all damages, claims, losses, expenses, costs, obligations and liabilities, including liabilities for all reasonable attorneys’, accountants’, and experts’ fees and expenses (collectively, “Covered Liabilities”),

 

9

 

suffered, directly or indirectly, by any Shareholder Indemnified Party by reason of or arising out of any untrue statement or alleged untrue statement of any material fact contained or incorporated by reference in the Registration Statement under which the sale of Registrable Securities owned by Shareholder was registered under the Securities Act (or any amendment thereto), or any Prospectus, preliminary Prospectus, or free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) relating to such Registration Statement, or any amendment thereof or supplement thereto, or by reason of or arising out of the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or any amendment or supplement thereto, in the light of the circumstances under which they were made), not misleading; provided, however, that (i) SIR will not be liable in any such case to the extent that any such Covered Liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made or incorporated by reference in such Registration Statement, Prospectus, preliminary Prospectus, free writing prospectus, amendment or supplement in reliance upon and in conformity with information furnished to SIR by or on behalf of Shareholder expressly for use in such document or documents and (ii) the indemnity agreement contained in this Section 4.1 shall not apply to amounts paid in settlement of any such Covered Liability if such settlement is effected without the consent of SIR (which consent shall not be unreasonably withheld).  The indemnity in this Section 4.1 shall remain in full force and effect regardless of any investigation made by or on behalf of any Shareholder Indemnified Person.  For the avoidance of doubt, SIR and its subsidiaries are not “Shareholder Indemnified Parties.”

 

Section 4.2                                    Indemnification by Shareholder.  Shareholder shall, to the extent permitted by applicable Law, indemnify and hold harmless SIR, its subsidiaries, each of their respective trustees, directors, officers, employees, representatives and agents, in their capacity as such and each Person, if any, who controls SIR within the meaning of the Securities Act or the Exchange Act, and the heirs, executors, successors and assigns of any of the foregoing (collectively, the “SIR Indemnified Parties”) from and against any and all Covered Liabilities suffered, directly or indirectly, by any SIR Indemnified Party by reason of or arising out of any untrue statement or alleged untrue statement or omission or alleged omission contained or incorporated by reference in the Registration Statement under which the sale of Registrable Securities owned by Shareholder was registered under the Securities Act (or any amendment thereto), or any Prospectus, preliminary Prospectus, or free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) related to such Registration Statement or any amendment thereof or supplement thereto, in reliance upon and in conformity with information furnished to SIR by Shareholder expressly for use therein; provided, however, that (i) the indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in settlement of any such Covered Liability if such settlement is effected without the consent of Shareholder (which consent shall not be unreasonably withheld), and (ii) in no event shall the total amounts payable in indemnity by Shareholder under this Section 4.2 exceed the proceeds (less underwriting discounts, fees and selling commissions, if any, if an underwritten offering) received by Shareholder in the registered offering out of which such Covered Liability arises.  The indemnity in this Section 4.2 shall remain in full force and effect regardless of any investigation made by or on behalf of any SIR Indemnified Person.  For the avoidance of doubt, Shareholder is not a “SIR Indemnified Party.”

 

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Section 4.3                                    Contribution.  If the indemnification provided for in Section 4.1 or Section 4.2 is unavailable, because it is prohibited or restricted by applicable Law, to an indemnified party under either such Section in respect of any Covered Liabilities referred to therein, then in order to provide for just and equitable contribution in such circumstances, each party that would have been an indemnifying party thereunder shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such Covered Liabilities in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and such indemnified party on the other in connection with the untrue statement or omission, or alleged untrue statement or omission, which resulted in such Covered Liabilities, as well as any other relevant equitable considerations.  The relative fault shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or such indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  SIR and Shareholder agree that it would not be just and equitable if contribution pursuant to this Section 4.3 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 4.3.  For the avoidance of doubt, the amount paid or payable by an indemnified party as a result of the Covered Liabilities referred to in this Section 4.3 shall include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing or defending, settling or satisfying any such Covered Liability.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

Section 4.4                                    Certain Limitations, Etc.  The amount of any Covered Liabilities for which indemnification is provided under this Agreement shall be net of (i) any amounts actually recovered or recoverable by the indemnified parties under insurance policies and (ii) other amounts actually recovered by the indemnified party from third parties, in the case of (i) and (ii), with respect to such Covered Liabilities.  Any indemnifying party hereunder shall be subrogated to the rights of the indemnified party upon payment in full of the amount of the relevant indemnifiable loss.  An insurer who would otherwise be obligated to pay any claim shall not be relieved of the responsibility with respect thereto or, solely by virtue of the indemnification provision hereof, have any subrogation rights with respect thereto.  If any indemnified party recovers an amount from a third party in respect of an indemnifiable loss for which indemnification is provided in this Agreement after the full amount of such indemnifiable loss has been paid by an indemnifying party or after an indemnifying party has made a partial payment of such indemnifiable loss and the amount received from the third party exceeds the remaining unpaid balance of such indemnifiable loss, then the indemnified party shall promptly remit to the indemnifying party the excess of (i) the sum of the amount theretofore paid by such indemnifying party in respect of such indemnifiable loss plus the amount received from the third party in respect thereof, less (ii) the full amount of such Covered Liabilities.

 

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ARTICLE V

 

UNDERWRITING AND DISTRIBUTION

 

Section 5.1                                    Rule 144.  SIR covenants that it shall file all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as Shareholder may reasonably request, all to the extent required from time to time to enable Shareholder to sell its Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, or any similar provision thereto, but not Rule 144A.

 

ARTICLE VI

 

MISCELLANEOUS

 

Section 6.1                                    Notices.  All notices and other communications in connection with this Agreement shall be in writing and shall be considered given if given in the manner, and be deemed given at times, as follows:  (i) on the date delivered, if personally delivered; (ii) on the day of transmission if sent via facsimile or e-mail transmission to the facsimile number or e-mail address given below, and telephonic confirmation of receipt is obtained promptly after completion of transmission; or (iii) on the next Business Day after being sent by recognized overnight mail service specifying next Business Day delivery, in each case with delivery charges pre-paid and addressed to the following addresses:

 

(a)                                 If to Shareholder, to:

 

Government Properties Income Trust
 Two Newton Place
 255 Washington Street
 Suite 300
 Newton, MA 02458
 Attn:                                                                    President
 Facsimile:                                         (617) 219-1441
 Email:                                                            dblackman@rmrgroup.com

 

with copies (which shall not constitute notice) to:

 

Sullivan & Worcester LLP
 One Post Office Square
 Boston, MA 02109
 Attn:                                                                    Howard E. Berkenblit
 Facsimile:                                         (617) 338-2880
 Email:                                                            hberkenblit@sandw.com

 

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(b)                                 If to SIR, to:

 

Select Income REIT 
 Two Newton Place
 255 Washington Street
 Suite 300
 Newton, MA 02458
 Attn:                                                                    President
 Facsimile:                                         (617) 796-8335
 Email:                                                            dblackman@rmrgroup.com

 

with copies (which shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP
 500 Boylston Street
 Boston, MA 02116
 Attn:                                                                    Margaret R. Cohen
 Facsimile:                                         (617) 305-4859
 Email:                                                            margaret.cohen@skadden.com

 

Section 6.2                                    Assignment; Successors; Third Party Beneficiaries.  Except as set forth in this Section 6.2, this Agreement and the rights, interests and obligations of the Parties hereunder may not be assigned, transferred or delegated.  This Agreement shall bind and inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns.  Except as expressly provided in ARTICLE IV and Section 6.4(c), this Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person other than the Parties any rights or remedies under this Agreement.

 

Section 6.3                                    Prior Negotiations; Entire Agreement.  This Agreement and the Merger Agreement (including the documents and instruments referred to in this Agreement or the Merger Agreement or entered into in connection therewith) constitute the entire agreement of the Parties and supersede all prior agreements, arrangements or understandings, whether written or oral, between the Parties with respect to the subject matter of this Agreement.

 

Section 6.4                                    Governing Law; Venue; Arbitration.

 

(a)                                 Governing Law.  This Agreement and any Dispute, whether in contract, tort or otherwise, shall be governed by and construed in accordance with the Laws of the State of Maryland without regard to principles of conflicts of law.

 

(b)                                 Venue.  Each Party agrees that it shall bring any Proceeding in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby exclusively in the courts of the State of Maryland and the Federal courts of the United States, in each case, located in the City of Baltimore (the “Chosen Courts”).  Solely in connection with claims arising under this Agreement or the transactions contemplated hereby, each Party irrevocably and unconditionally (i) submits to the exclusive jurisdiction of the Chosen Courts, (ii) agrees not to commence any such Proceeding except in such courts, (iii) waives, to

 

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the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such Proceeding in the Chosen Courts, (iv) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such Proceeding and (v) agrees that service of process upon such Party in any such Proceeding shall be effective if notice is given in accordance with Section 6.1.  Nothing in this Agreement will affect the right of any Party to serve process in any other manner permitted by Law.  A final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.  EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  Notwithstanding anything herein to the contrary, if a demand for arbitration of a Dispute is made pursuant to Section 6.4(c), this Section 6.4(b) shall not pre-empt resolution of the Dispute pursuant to Section 6.4(c).

 

(c)                                  Arbitration.

 

(i)                                     Any disputes, claims or controversies arising out of or relating to this Agreement or the transactions contemplated hereby, including any disputes, claims or controversies brought by or on behalf of a Party or any holder of equity interests (which, for purposes of this Section 6.4(c), shall mean any holder of record or any beneficial owner of equity interests or any former holder of record or beneficial owner of equity interests) of a Party, either on his, her or its own behalf, on behalf of a Party or on behalf of any series or class of equity interests of a Party or holders of any equity interests of a Party against a Party or any of their respective trustees, directors, members, officers, managers (including The RMR Group LLC or its parent or their respective successor), agents or employees, including any disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance, application or enforcement of this Agreement, including this arbitration agreement or the governing documents of a Party (all of which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such Dispute or Disputes, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this Section 6.4(c).  For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against the trustees, directors, officers or managers of a Party and class actions by a holder of equity interests against those individuals or entities and a Party.  For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.  For purposes of this Section 6.4(c), the term “equity interest” shall mean shares of beneficial interest of such Party.

 

(ii)                                  There shall be three (3) arbitrators.  If there are only two (2) parties to the Dispute, each party shall select one (1) arbitrator within fifteen (15) days after receipt by respondent of a copy of the demand for arbitration.  The arbitrators may be affiliated or interested persons of the parties.  If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one (1) arbitrator within fifteen (15) days after receipt of the demand for arbitration.

 

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The arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be.  If either a claimant (or all claimants) or a respondent (or all respondents) fail(s) to timely select an arbitrator then the party (or parties) who has selected an arbitrator may request AAA to provide a list of three (3) proposed arbitrators in accordance with the Rules (each of whom shall be neutral, impartial and unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator shall have ten (10) days from the date AAA provides the list to select one (1) of the three (3) arbitrators proposed by AAA.  If the party (or parties) fail(s) to select the second (2nd) arbitrator by that time, the party (or parties) who have appointed the first (1st) arbitrator shall then have ten (10) days to select one (1) of the three (3) arbitrators proposed by AAA to be the second (2nd) arbitrator; and, if he/they should fail to select the second (2nd) arbitrator by such time, AAA shall select, within fifteen (15) days thereafter, one (1) of the three (3) arbitrators it had proposed as the second (2nd) arbitrator.  The two (2) arbitrators so appointed shall jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within fifteen (15) days of the appointment of the second (2nd) arbitrator.  If the third (3rd) arbitrator has not been appointed within the time limit specified herein, then AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

 

(iii)                               The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.

 

(iv)                              There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.  For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery other than limited documentary discovery as described in the preceding sentence.

 

(v)                                 In rendering an award or decision (an “Award”), the arbitrators shall be required to follow the laws of the State of Maryland without regard to principles of conflicts of law.  Any arbitration proceedings or Award and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.  An Award shall be in writing and shall state the findings of fact and conclusions of law on which it is based.  Any monetary Award shall be made and payable in U.S. dollars free of any tax, deduction or offset.  Subject to Section 6.4(c)(vi), each party against which an Award assesses a monetary obligation shall pay that obligation on or before the thirtieth (30th) day following the date of such Award or such other date as such Award may provide.

 

(vi)                              Except to the extent expressly provided by this Agreement or as otherwise agreed by the parties, to the maximum extent permitted by Maryland law, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an Award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award any portion of a Party’s Award to the claimant or the claimant’s attorneys.  Each party (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third (3rd) appointed arbitrator.

 

 

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(vii)                           Notwithstanding any language to the contrary in this Agreement, any Award, including but not limited to, any interim Award, may be appealed pursuant to the AAA’s Optional Appellate Arbitration Rules (“Appellate Rules”).  An Award shall not be considered final until after the time for filing the notice of appeal pursuant to the Appellate Rules has expired.  Appeals must be initiated within thirty (30) days of receipt of an Award by filing a notice of appeal with any AAA office.  Following the appeal process, the decision rendered by the appeal tribunal may be entered in any court having jurisdiction thereof.  For the avoidance of doubt, and despite any contrary provision of the Appellate Rules, Section 6.4(c)(v) hereof shall apply to any appeal pursuant to this Section and the appeal tribunal shall not render an Award that would include shifting of any costs or expenses (including attorneys’ fees) of any party.

 

(viii)                        Following the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth in Section 6.4(c)(vi), an Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between those parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators.  Judgment upon an Award may be entered in any court having jurisdiction.  To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with respect to any Award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

 

(ix)                              This Section 6.4(c) is intended to benefit and be enforceable by a Party and its respective holders of equity interests, trustees, directors, officers, managers (including The RMR Group LLC or its parent or their respective successor), agents or employees, and their respective successors and assigns and shall be binding upon a Party and its respective holders of equity interests, and be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

 

Section 6.5                                    Severability.  This Agreement shall be interpreted in such manner as to be effective and valid under applicable Law.  If at any time subsequent to the date hereof, any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of Law or public policy in any respect, such provision will be enforced to the maximum extent possible given the intent of the Parties.

 

Section 6.6                                    Counterparts.  This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement and shall become

 

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effective when counterparts have been signed by each of the Parties and delivered to the other Party (including via facsimile or other electronic transmission), it being understood that each Party need not sign the same counterpart.

 

Section 6.7                                    Construction.  Unless the context otherwise requires, as used in this Agreement:  (i) “or” is not exclusive; (ii) “including” and its variants mean “including, without limitation” and its variants; (iii) words defined in the singular have the parallel meaning in the plural and vice versa; (iv) references to “written,” “in writing” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form; (v) words of one gender shall be construed to apply to each gender; (vi) all pronouns and any variations thereof refer to the masculine, feminine or neuter as the context may require; (vii) “Articles” and “Sections,” refer to Articles and Sections of this Agreement unless otherwise specified; (viii) “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ix) “dollars” and “$” mean United States Dollars; and (x) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply “if.”

 

Section 6.8                                    Waivers and Amendments.  This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, only by a written instrument signed by the Parties or, in the case of a waiver, by the Party waiving compliance.  No delay on the part of any Party in exercising any right, power or privilege pursuant to this Agreement shall operate as a waiver thereof, nor shall any waiver of the part of any Party of any right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement.  The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any Party otherwise may have at Law or in equity.

 

Section 6.9                                    Specific Performance.  The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that, in addition to any other applicable remedies at Law or equity, the Parties shall be entitled to an injunction or injunctions, without proof of damages, to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement.

 

Section 6.10                             Further Assurances.  At any time or from time to time after the date hereof, the Parties agree to cooperate with each other, and at the request of any other Party, to execute and deliver any further instruments or documents and to take all such further action as the other Party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the Parties hereunder.

 

Section 6.11                             Exculpation.  NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF ANY PARTY SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM

 

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AGAINST, SUCH PARTY.  ALL PERSONS DEALING WITH SUCH PARTY IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF SUCH PARTY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

Section 6.12                             Termination.   Except for Section 3.2 and ARTICLE IV and this ARTICLE VI, this Agreement shall automatically terminate and be of no further force and effect as of the end of the Registration Period.

 

[Signatures appear on the next page]

 

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IN WITNESS WHEREOF, the Parties have executed this Registration Agreement as of the date first above written.

 

	
 
    	
GOVERNMENT PROPERTIES INCOME   TRUST
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Mark L. Kleifges
    
	
 
    	
 
    	
 
    	
Name:
    	
Mark L.   Kleifges
    
	
 
    	
 
    	
 
    	
Title:
    	
Chief   Financial Officer and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SELECT INCOME REIT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John C. Popeo
    
	
 
    	
 
    	
 
    	
Name:
    	
John C.   Popeo
    
	
 
    	
 
    	
 
    	
Title:
    	
Chief   Financial Officer and Treasurer
    

 

[Signature Page to the Registration Agreement]

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